MarketFriction

Ashok Leyland Ltd

NSE ASHOKLEY · BSE 500477 · Commercial Vehicles
₹150.48 -2.41%
NSE close2026-10-01
52 week range134.21 - 215.42
Market cap₹90,128 Cr.
P/E24.2
Nifty 200Nifty 500Nifty Midcap 50Nifty Midcap 100Midcap 150Nifty Midcap SelectNifty AutoNifty InfrastructureNifty MNC No price band Delivery 38.0%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales11,42911,09313,54210,72411,14811,99514,69611,70912,57714,83017,24613,070
Expenses9,5599,13110,9758,8569,1089,65911,7059,53510,13612,00813,93810,660
Operating Profit1,8701,9612,5671,8682,0402,3362,9912,1732,4412,8223,3082,410
OPM %16%18%19%17%18%19%20%19%19%19%19%18%
Other Income-14610362457522103103-140186195
Interest7157838299049621,0111,0531,1121,1521,2001,2411,341
Depreciation227241233235244268340273268282314315
Profit before tax9279841,5167651,0781,1321,6218911,1241,2001,940950
Tax %39%38%38%28%29%28%23%26%27%28%29%30%
Net Profit5696099345517678201,2466588208621,381668
EPS in Rs0.900.951.450.871.201.301.921.041.291.382.201.05
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales21,26022,87129,63633,19721,95119,45426,23741,67345,70348,53556,36257,723
Expenses18,28119,82625,38728,28718,71816,99223,47236,58037,84839,32745,61746,741
Operating Profit2,9793,0454,2484,9103,2332,4622,7655,0937,8569,20810,74510,982
OPM %14%13%14%15%15%13%11%12%17%19%19%19%
Other Income-32140619013957207-230169160405252343
Interest9251,0491,2271,5021,8021,9011,8692,0942,9823,9304,7054,933
Depreciation5245736466767508368669009271,0871,1381,179
Profit before tax1,2091,8292,5652,872739-67-2002,2694,1064,5965,1555,213
Tax %41%11%29%24%38%4%43%40%34%26%28%
Net Profit7121,6331,8142,195460-70-2851,3622,6963,3833,7213,731
EPS in Rs1.202.793.013.540.57-0.28-0.612.114.235.295.915.92
Dividend Payout %40%28%40%44%44%-107%-82%62%59%59%59%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth10%24%11%17%
Compounded Profit Growth15%84%45%17%
Stock Price CAGR14%19%20%8%
Return on Equity19%22%28%27%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital285285285293294294294294294294294587
Reserves4,2274,9796,1087,1288,4527,4957,5687,0108,2608,71111,93813,654
Borrowings9,07011,05413,16815,79119,16822,41724,07724,14531,16140,80249,96263,936
Other Liabilities6,0115,8067,04810,17111,2127,92410,11912,12514,96517,78819,35222,527
Total Liabilities19,59222,12326,60933,38339,12638,13042,05843,57454,67967,59581,546100,704
Fixed Assets6,5295,8906,5916,5966,6958,0318,4847,8958,1298,1578,83710,435
CWIP21687244439678574336240268415577940
Investments1,4991,0311,9334,3831,4929601,0962,6524,8522,3296,6107,467
Other Assets11,34815,11517,84121,96530,26128,56532,14332,78741,43056,69565,52381,862
Total Assets19,59222,12326,60933,38339,12638,13042,05843,57454,67967,59581,546100,704
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity95-1,2752701,462-3,745383-1,0652,845-4,499-6,258128-4,895
Cash from Investing Activity-124456-1,676-3,1631,897-1,201-973-1,917-2,9041,135-5,759-6,986
Cash from Financing Activity7811,6607381,9052,3981,2391,331-3787,2818,4326,95811,617
Net Cash Flow752841-668205549421-707550-1223,3091,327-264
Free Cash Flow162-1,331-166823-4,841-940-1,7912,443-5,353-7,346-1,471-7,712
CFO/OP14%-25%24%48%-61%19%-45%105%-77%-69%14%-32%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days312520143025574537312520
Inventory Days585073425242765344504950
Days Payable1087185968890162150968599100
Cash Conversion Cycle-1958-39-6-22-30-52-16-4-24-30
Working Capital Days-41-23-21-54-13-31-44-52-34-45-32-42
ROCE %8%17%15%17%16%9%5%6%11%15%14%14%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters51.53%51.53%51.52%51.52%51.52%51.52%51.52%51.52%51.51%51.51%51.51%51.51%
FIIs20.21%20.48%21.45%22.03%24.39%24.09%23.50%23.85%24.32%24.41%24.57%20.67%
DIIs16.51%14.66%12.23%14.12%12.34%13.04%14.06%13.88%13.59%13.73%13.06%15.75%
Government0.07%0.07%0.07%0.07%0.07%0.07%0.07%0.07%0.07%0.07%0.07%0.07%
Public11.66%13.25%14.72%12.24%11.66%11.28%10.84%10.67%10.51%10.30%10.79%11.99%
No. of Shareholders12,06,48213,39,74414,91,39714,75,87414,59,21214,56,04814,44,99813,92,22314,50,99114,43,91615,02,64016,45,114

