Ashok Leyland Share Q3 Results: Revenue Jumps 22%, EBITDA Hits All-Time High

Ashok Leyland shares have delivered robust Q3FY26 results. Despite posting the highest-ever quarter revenue, Ashok Leyland’s share price plunged over 3%, hitting a day low of ₹202.56 per share. EBITDA and the profitability of Ashok Leyland are powered by strong sales growth across all segments. Moreover, the Hinduja Group also announced its Q3FY26 results during the market hours on 11th February 2026. Scroll down to explore more about Ashok Leyland Share Q3 Results.

Ashok Leyland Share Q3 Results for FY26

Ashok Leyland has reported a consolidated net profit of ₹796 crore with a 4% YoY increase against the same quarter in FY25. Moreover, the profit is also inclusive of one-time charges of ₹308 crore, considering the implementation of the new labor code. 

The revenue for the December quarter stood at ₹11,534 crore, marking a 22% YoY increase. This reflects the highest Q3FY26 revenue in the history of the Ashok Leyland share. Despite the exceptional cost of a one-time charge, Ashok Leyland managed to maintain profit growth, which signals its operational strength and disciplined cost control. 

EBITDA Surges 27%, Margins Expand to 13.3%

Operating performance remained equally impressive.

• EBITDA rose 27% to ₹1,535 crore, up from ₹1,211 crore in the same quarter last year.
  
• EBITDA margins expanded by 500 basis points to 13.3%, extending the streak of double-digit margins to 12 consecutive quarters.

Better margins in the cyclical commercial vehicle sector shows Ashok Leyland’s ability to expand margins with revenue growth which indicated its improved pricing discipline and operating leverage. 

MHCV Segment Outpaces Industry Growth

The Medium and Heavy Commercial Vehicle (MHCV) segment delivered a strong performance:

• Wholesale volumes: 32,929 units
  
• Up 23% compared to 26,692 units in Q3FY25

This growth outpaced overall industry performance for the quarter, leading to market share gains.

In a competitive commercial vehicle market, outperforming industry growth signals strong dealer network execution and sustained demand momentum.

LCV Segment Records 30% Volume Growth

The Light Commercial Vehicle (LCV) segment also witnessed impressive traction:

• Q3FY26 volumes: 20,518 units
  
• Up from 15,754 units in Q3FY25
  
• 30% year-on-year growth

As per VAHAN data referenced in the company’s earnings filing, Ashok Leyland’s LCV growth exceeded industry expansion, translating into further market share gains.

Strong rural demand, infrastructure push, and improving logistics activity appear to have supported this surge.

Export Volumes Rise 20%

Export performance remained steady:

• Q3FY26 export volumes: 4,965 units
  
• Up from 4,151 units last year
  
• 20% growth

The company continues to strengthen its international footprint, diversifying revenue streams beyond the domestic market.

What This Means for Ashok Leyland

Ashok Leyland’s December quarter performance highlights three major trends:

1. Sustained demand in commercial vehicles, supported by infrastructure and logistics growth.
   
2. Operational efficiency and margin discipline, even after accounting for regulatory-related costs.
   
3. Market share gains across segments, indicating competitive strength.

With 12 consecutive quarters of double-digit EBITDA margins and record revenue performance, the company appears to be in a structurally stronger position than in previous cycles.

Investors will now closely watch order pipelines, infrastructure spending momentum, and demand trends heading into the next quarter.

Key Highlights at a Glance

• Net Profit: ₹796 crore (up 4% YoY)
  
• Revenue: ₹11,534 crore (up 22% YoY)
  
• EBITDA: ₹1,535 crore (up 27% YoY)
  
• EBITDA Margin: 13.3% (up 500 bps YoY)
  
• MHCV volumes: Up 23%
  
• LCV volumes: Up 30%
  
• Export volumes: Up 20%

Ashok Leyland’s record-breaking Q3 numbers underline its resilience and execution strength in a competitive commercial vehicle landscape. As the company continues to gain market share while improving margins, the coming quarters will be crucial in determining whether this growth momentum sustains.

(More updates to follow as management commentary becomes available.)