Ashok Leyland

Automobiles F&O

ASHOKLEY NSE

NSE: ASHOKLEY BSE: 500477 Commercial Vehicles

₹154.03 +1.29 (+0.84%)

P/E: 26.02

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MCP

Close 4 Nov 2026 ₹154.03 +12.80 +9.06% 1Y

Start ₹141.23

Key Fundamentals

MidcapAgricultural Commercial & Construction VehiclesCapital Goods

Price-based figures as of 04 Nov 2026, 15:59 IST · EPS basis: Consolidated · TTM

ROCE: 13.60%
Debt to Equity: 4.49
EPS (TTM): ₹5.92
Book Value: ₹24.25

Market Cap: —
P/E (TTM): 26.02
P/B: 6.35
ROE: 27.40%
Dividend Yield: 2.29%
EBITDA: ₹11,330 Cr
52W High: ₹215.42
52W Low: ₹138.03
Day Range: ₹151.75 – ₹155.64
Volume: 1,34,39,644

Peer Comparison

Industrials › Automobiles › Commercial Vehicles

Ashok Leyland peer comparison

Tata Motors	₹402.80	23.56	₹1,50,000 Cr	9.70	0.99%	34.00%	35.90%	₹87,197 Cr	₹4,187 Cr
Ashok Leyland (this company)	₹154.03	26.02	₹90,487 Cr	6.35	2.29%	27.40%	13.60%	₹57,723 Cr	₹3,731 Cr
SML Mahindra	₹4,928.80	48.51	₹6,946 Cr	12.74	0.48%	35.40%	30.90%	₹3,064 Cr	₹148 Cr
Atul Auto	₹390.50	22.94	₹1,064 Cr	2.21	0.78%	9.30%	11.30%	₹890 Cr	₹49 Cr
Median 4 companies	₹396.65	24.79	₹48,717 Cr	8.02	0.89%	30.70%	22.25%	₹30,394 Cr	₹1,940 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of 4 Nov 2026. How it works →

Overall score

39 Weak

Data confidence 100/100

pledge:39%

Category scores

Quality: 23; Poor; Returns, margins, earnings quality 22% weight
Valuation: 72; Strong; Cheap vs sector & own history 24% weight
Growth: 50; Average; Sales & profit trajectory 9% weight
Financial Health: 11; Poor; Solvency, leverage, coverage 9% weight
Momentum: 17; Poor; Trend strength, vol-adjusted 12% weight
Ownership: 47; Average; FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

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%
Debtor days have improved from 25.4 to 20.0 days.

Weaknesses

Stock is trading at 6.14 times its book value
Promoters have pledged 40.1% of their holding.

Technical Indicators

Technical signals: verdict and indicator counts
Group	Signal	Bearish	Neutral	Bullish
Overall	Neutral	8	3	8
Oscillators	Neutral	3	3	3
Moving Averages	Neutral	5	0	5

Oscillators

Neutral

Bearish

Neutral

Bullish

Overall

Neutral

Bearish

Neutral

Bullish

Moving Averages

Neutral

Bearish

Neutral

Bullish

Key readings

RSI (14): 57.54; Neutral
MACD (12,26,9): −1.74; Bullish
SMA (50): 157.15; Bearish
SMA (200): 168.29; Bearish

As of 4 Nov 2026

Analyst Rating

Based on 33 analysts

16 of 33 analysts rate Buy, 15 Hold, 2 Sell.

