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Ashok Leyland Margin Trend — Quarter by Quarter

Ashok Leyland's EBITDA margin moved from 10.0% in Q1 FY24 to 13.3% in Q3 FY26 across 10 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q3 FY2613.3%+50 bps
Q2 FY2612.1%+50 bps
Q1 FY2611.1%+50 bps
Q4 FY2515.0%—
Q3 FY2512.8%+80 bps
Q2 FY2511.6%+40 bps
Q1 FY2510.6%+60 bps
Q4 FY2412.0%+390 bps
Q3 FY2412.0%+320 bps
Q1 FY2410.0%+560 bps

What management said about ebitda margin

G

Q3 FY26 · Price hikes to recover commodity inflation

Company has started reducing discounts to recover ~60 bps of commodity cost increase, with more price hikes possible if pressure persists.

G

Q2 FY26 · Mid-teen EBITDA margin in medium term

Management reiterated its strategic goal of reaching mid-teen EBITDA margins in the medium term, supported by mix improvement and cost control.

G

Q2 FY26 · Switch India free cash flow positive by FY27

Switch India is on track to become free cash flow positive by FY27, after being EBITDA and PAT positive in H1 FY26.

G

Q1 FY26 · EBITDA margin to beat last year's by a handsome margin

CFO stated aspiration to exceed last year's EBITDA margin of 12.8% by a handsome margin, driven by mix, cost controls, and non-CV growth.

G

Q3 FY25 · Mid-teens EBITDA margin target

Management aims to achieve mid-teens EBITDA margin in the medium term, supported by cost reduction and mix improvement.

G

Q2 FY25 · Mid-teen EBITDA margin target

Management reaffirmed medium-term goal of achieving mid-teen EBITDA margins, supported by cost leadership and mix improvement.

G

Q2 FY25 · Switch India EBITDA breakeven by Q4 FY25 or Q1 FY26

Switch India expected to achieve EBITDA breakeven this fiscal, possibly by Q4 FY25 or Q1 FY26, excluding PLI benefits.

G

Q1 FY25 · Mid-teen EBITDA margin target

Management reiterated aspiration to achieve mid-teen EBITDA margin over the medium term, supported by cost initiatives and product mix.

G

Q4 FY24 · Mid-teen EBITDA margin target maintained

Management reiterated the medium-term goal of achieving mid-teen EBITDA margins, supported by cost savings, mix improvement, and pricing discipline.

G

Q4 FY24 · Switch India to remain EBITDA positive in FY25

Management expects Switch India to sustain EBITDA positivity in FY25, following a profitable Q4 FY24.

G

Q3 FY24 · Mid-teen EBITDA margin target

Management reiterated medium-term target of mid-teen EBITDA margins, with Q3 achieving 12.0%.

G

Q1 FY24 · Medium-term EBITDA margin target of mid-teens

Management reiterated aspiration to achieve ~15% EBITDA margin in the medium to long term, with near-term focus on double-digit.