Ashok Leyland Revenue History — Quarter by Quarter

Ashok Leyland's revenue moved from ₹8,189 Cr in Q1 FY24 to ₹11,534 Cr in Q3 FY26, a 40.8% change over 8 quarters. The table keeps each quarter linked back to the underlying earnings page.

Revenue by Quarter

Quarter	Revenue (₹ Cr)	YoY Change
Q3 FY26	₹11,534 Cr	+21.7%
Q2 FY26	₹9,588 Cr	+9.3%
Q1 FY26	₹8,725 Cr	+1.5%
Q4 FY25	₹11,907 Cr	+6%
Q3 FY25	₹9,479 Cr	+2.2%
Q2 FY25	₹8,769 Cr	-9%
Q3 FY24	₹9,273 Cr	+3%
Q1 FY24	₹8,189 Cr	+13%

What management said about revenue

Q3 FY26 · Sustained volume growth in coming quarters

Management expects strong volume growth in coming quarters, driven by replacement cycle, favorable macros, and pro-growth budget.

Q3 FY26 · Switch India free cash flow positive by FY2027

Switch India is on track to become free cash flow positive by FY2027, with current order book of 1,350 units.

Q2 FY26 · FY26 export volume target of ~18,000 units

Management targets export volume of ~18,000 units for FY26, up from ~15,000 in FY25, implying ~20% growth.

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.

Q1 FY26 · Mid-single-digit domestic MHCV growth in FY2026

Management expects domestic MHCV industry to grow mid-single digits for the full year, with LCV growing slightly higher.

Q1 FY26 · Double-digit defense revenue growth in FY2026

Defense revenue expected to grow double digits for the full year, supported by a strong order book of INR 1,000+ crore and a pending INR 2,000+ crore tender.

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.

Q1 FY26 · OHM to operate 2,500+ buses within 12 months

OHM Global Mobility targets operating over 2,500 buses within the next 12 months, with 850 currently in fleet.

Q4 FY25 · FY26 industry volume growth expected to be positive, single-digit

Management expects FY26 to be a positive year for the CV industry, with single-digit volume growth, driven by government CapEx, monsoon, and pent-up demand.

Q4 FY25 · Defense business to double in 2-3 years

Management is confident of doubling the defense business revenue in the next two to three years, driven by a strong order pipeline.

Q3 FY25 · M&HCV market share target of 35%

Ashok Leyland targets 35% market share in domestic M&HCV in the medium term, from current 30.4%.

Q3 FY25 · Export volume target of 25,000 in medium term

Management expects to reach 25,000 export units in the medium term, with FY25 likely around 15,000.