Despite challenging external factors such as rare-earth magnet shortages and geopolitical disruptions, electric bus and light commercial vehicles maker Switch Mobility of the Hinduja Group recorded profits in FY26 for the first time. The company ‘s growth is driven by government electrification programmes and we intend to invest a minimum of 10 per cent of its revenue in new products, technology and capacity enhancement to keep the momentum going, Ganesh Mani, CEO of Switch Mobility, said in an interview with businessline.
How was FY26 for you in terms of financial performance and market share ?
FY26 was a good year despite supply-chain disruptions. The electric bus market in India was around 5000+ units, largely driven by government tenders. Switch secured about 23 per cent share and remained the market leader according to Vahan registrations. In the e-LCV segment too, the company held over 40 per cent market share and ranked No.1. We achieved EBITDA margins of over 15 per cent. We were also PAT-positive for the first time. Revenue for FY26 was around ₹1,800 crore. Our goal is to grow at the same pace going forward also.
How was government support and did it help drive revenue?
Government support has been the biggest driver. Programmes such as PM e-Drive, PM e-Seva and earlier FAME schemes have accelerated adoption. The newly announced ₹9,000-crore scheme for buses, trucks and commercial vehicles in the NCR region could be a major game changer as it improves affordability and supports fleet replacement. We sincerely hope these kinds of initiatives get deployed at an All India level.
