Ashok Leyland Ltd. Share Price

An extended trendline support zone is formed

ASHOK LEYLAND — INDIA'S FREIGHT ENGINE IS SHIFTING UP 🚛🔥

Tata Motors CV sales jump 42.7% in Q2 FY27

Tata Motors Limited reported 135,114 commercial vehicle sales in Q2 FY27, up 42.7% YoY. Domestic sales grew 30.9%, while international sales rose 177.3%. The volume growth is clearly strong. But I think the more important question is whether Tata Motors can convert this volume recovery into better profitability. Domestic CV demand is benefiting from infrastructure activity, e-commerce and FMCG demand. The broader commercial vehicle cycle also appears to be improving, with Ashok Leyland reporting over 30% YoY growth in Q2 volumes. However, higher steel and copper prices and fuel costs remain margin risks. Tata Motors has already indicated that price increases are being used to manage input-cost pressure. My view: The volume recovery is a positive signal for Tata Motors' CV business, but I would not extrapolate the 42.7% growth directly into earnings. The next leg of the thesis depends on price realisation and operating leverage. If margins expand alongside volumes, the earnings upgrade can be meaningful. If margins remain under pressure, the volume growth will look less impressive. What I am watching next: CV EBITDA margin, domestic market share and whether price increases are sufficient to offset commodity inflation.

Ashok Leyland's September sales surge 28% to 24,049 units

**Ashok Leyland reported total sales of 24,049 units in September 2026, including exports, registering 28% year-on-year growth compared with 18,813 units in September 2025.** The growth was primarily driven by strong demand for medium and heavy commercial vehicles (M&HCV). **Key sales highlights:** - **Total sales:** 24,049 units, up 28% YoY. - **Domestic sales:** 22,157 units, up 29% YoY. - **LCV sales:** 7,861 units, up 12% YoY. - **M&HCV truck sales:** 13,244 units, up 44% YoY. - **M&HCV bus sales:** 2,944 units, up 13% YoY. Domestic M&HCV truck sales increased 44% to 12,724 units, while domestic bus sales rose 24% to 2,022 units. Domestic LCV sales grew 10% to 7,411 units. **Why it matters** The strong growth in M&HCV trucks highlights improving demand across Ashok Leyland's core commercial vehicle portfolio. The increase in domestic sales also indicates broad-based momentum across its vehicle categories. For investors, sustained volume growth can support revenue expansion and operating leverage, although profitability will depend on product mix, realisations, input costs and operating efficiency. **What to watch next** Investors should monitor monthly sales trends, M&HCV demand, export contribution, market share and upcoming quarterly margins to assess whether the momentum translates into sustained earnings growth. **Our view: Positive business update.** September's sales performance reflects strong volume momentum, with M&HCV trucks emerging as the key growth driver. Sustainability of demand and profitability remain important factors to track. **Learning outcome:** Monthly sales growth provides an early indication of business momentum, but investors should also evaluate product mix, margins, market share and cash generation before assessing long-term earnings potential.

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ASHOK LEYLAND PLANS TO SET UP EV BATTERY PROJECT IN BHANDARA

Commercial vehicle manufacturer