Ashok Leyland Limited — Investor Meet, 28-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Ashok Leyland posted Q4 revenue of ₹11,907 Cr (+6% YoY), EBITDA ₹1,791 Cr (+13%) with a record 15% margin, and PAT ₹1,246 Cr (+38%). FY25 revenue was ₹38,753 Cr (+1%), EBITDA ₹4,931 Cr (+7%) at 12.7% margin, and PAT ₹3,303 Cr (+26%). Domestic MHCV volumes grew 4% YoY; exports surged 52% in Q4. Management expects industry growth in FY26, with margin pressure easing from Q2 supported by premiumization, cost controls, and aftersales. Capex of ~₹1,000 Cr targets tech, alternate fuels, and EVs, with Switch India now EBITDA positive and 1,800 bus orders. Defense orders hit record highs, aiming to double revenue in 2-3 years. Cash improved to ₹4,242 Cr net cash. Exports target GCC, SAARC, Africa, ASEAN; aftermarket spares +15% YoY. Subsidiaries Hinduja Leyland Finance and Housing Finance grew AUM 25-31%, expecting listings soon. Diverse growth drivers and strong cash flow underpin a positive outlook despite margin headwinds.