Interim report
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November 12, 2025 Dear Sir/Madam, Subject: Outcome of the Board Meeting 1. Unaudited Financial results for the quarter and half-year ended September 30, 2025 The Board of Directors of the Company, at their meeting held today, have inter alia approved the unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half-year ended September 30, 2025. - Pursuant to Regulation 33 of S EBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (SEBI Listing Regulations) we enclose the statement showing the unaudited Standalone and Consolidated Financial Results for the quarter and half -year ended September 30, 2025 along with the Limited Review Report. - Disclosure under Regulation 54(3) of SEBI Listing Regulations along with Auditor’s Certificate is enclosed. - Press release being made in this regard. 2. Interim Dividend The Board of Directors of the Company, at their meeting held today, have declared an Interim Dividend of Re. 1/- per equity share of Re. 1/ - each, for the financial year ending 2025 -26. The said interim dividend, would be paid, on or before December 11, 2025. Further, as intimated vide letter dated November 7, 2025, the Record date for the purpose of determining the Members eligible to receive Interim Dividend is Tuesday, November 18, 2025. National Stock Exchange of India Limited Exchange Plaza, C-1, Block G Bandra Kurla Complex Bandra (E), Mumbai - 400 051 SCRIP CODE: ASHOKLEY BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400 001 SCRIP CODE: 500477
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The meeting commenced at 11.30 A.M. IST and the agenda relating to financial results was approved by the Board at 1.55 P.M. IST. The Board meeting continues for discussing other agenda item(s). Thanking you, Yours faithfully, for ASHOK LEYLAND LIMITED N Ramanathan Company Secretary Encl.: a/a
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ASHOK LEYLAND LIMITED Regd . Office :1 , Sardar Patel Roa d , Guindy , Chennai - 600032 ; CIN : L34101TN1948PLC000105; Email id: secretarial@ashokleyland .com STATEMENT OF STANDALONE AND CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND SIX MONTHS ENDED SEPTEMBER 30,2025 Three Mont hs Ended I Six Months Ended S.No Particular s STANDALONE 30.09 .2025 I 30.06.2025 I 30.09.2024 I 30.09.2025 I 30.09.2024 . Unau dited 1 Income a. Income from ope rations 9.538.1 7 8,681.47 8,728.47 18,219 .64 17,289.20 b. Othe r operating income 50.01 43.04 40.36 93.05 78.16 Revenue fro m ope rati ons (a+b) 9,588.18 8,724.51 8,768.83 18,312 .69 17,367.36 2 Other income 134.18 52.85 97.27 187.63 119.61 3 Total Income (1+2) 9,722.96 8,777.36 8,866. 10 18,500 .32 17,486.97 4 Expenses a. Cost of materials and serv ices consumed 6,210.35 6,386.63 5,773 .54 12,596.98 11 ,972.34 b. Purchases of stock-in -trade 449.26 427.13 406 .96 876.39 823.69 c. Changes in inventor ies of finished goods, slock-in -trade and work-in-progress 164.08 (650.93) 60.54 (486.85) (350.35) d. Employee benefits expense 647.78 612.19 598.68 1,259.97 1,148.43 e. Finance costs 41.98 41.86 60.68 83.84 119.73 f. Depreciation and amortisation expe nse 172.30 182.81 175.44 355.11 348.16 g. Other expenses 954.55 979.94 911 .81 1,934.49 1,845.08 Total Expenses 8,640.30 7,979.63 7,987.65 16,61 9.93 15,907.08 5 Prof it befo re exceptiona l Items and tax (3-4) 1,082. 66 797.73 878.45 1,880.39 1,579.89 6 Exceptional items (Refer Note 3) (40.00) - 117.38 (40.00) 117.38 7 Profit before tax (5+6) 1,042.66 797.73 995.8 3 1,840.39 1,697.27 8 Tax expense a. Current tax - Charge 262.60 194.00 308.56 456.60 558.26 b. Deferred tax - Charge / (Credit) 9.00 10.00 (82.83) 19.00 (156.67) 9 Profit for th e period / year (7-8) 771.06 593.73 770.10 1,364.79 1,295.68 10 Oth er Comprehensive (Los s) /In come A (i) Items that will not be reclas sified to Profit or l oss (76.45) (15.75) (14.75) (92.20) (17.25) (ii) Income tax relating to items that will not be reclass ified to Profit or loss 19.25 3.96 3.71 23.21 4.34 B (l) Items that will be reclassified to Profit or Loss (0.58) (1 .37) (3.52) (1 .95) (7.45) (ii) Income tax relating to items that will be reclassified to Profit or Loss 0.14 0.35 0.88 0.49 1.87 Othe r Comprehensive (Los s) (57.64) (12.81 ) (13.68) (70.45) (18.49) 11 Total Comprehensive Inc ome for the period I year (9+10) 713.42 580.92 756.42 1,294.34 1,277.19 12 Earnings per equi ty share (Face value per share of Re.1/- each) (not annualised) (Refer Note 8) - Basic 1.31 1.01 1.31 2.32 2.21 - Diluted 1.31 1.01 1.31 2.32 2.20 13 Paid-up equit y share capita l (Face value per share of Re.lI- each) 587.35 293.65 293.64 587.35 293.64 14 Olher equ ity 10,942.15 10,519 .08 9,796 .23 10,942.15 9,796.23 15 Capital redemption reserv e - 3.33 3.33 - 3.33 16 Paid up debt cap ital (Outstanding debt ) 1,344.59 1,425.52 1,709.76 1,344.59 1,709.76 17 Net worth 11 ,529.50 10,812.73 10,089.8 7 11,529 .50 10,089.87 18 Debt equi ty ratio 0.12 0.13 0.17 0.12 0.17 19 Debt service coverage rat io (not annuali sedl 4.81 9.45 1.68 6.13 2.54 20 Interest service coverage ratio (not ann ualised) ...". 46.32 43.01 25.3 1 44.81 24.90 21 Curren t ratio rOa 1.04 1.01 1.03 1.04 1.03 22 Long term debt to working capital 1.73 2.79 2.05 1.73 2.05 23 Bad debts to accou nts receivables f ~ ~ " 0.00 (0.00) 0.00 (0.00) 0.00 24 Curren t liability ratio i CORPORATE)~ :Jt' 0.79 0.79 0.78 0.79 0.78 25 Total debt to Total assets ',. OFFICE I:i • . 0.06 0.06 0.08 0.06 0.08 26 Debto rs turnov er (not annualised) ~~ if.~ · 3.29 3.06 2.43 6.22 4.86 27 Inventory turnover (not annualised) ",0 • • 'f 1.86 1.82 1.70 3.99 3.64 28 Operating marg in (%) (not annualisedl -'lfllR;;d~~ 12.12 11 .11 11 .60 11 .64 11.10 \ / 29 Net pro fit margin (%) (not annua lised) 8.04 6.8 1 8.78 7.45 7.46 " f Crores I Year ended 31 .03.2025 Audit ed 38,582.85 169.89 38,752 .74 250.25 39,002.99 25,7 11.74 1,680.46 230.58 2,406 .27 216.91 719.34 3,793.13 34,758.43 4,244.56 103.73 4,348.29 1,497.40 (452.40) 3,303.29 (7.80) 1.96 (8.18) 2.06 (11.96) 3,291.33 5.62 5.61 293.65 11 ,225.14 3.33 1,482.38 11 ,518.79 0.13 4.51 34.95 1.08 1.02 0.01 0.82 0.06 12.00 8.99 12.72 8.52 Initialled For Identification Purpose Only
