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.
| ₹ 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) |
| ₹ 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 |
| 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA MOTORS LIMITED | 1,59,966 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Sept 2026 · Ashok Leyland to attend UBS India Summit 2026 on Sept 11 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Ashok Leyland Aug 2026 sales up 43% YoY at 19,438 units | business updates | medium | — | — |
| 31 Aug 2026 · Ashok Leyland to meet investors on Sept 4 via ICICI Securities Auto Tour | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Ashok Leyland Q1 FY27: Record Revenue, Margin Under Commodity Pressure | investor communications | medium | — | — |
| 17 Aug 2026 · Ashok Leyland 77th AGM: all 7 resolutions passed with over 92% majority | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Ashok Leyland approves up to ₹825 crore of subsidiary investments | strategic transactions | high | — | — |
| 14 Aug 2026 · Auditor rotation: Deloitte to replace Price Waterhouse from 2027 | management changes | medium | — | — |
| 14 Aug 2026 · Ashok Leyland Q1 FY27 revenue Rs 9,634 cr, PAT Rs 609 cr; EBITDA margin dips | results | high | — | — |
| 10 Aug 2026 · Revised schedule for Q1FY27 earnings call on Aug 14 | board shareholder meetings | low | — | — |
| 10 Aug 2026 · Ashok Leyland allots Rs 300 crore NCDs at 7.50 percent coupon | fund raising | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 38.1 |
| 12.56 |
| 21.6 |
| 23.8 |
| 20.7 |
| — |
| 17.4 |
| ASHOK LEYLAND LTD ◆ | 96,185 | 27.7 | 5.19 | 14.1 | 20.1 | 7.5 | 23.7 | 19.9 |
| SML MAHINDRA LIMITED | 9,544 | 61.0 | 18.38 | — | 30.8 | 35.2 | — | 10.6 |
| ATUL AUTO LIMITED | 1,234 | 26.1 | 2.52 | 16.0 | 8.8 | 10.4 | 22.7 | 8.3 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.7 | 29.6 | 5 of 11 | 60% |
| P/B | 5.2 | 5.2 | 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 | 96185 | 8147 | 2 of 12 | 91% |
| 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 |
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.
