Ashok Leyland Ltd: Intrinsic Value & Share Price Analysis

Share Price and Basic Stock Data

Last Updated: May 23, 2025, 1:49 am

Market Cap	70,141 Cr.
Current Price	239
High / Low	265/190
Stock P/E	25.1
Book Value	35.1
Dividend Yield	2.62 %
ROCE	15.0 %
ROE	28.4 %
Face Value	1.00
PEG Ratio	0.40

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Ashok Leyland Ltd

Competitors of Ashok Leyland Ltd

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Force Motors Ltd	13,852 Cr.	10,514	11,262/6,125	25.3	2,302	0.19 %	29.8 %	20.7 %	10.0
SML ISUZU Ltd	2,471 Cr.	1,707	2,406/1,028	20.4	228	0.94 %	23.6 %	46.1 %	10.0
Olectra Greentech Ltd	10,321 Cr.	1,257	1,960/974	78.4	120	0.03 %	14.8 %	8.77 %	4.00
Tata Motors Ltd	2,64,137 Cr.	717	1,179/536	11.1	315	0.42 %	20.0 %	23.6 %	2.00
Ashok Leyland Ltd	70,141 Cr.	239	265/190	25.1	35.1	2.62 %	15.0 %	28.4 %	1.00
Industry Average	72,184.40 Cr	2,886.80		32.06	600.02	0.84%	20.64%	25.51%	5.40

All Competitor Stocks of Ashok Leyland Ltd

Quarterly Result

Metric	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Sales	6,660	9,927	8,470	9,600	10,400	13,203	9,691	11,429	11,093	13,578	10,724	11,148	11,995
Expenses	6,002	8,733	7,701	8,580	9,055	11,245	8,183	9,559	9,131	10,975	8,856	9,108	9,659
Operating Profit	658	1,194	770	1,020	1,344	1,958	1,509	1,870	1,961	2,603	1,868	2,040	2,336
OPM %	10%	12%	9%	11%	13%	15%	16%	16%	18%	19%	17%	18%	19%
Other Income	-34	-233	5	32	36	97	53	-1	46	-25	36	245	75
Interest	465	463	467	499	545	582	655	715	783	829	904	962	1,011
Depreciation	214	234	212	209	220	259	227	227	241	233	235	244	268
Profit before tax	-56	264	96	344	615	1,214	679	927	984	1,516	765	1,078	1,132
Tax %	92%	40%	77%	46%	43%	34%	14%	39%	38%	38%	28%	29%	28%
Net Profit	-108	158	22	186	351	803	584	569	609	934	551	767	820
EPS in Rs	-0.41	0.48	0.02	0.56	1.09	2.56	1.85	1.79	1.91	2.91	1.73	2.40	2.59

Last Updated: March 3, 2025, 5:30 pm

Below is a detailed analysis of the quarterly data for Ashok Leyland Ltd based on the most recent figures (Dec 2024) and their trends compared to the previous period:

For Sales, as of Dec 2024, the value is 11,995.00 Cr.. The value appears strong and on an upward trend. It has increased from 11,148.00 Cr. (Sep 2024) to 11,995.00 Cr., marking an increase of 847.00 Cr..
For Expenses, as of Dec 2024, the value is 9,659.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 9,108.00 Cr. (Sep 2024) to 9,659.00 Cr., marking an increase of 551.00 Cr..
For Operating Profit, as of Dec 2024, the value is 2,336.00 Cr.. The value appears strong and on an upward trend. It has increased from 2,040.00 Cr. (Sep 2024) to 2,336.00 Cr., marking an increase of 296.00 Cr..
For OPM %, as of Dec 2024, the value is 19.00%. The value appears strong and on an upward trend. It has increased from 18.00% (Sep 2024) to 19.00%, marking an increase of 1.00%.
For Other Income, as of Dec 2024, the value is 75.00 Cr.. The value appears to be declining and may need further review. It has decreased from 245.00 Cr. (Sep 2024) to 75.00 Cr., marking a decrease of 170.00 Cr..
For Interest, as of Dec 2024, the value is 1,011.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 962.00 Cr. (Sep 2024) to 1,011.00 Cr., marking an increase of 49.00 Cr..
For Depreciation, as of Dec 2024, the value is 268.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 244.00 Cr. (Sep 2024) to 268.00 Cr., marking an increase of 24.00 Cr..
For Profit before tax, as of Dec 2024, the value is 1,132.00 Cr.. The value appears strong and on an upward trend. It has increased from 1,078.00 Cr. (Sep 2024) to 1,132.00 Cr., marking an increase of 54.00 Cr..
For Tax %, as of Dec 2024, the value is 28.00%. The value appears to be improving (decreasing) as expected. It has decreased from 29.00% (Sep 2024) to 28.00%, marking a decrease of 1.00%.
For Net Profit, as of Dec 2024, the value is 820.00 Cr.. The value appears strong and on an upward trend. It has increased from 767.00 Cr. (Sep 2024) to 820.00 Cr., marking an increase of 53.00 Cr..
For EPS in Rs, as of Dec 2024, the value is 2.59. The value appears strong and on an upward trend. It has increased from 2.40 (Sep 2024) to 2.59, marking an increase of 0.19.

