Chennai: In a significant milestone for the Indian electric vehicle sector, Ashok Leyland's electric vehicle arm, Switch Mobility, has turned profitable for the first time. The company posted a profit after tax (PAT) of over Rs 100 crore in FY26, driven by its emergence as a market leader in electric buses and the 2-4 tonne electric light commercial vehicle (e-LCV) segment in India.
Strong Delivery Growth
Switch Mobility delivered 1,530 electric buses in FY26, registering a sharp 238% year-on-year growth. Deliveries of electric light commercial vehicles also rose by 56% to approximately 1,600 units. The company ended FY26 with a strong order book of nearly 1,600 vehicles, providing healthy visibility for future growth.
Market Leadership
Ganesh Mani, CEO of Switch Mobility, highlighted the company's transformation: "Over the past year, Switch Mobility has undergone a significant transformation in India's electric bus sector, strengthening its position as a leading player in the market after rising from the 4th position earlier. Our e-bus volumes increased from 452 units to 1,530 units, more than tripling its footprint, while market share rose from 13% in FY25 to 22% in FY26."
Future Outlook
Looking ahead, industry volumes are expected to double, creating significant growth opportunities for electric mobility players. Switch Mobility's strategy is built around a multi-pronged growth roadmap. The company plans to further strengthen its leadership in the 9-metre and 12-metre electric bus segments, while also aggressively expanding its presence in the private and retail mobility markets through new product launches and the exploration of emerging applications.
The outlook for FY27 and beyond remains highly positive, supported by strong policy momentum and rising customer confidence. This is reflected in repeat orders and expanding deployments across both domestic and international markets, Mani said.
Industry Context
According to KPMG, India's electric bus market has witnessed rapid growth over the past 3-4 years, with over 90% of sales concentrated in the public segment, primarily driven by government-led tenders. Nearly 46,000 e-buses have already been awarded and are slated for deployment within the next two to three years, signalling a strong pipeline for state transport undertakings (STUs). India is also gearing up to tender an additional 40,000 e-buses by FY30 through flagship schemes.