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Standal one Statement of Assets and Liabilities Particulars A IASSETS 1 N, __ .,' ren t assets I(~) Property, plant and equipment I(b) Capital work-in-progress I(C) Right-of-use asset I(d) Goodwill 1(:)Other intangible assets I (f) Intangible assets under development 1(9). Financial assets (i) Investments (ii) Otherfinaneial assets I(~) Income tax assets (net) I(i) Other non-current assets 2 I,.. ". ass ets I(a) Inventories lib) Financial assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank balances other than (iii) above (v) Other financial assets (c) Other current assets 3 IAssets classified as held for sale ITOTAL B EQUITY AND LIABILI TIES 1 Equity (a) Equity share capital (b) Other equity ITota l Equity Liabil ities 2 Non·current liabilities (a) Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Other financial liabilities (b) Contract liabilities (c) Provisions (d) Deferred tax liabilities (net) 3 liabilities (a) Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Trade payables a) Total outstanding dues of micro enterprises and small enterprises b) Total outstanding dues of creditors other than micro enterprises and small enterprises (iv) Other financial liabilities I(b) Contract liabilities I~~~ Provisions I(d) Other current liabilities lie) Current tax liabilities (net) 4 i i I directly associated with assets classified as held for sale ITOTAL EQUITY AND IARILITIES As ra~0-iffi 4,455.16 857.34 267.95 449.90 652.50 193.09 6,207.56 75.43 3~~~; 13,632.31 3,546.74 1,570.66 3,003.79 722.93 46.31 114.67 729.64 9,734.74 - 10~~~;; 11,529.50 838.66 27.32 10.93 395.33 637.97 543.19 464.68 13.43 99.79 5,700.66 953.43 448.51 1,000.01 75.64 628.00 ~ , ~o ... , ~ - ,. ~ .7 n. Initi alled For Identification Purpose Only ~ Crores Ma rc~~~~ 2025 4,406.64 276.87 275.33 449.90 713.62 147.89 5,654.26 57501 34.32 1J~ 2,957.32 3,018.70 2,887.32 2,659.82 46.13 118.21 ~ 23.68 ? .? R ~ ~ 902.23 31.74 12.57 372.86 708.97 547.89 533.21 14.54 56.58 7,248.11 1,211.22 422.85 825.15 492.78 621.69 1 ' , "~O" ~ 4.65 ? .? O ~
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Stand alone Statem ent of Cash flows Particu lars Cash flow from operating activitie s Profit for the peri od' year Adjustments for : Tax expense charge ' (credit) - net Depreciation and amortisation expense Depreciation of Right-of-use asset Share based payment cost Impairment ' (Reversal) of loss allowance , write off on trade receivable ' other receivable (net) Impainment loss in the value of equity instruments in subsidiary Gain on fair valuation of investment in fellow subsidiary Write off of intangible assets under development' capital work-in-progress Foreign exchange loss ' (gain) - net Profit on sale of Property, plant and equipment (PPE) and intangible assets - net Profit on sale of investments - net Net Gain arising on financial asset mandatorily measured at FVTPL Finance costs Interest income Dividend income Gain on preclosure of leases Provision for litigation expenses Adjustments for changes in : Trade receivables Inventories Other non-current and current financial assets Movement in Interim dividend designated bank account Other non-current and current assets Related party advances ' receivables (net) Trade payables Non-current and current financial liabilities Asset and liabilities classified as held for sale Contract liabilities Other current liabilities Other non-current and current provisions Cash (used in) ' from operations Income tax paid (net of refunds. if any) Net cash (used in) ' f rom ope rating activ ities [A) Cash flow from invest ing activities Purchase of PPE and intangible assets Proceeds on sale of PPE and intangible assets including sale of immovable properties Purchase of non-current investments Sale proceeds from redemption of preference shares by subsidiary Proceeds from (purchase) ' sale of current investments (net) Investment in subsidiary pending allotment Inter corporate deposit ' Loan - repaid by subsidiary Inter corporate deposits - given Inter corporate deposits - repaid Investment in bank deposits Proceeds from bank deposits Interest received Dividend received Net cash from I (used in) i nvesting activities [B) Cash flow from financing activities Proceeds from issue of equity shares (including securities premium) Proceeds on Share application money received pending allotment Proceeds from non-current borrowings Repayments of non-current borrowings Proceeds from current borrowings Repayments of current borrowings Payments of Lease liability Interest paid Dividend paid Net cash (used in) financ ing activities [C) Net cash (Outflow) ' Inflow [A+B+C) Opening cash and cash equ ivalents Exchange fluctuation on foreign currency bank balances Closinq cash and cash equiv alents ~ Crores For the period' year ended Seote mber 30 2025 I Seotemb er 30 2024 I March 31 2025 STANDALONE Unaudited 1,364 .79 475.60 344 .14 10.97 (38.95) (0.76) - - - 2.35 (37.21) (37.38) (47.89) 83.84 (40.48 ) (5.42) - 40.00 (102.63) (589.41) (1 .80) - (117.41 ) (0.24) (1,507 .80) (271.64) (4.65) 48. 13 (417.16) (76 .39\ (927.40) (500 .00) (1,427 .40) (658.28) 63.63 - - 1,479 .10 - - (1,090 .00) 1,090.00 - - 34.61 5.42 924.48 1.67 1.67 103.00 (239 .93) 839.85 (839 .85) (11.18) (41 .72) (1,248 .04) (1,434.53) (1,937.45) 2,659.82 0.56 722 .93 Initialled For Ide ntification Purpose Only 1,295.68 401 .59 339.25 8.91 1.48 1.97 - (120.53) 3.15 (0.60) (17.36) (12.61) (22.63) 119.73 (49.04) (3.14) -- (8.37) (447.70) 4.30 1,453.48 20.43 0.89 (876 .34) (161.49) (1.18) (58.51) (160.35) 8.75 1,719 .76 (417.15) 1,302.61 (434.78) 23.13 (0.01) 23.90 (262 .38) - 95 .00 (350.00) 450.00 (130.00) - 14.61 3.14 (567 .39) 0.83 - 141.00 (505.04) 2,939.89 (3,135.46) (47.57) (77.01) (1,453.48 ) (2,1 36.84 ) (1,401.62) 1,941.87 0.07 540.32 Audit ed 3,303.29 1,045.00 696 .16 23.18 2.71 21 .06 3.20 (120.53) 13.60 (2.70) (20.44) (43.12) (29.96) 216.91 (40.27 ) (48.54) (0.08) - 653. 95 233 .37 (28.96) 1,453.48 182.64 4.32 1,002.77 141.77 (16.62) 36.25 14.67 63.04 8,760 .15 (940 .73) 7,819.42 (954.29) 29.98 (218.30) 23.90 (2,743.40 ) (498 .76) 95.00 (1,330.00) 1,430 .00 (130.00) 130.00 39.47 48.54 (4,077 .86) 1.67 - 247 .00 (688. 73) 4,695. 02 (5,029 .30) (59.33) (149.06) (2,040 .77) (3,023 .50) 718.06 1,941.87 10.11) 2659 .82
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ASHOK LEYLAND LIMITED Rogd, Offlco :1, Sardar Patol Road, Gulndy, Chennai ·600032 ;.CIN : L34101TN1948PLC000105 ; Emallld :soc retarlal@ashokl eyland.com STATEMENT OF STANDALONE AND CONSOLIDATED UNAUDlTED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2025 Three Months Ended Six Months Ended S.No Particulars 1 Income 2 3 a. Income from operations b. Income from financing operations Co Other operating income Revenue from operations (Refer Note 4{bJ(l» Other Income Total Income 4 Expenses 5 8 7 8 9 10 11 12 13 14 15 16 17 a. Cosl of materials and services consumed b. Purchases of stock·ln·trade c. Changes in invenlories of finished goods, stock·in·trade and work.ln.progress d. Employee benefits expense e. Finance costs f. Depreciation and amortisation expense g. Olher expenses h. Impalrmenlloss allowance I write off relating to nnancing activities Tolat Expenses Profit befor e share of profit of assoc iates and JOint ventu res, exceptio nal itoms and tax Share of profit of associates and Joint venture s (net) Profit before exceptional items and tax Exceptional items (Refer Note 3) Prof it before tax Tax expense a. Current tax· Charge b. Deferred tax· (Credit) I Charge Profit for the period I year Other Comprehe