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Ashok Leyland Ltd.
NSE: ASHOKLEYIndustrialsFarm & Heavy Construction Machinery
- Last close
- ₹144.95
- Day change
- −₹1.08 (−0.74%)vs
- Market cap
- ₹84,730 crIndian rupees
- Research updated
- 1 report
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About Ashok Leyland
Ashok Leyland Ltd. is a prominent automotive manufacturing company based in India, primarily engaged in producing commercial vehicles, such as trucks and buses. Established in 1948, the company has grown to become one of the largest manufacturers in its sector globally. Ashok Leyland plays a crucial role in the transportation industry by providing robust and reliable vehicles that meet diverse logistical and passenger needs across various terrains and geographical conditions. The company’s product portfolio includes a wide range of vehicles from heavy-duty trucks to light commercial vehicles and public transportation solutions like city buses and long-distance coaches. Noteworthy for its emphasis on innovation, Ashok Leyland continues to develop sustainable transportation solutions, including electric and alternative fuel vehicles, to promote environmentally-friendly practices in the automotive industry. As a key player in the Indian market, Ashok Leyland significantly impacts the country's economy, particularly in sectors such as infrastructure development and public transportation. The company is committed to enhancing road transport efficiencies and broadening its global presence through strategic partnerships and technological advancements.
- Sector
- Industrials
- Industry
- Farm & Heavy Construction Machinery
- Listing
- NSE: ASHOKLEY
- Chief executive
- Mr. Shenu Agarwal
- Employees
- 9,695
- Headquarters
- Chennai, India
- ISIN
- INE208A01029
- Website
- ashokleyland.com
Public research · Report of
Business model & financial foundation
Ashok Leyland (NSE: ASHOKLEY), Commercial vehicles and financial services: revenue of ₹56,362 crore in FY26 (+16.1% on FY25), an EBITDA margin of 19.1%, net profit of ₹3,471 crore and net debt of ₹52,120 crore.
- Revenue, FY26 (₹ crore)
- 56,362
- consolidated
- Revenue growth, FY26
- +16.1%
- on FY25
- EBITDA margin, FY26
- 19.1%
- EBITDA (Cost-stack EBITDA before all finance costs) / revenue
- Net profit, FY26 (₹ crore)
- 3,471
- to owners
- Return on equity, FY26
- 20.2%
- on average equity
- Net debt, FY26 (₹ crore)
- 52,120
- Net debt including liquid investments; debt positive
- Market capitalisation (₹ crore)
- 95,010
- at the close of 13 Oct 2026
Company profile
Ashok Leyland manufactures trucks, buses and engines. The consolidated group also includes vehicle and housing finance, electric commercial vehicles and engineering/IT services.
| Item | Value |
|---|---|
| Legal name | Ashok Leyland Limited |
| Exchange and ticker | NSE: ASHOKLEY; BSE: 500477 |
| ISIN | INE208A01029 |
| CIN | L34101TN1948PLC000105 |
| Sector | Automobiles |
| Industry | Commercial vehicles and financial services |
| Headquarters | Chennai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse & Co Chartered Accountants LLP (since 73rd AGM; 2nd term) |
| Market capitalisation | ₹95,010 crore (13 Oct 2026) |
| Shares outstanding | 587.39 crore shares (FY26) |
| Price | ₹144.3 (close, 13 Oct 2026) |
| 52-week range | ₹134.2 - ₹215.4 (to 13 Oct 2026) |
| Website | https://www.ashokleyland.com |
Corporate structure and shareholding
Parent: Hinduja Automotive Limited, United Kingdom.
