Ashok Leyland Reports Record FY26 Profit, Revenue and Commercial Vehicle Sales

Chennai, India, May 28, 2026: Ashok Leyland Limited, the flagship company of the Hinduja Group, has posted its highest-ever quarterly and annual revenues, EBITDA and profit after tax for FY2026, driven by record commercial vehicle sales, strong export growth and robust performance across its subsidiaries.

The company reported FY26 revenues of ₹44,007 crore, marking a 14% increase over ₹38,753 crore in FY25. Operating profit before tax (PBT) rose 22% to ₹5,163 crore, while profit after tax (PAT) stood at ₹3,566 crore despite a one-time charge of ₹308 crore linked to the implementation of the new Labour Code.

FY26 EBITDA climbed to ₹5,732 crore with EBITDA margins improving to 13%, compared to ₹4,931 crore and 12.7% margins in the previous fiscal year.

Record Q4 FY26 Performance

For the fourth quarter ended March 31, 2026, Ashok Leyland posted:

• EBITDA of ₹2,066 crore, up 15% year-on-year
• Operating PBT of ₹1,909 crore, up 14%
• PAT of ₹1,405 crore, up 13%
• Cash generation of ₹3,280 crore during the quarter

The company ended FY26 with a net cash position of ₹5,899 crore, compared to ₹4,242 crore a year earlier.

Commercial Vehicle and Export Sales Hit All-Time High

Ashok Leyland achieved record commercial vehicle (CV) volumes of 220,437 units in FY26, surpassing its previous peak of 197,366 units recorded in FY19. Overall CV volumes grew 13% year-on-year.

Light commercial vehicle (LCV) sales also reached a new high of 74,322 units, exceeding the previous record of 66,633 units set in FY24.

Export volumes rose 18.5% to a historic high of 18,082 units, underlining the company’s expanding global footprint.

The company also reported strong growth in its Power Solutions, Aftermarket and electric mobility businesses.

Switch Mobility, HLF and HHF Deliver Strong Growth

Switch Mobility, Ashok Leyland’s electric mobility arm, recorded a sharp rise in e-bus sales, with volumes increasing 238% to 1,530 units in FY26. e-LCV sales grew 56% to 1,606 units.

Switch Mobility’s revenue more than doubled to ₹1,807 crore, while the company posted a PAT of ₹104 crore compared to a loss of ₹62 crore in FY25.

Hinduja Leyland Finance Limited reported a 24% increase in assets under management (AUM) to ₹59,531 crore, while PAT grew 20% to ₹491 crore.

Hinduja Housing Finance posted 15% AUM growth to ₹15,937 crore and PAT growth of 4% to ₹387 crore.

Management Commentary

Dheeraj Hinduja said the company’s record performance reflects strong customer trust, growing export demand and momentum across emerging businesses including electric mobility and defence.

“Our CV and export volumes were at an all-time high, reflecting the deep trust our customers place in us. Our Defence order pipeline is at its all-time high, signifying ability to deliver superior growth in the coming years,” he said.

Shenu Agarwal said FY26 marked a defining year for the company with strong margin expansion, record cash generation and sustained growth momentum.

“A record cash surplus of nearly ₹6,000 crore provides us with significant firepower for enhanced investments in products, technology and future-ready solutions,” Agarwal said.

Dividend Announcement

The Board of Directors declared a second interim dividend of ₹2.50 per share for FY26. Combined with the earlier interim dividend declared during Q3, the total dividend payout for FY26 stands at ₹3.50 per share, representing 350% on the face value of ₹1 per share.