Ashok Leyland Ltd logo

Ashok Leyland Ltd

ASHOKLEY NSE

Key Fundamentals

MidcapCommercial VehiclesAutomobiles
Market Cap
1.0L Cr
Volatility
Moderate
P/E Ratio
29.79
EBITDA
₹11,330 Cr
Return on Equity
20.06%
Debt to Equity
4.49
Book Value
₹24.25
EPS
₹8.52
52W High
₹215.42
52W Low
₹125.1

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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45 extracted metrics + investor summaries across FY11–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

3
  • Company has delivered good profit growth of 84.1% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 28.0%
  • Company has been maintaining a healthy dividend payout of 58.9%

Weaknesses

2
  • Stock is trading at 7.30 times its book value
  • Promoters have pledged 40.1% of their holding.

Growth Rate

Revenue Growth
16.47% ↗
Net Income Growth
10.00% ↗
Cash Flow Change
-3910.00% ↘
ROE
-6.04% ↗
ROCE
-6.08% ↗
EBITDA Margin (Avg.)
1.69% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
AI opinion · based on fundamentals
Risk high

Ashok Leyland, with a market cap of Rs.1,04,378 Cr, trades at a PE of 28x and PB of 7.3x. The company has delivered 84% profit CAGR over 5 years and maintains a 3-year ROE of 28%, but faces concerns around promoter pledge of 40.1% and elevated valuations relative to book value.

Bull Case 7
  • Exceptional 5-year compounded profit growth of 84% CAGR demonstrates strong earnings recovery and operational leverage
  • Consistent return on equity with 3-year average ROE of 28% and last year ROE of 27%, indicating efficient capital deployment
  • Healthy dividend payout ratio of 58.9% with current dividend yield of 1.99%, rewarding shareholders consistently
  • TTM sales growth of 14% indicates continued top-line momentum in the current fiscal period
  • TTM profit growth of 21% outpacing revenue growth of 14%, suggesting margin expansion and operating leverage benefits
  • Stock CAGR of 45% over 1 year reflects strong market confidence in the commercial vehicle cycle upturn
  • Long-term 10-year ROE of 19% demonstrates the company's ability to generate returns across economic cycles
Bear Case 7
  • Promoters have pledged 40.1% of their holding, creating risk of forced selling in adverse market conditions
  • Stock trades at 7.27x book value, significantly above historical averages for commercial vehicle manufacturers
  • Earnings include other income of Rs.8,300 Cr, raising questions about the sustainability and quality of core operating profits
  • 3-year compounded sales CAGR of only 5% suggests underlying revenue growth has been modest despite profit surge
  • PE ratio of 28x is elevated for a cyclical commercial vehicle company, leaving limited margin of safety if the CV cycle turns
  • 10-year compounded profit CAGR of 15% versus 5-year CAGR of 84% shows earnings are heavily back-loaded, indicating cyclicality rather than structural growth
  • 10-year sales CAGR of 9% highlights that long-term top-line growth has been single-digit, limiting compounding potential

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 20h ago
Headwinds 1
  • Single-digit growth, margin pressure Jul 21

    Ashok Leyland flagged new challenges and projected only single-digit growth amid ongoing margin pressures, signaling a cautious outlook for the operating environment.

Positives 4
  • Record FY26 revenue ₹44,007 Cr Jul 20

    Ashok Leyland posted record FY26 revenue of ₹44,007 crores (up 14% YoY), PAT of ₹3,566 crores, EBITDA margin of 13.0%, and all-time high CV volumes of 2,20,437 units.

  • July 2026 sales surge 33% YoY Aug 3

    Domestic vehicle sales rose 33% YoY to 17,980 units in July 2026, driven by strong M&HCV truck demand.

  • ₹825 Cr investment in Optare, HHFL Aug 14

    Board approved up to GBP 25 million for UK EV subsidiary Optare and ₹500 crore for Hinduja Housing Finance to support EV initiatives and commercial vehicle lending.

  • Hinduja Leyland merger clears creditors Aug 3

    Hinduja Leyland Finance unsecured creditors approved the merger with NDL Ventures with 100% voting support, clearing a key regulatory hurdle.

Neutral 4
  • Deloitte appointed statutory auditor Aug 14

    Deloitte Haskins & Sells appointed as statutory auditors for five years, succeeding PwC, subject to shareholder approval at the 78th AGM in 2027.

  • ₹45 Cr block trade on NSE Aug 10

    Approximately 25.4 lakh shares traded in a block deal at ₹177.84 per share, totaling ₹45.19 crores, indicating institutional portfolio activity.

  • Q1FY27 earnings call on Aug 14 Aug 6

    Management including MD Shenu Agarwal and CFO K M Balaji to host Q1FY27 results call on August 14, 2026, at 5:30 PM IST.

  • Associate ALJD voluntarily liquidated Jul 27

    Ashok Leyland John Deere Construction Equipment (ALJD) was voluntarily liquidated following an NCLT dissolution order, closing a non-core JV.

