Ashok Leyland, the flagship commercial vehicle company of the Hinduja Group, has reported its strongest-ever financial and operational performance for both the fourth quarter and the full financial year ended March 31, 2026. The company achieved record revenues, EBITDA, profit after tax, and commercial vehicle volumes, reflecting sustained growth momentum across domestic and international markets.
For the fourth quarter of FY26, the company posted EBITDA of ₹2,066 crore, registering a growth of 15% compared to ₹1,791 crore in the corresponding quarter last year. Operating profit before tax stood at ₹1,909 crore, up 14% from ₹1,671 crore in the year-ago period. Profit after tax for the quarter rose to ₹1,405 crore against ₹1,246 crore reported in Q4 FY25. Cash generation during the quarter stood at ₹3,280 crore.
For the full year FY26, EBITDA increased to ₹5,732 crore compared to ₹4,931 crore in the previous year, with margins improving to 13%. Operating PBT for the year rose 22% to ₹5,163 crore. The company closed the year with a net cash position of ₹5,899 crore, significantly higher than ₹4,242 crore recorded at the end of FY25.
Ashok Leyland also achieved its highest-ever annual commercial vehicle volumes at 220,437 units, surpassing the earlier peak achieved in FY19. Light commercial vehicle sales touched a new high of 74,322 units. Export volumes grew 18.5% year-on-year to reach a record 18,082 units, supported by strong demand across international markets.
The company’s Power Solutions and Aftermarket businesses continued to deliver robust growth during the year. Its electric mobility arm, Switch Mobility, posted significant progress with e-bus volumes rising 238% to 1,530 units and e-LCV sales increasing 56% to 1,606 units. Revenue at Switch Mobility more than doubled to ₹1,807 crore, while the business reported a profit after tax of ₹104 crore compared to a loss in the previous year. Hinduja Leyland Finance recorded 24% growth in assets under management, reaching ₹59,531 crore, while profit after tax increased 20% to ₹491 crore. Hinduja Housing Finance also posted healthy growth, with AUM rising 15% to ₹15,937 crore.
Commenting on the performance, Dheeraj Hinduja, Chairman, Ashok Leyland, said the company’s record achievements reflect customer confidence, strong execution capabilities, and continued investments in innovation and global expansion. He added that the company’s defence business pipeline and international market initiatives position it strongly for future growth.
Shenu Agarwal, Managing Director and CEO, said FY26 marked a milestone year for the company with record revenues, profitability, and cash generation. He noted that Ashok Leyland remains focused on technology leadership, premiumisation, customer experience, and expanding its future-ready mobility portfolio.
The Board of Directors declared a second interim dividend of ₹2.50 per share for FY26. Including the interim dividend paid earlier during the year, the total dividend for FY26 stands at ₹3.50 per share. Part of the Hinduja Group, Ashok Leyland is one of India’s leading commercial vehicle manufacturers with a strong presence across trucks, buses and mobility solutions. The company continues to focus on innovation, product development and network expansion to support customers across freight, logistics and passenger transportation segments.
