Ashok Leyland Likely to Face Slowing Demand for Commercial Vehicles -- Market Talk

Dow Jones

05/29

0737 GMT - Ashok Leyland is likely to face slowing demand for its commercial vehicles, Nomura analysts say in a research report. Recent macroeconomic challenges like higher fuel prices, higher inflation and a potential rate increase could slow India's GDP growth, the analysts say. Medium and heavy commercial vehicles, in particular, are highly sensitive to growth deceleration, the analysts say, noting recent dealer surveys show signs of a slowdown in inquiries. Hence, Nomura maintains its cautious view on the CV cycle and reaffirms its neutral rating on the Indian automaker's stock. Given risks to the CV cycle, the brokerage lowers its valuation for Ashok Leyland to 11x FY 2028 enterprise value-to-Ebitda ratio from 14x and cuts the stock's target price to 169.00 rupees from 218.00 rupees. Shares are 3.6% lower at 157.60 rupees. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

May 29, 2026 03:37 ET (07:37 GMT)

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Recent macroeconomic challenges like higher fuel prices, higher inflation and a potential rate increase could slow India's GDP growth, the analysts say. Medium and heavy commercial vehicles, in particular, are highly sensitive to growth deceleration, the analysts say, noting recent dealer surveys show signs of a slowdown in inquiries. Hence, Nomura maintains its cautious view on the CV cycle and reaffirms its neutral rating on the Indian automaker's stock. Given risks to the CV cycle, the brokerage lowers its valuation for Ashok Leyland to 11x FY 2028 enterprise value-to-Ebitda ratio from 14x and cuts the stock's target price to 169.00 rupees from 218.00 rupees. Shares are 3.6% lower at 157.60 rupees. 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Recent macroeconomic challenges like higher fuel prices, higher inflation and a potential rate increase could slow India's GDP growth, the analysts say. Medium and heavy commercial vehicles, in particular, are highly sensitive to growth deceleration, the analysts say, noting recent dealer surveys show signs of a slowdown in inquiries. Hence, Nomura maintains its cautious view on the CV cycle and reaffirms its neutral rating on the Indian automaker's stock. Given risks to the CV cycle, the brokerage lowers its valuation for Ashok Leyland to 11x FY 2028 enterprise value-to-Ebitda ratio from 14x and cuts the stock's target price to 169.00 rupees from 218.00 rupees. Shares are 3.6% lower at 157.60 rupees. (ronnie.harui@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 29, 2026 03:37 ET (07:37 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CVGI","symbol_name":"商用汽车","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2639647510","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2639647510","pubTimestamp":1780040220,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0737 GMT - Ashok Leyland is likely to face slowing demand for its commercial vehicles, Nomura analysts say in a research report. Recent macroeconomic challenges like higher fuel prices, higher inflation and a potential rate increase could slow India's GDP growth, the analysts say. Medium and heavy commercial vehicles, in particular, are highly sensitive to growth deceleration, the analysts say, noting recent dealer surveys show signs of a slowdown in inquiries. Hence, Nomura maintains its cautious view on the CV cycle and reaffirms its neutral rating on the Indian automaker's stock. Given risks to the CV cycle, the brokerage lowers its valuation for Ashok Leyland to 11x FY 2028 enterprise value-to-Ebitda ratio from 14x and cuts the stock's target price to 169.00 rupees from 218.00 rupees. Shares are 3.6% lower at 157.60 rupees. 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Medium and heavy commercial vehicles, in particular, are highly sensitive to growth deceleration, the analysts say, noting recent dealer surveys show signs of a slowdown in inquiries. Hence, Nomura maintains its cautious view on the CV cycle and reaffirms its neutral rating on the Indian automaker's stock. Given risks to the CV cycle, the brokerage lowers its valuation for Ashok Leyland to 11x FY 2028 enterprise value-to-Ebitda ratio from 14x and cuts the stock's target price to 169.00 rupees from 218.00 rupees. Shares are 3.6% lower at 157.60 rupees. 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