VALARTH See Ashok Leyland in the appOpen in app
ASHOKLEY · NSE · Commercial Vehicles

Ashok Leyland Ltd

What the numbers mean, from its filings and the exchange. Data as of 12 Oct 2026.
Mid Cap · AMFI list Jan-Jun 2026 · Vendor sector: Consumer Cyclical
cheap low confidence No valuation within 120 days; P/E 24.5 vs peers 48.1 (4th of 24); P/B 6.9 vs peers 9.9 (6th of 23).
Statements through FY2026Prices adjusted for 2 corporate actionsNot yet reviewed by the adversarial model

What is Ashok Leyland's share price today?

Ashok Leyland last traded at ₹144.25 on the NSE, as of 12 Oct 2026, 11:00 pm IST, down 0.6% on the day, up 5.6% over a year. Its 52-week range is ₹134 to ₹215. The live price is in the app.

₹144.25 −0.6% today
+5.6% over 1 year · NSE, as of 12 Oct 2026, 11:00 pm IST
60 month-end closes, 31 Oct 2021 to 30 Sep 2026, adjusted for splits and bonuses
52-week range12% of the way up
Low ₹134High ₹215

What is Ashok Leyland's market cap?

Ashok Leyland's market capitalisation is about ₹85,206 crore: what it would cost to buy every share at today's price. That makes it the 30th largest mid cap company we cover.

₹85,206 Cr Mid Cap30th largest mid cap company
Mid Cap means the companies ranked 101 to 250 by size, under SEBI's rules. Shares in issue are worked out from the market cap and the price. What market cap tells you →

Key facts

From the exchange
Symbol
NSE: ASHOKLEY
ISIN
INE208A01029
Cap bucket
Mid Cap, 30th largest by market cap
Industry (NSE)
Industrials › Capital Goods › Agricultural Commercial & Construction Vehicles › Commercial Vehicles
Listed since
1995
Futures and options
Traded

Is Ashok Leyland overvalued?

Cheap, with low confidence: no valuation within 120 days; P/E 24.5 vs peers 48.1 (4th of 24); P/B 6.9 vs peers 9.9 (6th of 23).

Valuation

Latest price and trailing 12 months
P/E 24.50
vs peers 48.1 · 4th of 24
Price divided by last year's earnings per share: how many years of today's profit you pay for. Learn more →
P/B 6.91
vs peers 9.9 · 6th of 23
Price divided by book value per share: what you pay for each rupee of net assets on the balance sheet. Learn more →
Market cap ₹85,206 Cr
Total market value of all shares, in ₹ crore. Learn more →
Dividend yield 2.3%
vs peers 0.6% · 1st of 16
Last year's dividends as a share of today's price. Learn more →
PEG (vendor) Not available
P/E divided by the vendor's earnings growth figure, which it does not disclose; a P/E adjusted for how fast profits grow. Learn more →
PEG on our 3-year EPS growth 0.60
P/E divided by the 3-year EPS growth rate from the stored accounts. Learn more →
3 models could be judged
Skipped — Fair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored

Our valuation range

🔒 Pro
Value range, implied growth at today's price, and the nine models behind it: in the app.

Is Ashok Leyland a quality business?

Quality score 40.6, 19th of 25 in its peer set; AVOID on 30 of 30 flags judged.

Quality and risk

Data as of 12 Oct 2026
Business quality Not available
The kind of business, which sets the yardstick it is judged by. Learn more →
Quality score 40.6
vs peers 58.9 · 19th of 25
Returns, margins, leverage and consistency against its peers, out of 100. Learn more →
Risk level AVOID
30 of 30 flags judged
From flags on debt, earnings quality, dilution and price swings. Learn more →

Profitability

ROE 28.9%
vs peers 21.2% · 8th of 25
Return on equity: profit as a share of shareholders' money. Learn more →
ROCE 33.8%
vs peers 28.0% · 7th of 25
Return on capital employed: operating profit as a share of all the capital in the business, debt and equity. Learn more →
Profit margin 6.0%
vs peers 12.2% · 20th of 24
Profit after everything, as a share of revenue. Learn more →
EPS ₹6.33
Trailing 12 months
Profit for each share over the last 12 months.

