Ashok Leyland Ltd
NSE: ASHOKLEY · Commercial Vehicles · sector
₹141.90NSE close 2026-10-26
Key numbers
Market cap₹83,351 cr
Price₹141.90
52w high / low₹215 / ₹136
P/E24.0xSector median 33.8x
P/B5.8xSector median 5.8x
Book value₹24.2
Dividend yield2.20%Sector median 1.29%
ROE26.3%Sector median 26.3%
ROCE12.9%Sector median 12.9%
OPM18.4%Sector median 10.1%
Debt / equity4.49xSector median 0.38x
EV/EBITDA12.3xSector median 18.2x
Interest cover2.0x
Current ratio1.32x
Sales growth 3y+10.6%Sector median +15.9%
Profit growth 3y+40.9%Sector median +100.5%
PEG0.59x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 5 companies in Commercial Vehicles (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹17,079 cr vs borrowings ₹63,936 cr (FY26): borrowings are higher by ₹46,856 cr.
- Borrowings rose in each of the last 3 years (₹31,161 cr → ₹63,936 cr).
- Operating profit covered interest 2.0x in the last 12 months.
- 39.48% of the promoters' shares are pledged (20.5% of all shares).
- Operating cash flow was below net profit in 4 of the last 5 years (FY26, FY25, FY24, FY23).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 19% of net profit in the last 12 months.
- Debtor days went from 31 (FY24) to 20 (FY26).
- Dividend paid in 5 of the last 5 financial years.
- Price ₹141.90 on 2026-10-26: -34.1% from the 52-week high, +4.5% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹251.60 · low ₹119.36
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11,148 | 11,995 | 14,696 | 11,709 | 12,577 | 14,830 | 17,246 | 13,070 |
| EBITDA | 2,159 | 2,339 | 2,880 | 2,173 | 2,401 | 2,497 | 3,289 | 2,410 |
| OPM % | 19.4% | 19.5% | 19.6% | 18.6% | 19.1% | 16.8% | 19.1% | 18.4% |
| Other income | 114 | 65 | 122 | 99 | 135 | 180 | 171 | 189 |
| Net profit | 706 | 762 | 1,130 | 611 | 756 | 813 | 1,291 | 616 |
| EPS (₹) | 1.20 | 1.29 | 1.93 | 0.52 | 1.29 | 1.38 | 2.20 | 1.05 |
| Revenue YoY | +12.8% | +23.6% | +17.4% | +11.6% | ||||
| Profit YoY | +7.1% | +6.8% | +14.2% | +0.8% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 26,237 | 41,673 | 45,791 | 48,535 | 56,362 | 57,723 |
| EBITDA | 2,441 | 5,141 | 7,859 | 9,223 | 10,361 | 10,597 |
| Net profit | -359 | 1,241 | 2,484 | 3,107 | 3,471 | 3,476 |
| EPS (₹) | -0.61 | 2.12 | 4.23 | 5.29 | 5.91 | 5.92 |
| Revenue growth | +58.8% | +9.9% | +6.0% | +16.1% | +16.5% | |
| Profit growth | – | +100.2% | +25.1% | +11.7% | +8.3% | |
| Dividend / share (₹) | 0.60 | 1.00 | 2.60 | 6.95 | 5.25 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +10.6% | +23.7% | +16.5% |
| Net profit | +40.9% | – | +8.3% |
| EPS | +40.9% | – | – |
| Share price | – | +16.1% (2y) | +7.7% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 8,554 | 9,005 | 12,232 | 14,242 |
| Borrowings | – | 31,161 | 40,802 | 49,962 | 63,936 |
| Cash & equivalents | – | 5,698 | 8,103 | 11,930 | 17,079 |
| Total assets | – | 54,729 | 67,660 | 81,715 | 1,01,041 |
| Fixed assets | – | 5,763 | 5,867 | 6,289 | 7,983 |
| Capital work in progress | – | 139 | 170 | 359 | 549 |
| Investments | – | 1,286 | 1,176 | 1,803 | 949 |
| Receivables | – | 4,187 | 3,898 | 3,347 | 3,087 |
| Inventory | – | 3,440 | 4,008 | 3,986 | 4,672 |
| Payables | – | 7,582 | 6,798 | 8,019 | 9,291 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 2,845 | -4,499 | -6,258 | 128 | -4,895 |
| Cash from investing | -1,917 | -2,935 | 1,135 | -5,758 | -7,016 |
| Cash from financing | -378 | 7,281 | 8,432 | 6,958 | 11,617 |
| Capex | 509 | 929 | 1,134 | 1,648 | 2,945 |
| Free cash flow | 2,336 | -5,428 | -7,392 | -1,520 | -7,840 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 14.5% | 27.6% | 25.4% | 24.4% |
| ROCE % | – | 11.0% | 14.2% | 13.7% | 12.5% |
| Debtor days | – | 37 | 31 | 25 | 20 |
| Inventory days | – | 44 | 50 | 49 | 50 |
| Payable days | – | 96 | 85 | 99 | 100 |
| Cash conversion cycle (days) | – | -15 | -4 | -25 | -30 |
