Fundamentals scanner
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
IndustrialsNeutral- Market cap
- —
- P/E
- 29.0x
- ROE
- —
- Debt / equity
- 3.45
What the company does
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.
Valuation — what you are paying
How the price compares to earnings, assets and cash generation.
- P/E (trailing)29.0xFair
You are paying 29.0 years of current profit for each share. The earnings yield is 3.4%.
- P/B (price to book)7.1xFair
The market values the company at 7.1× its accounting net worth. High is normal for asset-light businesses and unusual for banks.
- EV / EBITDA12.3xFair
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.
- Dividend yield2.04%Strong
Pays 2.04% of the current price out each year. Remember that yield rises when price falls — check the dividend is covered by cash flow.
Profitability — is this a good business?
Returns on capital and margins, the numerical shadow of a moat.
- Return on equity—No data
Not available.
- Return on assets—No data
Not available.
- Operating margin19.6%Strong
Keeps ₹19.6 of operating profit from every ₹100 of sales. Compare only against companies in the same industry.
- Net margin6.0%Fair
Sustained high net margins are evidence that something is stopping competitors from competing the profits away.
Financial strength — can it survive a bad year?
Leverage and liquidity. This is where fragility shows up first.
- Debt to equity3.45Weak
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.
- Current ratio—No data
Not available.
- Total debt₹63935.70 CrNo data
Against cash of ₹17005.79 Cr. Net debt is what matters, not gross borrowings.
- Free cash flow—No data
Not available.
Growth — is it getting bigger?
Revenue and earnings momentum, and how the two compare.
- Revenue growth (yoy)+11.6%Fair
Ask where the growth came from: more volume, higher prices, or an acquisition. They are very different in quality.
- Earnings growth (yoy)+1.0%Fair
Profits are growing slower than sales, meaning margins are compressing. The company may be buying its growth.
- Revenue (TTM)₹57723.13 CrNo data
EBITDA of ₹12390.35 Cr and operating cash flow of —.
- PEG ratio—No data
Not available.
Financial statements
Reported figures, most recent year first. All values in rupees.
| FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | ₹44007.03 Cr | ₹38752.74 Cr | ₹38367.03 Cr | ₹36144.14 Cr |
| Cost of revenue | ₹0.00 | ₹0.00 | ₹0.00 | ₹0.00 |
| Gross profit | ₹0.00 | ₹0.00 | ₹0.00 | ₹0.00 |
| Operating expenses | ₹0.00 | ₹0.00 | ₹0.00 | ₹0.00 |
| Operating income | — | — | — | — |
| Interest expense | — | — | — | — |
| Pre-tax income | — | — | — | — |
| Tax | ₹0.00 | ₹0.00 | ₹0.00 | ₹0.00 |
| Net profit | ₹3565.53 Cr | ₹3303.29 Cr | ₹2617.87 Cr | ₹1380.11 Cr |