Ashok Leyland Limited (ASHOKLEY)

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Ashok Leyland Limited (ASHOKLEY) · mywealthgrid

About

Ashok Leyland manufactures commercial vehicles for agriculture, construction, and haulage. Market cap ₹1,00,819 Cr. Shows 26.22% ROE and 19.06% OPM; trades at PE 29.05.

Founded: 1948
Face value: ₹1

Market cap

₹88,390 Cr

P/E

25.4×

P/B

6.2×

Dividend yield

2.3%

ROE

26.2%

ROCE

16.6%

Debt / equity

4.49

OPM

19.1%

EPS (TTM)

₹5.9

Book value

₹24.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

High leverage: D/E 4.49; margin volatility 11.11%–19.41% across quarters compounds debt servicing risk.

Valuation: PE 29.05 elevated; verify earnings growth justifies multiple.

Institutional exit: FII stake fell 3.89 points to 20.68% (Mar–Jun 2026) despite 43% annual return; understand catalyst.

Demand cycle: CV sector linked to infrastructure spending and rural income; verify current cycle durability.

Generated analysis · source review pending

Growth drivers

Strong capital deployment: ROE 26.22% signals efficient capital use; maintain to drive shareholder returns.

Consolidation value: Consolidated OPM 19.18% vs standalone 14.59%; sustain margin premium.

Market momentum: 43% 1y return reflects investor appetite; verify underlying demand drivers.

Consistent cash: Six dividend payouts in 14 months incl. bonus (Jul 2025); confirm if sustained.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹150.5-1.9%1Y

Quick read

rule-based

Pros

+Strong return on equity of 27.9% (3-yr avg)
+Profit CAGR of 40.9% over the last 3 years
+Revenue CAGR of 23.7% over the last 5 years
+Dividend payout of 59.1% of profit

Cons

−Heavily leveraged (debt/equity 4.5)

Research score

Structured signal from quality, growth, valuation and momentum.

48/100

Business quality: 36
Growth: 54
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 50 NIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Tata Motors LimitedTMCVTMCV	₹1,53,008 Cr	₹1,57,825 Cr	₹87,197 Cr	₹8,812 Cr	9.1%	₹4,191 Cr	3.6%	31.3%	24%	-54
Ashok Leyland LimitedASHOKLEYASHOKLEY	₹88,390 Cr	₹1,52,326 Cr	₹57,723 Cr	₹10,982 Cr	19.1%	₹3,476 Cr	6.6%	16.6%	26.2%	-30
Sml Mahindra LimitedSMLMAHSMLMAH	₹9,064 Cr	₹9,344 Cr	₹2,950 Cr	₹273 Cr	9.8%	₹156 Cr	5.6%	41.4%	35.4%	78
Keto Motors LtdKETOMOTORSKETOMOTORS	₹1,753 Cr	₹1,791 Cr	₹2 Cr	₹1 Cr	23.9%	₹-0 Cr	-8.5%	-0.3%	-0.5%	5,652
Atul Auto LimitedATULAUTOATULAUTO	₹1,181 Cr	₹1,326 Cr	₹890 Cr	₹91 Cr	10.2%	₹47 Cr	5.2%	12.6%	9.1%	38