Scorecard

🔒 Pro
Health scores and red flags with their values and history: in the app.
See the scorecard →
Inside the app

Get a sneak peek of Valarth

Start freeStart free
A Valarth stock page: the share price with its chart and 52-week range, valuation and profitability figures, and a scorecard of health checks.
Stock pagePrice, valuation, profitability and a scorecard of health checks for every company, each figure explained.
The Valarth stock screener: a table of companies with price, market cap, P/E, P/B, PEG, EPS and ROE, and filters down the left.
ScreenerEvery listed company, filtered on 212 figures, each with a plain-language lesson beside it.
The Valarth AI Screener answering 'Which companies will benefit from India's Project 75 submarine programme?' with a basket of four naval shipbuilders and a written thesis.
AI ScreenerAsk a question in plain English, like which companies benefit from India's Project 75. It reads the intent, builds the screen and writes the thesis.
A Valarth business-model card for State Bank of India, with a plain-language summary and statements verified against the filing.
Business modelHow a company makes money and what can hurt it, each statement checked against its annual report.
Valarth's Before the Bell edition, with the day's headline, regulator notes and sector moves.
Before the BellA morning edition before the market opens: what moved, which rule changed, and what it means for your holdings.

Has Ashok Leyland made money for shareholders?

Yes: +5.6% over one year and +18.2% a year over five years.

Shareholder returns

1-year return +5.6%
Price only
What the share price did over the last 12 months. Learn more →
5-year return +18.2% a year
Price only
Yearly average price return over five years, bonuses and splits adjusted. Learn more →
Wealth destroyer No
Five-year total return — price CAGR on bonus- and split-adjusted closes plus the dividend yield — below the 7% a bank fixed deposit paid. Learn more →

Returns

3Y and 5Y are yearly averages
1W
−4.9%
1M
−7.4%
3M
−8.9%
6M
−15.7%
1Y
+5.6%
3Y
+22.5%
5Y
+18.2%

Does Ashok Leyland pay a dividend?

Yes. Ashok Leyland's dividend yield is 2.27% at the latest price; the last payout was ₹2.50 a share, ex-dividend 3 Jun 2026.

Dividends

Per share, by ex-dividend date
Dividend yield2.27%
The past 12 months' dividends as a share of today's price.
3 Jun 2026 · Interim 2₹2.50
18 Nov 2025 · Interim₹1.00
22 May 2025 · Interim 2₹2.12
19 Nov 2024 · Interim₹1.00
3 Apr 2024 · Interim₹2.48
Payout ratio🔒 In the app
The share of profit paid out as dividends; a very high share leaves little to reinvest.
Dividend growth, 5 years🔒 In the app
How fast the dividend per share has grown a year.
Years without a miss🔒 In the app
How many years in a row a dividend has been paid.

Is Ashok Leyland growing?

Revenue 3 years 10.9% a year; profit 3 years 40.9% a year; revenue 5 years 16.9% a year.

Growth

Statements through FY2026 (Mar-26)
Revenue 3 years 10.9% a year
vs peers 18.9% · 17th of 21
Compound annual growth of revenue over three years. Learn more →
Profit 3 years 40.9% a year
vs peers 23.8% · 5th of 19
Compound annual growth of net profit over three years. Learn more →
Revenue 5 years 16.9% a year
Compound annual growth of revenue over five years. Learn more →
Profit 5 years Not available
Compound annual growth of net profit over five years. Learn more →
EPS 3 years 40.9% a year
Growth in earnings per share, so dilution counts against the company. Learn more →
EPS 5 years Not available
Growth in earnings per share over five years, so dilution counts against the company. Learn more →
P/E vs own history -12.3%
vs peers -3.8% · 7th of 16
Today's P/E against its own 5-year median; negative is cheaper than its history. Learn more →

How did Ashok Leyland do last quarter?

Ashok Leyland reported revenue of ₹13,020 Cr, up 16.1% on a year earlier and a net profit of ₹668 Cr, up 10.0% in the Jun 2026 quarter.

Latest quarter

Jun 2026
Revenue, latest quarter₹13,020 Cr
+16.1% on a year earlier
What the company took in over the quarter.
Net profit, latest quarter₹668 Cr
+10.0% on a year earlier
What was left for shareholders after every cost and tax.

How does Ashok Leyland compare with its peers?

Compared with 24 Capital Goods (the sector, as the industry was too small); 4th of 24 on P/E; 19th of 25 on quality score.

