Ashok Leyland Posts All-time High Volumes and Profits for Q4 and FY26

Chennai, May 28,2026: Ashok Leyland Limited, the Indian flagship of the Hinduja Group, has announced a stellar performance for Q4 and for full year FY2026, delivering the highest-ever quarterly and annual Revenues, EBITDA, and PAT.

The company reported an EBITDA of Rs. 2,066 Cr for Q4 FY26, up 15% from Rs. 1,791 Cr for the same period last year. The operating PBT for the quarter was at Rs. 1,909 Cr, up 14% vis-a-vis Rs. 1,671 Cr for the same period last year. PAT was at Rs. 1,405 Cr, up 13% vis-a-vis Rs. 1,246 Cr in Q4 last year. Cash generated during the quarter was Rs. 3,280 Cr.

The Company declared record numbers for the year ending March 31, 2026:

Particulars	FY26	FY25	Change
Revenues (Rs. Cr)	44,007	38,753	14%
Operating PBT (Rs. Cr)	5,163	4,245	22%
Profit After Tax (Rs. Cr)	3,566*	3,303	8%

*After a one-time charge of Rs. 308 Cr owing to the new Labor Code

FY26 EBITDA was at Rs. 5,732 Cr (13.0%) vis-a-vis Rs. 4,931 Cr (12.7%) last year. The Company ended the financial year with Net cash of Rs. 5,899 Cr, vis-a-vis Rs. 4,242 Cr at the end of the previous year.

Overall CV volumes scaled a new all-time high of 220,437 units, surpassing the previous peak of 197,366 units achieved in FY19. The CV Volumes in FY26 were up 13% from last year. LCV volumes set a new benchmark, reaching 74,322 units, well above the earlier high of 66,633 units in FY24.

Export volumes also reached a historic high of 18,082 units, delivering a robust growth of 18.5% over the previous year’s 15,255 units. The Power Solutions and Aftermarket businesses continued their strong momentum, posting impressive growth during the year.

Our major subsidiaries further accelerated their growth journeys during FY26. Switch Mobility delivered a standout performance, with a surge in e-Bus volumes to 1,530 units, growing by 238% over the previous year. The e-LCV volumes rose to 1,606 units, with a robust 56% growth. The revenue more than doubled to ₹1,807 Cr, with PAT of ₹ 104 Cr in FY26 against a loss of ₹ 62 Cr in the previous year.

Hinduja Leyland Finance Limited (HLF - standalone) posted a stellar 24% growth in FY26 to achieve AUM of Rs. 59,531 Cr. HLF PAT is up by 20% to Rs. 491 Cr. Hinduja Housing Finance (HHF - standalone) has grown its AUM by 15% to Rs. 15,937 Cr, with PAT growing by 4% to Rs. 387 Cr.

Mr. Dheeraj Hinduja, Chairman, Ashok Leyland Limited said, “Achieving these record-breaking milestones and delivering a strong financial performance across our businesses is a matter of immense pride for us. Our CV and export volumes were at an all-time high, reflecting the deep trust our customers place in us. The Company delivered significant growth in Power Solutions, Aftermarket and Electric Mobility businesses. Our Defence order pipeline is at its all-time high, signifying ability to deliver superior growth in the coming years. Our entry into Indonesia gives further boost to our ambition in global markets. The record financial performance is backed by relentless innovation, unwavering focus on customer satisfaction, and ability to accelerate our ambition in global markets. We are well-positioned to sustain profitable growth and create long-term value.”

Mr. Shenu Agarwal, Managing Director and CEO, Ashok Leyland Limited said, “FY26 has been a defining year for us, marked by record-breaking achievements across revenue, EBITDA, profitability and cash generation. Our strong margin expansion reflects the success of our premiumization strategy, the resilience of our operations, and the growing strength of our diversified business portfolio. A record cash surplus of nearly Rs. 6,000 Cr provides us with significant firepower for enhanced investments in products, technology and future-ready solutions, while continuing to elevate customer experience. With consecutive three years of record performance, we are more confident than ever in our ability to strengthen our technology leadership, gain market share and further enhance price realization through superior value delivery.”

The Board of Directors declared a second interim dividend of ₹ 2.50 per share (Face value of ₹ 1/- per share). Together with the interim dividend declared and paid during Q3, the overall dividend for the year works out to ₹ 3.50 per share. (350%).

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FORWARD - LOOKING STATEMENT

In this Press Release, we have disclosed forward-looking information to enable investors to fully appreciate our prospects and take informed investment decisions. This report and other statements – written and oral – that we periodically make, contain forward-looking statements that set our anticipated results based on management plans and assumptions. We have tried, where possible, to identify such statements by using such words as ‘anticipate’, ‘expect’, ‘project’, ‘intend’, ‘plan’, ‘believe’ and words of similar substance in connection with any discussion of future performance.

We cannot, of course, guarantee that these forward-looking statements will be realized, although we believe we have been prudent in our assumptions. Achievement of results is subject to risks, uncertainties, or potentially inaccurate assumptions. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Readers should bear this in mind. We undertake no obligation to publicly update any forward- looking statements, whether as a result of new information, future events, or otherwise.