The agency’s income from operations, in the meantime, grew greater than 17% YoY to Rs 17,246 crore through the quarter underneath evaluate, as towards Rs 14,695 crore within the year-ago interval. Complete bills elevated over 18% YoY to Rs 15,493 crore, whereas whole revenue rose over 17% YoY to Rs 17,417 crore through the fourth quarter of the monetary yr ended March 31, 2026.
Ashok Leyland shares: Purchase, promote or maintain?
Goldman Sachs maintained its “Impartial” ranking on Ashok Leyland and marginally raised the goal worth to Rs 162 (1% upside) from Rs 161. It famous that current diesel worth hikes of as much as 8% have briefly delayed truck substitute demand, though administration expects this deferred demand to return over time as pent-up demand. Goldman Sachs added that near-term demand is prone to be supported by mining, infrastructure tippers and tractor trailers, whereas the LCV and IMLCV segments might proceed to lag trade development. The corporate has additionally applied 1-1.5% worth hikes in April to offset commodity inflation, although administration flagged the opportunity of short-term margin strain.Morgan Stanley maintained its “Equal-weight” ranking on Ashok Leyland with a goal worth of Rs 180, a 12% upside. It mentioned demand traits stay resilient, though commodity inflation and rising diesel costs stay key headwinds to watch. Morgan Stanley famous that the corporate has elevated costs by 1-1.5% to counter commodity inflation. It additionally highlighted that it remained cautious on margin pressures and elevated valuations regardless of the beneficial long-term industrial car trade outlook.
Motilal Oswal maintained its “Impartial” ranking on Ashok Leyland and marginally raised the goal worth to Rs 162 from Rs 161. In response to the brokerage, near-term demand is predicted to be pushed by mining, infrastructure tippers and tractor trailers, whereas the LCV and IMLCV segments may underperform the broader trade. The corporate has taken worth hikes of 1-1.5% in April to offset commodity inflation, whereas administration has additionally acknowledged the danger of short-term margin strain. Motilal Oswal raised its FY27-29 EPS estimates by as much as 1%.
Nomura maintained its “Impartial” ranking on Ashok Leyland however lower the goal worth to Rs 169 from Rs 218, implying a possible upside of round 3%. The brokerage mentioned current macroeconomic challenges, together with larger gas costs, rising inflation and the opportunity of larger rates of interest, may weigh on India’s GDP development, with medium and heavy industrial automobiles being notably delicate to an financial slowdown.
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It added that current vendor surveys point out indicators of weakening enquiries, reinforcing its cautious stance on the industrial car cycle. Nomura additionally expects exports to gradual in FY27.
(Disclaimer: Suggestions, strategies, views and opinions given by the specialists are their very own. These don’t signify the views of The Financial Instances)
