Sharekhan's research report on Ashok Leyland
EBITDA came at Rs 1592 crore (42.9% up q-o-q) in Q4FY24 against estimate of Rs 1419 crore. Company prefers profitability in place of following a plain vanilla discount-based volume growth model.Stock trades at a P/E of 18X and EV/EBITDA of 10x its FY2026E estimates.
Outlook
We retain a Buy with revised PT of Rs.244 in expectation of sustainable double-digit EBITDA margin and its profit focused volume growth strategy.
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