As of 4 Nov 2026

BUY

48%

HOLD

45%

SELL

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y	+10.24%
5Y	+23.71%
3Y	+10.59%
1Y	+16.13%
TTM	+16.50%

Net profit

Net profit growth by window
10Y	+17.98%
5Y	Turned to profit
3Y	+39.80%
1Y	+9.99%
TTM	+6.87%

Operating cash flow

Operating cash flow growth by window
10Y	Outflow widened by ₹3,620 Cr
5Y	Outflow widened by ₹3,830 Cr
3Y	Outflow widened by ₹396 Cr
1Y	Turned negative
TTM	—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y	+5.05 pp
5Y	+6.40 pp
3Y	+6.84 pp
1Y	+0.09 pp
TTM	−0.23 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017	₹22,871 Cr
Mar 2018	₹29,636 Cr
Mar 2019	₹33,197 Cr
Mar 2020	₹21,951 Cr
Mar 2021	₹19,454 Cr
Mar 2022	₹26,237 Cr
Mar 2023	₹41,673 Cr
Mar 2024	₹45,703 Cr
Mar 2025	₹48,535 Cr
Mar 2026	₹56,362 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017	₹1,633 Cr
Mar 2018	₹1,814 Cr
Mar 2019	₹2,195 Cr
Mar 2020	₹460 Cr
Mar 2021	−₹70.00 Cr
Mar 2022	−₹285 Cr
Mar 2023	₹1,362 Cr
Mar 2024	₹2,696 Cr
Mar 2025	₹3,383 Cr
Mar 2026	₹3,721 Cr

Analyst Forecasts

Forecast For

Sep 26 consensus · EBITDA

₹1,318 Cr

Reported High Mean Low

Analyst consensus here uses a different definition from reported ebitda (they differ 2.0× on periods where both exist), so the forecast is shown on its own rather than joined to the reported line.

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026

AI opinion · based on fundamentals

Risk high

Ashok Leyland Ltd trades at ₹149.2 as of 2026-11-02 with a market cap of ₹86,821 crore. The company has delivered strong profit growth (84% CAGR over 5 years) and maintains a healthy ROE of 20.06%, but carries a debt-to-equity ratio of 4.49 and trades at 6.15 times book value while the stock sits about 31% below its 52-week high of ₹215.42.

Bull Case 7

Compounded profit growth of 84% CAGR over 5 years reflects a sharp earnings recovery and operating leverage in the commercial vehicle cycle
3-year ROE of 28% and last-year ROE of 27% indicate consistently high returns on shareholder equity, well above industry averages
Healthy dividend payout ratio of 58.9% with a current dividend yield of 2.42%, offering meaningful income to shareholders
TTM sales growth of 17% and TTM profit growth of 17% show the top line and bottom line are expanding in tandem
Debtor days improved from 25.4 to 20.0 days, signalling tighter working capital management and faster collections
10-year compounded sales growth of 10% and profit growth of 15% demonstrate a long-term track record of profitable expansion through multiple CV cycles
Stock is trading at ₹149.2, roughly 31% below its 52-week high of ₹215.42, which may reflect a more accessible entry zone relative to recent peaks

Bear Case 7

Debt-to-equity ratio of 4.49 is elevated, implying significant financial leverage that increases vulnerability in a cyclical downturn
Promoters have pledged 40.1% of their holding, creating a risk of forced selling or loss of control if share prices decline further
Price-to-book ratio of 6.15 is high, meaning the stock commands a steep premium over its net asset value
PE (TTM) of 25.2 is not cheap for a cyclical commercial vehicle manufacturer whose earnings can swing sharply with economic conditions
The stock has fallen from a 52-week high of ₹215.42 to ₹149.2, a decline of about 31%, indicating sustained negative price momentum
Commercial vehicle demand is inherently cyclical and tied to GDP growth, infrastructure spending and freight rates — any slowdown could compress the 17% TTM profit growth
3-year stock CAGR of 19% has moderated to a 1-year CAGR of 11%, suggesting decelerating investor returns even as fundamentals remain sound

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

AI News Digest

9h ago

TL;DR: Ashok Leyland is delivering strong volume growth led by a 39% surge in domestic M&HCV trucks and 22% cumulative sales growth through October 2026. The key risk is a persistent decline in the bus segment, down 12% cumulatively. The HR leadership departure is a routine transition. Overall, the commercial vehicle upcycle remains firmly intact, though bus segment recovery bears watching in the coming quarters.

