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Every ratio from the Fundamental Analysis track, computed on a real company and annotated with what the number actually means. Then the three financial statements, so you can do the cash-flow check yourself.
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 mixers for use in construction and mining operations; and tanker trucks, reefers, ambulances, and other custom-built vehicles. It also provides power solutions, such as diesel gensets, agriculture and industrial non-emission and emission engines, and marine genset and propulsion engines; spare parts; forgings and castings; manpower supply, air chartering, and IT services; and vehicle and housing financing services. In addition, the company trades in commercial vehicles; and operates retail parts stores. Further, it provides at-site and e-commerce service support; AL Revive Program, which restores accident vehicles; technical and driving training; AL Care, a one-stop solution designed to take care of service needs; iAlert, a telematics solution for vehicle and fuel platforms; uptime solution centers; AL Live, which provides live location tracking of mobile service vans; Re-AL, a vehicle buying, selling, and exchange platform; and LeyKart app. The company serves various customer categories, including commercial fleet operators, retail customers, government, industrial customers, defense and military customers, and special application vehicle customers through its distributors. It also exports its products to the Middle East, Africa, South Asia, Latin America, and the Commonwealth of Independent States countries. Ashok Leyland Limited was incorporated in 1948 and is headquartered in Chennai, India. Ashok Leyland Limited operates as a subsidiary of Hinduja Automotive Limited.
How the price compares to earnings, assets and cash generation.
You are paying 25.4 years of current profit for each share. The earnings yield is 3.9%. The tracked Automobile median is 25.8× (n=7), so this trades cheaper than its peers.
The market values the company at 6.2× its accounting net worth. High is normal for asset-light businesses and unusual for banks.
This is the only common multiple that accounts for debt — it is what an actual acquirer would look at, because they would inherit the borrowings.
Pays 2.27% of the current price out each year. Remember that yield rises when price falls — check the dividend is covered by cash flow.
Based on the next-year earnings estimate — 18.4× against 25.4× trailing. A forward P/E well below trailing is pricing in an earnings jump; treat the forecast with caution.
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Returns on capital and margins, the numerical shadow of a moat.
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Keeps ₹19.6 of operating profit from every ₹100 of sales. Compare only against companies in the same industry.
Sustained high net margins are evidence that something is stopping competitors from competing the profits away.
Keeps ₹40.1 of gross profit per ₹100 of sales, before operating costs. A high, stable gross margin is the clearest single sign of pricing power.
Leverage and liquidity. This is where fragility shows up first.
Lenders have put in 3.45× as much as the owners. Interest is owed whether or not customers show up. Note that banks and NBFCs are structurally leveraged and this rule does not apply to them.
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Against cash of ₹17005.79 Cr. Net debt is what matters, not gross borrowings.
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Revenue and earnings momentum, and how the two compare.
Ask where the growth came from: more volume, higher prices, or an acquisition. They are very different in quality.
Profits are growing slower than sales, meaning margins are compressing. The company may be buying its growth.
EBITDA of ₹12390.35 Cr and operating cash flow of —.
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The figures quoted per share, and how much profit is handed back to owners.
₹5.92 of profit earned per share over the last twelve months. Price divided by this is the trailing P/E.
The accounting net worth behind each share is ₹24.25; price-to-book compares the market price with this.
Pays out 59% of profit as dividends and retains the rest. Above roughly 85% leaves little to reinvest and is hard to sustain through a weak year.
Market cap plus net debt — closer to what an acquirer actually pays. Against a market cap of —.
Nine yes/no tests of profitability, funding and efficiency across the last two years; higher is stronger. A test is dropped only where the data is missing, so the score is out of 9.
NOPAT ÷ invested capital. What the business earns on all its capital, debt and equity — harder to flatter with leverage than ROE.
A company creates value only when ROIC clears its cost of capital (WACC) — judge this figure against the company’s cost of capital, and watch the trend across years.
Five weighted ratios in one bankruptcy early-warning number. Read the zone and, over time, the trend.
In the distress zone — a red flag worth pairing with the debt schedule and cash-flow statement.
Reported figures, most recent year first. All values in rupees.
| FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | ₹56076.03 Cr | ₹48341.76 Cr | ₹45517.26 Cr | ₹41488.30 Cr |
| Cost of revenue | ₹33963.61 Cr | ₹29781.55 Cr | ₹29346.76 Cr | ₹28935.55 Cr |
| Gross profit | ₹22112.42 Cr | ₹18560.21 Cr | ₹16170.50 Cr | ₹12552.75 Cr |
| Operating expenses | ₹11111.06 Cr | ₹9787.16 Cr | ₹8669.37 Cr | ₹7713.29 Cr |
| Operating income | ₹11001.36 Cr | ₹8773.05 Cr | ₹7501.13 Cr | ₹4839.46 Cr |
| Interest expense | ₹4704.65 Cr | ₹3930.21 Cr | ₹2982.25 Cr | ₹2093.50 Cr |
| Pre-tax income | ₹5154.79 Cr | ₹4596.33 Cr | ₹4106.07 Cr | ₹2264.93 Cr |
| Tax | ₹1433.81 Cr | ₹1213.54 Cr | ₹1409.73 Cr | ₹906.11 Cr |
| Net profit | ₹3471.03 Cr | ₹3106.80 Cr | ₹2483.52 Cr | ₹1238.71 Cr |