Compared with 24 Capital Goods (the sector, as the industry was too small)

24 companies

Ashok Leyland against its peers

Largest 10 of 24 peers, by market cap
CompanyMarket capP/EP/BROEROCE1YQuality 🔒Rank 🔒
Ashok Leyland Ltd₹85,206 Cr24.56.928.9%33.8%+5.6%
Tata Motors Ltd₹1.5 L Cr36.010.853.5%48.5%+24.5%
Bharat Heavy Electricals Ltd₹1.5 L Cr62.03.25.2%5.6%+84.6%
ABB India Ltd₹1.4 L Cr48.114.022.4%29.8%+31.7%
Hitachi Energy India Ltd₹1.4 L Cr118.620.921.0%27.9%+72.1%
CG Power & Industrial Solutions Ltd₹1.3 L Cr107.812.621.4%28.1%+14.5%
Cummins India Ltd₹1.3 L Cr56.615.831.2%39.6%+22.1%
Siemens Ltd₹1.3 L Cr39.17.712.0%12.3%+16.8%
Polycab India Ltd₹1.2 L Cr43.28.724.1%33.5%+7.4%
Siemens Energy India Ltd₹1.1 L Cr74.227.950.2%58.3%−2.6%
GE Vernova T&D India Ltd₹1.1 L Cr82.334.655.3%71.0%+38.5%
Peer median—48.19.921.2%28.0%+15.7%
Market cap in rupees crore; P/E and P/B on the latest price; 1Y is the price return over a year. A dash is a figure that does not apply or is not reported.

Full peer comparison

🔒 Pro
Every peer, every figure, the ranks and the quality and forensic scores side by side: in the app.

Who owns Ashok Leyland?

Ashok Leyland is held by promoters 51.1%, foreign institutions 20.5%, domestic institutions 15.6%.

Shareholding pattern

Latest filing, percent of shares
Promoters51.1%
The founders and controlling group.
Foreign institutions20.5%
Overseas funds investing through the FPI route.
Domestic institutions15.6%
Indian insurers, banks, pension and mutual funds together.
Mutual funds9.7%
Indian mutual fund schemes; part of domestic institutions.
Retail and others9.9%
Individual investors and everyone else.
Promoter shares pledged🔒 In the app
Promoter shares given as collateral for loans; a high share is a risk to watch.
Holding trend🔒 In the app
Whether promoters, foreign funds and mutual funds have been adding or selling over recent quarters.

What do analysts say about Ashok Leyland?

32 analysts cover Ashok Leyland, and the consensus is buy. A consensus is a count of opinions, not a forecast; read it beside the numbers.

Analyst consensus

32 analysts
ConsensusBuy
The rating most covering analysts give the share.
Average target price🔒 In the app
The mean of the analysts' 12-month price targets.
Upside to target🔒 In the app
How far the target sits above or below today's price.
Share rating it a buy🔒 In the app
The share of covering analysts with a buy rating.

What does Ashok Leyland do and what is it sensitive to?

Ashok Leyland is an Indian commercial vehicle maker that sells vehicles, engines, spare parts and services to fleet operators, retail buyers, government transport undertakings and exporters. Sensitive to: fuel and crude prices.

Business-model card

FY2026 · 53 verified
5Revenue
5Channels
2Regulators
6Reg. dependencies
7Sensitivities
5Costs
5Geographies

Ashok Leyland is an Indian commercial vehicle maker that sells vehicles, engines, spare parts and services to fleet operators, retail buyers, government transport undertakings and exporters. It earns mainly from product sales, with freight, AMC, IT and engineering services and exports as smaller lines.

Revenue by segment

Year ended March 31, 2026
Commercial vehicle85.7%
Financial service*14.3%

Revenue engine

5 verified
Commercial vehicles (sale of products)
Largest revenue line in the disaggregation table (Rs 34,432.15 crore). Interpretation: the table is labelled 'Year ended March 31, 2025', so it is FY25, not FY26. Revenue is recognised on delivery.
Spare parts and others
Second product line in the table (Rs 4,083.33 crore, FY25 labelling). Interpretation: aftermarket parts sales are a separate line from vehicle sales.
Engines and gensets
Sold as a separate product line (Rs 1,481.59 crore, FY25 labelling). Interpretation: engines and gensets are sold on credit terms per the revenue policy.
2 more statements
Freight and related services
Service revenue line within sale of services (Rs 978.24 crore, FY25 labelling), recognised over the period services are rendered.
Revenue timing for sale of products
Product revenue is recognised at a point in time, generally on delivery, and the company operates predominantly on cash and carry except STU, government and some export or domestic credit sales.

