Ashok Leyland just had a record June quarter. So why did the margin fall a full point?

Ashok Leyland sold 48,763 vehicles in the June quarter, marking its highest-ever first-quarter volume. Revenue rose 10.43% to Rs. 9,634 crore on August 14, 2026. However, the operating margin fell from 11.1% to 10.1% because total expenses grew faster than revenue. The company got more sales but saw no profit growth.