Ashok Leyland Ltd

About Ashok Leyland Ltd

Ashok Leyland Ltd is India's second-largest manufacturer of commercial vehicles and the fourth-largest bus manufacturer globally. A flagship company of the Hinduja Group, it primarily produces trucks, buses, defense vehicles, and power solutions, serving both domestic and international markets with a strong focus on innovation and sustainable mobility.

Key Financial Ratios of Ashok Leyland Ltd

• P/E Ratio (TTM): Price to Earnings ratio shows how much an investor pays for every rupee of the company's earnings. Ashok Leyland Ltd's P/E ratio (TTM) is 28.09, compared to the industry median of 57.69 and large cap median of 21.47.

• P/B Ratio: Price to Book ratio compares a company's market price to its book value per share. Ashok Leyland Ltd's P/B ratio is 7.05, compared to the industry median of 5.60 and large cap median of 4.89.

• P/S Ratio: Price to Sales ratio compares a company's market value to its total revenue. Ashok Leyland Ltd's P/S ratio is 1.65, compared to the industry median of 3.27 and large cap median of 2.29.

• PEG Ratio: PEG ratio adjusts the P/E ratio for expected earnings growth. Ashok Leyland Ltd's PEG ratio is 1.08.

• EV/EBITDA Ratio: This ratio compares a company's enterprise value to its earnings before interest, tax, depreciation, and amortization. Ashok Leyland Ltd's EV/EBITDA ratio is 11.68.

• Return on Equity (ROE): ROE measures how much profit a company generates from shareholders' invested capital. Ashok Leyland Ltd's ROE is 26.13%.

• Return on Assets (ROA): ROA measures how efficiently a company converts its assets into net profit. Ashok Leyland Ltd's ROA is 10.63%.

• Return on Capital Employed (ROCE): ROCE measures how efficiently a company generates profit from all the capital it employs. Ashok Leyland Ltd's ROCE is 14%.

• Operating Margin: Operating margin shows what percentage of revenue remains after covering operating expenses. Ashok Leyland Ltd's operating margin is 19.06%.

• Net Margin: Net margin shows what percentage of revenue converts into final net profit. Ashok Leyland Ltd's net margin is 6.60%.

• Current Ratio: The current ratio measures a company's ability to pay short-term liabilities using short-term assets. Ashok Leyland Ltd's current ratio is 2.03.

• Debt to Equity Ratio: This ratio shows the proportion of debt a company uses relative to shareholders' equity. Ashok Leyland Ltd's debt-to-equity ratio is 3.17.

• Interest Coverage Ratio: This ratio shows how easily a company can pay interest on its outstanding debt from its operating earnings. Ashok Leyland Ltd's interest coverage ratio is 2.10.

• Dividend Per Share (DPS): DPS shows the total dividend paid per share in the latest financial year. Ashok Leyland Ltd's DPS is ₹3.49.

• Earnings Per Share (EPS): EPS shows how much profit is allocated to each outstanding share. Ashok Leyland Ltd's EPS is 11.72.

(Source line: "Ratios as of 01 Sept 2026, based on last traded price of ₹170.53. Data sourced from BSE/NSE Exchange Filings & Public Terminal Data.")

Key Facts

• Founded: 1948 (as Ashok Motors Ltd.)

• Headquarters: Chennai, Tamil Nadu

• Core Offerings: Medium & Heavy Commercial Vehicles (M&HCVs), Light Commercial Vehicles (LCVs), Buses, Defence Vehicles, Power Solutions (Gensets)

• Stock Listing: NSE (ASHOKLEY), BSE (500477)

• Promoter: Hinduja Group

History of Ashok Leyland Ltd

• 1948: Founded as Ashok Motors Ltd. in Chennai, initially assembling Austin cars.

• 1954: Entered a collaboration with Leyland Motors, UK, to manufacture commercial vehicles.

• 1955: Renamed Ashok Leyland Ltd. following Leyland Motors' investment.

• 1987: Established a joint venture with Hino Motors, Japan, for engine technology.

• 1988: The Hinduja Group acquired a significant stake, becoming the primary promoter.

• Present: Remains a dominant player in the Indian CV market, focusing on product innovation, electric mobility solutions through Switch Mobility, and expanding its global presence.

Business Segments and Revenue Mix

• Medium & Heavy Commercial Vehicles (M&HCV): Manufactures a comprehensive range of trucks (e.g., haulage, tippers, tractors) and buses (e.g., city, intercity, school, staff) designed for diverse applications, catering to goods transportation and public/private passenger mobility.

• Light Commercial Vehicles (LCV): Offers versatile small commercial vehicles like the 'Dost' and 'Bada Dost' series, serving last-mile connectivity, goods distribution in urban and rural areas, and compact passenger transport solutions.

• Spares, Defence & Power Solutions: Provides genuine spare parts for its vehicle fleet, supplies specialized logistics and armored vehicles to the Indian armed forces, and offers industrial engines, marine engines, and gensets for various power generation needs.

Key Personnel

Mr. Dheeraj Hinduja: Chairman. Member of the Hinduja Family and actively involved in strategic direction of the group's automotive ventures. Mr. Shenu Agarwal: Managing Director & CEO. Appointed in December 2022, he brings extensive experience from his previous role as President of Agri Machinery at Escorts Kubota Limited.

Subsidiaries and Associate Companies

• Switch Mobility Ltd. (100% subsidiary focusing on electric vehicles and mobility solutions)

• Hinduja Tech Limited (100% subsidiary providing engineering and digital technology solutions)

• Ashok Leyland Defence Systems Limited (100% subsidiary focused on defence mobility solutions)

• Ashley Mobility Ltd. (100% subsidiary for EV-related investments and operations)

Corporate Actions

No major recent corporate actions on record (excluding regular dividends).

References

1. Annual Report FY23
2. Exchange Filings (NSE/BSE)
3. Financial Results Announcement Q4 FY24