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Prabhudas Lilladher Report
We believe Ashok Leyland Ltd.'s is well placed to sustain its recent market share gains led by
strong demand for modular AVTR trucks,
network growth and
product launches. light commercial vehicle will benefit from filling of white space, growth in end markets and network growth.
Price hike, benign input cost, operating leverage and cost control will lead to margin expansion (Ebitda margin +c390 basis points over FY23-26E).
We change our FY24/FY25/FY26 earning per share estimates by -3%/-4%/0.4% to factor in Q3 FY24 results and management commentary on volume and margin sustainability.
Maintain ‘Buy' with target price of Rs 210 on March 2026E enterprise value/Ebitda of 11 times (includes ~Rs 12 for HLF) and roll over to March 2026.
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