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Last Updated: April 2, 2026, 2:38 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 500477 | NSE: ASHOKLEY

Ashok Leyland Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹122.33Overvalued by 17.90%vs CMP ₹149.00

P/E (24.3) × ROE (28.8%) × BV (₹21.40) × DY (2.10%)

₹92.03Overvalued by 38.23%vs CMP ₹149.00
MoS: -61.9% (Negative)Confidence: 59/100 (Moderate)Models: 1 Under, 7 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹181.7527%Under (+22%)
Graham NumberEarnings₹52.0716%Over (-65.1%)
DCFCash Flow₹56.9313%Over (-61.8%)
Net Asset ValueAssets₹21.419%Over (-85.6%)
EV/EBITDAEnterprise₹82.4011%Over (-44.7%)
Earnings YieldEarnings₹56.309%Over (-62.2%)
ROCE CapitalReturns₹64.689%Over (-56.6%)
Revenue MultipleRevenue₹82.577%Over (-44.6%)
Consensus (8 models)₹92.03100%Overvalued
Key Drivers: EPS CAGR 48.6% lifts DCF — verify sustainability. | Wide model spread (₹21–₹182) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 48.6%

*Investments are subject to market risks

Investment Snapshot

60
Ashok Leyland Ltd scores 60/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health50/100 · Moderate
ROCE 14.3% GoodROE 28.8% ExcellentD/E 2.31 High debtInterest Coverage 0.0x RiskyProfitable 3/5 years Mixed
Smart Money60/100 · Moderate
FII holding up 0.91% (6mo) Slight increasePromoter holding at 51.5% Stable
Earnings Quality65/100 · Strong
OPM expanding (12% → 18%) Improving
Quarterly Momentum68/100 · Strong
Revenue (4Q): +10% YoY GrowingProfit (4Q): +24% YoY Positive
Industry Rank60/100 · Moderate
P/E 24.3 vs industry 31.0 In-lineROCE 14.3% vs industry 22.4% Average3Y sales CAGR: 23% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:38 am

Market Cap 87,585 Cr.
Current Price 149
Intrinsic Value₹92.03
High / Low 215/95.2
Stock P/E24.3
Book Value 21.4
Dividend Yield2.10 %
ROCE14.3 %
ROE28.8 %
Face Value 1.00
PEG Ratio0.50

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

View Share Price Target for Ashok Leyland Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Ashok Leyland Ltd 87,585 Cr. 149 215/95.224.3 21.42.10 %14.3 %28.8 % 1.00
Force Motors Ltd 27,318 Cr. 20,733 26,486/7,86028.5 2,6610.19 %30.0 %20.8 % 10.0
Tata Motors Ltd 1,47,974 Cr. 402 538/3246.84 3161.49 %20.0 %28.1 % 2.00
Olectra Greentech Ltd 8,420 Cr. 1,026 1,714/86758.9 1370.04 %20.5 %14.3 % 4.00
SML Mahindra Ltd (SML ISUZU Ltd) 5,744 Cr. 3,970 5,348/1,44236.2 3070.45 %27.1 %36.4 % 10.0
Industry Average55,408.20 Cr5,256.0030.95688.480.85%22.38%25.68%5.40

All Competitor Stocks of Ashok Leyland Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 9,60010,40013,2039,69111,42911,09313,54210,72411,14811,99514,69611,70912,577
Expenses 8,5809,05511,2458,1839,5599,13110,9758,8569,1089,65911,7059,53510,136
Operating Profit 1,0201,3441,9581,5091,8701,9612,5671,8682,0402,3362,9912,1732,441
OPM % 11%13%15%16%16%18%19%17%18%19%20%19%19%
Other Income 32369753-14610362457522103103
Interest 4995455826557157838299049621,0111,0531,1121,152
Depreciation 209220259227227241233235244268340273268
Profit before tax 3446151,2146799279841,5167651,0781,1321,6218911,124
Tax % 46%43%34%14%39%38%38%28%29%28%23%26%27%
Net Profit 1863518035845696099345517678201,246658820
EPS in Rs 0.280.541.280.930.900.951.450.871.201.301.921.041.29

Last Updated: January 13, 2026, 1:46 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 20, 2026, 2:00 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 11,85915,70821,26022,87129,63633,19721,95119,45426,23741,67345,70348,53553,811
Expenses 11,43714,19118,28119,82625,38728,28718,71816,99223,47236,58037,84839,32743,384
Operating Profit 4221,5172,9793,0454,2484,9103,2332,4622,7655,0937,8569,20810,428
OPM % 4%10%14%13%14%15%15%13%11%12%17%19%19%
Other Income 613-106-32140619013957207-23016616040588
Interest 8058729251,0491,2271,5021,8021,9011,8692,0942,9823,9304,517
Depreciation 5305805245736466767508368669009271,0871,163
Profit before tax -300-421,2091,8292,5652,872739-67-2002,2654,1064,5964,836
Tax % -23%415%41%11%29%24%38%4%43%40%34%26%
Net Profit -222-2057121,6331,8142,195460-70-2851,3592,6963,3833,586
EPS in Rs -0.310.241.202.793.013.540.57-0.28-0.612.114.235.295.63
Dividend Payout % -0%96%40%28%40%44%44%-107%-82%62%59%59%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)7.66%447.32%129.35%11.08%21.00%-79.04%-115.22%-307.14%576.84%98.38%25.48%
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%-72.90%

