External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>Market Share Gains – Outperforming Industry Trends: Ashok Leyland’s MHCV volumes are estimated to have grown by 3–5% YoY in FY26, reflecting sustained demand momentum.</li><li>We expect the company to maintain its market share at ~31.1% (vs 29.8% in the previous year) over the next two years.</li><li>In the LCV segment, market share improved to ~15% YoY, highlighting the brand’s strong competitive positioning and product excellence across the commercial vehicle (CV) spectrum.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Market Share Gains – Outperforming Industry Trends: Ashok Leyland’s MHCV volumes are estimated to have grown by 3–5% YoY in FY26, reflecting sustained demand momentum.We expect the company to maintain its market share at ~31.1% (vs 29.8% in the previous year) over the next two years.In the LCV segment, market share improved to ~15% YoY, highlighting the brand’s strong competitive positioning and product excellence across the commercial vehicle (CV) spectrum.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ashok Leyland Ltd - Sustained Market Share Gains & Strategic Growth Levers

<ul><li>Ashok Leyland Ltd is one of India’s leading commercial vehicle manufacturers, offering a full range of trucks, buses, light vehicles, and defence mobility solutions.</li><li>With a strong focus on innovation and technology, the company designs and manufactures reliable, efficient, and sustainable mobility solutions catering to both domestic and international markets</li><li>The company introduced the Intelligent Vehicle Acceleration Control (I-VAC) system to boost fuel efficiency in AC trucks and plans multiple launches in FY26 — including high-horsepower MHCV tippers and tractor trailers (280, 320, 360 HP), LNG-powered trucks, upgraded 13.5-meter buses, a new 15-meter bus with unique value propositions, and bi-fuel LCVs targeting metro demand.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ashok Leyland Ltd is one of India’s leading commercial vehicle manufacturers, offering a full range of trucks, buses, light vehicles, and defence mobility solutions.With a strong focus on innovation and technology, the company designs and manufactures reliable, efficient, and sustainable mobility solutions catering to both domestic and international marketsThe company introduced the Intelligent Vehicle Acceleration Control (I-VAC) system to boost fuel efficiency in AC trucks and plans multiple launches in FY26 — including high-horsepower MHCV tippers and tractor trailers (280, 320, 360 HP), LNG-powered trucks, upgraded 13.5-meter buses, a new 15-meter bus with unique value propositions, and bi-fuel LCVs targeting metro demand.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week: Ashok Leyland - 11th October, 2025

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a> posted 38% YoY PAT growth in Q4, driven by cost efficiency, premium product mix, and strong EBITDA margin improvement.</li>
<li>HLF IPO and Switch India's PAT target for FY26 positions for significant value unlocking and improved subsidiary contribution.</li>
<li>CV demand, export momentum, and alt-fuel investments support a strong FY26 outlook, with valuations supported by improving profitability and resilient balance sheet. 4o</li>
</ul>



Ashok Leyland (AL IN) posted 38% YoY PAT growth in Q4, driven by cost efficiency, premium product mix, and strong EBITDA margin improvement.
HLF IPO and Switch India's PAT target for FY26 positions for significant value unlocking and improved subsidiary contribution.
CV demand, export momentum, and alt-fuel investments support a strong FY26 outlook, with valuations supported by improving profitability and resilient balance sheet. 4o


Ashok Leyland(AL IN)-Robust Growth ; Value Unlocking from Subsidiary Ahead

<ul><li>Product Innovation &amp; New Launches – Strengthening Portfolio: The company introduced the Intelligent Vehicle Acceleration Control (I-VAC) system to boost fuel efficiency in AC trucks and plans multiple launches in FY26 — including high-horsepower MHCV tippers and tractor trailers (280, 320, 360 HP), LNG-powered trucks, upgraded 13.5-meter buses, a new 15-meter bus with unique value propositions, and bi-fuel LCVs targeting metro demand.</li><li>E-trucks on BOSS and AVTR platforms are gaining traction domestically and internationally, reinforcing Ashok Leyland’s technological edge</li><li>Defence &amp; Power Solutions: Despite Q1FY26 defence revenue of Rs 120 Cr vs Rs 400 Cr last year, management remains bullish, backed by a Rs 1,000 Cr order book and Rs 2,000 Cr in tenders won. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Product Innovation &amp; New Launches – Strengthening Portfolio: The company introduced the Intelligent Vehicle Acceleration Control (I-VAC) system to boost fuel efficiency in AC trucks and plans multiple launches in FY26 — including high-horsepower MHCV tippers and tractor trailers (280, 320, 360 HP), LNG-powered trucks, upgraded 13.5-meter buses, a new 15-meter bus with unique value propositions, and bi-fuel LCVs targeting metro demand.E-trucks on BOSS and AVTR platforms are gaining traction domestically and internationally, reinforcing Ashok Leyland’s technological edgeDefence &amp; Power Solutions: Despite Q1FY26 defence revenue of Rs 120 Cr vs Rs 400 Cr last year, management remains bullish, backed by a Rs 1,000 Cr order book and Rs 2,000 Cr in tenders won. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ashok Leyland Ltd - Operational Outperformance & Market Share Gains

<ul><li>Domestic CV Industry: Ashok Leyland expects a positive FY26 for the CV industry, aided by favourable macroeconomic indicators such as robust monsoon forecasts, core sector expansion, and renewed government capex.</li><li>While Q1FY26 may remain subdued due to high base effects, growth is expected to pick up meaningfully from Q2 onwards.</li><li>The company anticipates low single-digit volume growth in FY26, in line with industry peers.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Domestic CV Industry: Ashok Leyland expects a positive FY26 for the CV industry, aided by favourable macroeconomic indicators such as robust monsoon forecasts, core sector expansion, and renewed government capex.While Q1FY26 may remain subdued due to high base effects, growth is expected to pick up meaningfully from Q2 onwards.The company anticipates low single-digit volume growth in FY26, in line with industry peers.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ashok Leyland - Operational Outperformance and Market Share Gains

India

Ashok Leyland Limited manufactures medium and heavy duty commercial vehicles, including buses, tractors, dumpsters, haulage trucks, fire engines, and defense sector vehicles. The Company also manufactures industrial & marine engines, ferrous castings and spare parts for automobiles. Ashok Leyland sells its products in India and abroad.

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Ashok Leyland (AL IN)

Pick of the Week: Ashok Leyland - 11th October, 2025

Ashok Leyland Ltd is one of India’s leading commercial vehicle manufacturers, offering a full range of trucks, buses, light vehicles, and defence...

Axis Direct