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Ashok Leyland Q4 PAT ₹1,291 Cr; Switch Turns Profitable
Switch Mobility posted its first profit of ₹104 crore as Ashok Leyland's Q4 PAT hit ₹1,291 cr, up 14%. Record CV volumes of 220,437 units and premiumisation drive margins. Watch Q1 FY27 sales data for volume sustainability.
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Ashok Leyland Ltd. closed FY26 with record commercial vehicle volumes and a profitable electric vehicle subsidiary. The Q4 numbers confirmed that its premiumisation and electrification strategies are generating measurable results.
Profit after tax (attributed to owners) for the quarter ended March 2026 rose 14% year over year to ₹1,291 crore from ₹1,130 crore. Revenue from operations grew 17% to ₹17,246 crore, outpacing the full-year growth rate of 16%. For the full year, PAT came in at ₹3,471 crore, up 12%, on revenue of ₹56,362 crore.
The board declared a second interim dividend of ₹2.50 per share. Together with the ₹1.00 per share paid in Q3, the total dividend for the year is ₹3.50 per share.
| Metric | FY26 | FY25 | Change |
|---|---|---|---|
| PAT (₹ crore) | 3,471 | 3,100 | +12% |
| Revenue (₹ crore) | 56,362 | 48,587* | +16% |
| CV Volume (units) | 220,437 | 195,076* | +13% |
| Export Volume (units) | 18,082 | 15,255 | +18.5% |
*Derived from stated percentage changes and reported FY26 figures. FY25 PAT sourced directly; other FY25 values calculated.
Switch Mobility Swings to ₹104 Crore Profit
Switch Mobility, Ashok Leyland’s electric vehicle arm, posted its first full-year profit. This removes a long-standing drag on consolidated earnings. The subsidiary reported a PAT of ₹104 crore for FY26 against a loss of ₹62 crore in FY25. Revenue more than doubled to ₹1,807 crore.
E-bus volumes surged 238% to 1,530 units. E-LCV volumes rose 56% to 1,606 units. The turnaround validates the company’s decision to build a dedicated EV supply chain with separate assembly lines and a sales network.
Record CV Volumes Cross 220,000 Units
Ashok Leyland sold 220,437 commercial vehicles in FY26, surpassing the previous peak of 197,366 units in FY19. The 13% year-over-year growth was broad-based. Light commercial vehicles hit a record 74,322 units, beating the earlier high of 66,633 units in FY24. Export volumes reached 18,082 units, up 18.5% over the prior year’s 15,255 units.
Dheeraj Hinduja, Chairman, said the record-breaking milestones and strong financial performance across businesses were a matter of “immense pride.”