Ashok Leyland Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:10%
5 Years:14%
3 Years:17%
TTM:6%
Compounded Profit Growth
10 Years:20%
5 Years:54%
3 Years:284%
TTM:28%
Stock Price CAGR
10 Years:12%
5 Years:30%
3 Years:16%
1 Year:2%
Return on Equity
10 Years:17%
5 Years:15%
3 Years:25%
Last Year:29%

Last Updated: September 4, 2025, 11:45 pm

Balance Sheet

Last Updated: December 4, 2025, 12:58 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 266285285285293294294294294294294294587
Reserves 3,7234,2274,9796,1087,1288,4527,4957,5687,0108,2588,71111,93811,996
Borrowings 8,5009,07011,05413,16815,79119,16822,41724,07724,14531,16140,80249,96254,513
Other Liabilities 5,0356,0115,8067,04810,17111,2127,92410,11912,12514,98417,78819,35218,214
Total Liabilities 17,52419,59222,12326,60933,38339,12638,13042,05843,57454,69767,59581,54685,310
Fixed Assets 7,5736,5295,8906,5916,5966,6958,0318,4847,8958,1468,1578,8379,499
CWIP 297216872444396785743362402684155771,042
Investments 1,1651,4991,0311,9334,3831,4929601,0962,6524,8522,3296,6105,547
Other Assets 8,49111,34815,11517,84121,96530,26128,56532,14332,78741,43056,69565,52369,223
Total Assets 17,52419,59222,12326,60933,38339,12638,13042,05843,57454,69767,59581,54685,310

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -10495-1,2752701,462-3,745383-1,0652,845-4,499-6,258128
Cash from Investing Activity + -378-124456-1,676-3,1631,897-1,201-973-1,917-2,9041,135-5,759
Cash from Financing Activity + 4617811,6607381,9052,3981,2391,331-3787,2818,4326,958
Net Cash Flow -20752841-668205549421-707550-1223,3091,327
Free Cash Flow -397162-1,331-166823-4,841-940-1,7912,443-5,353-7,346-1,471
CFO/OP -2%14%-25%24%48%-61%19%-45%105%-77%-69%14%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow414.00-8.00-9.00-10.00-11.00-15.00-19.00-22.00-22.00-26.00-33.00-40.00

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

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 433125201430255745373529
Inventory Days 695850734252427653445049
Days Payable 1161087185968890162150968599
Cash Conversion Cycle -5-1958-39-6-22-30-52-16-0-21
Working Capital Days -45-41-23-21-54-13-31-44-52-34-50-37
ROCE %8%17%15%17%16%9%5%6%11%15%14%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 51.53%51.53%51.53%51.53%51.52%51.52%51.52%51.52%51.52%51.52%51.51%51.51%
FIIs 14.85%16.59%20.21%20.48%21.45%22.03%24.39%24.09%23.50%23.85%24.32%24.41%
DIIs 22.15%20.79%16.51%14.66%12.23%14.12%12.34%13.04%14.06%13.88%13.59%13.73%
Government 0.07%0.07%0.07%0.07%0.07%0.07%0.07%0.07%0.07%0.07%0.07%0.07%
Public 11.40%11.02%11.66%13.25%14.72%12.24%11.66%11.28%10.84%10.67%10.51%10.30%
No. of Shareholders 11,18,10710,99,98212,06,48213,39,74414,91,39714,75,87414,59,21214,56,04814,44,99813,92,22314,50,99114,43,916