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 7, 2025, 9:13 pm

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	11,859	15,708	21,260	22,871	29,636	33,197	21,951	19,454	26,237	41,673	45,791	47,445
Expenses	11,437	14,191	18,281	19,826	25,387	28,287	18,718	16,992	23,472	36,580	37,848	38,598
Operating Profit	422	1,517	2,979	3,045	4,248	4,910	3,233	2,462	2,765	5,093	7,943	8,847
OPM %	4%	10%	14%	13%	14%	15%	15%	13%	11%	12%	17%	19%
Other Income	613	-106	-321	406	190	139	57	207	-230	166	73	331
Interest	805	872	925	1,049	1,227	1,502	1,802	1,901	1,869	2,094	2,982	3,707
Depreciation	530	580	524	573	646	676	750	836	866	900	927	980
Profit before tax	-300	-42	1,209	1,829	2,565	2,872	739	-67	-200	2,265	4,106	4,491
Tax %	-23%	415%	41%	11%	29%	24%	38%	4%	43%	40%	34%
Net Profit	-222	-205	712	1,633	1,814	2,195	460	-70	-285	1,359	2,696	3,071
EPS in Rs	-0.62	0.47	2.40	5.58	6.01	7.08	1.15	-0.56	-1.22	4.22	8.46	9.63
Dividend Payout %	0%	96%	40%	28%	40%	44%	44%	-107%	-82%	62%	59%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	7.66%	447.32%	129.35%	11.08%	21.00%	-79.04%	-115.22%	-307.14%	576.84%	98.38%
Change in YoY Net Profit Growth (%)	0.00%	439.66%	-317.96%	-118.27%	9.92%	-100.05%	-36.17%	-191.93%	883.98%	-478.46%

Ashok Leyland Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 10 years from 2014-2015 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:	14%
5 Years:	7%
3 Years:	33%
TTM:	4%

Compounded Profit Growth
10 Years:	21%
5 Years:	4%
3 Years:	206%
TTM:	18%

Stock Price CAGR
10 Years:	13%
5 Years:	41%
3 Years:	19%
1 Year:	12%

Return on Equity
10 Years:	13%
5 Years:	10%
3 Years:	16%
Last Year:	28%

Last Updated: Unknown

Balance Sheet

Last Updated: November 15, 2024, 1:40 am

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	266	285	285	285	293	294	294	294	294	294	294	294
Reserves	3,723	4,227	4,979	6,108	7,128	8,452	7,495	7,568	7,010	8,258	8,711	10,018
Borrowings	8,500	9,070	11,054	13,168	15,791	19,168	22,417	24,077	24,145	31,161	40,802	44,298
Other Liabilities	5,035	6,011	5,806	7,048	10,171	11,212	7,924	10,119	12,125	14,984	17,788	15,991
Total Liabilities	17,524	19,592	22,123	26,609	33,383	39,126	38,130	42,058	43,574	54,697	67,595	70,600
Fixed Assets	7,573	6,529	5,890	6,591	6,596	6,695	8,031	8,484	7,895	8,146	8,157	8,589
CWIP	297	216	87	244	439	678	574	336	240	268	415	219
Investments	1,165	1,499	1,031	1,933	4,383	1,492	960	1,096	2,652	4,852	2,329	3,953
Other Assets	8,491	11,348	15,115	17,841	21,965	30,261	28,565	32,143	32,787	41,430	56,695	57,839
Total Assets	17,524	19,592	22,123	26,609	33,383	39,126	38,130	42,058	43,574	54,697	67,595	70,600

