15 May 2025
Over 90,000 Units Sold, Strong Growth in Revenues and Profits
VE Commercial Vehicles (VECV), a joint venture between Volvo and Eicher Motors, has created history in FY25 by becoming the number one player in India’s light and medium-duty truck (LMDT) segment. Even though the commercial vehicle market remained mostly flat during the year, VECV stood out with its strong performance and new milestones.
The company sold 90,161 trucks and machines in FY25, marking its highest-ever annual sales. Along with this, it also posted record revenues and profits, proving its strength across segments.
Vinod Aggarwal, MD & CEO of VECV, shared, “FY25 has been a record year for us. We delivered more than 90,000 trucks and machines and crossed ₹23,500 crore in revenue. We grew by 5.4% in a flat market and have become the number one player in the light and medium-duty truck space.”
Strong Growth Across Truck, Bus, and Engine Segments
VECV’s growth was not limited to one category. The company saw record sales across heavy-duty trucks, buses, aftermarket parts, industrial engines, and power solutions.
In the LMDT segment alone, VECV sold 11,591 units in Q4 FY25, capturing a 37.1% market share, which is the highest ever for the company. This was possible due to a wide product range, localisation efforts, and a sharp focus on customer needs.
In addition, the company recorded its highest-ever sales in the heavy-duty truck segment, with 6,765 units sold in Q4, grabbing a 9.1% market share. Meanwhile, bus sales stood at 7,568 units in the same quarter, also marking the best Q4 performance in this category.
Aggarwal mentioned, “This success comes from our continued focus on providing efficient and reliable trucks, along with an ever-expanding product portfolio.”
Financial Performance Shows Strong Margins and Revenue Growth
VECV also performed well financially in FY25. The company's revenue for Q4 touched ₹7,139 crore, showing a 13.8% year-on-year growth. The EBITDA for Q4 stood at ₹752 crore, helping the company achieve a full-year EBITDA of ₹2,030 crore, which is 18.4% higher than the previous year.
Moreover, the EBITDA margin for Q4 was 10.5%, and for the full year, it was 8.8%. This reflects VECV’s strong cost control and consistent performance in different business areas.
92 New Launches and a Major Electric Vehicle Entry
One of the biggest highlights of the year was the company’s strong push in product innovation. In FY25, VECV launched 92 new products and variants. These included updates to its diesel, CNG, and electric vehicles.
A major step was the launch of the Eicher Pro-X, a small commercial vehicle in the 2–3.5 tonne category. This new vehicle was launched in an electric-first format, mainly targeting the growing last-mile delivery market. This move marked VECV’s formal entry into the small truck space.
Aggarwal said, “We started deliveries with the electric version of the Pro-X to support clean and green last-mile transport.”
In addition to this, VECV also introduced Eicher Electric Port, a long-haul solution, and Volvo’s FM tractor range for specialised road-train applications.
Aftermarket and Power Solutions Add to Growth
Apart from vehicles, VECV also performed well in the aftermarket segment, especially in spare parts and power solutions such as gensets and industrial engines.
This shows the company’s ability to offer strong support to its customers even after the sale of vehicles.
Looking Ahead with Confidence
With such a strong performance in FY25, VECV is now well-positioned to grow further in FY26. The company is confident about building on its success with more clean mobility solutions, digital manufacturing, and future-ready transport technologies.
Aggarwal concluded,“It’s been an excellent year for VECV. As we move into FY26, we are excited about the opportunities ahead and will continue to focus on innovation, customer satisfaction, and sustainable transport.”
VE Commercial Vehicles has shown that with the right products, strong planning, and focus on customer needs, it is possible to grow even when the overall market is flat. With record-breaking sales, strong financial growth, and expansion into new segments, VECV has set a strong foundation for the future.