TL;DR: Ashok Leyland delivered a strong FY26 with record revenue, margins, and volumes, and July 2026 sales momentum remains robust at 33% YoY growth. Strategic investments in EVs and lending diversify its growth levers. However, management's own guidance of single-digit growth and margin headwinds tempers near-term expectations. The trend is positive on execution but the forward outlook warrants monitoring for demand normalization and cost pressures.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
9,691
11,429
11,093
13,542
10,724
11,148
11,995
14,696
11,709
12,577
14,830
17,246
13,070
Expenses
8,183
9,559
9,131
10,975
8,856
9,108
9,659
11,705
9,535
10,136
12,008
13,938
10,660
Operating Profit
1,509
1,870
1,961
2,567
1,868
2,040
2,336
2,991
2,173
2,441
2,822
3,308
2,410
OPM %
16%
16%
18%
19%
17%
18%
19%
20%
19%
19%
19%
19%
18%
Other Income
53
-1
46
10
36
245
75
22
103
103
-140
186
195
Interest
655
715
783
829
904
962
1,011
1,053
1,112
1,152
1,200
1,241
1,341
Depreciation
227
227
241
233
235
244
268
340
273
268
282
314
315
PBT
679
927
984
1,516
765
1,078
1,132
1,621
891
1,124
1,200
1,940
950
Tax %
14%
39%
38%
38%
28%
29%
28%
23%
26%
27%
28%
29%
30%
Net Profit
584
569
609
934
551
767
820
1,246
658
820
862
1,381
668
EPS in Rs
0.93
0.9
0.95
1.45
0.87
1.2
1.3
1.92
1.04
1.29
1.38
2.2
1.05
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
15,708
21,260
22,871
29,636
33,197
21,951
19,454
26,237
41,673
45,703
42,333
48,314
57,723
Expenses
14,191
18,281
19,826
25,387
28,287
18,718
16,992
23,472
36,580
37,848
39,327
45,617
46,741
Operating Profit
1,517
2,979
3,045
4,248
4,910
3,233
2,462
2,765
5,093
7,856
3,006
2,697
10,982
OPM %
10%
14%
13%
14%
15%
15%
13%
11%
12%
17%
7%
6%
19%
Other Income
-106
-321
406
190
139
57
207
-230
169
160
6,607
8,300
343
Interest
872
925
1,049
1,227
1,502
1,802
1,901
1,869
2,094
2,982
3,930
4,705
4,933
Depreciation
580
524
573
646
676
750
836
866
900
927
1,087
1,138
1,179
PBT
-42
1,209
1,829
2,565
2,872
739
-67
-200
2,269
4,106
4,596
5,155
5,213
Tax %
415%
41%
11%
29%
24%
38%
4%
43%
40%
34%
26%
28%
—
Net Profit
-205
712
1,633
1,814
2,195
460
-70
-285
1,362
2,696
3,383
3,721
3,731
EPS in Rs
0.24
1.2
2.79
3.01
3.54
0.57
-0.28
-0.61
2.11
4.23
5.29
5.91
5.92
Div. Payout %
96%
40%
28%
40%
44%
44%
-107%
-82%
62%
59%
59%
59%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
285
285
285
293
294
294
294
294
294
294
294
587
Reserves
4,227
4,979
6,108
7,128
8,452
7,495
7,568
7,010
8,260
8,711
11,938
13,654
Borrowings
9,070
11,054
13,168
15,791
19,168
22,417
24,077
24,145
31,161
40,802
49,962
63,936
Other Liabilities
6,011
5,806
7,048
10,171
11,212
7,924
10,119
12,125
14,965
17,788
19,352
22,527
Total Liabilities
19,592
22,123
26,609
33,383
39,126
38,130
42,058
43,574
54,679
67,595
81,546
1,00,704
Fixed Assets
6,529
5,890
6,591
6,596
6,695
8,031
8,484
7,895
8,129
8,157
8,837
10,435
CWIP
216
87
244
439
678
574
336
240
268
415
577
940
Investments
1,499
1,031
1,933
4,383
1,492
960
1,096
2,652
4,852
2,329
6,610
7,467
Other Assets
11,348
15,115
17,841
21,965
30,261
28,565
32,143
32,787
41,430
56,695
65,523
81,862
Total Assets
19,592
22,123
26,609
33,383
39,126
38,130
42,058
43,574
54,679
67,595
81,546
1,00,704
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
95
-1,275
270
1,462
-3,745
383
-1,065
2,845
-4,499
-6,258
128
-4,895
Investing
-124
456
-1,676
-3,163
1,897
-1,201
-973
-1,917
-2,904
1,135
-5,759
-6,986
Financing
781
1,660
738
1,905
2,398
1,239
1,331
-378
7,281
8,432
6,958
11,617
Net Cash Flow
752
841
-668
205
549
421
-707
550
-122
3,309
1,327
-264
Free Cash Flow
162
-1,331
-166
823
-4,841
-940
-1,791
2,443
-5,353
-7,346
-1,471
-7,712
CFO/OP
14
-25
24
48
-61
19
-45
105
-77
-69
43
-129
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
31
25
20
14
30
25
57
45
37
31
29
23
Inventory Days
58
50
73
42
52
42
76
53
44
50
49
50
Days Payable
108
71
85
96
88
90
162
150
96
85
99
100
Cash Conversion Cycle
-19
5
8
-39
-6
-22
-30
-52
-16
-4
-21
-26
Working Capital Days
-41
-23
-21
-54
-13
-31
-44
-52
-34
-45
-37
-49
ROCE %
8%
17%
15%
17%
16%
9%
5%
6%
11%
15%
14%
14%