Customers & channels

5 verified
Commercial fleet operators
Transport companies, 3PL providers, corporate shuttles, intercity bus and school operators buy on reliability and running cost.
Retail customers via dealer network
Individual owners and small family fleets who finance purchases with loans and depend on the vehicle for livelihood; served through the dealer network.
Government and State Transport Undertakings
STUs and government project buyers buy on tender terms; their purchase timing depends on tendering and budget cycles.
2 more statements
Dealers and distributors
Company sold to 1,786 dealers or distributors. The 23.85% share of sales to top 10 is shown next to the 1,786 count, but the excerpt does not state which year is which column.
Channel partners and retail financing
Company works with channel partners on retail financing solutions, so customer financing availability affects dealer-led sales.

Regulators

2 verified
Government of India (labour codes)
Notified the four consolidated Labour Codes, which set the company's employee cost and compliance obligations.
Motor Vehicles Act, 1988 (statute listed in compliance report)
Listed among industry-specific statutes the company complied with, so it governs vehicle manufacture and sale. Interpretation: the excerpt lists the Act as a compliance item; it does not describe the Act's price or product rules.

Regulatory dependencies

6 verified
GST rate on commercial vehicles
A cut in GST from 28% to 18% lowered vehicle acquisition costs for buyers, lifting direct retail sales and indirect logistics demand. Interpretation: a reversal would raise buyer costs and weigh on volume.
New Labour Code one-time charge
The new Labour Code led to a one-time P&L charge stated as an exceptional item, separate from recurring manpower cost.
Emission and alternate-fuel mandates
Rising compliance costs from alternate-fuel and emission mandates raise cost, and the company must invest in validation for upcoming emission requirements.
3 more statements
Mandatory government vehicle scrappage
Scrappage of older government vehicles is cited as a driver of replacement demand; a change to the scrappage rule would move truck and bus volumes.
Urban decarbonisation mandates for buses
Mandates for electric and alternate-fuel buses are cited as a demand driver for the bus segment.
Government capital expenditure budget
Budgeted capex increase drives infrastructure activity and CV volumes; a cut in government capex would reduce them.

Sensitivities

7 verified
Fuel and crude prices
Higher fuel or crude prices weigh on fleet operator economics and the company's cost base; lower prices ease both. Interpretation: direction inferred from the stated sensitivity.
West Asia crude price shock
The West Asia crisis is named as affecting global crude prices, a threat to export demand and commodity costs.
Interest rates and retail financing
Tighter retail financing conditions could defer fleet acquisition decisions. Interpretation: higher rates reduce purchases financed by loans.
4 more statements
Finance costs
Finance costs fell about 21.8% as the company used cash surplus to repay borrowings.
Currency movements in exports
Exports are influenced by currency movements, and the company is exposed to exchange-rate fluctuations through foreign-currency transactions.
Monsoon and freight demand
A normal monsoon is cited as a key driver of freight movement and commercial vehicle demand.
Export market instability (GCC and Africa)
Macroeconomic volatility in the GCC and Africa is a downside sensitivity for exports.

Cost inputs

5 verified
Procurement and value engineering on materials
Material cost is managed through procurement actions, price negotiations, value engineering and localisation, which the company says contained cost impact.
Critical electric aggregates
The company is increasing localisation and supplier capability for batteries, e-axles, power electronics and high-pressure fuel systems.
Staff costs
Staff costs rose 8.3% from wage settlements at Hosur and Ennore, manpower at the new Lucknow plant, and executive increments.
2 more statements
Raw materials and components
Cost of raw materials and components includes purchase cost and taxes and duties, net of eligible GST credits.
Borrowing cost
Weighted average interest rate on general borrowings, used for capitalisation of borrowing costs.

Geographies

5 verified
India (28 states and 7 union territories)
Domestic market where the company sells across states and union territories; India revenue was Rs 37,601.95 crore in the FY25 table.
Exports as share of turnover (5.5%)
Exports contribute 5.5% of total turnover, against 49 international countries served.
GCC markets via RAK plant
The company focused on GCC markets and strengthened manufacturing at its RAK plant, which had its highest-ever production.
2 more statements
SAARC, Middle East and Africa
Volume growth was recorded across these key international markets in FY26.
Bangladesh and Nigeria
Political instability in Bangladesh and forex challenges in Nigeria impacted TIV in these markets.
Each statement is checked word for word against the FY2026 annual report; the passages are in the app.