Fundamentals

Market Cap₹ 90,128 Cr.
Current Price₹ 153
Stock P/E24.2
Book Value₹ 24.2
ROCE13.6 %
ROE27.4 %
Dividend Yield2.28 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)17%
Compounded Profit Growth (TTM)17%
Consolidated figures.
Valuation
Market capRs 88,390 Cr
Enterprise valueRs 141,568 Cr
P/E (TTM)25.43x
Price to book6.21x
Price to sales1.53x
EV / EBITDA12.50x
EV / EBIT13.95x
EV / sales2.45x
Earnings yield3.93%
Dividend yield2.33%
P/E, 3-year average15.29x
P/B, 3-year average3.87x
P/E, 5-year average15.58x
P/B, 5-year average3.27x
Profitability
Operating margin (excl. other income)19.06%
Operating margin (incl. other income)19.51%
EBITDA margin19.62%
Pre-tax margin9.03%
Net profit margin6.02%
Net margin, latest quarter4.71%
ROE26.22%
ROCE14.05%
ROA3.81%
ROE, 3-year average27.92%
ROCE, 3-year average15.04%
ROA, 3-year average4.01%
ROE, 5-year average18.94%
ROCE, 5-year average12.53%
ROA, 5-year average2.75%
ROIC (approx.)10.86%
Tax rate27.82%
Other income / net worth1.77%
Growth
Sales growth (latest year)16.13%
Profit growth (latest year)11.72%
Sales CAGR, 3 years10.59%
Sales CAGR, 5 years23.71%
Profit CAGR, 3 years40.90%
Sales growth QoQ-24.22%
Profit growth QoQ-52.29%
Sales growth YoY (latest quarter)11.62%
Profit growth YoY (latest quarter)0.78%
Per share
EPS (TTM)Rs 5.92
EPS (latest year)Rs 5.91
EPS (latest quarter)Rs 1.05
EPS, 3-year averageRs 8.32
EPS, 5-year averageRs 5.59
Book value per shareRs 24.25
Sales per shareRs 98.27
Cash flow per shareRs -8.33
Free cash flow per shareRs -13.13
Dividend per share (latest year)Rs 3.50
Dividend per share, 3-year averageRs 4.90
Dividend per share, 5-year averageRs 3.66
Dividends
Dividend payout59.23%
Dividend payout, 3-year average58.94%
Dividend payout, 5-year average59.59%
Efficiency
Asset turnover0.56x
Fixed asset turnover5.40x
Inventory turnover7.42x
Inventory days49 days
Debtor days20 days
Debtors turnover18.26x
Creditor days100 days
Cash conversion cycle-30 days
Working capital days-42 days
Leverage
Total debtRs 63,936 Cr
Cash and bankRs 10,757 Cr
Net debtRs 53,178 Cr
Debt to equity4.49x
Net debt / EBITDA4.70x
Interest coverage2.06x
Current ratio (filing 2026-03-31)1.32x
Quick ratio (filing 2026-03-31)1.18x
Trade payables (filing 2026-03-31)Rs 9,291 Cr
Owners' fund to total sources14.14%
Debt to assets63.49%
Cash flow
Cash from Operating Activity (latest year)Rs -4,895 Cr
Cash from Investing Activity (latest year)Rs -6,986 Cr
Cash from Financing Activity (latest year)Rs 11,617 Cr
Net Cash Flow (latest year)Rs -264 Cr
Free cash flow (latest year)Rs -7,712 Cr
FCFE (approx.: FCF + change in debt)Rs 6,262 Cr
Cash from ops / profit, 5 years-1.17x
