Ashok Leyland Sees Replacement Cycle Driving Sustained CV Growth, Stable Margins

• Ashok Leyland anticipates a strong replacement cycle to fuel sustained commercial vehicle (CV) growth.
• The company expects healthy demand momentum across all CV segments, supported by freight and infrastructure sectors.
• Q3FY26 saw robust financial performance with revenue up 22% to ₹11,533 crore and EBITDA rising 27% to ₹1,535 crore.
• Ashok Leyland maintains strong operating performance through product differentiation, premium offerings, and improved service.
• The company holds significant market share: M&HCV at 31%, LCV at 12.7-12.8%, and buses above 40%.