Ashok Leyland Q4 Results FY26: Commercial vehicle manufacturer Ashok Leyland delivered its strongest-ever quarterly and annual financial performance for FY26, driven by rising domestic demand, robust export growth and higher sales across key business segments. The Hinduja Group flagship reported a record consolidated net profit of Rs 1,405 crore for the fourth quarter ended March 2026, marking a 13 per cent rise compared to Rs 1,246 crore in the same period last year.
The company also achieved its highest-ever quarterly revenue, EBITDA and cash generation during the January-March quarter. Revenue from operations climbed 19 per cent year-on-year to Rs 14,160.49 crore.
Dheeraj Hinduja, chairman of Ashok Leyland, attributed the company’s strong momentum to improving market conditions and replacement demand in the commercial vehicle segment. He said government initiatives linked to GST implementation also helped support growth. The company is planning capital expenditure in the range of Rs 800 crore to Rs 1,000 crore in FY27.
Ashok Leyland’s EBITDA for the fourth quarter rose 15 per cent to Rs 2,066 crore compared to Rs 1,791 crore a year earlier. The company also generated cash worth Rs 3,280 crore during the quarter, reflecting stronger operational efficiency and improving margins.
For the full financial year FY26, the company posted a net profit of Rs 3,566 crore, an increase of 8 per cent over Rs 3,308 crore reported in FY25. The earnings came despite a one-time impact of Rs 308 crore related to the implementation of the new Labour Code.
Annual revenue surged to an all-time high of Rs 44,007 crore, up from Rs 38,753 crore in the previous year. EBITDA for the year expanded 13 per cent to Rs 5,732 crore.
Ashok Leyland ended FY26 with a healthy net cash position of Rs 5,899 crore, strengthening its balance sheet for future investments.
Commercial Vehicle And Export Sales Set Records
The company recorded its highest-ever commercial vehicle sales volume at 220,437 units during FY26, surpassing the earlier peak achieved in FY19. Total CV volumes grew 13 per cent compared to the previous financial year.
Its light commercial vehicle business also touched a new milestone, with sales reaching 74,322 units, comfortably exceeding the earlier record of 66,633 units achieved in FY24.
Export performance remained another key growth driver for the company. Overseas shipments rose 18.5 per cent to a record 18,082 units from 15,255 units last year.
“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 an all-time high, signifying our ability to deliver superior growth in the coming years. Our entry into Indonesia gives a further boost to our ambition in global markets,” Hinduja said.
Ashok Leyland’s management said the company’s strategy of focusing on premium products and diversified businesses has strengthened profitability.
“Our strong margin expansion reflects the success of our premiumisation strategy, the resilience of our operations, and the growing strength of our diversified business portfolio. A record cash surplus of nearly Rs 6,000 crore provides us with significant firepower for enhanced investments in products, technology, and future-ready solutions, while continuing to elevate customer experience. With three consecutive 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 realisation through superior value delivery,” said Shenu Agarwal, managing director and chief executive officer, Ashok Leyland.
Dividend Announced
The company’s Board of Directors also approved a second interim dividend of Rs 2.50 per share. Combined with the interim dividend already paid in the third quarter, the total dividend payout for FY26 stands at Rs 3.50 per share.