nsive Income I (Loss) A (I) Items Ihal will flOl be reclassined to Profit or l oss (ii) Income tax relating 10 Items Ihal will nol be reclassified to Profit or Loss B (i) Items Ihat will be reclassified to Profit or Loss (ii) Income lax relating 10 Ilems thaI will be reclassined to Profit or Loss Other Compre hensive Income Total Compre hensive Income for the period I year Profit for the period I year attribut able to • Ovmers of Ihe Company • Non.controlling interest Other Comprehensive Income for the period I year attr ibutable to • CYmers 01 the Company • Non·controlling inlerest Total Comp rehensive Income for th e period I year attributable to • Ovmers 01 the Company • Non·controlling inlerest Earnings per equity share (Face value per share of Re.lI· each) (not annualised) (Refer Nole 8) • Basic • Diluted (ai-b+c) (1i-2) (3-4) (5+6) (7i-8) (9·10) (11-.12) 30.09.2025 I 10,543.97 1,974.48 58.41 12,576.86 134.89 12,711.75 6,812.76 470.07 69.89 1,170.38 1,152.02 268.10 1,267.30 345.26 11,555.78 1,155.97 8.04 1,164.01 ('0.00) 1,124.01 339.62 (35.31) 819.70 (78.82) 19.84 445.49 (109.49) 277.02 1,096.72 755.77 63.93 147.51 129.51 903.28 193.44 1.29 1.29 30.06.2025 9,801.81 1,854.92 51.81 11,708.54 98.66 11,807.20 6,887.48 449.57 (541.55) 1,123.46 1,111.90 273.23 1,297,12 319.32 10,920.53 886.61 4.74 891.41 891.41 260.14 (26.45) 657.72 (17.74) 4.46 517.32 (128.79) 315.25 1,032.97 611 .07 46.65 223.79 151.46 834.86 198.11 1.04 1.04 CONSOLIDATED 30.09.2024 I 30.09.2025 Unaudited 9,638.31 1,466.64 42.63 11,141.58 114.26 11,261.84 6,206.79 428.83 131.28 1,042.50 962.30 244.03 1,133.51 164.90 10,314.14 947.70 11 .34 959.04 119.02 1,078.06 354.99 (43.48) 766.55 (16.21) 4.09 111.27 (35.07) 64.08 830.63 705.64 60.9 1 23.86 40.22 729.50 101.13 1.20 1.20 20,345.78 3,829.40 110.22 24,285.40 233.55 24,518.95 13,700.24 919.64 (471.66) 2,293.84 2,263.92 541.33 2,564.42 664.58 22,416.31 2,042.64 12.78 2,055.42 (40.00) 2,015.42 599.76 (61.76) 1,477.42 (96.56) 24.30 962.81 (238.28) 652.21 2,129.69 1,366.84 110.58 371.30 280.97 1,738.14 391.55 2.33 2.33 30.09.2024 18,896.95 2,861.71 85.72 21,844.38 171.89 22,016.27 12,776.49 845.54 (260.41) 1,998.37 1,866.12 479.15 2,290.83 313.02 20,309,11 1,701.16 12.46 1,719.62 123.90 1,843.52 654.27 (127.95) 1,317.20 (19.12) 4.82 259.31 (73.56) 171.45 1,488.65 1,214.79 102.41 85.33 86.12 1,300.12 168.53 2.07 2.06 I r Crores Year Ended 31.03.2025 Audlled 42,139.90 6,201.86 193.38 48,535.14 356.46 48,893.60 27,684.39 1,733.58 261.59 4,161.30 3,930.21 1,086.65 4,834.58 651.95 44,344.25 4,549.35 31.58 4,560,93 15.40 4,596.33 1,725.86 (512.32) 3,382.79 (12.82) 3.17 1,184.07 (303.99) 810.43 4,253.22 3,106.80 275.99 513.14 357.29 3,619.94 633.28 5.29 5.28 18 Pald.up equity share capilal (Face value per share of Re.l/ · each) 587.35 293.65 293.64 587.35 293.64 293.65 19 Olher equity 11,995.79 11 ,375.91 10,017.93 11 ,995.79 10,017.93 I t ,938.44 20 Capital redemption reserve - 3.33 3.33 3.33 3.33 21 Paid up debt capital (Outstanding debt) (excluding financial services segment) 4,373.36 4,334.28 3,81 1.13 4,373.36 3,811.13 4,038.72 22 Net worth 12,583.14 11,669.56 10.311.57 12,583.14 10,31 1.57 12,232.09 23 Debt equity ratio (excluding financial services segment) 0.64 0.G9 0.64 0.64 0.64 0.57 24 Debt service coverage ratio (excluding financial services segment) (not annuallsedJ 2.47 4.22 1.15 3.04 1.79 3.2t 25 Interest service coverage ratio (excluding financial services segment) (not annualised) ........-,... 13.83 12.84 12.10 13.37 12.02 15.18 26 Currentrallo (l.AIVO 1.35 1.29 1.15 1.35 1.15 1.29 27 Longlermde bltoworkingcapi lal(excludingfinanclalserv lcesseg menl) Q~ ~ ~~ ~' 3.31 3.39 2.89 3.31 2.69 t .48 26 Bad debts to accounts receivables (excluding financial services segment) r8}: L~, 0.00 (0.00) 0.00 0.00 0.00 0.01 29 Currenl liability ratio «'j l'O .do. 0.37 0.36 0.40 0.37 0.40 0.40 30 Total deblloTolal assets (excluding financial services segment) ;. CORPORATE ;~.:..~ , . 0.19 0.19 0.16 0.19 0. 16 0.16 31 Debtors turnover (excluding financial services segment) (not annualised) i) OFFICE ._, ~ , 3. 15 2.96 2.46 0.06 4.04 11.68 32 Inventory lurnover (nol annualised) ~.-: j!~ 1.57 1.56 1.46 3.29 3.12 7.43 \. / 33 OperaUng margin (%j(excludlng financial services segment){not annual1sed) ~ • 10.93 9.72 9.95 10.35 9.63 11.13 tK L-34~-L-"N~et~p~,~o~fit~m~"~'~i"~(~%~)~(e~'~"~"~dl~"~'~fo~"'~"~'~I'~I~,e~N~i~,e~,~,~e~.m~e ~"t~)~("~o~t~,~""~"~,~1i~,e~d~) _______ 1>~'~'P~~~~G~~·~ ______ 1-________ ~5~. 8~8-L ________ -c5~.~08~ __________ ~8~.08~L-________ ~5~.:49~ __________ ~5~. 3~2-L __________ ~8~. ~15:J Initialled For Identification Purpose Only
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Consolidated Statement of Assets and Liabilities S.No Particulars A ASSETS 1 Non-current assets (a) Property, plant and equipment (b) Capital work-in-progress (c) Right-of-use asset (d) Goodwill (including consolidation) (e) Other Intangible assets (fl Intangible assets under development (g) Investments - Accounted for using equity method (h) Financial assets (i) Investments (ii) loans (iii) Otherfinancial assets (i) Deferred tax assets (net) OJ Income tax assets (net) (k) Other non-current assets 2 Current assets (a) Inventories (b) Financial assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank balances other than (iii) above (v) Loans (vi) Other financial assets (c) Current tax asset (Net) (d) Contract Assets (e) Other current assets 3 Assets classified as held for sale TOTAL ASSETS B EQUITY AND LIABILITIES 1 Equity (a) Equity share capital (b) Other equity Equity attributable to owners of the Company 2 Non-Controlling Interest Tota l Equity Liabilities 3 Non-current liabilities (a) Financial liabilities (i) Borrowings (ii) lease liabilities (iii) Other financial liabilities (b) Contract liabilities (c) Provisions (d) Deferred tax liabilities (net) (e) Other non-current liabilities 4 Current liabilities (a) Financial liabilities (i) Borrowings (ii) lease liabilities (iii) Trade payables a. Total outstanding dues of micro enterprises and small enterprises b. Total outstanding dues of creditors other than micro enterprises and small enterprises (iv) Other financial liabilities (b) Contract liabilities (c) ProviSions (d) Other current liabilities (e) Current tax liabilities (net) 5 Liabilities directly associated with assets classified as held for sale TOTAL EQUITY AND LIABILITIES Y .A:-i.I.IWO f Crores As at As at September 30, 2025 March 31, 2025 CONSOLIDATED Unaudited Initialled for Identification Purpose Only 6,220.78 1,041.81 447.98 1,364.73 1,154.76 310.51 149.00 935.44 37,347.09 957.36 251.47 257.59 541.91 50,980 .43 4,611.09 4,462.43 3,406.86 4,706.62 364.63 14,989.81 607.26 6.49 100.20 1,074.42 34,329.81 - 85,310.24 587.35 11,995.79 12,583.14 4,042.48 16,625.62 40,081.68 177.21 133.20 395.56 775.38 1,636.63 33.03 43,232.69 14,182.24 71.96 163.46 6,583.29 1,848.27 489.69 1,227.30 233.37 652.35 25,451.93 - 85,310 .24 ~ Audited 5,822.99 358.79 466.15 1,335 .89 1,211.76 218.50 140.17 1,802.56 34,234.96 726.12 168.33 169.10 819.08 47,474.40 3,986.08 4,666.92 3,346.87 6,544.77 718.67 13,384 .96 584.35 4.33 56.09 923.52 34,216.56 23.68 81,714.64 293.65 11,938 .44 12,232.09 3,612.77 15,844.86 36,382.92 185.40 117.06 372.86 848 .00 1,399.02 13.06 39,318.32 13,318.18 75.61 95.28 7,924.20 2,219.38 477.51 1,118.96 685.23 632.95 26,547.30 4.16 81,714.64 Co ~
