Ashok Leyland: Analyst Deven Choksey Revises Rating to 'Accumulate' with INR 156 Target Price

Overview

Ashok Leyland reported a 9.3% year-on-year revenue growth to INR 95,882 million, meeting analyst estimates. Total dispatches increased by 7.7%, driven by domestic medium and heavy commercial vehicle (M&HCV) recovery, bus sales, and a strong export rebound. Analyst Deven Choksey has revised the rating for the company's stock from 'BUY' to 'ACCUMULATE', setting a target price of INR 156 based on September 2027 earnings estimates.