Ashok Leyland Ltd.

NSE: ASHOKLEY · Capital Goods

₹172.09+1.10%06 Nov 2026

Ask the data

Instant answers about Ashok Leyland Ltd. — computed from its filings, no language model

Market cap₹1,01,084 cr

Current price₹172.09

High / Low₹212 / ₹139

P/E29.1

P/B7.10

Book value₹24.2

ROE24.4%

ROCE12.9%

Debt / equity4.49

Dividend yield1.82%

EPS (TTM)₹5.92

Face value₹1

Price & valuation

split & bonus adjusted · pick a metric and range

Annual performance

annual · ₹ crore · line = operating margin

showing latest 6 of 7 periods

	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	21,951	19,454	26,237	41,673	45,791	48,535	56,362
EBITDA	3,233	2,462	2,765	5,093	7,943	9,208	10,745
Operating margin	14.7%	12.7%	10.5%	12.2%	17.3%	19.0%	19.1%
Interest	1,802	1,901	1,869	2,094	2,982	3,930	4,705
Depreciation	750	836	866	900	927	1,087	1,138
Profit before tax	736	-67	-207	2,258	4,090	4,565	5,103
Tax	279	3	86	907	1,410	1,214	1,434
Net profit	337	-165	-359	1,241	2,484	3,107	3,471
EPS ₹	1.15	-0.56	-1.22	4.23	8.46	10.58	5.91
Operating cash flow	—	—	2,845	-4,499	-6,258	128	-4,895
Capex	—	—	509	929	1,134	1,648	2,945
Dividend paid	—	—	176	294	763	2,041	1,835
Total assets	38,127	42,067	43,601	54,729	67,660	81,715	1,01,041
Equity	7,789	7,862	7,304	8,554	9,005	12,232	14,242

Quarterly performance

last 28 quarters · ₹ crore

showing latest 8 of 28 periods

	JUN '19	SEP '19	DEC '19	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	SEP '22	DEC '22	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26
Revenue	6,588	5,096	5,189	5,088	1,486	3,853	5,954	8,142	4,088	5,562	6,660	9,927	9,600	10,400	13,203	9,691	11,429	11,093	13,578	10,724	11,148	11,995	14,696	11,709	12,577	14,830	17,246	13,070
Operating profit	1,034	743	752	705	122	580	747	1,013	337	576	658	1,194	1,020	1,344	1,958	1,509	1,870	1,961	2,603	1,868	2,040	2,336	2,991	2,173	2,441	2,822	3,308	2,410
Operating margin	15.7%	14.6%	14.5%	13.9%	8.2%	15.1%	12.5%	12.4%	8.3%	10.4%	9.9%	12.0%	10.6%	12.9%	14.8%	15.6%	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 income	24	25	20	39	26	25	46	35	15	24	16	31	20	31	31	44	34	27	36	30	114	65	122	99	135	180	171	189
Interest	432	456	468	445	485	490	468	457	462	479	465	463	499	545	582	655	715	783	829	904	962	1,011	1,053	1,112	1,152	1,200	1,241	1,341
Depreciation	183	178	180	209	185	192	213	245	211	207	214	234	209	220	259	227	227	241	233	235	244	268	340	273	268	282	314	315
Profit before tax	440	88	121	88	-524	-79	66	471	-322	-85	-62	262	342	614	1,206	678	924	978	1,510	764	1,067	1,125	1,609	887	1,116	1,195	1,905	944
Tax	166	18	64	31	-138	17	27	96	-71	-1	52	106	158	264	411	95	358	375	582	215	312	313	375	234	304	337	558	282
Net profit	247	70	27	18	-409	-123	14	353	-274	-103	-122	140	164	319	753	544	526	560	853	509	706	762	1,130	611	756	813	1,291	616
EPS ₹	0.84	0.15	0.09	0.06	-1.39	-0.42	0.05	1.20	-0.93	-0.36	-0.41	0.48	0.56	1.09	2.56	1.85	1.79	1.91	2.91	1.73	2.40	2.59	3.85	1.04	1.29	1.38	2.20	1.05
Revenue YoY	—	—	—	—	-77.4%	-24.4%	14.7%	60.0%	175.1%	44.4%	11.9%	21.9%	72.6%	56.2%	33.0%	—	19.1%	6.7%	2.8%	10.7%	-2.5%	8.1%	8.2%	9.2%	12.8%	23.6%	17.4%	11.6%
Profit YoY	—	—	—	—	-265.5%	-275.8%	-46.8%	1851.1%	—	—	-953.7%	-60.2%	—	—	436.6%	—	220.9%	75.6%	13.4%	-6.4%	34.1%	36.0%	32.4%	20.0%	7.1%	6.8%	14.2%	0.8%