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Particulars Tax expense charge / (credit) - net Share of Profit of Associates and Joint Ventures (Net) Depreciation and amortisation expense Depreciation of Right-of-use asset Share based payment cost Impairment allowance / (reversal) in value of net assets of subsidiary Write off of intangible assets under development / capital work-tn-progress Impairment (Reversal) / loss allowance / write off on trade receivable / other receivable / loans (net) Net (gain) / loss arising on financial asset mandatorily measured at FVTPl Expenses for credit exposures Fair value gain on remeasurement of Compulsorily Convertible Preference Shares Foreign exchange (gain) / loss - net Profit on sale of Property, plant and equipment (PPE) and intangible assets - net Profit on sale of investments - net Gain on fair valuation of investment in fellow subsidiary Gain on preclosure of leases Finance costs (excluding financial services costs) Interest income Provision for litigation expenses IA,jiu"tmenlts for changes in : Trade receivables Inventories Non-current and current financial assets (including financial services receivable) Other non-current and current assets Movement in Interim Dividend remitted to deSignated bank account Asset and liabilities classified as held for sale Utilisation from escrow account Contract Assets Related party advances I receivables (net) Trade payables Non-current and current financial liabilities Non-current and current contract liabilities Other non-current and current liabilities Other non-current and current provisions (used in) I from operations Income tax paid (net of refunds, if any) cash (used in) I from operating activities flow from investing activities Purchase of PPE and intangible assets Proceeds on sale of PPE and intangible assets including sale of immovable properties Purchase of non-current investments Proceeds from sale / (purchase) of current investments (net) Proceeds from sale of non-current investments relating to financing activities Purchase of non-current investments relating to financing activities Proceeds from (purchase) / sale of current investments (net) relating to financing activities Proceeds from bank depOSits Investment in bank deposits Payment of consideration for business combination paid by subsidiary Inter Corporate Deposits / loan given Inter Corporate Deposits I Loan repaid I nterest received Receipt of asset related government grant Net cash from I (used in) investing activities flow from financing activities Proceeds from issue of equity shares (including securities premium) Issue of shares to non-controlling interest shareholders Proceeds from non-current borrowings Repayments of non-current borrowings Proceeds from current borrowings Repayments of current borrowings Payments of Lease liability Issue of Compulsorily Convertible Preference Shares by subsidiary Interest paid Dividend paid Purchase of non-controlling interest by subsidiary cash from financing activities cas h (Outflow) I Inflow IOI,enling cash and cash equivalents lE>cchanc,e fluctuation on foreign currency bank balances I 1,477 .42 538 .00 (12.78) 503.42 37.91 (35.45) 672.18 (5.48) (3.30) (39.31) (50.10) 203.00 40.00 (77. (157.26) (4.16 ) (5.25) (44.11) (1,269.2 1 ) (222.62) 34.88 (431 .89) (158.93) (4,486.83) (660.94) (5,147. (1,320.24) 72.38 6.72 1,487.45 945.23 (81.34 ) (1,226.9 2) 584 .1 0 (225.09) (1 "u, 'U .Utl) I 1,140.00 78.35 62.04 432.68 1.67 1.67 10,595 .00 1,147.02 (1,657.06) (41 .16) (1 55.53) (1,248.0 4) (82.58) 2,877.39 Initialled For Identificat ion Purpose Only 1,317 .20 526.32 (1 2.46 ) 446.11 33.04 4.59 (6.52) 3.15 322.35 (0.45) 0.45 (17.24) (1 2.61 ) (120.53) 200.39 (66.40) (42.31) (551.47) (4,230.87) (66.20) 1,453.48 (2.84) (36.20) (5.20) (819.60) (256 .56) (46.91) (160.13) 25.72 (2,121.70) (564.32) (701,17) 22.49 0.01 (265.52) 360.20 (621 .52) (960.57) 331 .23 (451.08 ) (32.56) (410.00) 740.00 27.26 (1 ,961 . 0.30 1.44 11,216.32 (5,784.47) 8,125.09 (9,979.52) (83.18) 392.03 (149.17) (1,453 .48) 2,285.36 5,217 .32 (0.46) 3,382.79 1,213.54 (31.58) 1,006 .68 79.97 13.82 (7.82) 13.60 685.68 (7.48) 22.65 (20.72) (9.00) 5.24 1,224.73 211.06 10.33 88.08 207.58 1,278.73 (1,150.26) 128.47 (1,648.08) 49.10 5.08 1,142.79 (1 ,<OO.O < ) I (1 , <~\J ." .I}I (194.61 (1 , 4~U .. UUII 1,750.00 89.07 1.67 0.80 22,696.79 (11,,~u:). ~UI}l 19,985.81 (22,227.42) (140.59) 392.04 (305.35) (2,040.77) 6,957.58 1,327.78 5,217.32 (0.33)
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Notes on standalone and consolidated unaudited financial results: (1) The above standalone and consolidated results of the Company were reviewed by the Audit Committee at its meeting held on November 11 , 2025, and then approved by the Board of Directors at its meeting held on November 12, 2025. (2) The Board of Directors of the Company, at their meeting held on November 12, 2025. has approved a payment of interim dividend of ~ '1.. .. c::xt:)per equity share of the face value of ~1 each, for the financial year ending March 31, 2026. (3) Exceptional items consist of: Three Months Ended Description 30.09.2025 I 30.06.2025 I Impairment loss in the value of equity instruments in a subsidiary - - Gain on fair valuation of investment in fellow subsidiary - Write off of intangible assets under development I capital work-In-progress - Provision for litigation expenses (40.00 - Total (40.00 Three Months Ended Description I I I reversal in the value o( net assels o( a . i ~on 10fi t in a fellow: I , relatino to a Fair value gain on remeasurement of Compulsorily Convertible Preference Shares relating to a subsidiary jOthers (Expenses relating to certain strategic activities and net credit IWrlteon 01 i : assels under I II capita, work-,n-f I for litigation, (40.00 rota l (40.00)1 Six Months Ended Standalone 30.09.2024 I 30.09.2025 30.09.2024 Unaudited - 120.53 (3.15 - 117.38 1.64 120.5: (3.151 119.0: Initialled For Identification Purpose Only - - 120.53 - 3.15 (40.00 - (40.00 117.38 Six Months Ended I 6.5: 120.5: (3.15: ~:~ 123.90 f Crores I Year Ended 31.03.2025 Audited 3.20 120.53 (13.60 - 103.73 f Crores I Year Ended Audited 7.S: 120.5: (10S.96)1 41.23 (31.62) (13.601 15.40