Below is a detailed analysis of the balance sheet data for Ashok Leyland Ltd based on the most recent figures (Sep 2024) and their trends compared to the previous period:

For Equity Capital, as of Sep 2024, the value is 294.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded 294.00 Cr..
For Reserves, as of Sep 2024, the value is 10,018.00 Cr.. The value appears strong and on an upward trend. It has increased from 8,711.00 Cr. (Mar 2024) to 10,018.00 Cr., marking an increase of 1,307.00 Cr..
For Borrowings, as of Sep 2024, the value is 44,298.00 Cr.. The value appears to be increasing, which may not be favorable. However, Borrowings exceed Reserves, which may signal higher financial risk. It has increased from 40,802.00 Cr. (Mar 2024) to 44,298.00 Cr., marking an increase of 3,496.00 Cr..
For Other Liabilities, as of Sep 2024, the value is 15,991.00 Cr.. The value appears to be improving (decreasing). It has decreased from 17,788.00 Cr. (Mar 2024) to 15,991.00 Cr., marking a decrease of 1,797.00 Cr..
For Total Liabilities, as of Sep 2024, the value is 70,600.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 67,595.00 Cr. (Mar 2024) to 70,600.00 Cr., marking an increase of 3,005.00 Cr..
For Fixed Assets, as of Sep 2024, the value is 8,589.00 Cr.. The value appears strong and on an upward trend. It has increased from 8,157.00 Cr. (Mar 2024) to 8,589.00 Cr., marking an increase of 432.00 Cr..
For CWIP, as of Sep 2024, the value is 219.00 Cr.. The value appears to be declining and may need further review. It has decreased from 415.00 Cr. (Mar 2024) to 219.00 Cr., marking a decrease of 196.00 Cr..
For Investments, as of Sep 2024, the value is 3,953.00 Cr.. The value appears strong and on an upward trend. It has increased from 2,329.00 Cr. (Mar 2024) to 3,953.00 Cr., marking an increase of 1,624.00 Cr..
For Other Assets, as of Sep 2024, the value is 57,839.00 Cr.. The value appears strong and on an upward trend. It has increased from 56,695.00 Cr. (Mar 2024) to 57,839.00 Cr., marking an increase of 1,144.00 Cr..
For Total Assets, as of Sep 2024, the value is 70,600.00 Cr.. The value appears strong and on an upward trend. It has increased from 67,595.00 Cr. (Mar 2024) to 70,600.00 Cr., marking an increase of 3,005.00 Cr..

However, the Borrowings (44,298.00 Cr.) are higher than the Reserves (₹10,018.00 Cr.), which may signal higher financial risk.

Overall, while many items appear to show a positive trend, any significant downward movement or items where Borrowings exceed Reserves warrant further investigation.

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity +	-104	95	-1,275	270	1,462	-3,745	383	-1,065	2,845	-4,499	-6,258
Cash from Investing Activity +	-378	-124	456	-1,676	-3,163	1,897	-1,201	-973	-1,917	-2,904	1,135
Cash from Financing Activity +	461	781	1,660	738	1,905	2,398	1,239	1,331	-378	7,281	8,432
Net Cash Flow	-20	752	841	-668	205	549	421	-707	550	-122	3,309

Free Cash Flow

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Free Cash Flow	414.00	-8.00	-9.00	-10.00	-11.00	-15.00	-19.00	-22.00	-22.00	-26.00	-33.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	43	31	25	20	14	30	25	57	45	37	31
Inventory Days	69	58	50	73	42	52	42	76	53	44	50
Days Payable	116	108	71	85	96	88	90	162	150	96	85
Cash Conversion Cycle	-5	-19	5	8	-39	-6	-22	-30	-52	-16	-4
Working Capital Days	-6	-22	-5	-5	-31	10	16	113	68	66	66
ROCE %		8%	17%	15%	17%	16%	9%	5%	6%	11%	15%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Promoters	51.54%	51.54%	51.54%	51.53%	51.53%	51.53%	51.53%	51.53%	51.52%	51.52%	51.52%	51.52%
FIIs	13.45%	15.03%	17.59%	15.29%	14.85%	16.59%	20.21%	20.48%	21.45%	22.03%	24.39%	24.09%
DIIs	21.94%	21.73%	19.50%	21.16%	22.15%	20.79%	16.51%	14.66%	12.23%	14.12%	12.34%	13.04%
Government	0.08%	0.08%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%
Public	12.99%	11.62%	11.29%	11.94%	11.40%	11.02%	11.66%	13.25%	14.72%	12.24%	11.66%	11.28%
No. of Shareholders	12,42,008	11,20,964	10,96,220	11,30,372	11,18,107	10,99,982	12,06,482	13,39,744	14,91,397	14,75,874	14,59,212	14,56,048

