Tata Motors vs Ashok Leyland: share price, P/E, ROE and financials compared

Prices as of 6 Nov 2026. Figures are from company filings and exchange data. This is an educational comparison, not investment advice.

Ashok Leyland

NSE: ASHOKLEY · Capital Goods

₹172.091.10%

Tata Motors and Ashok Leyland at a glance

Tata Motors and Ashok Leyland are both listed in Capital Goods. Tata Motors is the larger by market cap, at ₹1.6L Cr against ₹1.0L Cr for Ashok Leyland (1.6 times as large). On valuation, Tata Motors has the lower P/E (24.8× against 29.1×), while Ashok Leyland has the lower price-to-book (7.10× against 10.26×). On returns and margins, Tata Motors has the higher ROCE (25.5% against 14.5%), while Ashok Leyland has the higher operating margin (21.5% against 10.4%). Tata Motors carries less debt for its equity, with a debt-to-equity of 0.25× against 3.45×.

See the full interactive comparison

Key metrics, side by side

Key metrics of Tata Motors and Ashok Leyland
Metric	Tata MotorsTMCV	Ashok LeylandASHOKLEY
Price (₹)	425.50	172.09
Market cap (₹ Cr)	1,56,704	1,01,083
P/E	24.8× (the lower figure, shaded)	29.1×
P/B	10.26×	7.10× (the lower figure, shaded)
Dividend yield, trailing	0.94%	2.03% (the higher figure, shaded)
ROE	26.0%	26.2%
ROCE	25.5% (the higher figure, shaded)	14.5%
Operating margin (OPM)	10.4%	21.5% (the higher figure, shaded)
Net margin (NPM)	6.7% (the higher figure, shaded)	6.0%
Sales CAGR 3Y	–	+10.6%
Profit CAGR 3Y	–	+41.0%
Debt to equity	0.25× (the lower figure, shaded)	3.45×
Interest cover	6.3× (the higher figure, shaded)	2.1×
Net profit TTM (₹ Cr)	6,315	3,476
1Y return	+30.2% (the higher figure, shaded)	+21.2%
Promoter holding	42.51%	51.51%

Shaded: the company with the more favourable reading (lower P/E, debt or P/B; higher ROE, ROCE, margins, growth or yield) when the gap is meaningful. n/m means not meaningful, for example ROCE for a bank. Loss-making companies’ multiples are shown but not ranked.

Tata Motors vs Ashok Leyland: common questions

Which is bigger, Tata Motors or Ashok Leyland?

By market cap, Tata Motors is bigger at ₹1.6L Cr, against ₹1.0L Cr for Ashok Leyland (prices as of 6 Nov 2026). Net profit over the last twelve months was ₹6,315 Cr for Tata Motors and ₹3,476 Cr for Ashok Leyland.

Which has a lower P/E ratio, Tata Motors or Ashok Leyland?

Tata Motors trades at a P/E of 24.8× and Ashok Leyland at 29.1×. Tata Motors 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, Tata Motors or Ashok Leyland?

Tata Motors reports a return on equity of 26.0% and Ashok Leyland 26.2%. The two are close. ROE is net profit as a share of shareholders’ equity.

Go to the stock pages for Tata Motors and Ashok Leyland, or add up to four more companies in the interactive comparison.

Tata Motors