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	22,320	24,190	29,901	33,197	21,951	19,454	26,237	41,673	45,791	48,535	56,362
COGS	1,152	664	1,900	-82	13,346	12,047	17,613	28,819	29,230	29,680	33,856
Gross profit	21,168	23,526	28,001	—	8,605	7,407	8,624	12,854	16,561	18,856	22,506
	18,189	—	—	28,369	5,369	4,945	5,851	7,750	8,602	9,616	11,710
	2,979	—	—	4,910	3,236	2,462	2,773	5,104	7,959	9,239	10,797
OPM %	13.4%	—	—	14.8%	14.7%	12.7%	10.6%	12.3%	17.4%	19%	19.2%
Depreciation	524	573	646	676	750	836	866	900	927	1,087	1,138
Interest	925	1,049	1,232	1,502	1,802	1,901	1,869	2,094	2,982	3,930	4,705
	-248	155	200	131	55	207	-237	159	56	374	200
Profit before tax	1,209	1,833	2,578	2,872	739	-67	-200	2,269	4,106	4,596	5,155
Tax	497	196	751	677	279	3	86	907	1,410	1,214	1,434
Tax %	41.1%	10.7%	29.1%	23.6%	37.8%	3.8%	43%	40%	34.3%	26.4%	27.8%
	712	1,633	1,814	2,195	460	-70	-285	1,362	2,696	3,383	3,721
PAT margin %	3.2%	6.8%	6.1%	6.6%	2.1%	-0.4%	-1.1%	3.3%	5.9%	7%	6.6%
EPS (₹)	—	—	—	—	1.2	-0.6	-1.2	4.2	8.5	10.6	5.9
EPS adjusted (₹)	1.2	2.8	3	3.5	0.6	-0.3	-0.6	2.1	4.2	5.3	5.9
	—	—	—	—	43.5%	—	—	61.5%	0%	65.7%	—
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	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	293	294	294	294	294	294	294	294	587
Reserves	4,470	6,108	7,128	8,452	7,495	7,568	7,010	8,260	8,711	11,938	13,654
Minority interest	386	589	825	1,075	1,107	1,268	1,286	2,245	2,810	3,613	4,305
	6,596	9,911	12,147	15,147	16,151	23,890	23,939	31,161	40,802	49,962	63,936
	7,439	9,775	13,125	14,154	13,080	9,046	11,071	12,769	15,044	15,908	18,559
Total equity & liabilities	19,175	26,668	33,518	39,122	38,127	42,067	43,601	54,729	67,660	81,715	1,01,041
	5,332	5,483	5,488	6,695	6,394	8,484	7,895	8,129	8,157	8,837	10,435
CWIP	76	196	251	295	442	233	139	139	170	359	549
Investments	1,602	1,933	4,383	1,390	855	1,096	2,652	4,852	2,329	6,610	7,467
	12,164	19,056	23,396	30,742	30,435	32,254	32,915	41,608	57,005	65,909	82,590
Total assets	19,175	26,668	33,518	39,122	38,127	42,067	43,601	54,729	67,660	81,715	1,01,041

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Commercial vehicle	48,313.71	4,379.32	28,862.65	20,970.02	7,892.63	55.49
Financial service	8,049.34	949.58

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	39.2%	38.1%	32.9%	30.8%	36.2%	38.8%	39.9%
EBITDA margin %	14.8%	14.7%	12.7%	10.5%	12.2%	17.4%	19%	19.1%
EBIT margin %	12.8%	11.3%	8.4%	7.2%	10.1%	15.3%	16.7%	17%
PAT margin %	6.6%	2.1%	-0.4%	-1.1%	3.3%	5.9%	7%	6.6%
Working capital
Receivable days	30	25	57	46	37	31	25	20
Inventory days	40	42	76	53	44	50	49	50
Payable days	0	90	162	150	96	85	99	100
NWC days	69	-23	-30	-52	-16	-4	-24	-30
Leverage
Current ratio	1.08	1.03	0.98	1	1.08	1.09	1.29	1.32
Debt to EBITDA	3.09	5	9.7	8.66	6.12	5.14	5.43	5.95
Debt to equity	1.73	2.07	3.04	3.28	3.64	4.53	4.08	4.49
Interest coverage	2.9	1.4	0.9	1.1	2.1	2.4	2.2	2.2
Asset turnover	0.85	0.58	0.46	0.6	0.76	0.68	0.59	0.56
Return ratios
Return on assets %	5.6%	1.2%	-0.2%	-0.7%	2.5%	4%	4.1%	3.7%
Return on capital employed %	20.2%	11%	7.1%	7.8%	15%	19.5%	17.6%	16.6%
Return on equity %	25.1%	5.9%	-0.9%	-3.9%	15.9%	29.9%	27.7%	26.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	51.53%	51.53%	51.52%	51.52%	51.52%	51.52%	51.52%	51.52%	51.51%	51.51%	51.51%	51.51%
	20.22%	20.49%	21.45%	22.03%	24.4%	24.09%	23.5%	23.85%	24.32%	24.41%	24.57%	20.68%
	16.51%	14.66%	12.23%	14.12%	12.35%	13.04%	14.06%	13.88%	13.59%	13.73%	13.06%	15.76%
	0%	0%	0%	0%	0%	0%	0%	0%	0.07%	0.07%	0.07%	0.07%
	11.74%	13.32%	14.8%	12.33%	11.73%	11.35%	10.92%	10.75%	10.51%	10.28%	10.79%	11.98%
No. of shareholders	—	—	—	—	—	—	—	—	14,50,991	14,43,916	15,02,640	16,45,114

