Revenue stood at ₹8,725 crore, compared with ₹8,599 crore a year earlier, amid flat industry volumes. EBITDA margin improved to 11.1% (₹970 crore) in Q1 FY26 from 10.6% (₹911 crore) in Q1 FY25. The company remained cash positive at ₹821 crore at the end of the quarter, according to a statement.
“We are happy to report simultaneous increases in market share and operating margins. Our focus on expanding the non-CV portfolio is helping us deliver record performances in many quarters in a row. Our priority remains achieving mid-teen EBITDA margins in the medium term, while advancing our commitment to future-ready technologies,” said Shenu Agarwal, Managing Director & CEO.
Medium and heavy truck volumes (excluding defence) grew 2% year-on-year, with market share rising from 28.9% to 30.7%. Domestic LCV sales hit a record high for Q1 at 15,566 units. Export volumes rose 29% to 3,011 units. The Power Solutions, Aftermarket, and Defence businesses also contributed strongly to the quarter’s performance.
“Our electric mobility subsidiary, Switch Mobility, continues to gain good traction and has achieved positive EBITDA. We are also redoubling our efforts in international markets and the Defence business,” said Dheeraj Hinduja, Chairman.
On Thursday, the board also approved two fresh investments: up to ₹5.70 crore in Vishwa Buses and Coaches Ltd, its wholly-owned bus body and coach-building subsidiary, and up to ₹300 crore in Ohm Global Mobility Pvt Ltd, which provides e-mobility-as-a-service (EMAAS) and operates electric buses and trucks on a pay-per-use model.
As of March 31, 2025, Ohm Global Mobility reported revenue of ₹50.37 crore. Vishwa Buses and Coaches posted revenue of ₹295.35 crore in FY 2024–25, up from ₹239.81 crore in FY 2023–24 and ₹99.94 crore in FY 2022–23.
