Ashok Leyland Limited, the flagship commercial vehicle company of the Hinduja Group, has delivered its strongest-ever quarterly and annual financial performance for the fiscal year ended March 31, 2026. The company achieved record highs in revenue, EBITDA, and profit after tax (PAT), underpinned by robust operational execution and sustained market demand.
For the fourth quarter of FY26, Ashok Leyland reported EBITDA of Rs. 2,066 crore, registering a 15% increase compared to Rs. 1,791 crore in the corresponding quarter of the previous year. Operating profit before tax (PBT) stood at Rs. 1,909 crore, up 14% from Rs. 1,671 crore in Q4 FY25, while PAT rose 13% to Rs. 1,405 crore from Rs. 1,246 crore a year earlier. The company also generated cash flows of Rs. 3,280 crore during the quarter.
For the full financial year FY26, Ashok Leyland recorded its highest-ever annual performance across key financial metrics. Revenue increased 14% year-on-year to Rs. 44,007 crore, compared with Rs. 38,753 crore in FY25. Operating PBT grew 22% to Rs. 5,163 crore from Rs. 4,245 crore in the previous fiscal, while PAT stood at Rs. 3,566 crore, compared with Rs. 3,303 crore in FY25. The FY26 PAT includes a one-time charge of Rs. 308 crore related to the implementation of the new Labour Code.
The company’s EBITDA for FY26 reached Rs. 5,732 crore, representing a margin of 13.0%, compared with Rs. 4,931 crore and a margin of 12.7% in FY25. Ashok Leyland further strengthened its balance sheet, ending the fiscal year with a net cash position of Rs. 5,899 crore, up from Rs. 4,242 crore at the close of FY25.
The record performance reflects the company’s continued focus on profitable growth, operational efficiency, and financial discipline, reinforcing its leadership position in the commercial vehicle industry.
Overall CV volumes scaled a new all-time high of 220,437 units, surpassing the previous peak of 197,366 units achieved in FY19. The CV Volumes in FY26 were up 13% from last year. LCV volumes set a new benchmark, reaching 74,322 units, well above the earlier high of 66,633 units in FY24.
Export volumes also reached a historic high of 18,082 units, delivering a robust growth of 18.5% over the previous year’s 15,255 units. The Power Solutions and Aftermarket businesses continued their strong momentum, posting impressive growth during the year.
Our major subsidiaries further accelerated their growth journeys during FY26. Switch Mobility delivered a standout performance, with a surge in e-Bus volumes to 1,530 units, growing by 238% over the previous year. The e-LCV volumes rose to 1,606 units, with a robust 56% growth. The revenue more than doubled to ₹1,807 Cr, with PAT of ₹ 104 Cr in FY26 against a loss of ₹ 62 Cr in the previous year.
Hinduja Leyland Finance Limited (HLF – standalone) posted a stellar 24% growth in FY26 to achieve AUM of Rs. 59,531 Cr. HLF PAT is up by 20% to Rs. 491 Cr. Hinduja Housing Finance (HHF – standalone) has grown its AUM by 15% to Rs. 15,937 Cr, with PAT growing by 4% to Rs. 387 Cr.
Mr. Dheeraj Hinduja, Chairman, Ashok Leyland Limited said, “Achieving these record-breaking milestones and delivering a strong financial performance across our businesses is a matter of immense pride for us. Our CV and export volumes were at an all-time high, reflecting the deep trust our customers place in us. The Company delivered significant growth in Power Solutions, Aftermarket and Electric Mobility businesses. Our Defence order pipeline is at its all-time high, signifying ability to deliver superior growth in the coming years. Our entry into Indonesia gives further boost to our ambition in global markets. The record financial performance is backed by relentless innovation, unwavering focus on customer satisfaction, and ability to accelerate our ambition in global markets. We are well-positioned to sustain profitable growth and create long-term value.”
Mr. Shenu Agarwal, Managing Director and CEO, Ashok Leyland Limited said, “FY26 has been a defining year for us, marked by record-breaking achievements across revenue, EBITDA, profitability and cash generation. Our strong margin expansion reflects the success of our premiumization strategy, the resilience of our operations, and the growing strength of our diversified business portfolio. A record cash surplus of nearly Rs. 6,000 Cr provides us with significant firepower for enhanced investments in products, technology and future-ready solutions, while continuing to elevate customer experience. With consecutive three years of record performance, we are more confident than ever in our ability to strengthen our technology leadership, gain market share and further enhance price realization through superior value delivery.”
The Board of Directors declared a second interim dividend of ₹ 2.50 per share (Face value of ₹ 1/- per share). Together with the interim dividend declared and paid during Q3, the overall dividend for the year works out to ₹ 3.50 per share. (350%).
