Buy Ashok Leyland; target of Rs 185: Motilal Oswal

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26 Aug, 2025 12:21

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AL’s strong 3QFY23 performance was driven by a better mix, price hikes and commodity costs (healthy margins). The stable demand environment and improving pricing power should boost earnings. AL is the best play on the CV cycle recovery, along with market share recovery and the expansion of revenue/profit pools. We raise our FY23/FY24 EPS estimates by 17%/4% to account for better realizations and improving pricing power.

Maintain BUY with a TP of INR185 (11x Dec-24 EV/EBITDA + ~INR14/share of NBFC).

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