Ashok Leyland Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Commercial Vehicle: 85.7% • Financial Service: 14.3%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has a good return on equity (ROE) track record: 3 Years ROE 30.4%
- Company has delivered good sales growth of 23.7% CAGR over last 5 years
- Operating margins have improved to 18.7% from 12.3%
- Company has been maintaining a healthy dividend payout of 59.2%
- Company has a consistent dividend-paying track record
- Attractively priced for its growth - PEG of 0.7
CONS
- Company has a high debt-to-equity of 4.48x
- Operating cash flow has been negative in recent years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.12x)
- Free cash flow has been persistently negative
- Valuation is stretched - P/E of 28.1 is well above its own 5-year median (10.1)
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TMCV | 439.45 | 38.62 | 161840.18 | 0.91 | 25560.00 | 1729.63 | 206670.00 | 1092.97 | 31.55 | 15.95 |
| ASHOKLEY | 166.30 | 28.10 | 97682.20 | 2.10 | 667.77 | 1.53 | 13069.59 | 12.12 | 14.10 | 18.49 |
| FORCEMOT | 18160.00 | 19.11 | 23928.09 | 0.28 | 216.59 | 22.81 | 2440.01 | 6.21 | 41.93 | 13.63 |
| OLECTRA | 1206.85 | 55.83 | 9905.91 | 0.05 | 26.66 | 2.44 | 575.51 | 65.75 | 21.12 | 12.29 |
| SMLMAH | 6279.95 | 58.10 | 9088.12 | 0.37 | 63.62 | -4.99 | 957.54 | 13.20 | 31.21 | 10.45 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9,652 | 11,363 | 11,018 | 13,498 | 10,654 | 11,105 | 11,946 | 14,637 | 11,657 | 12,518 | 14,762 | 17,139 | 13,070 | |
| 8,183 | 9,559 | 9,131 | 10,975 | 8,856 | 9,108 | 9,659 | 11,705 | 9,535 | 10,136 | 12,008 | 13,938 | 12,315 | |
| Operating Profit | 1,469 | 1,804 | 1,886 | 2,523 | 1,798 | 1,997 | 2,287 | 2,932 | 2,121 | 2,383 | 2,754 | 3,201 | 755 |
| OPM % | 15.22% | 15.88% | 17.12% | 18.69% | 16.87% | 17.98% | 19.15% | 20.03% | 18.20% | 19.03% | 18.66% | 18.68% | 5.78% |
| 51 | 8 | 67 | 5 | 63 | 233 | 67 | 11 | 99 | 95 | -145 | 152 | 189 | |
| 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 |
| Profit before Tax | 678 | 924 | 978 | 1,510 | 764 | 1,067 | 1,125 | 1,609 | 887 | 1,116 | 1,195 | 1,905 | 950 |
| Tax % | 14.00% | 38.73% | 38.34% | 38.55% | 28.10% | 29.20% | 27.79% | 23.28% | 26.36% | 27.27% | 28.22% | 29.31% | 29.69% |
| Net Profit | 0 | 0 | 0 | 0 | 551 | 767 | 820 | 1,246 | 658 | 820 | 862 | 1,381 | 668 |
| 1.85 | 1.79 | 1.91 | 2.91 | 0.87 | 1.20 | 1.30 | 1.92 | 1.04 | 1.29 | 1.38 | 2.20 | 1.05 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 22,871 | 29,636 | 33,197 | 21,951 | 19,454 | 26,237 | 41,673 | 45,703 | 48,535 | 56,362 | 57,489 | |
| 19,585 | 25,390 | 28,323 | 18,718 | 16,998 | 23,483 | 36,580 | 37,855 | 39,327 | 45,648 | 48,396 | |
| Operating Profit | 3,286 | 4,245 | 4,874 | 3,233 | 2,456 | 2,754 | 5,093 | 7,848 | 9,208 | 10,714 | 9,093 |
| OPM % | 14.37% | 14.32% | 14.68% | 14.73% | 12.63% | 10.50% | 12.22% | 17.17% | 18.97% | 19.01% | 15.82% |
| 179 | 186 | 164 | 55 | 213 | -227 | 155 | 151 | 374 | 232 | 290 | |
| Interest | 1,049 | 1,227 | 1,502 | 1,802 | 1,901 | 1,869 | 2,094 | 2,982 | 3,930 | 4,705 | 4,933 |
| Depreciation | 573 | 646 | 676 | 750 | 836 | 866 | 900 | 927 | 1,087 | 1,138 | 1,179 |
| Profit before Tax | 1,833 | 2,565 | 2,872 | 739 | -67 | -200 | 2,265 | 4,106 | 4,596 | 5,155 | 5,166 |
| Tax % | 10.70% | 29.28% | 23.58% | 37.79% | -3.76% | -43.02% | 40.01% | 34.33% | 26.40% | 27.82% | 28.69% |
| Net Profit | 1,637 | 1,814 | 2,195 | 460 | -70 | -285 | 1,359 | 2,696 | 3,383 | 3,721 | 3,684 |
