{"id":85530,"date":"2026-02-11T23:39:15","date_gmt":"2026-02-12T02:39:15","guid":{"rendered":"https:\/\/shipping.einnews.com\/article\/891605281"},"modified":"2026-02-11T23:39:15","modified_gmt":"2026-02-12T02:39:15","slug":"ashok-leyland-expects-cv-replacement-cycle-to-gain-pace-amid-gst-led-freight-revival","status":"publish","type":"post","link":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/2026\/02\/11\/ashok-leyland-expects-cv-replacement-cycle-to-gain-pace-amid-gst-led-freight-revival\/","title":{"rendered":"Ashok Leyland expects CV replacement cycle to gain pace amid GST-led freight revival"},"content":{"rendered":"<p> <title>Ashok Leyland Reports Record Q3 Performance Amid Growing CV Replacement Cycle, ETAuto<\/title>                                                                       &lt;!&#8211;  &#8211;&gt; &lt;!&#8211;  &#8211;&gt; <!-- Google Tag Manager --><br \/>\n<!-- analytics_gtm_id to be passed dynamically per portal--> <!-- End Google Tag Manager -->    <\/p>\n<header> <!-- For Accessiblity only --> &lt;!&#8211; <\/p>\n<div id=\"skiptocontent\" aria-label=\"skip content\"> <a href=\"#maincontent\" aria-label=\"skip main content link\">skip to main content<\/a> <\/div>\n<p> &#8211;&gt; <!-- Ads block --> <\/p>\n<section aria-label=\"Top Ads Block\" class=\" top-ads\"> <\/section>\n<p> <!-- Content Header with navigation --> <!-- To be implemented mobile view --> <!-- Mobile Header --> <!-- mobile callout section --> <!-- Top Header InPage Promos --> <\/header>\n<p> <!-- Include layout structure template --> <\/p>\n<div class=\"main-content\"> <main id=\"maincontent\" class=\"layout2\"><\/p>\n<div id=\"news_items_container\">\n<section class=\"container-mid article-section status_prime_article single-post currentlyInViewport inViewPort \" id=\"news_dtl_128234056\" data-article=\"0\" data-href=\"https:\/\/auto.economictimes.indiatimes.com\/news\/commercial-vehicle\/ashok-leyland-reports-record-q3-performance-amid-growing-cv-replacement-cycle\/128234056\" data-msid=\"128234056\" data-mediaid data-authors=\"[\" data-author-list=\"Syed Shazil Hussain\" data-category-name=\"Commercial Vehicle\" data-category_id=\"22\" data-cat_msid=\"25385136\" data-date=\"2026-02-12\" data-index=\"article_1\" data-keywords=\"Ashok Leyland, commercial vehicles, GST changes, freight activity, replacement cycle\" data-type=\"news\">\n<div class=\"article-section__body \">\n<div class>\n<div class=\"article-section__body--top\">\n<div class=\"article-section__body__authors\">\n<div class=\"news-author-container\">\n<div class=\"author-image\"> <img data-opt-id=758893364  fetchpriority=\"high\" decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/auto.economictimes.indiatimes.com\/Themes\/Release\/theme4\/images\/icons\/et-default-user.svg?w=75&resize=75&ssl=1 75w, https:\/\/auto.economictimes.indiatimes.com\/Themes\/Release\/theme4\/images\/icons\/et-default-user.svg?w=100&resize=100&ssl=1 100w, https:\/\/auto.economictimes.indiatimes.com\/Themes\/Release\/theme4\/images\/icons\/et-default-user.svg?w=150&resize=150&ssl=1 150w, https:\/\/auto.economictimes.indiatimes.com\/Themes\/Release\/theme4\/images\/icons\/et-default-user.svg?w=240&resize=240&ssl=1 240w, https:\/\/auto.economictimes.indiatimes.com\/Themes\/Release\/theme4\/images\/icons\/et-default-user.svg?w=320&resize=320&ssl=1 320w, https:\/\/auto.economictimes.indiatimes.com\/Themes\/Release\/theme4\/images\/icons\/et-default-user.svg?w=500&resize=500&ssl=1 500w, https:\/\/auto.economictimes.indiatimes.com\/Themes\/Release\/theme4\/images\/icons\/et-default-user.svg?w=640&resize=640&ssl=1 640w, https:\/\/auto.economictimes.indiatimes.com\/Themes\/Release\/theme4\/images\/icons\/et-default-user.svg?w=800&resize=800&ssl=1 800w, https:\/\/auto.economictimes.indiatimes.com\/Themes\/Release\/theme4\/images\/icons\/et-default-user.svg?w=1024&resize=1024&ssl=1 1024w, https:\/\/auto.economictimes.indiatimes.com\/Themes\/Release\/theme4\/images\/icons\/et-default-user.svg?w=1280&resize=1280&ssl=1 1280w, https:\/\/auto.economictimes.indiatimes.com\/Themes\/Release\/theme4\/images\/icons\/et-default-user.svg?w=1600&resize=1600&ssl=1 1600w\" loading=\"eager\" width=\"40\" height=\"40\" class=\"unveil check-user-initials user-init-cat\" fifu-data-src=\"https:\/\/auto.economictimes.indiatimes.com\/Themes\/Release\/theme4\/images\/icons\/et-default-user.svg\" data-src=\"https:\/\/etimg.etb2bimg.com\/authorthumb\/479262947.cms?width=250&height=250&imgsize=11576\" alt=\"Syed Shazil Hussain\"> <\/div>\n<div class=\"author-section\">\n<ul>\n<li>Published On Feb 12, 2026 at 07:58 AM IST<\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"article-section__body__news\"> <!