VECV Tops India’s Light and Medium Truck Market with Highest-Ever FY25 Performance

Key Highlights:

• VECV became the number one company in India’s light and medium-duty truck segment with a market share of 37.1%.
• The company recorded its highest-ever annual sales with 90,161 vehicles sold in FY25.
• Revenue grew 7.7% to ₹23,548 crore and profit after tax rose 56.8% to ₹1,284 crore.
• VECV introduced 92 new products and variants, including electric and alternative fuel models.
• It entered the small commercial vehicle segment with the Eicher Pro-X, starting with its electric variant.

In a year when sales of the commercial vehicle market stayed flat and the industry trend was cautious, VE Commercial Vehicles (VECV) did much better than expected. It became the top company in India’s light and medium-duty truck segment. The VECV, a joint venture between Volvo and Eicher, achieved its highest-ever yearly sales, income, and profit in FY25.

VECV sold 90,161 vehicles in FY25, the most it has ever sold. This included strong sales in heavy-duty trucks, buses, spare parts, industrial engines, and power solutions. The company’s total revenue for the year was Rs 23,548 crore, which is 7.7% higher than FY24. Its profit after tax (PAT) went up by 56.8% to Rs 1,284 crore.

The biggest achievement was in the light and medium-duty truck (LMDT) segment, where VECV sold 11,591 units in the last quarter alone. This gave them a market share of 37.1%, the highest they have ever had. The company said this success came from having a wide range of products, local manufacturing, and strong focus on customers.

Vinod Aggarwal, Managing Director and CEO of VECV, said, “FY25 has been our best year so far. We delivered over 90,000 trucks and machines and earned more than ₹23,500 crore in revenue. We achieved growth of 5.4% even though the market was flat, and now we are the number one in India for light and medium-duty trucks. This happened because we keep focusing on making reliable and efficient trucks and expanding our product choices.”

In the heavy-duty truck category, VECV also reached its best-ever quarterly sales with 6,765 units sold, holding a 9.1% market share in the last quarter. For buses category, the company sold 7,568 units in the same quarter, which was their highest Q4 sales so far.

EBITDA margin and growth 

FY25 was strong not only in sales but also in financial results. In the last quarter, revenue increased by 13.8% year-on-year to Rs 7,139 crore. Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached ₹752 crore in Q4, helping the company achieve a full-year EBITDA of Rs 2,030 crore, which is 18.4% higher than the previous year.

The EBITDA margin was 10.5% in Q4 and 8.8% for the whole year. This shows that the company managed its costs well and performed steadily in all its business areas.

Newly Launched Products 

In FY25, VECV introduced 92 new products and variants, including improvements in their diesel, CNG, and electric vehicles. Some highlights were the Eicher Electric Port for long-distance transport and Volvo’s FM tractors designed for special road-train uses.

A major step was entering the small commercial vehicle category (2–3.5 tonne) with the launch of the Eicher Pro-X. This model was first offered as an electric vehicle to support last-mile delivery needs. This move marks VECV’s official entry into the small or mini truck market, expanding the range of customers they can serve.

Vinod Aggarwal said, “We began deliveries with the electric version first, showing our dedication to sustainable last-mile delivery solutions. It has been a great year for VECV. As we move into FY26, we are confident about growing even more with many new plans coming up.”

Sales of Spare Parts

The company also did very well in the aftermarket, selling a record number of spare parts and power products like generators and industrial engines. With its strong performance in FY25, entry into new vehicle categories, and a focus on clean energy and digital manufacturing, VECV is in a good position to stay a leader in light and medium-duty trucks. The company is also pushing ahead with alternative fuel technologies and modern transport solutions for the future.

Also Read: VECV Sales Report April 2025: 6,846 Units Sold; Sales Grew by 27.3%

CMV360 Says

VECV's performance in FY25 shows that strategic product diversification and a customer-first approach can deliver strong results even in a flat market. Its entry into small EV trucks and focus on clean fuel technology may help it grow faster in FY26.