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Ashok Leyland clocks record Q3 profit despite labour code hit
Revenue jumps 22 per cent; margins improve and volumes beat industry
CHENNAI: Ashok Leyland Limited reported a record December quarter, delivering its highest-ever profit and revenue despite absorbing a one-off charge linked to the new labour code.
The commercial vehicle maker posted a standalone net profit of Rs 796 crore in the third quarter of FY26, up 4.4 per cent from Rs 762 crore a year earlier. The result includes a one-time charge of Rs 308 crore, after which profit still touched an all-time high.
Revenue from operations rose 22 per cent on-year to a record Rs 11,534 crore, compared with Rs 9,479 crore in the year-ago quarter, supported by strong demand across segments.
Operating performance remained firm, with Ebitda rising 27 per cent to Rs 1,535 crore from Rs 1,211 crore. Ebitda margin improved to 13.31 per cent, up from 12.78 per cent, marking the 12th consecutive quarter of double-digit margin growth, the company said.
Volumes expanded sharply. MHCV sales rose 23 per cent to 32,929 units, while LCV volumes climbed 30 per cent to 20,518 units, outpacing industry growth, according to Vahan data. Export volumes increased 20 per cent to 4,965 units.
Ashok Leyland’s net cash position strengthened to Rs 2,619 crore, nearly triple the level a year earlier.
Commenting on the results, executive chairman Dheeraj Hinduja, said market conditions remained favourable and growth momentum was expected to continue across MHCV, LCV and defence businesses. He added that the company is advancing a structured pipeline of new products across conventional and alternative propulsion platforms.
Hinduja said the electric vehicle arm, Switch Mobility, has begun international bus deliveries, holds a healthy order book, and posted positive Ebitda and Pat over the first nine months.
Shares of Ashok Leyland fell 2.21 per cent to Rs 205.09 on the NSE following the earnings announcement.
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Oyo parent Prism appoints former Sebi chief Ajay Tyagi to Board
Former market regulator joins Prism to strengthen governance for IPO
NEW DELHI: Prism, the parent entity of Oyo, has appointed former Sebi chairman Ajay Tyagi as an independent director, as the hospitality firm gears up for its planned Rs 6,650 crore initial public offering (IPO).
Tyagi, a 1984-batch IAS officer, served as chairman of the Securities and Exchange Board of India (SEBI) from 2017 to 2022. His appointment is aimed at strengthening the company’s governance framework and providing strategic oversight as it moves closer to a public listing.
He joins a high-profile board that already includes several prominent names from global business and policy circles. These include Troy Matthew Alstead, former CFO and group president of Starbucks; Aditya Ghosh, co-founder of Akasa Air; Deepa Malik, paralympic athlete and Padma Shri awardee; William Steve Albrecht, professor of accountancy at Utah State University; and Bejul Somaia, partner at Lightspeed Venture Partners.
Prism founder Ritesh Agarwal, said Tyagi’s experience in capital markets regulation and public-institution stewardship will be critical as the company scales operations and enhances long-term accountability.
The company recently filed preliminary papers with Sebi to raise Rs 6,650 crore through a confidential route. Market sources estimate its valuation will be in the range of $7 billion to $8 billion.
Over the course of his career, Tyagi has held senior roles in the ministry of finance, where he oversaw investment policy and financial-sector reforms. His induction to the Prism board signals a renewed focus on aligning the company’s internal standards with the stringent requirements of public markets as it advances toward its IPO.
