Ashok Leyland Ltd (ASHOKLEY) — Share Price, Financials & Ratios

Key Fundamentals

MidcapCommercial VehiclesAutomobiles

Market Cap

₹93,541 Cr

Volatility

Moderate

P/E Ratio

27.19

EBITDA

₹10,075 Cr

Return on Equity

22.82%

Debt to Equity

4.27

Book Value

₹24.25

EPS

₹8.52

52W High

₹215.42

52W Low

₹114.96

Technical Indicators

Key Insights

Strengths

4

Company has delivered good profit growth of 85.0% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 28.4%
Company has been maintaining a healthy dividend payout of 58.9%
Debtor days have improved from 25.4 to 20.0 days.

Weaknesses

2

Stock is trading at 6.39 times its book value
Promoters have pledged 40.1% of their holding.

Growth Rate

Revenue Growth

14.69% ↘

Net Income Growth

6.22% ↘

Cash Flow Change

102.05% ↗

ROE

-6.44% ↘

ROCE

-10.64% ↘

EBITDA Margin (Avg.)

-9.25% ↘

AI Analysis — Bull vs Bear

anthropic

claude-opus-4.6 3d ago

BUY

Risk medium

Ashok Leyland delivers strong profit growth (85% CAGR over 5 years) with healthy ROE of 28% and majority analyst consensus at 50% Buy. However, promoter pledge of 40.1% and P/B of 6.54x warrant caution, making this a conviction buy only for investors comfortable with cyclical risk.

Bull Case 8

Exceptional profit CAGR of 85% over 5 years demonstrates strong operating leverage as CV cycle recovers
3-year ROE of 28% signals efficient capital allocation and superior return generation versus peers
TTM sales growth of 16% indicates continued momentum in commercial vehicle demand
Healthy dividend payout of 58.9% with current yield of 2.21% provides income cushion during downturns
50% of 34 analysts rate the stock a Buy, with only 8.82% recommending Sell
Debtor days improved from 25.4 to 20.0 days, reflecting better working capital management and channel health
Stock CAGR of 33% over 1 year and 24% over 3 years shows sustained re-rating driven by earnings delivery
TTM profit growth of 22% continues to outpace sales growth of 16%, indicating margin expansion trajectory

Bear Case 7

Promoters have pledged 40.1% of their holding, creating significant overhang risk if stock corrects sharply
P/B ratio of 6.54x is expensive for a cyclical capital goods business and leaves little margin of safety
PE of 25x prices in significant growth; any CV cycle slowdown could trigger de-rating
41.18% of analysts rate the stock a Hold, suggesting limited near-term upside from current levels
10-year sales CAGR of only 10% reveals the inherent cyclicality and modest secular growth in CVs
10-year stock CAGR of 12% versus 3-year CAGR of 24% shows returns are back-ended and cycle-dependent
Market cap of Rs 92,454 Cr implies the stock is pricing in peak-cycle earnings with limited room for disappointment

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

AI News Digest

anthropic

claude-opus-4.6 14h ago

Headwinds 4

Stock drops 5% on weak sales Jun 03

Shares fell 5% to 6-month low of ₹142.25, correcting 34% from 52-week high of ₹215.35. Stock declined 13% over four sessions following disappointing May sales data.
May sales decline 4% YoY Jun 01

Total sales fell 4% YoY to 14,923 units in May 2026, driven by 13% drop in M&HCV sales to 8,966 units and 39% fall in bus sales. LCV sales grew 15% to 5,957 units.
Modest CV industry growth outlook Jun 03

ICRA expects only 4-6% CV industry growth in FY27. JM Financial projects 6% volume growth for FY27E and 7.8% for FY28E, with near-term profitability under pressure from raw material inflation.
Steel duties and commodity pressure May 28

Steel safeguard duties creating material cost pressures expected to last about two quarters. Commodity inflation and diesel price volatility could weigh on near-term volumes and margins.

