Leyland Expects Higher Profitability

Domestic CV Demand Holding Up

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Ashok Leyland (AL) reported an EBITDA margin of 11.1% in Q1FY26, broadly in line with ICICI Securities estimates, supported by a favorable mix, improved pricing and higher cost efficiencies. Fleet utilization is holding up well, and freight rates are improving. With capex activity picking up, interest rates softening, and government infrastructure spending sustained, domestic CV volumes are expected to grow in mid-single digits in FY26.