Ashok Leyland Ltd logo

Ashok Leyland Ltd

ASHOKLEY NSE

Key Fundamentals

MidcapCommercial VehiclesAutomobiles
Market Cap
1.0L Cr
Volatility
High Risk
P/E Ratio
30.03
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
₹114.96

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

3
  • Stock is trading at 7.32 times its book value
  • Promoters have pledged 40.1% of their holding.
  • Earnings include an other income of Rs.8,300 Cr.

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 1d ago
AI opinion · based on fundamentals
Risk medium

Ashok Leyland, with a market cap of ₹1,03,638 Cr, trades at a PE of 28x and PB of 7.32x. The company has delivered 84% profit CAGR over 5 years with a 3-year ROE of 28%, but faces concerns around high promoter pledge at 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 ROE of 28% and last year ROE of 27%, indicating efficient capital deployment
  • Healthy dividend payout ratio of 58.9% with a current dividend yield of 1.97%, reflecting shareholder-friendly capital allocation
  • TTM sales growth of 14% shows continued revenue momentum in the commercial vehicle segment
  • Stock CAGR of 25% over 3 years and 21% over 5 years reflects sustained market confidence in the business trajectory
  • TTM profit growth of 21% outpacing TTM sales growth of 14% suggests margin expansion and operating leverage benefits
  • 10-year ROE of 19% demonstrates the company's ability to generate above-cost-of-capital returns through full business cycles
Bear Case 7
  • Promoters have pledged 40.1% of their holding, creating significant risk of forced selling or governance concerns in a downturn
  • Stock trades at 7.32x book value, well above historical norms for commercial vehicle manufacturers, leaving limited margin of safety
  • Earnings include other income of ₹8,300 Cr, raising questions about the sustainability and quality of reported profits
  • PE ratio of 28x is elevated for a cyclical commercial vehicle business that is subject to economic downturns
  • 3-year compounded sales growth of only 5% contrasts sharply with profit growth of 45%, suggesting margin gains may not be sustainable indefinitely
  • 10-year sales CAGR of just 9% indicates modest top-line growth over a full cycle, reflecting the cyclical nature of the CV industry
  • 5-year profit CAGR of 84% is inflated by a low base during COVID-affected years, making forward growth comparisons challenging

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

AI News Digest

Anthropic anthropic claude-opus-4.6 15h ago
Headwinds 1
  • Single-digit growth, margin pressure Jul 21

    Management flagged new challenges and expects only single-digit growth amid ongoing margin pressures, signaling a cautious outlook for the near term.

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 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.

  • Hinduja Leyland merger clears hurdle Aug 3

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

  • ₹222.65 Cr DTC arbitration win Jul 13

    Secured an arbitral award of ₹222.65 crore plus 10% interest against Delhi Transport Corporation; DTC's ₹136 crore counterclaim was rejected.

Neutral 3
  • Q1FY27 earnings call Aug 14 Aug 6

    Ashok Leyland will host its Q1FY27 earnings conference call on August 14, 2026 at 5:30 PM IST with MD & CEO Shenu Agarwal and CFO K M Balaji.

  • 77th AGM rescheduled to Aug 14 Jul 16

    The 77th AGM was rescheduled to August 14, 2026 at 2:30 PM IST, a minor timing change from the originally planned 3:00 PM slot.

  • 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 and volumes, and July 2026 sales momentum remains robust at +33% YoY. However, management's own guidance of single-digit growth and margin headwinds tempers the bullish narrative. The arbitration win and group restructuring are modest positives. The upcoming Q1FY27 results on Aug 14 will be critical to confirm whether recent monthly sales strength is translating into sustained margin improvement or if cost pressures are eroding profitability.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 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
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
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
3,006
2,697
OPM %
10%
14%
13%
14%
15%
15%
13%
11%
12%
17%
7%
6%
Other Income
-106
-321
406
190
139
57
207
-230
169
160
6,607
8,300
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
2,269
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
1,362
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%
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 ₹103638.29 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 30.03. 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 1.97%. 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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