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Ashok Leyland Revenue History — Quarter by Quarter

Ashok Leyland's revenue moved from ₹11,709 Cr in Q1 FY26 to ₹17,246 Cr in Q4 FY26, a 47.3% change over 3 quarters. The table keeps each quarter linked back to the underlying earnings page.

Revenue by Quarter

QuarterRevenue (₹ Cr)YoY Change
Q4 FY26₹17,246 Cr+19%
Q3 FY26₹14,830 Cr+21.7%
Q1 FY26₹11,709 Cr+1.5%

What management said about revenue

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

Q4 FY26 · Defense business to continue 20% growth

Management expects defense revenue to maintain ~20% growth trajectory, supported by a strong order book and pipeline.

G

Q3 FY26 · Industry growth to remain strong in FY27

Management expects the replacement cycle triggered by GST to sustain, with bulk buyers now joining retail buyers. FY27 should see good volume growth, though H1 may have a low base and H2 a high base.

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 · Mid-single-digit domestic M&HCV industry growth in FY26

Management expects mid-single-digit growth for M&HCV and slightly higher for LCV, with H2 likely stronger due to low base and improving macro.

G

Q1 FY26 · Double-digit revenue growth in defense for FY26

Strong order book (₹1,000+ crore) and tender pipeline (₹2,000+ crore) support double-digit defense revenue growth for the full year.