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On 6 Nov 2026, Ashok Leyland was priced at ₹172.09, or 29.1× trailing earnings, against an industry P/E of 20.4×, and the shares are 20% below their 52-week high. It earns ROCE of 15% and ROE of 26%, and sales and net profit grew 11% and 41% a year over 3 years. Its dividend yield is 2.0%, and debt is 3.45× equity. It is a large-cap company with a market cap of ₹1.0 lakh crore, the largest of 24 Farm & Heavy Construction Machinery companies by market cap; the shares rose 21% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Jun 2026.How we calculate this

past year
Open
₹168.75
Day high
₹172.09
Day low
₹165.63
Prev. close
₹170.21
Volume
2.9 Cr

Health check

1 good · 1 fair · 4 to check
  • ReturnsAhead

    +21.2% over a year, better than 6 of 7 peers.

  • Price tagPricier

    P/E 29.1 vs industry 20.4.

  • GrowthSteady

    Sales +10.6%, profit +41.0% a year over 3 years.

  • ProfitabilityWeak

    ROCE 14.5% vs peer median 21.4%.

  • Balance sheetStretched

    Debt 3.45× equity, interest covered 2.1×, Piotroski 4 of 9.

  • Red flags2 to check

    Debt is 3.45× equity.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Farm & Heavy Construction Machinery

23 listed peers. Screen the industry

Large cap

₹1.0L Cr, the largest of 24 in its industry.

Defensive

Beta 0.46 vs the NIFTY 50: moves less than the market.

Key metrics

Last 12 months to Jun 2026: sales ₹57,723 Cr · profit ₹3,476 Cr
Market cap
₹1.0L Cr
Large cap
P/E
29.1
Industry 20.4
Price to book
7.10
Peers 4.57
Dividend yield
2.03%
ROE
26.2%
Peers 17.7%
ROCE
14.5%
Peers 21.4%
Debt to equity
3.45
Debt ₹63,936 Cr
EPS (TTM)
₹5.92
Face value ₹1
OPM (TTM)
21.5%
Net margin 6.0%
Sales growth
+11.7%
Latest quarter vs a year ago
Profit growth
+0.8%
Latest quarter vs a year ago
Price to sales
1.75
EV/EBITDA 12.3

Strengths and risks

Strengths

  • Return on equity of 26.2%.
  • Dividend yield of 2.03%.

Risks to check

  • Debt is 3.45× equity.
  • Interest coverage of only 2.6×.

Derived automatically from reported figures. Not a recommendation.

About Ashok Leyland

Ashok Leyland Limited, together with its subsidiaries, manufactures and sells commercial vehicles in India. It operates in Commercial Vehicle and Financial Service segments. The company offers ICV trucks, haulage vehicles, tractors, and tippers; buses; light commercial vehicle goods carriers and passenger vehicles, and small commercial vehicle goods carriers; defense vehicles, such as armored, high mobility, specialist, and logistics vehicles; transit…

Headquarters
Chennai
Employees
9,891
Sector
Industrials
ISIN
INE208A01029
Website
ashokleyland.com

Price range

52 weeks

₹138.03₹215.42

Today

₹165.63₹172.09
Avg volume (3M)
1.5 Cr
1-year return
plus 21.2%
From 52-week high
minus 20.1%

Analyst consensus

34 analysts
BuyMean target ₹183.44 plus 6.6%

Target range, with today’s price

Low ₹141.00High ₹240.00

Next results expected around 12 Nov 2026

Consensus from Yahoo Finance. Not a recommendation.

Peers · Farm & Heavy Construction Machinery

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
ASHOKLEYAshok Leyland172.09plus 1.10%1,01,08329.112.214.5%21.5%3.4510.6%plus 21.2%
ESCORTSEscorts Kubota2,443.40minus 0.67%26,88820.413.514.4%11.5%0.0111.3%minus 35.6%
ACEAction Construction Equipment1,167.70plus 3.55%13,90031.825.528.5%15.6%0.0015.0%plus 2.8%
OLECTRAOlectra Greentech1,026.35minus 2.21%8,42447.526.619.4%13.8%0.3128.4%minus 30.9%
AJAXENGGAjax Engineering556.65minus 1.24%6,36928.120.021.4%12.5%0.0022.2%minus 5.8%
SWARAJENGSwaraj Engines3,495.30minus 1.97%4,24720.015.252.8%12.6%0.0112.2%minus 9.6%
VSTTILLERSV.S.T Tillers Tractors3,941.70minus 2.48%3,41131.416.512.4%13.3%0.007.2%minus 33.8%
UNIPARTSUniparts India704.60minus 1.75%3,17917.712.522.0%22.3%0.18−4.8%plus 41.4%
Median of 7 peers–−1.75%6,36928.116.521.4%13.3%0.0112.2%−9.6%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Sep 25Dec 25Mar 26Jun 26
11,65712,51814,76217,13913,020
9,1649,73211,57613,62410,138
2,4922,7863,1863,5152,882
21.4%22.3%21.6%20.5%22.1%
103143185205195
1,1121,1521,2001,2411,341
273268282314315
−319−385−688−226−472
8911,1241,2001,940950
26.2%27.1%28.1%28.8%29.7%
6117568131,291616
1.041.291.382.201.05

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+10.6%
Profit CAGR 3Y
+41.0%
EPS CAGR 3Y
+41.1%
ROE
26.2%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
41,48845,51748,34256,076
–+9.7%+6.2%+16.0%
35,74937,08938,48243,937
5,7408,4289,86012,139
13.8%18.5%20.4%21.6%
72.6173317475
2,0942,9823,9304,705
9009271,0871,138
−554−586−563−1,617
2,2654,1064,5965,155
40.0%34.3%26.4%27.8%
1,2392,4843,1073,471
–+100.5%+25.1%+11.7%
2.104.225.285.91

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
294294294587
8,2588,71111,93813,654
31,16140,80249,96263,936
15,03317,78919,52022,863
54,74667,59681,7151,01,041
5,9025,9746,6508,536
139172361553
1,2771,1991,822967
6,1476,60411,86117,006
41,28053,64661,02173,980
54,74667,59681,7151,01,041

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
−4,499−6,258128−4,895
−2,9351,135−5,758−7,016
7,2818,4326,95811,617
−1543,3091,328−293
−929−1,134−1,648−2,945
−5,428−7,392−1,520−7,840
−294−763−2,041−1,835

Shareholding pattern

Source: NSE filings
51.5%
promoters
  • Promoters51.51%
  • Public48.49%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202651.51%48.49%0.00
30 Jun 202651.51%48.49%0.00
31 Mar 202651.51%48.49%0.00
31 Dec 202551.51%48.49%0.00
30 Sep 202551.51%48.49%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you