| Entity | Holding | Business |
|---|---|---|
| Hinduja Leyland Finance Limited and its subsidiaries | 61.12% | Vehicle and housing finance; material subsidiary. Holding at31March2026. |
| Optare Plc and its subsidiaries | 93.28% | Commercial vehicle manufacturing including Switch electric vehicles;31March2026. |
| Hinduja Tech Limited and its subsidiaries | 72.93% | Engineering and IT services including DSD and Tecosim;31March2026. |
| Ashok Leyland (UAE) LLC and its subsidiary | 100% | Commercial vehicle manufacturing;31March2026. |
| Global TVS Bus Body Builders Limited | 66.67% | Commercial vehicle bus body business;31March2026. |
| Gulf Ashley Motor Limited | 93.15% | Commercial vehicle trading;31March2026. |
| HLF Services Limited | 82.05% | Manpower supply;31March2026. |
| Albonair (India) Private Limited | 100% | Commercial vehicle emissions systems;31March2026. |
| Albonair GmbH and its subsidiary | 100% | Commercial vehicle related manufacturing Germany/China;31March2026. |
| OHM Global Mobility Private Limited | 100% | Commercial vehicle electric mobility operations;31March2026. |
| Gro Digital Platforms Limited | 80.56% | Commercial vehicle digital services;31March2026. |
| Vishwa Buses and Coaches Limited | 100% | Commercial vehicle body business;31March2026. |
| Ashley Aviation Limited | 100% | Air chartering services;31March2026. |
| Ashok Leyland (Nigeria) Limited | 100% | Commercial vehicle trading;31March2026. |
| Ashok Leyland (Chile) SA | 100% | Commercial vehicle trading;31March2026. |
| Ashok Leyland Foundation | 100% | CSR activities; incorporated8July2024;31March2026. |
Holdings are at 31 March 2026 and include joint/beneficial interest. Board counts 39 direct and step-down subsidiaries; consolidation note lists 16 direct subsidiary groups. Peer selection left to lead analyst.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 51.51% | 51.51% | 51.51% | 51.51% |
| Promoter holding pledged | 21.20% | 21.08% | 20.66% | 20.66% |
| Foreign institutions | 24.32% | 24.41% | 24.57% | 20.68% |
| Domestic institutions | 13.59% | 13.73% | 13.06% | 15.76% |
| of which mutual funds | 8.24% | 8.32% | 7.92% | 9.73% |
| Retail | 8.77% | 8.44% | 8.59% | 10.03% |
| Other | 1.81% | 1.91% | 2.27% | 2.02% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Ashok Leyland sells trucks, buses, engines, parts and engineering services; its group also consolidates vehicle/housing finance and EV manufacturing/mobility. Owners EPS is consolidated. The parent is an industrial cash proxy, not the full consolidated CV group. Revenue and segment scope, bonus and NCI reconciled.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Commercial Vehicle | 48,314 | 85.7% | 4,379 | 82.2% | 28,863 | 28.6% |
| Financial Services: vehicle and housing finance | 8,049 | 14.3% | 949.6 | 17.8% | 72,178 | 71.4% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Tata Motors Ltd. (New), commercial vehicles (TMCV) | Closest broad truck/bus/LCV OEM and freight-cycle peer. Post-demerger CV entity only; do not splice PV/JLR or predecessor consolidated history. |
| Eicher Motors (EICHERMOT) | |
| Mahindra & Mahindra (M&M) | LCV/cargo and rural logistics competitor; SUVs, tractors and finance dilute comparability. Avoid double counting separately listed SML subsidiary. |
| SML Mahindra formerly SML Isuzu (SMLMAH) | Direct light/medium CV, bus and institutional-applications peer; smaller network/product scale and now M&M subsidiary. |
| Force Motors (FORCEMOT) | Commercial/passenger-transport and engineering niche; MUV and other activities mean it is not a pure heavy-truck proxy. |
