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Ashok Leyland – Clear Beneficiary Of CV Upcycle; Focus On LCV To Aid Topline Growth: Nirmal Bang


BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Ashok Leyland Ltd. has been regaining the lost market share over the last four quarters, led by ramp-up of its compressed natural gas portfolio and new product launches. Its medium and heavy commercial vehicle market share increased by 50 basis points QoQ to 31.1% in Q1 FY23.

We expect market share gains to continue with a robust product pipeline plugging product gaps and increasing penetration in new markets. The pick-up in the sales of Dost and Bada Dost models post easing of supply chain issues will further drive light commercial vehicle segment volume and market share gain.

We see Ashok Leyland to be a key beneficiary of the commercial vehicle cycle recovery and expect further expansion in margins amid an improving product mix, softening raw material prices and operating leverage benefits.

However, competitive intensity remains high, preventing full pass-through of elevated input prices to end customers and leading to higher discounts.

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