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹154.2 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹155.5	+0.3	+0.2%	₹155.5	24,132	+157	3,539	5000
23 Nov 2026	₹155.8	+0.2	+0.1%	₹155.8	945	+75	236	5000
29 Dec 2026	₹156.3	+0.6	+0.4%	₹156.3	16	+16	22	5000

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

119

across 20 fund houses

Held by these funds

5.76%

of the company's equity

All mutual funds

9.73%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

119 schemes · 20 fund houses

		Shares
Large and Midcap Fund	SBI Mutual Fund	5.6 Cr	983.58	2.32%	0.953%	-0
Portfolio of Kotak Large & Mid Cap FundNEW	Kotak Mahindra Mutual Fund	4.2 Cr	737.69	2.28%	0.715%	—
Growth Mid Cap FundNEW	Nippon India Mutual Fund	3.7 Cr	649.87	1.24%	0.63%	—
Focused FundNEW	ICICI Prudential Mutual Fund	3.32 Cr	583.47	3.25%	0.566%	—
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	2 Cr	351.28	2.48%	0.34%	-24.77 L
Franklin India Flexi Cap Fund ( Formerly known as Franklin India Equity Fund) ^NEW	Franklin Templeton Mutual Fund	1.63 Cr	286.87	1.48%	0.278%	—
Franklin India Mid Cap Fund (Formerly known as Franklin India Prima Fund) ^	Franklin Templeton Mutual Fund	1.46 Cr	256.14	1.96%	0.248%	-0
Flexicap Fund	SBI Mutual Fund	1.32 Cr	232.02	1%	0.225%	-0

1–8 of 119

1 / 15

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

27 announcementsExport CSV

1 Oct 2026, 12:52 pmCompany Update

Announcement under Regulation 30 (LODR)-Monthly Business Updates

Monthly Business Updates PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	39.2%	38.1%	32.9%	30.8%	36.2%	38.8%	39.9%
EBITDA margin %	14.8%	14.7%	12.7%	10.5%	12.2%	17.4%	19%	19.1%
EBIT margin %	12.8%	11.3%	8.4%	7.2%	10.1%	15.3%	16.7%	17%
PAT margin %	6.6%	2.1%	-0.4%	-1.1%	3.3%	5.9%	7%	6.6%
Working capital
Receivable days	30	25	57	46	37	31	25	20
Inventory days	40	42	76	53	44	50	49	50
Payable days	0	90	162	150	96	85	99	100
NWC days	69	-23	-30	-52	-16	-4	-24	-30
Leverage
Current ratio	1.08	1.03	0.98	1	1.08	1.09	1.29	1.32
Debt to EBITDA	3.09	5	9.7	8.66	6.12	5.14	5.43	5.95
Debt to equity	1.73	2.07	3.04	3.28	3.64	4.53	4.08	4.49
Interest coverage	2.9	1.4	0.9	1.1	2.1	2.4	2.2	2.2
Asset turnover	0.85	0.58	0.46	0.6	0.76	0.68	0.59	0.56
Return ratios
Return on assets %	5.6%	1.2%	-0.2%	-0.7%	2.5%	4%	4.1%	3.7%
Return on capital employed %	20.2%	11%	7.1%	7.8%	15%	19.5%	17.6%	16.6%
Return on equity %	25.1%	5.9%	-0.9%	-3.9%	15.9%	29.9%	27.7%	26.1%