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(4) Segment Information: (a) Standalone: The Company is principally engaged in a single business segment viz. commercial vehicles and related components based on nature of products, risks, returns and the internal business reporting system. The Board of Directors of the Company, which has been identified as being the Chief Operating Decision Maker (CODM). evaluates the Company's performance, allocate resources based on the analysis of the various performance indicators of the Company as a single unit. Accordingly. there is no other reportable segment in terms of Ind AS 108 'Operating Segments'. (b) Consolidated: The Group's reportable segment has been identified as business segment based on nature of products, risks. returns and the Internal business reporting system as per Ind AS 108. The Group is engaged in business of Commercial Vehicle and Financial Services mainly relating to vehicle and housing financing. i. Segment Revenue Description Commercial Vehicle Financial Services· Gross Revenue Less: Intersegmental Revenue Revenue from Operations • includes interest income from financial service ii. Segment Results Description Commercial Vehicle Financial Services (after deducting interest expense on loan financing) Total Segment Profit before Interest and Tax Interest Ex ense Other Income Share of Profit of associates and 'oint ventures (net) Exceptional items Profit before tax Less: Tax Profit after tax (including share of profit of associates and joint ventures net) iii. Segment Assets Description Commercial Vehicle Financial Services Total Se ment Assets iv. Segment Liabilities Description Commercial Vehicle Financial Services T tal Se ment Liabilities Three Months Ended 30.09.2025 30.06.2025 30.09.2024 Unaudited 10,602 .38 9,853.62 1,974.54 1,855.19 12576 .92 11 708.81 0.06 0.27 12576 .86 11 708.54 1,701 .53 1,602.97 Three Months Ended 30.09.2025 912.86 213.19 1126 .05 (104.97 134.89 8.04 40.00 1 124.01 304.31 819.70 30.09.2025 I 23,211 .70 62,098 .54 85310 .24 30.09.2025 16,485.08 52, 199.54 68684 .62 30.06.2025 707.82 178.22 886.04 (98.03 98.66 4.74 - 891.41 233.69 657.72 As at 30.06.2025 I Unaudited 22,781.85 59,619.92 82401.77 As at 30.06.2025 Unaudited 16,656.72 50,234.44 66891 .16 Initialled for Identmcatlon purpose Onlv 9,680 .94 1,467 .05 11147 .99 0.41 11147.58 1,267 .57 30.09.2024 Unaudited 730.31 206.65 936.96 (103.52 114.26 11 .34 119.02 1 078.06 311.51 766.55 30.09.2024 21,122 .99 49,477.5 1 70600.50 30.09.2024 15,368.21 41 ,920.43 57288.64 f Crores Six Months Ended Year Ended 30.09. 2025 30.09.2024 31 .03.2025 Audited 20,456 .00 18,982.67 42,333 .28 3,829 .73 2,862 .33 6,202.98 24285 .73 21 845.00 48536.26 0.33 0.62 1.12 24285 .40 21 844.38 48535 .14 3,304.50 2,540.57 5,453 .69 f Crores Six Months Ended Year Ended 30.09.2025 30.09.2024 31.03.2025 Audited 1,620.68 1,379.05 3,688 .97 391.41 356.6 1 899.23 2 012.09 1 735.66 4588.20 (203.00 (200.39 (397.31 233.55 171.89 358.46 12.78 12.46 31.58 40.00 123.90 15.40 2015.42 1 843.52 4596.33 538.00 526.32 1,213.54 1,477.42 1,317.20 3,382.79 f Crores 31.03.2025 Audited 25.088.57 56,626 .07 81 714.64 f Crores 31 .03.2025 Audited 18,119.28 47,750 .50 65869.78
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(5) The Company has offered certain fixed assets as security for the Non-convertible debentures in accordance with the Debenture Trust Deed ("Deed"). The Security cover ratio exceeds the stipulated limit as slated in the Deed. Details of next principal payment Details of prev ious interest payment Details of previous principal Details of next Interest payment NCO Particulars Security cover repayment ratio Amount Due date Due date Amount Due date Status Due date Amount (Rs. In crores) (Rs. In crores) (Rs. In crores) 7.30% NCO series - AL 2027 200.00 March 17, 2027 1.23 March 17, 2025 14.60 - - March 17, 2026 14.60 (6) The Company J Group adopted the following formulae for computi ng items mentioned below in the statement of standalone and consolidated unaudited financial results for the quarter ended and six months ended September 30, 2025: ~ ~ Ii Ii , ~ , , , , ~ '~ , i , , '~ ~ ' Ii' i~ " i i ~, ~ , , ) including lease liabilities i Ii I Ii ilii i i '",'e' "",",'" "pen" on , 'paid , Credit rating ICRA AA+ with stable outlook (7) The Reserve Bank of India had vide letter dated August 08, 2025 conveyed its no objection for the proposed scheme of merger of Hinduja Leyland Finance Limited (HLFL), a subsidiary of the company, into NDL Ventures Limited. HLFL wilt initiate the subsequent merger processes, including obtaining of valuation report, computation of revised swap ratio and seeking approval from the stock exchange, secured and unsecured lenders, Competition Commissio n of India, Securities Exchange Board of India and National Company Law Tribunal. (8) The Board of Directors in its meeting held on May 23, 2025 had recommended issue of bonus shares in the ratio 1 : 1 I.e. 1 (One) equity shares of Re. 11- each for every 1 (One) full paid-up equity share of Re. 1/- each. The Issue of bonus shares was approved by the shareholders through postal ballot on July 06, 2025 and accordingly the Company had allotted 2,93,65,27 ,276 numb er of equity shares of Re.1/- each on July 17, 2025 to the eligible Members whose names appear in the Register of Members I list of beneficial owners as on July 16, 2025 (Record Date]. To comply with the requirements of Ind AS, the Earnings per Share (both basic and diluted) for the compa rative periods have been calculated after adjustment of the number of bonus shares issued. (9) The Ministry of Environment, Forest and Climate Change notified the Environment Protection (End-of-Life Vehicles) Rules, 2025, through a notification dated January 06, 2025, which is effective from April 01, 2025. According to these rules, obligations must be met by vehicle manufacturers in respect of vehicle introduced in the Domestic Market for the period up to September 30,2025, by purchasing Extended Producer Responsibility (EPR) certificates to fulfill its responsibility of meeting the scrapping targets of End-of-Life Vehicles (ELV). It is anticipated that the Governmen t will define the pricing of EPR certificate and operational mechanism in due course. Currently, the management is evaluating various business models to comply with the rules. Due to lack of information about the pricing mechanism and evolving matters , reliable financial estimate of the obligation cannot be made. Accordingly, the Company will continue to assess the ability to reliably estimate its obligations under the ELV Rules as and when the details of implementation framework are available. (10) The figures for the previous year have been reclassified I regrouped wherever necessary. Place : Chennai l te : November 12, 2025 Initialled For Identification purpose Only Shenu Agarwa l Managing Director and Chief Executive Officer
