Ashok Leyland Q4 profit rises 13% as CV sales hit record high; exports surge

Ashok Leyland

reported record earnings for the March quarter and full-year FY26, with the company achieving its highest-ever revenue, EBITDA, profit after tax and commercial vehicle volumes, supported by robust demand across segments and strong export growth.

The commercial vehicle maker posted a 12.6% year-on-year rise in net profit to ₹1,405 crore for Q4FY26, while revenue increased 18.9% to ₹14,161 crore. EBITDA rose 15.3% to ₹2,066 crore, with margins remaining steady at 15%.

The company said overall CV volumes scaled a new all-time high of 220,437 units in FY26, surpassing the previous peak of 197,366 units recorded in FY19. LCV volumes also touched a record 74,322 units, while exports rose 18.5% year-on-year to a historic high of 18,082 units.

Electric mobility subsidiary Switch Mobility delivered strong growth during the year, with e-bus volumes surging 238% to 1,530 units and e-LCV volumes rising 56% to 1,606 units. Revenue more than doubled to ₹1,807 crore, while the business turned profitable with a PAT of ₹104 crore, compared to a loss in the previous year.

Chairman Dheeraj Hinduja said the company’s record performance reflected strong customer trust, growth across Power Solutions, Aftermarket and electric mobility businesses, as well as a robust defence order pipeline. He added that the company’s entry into Indonesia would further strengthen its global ambitions.

Managing Director and CEO Shenu Agarwal said FY26 marked a “defining year” for the company, driven by record revenue, profitability and cash generation. He added that a cash surplus of nearly ₹6,000 crore would support investments in products, technology and future-ready solutions.

The company also declared a second interim dividend of ₹2.50 per share, taking the total dividend payout for FY26 to ₹3.50 per share.

Earlier in February, Ashok Leyland had told CNBC-TV18 it remained optimistic about commercial vehicle demand momentum, backed by a strengthening replacement cycle, infrastructure activity and continued focus on premiumisation and product differentiation.

Ahead of the earnings announcement, shares of Ashok Leyland closed 2.16% higher at ₹164 on the NSE.