ASHOKLEY / Q3-FY26 / claim-ledger

Audit the questions that mattered.

Ashok Leyland · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ3-FY26 · 2026-02-10Back to quarter ↗

Questions audited

12

Answered directly

75%

Numeric claims

5

Consistency

mixed

Question ledger

What was answered, and how?

Gunjan Prithyani · Bank of America

direct

Industry growth outlook and replacement demand post-GST

In November and December, largely, we saw the growth coming from retail buyers more than bulk buyers. Now, in January, we have seen that even many bulk buyers are now coming forward... We are also actually seeing a slight increase in the freight rates also.

Gunjan Prithyani · Bank of America

partial

Commodity headwind in Q3 and pricing actions

Q3, we saw an increase in PGM, copper, and aluminum. ... We have started increasing the recovery from the customer ... by way of reduction in the discounts, which we have started doing.

Gunjan Prithyani · Bank of America

direct

Quantify commodity impact in Q3 and Q4

It was roughly 50 basis points, Gunjan. On the Q3, we suffered 50 basis points because of this increase. We are trying to recover it from the customer by way of increase in the prices by about more than 60 basis points.

Pramod Kumar · UBS Securities

evasive

Margin outlook amid commodity surge and volume growth

There are three elements of it... pricing, mix, commodity... I would say it is a temporary concern, but it is nothing fundamental in nature.

Pramod Kumar · UBS Securities

direct

Steel contract structure and staff cost decline

Steel contracts, actually, they are all half-yearly contracts... On the staff cost side, I think we had to tone down our variable performance pay...

Pramod Kumar · UBS Securities

direct

Quantify staff cost reduction

Quantification will be approximately INR 20 crores, which would have got reduced.

Mukesh Saraf · Avendus Spark

direct

CV cycle mix: ICV vs heavy-duty growth

In November and December, we saw a higher uptake from the retail segment. But in January, now we are seeing a much better traction coming from bulk buying also... This should correct itself.

Raghunandan N.L. · Nuvama Research

direct

Fleet age trajectory and replacement demand

There is only one way this whole aging can move, which is to go back to the normal because... 10 years, 10.5 years is really not sustainable... For this age to go back down to even 8 years from 10.5 right now would take a few years.

Kapil Singh · Nomura

direct

Capacity constraints and CapEx needs for upcycle

At this point in time, we do not have an overall constraint on the capacity side... We don't see any major investment in capacity expansion in the next 2-3 years.

Kapil Singh · Nomura

declined

Specific capacity numbers for MHCV and LCV

Kapil, we'll not be able to disclose the capacities, Kapil.

Amyn Pirani · JPMorgan

partial

OHM investment and financial metrics

We have already invested INR 300 crore in OHM. We have also earmarked another INR 300 crore for OHM as and when needed... Beyond this INR 600 crore, we would be open to looking at other fundraising options.

Chandramouli Muthiah · Goldman Sachs

direct

Non-truck business mix and growth

Our power solutions business was 45% up in Q3 YoY, and our defense business is 84% up YoY... While I agree that truck is going through a strong momentum, but the other businesses are even stronger right now.