Ashok Leyland

NSE: ASHOKLEYBSE: 500477

₹ 144.85▲ 2.85 (+2.01%)28 Oct, 03:28 pm IST

Market cap: ₹ 85,729 Cr.
P/E: 22.9x
P/B: 6.02x
52-week range: 138.03 – 215.42
ROE: 27%
ROCE: 14%
Dividend yield: 2.4%
Debt / equity: 4.49
Sector: Agricultural, Commercial & Construction Vehicles
Industry: Commercial Vehicles
Listed on: NSE, BSE

About

Ashok Leyland Limited is an India-based company engaged in automobile manufacturing. The main activities of the Company relate to manufacturing, sales, vehicle and housing finance, Information Technology (IT) services, and services related to a wide range of commercial vehicles. The Company is also engaged in manufacturing engines for industrial and marine applications, forgings and castings. Its segments include Commercial vehicles and Financial service. Its truck product categories include haulage, ICV, tippers and tractors. It offers buses under various brands including, Garud 12m, Viking, cheetah, and Garud 13.5. The Company's light vehicle product categories include light commercial vehicle, small commercial vehicle, goods carrier, and passenger. Its power solutions include agricultural engines, diesel generators, industrial engines, marine engines and gas gensets. Its defense products include armored, high mobility, light tactical, logistics, simulator and tracked vehicles.

Quick check

The five things to look at first. Open one for more.

Compared with its industry

Commercial Vehicles: 4 companies →

Ashok Leyland against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

Valuation (P/E)22.9 against a typical 23.4: cheaper than most peers (1st = cheapest).2nd of 4
Sales growth+11.6% against a typical +28.5% from a year earlier.4th of 4
Profit growth+1.5% against a typical +1.5% from a year earlier.2nd of 3
Share price, 3 months−8.3% against a typical −5.6%.3rd of 4
Size₹ 85,728.9 Cr. market value against a typical ₹ 46,382.1 Cr. (1st = largest).2nd of 4

Credit ratings

Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates

High safety

Rated AA+ by ICRA

AA+

DefaultRiskyModerateSafeVery safe

No warnings from the agency.

Agency	Current rating	Outlook	As of
ICRA	[ICRA]AA+ /[ICRA]A1+	Stable	9 Oct 2026
CARE	Withdrawn	Stable	21 Sep 2026

Credit rating actions
		Rating
9 Oct 2026	Reaffirmed	[ICRA]AA+ /[ICRA]A1+	—	ICRA	₹ 7,379.38 Cr.
21 Sep 2026	Withdrawn	was CARE AA+ / CARE A1+	—	CARE	—
2 Jun 2026	Reaffirmed	[ICRA]AA+ /[ICRA]A1+	—	ICRA	₹ 7,479.38 Cr.
22 Sep 2025	Reaffirmed	CARE AA+ / CARE A1+	—	CARE	₹ 6,400 Cr.
12 Sep 2025	Reaffirmed	[ICRA]AA+ /[ICRA]A1+	—	ICRA	₹ 7,432.5 Cr.

Board meetings

Results dates and other board meetings. Full calendar

		Details
14 Aug 2026	Financial Results	To consider and approve the unaudited financial results for the quarter ended Jun 30, 2026
28 May 2026	Financial Results/Dividend/Fund Raising	To consider and approve the financial results for the period ended March 31, 2026, dividend and Fund Raising
11 Feb 2026	Financial Results	To consider and approve the financial results for the period ended December 31, 2025
12 Nov 2025	Financial Results	To consider and approve the financial results for the period ended September 30, 2025
14 Aug 2025	Financial Results	To consider and approve the financial results for the period ended Jun 30, 2025
23 May 2025	Financial Results/Dividend	To consider and approve the financial results for the period ended March 31, 2025 and dividend

Financials

Consolidated figures in ₹ crore.

Quarterly results
₹ Cr.	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	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	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	1,870	1,961	2,567	1,868	2,040	2,336	2,991	2,173	2,441	2,822	3,308	2,410
OPM %	16%	18%	19%	17%	18%	19%	20%	19%	19%	19%	19%	18%
Other Income	−1	46	10	36	245	75	22	103	103	−140	186	195
Interest	715	783	829	904	962	1,011	1,053	1,112	1,152	1,200	1,241	1,341
Depreciation	227	241	233	235	244	268	340	273	268	282	314	315
Profit before tax	927	984	1,516	765	1,078	1,132	1,621	891	1,124	1,200	1,940	950
Tax %	39%	38%	38%	28%	29%	28%	23%	26%	27%	28%	29%	30%
Net Profit	569	609	934	551	767	820	1,246	658	820	862	1,381	668
EPS in Rs	0.9	0.95	1.45	0.87	1.2	1.3	1.92	1.04	1.29	1.38	2.2	1.05

Growth and returns

Compounded yearly rates over each period.

Compounded Sales Growth

10 Years: 9%
5 Years: 20%
3 Years: 5%
TTM: 17%

Compounded Profit Growth

10 Years: 15%
5 Years: 84%
3 Years: 45%
TTM: 17%

Stock Price CAGR

10 Years: 15%
5 Years: 24%
3 Years: 23%
TTM: —

Return on Equity

10 Years: 19%
5 Years: 22%
3 Years: 28%
TTM: —

Shareholding

Latest: Jun 2026.

Promoters

51.51%

−0.01 pts in a year

FIIs

20.67%

−3.18 pts in a year

DIIs

15.75%

+1.87 pts in a year

Government

0.07%

0 pts in a year

Public

11.99%

+1.32 pts in a year

P/E and EPS over time

Daily P/E and trailing 12-month EPS. EPS updates with each result.

P/E 22.9xEPS (12 months) ₹ 6.34Median P/E 25x

P/E (times)EPS (₹)

Peers

Listed companies in the same business.

Peer comparison

Ashok Leyland	₹ 144.85	₹ 85,729 Cr.	22.9x	6x	27%	—
Maruti Suzuki India	₹ 11,258.95	₹ 3,53,984 Cr.	29.6x	4.1x	14.4%	8%
Eicher Motors	₹ 7,050.00	₹ 1,93,538 Cr.	37.4x	8.3x	23.8%	23.6%
Hyundai Motor India	₹ 1,850.00	₹ 1,50,320 Cr.	29.8x	8.1x	29.9%	7.7%
Tata Motors	₹ 398.00	₹ 1,46,575 Cr.	38.6x	12x	—	3.6%
Force Motors	₹ 16,391.00	₹ 21,362 Cr.	23.1x	5.7x	33.5%	13.4%

Management

Dheeraj Gopichand Hinduja: Executive Chairman of the Board
Shenu Agarwal: Chief Executive Officer, Managing Director, Executive Director
K.M. Balaji: Chief Financial Officer
Natarajan Ramanathan: Compliance Officer, Company Secretary

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