Mumbai: India's commercial vehicle (CV) makers are expanding their focus beyond truck sales, as they seek to protect revenue and profits in a highly cyclical market where vehicle demand is closely tied to economic growth, freight activity and government spending on infrastructure.Tata Motors, Ashok Leyland and VE Commercial Vehicles (VECV), which reported one of their best annual performances in fiscal 2026, highlighted rapid growth in businesses such as spare parts, financing and fleet services during earnings calls.Ashok Leyland's aftermarket business generated nearly ₹3,800 crore in revenue in FY26, while VECV's spare-parts business crossed ₹3,000 crore, growing nearly 14% year-on-year. Tata Motors said its non-cyclical revenue has been growing at 2.7 times the pace of cyclical revenue, reflecting a push towards parts, services and fleet solutions.For commercial vehicle manufacturers, these segments, especially after-sales businesses like spare parts and maintenance, generate recurring revenue even when vehicle demand is weak.CV market leader Tata Motors was the most explicit about the shift. "We've been deliberately building this mix, and this is now showing up meaningfully in the numbers," Tata Motors Commercial Vehicles chief financial officer GV Ramanan told analysts.Tata Motors has expanded its presence in fleet-management services, connected vehicle platforms and aftermarket businesses, areas that management believes can provide more stable earnings through the cycle.Ashok Leyland's FY26 performance pointed to a similar trend. While the company reported record annual revenue and profit, it also highlighted strong growth in businesses beyond vehicle manufacturing. Domestic spare parts revenue rose 9.5% year-on-year, while its power solutions and defence businesses grew 16.4% and 20%, respectively. Hinduja Leyland Finance expanded assets under management by 24% to about ₹59,500 crore. "Our non-CV businesses also demonstrated remarkable growth," managing director and chief executive officer Shenu Agarwal said.At VECV, the move beyond truck sales is becoming visible across multiple business lines. Alongside reporting record vehicle sales and strong export growth, the company disclosed plans to establish a 50:50 joint venture with Volvo Financial Services to provide financing and leasing solutions to customers."The proposed JV will be the captive financing arm for VECV, EML (Eicher Motors) and Volvo Group products in India," vice-chairman Vinod Aggarwal said.Citing spare-parts sales and revenue from other businesses, VECV managing director and CEO said: "These numbers show that VECV's growth story is not limited to one segment or one business line."