Positives 8

Record FY26 profit and revenue May 28

Ashok Leyland posted highest-ever Q4 PAT of ₹1,405 crore (up 13% YoY) and FY26 revenue of ₹44,007 crore (up 14%). Net cash reserves climbed to ₹5,899 crore from ₹4,242 crore a year earlier.
All-time high CV volumes at 220K May 28

CV volumes hit record 220,437 units in FY26 (up 13% YoY), surpassing FY19 peak. LCV volumes reached 74,322 units and exports hit historic high of 18,082 units (up 18.5%).
Switch Mobility turns profitable May 28

Electric mobility arm Switch posted PAT of ₹104 crore versus a loss last year, with revenue doubling to ₹1,807 crore. E-bus volumes surged 238% to 1,530 units and e-LCV sales rose 56%.
₹3.50 total dividend declared May 28

Board declared second interim dividend of ₹2.50/share, bringing total FY26 dividend to ₹3.50/share (350% of face value). Record date set for June 3, payment by June 26, 2026.
First OEM in Delhi-NCR replacement scheme Jun 15

Ashok Leyland and Switch Mobility became first OEMs to sign MoU under Centre's vehicle replacement scheme for Delhi-NCR, offering 8% discount on ex-showroom price. Scheme targets ~2.07 lakh vehicle owners over two years.
Global expansion accelerating May 28

Board approved new wholly-owned subsidiary in Indonesia. Saudi Arabia plant with 5,000-unit capacity expected operational in 18-24 months. Export target set at 25,000 vehicles short-term, 50,000 long-term.
Margin transformation sustained May 28

Domestic MHCV margins expanded from 8% to 12.7% over three years. FY26 EBITDA margin at 13% vs 12.7% in FY25, with annual EBITDA of ₹5,732 crore (up 13%).
715-vehicle VRL Logistics order May 26

Won order for 715 vehicles from VRL Logistics comprising AVTR 3120 haulage trucks, BOSS 1615 trucks, and Oyster staff buses. 300 trucks already delivered, remaining 415 scheduled this year.

Neutral 7

₹96 crore block trade on NSE Jun 17

Block trade of ~60.2 lakh shares at ₹159.48/share worth ₹96 crore executed on NSE. A separate ₹37.74 crore block trade occurred on Jun 8 at ₹141.10/share.
Hinduja share encumbrance disclosed Jun 17

Hinduja Automotive disclosed encumbrance transactions on Ashok Leyland shares for FY26, including creation and release of shares.
₹300 crore NCD issue approved May 28

Board approved raising up to ₹300 crore via non-convertible debentures on private placement basis. Fund-Raising Committee to finalize terms.
Indonesia subsidiary incorporation May 28

Board approved incorporating a wholly-owned subsidiary in Indonesia on May 28, 2026, pending regulatory approvals. Joins existing presence in Philippines and Malaysia.
AGM set for August 14 May 28

Ashok Leyland will hold its 77th AGM on August 14, 2026 via video conferencing.
IEPF share transfer by Sep 5 Jun 05

Unclaimed shares to be transferred to IEPF by September 5, 2026. Shareholders must claim FY 2018-19 dividends to avoid transfer.
Investor conferences in early June May 26

Company scheduled meetings at Bank of America, Morgan Stanley, and Citi conferences in Mumbai plus INVESTEC India Auto Tour on June 10 in Chennai.

TL;DR: Ashok Leyland delivered record FY26 results with all-time high volumes (220K units), profit (₹1,405 crore quarterly), and a transformative margin expansion, supported by Switch Mobility turning profitable and aggressive global expansion plans. However, the stock has corrected 34% from its 52-week high on weak May sales (down 4% YoY), commodity cost headwinds from steel duties, and modest industry growth expectations of 4-6% for FY27. The structural story remains strong with diversified revenue streams, ₹5,899 crore net cash, and first-mover positioning in Delhi-NCR's vehicle replacement scheme, but near-term sentiment hinges on whether monthly volume trends stabilize and raw material pressures ease over the next two quarters.

