Home / Business and Economy / Hinduja Leyland's EV Arm Reaches Profitability, Eyes Expansion
Hinduja Leyland's EV Arm Reaches Profitability, Eyes Expansion
13 Nov, 2025
Summary
- SWITCH India entity reached EBITDA and PAT profitability in H1FY26
- Sold 600 units each of e-Buses and e-LCVs, with 1,650 e-Bus orders
- Launching higher HP vehicles in the higher-margin tipper segment
As of November 13, 2025, Hinduja Leyland's electric vehicle subsidiary, SWITCH India, has reached profitability at both the EBITDA and PAT levels. The entity sold 600 units each of e-Buses and e-LCVs in the first half of the current fiscal year, FY26, and has an order book of 1,650 e-Buses.
The company is also focusing on expanding its non-commercial vehicle (non-CV) segments and launching higher horsepower vehicles in the higher-margin tipper segment. These efforts, combined with ongoing cost mitigation measures, are expected to drive further margin expansion for Hinduja Leyland.
However, the management has expressed concern over the higher pledging by the promoter group, which they will be closely monitoring. Nonetheless, the company's management is aiming for SWITCH India to reach free cash flow (FCF) positive by FY27.
Given the positive developments in SWITCH India's operations and the company's overall growth prospects, the analysts have revised their target price for Hinduja Leyland to ₹178, up from the previous ₹150.50, and have maintained a "Buy" rating on the stock.
