Ashok Leyland Ltd. share price target

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Ashok Leyland’s (AL) 1QFY27 PAT at INR6b was 12% ahead of estimates. EBITDA margin fell 100bp YoY to 10.1% due to high commodity costs, though still 100bp ahead of our estimates.

Strong LCV (~21%) & MHCV (~15%) drive volume growth (~10%) though exports drag (18%) impacted by temporary disruption in UAE

About the stock: Ashok Leyland (ALL) is a pure-play CV manufacturer domestically, with FY26 market share pegged at 18.7% (flattish YoY). It is present in M&HCV trucks and buses as well as LCV goods segments. It also has formidable...

We maintain our BUY rating on the stock.

Strong Q4FY26 Volume/Revenue growth of ~19% YoY, supported by replacement demand and ~1% price hike, keeping realisations stable

Ashok Leyland’s (AL) 4QFY26 PAT at INR14b was in line with our estimate. EBITDA margin fell 40bp YoY to 14.6% due to high commodity costs, though still in line with our expectations.

Ashok Leyland (AL)’s Q4FY26 operating performance slightly lagged our estimates. However, it continues to report healthy profitability, led by higher net realisation and better cost efficiencies.

Domestic CV demand, which had revived post-GST rate cut, has sustained even in Mar’26. Demand revival has been positive across all CV segments.

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Strong volume-led performance; MHCV up 23% YoY & LCV by 20% YoY, raising revenue by 22% YoY, realisations muted down by 2% YoY

About the stock: Ashok Leyland (ALL) is a pure-play CV manufacturer FY25 product mix LCV goods 35%, trucks 50%, buses 15% Q3FY26 Results: Company reported healthy operational performance in Q3'26. Standalone revenues for Q3FY26 came in at 11,534 crore, up ~22% YoY amidst 24% growth in volumes to ~58k units. EBITDA for the quarter came in at 1,535 crore with margins at 13.3%, up 120 bps QoQ. Consequent PAT in Q3FY26 came in...

We maintain our BUY rating on the stock.

Ashok Leyland (AL)’s 3QFY26 PAT of INR 10.3b was ahead of our estimate of INR9.6b, led by better-than-expected margins and higher other income. EBITDA margin improved 50bp YoY to 13.3% despite input cost pressure, and it was primarily driven by the operating leverage benefit.

Ashok Leyland enters H2FY26 on a strong footing, supported by improving freight activity, GST-led demand uplift, and a healthy order environment across trucks, buses and LCVs.

About the stock: Ashok Leyland (ALL) is a pure-play CV manufacturer FY25 product mix LCV goods 35%, trucks 50%, buses 15% Q2FY26 Results: Company reported healthy operational performance in Q2'26. Standalone revenues for Q2FY26 came in at 9,588 crore, up 9.3% YoY amidst 8% growth in volumes to 49k units. EBITDA for the quarter came in at 1,162 crore with margins at 12.1%, up 100 bps QoQ. Consequent PAT in Q2FY26 came in at ...

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We maintain our BUY rating on the stock.

Ashok Leyland (AL)’s 2QFY26 PAT stood at INR8b. It was 8% ahead of our estimate, primarily driven by a higher-than-expected other income, even as EBITDA came in line.

We recommend a BUY on the stock with a TP of Rs 152 implying an upside of 10 from the CMP