Earlier results (standalone, Sep '07 – Mar '19)

₹ crore · from BSE, before the NSE XBRL filings begin

Ashok Leyland Ltd. reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.

Full years

showing latest 8 of 11 periods

	FY09†	FY10†	FY11†	FY12†	FY13†	FY14†	FY15†	FY16†	FY17†	FY18†	FY19†
Revenue	5,969	7,245	11,118	12,781	12,412	9,943	13,562	18,822	20,951	26,447	29,029
Operating profit	469	763	1,218	1,256	875	167	1,046	2,166	2,220	2,742	3,081
Operating margin	7.9%	10.5%	11.0%	9.8%	7.1%	1.7%	7.7%	11.5%	10.6%	10.4%	10.6%
Other income	64	70	15	29	62	67	105	111	140	190	108
Interest	119	81	164	243	377	453	394	274	141	131	65
Depreciation	178	204	267	353	381	377	416	444	506	555	604
Profit before tax	218	545	802	690	471	-91	442	1,169	1,354	2,231	2,473
Tax	28	121	170	124	37	-121	107	447	107	668	609
Net profit	190	424	631	566	434	29	335	722	1,247	1,563	1,864

Quarters

showing latest 8 of 47 periods

	SEP '07†	DEC '07†	MAR '08†	JUN '08†	SEP '08†	DEC '08†	MAR '09†	JUN '09†	SEP '09†	DEC '09†	MAR '10†	JUN '10†	SEP '10†	DEC '10†	MAR '11†	JUN '11†	SEP '11†	DEC '11†	MAR '12†	JUN '12†	SEP '12†	DEC '12†	MAR '13†	JUN '13†	SEP '13†	DEC '13†	MAR '14†	JUN '14†	SEP '14†	DEC '14†	MAR '15†	JUN '15†	SEP '15†	DEC '15†	MAR '16†	JUN '16†	SEP '16†	DEC '16†	MAR '17†	JUN '17†	SEP '17†	DEC '17†	MAR '18†	JUN '18†	SEP '18†	DEC '18†	MAR '19†
Revenue	1,746	1,800	2,562	1,884	1,866	1,001	1,218	912	1,578	1,816	2,939	2,348	2,714	2,227	3,829	2,496	3,095	2,880	4,311	3,007	3,296	2,381	3,728	2,364	2,550	1,953	3,077	2,478	3,218	3,361	4,506	3,841	4,940	4,085	5,955	4,259	4,912	4,724	7,057	4,514	6,047	7,113	8,772	6,250	7,608	6,325	8,846
Operating profit	168	165	296	117	154	83	115	12	166	206	378	235	306	166	510	245	331	210	470	241	334	102	198	23	56	-97	184	116	234	238	457	389	594	430	753	476	536	454	753	303	612	788	1,039	641	806	649	985
Operating margin	9.7%	9.2%	11.5%	6.2%	8.2%	8.3%	9.4%	1.3%	10.5%	11.4%	12.9%	10.0%	11.3%	7.5%	13.3%	9.8%	10.7%	7.3%	10.9%	8.0%	10.1%	4.3%	5.3%	1.0%	2.2%	-5.0%	6.0%	4.7%	7.3%	7.1%	10.1%	10.1%	12.0%	10.5%	12.6%	11.2%	10.9%	9.6%	10.7%	6.7%	10.1%	11.1%	11.8%	10.3%	10.6%	10.3%	11.1%
Other income	11	44	12	12	28	11	13	61	6	2	2	5	5	2	4	4	10	3	11	13	24	14	12	12	23	15	16	23	26	19	37	27	26	26	32	44	32	24	40	38	56	38	58	50	28	21	9
Interest	13	15	9	11	25	39	44	26	17	16	22	32	39	47	45	53	63	55	72	83	104	107	83	101	124	115	113	106	101	98	88	77	70	67	60	34	34	31	42	37	41	34	20	12	17	19	17
Depreciation	47	41	49	44	51	36	48	44	51	51	59	61	64	65	77	85	86	87	96	89	98	93	100	95	90	88	103	103	103	100	110	104	113	109	118	121	126	119	139	132	141	135	146	143	140	161	160