| Olectra Greentech (OLECTRA) | Electric-bus tender/manufacturing execution benchmark for Switch; contract and operator structure differ. Not core diesel CV/whole-group anchor. |
| Cummins India (CUMMINSIND) | Engine, power systems and aftermarket benchmark for power-solutions exposure; industrial/export mix differs from a CV assembler. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue including financing operations | 26,110 | 41,488 | 45,703 | 48,535 | 56,362 |
| Cost of revenue (vendor classification) * | 17,687 | 28,936 | 29,347 | 29,782 | 33,964 |
| Other operating costs (vendor classification) * | 2,483 | 3,890 | 4,321 | 4,828 | 5,629 |
| EBITDA (vendor classification) * | 3,356 | 5,812 | 8,593 | 10,177 | 12,614 |
| Cost-stack EBIT before all finance costs | 1,669 | 4,358 | 6,928 | 8,121 | 9,607 |
| Finance costs including lending funding costs | 1,869 | 2,094 | 2,982 | 3,930 | 4,705 |
| Profit before tax including associates | -199.6 | 2,265 | 4,106 | 4,596 | 5,155 |
| Current plus deferred tax | 85.9 | 906.1 | 1,410 | 1,214 | 1,434 |
| PAT including non-controlling interests | -285.5 | 1,359 | 2,696 | 3,383 | 3,721 |
| Diluted EPS on post-bonus share basis (INR per share) | -1.22 | 4.21 | 4.22 | 5.28 | 5.91 |
| Materials, purchases and signed inventory change | 29,230 | 29,680 | 33,856 | ||
| Employee benefits expense | 3,673 | 4,161 | 4,734 | ||
| Other expenses including financing impairment | 4,946 | 5,487 | 7,028 | ||
| Cost-stack EBITDA before all finance costs | 7,856 | 9,208 | 10,745 | ||
| Other income | 227.9 | 358.5 | 584.8 | ||
| Depreciation and amortisation including ROU | 927.3 | 1,087 | 1,138 | ||
| Signed share of associates and JV profit | 16.4 | 31.6 | 51.6 | ||
| Signed exceptional gains or losses | -84.2 | 15.4 | -384.4 | ||
| PAT attributable to non-controlling interests | 212.8 | 276.0 | 250.0 | ||
| PAT attributable to owners of the parent | 2,484 | 3,107 | 3,471 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 8,590 | 10,796 | 11,815 | 15,845 | 18,546 |
| Debt including leases, capital-management basis | 24,145 | 31,161 | 40,802 | 49,962 | 63,936 |
| Cash and cash equivalents | 2,031 | 1,909 | 5,217 | 6,545 | 6,281 |
| Net trade receivables | 3,264 | 4,187 | 3,898 | 3,347 | 3,087 |
| Inventories | 2,541 | 3,440 | 4,008 | 3,986 | 4,672 |
| Trade payables including MSME | 7,250 | 7,582 | 6,798 | 8,019 | 9,291 |
| Net property plant and equipment | 7.93 | 6.96 | 5,472 | 5,823 | 7,507 |
| Capital work in progress | 139.4 | 139.2 | 170.2 | 358.8 | 548.8 |
| Total assets | 43,601 | 54,746 | 67,660 | 81,715 | 1,01,041 |
| Net debt including liquid investments; debt positive | 35,326 | 39,088 | 52,120 | ||
| Liquid investments used in net-debt reconciliation | 225.2 | 4,266 | 5,141 | ||
| Other bank balances incl earmarked deposits | 1,863 | 718.7 | 4,476 | ||
| Current investments; not all treated as liquid | 1,023 | 4,667 | 6,322 | ||
| Noncurrent borrowings at carrying value | 26,696 | 36,383 | 46,016 | ||
| Current borrowings incl maturities supplier finance | 13,869 | 13,318 | 17,633 | ||
| Current maturities of longterm borrowings | 11,634 | 16,347 | |||
| Noncurrent lease liabilities | 151.2 | 185.4 | 202.4 | ||
| Current lease liabilities | 86.6 | 75.6 | 83.5 | ||
| Supplier finance liabilities | 0.00 | 87.3 | |||
| Equity attributable to owners | 9,005 | 12,232 | 14,242 | ||
| Reported group revenue growth (%) | 6.2% | 16.1% | |||
| Group trade receivable growth excludes lending loans (%) | -14.1% | -7.8% | |||