| EPS | 5.51 | 6.00 | 7.08 | 1.15 | -0.56 | -1.22 | 4.21 | 8.46 | 10.58 | 5.91 | — |
| Dividend Payout % | 27.93% | 40.41% | 43.78% | 43.60% | -106.59% | -81.86% | 61.63% | 58.52% | 59.07% | 59.23% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 10%
- 5 Years:
- 24%
- 3 Years:
- 11%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 18%
- 5 Years:
- —
- 3 Years:
- 41%
STOCK PRICE CAGR
- 10 Years:
- 15%
- 5 Years:
- 21%
- 3 Years:
- 22%
- 1 Year:
- 23%
RETURN ON EQUITY
- 10 Years:
- 19%
- 5 Years:
- 21%
- 3 Years:
- 30%
- Last Year:
- 28%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 285 | 293 | 294 | 294 | 294 | 294 | 294 | 294 | 294 | 587 |
| Minority Interest | 589 | 825 | 1,075 | 1,107 | 1,268 | 1,286 | 2,244 | 2,810 | 3,613 | 4,305 |
| 6,081 | 7,058 | 8,443 | 7,470 | 7,524 | 6,969 | 8,216 | 8,663 | 11,882 | 13,632 | |
| 12,827 | 15,695 | 19,291 | 22,376 | 24,242 | 24,185 | 31,208 | 31,729 | 38,854 | 49,613 | |
| Trade Payables | 3,450 | 5,054 | 5,179 | 3,277 | 5,346 | 7,250 | 7,582 | 6,798 | 8,019 | 9,291 |
| 3,323 | 4,452 | 4,830 | 3,596 | 3,384 | 3,590 | 5,154 | 17,301 | 18,885 | 23,276 | |
| Total Liabilities | 26,555 | 33,376 | 39,112 | 38,119 | 42,058 | 43,574 | 54,697 | 67,595 | 81,546 | 1,00,704 |
| 6,591 | 6,596 | 6,695 | 8,031 | 8,484 | 7,895 | 8,146 | 8,157 | 8,837 | 10,435 | |
| Capital Work in Progress | 196 | 251 | 295 | 442 | 233 | 139 | 139 | 170 | 359 | 549 |
| 1,933 | 4,383 | 1,492 | 960 | 1,096 | 2,652 | 4,852 | 2,329 | 6,610 | 7,467 | |
| 2,901 | 2,208 | 3,063 | 1,536 | 2,496 | 2,541 | 3,440 | 4,008 | 3,986 | 4,672 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,898 | 3,347 | 3,087 | |
| Cash & Bank | 1,064 | 1,231 | 1,777 | 2,235 | 1,779 | 2,138 | 2,187 | 7,080 | 7,263 | 10,757 |
| 13,870 | 18,708 | 25,789 | 24,914 | 27,970 | 28,209 | 35,932 | 41,954 | 51,145 | 63,737 | |
| Total Assets | 26,555 | 33,376 | 39,112 | 38,119 | 42,058 | 43,574 | 54,697 | 67,595 | 81,546 | 1,00,704 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 744 | 2,041 | -2,993 | 604 | -1,102 | 2,901 | -3,937 | -6,258 | 128 | -4,895 | |
| Cash from Investing | -1,695 | -3,166 | 1,892 | -1,203 | -991 | -1,917 | -2,935 | 1,135 | -5,758 | -7,016 |
| Cash from Financing | 738 | 1,905 | 2,398 | 1,239 | 1,331 | -378 | 7,281 | 8,432 | 6,958 | 11,617 |
| -687 | 202 | 544 | 419 | -726 | 550 | -154 | 3,309 | 1,328 | -293 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Ashok Leyland Limited has informed the Exchange about Schedule of investor meet
2026-09-01 - Ashok Leyland Limited has informed the Exchange regarding Monthly Business Updates for the month of August 2026
2026-08-31 - Ashok Leyland Limited has informed the Exchange about Schedule of investor meet
2026-08-21 - Ashok Leyland Limited has informed the Exchange about Transcript
2026-08-17 - Ashok Leyland Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 14, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-14 - Ashok Leyland Limited has informed the Exchange regarding summary of Proceedings of Annual General Meeting held on August 14, 2026
2026-08-14 - Ashok Leyland Limited has informed the Exchange about Acquisition
2026-08-14 - Ashok Leyland Limited has informed the Exchange about General Updates on rotation on Statutory Auditors
2026-08-14 - Ashok Leyland Limited has submitted to the Exchange, the unaudited financial results for the period ended Jun 30, 2026.
News
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