Kotak Institutional Equities has upgraded Ashok Leyland to an ‘Add’ rating, setting a target price of ₹235 per share, indicating a potential 6% upside from the current market price (CMP) of ₹221.93. The brokerage notes that the company’s EBITDA was 4% above estimates, driven by better-than-expected gross margins. Kotak anticipates a gradual recovery in the truck and light commercial vehicle (LCV) segments starting from FY26, projecting a 6% volume compound annual growth rate (CAGR) over FY25-27. The firm also expects profitability trends to continue improving.
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