Ashok Leyland Limited, the Indian arm of the Hinduja Group, has reported exceptional financial results for the fourth quarter and the full year ending March 31, 2025. The Chennai-based commercial vehicle manufacturer has set new records for quarterly and annual revenues, EBITDA, and profit after tax.
For FY25, the company’s profit after tax surged 26% to Rs 3,303 crore, up from Rs 2,618 crore in the previous year. Operating profit before tax grew by 9%, reaching Rs 4,245 crore. The EBITDA margin improved to 12.7% in FY25, compared to 12.0% in FY24.
In the fourth quarter, profit after tax rose by 38.4% to Rs 1,246 crore, compared to Rs 900 crore during the same period last year. Quarterly EBITDA also increased to 15%, up from 14.1% in the previous year. Cash flow for the quarter was Rs 3,284 crore.
The board of directors has approved a 1:1 bonus share issuance, subject to approval from shareholders via a postal ballot. This means shareholders will receive one additional share for each share currently held. The company also announced two interim dividends totaling Rs 6.25 per share, which represents 625% of the face value. Ashok Leyland ended FY25 with a net cash position of Rs 4,242 crore, a significant improvement from the previous year’s net debt of Rs 89 crore.
In terms of production, the company delivered 195,093 commercial vehicles, approaching its record high of 197,366 units. Medium and heavy commercial vehicle buses reached a new peak with 21,249 units sold. Exports also saw strong performance, with 15,255 units shipped overseas, marking a 29% growth over the previous year.
Founded in 1948, Ashok Leyland is one of India’s top manufacturers of commercial vehicles, including trucks, buses, light commercial vehicles, and defense vehicles. The company operates manufacturing facilities across India and has a strong international presence.
Chairman Dheeraj Hinduja attributed the record results to the resilience of the business and the continued trust of customers. Managing Director and CEO Shenu Agarwal emphasized the company’s achievement of its mid-term goal of a mid-teen EBITDA margin in Q4 and highlighted its strong cash reserves for future investments.
The company is also making progress in its alternate propulsion product portfolio, particularly with electric vehicles under the Switch Mobility brand. Ashok Leyland is also exploring LNG and hydrogen technologies as part of its strategy to meet future mobility needs.
The power solutions and defense segments also contributed to the company’s growth, with strong performances across all business units. The financial results were reviewed by the audit committee and approved by the board of directors on May 23, 2025.
Ashok Leyland continues to focus on developing indigenous mobility solutions that meet the operational requirements of the Indian armed forces while promoting the nation’s self-reliance in defence. With its legacy of innovation and excellence, the company plays a key role in powering the logistics backbone of the Indian Army, reaffirming its position as a trusted partner in strengthening the nation’s defence infrastructure.