Quarterly Results

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	13,203	9,691	11,429	11,093	13,542	10,724	11,148	11,995	14,696	11,709	12,577	14,830	17,246
Expenses	11,245	8,183	9,559	9,131	10,975	8,856	9,108	9,659	11,705	9,535	10,136	12,008	13,938
Operating Profit	1,958	1,509	1,870	1,961	2,567	1,868	2,040	2,336	2,991	2,173	2,441	2,822	3,308
OPM %	15%	16%	16%	18%	19%	17%	18%	19%	20%	19%	19%	19%	19%
Other Income	97	53	-1	46	10	36	245	75	22	103	103	-140	186
Interest	582	655	715	783	829	904	962	1,011	1,053	1,112	1,152	1,200	1,241
Depreciation	259	227	227	241	233	235	244	268	340	273	268	282	314
PBT	1,214	679	927	984	1,516	765	1,078	1,132	1,621	891	1,124	1,200	1,940
Tax %	34%	14%	39%	38%	38%	28%	29%	28%	23%	26%	27%	28%	29%
Net Profit	803	584	569	609	934	551	767	820	1,246	658	820	862	1,381
EPS in Rs	1.28	0.93	0.9	0.95	1.45	0.87	1.2	1.3	1.92	1.04	1.29	1.38	2.2

Show % Change

Figures in ₹ Crores

Profit & Loss

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Sales	15,708	21,260	22,871	29,636	33,197	21,951	19,454	26,237	41,673	45,703	48,535	56,362
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
Operating Profit	1,517	2,979	3,045	4,248	4,910	3,233	2,462	2,765	5,093	7,856	9,208	10,745
OPM %	10%	14%	13%	14%	15%	15%	13%	11%	12%	17%	19%	19%
Other Income	-106	-321	406	190	139	57	207	-230	166	160	405	252
Interest	872	925	1,049	1,227	1,502	1,802	1,901	1,869	2,094	2,982	3,930	4,705
Depreciation	580	524	573	646	676	750	836	866	900	927	1,087	1,138
PBT	-42	1,209	1,829	2,565	2,872	739	-67	-200	2,265	4,106	4,596	5,155
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	1,359	2,696	3,383	3,721
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
Div. Payout %	96%	40%	28%	40%	44%	44%	-107%	-82%	62%	59%	59%	59%

Show % Change

Figures in ₹ Crores

Balance Sheet

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 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	8,258	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	14,984	17,788	19,352	22,863
Total Liabilities	19,592	22,123	26,609	33,383	39,126	38,130	42,058	43,574	54,697	67,595	81,546	1,01,041
Fixed Assets	6,529	5,890	6,591	6,596	6,695	8,031	8,484	7,895	8,146	8,157	8,837	10,826
CWIP	216	87	244	439	678	574	336	240	268	415	577	549
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	82,199
Total Assets	19,592	22,123	26,609	33,383	39,126	38,130	42,058	43,574	54,697	67,595	81,546	1,01,041

Show % Change

Figures in ₹ Crores

Cash Flow

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 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	-7,016
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	-293
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	14	-32

Show % Change

Figures in ₹ Crores

Ratios

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	31	25	20	14	30	25	57	45	37	31	25	20
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	-24	-30
Working Capital Days	-41	-23	-21	-54	-13	-31	-44	-52	-34	-45	-32	-1
ROCE %	8%	17%	15%	17%	16%	9%	5%	6%	11%	15%	14%	14%

Show % Change

Shareholding Pattern

	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Jul 2025	Sep 2025	Dec 2025	Mar 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%
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%
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%
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%
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%
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%
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

Show % Change

Documents

1

Concall - May 2023 May 2023

Transcript

2

Concall - Jul 2023 Jul 2023

Transcript

3

Concall - Nov 2023 Nov 2023

Transcript

4

Concall - Feb 2024 Feb 2024

Transcript PPT

5

Concall - Jun 2024 Jun 2024

PPT Recording

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 Industrials sector within the Agricultural, Commercial & Construction 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 ₹93541.13 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 27.19. 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 ₹114.96 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 2.26%. 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 22.82%. 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.