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
SBI Balanced Advantage Fund	18,247,500	1.17	320.97	18,247,500	2025-04-22 17:25:42	0%
Kotak Equity Opportunities Fund - Regular Plan	16,500,000	1.58	290.24	16,500,000	2025-04-22 17:25:42	0%
Canara Robeco Emerging Equities	15,619,515	1.38	274.75	15,619,515	2025-04-22 17:25:42	0%
Nippon India Growth Fund	12,500,000	0.9	219.88	12,500,000	2025-04-22 17:25:42	0%
Kotak Flexicap Fund - Regular Plan	11,500,000	0.46	202.29	11,500,000	2025-04-22 14:53:35	0%
Kotak Equity Arbitrage Fund - Regular Plan	11,340,000	0.55	199.47	11,340,000	2025-04-22 17:25:42	0%
SBI Large & Midcap Fund	11,000,000	0.97	193.49	11,000,000	2025-04-22 17:25:42	0%
SBI Contra Fund	10,441,072	0.78	183.66	10,441,072	2025-04-22 17:25:42	0%
UTI Mid Cap Fund	8,511,102	1.49	149.71	8,511,102	2025-04-22 17:25:42	0%
ICICI Prudential Balanced Advantage Fund	7,614,666	0.25	133.94	7,614,666	2025-04-22 17:25:42	0%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	1.00	1.00	1.00	1.00	1.00
Basic EPS (Rs.)	8.46	4.23	-1.22	-0.56	1.15
Diluted EPS (Rs.)	8.45	4.22	-1.22	-0.56	1.15
Cash EPS (Rs.)	12.29	7.67	1.95	2.61	4.11
Book Value[Excl.RevalReserv]/Share (Rs.)	40.23	36.78	29.26	31.10	30.30
Book Value[Incl.RevalReserv]/Share (Rs.)	40.23	36.78	29.26	31.10	30.30
Revenue From Operations / Share (Rs.)	155.95	141.93	89.38	66.27	74.78
PBDIT / Share (Rs.)	27.53	17.72	9.72	8.84	11.38
PBIT / Share (Rs.)	24.37	14.66	6.77	5.99	8.83
PBT / Share (Rs.)	13.93	7.69	-0.70	-0.22	2.51
Net Profit / Share (Rs.)	9.13	4.60	-0.99	-0.23	1.56
NP After MI And SOA / Share (Rs.)	8.46	4.23	-1.22	-0.56	1.15
PBDIT Margin (%)	17.65	12.48	10.87	13.33	15.22
PBIT Margin (%)	15.62	10.32	7.56	9.03	11.80
PBT Margin (%)	8.93	5.41	-0.78	-0.34	3.35
Net Profit Margin (%)	5.85	3.24	-1.11	-0.35	2.08
NP After MI And SOA Margin (%)	5.42	2.97	-1.36	-0.84	1.53
Return on Networth / Equity (%)	27.58	14.50	-4.90	-2.10	4.32
Return on Capital Employeed (%)	17.46	13.33	7.94	6.80	11.10
Return On Assets (%)	3.67	2.26	-0.82	-0.39	0.88
Long Term Debt / Equity (X)	2.96	2.28	2.09	1.98	1.71
Total Debt / Equity (X)	4.51	3.61	3.28	2.31	2.07
Asset Turnover Ratio (%)	0.74	0.84	0.69	0.54	0.62
Current Ratio (X)	1.09	1.08	0.99	0.98	1.03
Quick Ratio (X)	0.94	0.92	0.86	0.82	0.93
Inventory Turnover Ratio (X)	7.58	9.45	6.96	6.04	4.83
Dividend Payout Ratio (NP) (%)	89.26	23.65	-49.11	0.00	378.92
Dividend Payout Ratio (CP) (%)	64.99	13.71	34.71	0.00	117.39
Earning Retention Ratio (%)	10.74	76.35	149.11	0.00	-278.92
Cash Earning Retention Ratio (%)	35.01	86.29	65.29	0.00	-17.39
Interest Coverage Ratio (X)	2.71	2.49	1.53	1.36	1.85
Interest Coverage Ratio (Post Tax) (X)	1.93	1.62	1.02	0.92	1.28
Enterprise Value (Cr.)	86549.03	71834.36	57544.92	50957.36	27660.50
EV / Net Operating Revenue (X)	1.89	1.72	2.19	2.62	1.26
EV / EBITDA (X)	10.71	13.80	20.18	19.65	8.28
MarketCap / Net Operating Revenue (X)	1.10	0.98	1.31	1.71	0.57
Retention Ratios (%)	10.73	76.34	149.11	0.00	-278.92
Price / BV (X)	5.58	4.78	4.71	4.24	1.62
Price / Net Operating Revenue (X)	1.10	0.98	1.31	1.71	0.57
EarningsYield	0.04	0.03	-0.01	0.00	0.02