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Price Waterhouse & Co Chartered Accountants LLP Review Report on Standalone Unaudited Financial Results To The Board of Directors Ashok Leyland Limited NO.1, Sardar Patel Road, Guindy, Chennai- 600 032 1. We have reviewed the standalone unaudited financial results of Ashok Leyland Limited (the "Company") for the quarter ended September 30, 2025 and the year to date results for the period April 01, 2025 to September 30, 2025, which are included in the accompanying 'Statement of Standalone and Consolidated Unaudited Financial Results for the quarter and six months ended September 30, 2025', the Standalone Unaudited Statement of Assets and Liabilities as on that date and the Standalone Unaudited Statement of Cash Flows for the half year ended on that date (the "Statement"). The Statement has been prepared by the Company pursuant to Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations, 2015"), which has been initialled by us for identification purposes. 2. This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. 4. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion. 5. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with the applicable Accounting Standards prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies and has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52 read with Regulation 63 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement. For Price Waterhouse & Co Chartered Accountants LLP Firm Registration Number: 304026EjE-300009 Partner Membership Number: 213126 UDIN: '-52-\.~'l-bB N\ o Df-J?:> 2-8 5\ Place: Bengaluru Date: November 12, 2025 Price Waterhouse & Co Chartered Accountants LLP, 7th & 10th Floor, Menon Eternity, 165, St. Mary's Road, Alwarpet Chennai-600018 T: +91 (44) 42285276 Registered office and Head office:. Plot No. 56 & 57, Block ON, Sector-V, Salt Lake, Kolkata - 700 091 Price Waterhouse & Co. (a Partnership Firm) converted into Price Waterhouse & Co Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPIN AAC-4362) with effect from July 7, 2014. Post its conversion to Price Waterhouse & Co Chartered Accountants LLP, its ICAI registration number is 304026E/E300009 (I CAl registration number before conversion was 304026E)
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Price Waterhouse & Co Chartered Accountants LLP Review Report on Consolidated Unaudited Financial Results To The Board of Directors Ashok Leyland Limited NO.1, Sardar Patel Road, Guindy, Chennai- 600 032 1. We have reviewed the consolidated unaudited financial results of Ashok Leyland Limited (the "Holding Company"), its subsidiaries (the Holding Company and its subsidiaries hereinafter referred to as the "Group "), and its share of the net profit after tax and total net comprehensi ve income of its joint ventures and associates (refer paragraph 4 below) for the quarter ended September 30,2025 and the year to date results for the period April 01,2025 to September 30, 2025 which are included in the accompanying 'Statement of Standalone and Consolidated Unaudited Financial Results for the quarter and six months ended September 30, 2025', the Consolidated Unaudited Statement of Assets and Liabilities as on that date and the Consolidated Unaudited Statement of Cash Flows for the half-year ended on that date (the "Statement"). The Statement is being submitted by the Holding Company pursuant to the requirement of Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations, 2015"), which has been initialled by us for identification purposes. 2. This Statement, which is the responsibility of the Holding Company's Management and has been approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting", prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements ('SRE') 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable. Price Waterhouse & Co Chartered Accountants LLP, 7th & 10th Floor, Menon Eternity, 165, St. Mary's Road, Alwarpet Chennai-600018 T: +91 (44) 42285276 Registered office and Head office: Plot No. 56 & 57, Block ON, Sector-V, Salt Lake, Kolkata - 700 091 Price Waterhouse & Co. (a Partnership Firm) converted into Price Waterhouse & Co Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPIN AAC-4362) with effect from July 7, 2014 . Post its conversion to Price Waterhouse & Co Chartered Accountants LLP, its ICAI registration number is 304026E/E300009 (ICAI registration number before conversion was 304026E)
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To the Board of Directors of Ashok Leyland Limited Review Report on Consolidated Unaudited Financial Results Page 2 of3 4. The Statement includes the results of the following entities: Subsidiaries: 1. Hinduja Leyland Finance Limited and its subsidiaries 11. Gulf Ashley Motor Limited 111. Global TVS Bus Body Builders Limited IV. HLF Services Limited v. Optare PIc and its subsidiaries vi. Ashok Leyland (Chile) SA V11. Ashok Leyland (Nigeria) Limited viii. Albonair (India) Private Limited lX. Albonair GmbH and its subsidiary x. Ashok Leyland (UAE) LLC and its subsidiary Xl. Ashley Aviation Limited X11. Hinduja Tech Limited , its subsidiaries and joint venture Xlll. Vishwa Buses and Coaches Limited XIV. Gro Digital Platforms Limited xv. OHM Global Mobility Private Limited XVI. Ashok Leyland Foundation Joint Ventures: 1. Ashok Leyland John Deere Construction Equipment Company Private Limited (Under liquidation) 11. Ashley Alteam s India Limited 111. TVS Trucks and Buses Private Limited Associates: 1. Ashok Leyland Defence Systems Limited 11. Mangalam Retail Services Limited 111. Lanka Ashok Leyland PIc 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52 read with Regulation 63 of the Listing Regulations, 2015 including the manner in which it is to be disclosed , or that it contains any material misstatement. 6. The consolidated interim financial information of four subsidiaries reflect total assets of Rs. 66,683.31 crores and net assets of Rs. 10,434-41 crores as at September 30, 2025 and total revenues of Rs. 6,771.05 crores, total net profit after tax of Rs. 316-49 crores and total net comprehensive income of Rs. 1,034 .20 crores for the period from April 01, 2025 to September 30, 2025, and net cash inflows of Rs. 119.21 crores for the period from April 01, 2025 to September 30, 2025, as considered in the consolidated unaudited financial results. The consolidated interim financial information of three subsidiaries reflect total revenues of Rs. 3,173.10 crores, total net profit after tax of Rs. 189.23 crores and total net comprehensive income of Rs. 507.85 crores, for the quarter ended September 30, 2025, as considered in the consolidated unaudited financial results. These interim financial information have been reviewed by other auditors and their reports, vide which they have issued an unmodified conclusion, have been furnished to us by other auditors and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based on the reports of other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of the above matter.
