Ashok Leyland Limited, the Hinduja Group's commercial vehicle flagship, posted record quarterly and annual results for Q4 and full year FY26, with consolidated revenues, EBITDA, and profit after tax all hitting historic highs.
Q4 FY26 (Consolidated)
Revenue from operations came in at ₹17,246 Cr for the quarter, up from ₹14,696 Cr in Q4 FY25 — a growth of 17% YoY. EBITDA for the quarter stood at ₹2,066 Cr, up 15% YoY from ₹1,791 Cr. Operating PBT rose 14% YoY to ₹1,909 Cr versus ₹1,671 Cr in the year-ago period. Profit after tax grew 13% YoY to ₹1,381 Cr compared to ₹1,246 Cr in Q4 FY25. Basic EPS for the quarter was ₹2.20 versus ₹1.92 a year ago.
Full Year FY26 (Consolidated)
For the full year ended March 31, 2026, Ashok Leyland delivered its strongest performance on record across all key financial metrics.
| Metric | FY26 | FY25 | Change |
|---|---|---|---|
| Revenue from Operations (₹ Cr) | 56,362 | 48,535 | +16% |
| Operating PBT (₹ Cr) | 5,163 | 4,245 | +22% |
| EBITDA (₹ Cr) | 5,732 | 4,931 | +16% |
| EBITDA Margin | 13.0% | 12.7% | +30 bps |
| PAT (₹ Cr) | 3,721 | 3,383 | +10% |
| Basic EPS (₹) | 5.91 | 5.29 | +12% |
| Net Worth (₹ Cr) | 14,242 | 12,232 | +16% |
PAT includes a one-time exceptional charge of ₹384 Cr related to the implementation of new Labour Codes. The company ended FY26 with a net cash position of ₹5,899 Cr, up sharply from ₹4,242 Cr at the end of FY25.
Overall commercial vehicle volumes hit an all-time high of 2,20,437 units in FY26, up 13% from the prior year and surpassing the previous peak of 1,97,366 units set in FY19. LCV volumes touched a new record of 74,322 units, while export volumes climbed 18.5% YoY to a historic high of 18,082 units.
Switch Mobility, the company's EV arm, turned profitable in FY26 with a PAT of ₹104 Cr against a loss of ₹62 Cr in FY25. Revenue more than doubled to ₹1,807 Cr, driven by e-Bus volumes surging 238% to 1,530 units and e-LCV volumes rising 56% to 1,606 units. Hinduja Leyland Finance grew AUM 24% to ₹59,531 Cr with PAT up 20% to ₹491 Cr. Hinduja Housing Finance expanded AUM 15% to ₹15,937 Cr.
The Board declared a second interim dividend of ₹2.50 per share (face value ₹1), payable on or before June 26, 2026, with a record date of June 3, 2026. Combined with the ₹1.00 interim dividend paid in Q3, the total dividend for FY26 stands at ₹3.50 per share (350%). There will be no final dividend for the year.