Ashok Leyland has reported its highest-ever annual revenue and profit for the financial year ended March 31, 2026, driven by record commercial vehicle volumes. The Board of Directors approved the audited standalone and consolidated financial results and declared a second interim dividend of ₹2.50 per equity share. The total dividend for FY26 amounts to ₹3.50 per share, with the record date set for Wednesday, June 3, 2026.

Financial Performance

The company achieved a revenue from operations of ₹44,007.03 crore in FY26, a 14% increase from ₹38,752.74 crore in the previous year. Net profit for the year rose to ₹3,565.53 crore from ₹3,303.29 crore. For the quarter ended March 31, 2026, revenue stood at ₹141B versus ₹119B in the same period last year, while net profit came in at ₹14B compared to ₹12.5B year-on-year. Q4 EBITDA was ₹20.4B versus ₹17.9B year-on-year, with EBITDA margin at 14.55% compared to 15.10% in the same period last year.

The statutory auditors, Messers. Price Waterhouse & Co, Chartered Accountants, LLP, issued an unmodified opinion on the audited standalone and consolidated financial results.

Operational Highlights

Ashok Leyland sold a record 220,437 commercial vehicles in FY26, surpassing the previous peak of 197,366 units achieved in FY19. This represents a 13% growth over the previous year. Light commercial vehicle (LCV) volumes reached a new benchmark of 74,322 units. Export volumes also hit an all-time high of 18,082 units, growing 18.5% year-on-year.

Dividend Declaration

The Board declared a second interim dividend of ₹2.50 per equity share of ₹1 each. The dividend will be paid on or before June 26, 2026. The record date to determine shareholder eligibility is June 3, 2026. The company stated there will not be any final dividend for FY26.

Borrowings and Ratings

Outstanding qualified borrowings at the end of FY26 stood at ₹1,002.04 crore, down from ₹1,228.34 crore at the start of the year. The company's highest credit rating for unsupported bank borrowings is ICRA - AA+ and CARE - AA+.

The meeting was held pursuant to Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE208A01029/8e5454f39de441e8.pdf

Ashok Leyland Limited has secured in-principle approval from its Board of Directors to raise funds through the issuance of Non-Convertible Debentures (NCDs) aggregating up to ₹300 crore. The debentures will be issued in one or more tranches or series on a private placement basis, allowing the company to access capital debt markets efficiently. This move is aimed at bolstering the company's financial resources for general corporate purposes or debt repayment, though specific utilization plans were not disclosed in the filing.

The Board has authorized the Fund-Raising Committee to determine and finalize the precise terms and conditions, including the coupon rate and tenor, regarding the issuance and allotment of these NCDs. This delegation provides the committee with the flexibility to time the market and structure the tranches favorably. The company stated that detailed disclosures required under Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 will be made available at the time of the actual issuance or allotment of the securities.

The regulatory framework governing this issuance includes SEBI Circular No. SEBI/HO/CFD/CFD PoD1/P/CIR/2023/123 dated July 13, 2023. The Board meeting, where this decision was ratified, commenced at 11:00 a.m. IST and concluded at 2:45 p.m. IST on May 28, 2026. The approval follows a prior communication to the exchanges dated May 18, 2026, indicating the company's intent to explore fund-raising options.

Key Details of the Fundraising

The disclosure was submitted to the National Stock Exchange of India Limited and BSE Limited on May 28, 2026. N Ramanathan, Company Secretary, signed the filing on behalf of Ashok Leyland Limited.