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To the Board of Directors of Ashok Leyland Limited Review Report on Consolidated Unaudited Financial Results Page 3 of3 7. The consolidated unaudited financial results include the consolidated interim financial information of one subsidiary and interim financial information of eleven subsidiaries and four step down subsidiaries which have not been reviewed by their auditors, whose interim financial information reflect total assets of Rs. 2,283.76 crores and net assets of Rs. 641.18 crores as at September 30, 2025 and total revenue of Rs. 1,481.92 crores, total net profit after tax of Rs. 8.91 crores and total net comprehensive income of Rs. 10.91 crores for the period from April 01, 2025 to September 30,2025, and net cash outflow of Rs. 48.52 crores for the period from April 01,2025 to September 30, 2025, as considered in the consolidated unaudited financial results. The consolidated unaudited financial results include the consolidated interim financial information of two subsidiaries and interim financial information of eleven subsidiaries and one step down subsidiary which have not been reviewed by their auditors, whose interim financial information reflect total revenue of Rs. 989.21 crores, total net loss after tax of Rs. 15.75 crores and total net comprehensive loss of Rs. 7.13 crores for the quarter ended September 30, 2025, as considered in the consolidated unaudited financial results. The consolidated unaudited financial results also include the Group's share of net profit after tax of Rs. 8.20 crores and Rs. 12.94 crores and total net comprehensive income of Rs. 9.67 crores and Rs. 13.96 crores for the quarter ended September 30, 2025 and for the period from April 01, 2025 to September 30, 2025, respectively, as considered in the consolidated unaudited financial results, in respect of three associates and four joint ventures based on their interim financial information, which have not been reviewed by their auditors. According to the information and explanations given to us by the Holding Company's Management, these interim financial information are not material to the Group. Our conclusion on the Statement is not modified in respect of the above matter. For Price Waterhouse & Co Chartered Accountants LLP Firm Registration Number: 304026E/E-300009 ~~ , ~~~ Baskar~nnerselvam Partner Membership Number: 213126 UDIN: ?-s ?--\ 3 \ 2-6 SlYl 0 D.r D .2-4-3 2- Place: Bengaluru Date: November 12, 2025
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Price Waterhouse & Co Chartered Accountants LLP November 12, 2025 For the kind attention of the Board of Directors The Board of Directors , Ashok Leyland Limited, 1, Sardar Patel Road, Guindy, Chennai, Tamil Nadu - 600 032 Auditors' Report on book values of assets included in the statement of security cover as per Debenture Trust Deed, in respect of listed non-convertible debt securities of Rs. 200 Crores as at September 30, 2025 1. This report is issued in accordance with the terms of Oul' engagement letter dated November 06, 2025· 2. The accompanying Statement of SecUl'ity Cover for the quarter ended September 30, 2025 (the "Statement") containing information and calculation of SecUl'ity cover ratio in the format prescribed by SecUl'ities Exchange Board of India (,SEBI') vide Circular SEBI/HO/DDHS-PoD- 1/P/CIR/2025 /117 dated August 13, 2025, (,SEBI Circular') as mentioned in Clause 6.3 of the DebentUl'e Trust Deed (the "Agreement") dated March 17, 2022 has been prepared by the management of Ashok Leyland Limited (the "Company") as at September 30, 2025 pUl'suant to the requirement of Debenture Trust Deed dated March 17, 2022 (the 'Agreement') between the Company and the DebentUl'e Trustee; and Regulation 56(1)(d) of SEBI (Listing Obligations and DisciosUl'e Requirements) Regulations, 2015, (as amended from time to time) read with SEBI circular (together referred to as the "Listing Regulations, 2015"). We have initialled the Statement for identification pnrposes only. Management's Responsibility for the Statement 3. The preparation of the Statement is the responsibility of the Management of the Company including the creation and maintenance of all accounting and other records suppOiting its contents. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Statement and applying an appropriate basis of preparation. 4. The Management is also responsible for ensUl'ing that the Company complies with the requirements of the Listing Regulations, 2015, the Agreement and the applicable laws and regulations, and it provides all relevant, complete and accurate information as required therein. Auditors' Responsibility 5. Pursuant to the Listing Regulations, 2015, it is our responsibility to examine the Statement and to report based on our procedures performed as described in paragraph 9 below, whether anything has come to OUl' attention that causes us to believe that the book values of the assets specified in Column A to Column H in the Statement prepared by the Company are not in agreement with the underlying unaudited books and relevant records of the Company as at September 30, 2025, as produced to us by the Management during the course of our examination. Price Waterhouse & Co Chartered Accountants LLP, 7th & 10th Floor, Menon Eterni Chennai . 600018 T: +91 (44) 42285276 Registered office and Head office: Piol r~ o . 56 &. 57, Btock ON, SectorN, Salt Lake, Kolkata - 700 091 Price Wal erhouse & Co. (3 Partnership Firm) converted into Price Walerhouse 8. Co Chartered Accountants LLP (a Lim ited Liability Partnership with LlP identity no: lLPIN AAC·4362) wilh effect Irom July 7, 2014. Post its conversion to Price Waterhouse 8. Co Chartered Accountants LlP, its ICAI registration number is 304026E/E300009 (ICAI registration number before conversion was 304026E)
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Price Waterhouse & Co Chartered Accountants LLP 6. The financial statements for the year ending on March 31, 2026, relating to the books and records referred to in paragraph 5 above, are subject to our audit pursuant to the requirements of the Companies Act, 2013. 7. We conducted our examination of the Statement in accordance with the 'Guidance Note on Reports or Certificates for Special Purposes' issued by the Institute of Chartered Accountants of India. The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the Institute of Chartered Accountants of India. 8. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements. 9. In carrying out our examination as described in paragraph 7 above, we have carried out the following procedure s: i. Traced the financial information contained in Column A to Column H in the Statement with the underlying unaudited books and relevant records of the Company as at September 30, 2025 as provided by the Management. ii. Traced the list of assets on which exclusive charge is created on a test check basis to registration of creation of charge forms filed with Ministty of Corporate Affairs (MCA). For avoidance of doubt, we clarify that we were not required to, and have not peIformed any procedures on the information included in Column I to Column 0 of the accompanying statement and the same is furnished by the management of the Company. The procedures performed in a limited assurance engagement vmy in nature and timing from, and are less in extent than for, a reasonable assurance engagement; and consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. Conclusion to. Based on our examination as described in paragraph 7 and procedures performed as described in paragraph 9 above, and according to the information and explanations given to us, we report that nothing has come to our attention that causes us to believe that the book values of the assets specified in Column A to Column H in the Statement prepared by the Company are not in agreement with the underlying unaudited books and relevant records of the Company as at September 30, 2025 as produced to us by the Management during the course of our examination. Restriction on Use 11. Our obligations in respect of this report are entirely separate from, and our respon sibility and liability is in no way changed by any other role we may have as auditors of the Company or otherwise. Nothing in this report nor anything said or done in the course of or in connection with the services that are the subject of this report , will extend any duty of care we may have in our capacity as auditors of the Company.