Profit before tax	120	153	250	75	93	19	32	2	103	140	299	147	208	56	392	111	193	72	314	81	156	72	161	-167	-91	-193	360	-70	165	59	288	235	433	274	228	415	415	264	261	160	483	658	930	522	661	484	806
Tax	40	33	69	24	26	-0	-21	-5	15	35	77	24	40	12	93	24	39	5	56	14	13	-2	11	-25	-66	-26	-4	-22	45	27	58	76	146	75	151	125	120	78	-216	49	148	208	263	152	201	103	153
Net profit	80	120	181	51	67	19	53	8	89	105	223	123	167	43	298	86	154	67	259	67	143	74	150	-142	-25	-167	363	-48	121	32	230	159	287	199	77	291	294	186	476	111	334	450	667	370	460	381	653
EPS ₹	0.61	0.91	1.36	0.38	0.51	0.14	0.40	0.06	0.67	0.79	1.67	0.92	1.26	0.33	2.24	0.65	0.58	0.25	0.97	0.25	0.54	0.28	0.58	-0.53	-0.09	-0.63	1.37	-0.18	0.42	0.11	0.81	0.56	1.01	0.70	0.27	1.02	1.03	0.65	1.63	0.38	1.14	1.54	2.28	1.26	1.57	1.30	2.22
Revenue YoY	—	—	—	—	6.9%	-44.4%	-52.5%	-51.6%	-15.5%	81.4%	141.3%	157.3%	72.0%	22.7%	30.3%	6.3%	14.0%	29.3%	12.6%	20.5%	6.5%	-17.3%	-13.5%	-21.4%	-22.6%	-17.9%	-17.5%	4.8%	26.2%	72.1%	46.4%	55.0%	53.5%	21.6%	32.2%	10.9%	-0.6%	15.6%	18.5%	6.0%	23.1%	50.6%	24.3%	38.4%	25.8%	-11.1%	0.8%
Profit YoY	—	—	—	—	-16.3%	-84.3%	-70.5%	-84.6%	31.8%	454.5%	317.7%	1478.4%	88.5%	-58.5%	33.9%	-29.7%	-7.8%	54.3%	-13.2%	-22.4%	-7.5%	10.8%	-42.0%	-311.8%	-117.6%	-325.5%	142.2%	—	—	—	-36.7%	—	137.6%	518.9%	-66.5%	82.5%	2.6%	-6.4%	518.2%	-61.7%	13.5%	141.9%	40.2%	232.7%	37.5%	-15.3%	-2.2%

Returns & margins

trailing-twelve-month, per quarter

showing latest 8 of 22 periods

	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26
ROE	4.6%	-3.8%	-6.3%	-6.4%	-2.1%	-0.4%	-0.1%	-1.9%	-4.9%	20.8%	24.1%	26.8%	27.6%	27.2%	25.5%	27.4%	25.4%	26.2%	25.9%	26.3%	24.4%	24.4%
ROCE	10.6%	6.8%	6.2%	6.0%	5.8%	6.3%	6.3%	5.9%	5.3%	12.9%	13.7%	15.1%	14.2%	14.9%	14.3%	15.0%	13.7%	14.2%	13.5%	13.9%	12.5%	12.9%
Net margin	1.6%	-1.7%	-3.1%	-3.1%	-0.9%	-0.1%	-0.0%	-0.6%	-1.4%	4.1%	4.8%	5.2%	5.4%	5.2%	5.6%	6.0%	6.4%	6.5%	6.4%	6.2%	6.2%	6.0%
EBITDA margin	14.7%	13.8%	13.8%	13.1%	12.7%	12.1%	11.3%	10.6%	10.5%	13.6%	14.9%	16.1%	17.3%	17.7%	18.2%	18.6%	19.0%	19.3%	19.5%	19.4%	19.1%	19.0%
Debt / equity	2.07	2.07	2.07	2.07	3.04	3.04	3.04	3.04	3.28	3.64	3.87	3.87	4.53	4.53	4.30	4.30	4.08	4.08	4.33	4.33	4.49	4.49
Interest coverage	1.41	0.88	0.79	0.76	0.96	1.07	1.07	1.00	0.89	2.24	2.37	2.38	2.37	2.29	2.24	2.20	2.16	2.13	2.09	2.06	2.08	2.05
Asset turnover	0.58	0.44	0.41	0.43	0.46	0.52	0.56	0.58	0.60	0.78	0.77	0.78	0.68	0.69	0.66	0.67	0.59	0.61	0.60	0.63	0.56	0.57