| Quantified contingencies over equity attributable to owners (%) | 3.1% |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after tax | -142.3 | -6,294 | -6,258 | 128.5 | -4,895 |
| Free cash flow (vendor definition) * | 2,845 | -5,428 | -7,392 | -1,520 | -7,840 |
| Cash dividends paid; outflow negative | -176.1 | -293.6 | -763.4 | -2,041 | -1,835 |
| Cash purchase of PPE and intangibles; outflow negative | 107.1 | -853.7 | -1,134 | -1,648 | -2,945 |
| Cash business combination consideration; outflow negative | 0.00 | -194.6 | 0.00 | ||
| Purchase of additional subsidiary stake; outflow negative | -81.4 | ||||
| Gross noncurrent debt repayments; outflow negative | -12,333 | -11,405 | -13,688 | ||
| Gross current debt repayments; outflow negative | -10,844 | -22,227 | -22,313 | ||
| Gross noncurrent borrowing proceeds | 22,697 | 28,032 | |||
| Gross current borrowing proceeds | 19,986 | 21,828 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Yearend shares retrospectively bonus adjusted | 293.55 | 293.58 | 587.27 | 587.31 | 587.39 |
| Yearend issued shares actual unadjusted | 293.63 | 293.65 | 587.39 | ||
| Borrowing costs capitalised | 17.4 | 22.3 | |||
| Employee costs capitalised | 79.4 | 73.3 | |||
| Other operating expenses capitalised | 123.3 | 135.5 | |||
| Electoral trust contribution within operating expenses | 125.0 | 150.0 | |||
| Capital commitments net of advances | 490.7 | 826.0 | 971.4 | ||
| Lending impairment allowance and write-offs | 572.9 | 652.0 | 1,234 | ||
| Other expenses excluding separate lending impairment | 4,373 | 4,835 | 5,793 | ||
| Finance costs excluding financing activities | 426.9 | 397.3 | 426.1 | ||
| Interest and borrowing costs of financing activities | 2,555 | 3,533 | 4,279 | ||
| Group EBITDA after lending funding costs | 5,300 | 5,675 | 6,466 | ||
| Weighted-average diluted shares post bonus | 588.07 | 588.38 | 587.35 | ||
| Parent industrial proxy net debt incl leases and derivatives | 87.9 | -4,204 | -4,937 | ||
| Parent standalone CFO after cash tax | 2,503 | 7,819 | 4,792 | ||
| Parent standalone gross cash PPE and intangible purchases | 495.5 | 954.3 | 1,050 | ||
| Parent standalone net revenue from operations | 38,367 | 38,753 | 44,007 | ||
| Parent materials and services consumed | 26,917 | 25,712 | 29,723 | ||
| Parent purchases of stock in trade | 1,506 | 1,680 | 1,805 | ||
| Parent signed inventory change expense | -510.9 | 230.6 | -110.9 | ||
| Parent materials purchases and inventory expense total | 27,912 | 27,623 | 31,417 | ||
| Parent standalone employee benefits expense | 2,233 | 2,406 | 2,607 | ||
| Parent standalone other operating expenses | 3,615 | 3,793 | 4,251 | ||
| Parent standalone D&A including ROU | 717.8 | 719.3 | 715.2 | ||
| Parent commercial vehicle product revenue before discounts | 32,715 | 32,384 | 36,843 | ||
| Parent other product service and operating revenues gross | 6,368 | 7,175 | 7,959 | ||
| Parent unallocated rebates and discounts | 715.5 | 805.6 | 794.9 | ||
| HLF group equity attributable to Ashok Leyland owners | 4,115 | 5,319 | 6,421 | ||
| HLF group equity including its noncontrolling interests | 6,813 | 8,703 | 10,505 | ||
| Consolidated commercial vehicle segment D&A | n.d. | n.d. | n.d. |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue including financing operations | 11,148 | 11,995 | 14,696 | 11,709 | 12,577 | 14,830 | 17,246 | 13,070 |
| Cost of revenue (vendor classification) * | 6,767 | 7,311 | 9,109 | 6,796 | 7,353 | 8,976 | 10,732 | 7,538 |
