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Ashok Leyland Margin Trend — Quarter by Quarter

Ashok Leyland's EBITDA margin moved from 19.0% in Q1 FY26 to 19.0% in Q4 FY26 across 3 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2619.0%+30 bps
Q3 FY2619.0%+50 bps
Q1 FY2619.0%+50 bps

What management said about ebitda margin

G

Q4 FY26 · Price hike of 1-1.5% effective April 1

A price increase of 1-1.5% was taken from April 1, 2026, to partially offset commodity cost inflation.

G

Q3 FY26 · Price hikes of 60+ bps to offset commodity inflation

Management has started reducing discounts to recover ~60 bps of commodity cost impact, with further price increases possible if pressure persists.

G

Q3 FY26 · Switch India to be free cash flow positive by FY27

Switch India (EV subsidiary) is on track to achieve free cash flow positivity by FY27, with current order book of 1,350 units and positive EBITDA/PAT.

G

Q1 FY26 · Switch India EBITDA-positive in FY26

Switch India achieved PBT breakeven in Q1; management targets EBITDA-positive status for the full year.