Switch Mobility Drives Ashok Leyland’s FY25 Success with EBITDA Break-Even

Switch Mobility, the electric vehicle (EV) subsidiary of Ashok Leyland, achieved a significant milestone by posting a double-digit EBITDA margin in Q4 FY25 and reaching EBITDA break-even for the full financial year, Executive Chairman Dheeraj Hinduja announced on Friday.

“Switch India, the EV subsidiary of our company, ended FY25 on a strong note, delivering double-digit EBITDA in Q4 FY25 and EBITDA break-even for FY25,” Hinduja said during a media briefing.

This performance underscores the company’s strategic push into the EV market, supported by an order book of over 1,800 electric buses, including export orders, as of Q3 FY25.

Ashok Leyland, the Indian flagship of the Hinduja Group, reported its highest-ever quarterly and annual revenue, EBITDA, and profit after tax (PAT) for FY25, bolstered by a 29% volume growth in export markets.

“The company ended the financial year with a strong cash position, net of dividend, CAPEX, and investment in group companies,” Hinduja noted, highlighting the resilience of the business.

The parent company’s board approved a one-to-one bonus share issue, following two interim dividends totaling 625%, or ₹6.25 per share, for FY25. “This was our fourth consecutive quarter with a double-digit EBITDA margin, reaffirming our strategy of growing profitably,” Hinduja said.

Ashok Leyland continues to invest in EVs and alternate fuel technologies, with new product launches in the light commercial vehicle (LCV) segment through its Saathi and Dost brands. “These record performances reflect the resilience of our business and our customers' trust in us,” Hinduja added.

The company also advanced its environmental, social, and governance (ESG) goals, ranking first globally in the Heavy Machinery and Trucks category by Sustainalytics. Renewable energy usage improved to 69% from 61% in FY24, moving closer to its RE100 commitment. “What is extremely satisfying is that our record-high financials are being achieved with significant progress on our ESG goals,” Hinduja said.

Hinduja expressed optimism about future growth, stating, “The milestone achieved during FY25 has boosted the company's confidence in its ability to achieve its mid-term goals, and we are confident of venturing ahead in the years to come.”

Autocar Professional previously reported that Switch Mobility's volumes are projected to triple in the next financial year, driven by a robust order backlog of 1,300 electric buses.

Switch Mobility has manufacturing facilities in Chennai and the UK. In India, Switch has introduced two electric buses— the EiV 12 and the double-decker EiV 22—and is preparing to launch a new low-floor electric bus for urban commutes, built on an entirely new platform. On the electric light commercial vehicle (LCV) front, the company currently offers two models: the IeV4 and IeV3. The management said it planning to launch many more models.