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In a year marked by cautious industry sentiment and a largely flat commercial vehicle market, VE Commercial Vehicles (VECV) not only defied the trend but emerged as the No. 1 player in India’s light and medium-duty truck (LMDT) segment.
The Volvo Eicher joint venture posted its highest-ever annual volumes, revenues, and profits, closing FY25 as a standout performer in the CV industry.
“FY25 has been a record year for us as we delivered more than 90,000 trucks and machines and crossed Rs 23,500 crore in top line,” said Vinod Aggarwal, MD & CEO, VE Commercial Vehicles.
“We achieved 5.4% growth in a flat market and are now number one in India in light and medium-duty trucks.”
VECV sold 90,161 units in FY25, its highest ever, including record sales across heavy-duty trucks, buses, aftermarket parts, industrial engines, and power solutions. The company’s full-year revenue stood at Rs 23,548 crore, a 7.7% increase over FY24, while PAT surged by 56.8% to Rs 1,284 crore.
Dominance in LMDT and Segment Highs Across Portfolio
The most notable milestone was in the LMDT category, where VECV sold 11,591 units in Q4 alone, achieving a market share of 37.1%, its highest ever. The company attributed this success to product range breadth, localisation, and a sharp customer focus.
“This is a result of sustained focus on delivering reliable and efficient trucks, as well as our extensive and growing product portfolio,” Aggarwal added.
In the heavy-duty truck segment, VECV also posted its highest-ever quarterly sales of 6,765 units, capturing a 9.1% market share in Q4. The company delivered 7,568 units in the quarter in buses, marking its best-ever Q4 sales.
Financial Strength: Topline and Margins Expand
FY25 was not just strong on volumes but also on financial performance. In Q4, revenue rose to Rs 7,139 crore, up 13.8% YoY, while EBITDA stood at ₹752 crore, contributing to a full-year EBITDA of Rs 2,030 crore, up 18.4%.
The company’s EBITDA margin for Q4 was 10.5%, while the full-year margin stood at 8.8%. This reflects disciplined cost control and steady performance across its verticals.
Product Innovation and EV Foray
VECV launched 92 new products and variants in FY25, including updates across its diesel, CNG, and electric range. This included the Eicher Electric Port, the long-haul solution, and Volvo’s FM tractors for specialised road-train applications.
Most significantly, the company entered the 2–3.5 tonne small CV category with the Eicher Pro-X, rolled out in an electric-first configuration to serve last-mile delivery markets. This marks VECV’s formal foray into the small truck space, further broadening its addressable market.
“Deliveries started with the electric vehicle first, reflecting our commitment to sustainable last-mile operations,” said Aggarwal.
Industry Positioning
The company also maintained a strong presence in the aftermarket, with record sales in spare parts and power solutions, including gensets and industrial engines.
“It’s been an excellent year for VECV,” said Aggarwal. “As we step into FY26, we are confident of building further on this success with many exciting developments ahead.”
With a strong FY25 performance, new category entries, and a growing focus on clean mobility and digitised manufacturing, VECV is well-placed to build on its leadership in light and medium-duty trucks while pushing forward in alternative fuel technologies and future-ready transport solutions, claims the company.
(With inputs from Kiran Murali)
This article first appeared on Autocar
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