Ashok Leyland Ltd.

•

ashokleyland.comBSE: 500477NSE: ASHOKLEY

Market Cap₹ 96,302 Cr.

Current Price

High / Low₹ 215 / 133

Stock P/E27.7

Book Value₹ 25

Price to Book6.37

Dividend Yield2.13 %

ROCE14.1 %

ROE28.2 %

Face Value₹ 1

Add ratio to table

ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Commercial Vehicle: 85.7% • Financial Service: 14.3%

AI Sector View

AI GENERATED

Capital Goods

Buy

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.

Confidence

72%

View full sector analysis →

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 27.7 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

Capital GoodsAutomobile & AncillariesAutomobiles-Trucks/Lcv

Part ofNIFTY 500 NIFTY ALPHA 50 NIFTY AUTO NIFTY DIV OPPS 50 NIFTY LARGEMID250

S.No.	Name
1.	TMCV	434.35	38.17	159961.96	0.92	25560.00	1729.63	206670.00	1092.97	31.55	15.95
2.	ASHOKLEY	163.95	27.71	96301.85	2.13	667.77	1.53	13069.59	12.12	14.10	18.49
3.	FORCEMOT	17705.00	18.64	23328.57	0.28	216.59	22.81	2440.01	6.21	41.93	13.63
4.	OLECTRA	1210.30	55.99	9934.23	0.05	26.66	2.44	575.51	65.75	21.12	12.29
5.	SMLMAH	6591.10	60.98	9538.41	0.36	63.62	-4.99	957.54	13.20	31.21	10.45

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
51.52	51.52	51.52	51.52	51.52	51.51	51.51	51.51	51.51
22.03	24.39	24.09	23.50	23.85	24.32	24.41	24.57	20.67
14.12	12.34	13.04	14.06	13.88	13.59	13.73	13.06	15.75
0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07
12.25	11.65	11.28	10.84	10.68	10.50	10.28	10.79	11.99

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-07 - Ashok Leyland Limited has informed the Exchange about Schedule of investor meet

2026-09-01

Monthly Business Updates

2026-09-01 - Ashok Leyland Limited has informed the Exchange regarding Monthly Business Updates for the month of August 2026

2026-08-31

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-31 - Ashok Leyland Limited has informed the Exchange about Schedule of investor meet

2026-08-21

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-21 - Ashok Leyland Limited has informed the Exchange about Transcript

2026-08-17

Shareholders meeting

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

Shareholders meeting

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

Acquisition

2026-08-14 - Ashok Leyland Limited has informed the Exchange about Acquisition

2026-08-14

General Updates

2026-08-14 - Ashok Leyland Limited has informed the Exchange about General Updates on rotation on Statutory Auditors

2026-08-14

Outcome of Board Meeting

2026-08-14 - Ashok Leyland Limited has submitted to the Exchange, the unaudited financial results for the period ended Jun 30, 2026.