Shareholding Pattern

As of Jun 2026
Promoters 51.51%
FIIs 20.68%
DIIs 15.76%
Public 10.35%
Others 1.63%
Government 0.07%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Jul 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
51.54%
51.54%
51.54%
51.54%
51.54%
51.54%
51.54%
51.53%
51.53%
51.53%
51.53%
51.53%
51.52%
51.52%
51.52%
51.52%
51.52%
51.52%
51.52%
51.51%
51.51%
51.51%
51.51%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.02%
0.01%
0.00%
0.00%
20.22%
20.49%
21.45%
22.03%
24.40%
24.09%
23.50%
23.85%
24.02%
24.32%
24.41%
24.57%
20.68%
DIIs
16.59%
17.33%
18.81%
19.85%
21.18%
20.94%
18.55%
21.17%
22.16%
20.80%
16.51%
14.66%
12.23%
14.12%
12.35%
13.04%
14.06%
13.88%
13.61%
13.59%
13.73%
13.06%
15.76%
Government
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
0.07%
0.07%
0.07%
0.07%
Public
12.23%
11.71%
11.11%
11.40%
11.73%
10.34%
9.77%
10.32%
9.97%
9.64%
10.00%
11.65%
13.11%
10.79%
10.26%
9.87%
9.56%
9.36%
9.45%
9.07%
8.68%
8.84%
10.35%
Others
19.56%
19.34%
18.46%
17.13%
15.47%
17.11%
20.05%
16.90%
16.26%
17.95%
1.67%
1.60%
1.61%
1.46%
1.41%
1.41%
1.28%
1.32%
1.32%
1.44%
1.60%
1.94%
1.63%
No. of Shareholders
10,05,180
10,19,250
10,36,770
11,60,870
12,42,010
11,20,960
10,96,220
11,30,370
11,18,110
10,99,980
12,06,480
13,39,740
14,91,400
14,75,870
14,59,210
14,56,050
14,45,000
13,92,220
14,12,490
14,50,990
14,43,920
15,02,640
16,45,110

Documents

Frequently Asked Questions about Ashok Leyland Ltd

What does Ashok Leyland Ltd do?
Ashok Leyland is the flagship Company of the Hinduja group, having a long-standing presence in the domestic medium and heavy commercial vehicle (M&HCV) segment. The company has a strong brand and well-diversified distribution and service network across the country and has a presence in 50 countri...
Where is Ashok Leyland Ltd (ASHOKLEY) listed?
Ashok Leyland Ltd is listed on the Indian stock exchanges. It is listed on NSE: ASHOKLEY and BSE: 500477. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Ashok Leyland Ltd belong to?
Ashok Leyland Ltd operates in the Automobiles sector within the Commercial Vehicles industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Ashok Leyland Ltd?
Ashok Leyland Ltd has a market capitalisation of approximately ₹103092.02 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Ashok Leyland Ltd?
The Price-to-Earnings (PE) ratio of Ashok Leyland Ltd is 29.79. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Ashok Leyland Ltd?
Over the past 52 weeks, Ashok Leyland Ltd has traded between a low of ₹125.1 and a high of ₹215.42. This range helps investors understand the stock's price volatility and recent trading levels.
Does Ashok Leyland Ltd pay dividends?
Yes, Ashok Leyland Ltd has a dividend yield of 1.98%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Ashok Leyland Ltd?
Ashok Leyland Ltd has a Return on Equity (ROE) of 20.06%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Ashok Leyland Ltd on Tapetide?
On Tapetide, you can view Ashok Leyland Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Ashok Leyland is the flagship Company of the Hinduja group, having a long-standing presence in the domestic medium and heavy commercial vehicle (M&HCV) segment. The company has a strong brand and well-diversified distribution and service network across the country and has a presence in 50 countries, it is one of the most fully-integrated manufacturing companies. Its headquarter is in Chennai [1] They manage driver training institutes across India and have trained over 8,00,000 drivers since inception. [1]

Website ashokleyland.com
CEO Mr. Dheeraj Gopichand Hinduja
Employees 9,695
Listed 1995-05-25
Face Value ₹ 1
Issued Size 5,87,38,54,552

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