Balance sheet

equity vs borrowings over time · ₹ crore

showing latest 6 of 17 periods

	MAR '14‡	MAR '15‡	MAR '16‡	MAR '17‡	MAR '18‡	MAR '19‡	MAR '20‡	MAR '21‡	MAR '22‡	SEP '22	MAR '23	SEP '23	MAR '24	SEP '24	MAR '25	SEP '25	MAR '26
Share capital	266	285	285	285	293	294	294	294	294	294	294	294	294	294	294	587	587
Other equity / reserves	3,071	3,964	4,979	6,108	7,128	8,452	7,495	7,568	7,010	6,866	8,260	8,584	8,711	10,018	11,938	11,996	13,654
Total equity	3,337	4,248	5,264	6,393	7,421	8,746	7,789	7,862	7,304	7,160	8,554	8,877	9,005	10,312	12,232	12,583	14,242
Borrowings	6,756	7,046	8,600	9,911	12,147	15,147	16,151	23,890	23,939	26,893	31,161	34,392	40,802	44,298	49,962	54,513	63,936
Current liabilities	6,854	7,840	8,242	10,399	14,191	15,316	14,795	16,224	18,604	19,856	22,444	23,061	26,663	23,147	26,547	25,452	33,118
Non-current liabilities	6,039	6,910	8,276	9,287	11,081	13,985	14,436	16,713	16,395	17,265	21,475	23,817	29,166	34,142	39,318	43,233	49,377
Total assets	17,534	19,525	22,199	26,668	33,518	39,122	38,127	42,067	43,601	45,581	54,729	58,110	67,660	70,600	81,715	85,310	1,01,041
Property, plant & equipment	6,262	5,387	4,693	5,072	5,069	5,071	5,314	5,630	5,317	5,689	5,763	5,701	5,867	6,006	6,289	6,669	7,983
Capital work-in-progress	270	166	66	196	251	295	442	233	139	162	139	251	170	219	359	1,042	549
Investments	1,165	1,499	1,031	—	—	1,492	960	1,096	2,652	2,228	4,852	3,170	2,329	3,953	6,610	5,547	7,467
Inventories	1,544	1,566	1,922	2,901	2,208	3,063	1,536	2,496	2,541	3,189	3,440	3,984	4,008	4,559	3,986	4,611	4,672
Receivables	1,381	1,339	1,462	1,239	1,176	2,717	1,505	3,021	3,279	3,723	4,190	4,491	3,901	3,941	3,347	3,407	3,087
Cash & equivalents	113	905	1,681	1,013	1,218	1,767	2,188	1,481	2,031	1,367	1,909	1,981	5,217	2,855	6,545	4,707	6,281

Cash flow

annual · ₹ crore · line = free cash flow

showing latest 5 of 8 periods

	FY16‡	FY17‡	FY18‡	FY22	FY23	FY24	FY25	FY26
Cash from operations	-1,275	270	1,477	2,845	-4,499	-6,258	128	-4,895
Cash from investing	454	-1,695	-3,166	-1,917	-2,935	1,135	-5,758	-7,016
Cash from financing	1,660	738	1,891	-378	7,281	8,432	6,958	11,617
Capex	262	449	651	509	929	1,134	1,648	2,945
Free cash flow	-1,537	-179	826	2,336	-5,428	-7,392	-1,520	-7,840
Dividends paid	154	325	549	176	294	763	2,041	1,835

