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Nirmal Bang Report
Nirmal Bang has maintained its Buy rating on Ashok Leyland Ltd. with a target price of Rs 197, implying potential upside of 15% from current levels of Rs 172.
The brokerage's positive view is driven by the company's successful diversification, with nearly 45–50% of revenues now coming from highermargin, less cyclical non-truck businesses such as defence, aftermarket, power solutions, and financial services.
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This has materially reduced earnings volatility and lowered breakeven levels. With a richer business mix, continued cost optimization, and improving contribution from non-CV segments, we expect sustained margin improvement and stronger earnings resilience over the medium term.
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