-- Display video article in news article for the custom next story --> <!-- Modifying the body placing embeds,promoslots,related etc.--> <\/p>\n<figure class=\"img_container\">&lt;img width=&quot;590&quot; height=&quot;442&quot; class=&quot;unveil&quot; loading=&quot;eager&quot; src=&quot;https:\/\/auto.economictimes.indiatimes.com\/images\/default.jpg&quot; data-src=&quot;https:\/\/etimg.etb2bimg.com\/photo\/128234111.cms&quot; captionrendered=&quot;1&quot; alt=&quot;<\/p>\n<p>Ashok Leyland posted record Q3 FY26 figures, including its highest-ever revenue, EBITDA, profit before tax and profit after tax for any third quarter. <\/p>\n<p>&#8220;&gt;<figcaption class=\"caption\"><span>Ashok Leyland posted record Q3 FY26 figures, including its highest-ever revenue, EBITDA, profit before tax and profit after tax for any third quarter. <\/span><\/figcaption><\/figure>\n<p><a id=\"30786576\" class=\"news-keywords\" href=\"https:\/\/auto.economictimes.indiatimes.com\/tag\/ashok+leyland\">Ashok Leyland<\/a> on Wednesday said it is entering the final quarter of FY26 on a firm footing, with the management highlighting that recent GST rate changes have begun to stimulate <a id=\"33043403\" class=\"news-keywords\" href=\"https:\/\/auto.economictimes.indiatimes.com\/tag\/freight+activity\">freight activity<\/a> and could accelerate a <a id=\"33043404\" class=\"news-keywords\" href=\"https:\/\/auto.economictimes.indiatimes.com\/tag\/replacement+cycle\">replacement cycle<\/a> across the commercial vehicle (CV) industry.<\/p>\n<p><!-- PROMOSLOT_M -->The comments came as the company reported its strongest-ever third-quarter performance, marked by record operational metrics and gains in both domestic and overseas markets.<\/p>\n<p>Chairman Dheeraj Hinduja, joined by MD and CEO Shenu Agarwal and CFO K. M. Balaji, said the demand environment remains supportive and indicators for the first quarter of FY27, which is traditionally a subdued period, are \u201cencouraging\u201d.<br \/><b><\/p>\n<h3><\/h3>\n<h3>GST 2.0 and renewed <a href=\"https:\/\/auto.economictimes.indiatimes.com\/tag\/freight+activity\">freight activity<\/a><\/h3>\n<p><\/b><br \/>According to Agarwal, freight movement has picked up following the government\u2019s GST rationalisation, improving fleet utilisation and pushing operators to consider pre-emptive replacements ahead of expected tightening in compliance norms.<\/p>\n<p><!-- PROMOSLOT_M -->\u201cThe <a id=\"24453491\" class=\"news-keywords\" href=\"https:\/\/auto.economictimes.indiatimes.com\/tag\/gst+changes\">GST changes<\/a> have reduced costs and spurred demand, which is clearly reflected in the momentum we are seeing. This can potentially trigger a <a href=\"https:\/\/auto.economictimes.indiatimes.com\/tag\/replacement+cycle\">replacement cycle<\/a> in the coming quarters,\u201d said Agarwal, during the Q3 post-earnings call. <\/p>\n<p>The company believes this shift, combined with stable interest rates and stronger consumption trends, positions the broader CV industry for continued growth.<br \/><b><\/p>\n<h3>Record quarter backed by market share gains<\/h3>\n<p><\/b><br \/><a href=\"https:\/\/auto.economictimes.indiatimes.com\/tag\/ashok+leyland\">Ashok Leyland<\/a> posted record Q3 FY26 figures, including its highest-ever revenue, EBITDA, profit before tax and profit after tax for any third quarter.<\/p>\n<p><!-- PROMOSLOT_M -->Standalone revenue rose 22 per cent year on year to \u20b911,534 crore. Profit before tax excluding exceptional items grew 38 per cent, and profit after tax excluding exceptional items increased 45 per cent.<\/p>\n<p>At the consolidated level, revenue reached \u20b914,830 crore, up 24 per cent, with similar growth momentum in profitability.<\/p>\n<p>The quarter included a \u20b9308-crore exceptional charge linked to the new labour code.<\/p>\n<p><!-- PROMOSLOT_M -->Domestic MHCV volumes grew ahead of the industry, raising market share by 60 basis points to 30.6 per cent, while LCV volumes expanded 30 per cent, lifting market share by 70 basis points to 12.1 per cent.