Ashok Leyland Joins ₹1 Trillion Club as Stock Rallies 80% from April Low

Ashok Leyland share price (NSE: ASHOKLEY) climbed to a fresh record high of ₹171.75 on Thursday, rising over 3% in intraday trade despite a weak broader market. The rally pushed the company’s market capitalisation past the ₹1 trillion mark for the first time.

At around 2:24 PM, the stock was trading near ₹171 on the BSE, valuing the Hinduja Group’s commercial vehicle (CV) major at about ₹1.01 trillion. In comparison, the Sensex was down over 0.2%.

Ashok Leyland Strong Rally In Recent Months

The stock has gained nearly 17% in the past one month and has surged about 80% from its 52-week low of ₹95.20 touched in April 2025. Ashok Leyland has clearly outperformed the broader market during this period.

With this rise, Ashok Leyland joins other auto majors with trillion-rupee valuations, including Maruti Suzuki, Mahindra & Mahindra, Tata Motors, Bajaj Auto, and Eicher Motors.

What Is Driving The Outperformance?

The company entered the second half of FY26 on a strong footing, helped by improving freight activity and a healthy order pipeline across trucks, buses and light commercial vehicles.

New launches in higher-horsepower trucks and modern bus platforms are expected to improve product mix and profitability. Exports are also doing well, with continued demand from regions like GCC countries and Africa.

Read More: Silver ETFs See Strong Gains in 2025 as UTI and ICICI Prudential Funds Lead the Rise.

Favourable Industry Tailwinds

The smooth transition to air-conditioned cabins in medium and heavy trucks highlights increasing focus on safety and comfort. GST rate cuts have reduced vehicle ownership costs and are expected to boost freight demand. Stable freight rates, improving operator profitability, RBI rate cuts and higher infrastructure spending are also supporting demand.

Budgeted government capex and growth in mining, construction and logistics are likely to drive commercial vehicle volumes further. The light commercial vehicle segment is expected to recover as rural demand and agriculture improve.

Conclusion

Ashok Leyland’s entry into the ₹1 trillion market cap club reflects strong investor confidence in its business outlook. With improving demand, margin support and favourable policy and infrastructure trends, the company appears well placed for steady growth, even amid broader market volatility.

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