Mahindra & Mahindra vs Ashok Leyland: share price, P/E, ROE and financials compared
Mahindra & Mahindra
Ashok Leyland
Mahindra & Mahindra and Ashok Leyland at a glance
Mahindra & Mahindra is the larger by market cap, at ₹3.9L Cr against ₹1.0L Cr for Ashok Leyland (3.9 times as large). On valuation, Mahindra & Mahindra has the lower P/E (19.0× against 29.1×) and the lower price-to-book (3.75× against 7.10×). On returns and margins, Mahindra & Mahindra has the higher ROCE (17.1% against 14.5%), while Ashok Leyland has the higher ROE (26.2% against 20.1%) and the higher operating margin (21.5% against 18.2%). Over three years, Mahindra & Mahindra has faster 3-year sales growth (+17.5% against +10.6% a year), while Ashok Leyland has faster 3-year profit growth (+41.0% against +18.5% a year). Mahindra & Mahindra carries less debt for its equity, with a debt-to-equity of 1.25× against 3.45×.
Key metrics, side by side
| Metric | Mahindra & MahindraM&M | Ashok LeylandASHOKLEY |
|---|---|---|
| Price (₹) | 3,287.20 | 172.09 |
| Market cap (₹ Cr) | 3,94,715 | 1,01,083 |
| P/E | 19.0× (the lower figure, shaded) | 29.1× |
| P/B | 3.75× (the lower figure, shaded) | 7.10× |
| Dividend yield, trailing | 1.00% | 2.03% (the higher figure, shaded) |
| ROE | 20.1% | 26.2% (the higher figure, shaded) |
| ROCE | 17.1% (the higher figure, shaded) | 14.5% |
| Operating margin (OPM) | 18.2% | 21.5% (the higher figure, shaded) |
| Net margin (NPM) | 8.6% (the higher figure, shaded) | 6.0% |
| Sales CAGR 3Y | +17.5% (the higher figure, shaded) | +10.6% |
| Profit CAGR 3Y | +18.5% | +41.0% (the higher figure, shaded) |
| Debt to equity | 1.25× (the lower figure, shaded) | 3.45× |
| Interest cover | 3.7× (the higher figure, shaded) | 2.1× |
| Net profit TTM (₹ Cr) | – | 3,476 |
| 1Y return | −12.7% | +21.2% (the higher figure, shaded) |
| Promoter holding | 18.39% | 51.51% |
Mahindra & Mahindra vs Ashok Leyland: common questions
Which is bigger, Mahindra & Mahindra or Ashok Leyland?
By market cap, Mahindra & Mahindra is bigger at ₹3.9L Cr, against ₹1.0L Cr for Ashok Leyland (prices as of 6 Nov 2026).
Which has a lower P/E ratio, Mahindra & Mahindra or Ashok Leyland?
Mahindra & Mahindra trades at a P/E of 19.0× and Ashok Leyland at 29.1×. Mahindra & Mahindra has the lower P/E. P/E is the share price divided by earnings per share; it varies a lot between industries and with growth, so it says little on its own.
Which has a higher ROE, Mahindra & Mahindra or Ashok Leyland?
Mahindra & Mahindra reports a return on equity of 20.1% and Ashok Leyland 26.2%. Ashok Leyland has the higher ROE. ROE is net profit as a share of shareholders’ equity.
Which is growing faster, Mahindra & Mahindra or Ashok Leyland?
Over the last three years: Sales grew +17.5% a year at Mahindra & Mahindra and +10.6% at Ashok Leyland, so Mahindra & Mahindra grew sales faster; profit grew +18.5% a year at Mahindra & Mahindra and +41.0% at Ashok Leyland, so Ashok Leyland grew profit faster. Past growth doesn’t predict future growth.