Statement figures
Net sales (TTM)Rs 57,723 Cr
Net sales (latest year)Rs 56,362 Cr
Sales (latest quarter)Rs 13,070 Cr
Operating profit excl. other income (latest year)Rs 10,745 Cr
Operating profit (latest quarter)Rs 2,410 Cr
Other income (TTM)Rs 343 Cr
EBITDA (TTM)Rs 11,325 Cr
PBDT (TTM)Rs 6,392 Cr
Profit before tax (TTM)Rs 5,213 Cr
Tax (latest year)Rs 1,434 Cr
Net profit (TTM)Rs 3,476 Cr
Net profit (latest year)Rs 3,471 Cr
Net profit (latest quarter)Rs 616 Cr
Depreciation (TTM)Rs 1,179 Cr
Depreciation (latest quarter)Rs 315 Cr
Interest (TTM)Rs 4,933 Cr
Cost of goods sold (latest year)Rs 34,655 Cr
Total expenditure (latest year)Rs 45,617 Cr
Total income (latest year)Rs 56,614 Cr
Share capitalRs 587 Cr
ReservesRs 13,654 Cr
Shareholders' fundsRs 14,242 Cr
Total assetsRs 100,704 Cr
Net blockRs 10,435 Cr
Capital work in progressRs 940 Cr
InvestmentsRs 7,467 Cr
ReceivablesRs 3,087 Cr
InventoryRs 4,672 Cr
Other liabilitiesRs 22,527 Cr
Shares outstanding (crore)587.39
Ownership
Promoter holding51.51% (-0.01 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 25.4 is at the 45th percentile of its own 7.4-year range (median 26.1, low 6.0, high 112.4).
P/B 6.21 is at the 68th percentile (median 5.76).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodASHOKLEYNifty 50Difference
1 week-4.3%-2.8% -1.6 pts
1 month-11.8%-6.8% -5.0 pts
3 months-8.4%-7.6% -0.8 pts
6 months-2.4%+0.4% -2.8 pts
1 year+7.1%-9.9% +17.1 pts
2 years+27.3%-13.6% +40.8 pts
3 years+70.0%+14.2% +55.9 pts
5 years+130.2%+27.9% +102.3 pts
236 mutual fund schemes hold about ₹10,570 Cr. Over three months 186 bought more and 37 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
SBI Large & Midcap Fund2.32%984 +17%
Kotak Large & Mid Cap Fund2.28%738 +18%
Nippon India Growth Mid Cap Fund1.24%650 -4%
ICICI Pru Focused Fund3.25%583 +119%
HDFC Flexi Cap Fund0.46%522 +14%
Kotak Arbitrage Fund(M0.52%393 -27%
Motilal Oswal Flexi Cap Fund2.48%351 +9%
Franklin India Flexi Cap Fund1.48%287 +25%
HSBC Midcap Fund1.65%283 +100%
Sundaram Mid Cap Fund1.83%272 +90%
Sundaram Mid Cap Fund1.83%266 +90%
Franklin India Mid Cap Fund1.96%256 +16%
Edelweiss Mid Cap Fund1.29%256 +9%
SBI Flexicap Fund1.00%232 +19%
HDFC Balanced Advantage Fund0.17%187 +21%
HDFC Large & Mid Cap Fund0.58%176 +18%
ICICI Pru Business Cycle Fund1.00%158 +24%
UTI Mid Cap Fund1.17%149 +880%
Tata Arbitrage Fund0.56%138 +18%
ICICI Pru Transportation and Logistics Fund3.03%125 +48%
Aditya Birla SL Arbitrage Fund0.42%113 -0%
SBI Arbitrage Fund0.23%108 +9%
Edelweiss Arbitrage Fund0.69%103 +32%
Edelweiss Large & Mid Cap Fund1.93%95 +15%
Nippon India Arbitrage Fund0.52%91 -4%

