Shareholders meeting

July 20, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza Phiroze Jeejeebhoy Towers C-1, Block G, Bandra Kurla Complex Dalal Street Bandra (E), Mumbai - 400 051 Mumbai - 400 001 Through: NEAPS Through: BSE Listing Centre Symbol: ASHOKLEY Scrip Code: 500477 Dear Sir/Madam, Submission of Annual Report for the year 2025-26 The Seventy Seventh Annual General Meeting (77th AGM) of the Company is scheduled to be held through Video Conferencing (“VC”)/ Other Audio-Visual Means (“OAVM”) on Friday, August 14, 2026 at 02.30 p.m. Pursuant to Regulation 34(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we submit herewith the Annual Report for the Financial Year 2025-26 along with AGM Notice sent to the shareholders. Kindly take the above on record. Thanking you, Yours faithfully, for Ashok Leyland Limited N Ramanathan Company Secretary Encl.: a/a FORWARD-LOOKING STATEMENT In this Annual Report, 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 statement 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. * * * * * CHAIRMAN’S MESSAGE Dear Shareholders, FY26 was a year of record performance for Ashok Leyland, and the fourth consecutive year of growth in revenue and profit. Against a backdrop of global economic uncertainty and shifting trade patterns, your Company delivered revenue of ` 44,007 crores, up 14% year on year. EBITDA reached ` 5,732 crores at a margin of 13.0%, a threshold we had set for ourselves, which we have now firmly achieved. Profit After Tax grew to ` 3,566 crores, up 8% over FY25. Net cash strengthened to ` 5,899 crores, giving the Company the financial flexibility to pursue the opportunities ahead with confidence. You will be happy to note that three years ago, Ashok Leyland was operating with net debt and navigating a market that had not yet returned to its pre- pandemic volumes. Today we are strongly cash positive, with an all-time high sales volume, a product portfolio that is meaningfully broader and superior, and a set of adjacent businesses that contribute both earnings and resilience. The progress has been deliberate, and with a clear direction. Performance Across Businesses Total commercial vehicle volumes reached 220,437 units in FY26, the highest in the Company’s history, surpassing the previous peak of 197,366 units set in FY19. In the Medium and Heavy Commercial Vehicle segment, we recorded strong volume growth in line with an industry that expanded 12% for the full year, with our domestic market share at 30.8%. In buses, we retained our leadership position with a market share of 34.1%, building on the record 21,249 MHCV buses delivered in FY25. This is the third consecutive year in which Ashok Leyland has topped the FADA Dealer Satisfaction Survey, a recognition we value most. In Light Commercial Vehicles, domestic volume of 74,322 units for the full year was the highest ever recorded in that segment, with our VAHAN market share rising 80 basis points year on year to 12.7%. These achievements reflect a deliberate strategy of premiumisation that has been central to our financial performance over the past three years and that we intend to extend further. Premiumisation not as a pricing exercise but as an engineering commitment to building vehicles that deliver a demonstrably superior total cost of ownership and value to customers. In MHCV, we relaunched two established nameplates along these lines, the HIPPO tractor and the TAURUS tipper with 320 and 360 HP engines, both reengineered from the ground up for demanding duty cycles. In the Multi-Axle Vehicle segment, new trucks with an improved 280 HP powertrain were introduced with driveline aggregates designed for better turnaround and lower cost per kilometre. In LCV, the new 4.1-tonne Bada Dost set a fresh payload benchmark in its class. Our network of service and sales touchpoints now stands at 2,104, with more than 45% of additions during the year concentrated in North and East India, regions where we see meaningful headroom for growth. During the year, we appointed over 2,300 Ashok Leyland Trained Technicians through our ALTT programme, a deliberate investment in raising the capability and consistency of our aftersales network at scale. Exports reached a historic high of 18,082 units, growing 19% over FY25 and building on the 29% growth recorded the year before. Our key markets in the GCC and Africa have delivered volume growth in double digits, and we extended our international network into four new countries during the year. We have set an ambitious medium-term target of 25,000 export units — a figure that reflects both our confidence in the global demand for Indian- engineered commercial vehicles and the structural investments we have made to serve international customers. Phoenix, our most recent LCV launch, is designed specifically for export markets for conditions that demand durability, service accessibility, and superior operating economics. We have further extended our presence in the Gulf region through a new wholly owned subsidiary in Saudi Arabia — a local assembly operation for buses, trucks, and commercial mobility solutions. This move positions us directly alongside customers in a key region, enabling us to respond to local product requirements faster, and reduce lead times for commercial fleets aligning with Saudi Vision 2030. Our MOU with PT Pindad of Indonesia for the joint development of electric buses and defence vehicles is a decisive step in our entry into ASEAN markets, broadening the geography of our international ambitions beyond the Middle East, SAARC and Africa. Building a strong, diversified international business is central to our vision of becoming one of the world’s top 10 commercial vehicle manufacturers, and FY26 marked meaningful progress toward that goal. Our Defence business grew 20% year on year in FY26. Ashok Leyland is well positioned as a credible partner to the Indian Armed Forces across tactical and logistics vehicle categories under the Make in India and Aatmanirbhar Bharat frameworks. The defence order book and pipeline remain healthy across our broader product range. The Power Solutions Business delivered revenues exceeding ` 1,000 crores for the second consecutive year, growing approximately 18.8% year on year, and has established itself as a consistent and profitable contributor to the portfolio. Quality benchmarked to global standards is the foundation of our premiumisation strategy. It is embedded in the engineering specifications we set, the supplier qualification processes we apply, the service standards we expect from our network, and the way we benchmark our workshops against the best in the automotive industry. Material cost is managed with rigour through value engineering, localisation, procurement discipline, and supply-base optimisation. This cost leadership allows us to price premium products competitively, i [Showing first 8,000 characters — download PDF for full document]