Analysts/Institutional Investor Meet/Con. Call Updates

August 21, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, Phiroze Jeejeebhoy Towers C-1, Block G Dalal Street Bandra Kurla Complex Mumbai - 400 001 Bandra (E), Mumbai - 400 051 SCRIP CODE: 500477 SCRIP CODE: ASHOKLEY Dear Sir/Madam, Sub: Concall Transcription Pursuant to Regulations 30 and 46(2) (oa) (ii) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we attach herewith the transcript of the Company’s Analyst Call/ Earning’s call held on August 14, 2026 to discuss the unaudited financial results for the quarter ended June 30, 2026. Meeting start time - 5.15 p.m. IST End time – 06.15 p.m. IST We request you to take the above on record. Thanking you, Yours faithfully, for ASHOK LEYLAND LIMITED N Ramanathan Company Secretary Encl.: a/a “Ashok Leyland Limited Q1 FY27 Earnings Conference Call” August 14, 2026 MANAGEMENT: MR. SHENU AGARWAL – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – ASHOK LEYLAND LIMITED MR. K.M. BALAJI – WHOLE-TIME DIRECTOR AND CHIEF FINANCIAL OFFICER – ASHOK LEYLAND LIMITED MODERATOR: MR. JOSEPH GEORGE – IIFL CAPITAL Page 1 of 16 Ashok Leyland Limited August 14, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Ashok Leyland Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch- tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Joseph George from IIFL Capital. Thank you, and over to you. Joseph George: Thank you, Ananya. Good evening, everyone. On behalf of IIFL Capital, I welcome you all to the 1Q FY27 Results Conference Call of Ashok Leyland. I also welcome the senior management of Ashok Leyland; Mr. Shenu Agarwal, Managing Director and CEO; Mr. K.M. Balaji, Whole- Time Director and CFO; and the Investor Relations team. Now I hand over the call to Mr. Shenu Agarwal. Over to you, sir. Shenu Agarwal: Good evening, everyone, and thank you for your trust in Ashok Leyland, as always. As we all have witnessed, Q1 this year was marked by various geopolitical uncertainties, translating into widespread challenges for the Indian automotive industry. The sequence of events that unfolded had put on test industry's execution capabilities and supply chain resilience and also raised questions on the impact on customer sentiment and market demand. Ashok Leyland has been able to weather these volatilities well, and I'm happy to report yet another quarter of strong financial performance for the company. For Q1 FY27, we achieved all-time high CV volume, revenue, profit and cash surplus. Continuing from FY26 historic records, we delivered broad-based growth across all our core businesses, demonstrating the resilience of our operations and the trust our supply chain partners and customers place in us. Q1 started with moderate CV industry volume growth due to fuel supply and pricing issues. However, it bounced back strongly in June once the situation stabilized. Overall, in Q1, the domestic MHCV industry volume grew by 13% on Y-o-Y basis, while the domestic LCV VAHAN industry grew by 17%. This is indeed a strong performance, especially given the headwinds faced during the period. This robust momentum demonstrates strong industry fundamentals and sustained growth potential of the Indian CV industry. Ashok Leyland domestic MHCV truck volume for the quarter was at 22,998 units, higher 15% Y-o-Y basis. Our bus volume declined in the same period, mainly in the STU segment as the company decided not to take some unprofitable orders. In the medium-sized bus segment, which is about two thirds of the total bus industry and is one of the company's focus areas for growth, we did better than the industry and increased our share. Overall, Ashok Leyland domestic MHCV market share stood at 29% for the period. This transcript has been edited for readability and doesn't purport to be the verbatim record of the proceedings. Page 2 of 16 Ashok Leyland Limited August 14, 2026 Ashok Leyland domestic LCV offtake volume for quarter 1 was 18,874 units, higher 21% Y-o- Y. This is the highest ever Q1 volume recorded in LCV business. LCV VAHAN market share for Q1 was 13.2% with a gain of 30 basis points Y-o-Y. Our exports volume for the quarter was 2,461, lower 18% Y-o-Y. The war situation posed major logistical challenges in our RAK-based plant in UAE, impacting our GCC volumes. SAARC and Africa volumes, however, grew substantially, negating the impact to some extent. With improving situation, we are confident of reviving the GCC volumes and make up for the losses in the remaining year. Our foray into ASEAN in establishing it as our fourth home market outside India is progressing quite well. Our overall CV volumes at 48,673 units, the new peak for quarter 1. This includes defense vehicles. Our non-CV businesses maintained their growth streak, remained untouched by the recent global headwinds. Domestic aftermarket revenue for the quarter was up 12.7% Y-o-Y. Revenue from Power Solutions business was higher by 51% Y-o-Y. Revenue from defense business was higher 64% Y-o-Y. Defense order book and tender win pipeline remains ever strong. Coming to financial performance, Ashok Leyland achieved a record quarter 1 revenue at INR9,634 crores, higher by 10% Y-o-Y. Despite record revenues, the EBITDA was flat at INR970 crores as compared to same quarter last year. EBITDA margin was 10.1%, 100 basis points lower on Y-o-Y basis. We witnessed rising trends in the material costs owing to supply chain disruptions and commodity pressures. The company took several initiatives to address the situation, including better price realization, rigorous cost-saving efforts, product and business mix improvement and opportunity based inventory buildup. These initiatives helped us in mitigating any significant gross margin contraction. As a percentage of revenue, the material cost stood at 71.5% for the quarter, higher by 90 basis points Y-o-Y, but in line with Q4. PBT for the quarter was at INR830 crores, higher 4% Y-o-Y. Profit after tax was at INR609 crores, higher 3% Y-o-Y. Capex for the quarter was at INR153 crores. New products, including future technology development, alternate powertrain technologies and EVs remain the focus areas for the new capex. Investments in subsidiaries in Q1 was at INR10 crores. Our cash position, net of debt, has got stronger on Y-o-Y basis. We had net cash of INR2,252 crores at the end of the year, an increase of more than INR1,431 crores on a Y-o-Y basis. While in the short run, we are taking aggressive measures to mitigate the impact of rising material costs, our long-term focus remains intact. We are resolutely pursuing the path of premiumization, working diligently on delighting our customers with superior products and services and maintaining operational discipline. In terms of new products, the highlight of the quarter was introduction of new air suspension technology in multi-axle trucks, which is an industry first and provides our customers industry best payload This transcript has been edited for readability and doesn't purport to be the verbatim record of the proceedings. Page 3 of 16 Ashok Leyland Limited August 14, 2026 and TCO. This adds to our long list of innovations, which have always defined Ashok Leyland brand and its DNA for the last 78 years. We are also seeing very strong customer reception of our other recently launched range of trucks, the HIPPO tractors and the TAURUS tippers with industry best power and torque. Our new product pipeline remains strong with many more launches slated for the rest of the year. Creating a new industry benchmark in service delivery remains our key focus. Our flagship program, Throw, is continuing to make progress with all our s [Showing first 8,000 characters — download PDF for full document]