NSE: ASHOKLEY · BSE: 500477
ASHOK LEYLAND LTD
Manufactures commercial vehicles — medium and heavy commercial vehicles (M&HCV) trucks and buses, light commercial vehicles (LCV), and electric vehicles through its Switch Mobility arm — and sells them to fleet operators, transport businesses, and individual buyers. The commercial vehicle segment contributed 85.7% of FY26 segment revenue at Rs 48,313.71 cr, while a financial services arm that lends to vehicle buyers contributed the remaining 14.3% at Rs 8,049.34 cr. Total commercial vehicle volumes reached a record 220,437 units in FY26, with exports of 18,082 units and a defence business that grew 20%. The company carried net cash of Rs 5,899 cr on its balance sheet and is expanding into Indonesia via a new wholly-owned subsidiary. Materials are the largest cost at 57.2% of revenue, followed by other operating expenses at 12.5% and employee costs at 8.4%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Commercial vehicle (86%), Financial service (14%). Cyclical, asset-heavy commercial vehicle manufacturer with captive financing.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 26,237 | 41,673 | 45,791 | 48,535 | 56,362 |
| EBITDA (ex other income) | 2,441 | 5,141 | 7,859 | 9,223 | 10,361 |
| margin % | 9.3 | 12.3 | 17.2 | 19.0 | 18.4 |
| Owners' profit | (359) | 1,241 | 2,484 | 3,107 | 3,471 |
| EPS, as reported (₹) | (1.22) | 4.23 | 8.46 | 10.58 | 5.91 |
| ROE % · ROCE % | (3.3) · 6.6 | 12.6 · 13.5 | 22.8 · 17.2 | 21.3 · 15.4 | 20.1 · 14.4 |
| Debt / equity (x) | 2.81 | 2.89 | 3.45 | 3.15 | 3.45 |
| Cash from operations | 2,845 | (4,499) | (6,258) | 128 | (4,895) |
| Capex | (509) | (929) | (1,134) | (1,648) | (2,945) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11,148 | 11,995 | 14,696 | 11,709 | 12,577 | 14,830 | 17,246 | 13,070 |
| Profit before tax | 1,067 | 1,125 | 1,609 | 887 | 1,116 | 1,195 | 1,905 | 944 |
| Net profit | 767 | 820 | 1,246 | 658 | 820 | 862 | 1,381 | 668 |
| EPS (₹) | 2.40 | 2.59 | 3.85 | 1.04 | 1.29 | 1.38 | 2.20 | 1.05 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Commercial vehicle | 35,543 | 63.1 |
| Financial service | 5,989 | 10.6 |
| Commercial Vehicle | 12,770 | 22.7 |
| Financial Services | 2,060 | 3.7 |
| Total, before eliminations | 56,363 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA MOTORS LIMITED | 1,47,234 | 35.1 | 11.56 | 19.9 | 23.8 | 20.7 | — | 17.4 |
| ASHOK LEYLAND LTD ◆ | 84,848 | 24.4 | 4.57 | 13.0 | 20.1 | 7.5 | 23.7 | 19.9 |
| SML MAHINDRA LIMITED | 6,911 | 44.2 | 13.31 | — | 30.8 | 35.2 | — | 10.6 |
| ATUL AUTO LIMITED | 1,143 | 24.2 | 2.33 | 14.9 | 8.8 | 10.4 | 22.7 | 8.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.4 | 27.8 | 5 of 11 | 60% |
| P/B | 4.6 | 4.6 | 6 of 11 | 50% |
| ROCE | 7.5 | 12.3 | 8 of 11 | 30% |
| ROE | 20.1 | 16.2 | 4 of 11 | 70% |
| Debt / Equity | 3.5 | 0.3 | 11 of 11 | 0% |
| EBITDA margin | 19.9 | 15.2 | 3 of 12 | 82% |
| Revenue growth | 11.6 | 20.1 | 9 of 11 | 20% |
| Profit growth | 1.5 | 7.3 | 8 of 10 | 22% |
| Market cap | 84848 | 6625 | 2 of 12 | 91% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Senior HR head Raja Radhakrishnan resigns from Ashok Leyland | management changes | medium | — | — |
| 22 Oct 2026 · Ashok Leyland CHRO Raja Radhakrishnan resigns | management changes | medium | — | — |
| 9 Oct 2026 · ICRA reaffirms credit ratings on Ashok Leyland's debt worth Rs 7,379 Cr | credit debt | medium | — | — |
| 5 Oct 2026 · Compliance certificate for Q2 FY27 under SEBI Reg 74(5) | compliance | minimal | — | — |
| 1 Oct 2026 · Ashok Leyland Sept 2026 sales up 29% YoY at 22,157 units | business updates | medium | — | — |
| 24 Sept 2026 · Trading window closed ahead of Q2 and H1 FY26 results | compliance | minimal | — | — |
| 22 Sept 2026 · CARE reaffirms AA+ rating on Ashok Leyland bank facilities | credit debt | medium | — | — |
| 16 Sept 2026 · Ashok Leyland to attend CLSA Investor Forum in Hong Kong | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Schedule of meeting at BoA Asia Pacific Conference on Sept 22 | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Ashok Leyland schedules investor meet on Sept 21 at Anand Rathi conference | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.