ASHOKLEY

Commercial Vehicle Sector Recovery Indian CV demand has improved with GST rationalisation, infrastructure spending, and fleet replacement. Nomura sees Ashok Leyland as a key beneficiary of the CV upcycle, with a target near ₹196. Company Developments Ashok Leyland recently inaugurated a new EV plant in Uttar Pradesh, expanding future growth avenues in electric vehicles. Capacity expansions in buses and light vehicles are underway to capture growing demand. Earnings Context Mixed earnings trends: A recent quarter saw flat profit due to cost pressures, even as revenue rose. Strong Q4 2025 profit growth earlier boosted sentiment.