ASHOKLEY

Ashok Leyland Limited

Hinduja group's truck and bus maker, strong in medium and heavy commercial vehicles

Industrials›Capital Goods›Agricultural, Commercial & Construction Vehicles›Commercial Vehicles

ashokleyland.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹148.91
Market cap
87,334 Cr
Stock P/E
25.1
P/B
6.13
Dividend yield
2.1%
ROE (FY26)
18.7%
ROCE (FY26)
12.0%
Operating margin (FY26)
17.0%
Debt / equity (FY26)
4.49
OCF / EBITDA (FY26)
-45.6%
OCF / EBITDA (3Y)
-39.5%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Ashok Leyland makes commercial vehicles (heavy and medium trucks, buses and light commercial vehicles) sold mainly in India, along with spare parts, engines, defence vehicles and exports.

Company snapshot

2ndBy market cap

Ranked among 4 companies in Commercial Vehicles.

Segment mix

Reportable segments as of 2024-09-30 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 86.9% of revenue

SegmentRevenue shareRevenuePBTAssets
Commercial vehicle
86.9%
18,983 Cr1,379 Cr—
Financial service
13.1%
2,862 Cr357 Cr—

What we see

Positives
  • ✓Return on equity of 18.7% — the company generates strong returns on shareholders' money.
Concerns
  • ✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.
2 more signals from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales11,429 Cr11,093 Cr13,578 Cr10,724 Cr11,148 Cr11,995 Cr14,696 Cr11,709 Cr12,577 Cr14,830 Cr17,246 Cr13,070 Cr
Operating expenses (approx.)9,559 Cr9,131 Cr10,975 Cr8,856 Cr9,108 Cr9,659 Cr11,705 Cr9,535 Cr10,136 Cr12,008 Cr13,938 Cr10,660 Cr
EBITDA1,870 Cr1,961 Cr2,603 Cr1,868 Cr2,040 Cr2,336 Cr2,991 Cr2,173 Cr2,441 Cr2,822 Cr3,308 Cr2,410 Cr
OPM %16.4%17.7%19.2%17.4%18.3%19.5%20.4%18.6%19.4%19.0%19.2%18.4%
Other income34 Cr27 Cr36 Cr30 Cr114 Cr65 Cr122 Cr99 Cr135 Cr180 Cr171 Cr189 Cr
Interest715 Cr783 Cr829 Cr904 Cr962 Cr1,011 Cr1,053 Cr1,112 Cr1,152 Cr1,200 Cr1,241 Cr1,341 Cr
Depreciation227 Cr241 Cr233 Cr235 Cr244 Cr268 Cr340 Cr273 Cr268 Cr282 Cr314 Cr315 Cr
Profit before tax927 Cr984 Cr1,516 Cr765 Cr1,078 Cr1,132 Cr1,621 Cr891 Cr1,124 Cr1,200 Cr1,940 Cr950 Cr
Tax %38.6%38.1%38.4%28.1%28.9%27.6%23.1%26.2%27.1%28.1%28.8%29.7%
Net profit569 Cr609 Cr934 Cr551 Cr767 Cr820 Cr1,246 Cr658 Cr820 Cr862 Cr1,381 Cr668 Cr
EPS (₹)₹1.79₹1.91₹2.91₹1.73₹2.40₹2.59₹3.85₹1.04₹1.29₹1.38₹2.20₹1.05