After reviewing the key financial ratios for Ashok Leyland Ltd, here is a detailed analysis based on the latest available data and recent trends:

For FaceValue, as of Mar 24, the value is 1.00. This value is within the healthy range. There is no change compared to the previous period (Mar 23) which recorded 1.00.
For Basic EPS (Rs.), as of Mar 24, the value is 8.46. This value is within the healthy range. It has increased from 4.23 (Mar 23) to 8.46, marking an increase of 4.23.
For Diluted EPS (Rs.), as of Mar 24, the value is 8.45. This value is within the healthy range. It has increased from 4.22 (Mar 23) to 8.45, marking an increase of 4.23.
For Cash EPS (Rs.), as of Mar 24, the value is 12.29. This value is within the healthy range. It has increased from 7.67 (Mar 23) to 12.29, marking an increase of 4.62.
For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 40.23. It has increased from 36.78 (Mar 23) to 40.23, marking an increase of 3.45.
For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 40.23. It has increased from 36.78 (Mar 23) to 40.23, marking an increase of 3.45.
For Revenue From Operations / Share (Rs.), as of Mar 24, the value is 155.95. It has increased from 141.93 (Mar 23) to 155.95, marking an increase of 14.02.
For PBDIT / Share (Rs.), as of Mar 24, the value is 27.53. This value is within the healthy range. It has increased from 17.72 (Mar 23) to 27.53, marking an increase of 9.81.
For PBIT / Share (Rs.), as of Mar 24, the value is 24.37. This value is within the healthy range. It has increased from 14.66 (Mar 23) to 24.37, marking an increase of 9.71.
For PBT / Share (Rs.), as of Mar 24, the value is 13.93. This value is within the healthy range. It has increased from 7.69 (Mar 23) to 13.93, marking an increase of 6.24.
For Net Profit / Share (Rs.), as of Mar 24, the value is 9.13. This value is within the healthy range. It has increased from 4.60 (Mar 23) to 9.13, marking an increase of 4.53.
For NP After MI And SOA / Share (Rs.), as of Mar 24, the value is 8.46. This value is within the healthy range. It has increased from 4.23 (Mar 23) to 8.46, marking an increase of 4.23.
For PBDIT Margin (%), as of Mar 24, the value is 17.65. This value is within the healthy range. It has increased from 12.48 (Mar 23) to 17.65, marking an increase of 5.17.
For PBIT Margin (%), as of Mar 24, the value is 15.62. This value is within the healthy range. It has increased from 10.32 (Mar 23) to 15.62, marking an increase of 5.30.
For PBT Margin (%), as of Mar 24, the value is 8.93. This value is below the healthy minimum of 10. It has increased from 5.41 (Mar 23) to 8.93, marking an increase of 3.52.
For Net Profit Margin (%), as of Mar 24, the value is 5.85. This value is within the healthy range. It has increased from 3.24 (Mar 23) to 5.85, marking an increase of 2.61.
For NP After MI And SOA Margin (%), as of Mar 24, the value is 5.42. This value is below the healthy minimum of 8. It has increased from 2.97 (Mar 23) to 5.42, marking an increase of 2.45.
For Return on Networth / Equity (%), as of Mar 24, the value is 27.58. This value is within the healthy range. It has increased from 14.50 (Mar 23) to 27.58, marking an increase of 13.08.
For Return on Capital Employeed (%), as of Mar 24, the value is 17.46. This value is within the healthy range. It has increased from 13.33 (Mar 23) to 17.46, marking an increase of 4.13.
For Return On Assets (%), as of Mar 24, the value is 3.67. This value is below the healthy minimum of 5. It has increased from 2.26 (Mar 23) to 3.67, marking an increase of 1.41.
