Ashok Leyland Limited has reported strong sales performance for February 2026, demonstrating significant growth across key vehicle segments. The commercial vehicle manufacturer disclosed its monthly sales figures under Regulation 30 of SEBI's Listing Obligations and Disclosure Requirements Regulations, 2015.

Domestic Sales Performance

The company achieved robust domestic sales growth of 28% in February 2026, with total vehicle sales reaching 20,314 units compared to 15,879 units in the same month of the previous year. This performance reflects strong market demand across the company's product portfolio.

Segment-wise Analysis

The M&HCV trucks segment emerged as the primary growth driver, recording an impressive 39% increase to 11,599 units in February 2026 from 8,368 units in February 2025. The Light Commercial Vehicle (LCV) segment also contributed positively with 22% growth, reaching 7,050 units compared to 5,769 units in the previous year.

The M&HCV bus segment experienced a marginal decline of 4%, with sales dropping to 1,665 units from 1,742 units in February 2025. Despite this decrease, the overall M&HCV category maintained strong momentum with 31% growth.

Combined Domestic and Export Performance

Including export sales, Ashok Leyland's total vehicle sales reached 22,157 units in February 2026, representing a 24% increase from 17,903 units in February 2025.

Cumulative Performance

For the cumulative period ending February 2026, domestic sales totaled 1,78,612 units, marking a 14% increase from 1,57,332 units in the corresponding period of the previous year. The M&HCV trucks segment led cumulative performance with 15% growth to 92,634 units, while LCV sales grew 14% to 66,817 units.

Including exports, cumulative sales reached 1,95,056 units, representing a 14% growth compared to 1,71,037 units in the previous year. The M&HCV category achieved 15% cumulative growth, while LCV sales increased 13% on a cumulative basis.

Ashok Leyland Limited has received a major regulatory clearance for its subsidiary's merger plans, with the Competition Commission of India (CCI) approving the proposed combination involving Hinduja Leyland Finance Limited and NDL Ventures Limited.

CCI Grants Merger Approval

The Competition Commission of India, at its meeting held on February 17, 2026, approved the merger of Hinduja Leyland Finance Limited with NDL Ventures Limited (formerly known as NXTDIGITAL Limited). The approval was granted under sub-section (1) of section 31 of the Competition Act, 2002, bearing Registration No. C-2025/12/1363.

Merger Structure and Timeline

The transaction involves a Scheme of Merger by Absorption where Hinduja Leyland Finance Limited, serving as the transferor company, will merge into NDL Ventures Limited, the transferee company. The Board of Directors had previously approved this scheme on November 25, 2025, under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013.

Regulatory Compliance and Documentation

Hinduja Leyland Finance Limited, being a material subsidiary of Ashok Leyland Limited, filed the requisite intimation pursuant to Regulation 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The parent company has maintained transparency through multiple communications dated March 16, 2022, August 17, 2022, November 25, 2022, August 11, 2025, and November 26, 2025.

Corporate Structure Impact

This merger represents a significant corporate restructuring initiative involving Ashok Leyland's material subsidiary. The CCI approval removes a key regulatory hurdle in the merger process, allowing the companies to proceed with the next phases of the combination under the approved scheme.

The successful completion of regulatory approvals demonstrates the companies' commitment to compliance with competition law requirements and positions them for the implementation of the merger structure as originally envisioned by their respective boards of directors.