New Delhi, Nov. 14 -- Ashok Leyland Ltd hit a new 52-week high on Friday as investors cheered its September quarter (Q2FY26) results, which were announced on Thursday.

After a muted FY25 and a slow start to FY26, strong growth, market-share gains and margin expansion in Q2 have lifted sentiment. India's second-largest commercial vehicle maker beat estimates with 9% year-on-year revenue growth to Rs.9,590 crore, driven by 8% volume growth and better realizations.

Exports jumped 45% and contributed nearly 10% of volumes, offsetting slower growth in its core domestic medium and heavy commercial vehicle (MHCV) segment, which rose just 2%. Light commercial vehicle (LCV) volumes grew 6%.

The company is also gaining ground on rivals. Market s...