Ashok Leyland Q3 results: Cons PAT rises 4% YoY to Rs 796 crore, revenue increases 22%

Ashok Leyland reported a 4.5% increase in consolidated net profit in the December quarter at Rs 796 crore, compared to Rs 762 crore reported in the year-ago period. This is after considering a one-time charge of Rs 308 crore for the new labor law.Operating income from operations stood at Rs 11,534 crore in Q3FY26, up 22% from Rs 9,479 crore in the corresponding period last fiscal.

Net profit grew 3% sequentially from Rs 771 crore in Q2FY26, while revenue rose 20% quarter-on-quarter compared to Rs 9,588 crore in the July-September quarter of FY26.Hinduja Group’s Indian flagship revenue in the reported quarter was the highest ever in the third quarter, the company filing said.

The commercial vehicle maker also reported an all-time high earnings before interest, taxes, depreciation and amortization (EBITDA) at Rs 1,535 crore in the third quarter, up 27% from Rs 1,211 crore in Q3FY25.

The company’s net cash flow stood at Rs 2,619 crore at the end of the quarter, compared to a net cash flow of Rs 958 crore at the end of Q3FY25.

Third quarter volume snapshot

MHCV volumes stood at 32,929 units in Q3FY26 versus 26,692 units in Q3FY25, a growth of 23%. This is higher than the industry growth in the third quarter, leading to market share gains.

LCV volumes reached 20,518 units in Q3 2026, compared to 15,754 units in Q3 2025, representing a growth of 30%. This is higher than industry volume growth (VAHAN), resulting in market share gains, the company filing said.

The export volume of 4,965 units in Q3 FY26 versus 4,151 units in Q3FY25 was a growth of 20%.

Management speaks

Commenting on the company’s third quarter, executive chairman Dheeraj Hinduja said market conditions remain favorable and Ashok Leyland is optimistic about the medium-term prospects for its businesses including MHCV, LCV and defense.

“Our strong and consistent growth in volumes and profitability underlines the competitiveness of our portfolio, which delivers superior performance and customer value, enhanced by deep and effective customer engagement across all segments. We are executing a structured pipeline of product introductions across conventional and alternative propulsion platforms to further strengthen our leadership in the domestic market and accelerate our expansion in international markets,” Hinduja said.

“Our electric vehicle business, Switch, has a healthy order book and a well-defined product roadmap. The company has started supplying buses in international markets and has achieved positive EBITDA and PAT in the first nine months,” he added.

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