| Other operating costs (vendor classification) * | 1,134 | 1,150 | 310.3 | 1,297 | 1,267 | 1,506 | 1,723 | 1,413 |
| EBITDA (vendor classification) * | 2,330 | 2,569 | 3,230 | 2,596 | 2,929 | 3,370 | 3,720 | 3,077 |
| Cost-stack EBIT before all finance costs | 1,796 | 2,069 | 2,651 | 1,900 | 2,173 | 2,540 | 2,994 | 2,096 |
| Finance costs including lending funding costs | 962.3 | 1,011 | 1,053 | 1,112 | 1,152 | 1,200 | 1,241 | 1,341 |
| Profit before tax including associates | 1,078 | 1,132 | 1,621 | 891.4 | 1,124 | 1,200 | 1,940 | 949.7 |
| Current plus deferred tax | 311.5 | 312.6 | 374.7 | 233.7 | 304.3 | 337.4 | 558.5 | 282.0 |
| PAT including non-controlling interests | 766.6 | 819.7 | 1,246 | 657.7 | 819.7 | 862.2 | 1,381 | 667.8 |
| Diluted EPS on post-bonus share basis (INR per share) | 1.20 | 1.29 | 1.92 | 1.04 | 1.29 | 1.38 | 2.20 | 1.05 |
| Materials, purchases and signed inventory change | 6,767 | 7,311 | 9,007 | 6,796 | 7,353 | 8,976 | 10,732 | 7,538 |
| Employee benefits expense | 1,043 | 1,038 | 1,125 | 1,123 | 1,170 | 1,163 | 1,277 | 1,237 |
| Other expenses including financing impairment | 1,298 | 1,310 | 1,573 | 1,616 | 1,613 | 1,869 | 1,929 | 1,885 |
| Cost-stack EBITDA before all finance costs | 2,040 | 2,336 | 2,991 | 2,173 | 2,441 | 2,822 | 3,308 | 2,410 |
| Other income | 114.3 | 64.9 | 121.6 | 98.7 | 134.9 | 180.4 | 170.9 | 188.7 |
| Depreciation and amortisation including ROU | 244.0 | 267.7 | 339.8 | 273.2 | 268.1 | 282.2 | 314.0 | 314.5 |
| Signed share of associates and JV profit | 11.3 | 7.58 | 11.5 | 4.74 | 8.04 | 4.25 | 34.6 | 6.14 |
| Signed exceptional gains or losses | 119.0 | 2.39 | -110.9 | 0.00 | -40.0 | -325.2 | -19.3 | 0.00 |
| PAT attributable to non-controlling interests | 60.9 | 57.8 | 115.8 | 46.7 | 63.9 | 48.8 | 90.6 | 52.0 |
| PAT attributable to owners of the parent | 705.6 | 761.9 | 1,130 | 611.1 | 755.8 | 813.5 | 1,291 | 615.8 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 34.7% | 58.9% | 10.2% | 6.2% | 16.1% |
| EBITDA margin | 17.2% | 19.0% | 19.1% | ||
| Net margin | 5.4% | 6.4% | 6.2% | ||
| Return on equity | 22.0% | 22.5% | 20.2% | ||
| Return on capital employed | 5.1% | 11.7% | 14.7% | 13.7% | 13.0% |
| Return on assets | 4.1% | 4.2% | 3.8% | ||
| Net debt (₹ crore) | 35,326 | 39,088 | 52,120 | ||
| Net debt / EBITDA | 4.50x | 4.25x | 4.85x | ||
| Interest cover | 0.89x | 2.08x | 2.32x | 2.07x | 2.04x |
| Asset turnover | 0.61x | 0.84x | 0.75x | 0.65x | 0.62x |
| Receivable days | 46 | 37 | 31 | 25 | 20 |
| Inventory days (on revenue) | 36 | 30 | 32 | 30 | 30 |
| Payable days (on revenue) | 101 | 67 | 54 | 60 | 60 |
| Cash conversion | -2.52x | 0.04x | -1.41x | ||
| Capex intensity | 0.4% | 2.1% | 2.5% | 3.4% | 5.2% |
| Free cash flow (₹ crore) | -249.4 | -7,148 | -7,392 | -1,520 | -7,840 |
| Dividend payout | 30.7% | 65.7% | 52.9% | ||
| EPS, diluted (₹) | -1.22 | 4.21 | 4.22 | 5.28 | 5.91 |
| Book value per share (₹) | 29.26 | 36.77 | 20.12 | 26.98 | 31.57 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Cost-stack EBITDA before all finance costs) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including liquid investments; debt positive; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Cost-stack EBITDA before all finance costs).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS on post-bonus share basis).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Ashok Leyland includes
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Reports on Ashok Leyland
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
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