Guidance ledger · Q3 FY26

Ashok Leyland Ltd ASHOKLEY

3 revisions on record · 0 lowered · 3 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

↑ raised FY26 CV / MHCV industry growth outlook Q4 FY25 → Q3 FY26

~~growth in all CV segments including LCV, ICV and MHCV (qualitative)~~ → fresh replacement cycle, MHCV truck industry +24% Q3 with January momentum continuing

“we are, at this point in time, very confident that this could be a start of a new replacement cycle in the CV industry”

↑ raised Q3FY26 EBITDA margin (vs FY25 12.7%) Q1 FY26 → Q3 FY26

~~EBITDA margin 11.1% (Q1FY26)~~ → EBITDA margin 13.3%, +50bps YoY (Q3FY26)

“EBITDA margin for the quarter was at 13.3%, higher by 50 basis points against Q3 of last year.”

↑ raised Defense revenue growth YoY Q4 FY25 → Q3 FY26

~~destined to double business in next 2-3 years (Q4FY25 qualitative)~~ → +84% YoY in Q3FY26; share of revenue 1% to 1.5%

“revenue from defense business was higher by 84% year-on-year.”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.