Ashok Leyland Q4 Results: FY26 Operating PBT Jumps 22% CV Sales at 2,20,437 Units
Ashok Leyland reported its highest-ever annual revenue, profitability and commercial vehicle volumes for FY26, driven by strong growth across domestic CV sales, exports, electric mobility and aftermarket businesses.
The company posted revenues of Rs. 44,007 crore for FY26, registering a growth of 14% over Rs. 38,753 crore reported in FY25. Operating Profit Before Tax (PBT) rose 22% year-on-year to Rs. 5,163 crore, while EBITDA stood at Rs. 5,732 crore with margins improving to 13.0%.
Profit After Tax (PAT) for the year stood at Rs. 3,566 crore despite a one-time charge of Rs. 308 crore related to the new Labour Code.
For Q4 FY26, the company reported EBITDA of Rs. 2,066 crore, up 15% from Rs. 1,791 crore recorded during the same period last year. Operating PBT for the quarter rose 14% to Rs. 1,909 crore, while PAT increased 13% to Rs. 1,405 crore.
Ashok Leyland ended FY26 with a net cash surplus of Rs. 5,899 crore compared to Rs. 4,242 crore in the previous financial year.
The company’s overall commercial vehicle volumes touched an all-time high of 220,437 units during FY26, surpassing its previous peak achieved in FY19. LCV volumes also reached a record 74,322 units during the year.
Exports emerged as another major growth driver for the company, with volumes increasing 18.5% year-on-year to reach a historic high of 18,082 units.
Switch Mobility also reported strong growth during FY26. Electric bus volumes increased 238% to 1,530 units, while e-LCV volumes grew 56% to 1,606 units. The subsidiary more than doubled its revenue to Rs. 1,807 crore and reported a PAT of Rs. 104 crore compared to a loss in the previous year.
Commenting on the performance, Dheeraj Hinduja said the company’s record results were driven by strong customer trust, export growth and momentum across Power Solutions, Aftermarket and electric mobility businesses.
He added that Ashok Leyland’s defence order pipeline is currently at an all-time high, while the company’s entry into Indonesia is expected to strengthen its international growth ambitions.
Shenu Agarwal said the company’s strong cash generation and margin expansion reflected the success of its premiumisation strategy and diversified business portfolio.
The Board of Directors declared a second interim dividend of Rs. 2.50 per share for FY26. Combined with the earlier interim dividend announced during Q3, the total dividend payout for the financial year stands at Rs. 3.50 per share.
Ashok Leyland FY26 Financial and Operational Highlights
| Particulars | FY26 | FY25 | Growth |
|---|---|---|---|
| Revenue (Rs. Cr) | 44,007 | 38,753 | 14% |
| Operating PBT (Rs. Cr) | 5,163 | 4,245 | 22% |
| EBITDA (Rs. Cr) | 5,732 | 4,931 | 16% |
| EBITDA Margin | 13.0% | 12.7% | +30 bps |
| Profit After Tax (Rs. Cr) | 3,566 | 3,303 | 8% |
| Net Cash (Rs. Cr) | 5,899 | 4,242 | 39% |
| Total CV Volumes (Units) | 220,437 | 195,000+ | 13% |
| LCV Volumes (Units) | 74,322 | 66,633 | 12% |
| Export Volumes (Units) | 18,082 | 15,255 | 18.5% |
Q4 FY26 Performance
| Particulars | Q4 FY26 | Q4 FY25 | Growth |
|---|---|---|---|
| EBITDA (Rs. Cr) | 2,066 | 1,791 | 15% |
| Operating PBT (Rs. Cr) | 1,909 | 1,671 | 14% |
| Profit After Tax (Rs. Cr) | 1,405 | 1,246 | 13% |
| Cash Generated During Quarter (Rs. Cr) | 3,280 | — | — |
Switch Mobility FY26 Performance
| Particulars | FY26 | FY25 | Growth |
|---|---|---|---|
| e-Bus Volumes (Units) | 1,530 | 452 | 238% |
| e-LCV Volumes (Units) | 1,606 | 1,029 | 56% |
| Revenue (Rs. Cr) | 1,807 | 897 | 101% |
| PAT (Rs. Cr) | 104 | -62 | Turnaround |
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