Ashok Leyland, the flagship commercial vehicle company of the Hinduja Group, has reported its strongest financial performance to date, posting record revenues, profits, and vehicle sales for both the fourth quarter and the full financial year.
The company reported FY26 revenue of ₹44,007 crore, a 14% increase from ₹38,753 crore in FY25. Operating profit before tax (PBT) rose 22% year-on-year to ₹5,163 crore, while profit after tax (PAT) stood at ₹3,566 crore despite a one-time charge of ₹308 crore related to the new Labour Code. EBITDA increased to ₹5,732 crore, representing a margin of 13%.
Ashok Leyland also achieved a record net cash position of ₹5,899 crore at the end of FY26, compared with ₹4,242 crore a year earlier, highlighting strong cash generation and operational efficiency.
Commercial vehicle (CV) sales reached an all-time high of 220,437 units during the year, surpassing the previous record set in FY19. Light commercial vehicle (LCV) volumes also hit a new peak of 74,322 units, while export sales climbed 18.5% to a record 18,082 units.
The company’s diversified business segments continued to contribute significantly to growth. Electric mobility arm Switch Mobility recorded substantial gains, with electric bus volumes surging 238% to 1,530 units and electric LCV sales rising 56% to 1,606 units. Switch Mobility more than doubled its revenue to ₹1,807 crore and reported a profit of ₹104 crore, compared with a loss in the previous year.
Financial services subsidiaries also delivered strong results. Hinduja Leyland Finance reported a 24% increase in assets under management (AUM) to ₹59,531 crore, while profit rose 20% to ₹491 crore. Hinduja Housing Finance expanded its AUM by 15% to ₹15,937 crore and recorded a 4% increase in profit.
Chairman Dheeraj Hinduja said the company’s record-breaking performance reflected customer trust, continued innovation, and growing momentum across commercial vehicles, exports, electric mobility, and defence businesses. He noted that Ashok Leyland’s defence order pipeline has reached an all-time high and highlighted the company’s expansion into Indonesia as a key step in strengthening its global presence.
Managing Director and CEO Shenu Agarwal described FY26 as a defining year, emphasizing the company’s success in improving margins, strengthening its premium product portfolio, and generating nearly ₹6,000 crore in cash reserves. He said the strong financial position would support future investments in technology, product development, and customer-focused solutions.
The board declared a second interim dividend of ₹2.50 per share, taking the total dividend payout for FY26 to ₹3.50 per share, reinforcing the company’s commitment to delivering value to shareholders.
With three consecutive years of record performance, Ashok Leyland enters FY27 with strong momentum and an expanding presence across traditional and emerging mobility segments.
