Ashok Leyland, the flagship company of the Hinduja Group, reported its highest-ever first-quarter commercial vehicle volumes, revenue and profit after tax (PAT) for Q1 FY27, supported by strong demand across key vehicle segments.
The company sold 48,763 commercial vehicles in Q1 FY27, up from 44,238 units in the corresponding quarter last year. Revenue reached a record ₹9,634 crore, compared with ₹8,725 crore in Q1 FY26, while PAT increased to an all-time Q1 high of ₹609 crore, against ₹594 crore in the previous year.
However, rising material costs affected operating margins. EBITDA stood at ₹970 crore, with the EBITDA margin declining to 10.1% in Q1 FY27 from 11.1% in Q1 FY26. The company nevertheless strengthened its balance sheet, reporting net cash of ₹2,252 crore, representing a year-on-year improvement of ₹1,432 crore.
Strong Growth Across Commercial Vehicle Segments
Ashok Leyland’s medium and heavy commercial vehicle (MHCV) truck volumes, excluding Defence, grew 15% during the quarter. Domestic light commercial vehicle (LCV) volumes increased 21%, while LCV sales reached a record 18,874 units for the quarter. Exports stood at 2,461 units. The company’s Power Solutions, Aftermarket and Defence businesses also contributed to its financial performance.
During Q1 FY27, the company introduced what it described as an industry-first air suspension technology for multi-axle trucks, aimed at improving payload capabilities and reducing the total cost of operations for customers. Ashok Leyland also expanded its network by adding 33 new touchpoints during the quarter.
Dheeraj Hinduja, Chairman of Ashok Leyland, said the company delivered a strong quarter supported by disciplined execution and cost management. He highlighted robust demand across key segments and pointed to government initiatives such as Parivartan as potential drivers of fleet modernization and long-term commercial vehicle industry growth.
He also said the company’s electric mobility subsidiary, Switch Mobility, continues to gain traction, while Ashok Leyland is strengthening its international and Defence businesses to diversify its growth drivers.
Shenu Agarwal, Managing Director and CEO of Ashok Leyland, said the Indian commercial vehicle industry remained buoyant during Q1 despite geopolitical headwinds. He noted that rising material costs remain a concern, with the company focusing on improved price realization, cost savings, product and business mix improvements and opportunity-based inventory management.
Ashok Leyland is headquartered in Chennai and operates nine manufacturing facilities, including seven in India and facilities in the UAE and the UK. The company has a presence across 50 countries and a diversified portfolio spanning the commercial vehicle industry.