Red flags

F-score 3 of 8
explainWeak cash conversion Cash from operations was -122% of net profit over the last 3 years
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2021-07-14HINDUJA AUTOMOTIVE LIMITEDPromotersother60,000,000Rs 767.40 CrPledge Creation
2021-06-30HINDUJA AUTOMOTIVE LIMITEDPromotersother23,500,000Rs 288.11 CrInvocation of pledge
2021-04-15HINDUJA AUTOMOTIVE LIMITEDPromotersother24,200,000Rs 271.04 CrInvocation of pledge
2021-03-19HINDUJA AUTOMOTIVE LIMITEDPromotersother101,160,000Rs 1176.49 CrPledge Creation
2021-03-19Hinduja Automotive LimitedPromotersother101,160,000Rs 1176.49 CrPledge Creation
2020-12-16R SivanesanEmployees/Designated Employesell5,000Rs 0.05 CrMarket Sale
2020-11-10Anuj KathuriaEmployees/Designated Employesell50,000Rs 0.46 CrMarket Sale
2020-04-07HINDUJA AUTOMOTIVE LIMITEDPromotersother24,200,000Rs 96.44 CrPledge Creation
2020-02-26Gopal MahadevanDirectorsell112,280Rs 0.90 CrMarket Sale
2019-07-05Gopal MahadevanDirectorother112,280Off Market
2019-03-15Gopal MahadevanKey Managerial Personnelsell80,000Rs 0.75 CrMarket Sale
2019-02-19Vinod Kumar DasariKey Managerial Personnelsell3,196,175Rs 25.27 CrMarket Sale
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹13,070 Cr +11.6% vs Jun 2025. Net profit ₹668 Cr +1.5%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-06-03Interim Dividend - Rs 2.50 Per Share
2025-11-18Interim Dividend - Re 1 Per Share
2025-07-16Bonus 1:10.5000
2025-05-22Interim Dividend - Rs 4.25 Per Share
2024-11-19Interim Dividend - Rs 2 Per Share
2024-04-03Interim Dividend - Rs 4.95 Per Share
2023-07-07Annual General Meeting/Dividend - Rs 2.60 Per Share
2022-07-14Annual General Meeting/Dividend - Rs 1 Per Share
2021-08-31 Annual General Meeting/Dividend - Rs 0.60 Per Share
2020-08-28 Annual General Meeting
2020-03-19 Interim Dividend -Rs 0.50 Per Share
2019-07-23 Annual General Meeting/ Dividend - Rs 3.10 Per Share
2018-07-09 Dividend- Rs 2.43 Per Share
2017-07-11 Annual General Meeting/Dividend - Rs 1.56/- Per Share
2016-07-13 Annual General Meeting/Dividend Re 0.95 Per Share
2015-06-17Annual General Meeting/Dividend - Re 0.45 Per Share
2014-07-18Annual General Meeting
2013-07-04Annual General Meeting / Dividend - Re.0.60/- Per Equity Share
2012-07-12Annual General Meeting And Dividend Re.1/- Per Share
2011-08-02Bonus 1:10.5000
2011-06-29Annual General Meeting And Dividend Rs.2/- Per Share
2010-07-16Annual General Meeting And Dividend Rs.1.50 Per Share
2009-07-14Agm/Div-Re.1/- Per Share
2008-07-16Agm/Dividend - 150%
2007-07-16Agm
2007-03-28Interim Dividend-150% Purpose Revised
2006-07-12Agm/Dividend-120%
DateTypeWhat it says
2026-10-01Monthly updateMonthly Business Updates for the month of September 2026
2026-09-22Credit RatingCredit Rating
2026-09-16Concall / analyst meetSchedule of investors meet
2026-09-16Concall / analyst meetSchedule of investors meet
2026-09-16Concall / analyst meetSchedule of investors meet
2026-09-07Concall / analyst meetSchedule of investor meet
2026-09-01Monthly updateMonthly Business Updates for the month of August 2026
2026-08-31Concall / analyst meetSchedule of investor meet
2026-08-21Concall / analyst meetTranscript
2026-08-17Shareholder meetingVoting results.
2026-08-14Shareholder meetingSummary of Proceedings of Annual General Meeting held on August 14, 2026
2026-08-14AcquisitionAcquisition
2026-08-14General UpdatesGeneral Updates on rotation on Statutory Auditors
2026-08-14Board meeting outcomeAshok Leyland Limited has submitted to the Exchange, the unaudited financial results for the period ended Jun 30, 2026.
2026-08-10Concall / analyst meetSchedule of meet
2026-08-10AllotmentAllotment of 30000 securities pursuant to Non Convertible Securities at its meeting held on August 10, 2026
2026-08-06Concall / analyst meetSchedule of meet
2026-08-03General UpdatesGeneral Updates
2026-08-03Monthly updateMonthly Business Updates for the month of July 2026
2026-07-27General UpdatesAshok Leyland John Deere Construction Equipment Company Private Limited (ALJD), an associate of the Company, has been voluntarily liquidated
2026-07-20Shareholder meetingNotice of the 77th Annual General Meeting to be held on August 14, 2026 and Annual Report for the FY 2025-26
2026-07-16UpdatesChange in the scheduled time of 77th AGM.
2026-07-13UpdatesIntimation under Regulation 30 of SEBI Listing Regulations.
2026-07-01Monthly updateMonthly Business Updates for the month of June 2026
2026-06-17Disclosure under SEBI TakeovHinduja Automotive Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Su...
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.79
Max pain (expiry 2026-10-27)160
Largest call open interest at170
Largest put open interest at155
Implied volatility, at the money31.5%
Underlying at snapshot150.48
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-3024,059
2026-09-2955,998
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Ashok Leyland Ltd?

Ashok Leyland Ltd (ASHOKLEY) has a market capitalisation of Rs 90,128 Cr. at the 2026-10-01 close.

What is the P/E ratio of Ashok Leyland Ltd?

Ashok Leyland Ltd trades at a P/E of 24.2 on trailing twelve-month profit, at the 2026-10-01 close.

What were Ashok Leyland Ltd's latest quarterly results?

In the Jun 2026 quarter, Ashok Leyland Ltd sales was Rs 13,070 Cr (+11.6% vs Jun 2025) and net profit was Rs 668 Cr.

What is the 52-week high and low of Ashok Leyland Ltd?

The 52-week high is Rs 215.42 and the 52-week low is Rs 134.21.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03