ASHOKLEY · Capital Goods
Ashok Leyland Ltd. reported revenue of ₹12,577 cr for July to September 2025, +12.8% on the year and +7.4% on the quarter. Over the last four quarters revenue comes to ₹50,977 cr, +9.6% on the four before.
Operating profit (EBITDA) was ₹2,441 cr, a margin of 19.4%, +111 bps on the year and +85 bps on the quarter. Over the last 8 quarters the margin has ranged from 17.4% to 20.4%, averaging 18.8%. Operating costs grew +11.3% against revenue growth of +12.8%, so more of each rupee of sales reached operating profit.
Net profit was ₹820 cr, +6.9% on the year and +24.6% on the quarter, with earnings per share of ₹1.29. Profit before other income, one-offs and tax grew faster, at +22.6%; other income, one-offs or tax held the headline back. The tax rate was 27% against an average of 31% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹3,544 cr, +23.9% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹5.55 over the last four quarters, the stock at ₹169.20 trades at 30.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹11,429 cr | ₹11,093 cr | ₹13,542 cr | ₹10,724 cr | ₹11,148 cr | ₹11,995 cr | ₹14,696 cr | ₹11,709 cr | ₹12,577 cr | ₹14,830 cr | ₹17,246 cr | ₹13,070 cr |
| YoY | — | — | — | +11% | −2% | +8% | +9% | +9% | +13% | +24% | +17% | +12% |
| EBITDA margin | 16.4% | 17.7% | 19.0% | 17.4% | 18.3% | 19.5% | 20.4% | 18.6% | 19.4% | 19.0% | 19.2% | 18.4% |
| Other income, % of PBT | −0% | 5% | 1% | 5% | 23% | 7% | 1% | 12% | 9% | −12% | 10% | 21% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 39% | 38% | 38% | 28% | 29% | 28% | 23% | 26% | 27% | 28% | 29% | 30% |
| Net profit | ₹569 cr | ₹609 cr | ₹934 cr | ₹551 cr | ₹767 cr | ₹820 cr | ₹1,246 cr | ₹658 cr | ₹820 cr | ₹862 cr | ₹1,381 cr | ₹668 cr |
| YoY | — | — | — | −6% | +35% | +35% | +33% | +19% | +7% | +5% | +11% | +2% |
| Core profit YoY | — | — | — | +16% | −10% | +13% | +6% | +8% | +23% | +27% | +10% | −4% |
| EPS | ₹0.90 | ₹0.95 | ₹1.45 | ₹0.87 | ₹1.20 | ₹1.30 | ₹1.92 | ₹1.04 | ₹1.29 | ₹1.38 | ₹2.20 | ₹1.05 |
| Flags | · | · | · | ✓ | 1 | 1 | 1 | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Ashok Leyland Ltd. reported revenue of ₹12,577 cr (+12.8% on the year) and net profit of ₹820 cr (+6.9% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved +22.6% on the year, against +6.9% for reported profit.
None of the 7 checks that could run raised a question.
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