<br \/><b><\/b><\/p>\n<h3>Exports strengthen, new products add momentum<\/h3>\n<p>Exports increased 20 per cent year on year to 4,965 units, supported by firm demand in the GCC, Africa and SAARC regions. The company reiterated that it is on track to meet its mid-term export goal of over 25,000 units, aided by market-specific product lines and deeper engagement with overseas partners.<\/p>\n<p><!-- PROMOSLOT_M --><!-- PROMOSLOT -->A recent MoU with Indonesia\u2019s PT Pindad will involve co-development of electric buses and defence vehicles, adding a strategic push in Southeast Asia.<\/p>\n<p>In India, Ashok Leyland expanded its lineup with the Hippo and Taurus heavy trucks and tippers, the BadaDost i6 in the emerging 4.1-tonne LCV category, and a 15-metre multi-axle front-engine bus to strengthen its passenger-transport portfolio.<br \/><b><\/b><\/p>\n<h3><\/h3>\n<h3>EV subsidiary Switch India maintains growth trajectory<\/h3>\n<p>The company&#8217;s EV subsidiary Switch India delivered 850 electric buses and 1,200 electric LCVs in the first nine months of FY26, reporting positive EBITDA and PAT over the period. <\/p>\n<p><!-- PROMOSLOT -->The company expects Switch to turn free-cash-flow positive by FY27.<\/p>\n<p>The management said Its new electric-bus plant in Lucknow, built in just 14 months, is now operational with a capacity of 2,500 vehicles annually, scalable to 5,000 units as demand expands under government procurement schemes such as PMI Bus Seva.<\/p>\n<p>Looking ahead, Hinduja said the combination of a maturing GST 2.0 framework, fleet ageing, improving freight rates and free-trade agreements with the EU and US sets up the sector for a strong close to FY26 and a steady start to the new fiscal year.<\/p>\n<p> <!-- Category Most Read Placement --> <\/p>\n<div class=\"bottom-author-detail-tag\">\n<div class=\"bottom-author-detail\">\n<ul class=\"article-publish-date\"> &lt;!&#8211; <\/p>\n<li> Updated On Feb 12, 2026 at 07:58 AM IST<\/li>\n<p> &#8211;&gt; <\/p>\n<li>Published On Feb 12, 2026 at 07:58 AM IST<\/li>\n<p> &lt;!&#8211; <\/p>\n<li class=\"desktop-view\">3 min read<\/li>\n<p> &#8211;&gt; <\/ul>\n<\/p><\/div>\n<\/p><\/div>\n<p> <!-- 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fifu-data-src=\"https:\/\/i3.wp.com\/st.etb2bimg.com\/Themes\/Release\/theme4\/images\/bar-codes\/auto_barcode.png?mod=3150&ssl=1\" alt> &lt;!&#8211; <span class=\"border-bottom\"><\/span> &#8211;&gt; <\/figure>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<p> <span id=\"etb2b-news-detail-page\" class=\"etb2b-module-ETB2BNewsDetailPage\" data-news-id=\"128234056\" data-news_link=\"https:\/\/auto.economictimes.indiatimes.com\/news\/commercial-vehicle\/ashok-leyland-reports-record-q3-performance-amid-growing-cv-replacement-cycle\/128234056\"> <\/span> <!-- Next Story Placement --> &lt;!&#8211; <\/section>\n<p> &#8211;&gt;\n<\/p><\/div>\n<p><\/main> <!-- Footer Section -->  <!-- OneTrust Cookies Consent Notice start for auto.economictimes.indiatimes.com --> <!-- OneTrust Cookies Consent Notice end for auto.economictimes.indiatimes.com --> <\/div>\n<p>  &lt;!&#8211; &quot;logo&quot;: &quot;&#8221;, &#8211;&gt;<\/p>\n<p><strong><a href=\"https:\/\/blockads.fivefilters.org\"> <\/a><\/strong> <a href=\"https:\/\/blockads.fivefilters.org\/acceptable.html\"> <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8230; changes have begun to stimulate <span class=\"match\">freight<\/span> activity and could accelerate a &#8230; , are \u00e2\u0080\u009cencouraging\u00e2\u0080\u009d. According to Agarwal, <span class=\"match\">freight<\/span> movement has picked up following &#8230; .0 framework, fleet ageing, improving <span class=\"match\">freight<\/span> rates and free-trade agreements &#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-85530","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts\/85530","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/comments?post=85530"}],"version-history":[{"count":0,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts\/85530\/revisions"}],"wp:attachment":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/media?parent=85530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/categories?post=85530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/tags?post=85530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}