28 deals · 19 Sept 2022 – 14 Jul 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
14 Jul 2025	THE MTBJ LTD. AS TRST FOR GOVRNMNT PENSION INVSTMNT FUND MTBJ400045828	Block	NSE	Sell	4,60,686	₹246.25	₹11.34 Cr
14 Jul 2025	THE MTBJ LTD.AS TRST FOR GOVERNMENT PENSION INVESTMENT FUND MTBJ400045849	Block	NSE	Buy	4,60,686	₹246.25	₹11.34 Cr
31 Aug 2023	BNP PARIBAS ARBITRAGE	Bulk	NSE	Sell	6,03,45,844	₹183.83	₹1,109.34 Cr
31 Aug 2023	BNP PARIBAS ARBITRAGE	Bulk	NSE	Buy	33,943	₹184.23	₹0.63 Cr
14 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	23,69,069	₹147.75	₹35.00 Cr
14 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	23,69,069	₹147.75	₹35.00 Cr
3 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	23,69,069	₹149.35	₹35.38 Cr
3 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	23,69,069	₹149.35	₹35.38 Cr
25 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	12,74,562	₹144.55	₹18.42 Cr
25 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	12,74,562	₹144.55	₹18.42 Cr

1–10 of 28

1 / 3

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

28

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
163	+53	250	₹6.7	153	₹3.7	442	+21	240
879	+57	1,276	₹5.3	155	₹4.8	652	+90	1,420
557	+38	977	₹4.1	158	₹6.1	347	+82	678
1,706	+193	2,044	₹3.2	160	₹7.6	147	+13	1,261
669	+96	416	₹2.4	163	₹9.2	32	-2	72
929	+91	1,191	₹1.8	165	₹11.1	61	+8	625
214	+39	331	₹1.4	168	₹12.8	0	0	29
2,265	+76	1,252	₹1.1	170	₹14.0	9	-2	569

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
1 Oct 2026, 12:52 pm	Company Update Monthly Business Updates	Announcement under Regulation 30 (LODR)-Monthly Business Updates	PDF
22 Sept 2026, 9:52 am	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
16 Sept 2026, 6:12 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
16 Sept 2026, 6:09 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
16 Sept 2026, 6:04 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
7 Sept 2026, 4:06 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
1 Sept 2026, 1:07 pm	Company Update Monthly Business Updates	Announcement under Regulation 30 (LODR)-Monthly Business Updates	PDF
31 Aug 2026, 5:28 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-1,275	270	1,477	383	-1,065	2,845	-4,499	-6,258	128	-4,895
	454	-1,695	-3,166	-1,203	-982	-1,917	-2,935	1,135	-5,758	-7,016
	1,660	738	1,891	1,239	1,331	-378	7,281	8,432	6,958	11,617
Net cash flow	839	-687	202	—	-716	550	-154	3,309	1,328	-293
Free cash flow	—	—	—	—	-1,817	2,336	-5,428	-7,392	-1,520	-7,840
CFO / Operating profit %	-42.8%	—	—	11.9%	-43.3%	102.9%	-88.3%	-78.8%	1.4%	-45.6%

Ashok Leyland Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Events

Announcements

Announcements

3

Annual reports

Credit ratings

Investor Presentation and earnings call

20

1

2

28

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Commercial Vehicle · revenue

Ashok Leyland Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Futures3

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Announcements

Quarterly record

Futures3

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends20

Board meetings1

Bonus issues2

Bulk & block deals

Board and management

Option chain28

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Commercial Vehicle · revenue

3

3

20

1

2

28