For Long Term Debt / Equity (X), as of Mar 24, the value is 2.96. This value exceeds the healthy maximum of 1. It has increased from 2.28 (Mar 23) to 2.96, marking an increase of 0.68.
For Total Debt / Equity (X), as of Mar 24, the value is 4.51. This value exceeds the healthy maximum of 1. It has increased from 3.61 (Mar 23) to 4.51, marking an increase of 0.90.
For Asset Turnover Ratio (%), as of Mar 24, the value is 0.74. It has decreased from 0.84 (Mar 23) to 0.74, marking a decrease of 0.10.
For Current Ratio (X), as of Mar 24, the value is 1.09. This value is below the healthy minimum of 1.5. It has increased from 1.08 (Mar 23) to 1.09, marking an increase of 0.01.
For Quick Ratio (X), as of Mar 24, the value is 0.94. This value is below the healthy minimum of 1. It has increased from 0.92 (Mar 23) to 0.94, marking an increase of 0.02.
For Inventory Turnover Ratio (X), as of Mar 24, the value is 7.58. This value is within the healthy range. It has decreased from 9.45 (Mar 23) to 7.58, marking a decrease of 1.87.
For Dividend Payout Ratio (NP) (%), as of Mar 24, the value is 89.26. This value exceeds the healthy maximum of 50. It has increased from 23.65 (Mar 23) to 89.26, marking an increase of 65.61.
For Dividend Payout Ratio (CP) (%), as of Mar 24, the value is 64.99. This value exceeds the healthy maximum of 50. It has increased from 13.71 (Mar 23) to 64.99, marking an increase of 51.28.
For Earning Retention Ratio (%), as of Mar 24, the value is 10.74. This value is below the healthy minimum of 40. It has decreased from 76.35 (Mar 23) to 10.74, marking a decrease of 65.61.
For Cash Earning Retention Ratio (%), as of Mar 24, the value is 35.01. This value is below the healthy minimum of 40. It has decreased from 86.29 (Mar 23) to 35.01, marking a decrease of 51.28.
For Interest Coverage Ratio (X), as of Mar 24, the value is 2.71. This value is below the healthy minimum of 3. It has increased from 2.49 (Mar 23) to 2.71, marking an increase of 0.22.
For Interest Coverage Ratio (Post Tax) (X), as of Mar 24, the value is 1.93. This value is below the healthy minimum of 3. It has increased from 1.62 (Mar 23) to 1.93, marking an increase of 0.31.
For Enterprise Value (Cr.), as of Mar 24, the value is 86,549.03. It has increased from 71,834.36 (Mar 23) to 86,549.03, marking an increase of 14,714.67.
For EV / Net Operating Revenue (X), as of Mar 24, the value is 1.89. This value is within the healthy range. It has increased from 1.72 (Mar 23) to 1.89, marking an increase of 0.17.
For EV / EBITDA (X), as of Mar 24, the value is 10.71. This value is within the healthy range. It has decreased from 13.80 (Mar 23) to 10.71, marking a decrease of 3.09.
For MarketCap / Net Operating Revenue (X), as of Mar 24, the value is 1.10. This value is within the healthy range. It has increased from 0.98 (Mar 23) to 1.10, marking an increase of 0.12.
For Retention Ratios (%), as of Mar 24, the value is 10.73. This value is below the healthy minimum of 30. It has decreased from 76.34 (Mar 23) to 10.73, marking a decrease of 65.61.
For Price / BV (X), as of Mar 24, the value is 5.58. This value exceeds the healthy maximum of 3. It has increased from 4.78 (Mar 23) to 5.58, marking an increase of 0.80.
For Price / Net Operating Revenue (X), as of Mar 24, the value is 1.10. This value is within the healthy range. It has increased from 0.98 (Mar 23) to 1.10, marking an increase of 0.12.
For EarningsYield, as of Mar 24, the value is 0.04. This value is below the healthy minimum of 5. It has increased from 0.03 (Mar 23) to 0.04, marking an increase of 0.01.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Ashok Leyland Ltd as of May 23, 2025 is: 205.41