| Working capital days | – | 15 | 19 | 58 | 69 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 51.51% |
| FIIs | 19.90% |
| DIIs | 16.64% |
| of which Mutual funds | 9.94% |
| of which Insurance | 5.03% |
| Government | 0.07% |
| Public (non-institutions) | 11.89% |
| Quarter | Mar 2025 | Jun 2025 | Jul 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 51.52% | 51.52% | 51.52% | 51.51% | 51.51% | 51.51% | 51.51% | 51.51% |
| Promoter group | % |
|---|---|
| Hinduja Automotive Limited | 34.99% |
| JP Morgan Chase Bank, NA | 11.30% |
| Hinduja Bank (Switzerland) Ltd | 4.97% |
| Hinduja Foundries Holding Limited | 0.24% |
| Public holders above 1% | % |
|---|---|
| NPS TRUST (Under different sub accounts) | 1.44% |
| KOTAK MAHINDRA TRUSTEE CO LTD (Under different sub accounts) | 1.33% |
| Government Pension Fund Global | 1.32% |
| SBI Life Insurance Co. Ltd | 1.31% |
| T. Rowe Price Emerging Markets Discovery Stock Trust | 1.30% |
| ICICI PRUDENTIAL MUTUAL FUND (Under different sub accounts) | 1.13% |
| SBI MUTUAL FUND (Under different sub accounts) | 1.11% |
16,17,504 shareholders. Pledged: 39.48% of promoter shares.
Peers in Commercial Vehicles
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| TMCV | ₹1,41,522 cr | 33.8x | 11.1x | 32.9% | 37.4% | 8.4% | – | – |
| ASHOKLEY | ₹83,351 cr | 24.0x | 5.8x | 26.3% | 12.9% | 18.4% | +10.6% | 2.20% |
| SMLMAH | ₹6,684 cr | 45.4x | 11.9x | 29.3% | 36.2% | 8.5% | +15.9% | 0.38% |
| ATULAUTO | ₹1,087 cr | 23.0x | 2.2x | 10.2% | 11.8% | 10.1% | +17.1% | – |
| KETOMOTORS | ₹246 cr | 545.3x | 4.2x | 0.8% | 0.3% | 14.2% | – | – |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Commercial vehicle | ₹48,314 cr | 85.7% | ₹4,379 cr | 9.1% |
| Financial service | ₹8,049 cr | 14.3% | ₹950 cr | 11.8% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-06-03 | Dividend | Interim Dividend - Rs 2.50 Per Share |
| 2025-11-18 | Dividend | Interim Dividend - Re 1 Per Share |
| 2025-07-16 | Bonus | Bonus 1:1 |
| 2025-05-22 | Dividend | Interim Dividend - Rs 4.25 Per Share |
| 2024-11-19 | Dividend | Interim Dividend - Rs 2 Per Share |
| 2024-04-03 | Dividend | Interim Dividend - Rs 4.95 Per Share |
| 2023-07-07 | Dividend | Annual General Meeting/Dividend - Rs 2.60 Per Share |
| 2022-07-14 | Dividend | Annual General Meeting/Dividend - Rs 1 Per Share |
| 2021-08-31 | Dividend | Annual General Meeting/Dividend - Rs 0.60 Per Share |
| 2020-08-28 | Other | Annual General Meeting |
| 2020-03-19 | Dividend | Interim Dividend -Rs 0.50 Per Share |
| 2019-07-23 | Dividend | Annual General Meeting/ Dividend - Rs 3.10 Per Share |
| 2018-07-09 | Dividend | Dividend- Rs 2.43 Per Share |
| 2017-07-11 | Dividend | Annual General Meeting/Dividend - Rs 1.56/- Per Share |
| 2016-07-13 | Dividend | Annual General Meeting/Dividend Re 0.95 Per Share |
| 2015-06-17 | Dividend | Annual General Meeting/Dividend - Re 0.45 Per Share |
| 2014-07-18 | Other | Annual General Meeting |
| 2013-07-04 | Dividend | Annual General Meeting / Dividend - Re.0.60/- Per Equity Share |
| 2012-07-12 | Dividend | Annual General Meeting And Dividend Re.1/- Per Share |
| 2011-08-02 | Bonus | Bonus 1:1 |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacture and sale of Medium and Heavy Commercial Vehicles: Automobile Manufacturing
- Manufacture and sale of Light Commercial Vehicles: Automobile Manufacturing
- Spare Parts and Others: Automobile Manufacturing
- Sale of Power Solution Systems: Automobile Manufacturing
| Sector | Industrials |
| Industry | Commercial Vehicles |
| Sub-industry | Commercial Vehicles |
| Symbol | ASHOKLEY |
| BSE code | 500477 |
| ISIN | INE208A01029 |
| Face value | ₹1.0 |
| Incorporated | 1948-09-07 |
| Website | www.ashokleyland.com |
| Plants (India / abroad) | 10 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.