The company said overall CV volumes scaled a new all-time high of 220,437 units in FY26, surpassing the previous peak of 197,366 units recorded in FY19. LCV volumes also touched a record 74,322 units, while exports rose 18.5% year-on-year to a historic high of 18,082 units.
Electric mobility subsidiary Switch Mobility delivered strong growth during the year, with e-bus volumes surging 238% to 1,530 units and e-LCV volumes rising 56% to 1,606 units. Revenue more than doubled to ₹1,807 crore, while the business turned profitable with a PAT of ₹104 crore, compared to a loss in the previous year.
Chairman Dheeraj Hinduja said the company’s record performance reflected strong customer trust, growth across Power Solutions, Aftermarket and electric mobility businesses, as well as a robust defence order pipeline. He added that the company’s entry into Indonesia would further strengthen its global ambitions.Managing Director and CEO Shenu Agarwal said FY26 marked a “defining year” for the company, driven by record revenue, profitability and cash generation. He added that a cash surplus of nearly ₹6,000 crore would support investments in products, technology and future-ready solutions.
The company also declared a second interim dividend of ₹2.50 per share, taking the total dividend payout for FY26 to ₹3.50 per share.
Earlier in February, Ashok Leyland had told CNBC-TV18 it remained optimistic about commercial vehicle demand momentum, backed by a strengthening replacement cycle, infrastructure activity and continued focus on premiumisation and product differentiation.
Ahead of the earnings announcement, shares of Ashok Leyland closed 2.16% higher at ₹164 on the NSE.