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Price Waterhouse & Co Chartered Accountants LLP 12. This report has been issued at the request of the Board of Directors of the Company to whom it is addressed solely for submission to Debenture Trustee and the Stock Exchanges to enable the Company to comply with its obligation under Listing Regulation, 2015. Our report should not be used by any other person or for any other purpose. Price Waterhouse & Co Chartered Accountants LLP does not accept or assume any liability or duty of care for any other purpose or to any person other than the Company. For Price Waterhouse & Co Chartered Accountants LLP Firm Registration Number: 304026E/E-300009 ~ ~~ Bas~ "--- nerselvam Partner Membership Number: 213126 UDIN: ~52-\31:>-GBIV\ODfFll'113 Place: Bengaluru Date: November 12, 2025
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State ment of Security Cover in res pect of list ed non -convertib le debt sec urities of Rs. 200 Crores ,s, , 2025 ·Serles 3 ColumnA Colum n B Column C Col umn 0 Column E Column F Column G Column H Column I Col umnJ Column K Column L Column M ColumnN ExclusIve ParI· Passu Pari· Passu Pari· Passu Assets no. I Exclusiv e Charg e Charge Charge Charge Charge Security (amo.~~"n (TaIBI C'o H) Related to only those Items covered by this certificate I I /book val.8 val~;":" pari pass. IA.sels .hared .by ifor charge ia •• el. where marker cha~ge as.els where pari passu debt Other assets on debt amount ,m •.•• ' y •.•• , •. ivalue Is Particulars Description of asset for which holder (Includes which there Is considered more Assets charged _r:~~ value Is not this certificate rel ate Debt for which this Other Debt for which debt for which pari· passu than once (due to on Exclusive Pari passu I or certtncate being Secured Oebt this certificate this certificate Is ~~ea~gse ~over ed In exclusive plus basis charge As sets I (FOr_:~, Issued being Issued Issued & other pari passu :~~~.~ . value ' I~S::' ::~~e~'~~'ue I~S: debt with pari· column F) charge) passu charge) Relating to Column F Book Value Book Value YeslNo Book Value Book Value IPlan. and 256.61 684.93 No 3.513.62 4.455 .16 · 256.61 Capital' I 857.34 857 .34 Rlghlo! Use Asse.s 267~ 267.95 Goodwill ~ ~ Inlanolbl I As,el, 652.50 ~Ian~'b" AsselS under 193.09 193.09 7.778.22 7.778.22 Loan, 3.546.74 Trade 3,003.19 3,003.19 ' Ca,h I 722.9' '22 .93 =~~~::~~~: o:her Ihan Ca,h 46.31 46.31 Olhers . 393.12 'Tolal 256.61 684.93 . . ?? "<.<1 . "1<7 n< · 256.61 . . LIABILITIES Debt securities to which this 7.30% NCO series - Al 2027" 207.92 207.92 certificate pertains · Other debt sharing pari-passu charge with above debt · Other Debt" Term loan 825.00 · 825.00 Subordinated debt · · Borrowings Unsecured debt 278.34 278.34 Bank · · Debt Securities nollo be filled · · Others · · Trade a abies 5,800.45 5,800.45 lease liabilities 40.75 40.75 Provisions 1,637.98 1,637.98 Others 3,047.11 3,047.11 Total 207.92 825.00 . 10,804.63 . 11,837.65 · Cover on Book Value 1.23 Cover on Market Value NA Excl usive Security Pari-Passu Security Cover Cover Ratio Ratio , Includes mterest accrued thereon and excludes Impact on account of effective Interest rate adjustments . • "Other Debr' includes a term loan amounting to Rs. 345.63 crores for which the security was subsequenlly created on November 03, 2025. The proceeds from the loan have been ulitised towards acquisition of an assetvlhich is currently presented in "Capital Work-In-Progress". HO\.,.ever, the asset has been subsequenlly capitalised in October 2025. Note: 1. The above statement is being furnished in respect of Secured Non Convertible Debentures (ISIN:iNE208A07406) listed on National Stock Exchange of India limited . 2. The NCO is secured (for outstanding amount and interest accrued thereon) by way of exclusive charge on certain identified movable properties which are valued at written down value as per Trust Deed. Hence, market value Is not applicable . 3. The Book values referred to in Columns C to J of the statements have been exlracted from the Standalone unaudited Statement of Assets and liabilities as at September 30, 2025 and underlying books of accounts and records maIntained by the Company. 4. The amount of charge outstanding for borrowings as at September 30, 2025 has been extracted from the list of charges intimated to the Registrar of Companies (ROC) by the Company as at September 30, 2025. 5. The Company has no outstanding unsecured debentures. Initialled For Identlncatlon Purpose Only Shenu Agarwal Managing Director and Chief Executive Officer Date: November 12, 2025 Place: Chennai ~ Crore, Colum n a Total Value (=K+L+M+N) 256.61 · · · -' . 266.61 1.23
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Ashok Leyland Q2 PBT up 23% at Rs 1083 Cr PAT all-time high of Rs 771 Cr EBITDA up at 12.1% Announces 100% interim dividend of Rs. 1/- per share Chennai, November 12, 202 5: Ashok Leyland, the Indian flagship of the Hinduja Group , reported Profit (before exceptional items and tax) of Rs. 1,083 Cr for the quarter, growing at 23% over the same period last year (Rs 878 Cr). The EBITDA for the quarter was up at 12.1% (Rs. 1162 Cr) as against 11.6% (Rs. 1017 Cr) in the corresponding period last year. Both MHCV and LCV industry witnessed positive growth in Q2. Ashok Leyland volume in Q2 saw a jump of 3% in MHCV (from 25,542 to 26,307 units) and 6% in the LCV segment (from 16,629 to 17 ,697 units) on YoY basis. The b us industry in particular continues to show impressive movement, growing for the 18th consecutive quarter. Ashok Leyland’s Domestic MHCV market share continues to be over 30%. The Company maintained its market leadership in the Bus segment. The LCV domestic market share in the addressable segments has also improved. The Export volumes for the quarter were at 4,784 units, growing impressively by 45% on YoY basis. The Defence, Power Solutions and Aftermarket Business es continue to perform well and are ex pected to post good growth in the current fiscal. The Company expand ed its product line up in Q2 by launching new products in Tipper, Bus, Haulage and LCV segments. The expansion of distribution network is running ahead of the plan. Due to continued improvement in Company’s fiscal performance and better outlook for the year, the Board has recommended a 100% Interim Dividend of INR 1/- per share (FV Re. 1/share). Mr. Dheeraj Hinduja, Chairman, Ashok Leyland, said “We continue to deliver profitable growth, driven by continuing demand. Our robust all-round performance symbolizes the competitiveness of our products and strong customer focus . In the International business we are intensifying our expansion strategy in our focus markets of Middle East, Africa and SAARC. Switch Mobility is performing well with an order book of nearly 1500 vehicles.” Mr. Shenu Agarwal, M anaging Director & CEO, Ashok Leyland , added, “We continue to see stable demand in all segments of trucks and buses. The industry has posted growth , albeit modest, and we are anticipating to witness better growth in the second half . Ashok Leyland has achieved its eleventh consecutive quarter of double -digit EBITDA. Our focus on profitability is reflected in record PAT for Q2FY26 and higher EBITDA margins, both sequentially and year-on-year. Margin expansion is being driven by produc t premiumization, network growth, operational efficiency, cost optimization, and digital enablement. We believe we are well positioned to achieve our mid-teen EBITDA goal in the medium term. We remain cash positive."
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DISCLAIMER FORWARD - LOOKING STATEMENT In this Press Release, we have disclosed forward-looking information to enable investors to fully appreciate our prospects and take informed investment decisions. This report and other statements – written and oral – that we periodically make, contain forward-looking statements that set our anticipated results based on management plans and assumptions. We have tried, where possible to identify such statements by using such words as ‘anticipate’, ‘expect’, ‘project’, ‘intend’, ‘plan’, ‘believe’ and words of similar substance in connection with any discussion of future performance. We cannot, of course guarantee that these forward-looking statements will be realized, although we believe we have been prudent in our assumptions. Achievement of results is subject to risks, uncertainties, or potentially inaccurate assumptions. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Readers should bear this in mind. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. For further information/media queries, contact: Rajesh Mani, Head - Marketing and Corporate Communications | Rajesh.Mani@ashokleyland.com | +91 9500022922 Mayura. K – Divisional Manager Brand Communications I Mayura.K@ashokleyland.com I +91 9790971982