Headwinds 1

Bus segment volumes declining Nov 02

Bus segment sales fell 6% YoY in October 2026 and 12% cumulatively from April to October, indicating sustained weakness in the passenger vehicle vertical.

Positives 2

October sales surge 23% YoY Nov 02

Total vehicle sales for October 2026 rose 23% YoY to 21,888 units, with domestic M&HCV truck volumes surging 39% to 11,102 units.
Strong cumulative sales growth Nov 02

Cumulative sales from April to October 2026 grew 22% YoY to 135,328 units, reflecting sustained demand momentum across the fiscal year.

Neutral 1

HR head resigns for personal reasons Oct 22

Raja Radhakrishnan resigned as Head of Special Projects and HR effective October 21, 2026, citing personal career plans. He offered transition support through end of 2026.

Quarterly Results

₹ Cr

ASHOKLEY quarterly results, ₹ crore
Particulars	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 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	764	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 (₹)	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

Profit & Loss

₹ Cr

ASHOKLEY profit and loss, annual, ₹ crore
Particulars	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
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	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	9,208	10,745	10,982
OPM %	10%	14%	13%	14%	15%	15%	13%	11%	12%	17%	19%	19%	19%
Other Income	−106	−321	406	190	139	57	207	−230	169	160	405	252	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 (₹)	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%	Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.	Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.	62%	59%	59%	59%	—

Balance Sheet

₹ Cr

ASHOKLEY balance sheet, annual, ₹ crore
Particulars	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	8,260	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

Cash Flow

₹ Cr

ASHOKLEY cash flow, annual, ₹ crore
Particulars	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	−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/EBITDA	14	−25	24	48	−61	19	−45	105	−77	−69	14	−32

Ratios

ASHOKLEY financial ratios, annual
Particulars	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	−42
ROCE %	8%	17%	15%	17%	16%	9%	5%	6%	11%	15%	14%	14%

Insights

Beta

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

66 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

Promoters 51.51%
FIIs 19.90%
DIIs 16.64%
Public 10.05%
Others 1.83%
Government 0.07%

39.48% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Q1 FY27 concall · Aug 2026
Transcript
Q4 FY26 concall · Jun 2026
Transcript Recording
Q3 FY26 concall · Feb 2026
Transcript Recording
Q2 FY26 concall · Nov 2025
Transcript
Q1 FY26 concall · Aug 2025
Transcript

Frequently Asked Questions about Ashok Leyland

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.

Where is Ashok Leyland Ltd (ASHOKLEY) listed?

Ashok Leyland Ltd trades as ASHOKLEY on the NSE and under code 500477 on the BSE.

Which sector does Ashok Leyland Ltd belong to?

Ashok Leyland Ltd is classified under the Automobiles sector, in the Commercial Vehicles industry.

What is the PE ratio of Ashok Leyland Ltd?

Ashok Leyland Ltd trades at a PE ratio of 26.02 as of 4 Nov 2026, on earnings per share of ₹5.92, against a book value of ₹24.25 per share.

What is the 52-week high and low of Ashok Leyland Ltd?

Over the last 52 weeks Ashok Leyland Ltd has traded between ₹138.03 and ₹215.42 as of 4 Nov 2026.

Does Ashok Leyland Ltd pay dividends?

Ashok Leyland Ltd has a dividend yield of 2.29%.

What is the Return on Equity (ROE) of Ashok Leyland Ltd?

Ashok Leyland Ltd reported a return on equity of 27.40%. Its debt-to-equity ratio is 4.49.

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Ashok Leyland

Key Fundamentals

Peer Comparison

Overall score

Category scores

Key Insights

Strengths

Weaknesses

Technical Indicators

Oscillators

Overall

Moving Averages

Key readings

Analyst Rating

Growth Rate

Revenue

Net profit

Operating cash flow

Operating margin· change in pp

Revenue by year

Net profit by year

Analyst Forecasts

AI Analysis — Bull vs Bear

AI News Digest

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Insights

Shareholding Pattern

Documents

Frequently Asked Questions about Ashok Leyland

Company Information

For AI agents and developers

Explore More