Ashok Leyland expects 11-13% growth in CV industry in FY26

Ashok Leyland, India's second largest truck and bus maker, expects the domestic commercial vehicle (CV) industry to grow 11-13% in FY26, a sharp rebound from the low single-digit growth projected at the start of the year.

"It is definitely a good upswing," chairman Dheeraj Hinduja told ET, citing a broad-based demand recovery post cuts in GST last September, replacement demand, and stronger freight activity.

The improved demand environment reflected in the company's December quarter performance. On a standalone basis, revenue grew 22% year-on-year to ₹11,534 crore in Q3 FY26 while net profit rose 45% to a record ₹1,105 crore, excluding exceptional items. On a consolidated basis, revenue climbed 24% to ₹14,830 crore and net profit rose 45% to ₹1,187 crore.