Ashok Leyland delivered its strongest-ever quarterly and annual financial performance in FY26, powered by record commercial vehicle volumes, margin expansion and accelerating growth across exports and electric mobility. The Hinduja Group flagship firm reported a 13% year-on-year rise in standalone net profit for the March quarter at ₹1,405 crore, while revenue from operations surged 19% to a record ₹14,160 crore.

The company’s operational momentum remained robust during the quarter, with EBITDA rising 15% year-on-year to ₹2,066 crore and operating profit before tax climbing 14% to ₹1,909 crore. Sequentially, profit after tax surged 76% from ₹796 crore in the December quarter, indicating a sharp improvement in demand and operating leverage. Cash generation during the quarter stood at ₹3,280 crore, further strengthening the company’s balance sheet.

Ashok Leyland Chairman Dheeraj Hinduja said the company’s defence order pipeline was currently at an all-time high and its entry into Indonesia would further strengthen global market ambitions. “The record financial performance is backed by relentless innovation, customer focus and our ability to accelerate growth across businesses,” he said.

Margins improve despite One-time charge

For the full financial year ended March 2026, Ashok Leyland posted revenue of ₹44,007 crore, up 14% from the previous year, while operating PBT rose 22% to ₹5,163 crore. Annual profit after tax increased 8% to ₹3,566 crore despite absorbing a one-time labour code-related charge of ₹308 crore.

Annual EBITDA rose to ₹5,732 crore, translating into a margin of 13%, compared with 12.7% in FY25. Net cash reserves climbed sharply to ₹5,899 crore at the end of FY26 from ₹4,242 crore a year earlier.

“FY26 has been a defining year for us, marked by record-breaking achievements across revenue, EBITDA, profitability and cash generation,” said Shenu Agarwal, Managing Director and CEO of Ashok Leyland. He added that margin expansion was driven by premiumisation, operational resilience and a stronger diversified business portfolio.

CV, exports and EV businesses scale new highs

Ashok Leyland’s overall commercial vehicle volumes touched an all-time high of 220,437 units during FY26, surpassing the previous peak recorded in FY19. Light commercial vehicle sales rose to a record 74,322 units, while export volumes grew 18.5% year-on-year to 18,082 units.

The company’s electric mobility arm Switch Mobility also posted a sharp turnaround. Revenue more than doubled to ₹1,807 crore during FY26, while electric bus volumes surged 238% and electric LCV sales rose 56%.

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