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of May 23, 2025, Ashok Leyland Ltd is Overvalued by 14.05% compared to the current share price 239.00

Intrinsic Value of Ashok Leyland Ltd as of May 23, 2025 is: 332.96

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of May 23, 2025, Ashok Leyland Ltd is Undervalued by 39.31% compared to the current share price 239.00

Last 5 Year EPS CAGR: 62.09%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a low average Working Capital Days of 24.55, which is a positive sign. The stock has a low average Cash Conversion Cycle of -16.36, which is a positive sign. The company has shown consistent growth in sales (27.50 cr) and profit (12.17 cr) over the years.	The stock has a low average ROCE of 10.82%, which may not be favorable. The company has higher borrowings (21,970.92) compared to reserves (6,973.08), which may suggest financial risk.

Stock Analysis

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Ashok Leyland Ltd:
1. Net Profit Margin: 5.85%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 17.46% (Industry Average ROCE: 20.64%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 27.58% (Industry Average ROE: 25.51%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 1.93
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 0.94
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 25.1 (Industry average Stock P/E: 32.06)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 4.51
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

Ashok Leyland Ltd. is a Public Limited Listed company incorporated on 07/09/1948 and has its registered office in the State of Tamil Nadu, India. Company's Corporate Identification Number(CIN) is L34101TN1948PLC000105 and registration number is 000105. Currently Company is involved in the business activities of Manufacture of commercial vehicles such as vans, lorries, over-the-road tractors for semi-trailers etc.. Company's Total Operating Revenue is Rs. 38367.03 Cr. and Equity Capital is Rs. 293.63 Cr. for the Year ended 31/03/2024.

INDUSTRY	ADDRESS	CONTACT
Auto - LCVs/HCVs	No.1, Sardar Patel Road, Guindy, Chennai (Madras) Tamil Nadu 600032	secretarial@ashokleyland.com http://www.ashokleyland.com

Management
Name	Position Held
Mr. Dheeraj G Hinduja	Executive Chairman
Mr. Shenu Agarwal	Managing Director & CEO
Mr. Gopal Mahadevan	WholeTime Director & CFO
Mr. Shom Ashok Hinduja	Director
Dr. Andreas H Biagosch	Director
Mr. Jean Brunol	Director
Mr. Sanjay K Asher	Director
Mr. Manisha Girotra	Director
Mr. Jose Maria Alapont	Director
Mr. Saugata Gupta	Director
Dr. C Bhaktavatsala Rao	Director

FAQ

What is the intrinsic value of Ashok Leyland Ltd?

Ashok Leyland Ltd's intrinsic value (as of 22 May 2025) is ₹205.41 — 14.05% lower the current market price of 239.00, indicating overvalued. Calculated using the PE ratio method, this valuation considers the company's 70,141 Cr. market cap, FY2025-2026 high/low of ₹265/190, reserves of 10,018 Cr, and liabilities of 70,600 Cr.

What is the Market Cap of Ashok Leyland Ltd?

The Market Cap of Ashok Leyland Ltd is 70,141 Cr..

What is the current Stock Price of Ashok Leyland Ltd as on 22 May 2025?

The current stock price of Ashok Leyland Ltd as on 22 May 2025 is 239.

What is the High / Low of Ashok Leyland Ltd stocks in FY 2025-2026?

In FY 2025-2026, the High / Low of Ashok Leyland Ltd stocks is ₹265/190.

What is the Stock P/E of Ashok Leyland Ltd?

The Stock P/E of Ashok Leyland Ltd is 25.1.

What is the Book Value of Ashok Leyland Ltd?

The Book Value of Ashok Leyland Ltd is 35.1.

What is the Dividend Yield of Ashok Leyland Ltd?

The Dividend Yield of Ashok Leyland Ltd is 2.62 %.

What is the ROCE of Ashok Leyland Ltd?

The ROCE of Ashok Leyland Ltd is 15.0 %.

What is the ROE of Ashok Leyland Ltd?

The ROE of Ashok Leyland Ltd is 28.4 %.

What is the Face Value of Ashok Leyland Ltd?

The Face Value of Ashok Leyland Ltd is 1.00.