Where the assets sit

Mar '26 · ₹ crore

Fixed assets (PPE)

₹7,983 cr8%

CWIP

₹549 cr1%

Investments

₹7,467 cr7%

Inventories

₹4,672 cr5%

Receivables

₹3,087 cr3%

Cash & equivalents

₹6,281 cr6%

Other assets

₹71,002 cr70%

Peer comparison

largest in Capital Goods · this company in bold

Company	Market cap ₹cr	Price	P/E	P/B	ROE
Hindustan Aeronautics Ltd.	3,33,052	4,980.00	35.7	8.12	22.7%
Bharat Electronics Ltd.	2,89,468	396.00	45.2	11.02	24.4%
Tata Motors Ltd.	1,56,797	425.50	24.8	10.26	41.3%
Bharat Heavy Electricals Ltd.	1,45,828	418.80	50.7	5.45	10.8%
ABB India Ltd.	1,43,541	6,774.00	55.7	15.37	27.6%
Siemens Ltd.	1,26,736	3,560.00	28.2	8.02	28.4%
Hitachi Energy India Ltd.	1,23,988	27,800.00	107.8	23.95	22.2%
CG Power and Industrial Solutions Ltd.	1,21,786	773.00	89.1	13.94	15.6%
Polycab India Ltd.	1,18,610	7,871.00	37.6	9.06	24.1%
Cummins India Ltd.	1,12,233	4,048.80	49.8	13.52	27.1%
Ashok Leyland Ltd.	1,01,084	172.09	29.1	7.10	24.4%

StoxGud checklist: Neutral setup · 6/10

Price above 50-day average
Price above 200-day average
50-day average above 200-day (uptrend)
RSI in healthy 40–70 zone
Positive 1-year return
Return on equity above 15%
Debt to equity below 1
Revenue growing year on year
Net profit margin above 10%
P/E below industry median

A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.

Returns & technicals

1 month+15.3%

6 months+0.8%

1 year+23.4%

3Y CAGR+26.7%

5Y CAGR+18.7%

10Y CAGR+14.4%

50-day avg₹157.04

200-day avg₹168.13

RSI (14)81

Long-term financials (FY15–FY15)

from published annual reports

Year	Revenue	Profit before tax	Net profit
FY15	₹15,530 Cr	₹254 Cr	₹134 Cr

Years before FY17 follow the older Indian GAAP standard, so they are not exactly comparable with recent years.

Compare Ashok Leyland Ltd. with

Polycab India vs Ashok Leyland Cummins India vs Ashok Leyland GE Vernova T&D India vs Ashok Leyland Ashok Leyland vs Siemens Energy India

FAQs

What is the share price of Ashok Leyland Ltd.?

Ashok Leyland Ltd. (ASHOKLEY) closed at ₹172.09 on NSE on 06 Nov 2026.

What is the market cap of Ashok Leyland Ltd.?

₹1,01,084 crore at the latest close.

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

29.1, on trailing-twelve-month earnings from its filings.

How fast is Ashok Leyland Ltd. growing?

Ashok Leyland Ltd.: revenue has compounded at 10.6% a year over three years; net profit at 40.9% a year. Latest-quarter revenue is up 11.6% year on year, profit up 0.8%.

How profitable is Ashok Leyland Ltd.?

On a trailing-twelve-month basis return on equity is 24.4%, return on capital employed 12.9%, operating margin 19.0%, net margin 6.0%.

How much debt does Ashok Leyland Ltd. have?

Ashok Leyland Ltd. is highly geared: debt to equity is 4.49 with borrowings of ₹63,936 cr against cash of ₹6,281 cr (balance sheet of 2026-03-31). Operating profit covers interest 2.0 times.

Financials parsed from Ashok Leyland Ltd.'s own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from JUN '19, annual from FY20, balance sheet from Mar '14. * = derived (full year or half year minus earlier quarters). ‡ = balance sheet / cash flow read from the company's published annual report (same basis), for years before the NSE filings carry them; each one checked to add up. Information only, not investment advice.