Ashok Leyland reported its highest-ever fourth quarter and full-year revenue and net profit in FY26, driven by robust growth in sales in domestic as well as export markets, despite geopolitical disruptions impacting operations and supply chains.The commercial vehicle major’s standalone net profit for the fourth quarter rose 13% year-on-year to a record ₹1,405 crore. Standalone revenue from operations jumped 19% to ₹14,160 crore during the January-March quarter.  Higher raw material costs pushed total expenses up 19% to ₹12,320 crore.

For the full year, the company reported a net profit of ₹3,566 crore against ₹3,303 crore in FY25. Full-year revenue from operations rose 14% to a new high of ₹44,007 crore.

Shenu Agarwal, MD & CEO, Ashok Leyland, attributed the record topline growth to CV sales volume led by GST rationalisation and the ongoing replacement cycle in the CV industry due to ageing fleets. “Both these fundamental factors are still in favour. However, there are some disturbances mainly because of the oil price at the level diesel oil price,” Agarwal said at the Q4 earnings press conference.

Agarwal added that the ₹7 fuel price hike so far has not had any impact on CV demand. “From a demand point of view we see a lot of resilience despite all the challenges on the ground and we will have to see how the situation unfolds,” he said.

Export volumes reached a record high of 18,082 units, crossing the 18,000-unit milestone despite ongoing geopolitical tensions in the Middle East, a key market for the CV maker. Agarwal said Ashok Leyland’s Ras Al Khaimah facility in Saudi Arabia has some issues with supply chain and labour relocation needs but said operations are returning to normalcy.

“We are expecting that the plant should be producing at full capacity starting from June” he added. Agarwal said construction of the company’s battery manufacturing plant with China’s CALB Group is on track and production is expected to commence by first or second quarter of the next fiscal year

At a consolidated level, Ashok Leyland’s profit after tax rose 22% to ₹4,105 crore in FY26 on revenue of ₹56,362 crore, up 16% year-on-year. Electric bus subsidiary Switch Mobility reported a 238% jump in volumes to 1,530 units, while revenues more than doubled to ₹1,807 crore. Switch achieved profitability with PAT of ₹104 crore in FY26 against a loss of ₹62 crore in the previous year.

FY26 EBITDA stood at ₹5,732 crore (13.0%) compared with ₹4,931 crore (12.7%) last year. The company ended the financial year with net cash of ₹5,899 crore. “A record cash surplus of nearly ₹6,000 crore provides us with significant firepower for enhanced investments in products, technology and future-ready solutions,” Agarwal said.

The company has a capex outlay of ₹800-1,000 crore for FY27. The Board of Directors declared a second interim dividend of ₹2.50 per share.

Shares of Ashok Leyland closed 2% higher at ₹164 on the NSE.