Ashok Leyland: Morgan Stanley on Ashok Leyland Equal-weight (tactical sell) with Target Price ₹180 as near-term underperformance expected after recent ~20% rally vs weak Nifty, with CV growth likely to taper in 2HFY27 and rising commodity costs pressuring margins, while valuations (~13x FY27 EV/EBITDA ex-HLF) appear less compelling and negative scenario probability remains high (70–80%).

 29 Apr 2026 08:50 AM

Ashok Leyland: Morgan Stanley on Ashok Leyland Equal-weight (tactical sell) with Target Price ₹180 as near-term underperformance expected after recent ~20% rally vs weak Nifty, with CV growth likely to taper in 2HFY27 and rising commodity costs pressuring margins, while valuations (~13x FY27 EV/EBITDA ex-HLF) appear less compelling and negative scenario probability remains high (70–80%).