What changed recently?

Q4 FY2026 results filed (31 Aug 2026).

Change log

8 entries · newest first
  1. Results filedQ4 FY2026 results filed.
  2. Results filedQ1 FY2027 results filed.
  3. Corporate actionInterim Dividend - Rs 2.50 Per Share.
  4. Results filedQ3 FY2026 results filed.
  5. Corporate actionInterim Dividend - Re 1 Per Share.
  6. Results filedQ2 FY2026 results filed.
  7. Results filedQ1 FY2026 results filed.
  8. Corporate actionBonus 1:1; price history adjusted.
Get alerts →Sign in to be told when any of these change.

What this page does not tell you

What could not be judged, and why. Never empty.
  • Models not runFair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored.
  • FlagsAVOID on 30 of 30 flags judged; 7 red.
  • Data gapsPEG (vendor), Business quality, Profit 5 years, EPS 5 years: not available yet.

What this page rests on

✓10 years of annual statements, through FY2026 (Mar-26)✓10 quarters of results✓285 months of month-end prices, adjusted for bonuses and splits (2 corporate actions)○no valuation of ours yet✓business-model card FY2026 · 53 verified

Questions people ask

What is Ashok Leyland's share price today?

Ashok Leyland last traded at ₹144.25 on the NSE, as of 12 Oct 2026, 11:00 pm IST, down 0.6% on the day, up 5.6% over a year. Its 52-week range is ₹134 to ₹215. The live price is in the app.

What is Ashok Leyland's market cap?

Ashok Leyland's market capitalisation is about ₹85,206 crore: what it would cost to buy every share at today's price. That makes it the 30th largest mid cap company we cover.

Is Ashok Leyland Ltd a large cap, mid cap or small cap?

Ashok Leyland Ltd (ASHOKLEY) is a mid cap company in AMFI's classification for Jan-Jun 2026. SEBI's buckets go by rank on six-month average market capitalisation: the top 100 are large caps, 101 to 250 mid caps, the rest small caps.

What is Ashok Leyland Ltd's P/E ratio?

24.50, vs peers 48.1 · 4th of 24. Price divided by last year's earnings per share: how many years of today's profit you pay for.

Is Ashok Leyland Ltd overvalued?

Cheap, with low confidence: no valuation within 120 days; P/E 24.5 vs peers 48.1 (4th of 24); P/B 6.9 vs peers 9.9 (6th of 23).

How does Ashok Leyland Ltd make money?

Ashok Leyland is an Indian commercial vehicle maker that sells vehicles, engines, spare parts and services to fleet operators, retail buyers, government transport undertakings and exporters. It earns mainly from product sales, with freight, AMC, IT and engineering services and exports as smaller lines.

Who are Ashok Leyland Ltd's peers?

Compared with 24 Capital Goods (the sector, as the industry was too small): Tata Motors Ltd, Bharat Heavy Electricals Ltd, ABB India Ltd, Hitachi Energy India Ltd, CG Power & Industrial Solutions Ltd and 19 more. The app shows how they compare on every figure.

Is this investment advice?

No. Valarth is a research and learning tool and is not a SEBI-registered investment adviser or research analyst. The figures come from the company's filings and the exchanges; what to do with them is your call.

How did Ashok Leyland do last quarter?

Ashok Leyland reported revenue of ₹13,020 Cr, up 16.1% on a year earlier and a net profit of ₹668 Cr, up 10.0% in the Jun 2026 quarter.

Who owns Ashok Leyland?

Ashok Leyland is held by promoters 51.1%, foreign institutions 20.5%, domestic institutions 15.6%.

Does Ashok Leyland pay a dividend?

Yes. Ashok Leyland's dividend yield is 2.27% at the latest price; the last payout was ₹2.50 a share, ex-dividend 3 Jun 2026.

What do analysts say about Ashok Leyland?

32 analysts cover Ashok Leyland, and the consensus is buy. A consensus is a count of opinions, not a forecast; read it beside the numbers.

Everything on Ashok Leyland, and 6,621 other companies, with 212 filters and the full peer tables

See Ashok Leyland in the app →See pricing