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Ashok Leyland Q3 Results Review: Anand Rathi Retains 'Buy' On The Stock, But Lowers Target Price — Here's Why
Valuations are reasonable at 12x/10x FY26e/27e EV/Ebitda, the brokerage retains Buy with a lower target price of Rs 260,12x FY27e EV/Ebitda and Hinduja Leyland Finance at Rs 11/share.
13 Feb 2025, 02:56 PM IST 
Ashok Leyland's standalone Q3 revenue grew 2% YoY to Rs 94.8 billion, above our estimated Rs 92.3 billion.
(Photo Source: Ashok Leyland company website)
Ashok Leyland's exports would record a healthy 12% CAGR, led by recovery in Africa/Asia. The Ebitda margin would increase due to a greater focus on profit (similar to those of peers) and tonnage/non-CV mix.
