JPMorgan has reiterated its ‘Overweight’ rating on Ashok Leyland, setting a target price of ₹250 per share, indicating a potential 13% upside from the current market price (CMP) of ₹221.93. The brokerage notes that the company’s Q2 operating results exceeded expectations, driven by strong gross margins. Ashok Leyland anticipates positive year-over-year volume growth in the second half of FY25. However, JPMorgan has reduced its FY25-27 EBITDA estimates by 4-14%, projecting a gradual recovery in volumes to commence in Q1FY26.
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