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales24,190 Cr29,901 Cr33,197 Cr21,951 Cr19,454 Cr26,237 Cr41,673 Cr45,791 Cr48,535 Cr56,362 CrSign in free for the trailing twelve months
Operating expenses (approx.)20,866 Cr25,653 Cr28,287 Cr18,718 Cr16,992 Cr23,472 Cr36,580 Cr37,848 Cr39,327 Cr45,617 CrSign in free for the trailing twelve months
EBITDA3,324 Cr4,248 Cr4,910 Cr3,233 Cr2,462 Cr2,765 Cr5,093 Cr7,943 Cr9,208 Cr10,745 CrSign in free for the trailing twelve months
OPM %13.7%14.2%14.8%14.7%12.7%10.5%12.2%17.3%19.0%19.1%Sign in free for the trailing twelve months
Other income131 Cr200 Cr128 Cr108 Cr131 Cr87 Cr111 Cr141 Cr358 Cr585 CrSign in free for the trailing twelve months
Interest1,049 Cr1,232 Cr1,502 Cr1,802 Cr1,901 Cr1,869 Cr2,094 Cr2,982 Cr3,930 Cr4,705 CrSign in free for the trailing twelve months
Depreciation573 Cr646 Cr676 Cr750 Cr836 Cr866 Cr900 Cr927 Cr1,087 Cr1,138 CrSign in free for the trailing twelve months
Profit before tax1,833 Cr2,578 Cr2,872 Cr739 Cr-67 Cr-200 Cr2,269 Cr4,106 Cr4,596 Cr5,155 CrSign in free for the trailing twelve months
Tax %10.7%29.1%23.6%37.8%-3.8%-43.0%40.0%34.3%26.4%27.8%Sign in free for the trailing twelve months
Net profit1,633 Cr1,814 Cr2,195 Cr460 Cr-70 Cr-285 Cr1,362 Cr2,696 Cr3,383 Cr3,721 CrSign in free for the trailing twelve months
EPS (₹)₹5.51₹6.02₹7.08₹1.15₹-0.56₹-1.22₹4.23₹8.46₹10.58₹5.91Sign in free for the trailing twelve months
Dividend payout %——————21.6%28.3%60.3%49.3%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital285 Cr293 Cr294 Cr294 Cr294 Cr294 Cr294 Cr294 Cr294 Cr587 Cr
Reserves6,108 Cr7,128 Cr8,452 Cr7,495 Cr7,568 Cr7,010 Cr8,260 Cr8,711 Cr11,938 Cr13,654 Cr
Borrowings9,911 Cr12,147 Cr15,147 Cr16,294 Cr18,164 Cr24,145 Cr31,161 Cr40,802 Cr49,962 Cr63,936 Cr
Other liabilities9,775 Cr13,125 Cr14,154 Cr12,937 Cr14,772 Cr10,866 Cr12,769 Cr15,044 Cr15,908 Cr18,559 Cr
Total liabilities26,668 Cr33,518 Cr39,122 Cr38,127 Cr42,067 Cr43,601 Cr54,729 Cr67,660 Cr81,715 Cr1,01,041 Cr
Fixed assets (net)5,072 Cr5,069 Cr5,071 Cr5,314 Cr6,047 Cr5,744 Cr5,763 Cr5,867 Cr6,289 Cr7,983 Cr
CWIP196 Cr251 Cr295 Cr442 Cr233 Cr139 Cr139 Cr170 Cr359 Cr549 Cr
Investments1,933 Cr4,383 Cr1,492 Cr960 Cr1,096 Cr2,652 Cr4,852 Cr2,329 Cr6,610 Cr7,467 Cr
Loans & advances———7,889 Cr6,259 Cr6,818 Cr8,681 Cr10,946 Cr13,385 Cr16,592 Cr
Inventories2,901 Cr2,208 Cr3,063 Cr1,536 Cr2,496 Cr2,541 Cr3,440 Cr4,008 Cr3,986 Cr4,672 Cr
Trade receivables1,238 Cr1,176 Cr2,717 Cr1,496 Cr3,021 Cr3,279 Cr4,187 Cr3,898 Cr3,347 Cr3,087 Cr
Cash & bank1,013 Cr1,218 Cr1,767 Cr2,188 Cr1,481 Cr2,031 Cr1,909 Cr5,217 Cr6,545 Cr6,281 Cr
Other assets14,314 Cr19,214 Cr24,717 Cr18,300 Cr21,434 Cr20,397 Cr25,756 Cr35,225 Cr41,194 Cr54,410 Cr
Total assets26,668 Cr33,518 Cr39,122 Cr38,127 Cr42,067 Cr43,601 Cr54,729 Cr67,660 Cr81,715 Cr1,01,041 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity270 Cr1,477 Cr-3,745 Cr383 Cr-1,065 Cr2,845 Cr-4,499 Cr-6,258 Cr128 Cr-4,895 Cr
Cash from investing-1,695 Cr-3,166 Cr1,892 Cr-1,503 Cr-982 Cr-1,917 Cr-2,935 Cr1,135 Cr-5,758 Cr-7,016 Cr
Cash from financing738 Cr1,891 Cr2,398 Cr1,539 Cr1,331 Cr-378 Cr7,281 Cr8,432 Cr6,958 Cr11,617 Cr
Net cash flow-687 Cr202 Cr544 Cr419 Cr-707 Cr550 Cr-122 Cr3,309 Cr1,327 Cr-264 Cr
Free cash flow (OCF − Capex)-179 Cr826 Cr-4,872 Cr-966 Cr-1,817 Cr2,336 Cr-5,428 Cr-7,392 Cr-1,520 Cr-7,840 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %17.1%18.7%17.5%10.1%6.7%5.1%10.4%13.5%13.0%12.0%
ROE %22.8%21.3%21.2%3.8%-1.8%-4.2%11.5%21.0%19.6%18.7%
Debtor days19143025574537312520
Inventory days75465150775644525253
Days payable8910787931651599888105105
Cash conversion cycle4-46-6-18-32-58-17-5-28-32
OCF / EBITDA %8.1%34.8%-76.3%11.9%-43.3%102.9%-88.3%-78.8%1.4%-45.6%
OCF / EBITDA % (3 years)——-16.0%-15.2%-41.7%25.6%-26.4%-50.1%-47.8%-39.5%
Debt / equity1.551.641.732.092.313.313.644.534.084.49
Current ratio1.061.021.081.030.981.001.081.091.291.32
Net debt / EBITDA2.682.572.734.366.788.005.744.484.725.37