Ashok Leyland, a flagship of the Hinduja Group, reported profits after tax (PAT) of ₹1,246 crore in the fourth quarter ended March 2025 (Q4FY25), up 38 per cent from ₹900 crore, in the same quarter last year.
Revenue from operations for the quarter grew by 6 per cent y-o-y to end at ₹11,907 crore. EBITDA for Q4FY25 was at 15 per cent (₹1,791 crore) compared to 14.1 per cent (₹1,592 crore) for the same period last year.
For the full fiscal year revenue grew marginally by 1 per cent at ₹38,753 crore and PAT grew 26 per cent y-o-y at ₹3,303 crore. FY25 EBITDA was at 12.7 per cent (4,931 core), against 12 per cent (₹4,607 crore) last year.
The profit boost, despite a marginal revenue growth, was largely due to deferred tax credit and the company’s value engineering measures to bring down material costs. Ashok Leyland executives said the company has achieved third consecutive year of cost savings on the products, aggregating up to almost ₹2,000 crore across the three years.
Dheeraj Hinduja, Chairman, Ashok Leyland, said that the company’s EV subsidiary Switch Mobility achieved EBITDA break even in FY25 and posted a double-digit EBITDA margin in Q4FY25. “We are looking at a break even position [at the net level] for Switch Mobility in this fiscal year itself,” he said. Ashok Leyland’s capex in FY25 was around ₹800 to ₹1,000 crore, and Hinduja anticipates similar levels of capex in FY26 across their new UP plant and new products.
Shenu Agarwal, Managing Director & CEO, Ashok Leyland Ltd, said FY25 has been a landmark year and they have set new records in revenue, EBITDA and profitability. “Our margin expansion and robust cash generation reflect the strength of our operations, and investments in group companies will be met based on requirements,” he said. With regard to the recently introduced safeguard duty on steel, the company aniticipates that steel prices will move upwards, and Agarwal said that while “it may have an impact on profitability in Q1” of FY26 and they are taking steps to manage it.
Ashok Leyland ended the fiscal with a net cash of ₹4,242 crore. The company also declared Bonus Shares in the ratio of 1:1, subject to approval of shareholders.
The company’s total CV volumes at 195,093 units were very close to the previous high of 197,366. MHCV buses recorded its highest volume of 21,249 units during the year. Export volume also reached a multi-year high at 15,255 units, registering a growth of 29 per cent over the previous year. The company said it is on track to expand its alternate propulsion product portfolio. Apart from electric vehicles led by Switch Mobility, initiatives in LNG and Hydrogen are also under way, it added.
The company has paid two interim dividends, viz. first interim dividend of ₹2 per share in November 2024, and subsequently the second interim dividend of ₹4.25 per share in May 2025, aggregating to ₹6.25 per share of face value ₹1 (625 per cent). The second may be considered as final dividend, the company said.