* Transcript of Ashok Leyland's analyst call held on November 12, 2025, to discuss unaudited financial results for the quarter and half-year ended September 30, 2025, is attached. * The domestic MHCV industry grew 4% in Q2, and the LCV industry offtake in the 2-4 ton category grew by 13%. * Ashok Leyland's domestic MHCV market share was at 31%, with a gain of 50 basis points over H1 of last year. * LCV domestic volume for Q2 was at 17,697 units, higher by 6.4% Y-o-Y. Exports volume for Q2 at 4,784 units were higher by 45% Y-o-Y. * The revenue for Q2 was at ₹9,588 crore, higher by 9.3% on Y-o-Y basis. EBITDA was at a Q2 record level at ₹1,162 crore, higher by 14.2% Y-o-Y. Q2 PBT was also at record levels at ₹1,043 crore. PAT for Q2 was at ₹771 crore. EBITDA margin for the quarter was at 12.1%. * CAPEX for the quarter was ₹417 crore and cumulatively ₹658 crore for H1. * The Board of Ashok Leyland has recommended an interim dividend of ₹1 per share. * Management Commentary: We will continue to make our best efforts to progress on our strategic goal of delivering profitable growth and reach mid -teen EBITDA in the mid -term. For the second half of the current fiscal, we remain optimistic about the growth prospects of the CV industry for both MHCV and LCV segments.
