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ICICI Securities Report
Ashok Leyland Ltd.'s Q3 FY26 operating performance was broadly in line with ICICI Securities' estimate. It continues to report healthy profitability, led by higher net realisation and better cost efficiencies. Ageing truck fleet, better TCO, pickup in freight demand post GST rate cut and rising profitability for transporters augur well for domestic CV demand.
Product premiumisation (offering enhanced value) and focus on better servicing are driving market share gains for Ashok Leyland across medium and heavy commercial vehicle and light commerical vehicle segments. Strong traction in exports, defence and aftermarket spares continues to support profitable growth. \
The brokerage raises volume / earnings per share for FY27-28E by 5-7% on likely start of a new replacement cycle and continued focus on profitable growth.
Maintains Add with a revised target price of Rs 225 (vs Rs 200), based on ~22x FY28E EPS.
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