Shareholding Pattern Chart

No. of Shareholders

Ashok Leyland Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI Large & Midcap Fund 54,000,000 2.83 1062.1353,940,0002026-01-26 01:21:290.11%
Nippon India Growth Mid Cap Fund 45,000,000 2.12 885.1151,844,3042026-02-23 00:56:34-13.2%
HSBC Midcap Fund 31,254,726 5.05 614.7529,124,3002026-01-26 01:21:297.31%
Axis Midcap Fund 26,835,362 1.71 527.8224,363,4482026-02-23 00:56:3510.15%
Kotak Large & Midcap Fund 26,005,000 1.71 511.4922,065,0002026-02-23 00:56:3517.86%
SBI Flexicap Fund 23,500,000 2 462.22N/AN/AN/A
HDFC Flexi Cap Fund 20,500,000 0.41 403.21N/AN/AN/A
Franklin India Flexi Cap Fund 16,710,254 1.68 328.6717,210,2542026-02-23 00:56:35-2.91%
Franklin India Focused Equity Fund 11,800,000 1.89 232.0912,500,0002026-02-23 00:56:35-5.6%
Edelweiss Mid Cap Fund 11,650,470 1.66 229.15N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.001.001.001.00
Basic EPS (Rs.) 10.588.464.23-1.22-0.56
Diluted EPS (Rs.) 10.568.454.22-1.22-0.56
Cash EPS (Rs.) 15.1112.297.671.952.61
Book Value[Excl.RevalReserv]/Share (Rs.) 41.6640.2336.7829.2631.10
Book Value[Incl.RevalReserv]/Share (Rs.) 41.6640.2336.7829.2631.10
Revenue From Operations / Share (Rs.) 165.28155.95141.9389.3866.27
PBDIT / Share (Rs.) 32.5827.5317.729.728.84
PBIT / Share (Rs.) 28.8824.3714.666.775.99
PBT / Share (Rs.) 15.5413.937.69-0.70-0.22
Net Profit / Share (Rs.) 11.419.134.60-0.99-0.23
NP After MI And SOA / Share (Rs.) 10.588.464.23-1.22-0.56
PBDIT Margin (%) 19.7017.6512.4810.8713.33
PBIT Margin (%) 17.4715.6210.327.569.03
PBT Margin (%) 9.408.935.41-0.78-0.34
Net Profit Margin (%) 6.905.853.24-1.11-0.35
NP After MI And SOA Margin (%) 6.405.422.97-1.36-0.84
Return on Networth / Equity (%) 25.3927.5814.50-4.90-2.10
Return on Capital Employeed (%) 15.3717.4613.337.946.80
Return On Assets (%) 3.803.672.26-0.82-0.39
Long Term Debt / Equity (X) 2.972.962.282.091.98
Total Debt / Equity (X) 4.064.513.613.282.31
Asset Turnover Ratio (%) 0.640.740.840.690.54
Current Ratio (X) 1.291.091.080.990.98
Quick Ratio (X) 1.140.940.920.860.82
Inventory Turnover Ratio (X) 12.147.589.456.966.04
Dividend Payout Ratio (NP) (%) 18.9089.2623.65-49.110.00
Dividend Payout Ratio (CP) (%) 14.0064.9913.7134.710.00
Earning Retention Ratio (%) 81.1010.7476.35149.110.00
Cash Earning Retention Ratio (%) 86.0035.0186.2965.290.00
Interest Coverage Ratio (X) 2.432.712.491.531.36
Interest Coverage Ratio (Post Tax) (X) 1.851.931.621.020.92
Enterprise Value (Cr.) 106013.7686549.0371834.3657544.9250957.36
EV / Net Operating Revenue (X) 2.181.891.722.192.62
EV / EBITDA (X) 11.0810.7113.8020.1819.65
MarketCap / Net Operating Revenue (X) 1.241.100.981.311.71
Retention Ratios (%) 81.0910.7376.34149.110.00
Price / BV (X) 4.905.584.784.714.24
Price / Net Operating Revenue (X) 1.241.100.981.311.71
EarningsYield 0.050.040.03-0.010.00

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

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. 38752.74 Cr. and Equity Capital is Rs. 293.65 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Auto - LCVs/HCVsNo.1, Sardar Patel Road, Guindy, Chennai (Madras) Tamil Nadu 600032Contact not found
Management
NamePosition Held
Mr. Dheeraj G HindujaExecutive Chairman
Mr. Shenu AgarwalManaging Director & CEO
Mr. Shom Ashok HindujaDirector
Ms. Sanjay K AsherDirector
Mr. Manisha GirotraDirector
Mr. Gopal MahadevanDirector
Mr. Jose Maria AlapontDirector
Mr. Saugata GuptaDirector
Dr. C Bhaktavatsala RaoDirector
Dr. V SumantranDirector
Mr. Thomas DaunerDirector
Mr. Sven Christoph EnnerstDirector

FAQ

What is the intrinsic value of Ashok Leyland Ltd and is it undervalued?

As of 14 April 2026, Ashok Leyland Ltd's intrinsic value is ₹92.03, which is 38.23% lower than the current market price of ₹149.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (28.8 %), book value (₹21.4), dividend yield (2.10 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Ashok Leyland Ltd?

Ashok Leyland Ltd is trading at ₹149.00 as of 14 April 2026, with a FY2026-2027 high of ₹215 and low of ₹95.2. The stock is currently in the middle of its 52-week range. Market cap stands at ₹87,585 Cr..

How does Ashok Leyland Ltd's P/E ratio compare to its industry?

Ashok Leyland Ltd has a P/E ratio of 24.3, which is below the industry average of 30.95. This is broadly in line with or below the industry average.

Is Ashok Leyland Ltd financially healthy?

Key indicators for Ashok Leyland Ltd: ROCE of 14.3 % is moderate; ROE of 28.8 % shows strong shareholder returns. Dividend yield is 2.10 %.

Is Ashok Leyland Ltd profitable and how is the profit trend?

Ashok Leyland Ltd reported a net profit of ₹3,383 Cr in Mar 2025 on revenue of ₹48,535 Cr. Compared to ₹-285 Cr in Mar 2022, the net profit shows an improving trend.

Does Ashok Leyland Ltd pay dividends?

Ashok Leyland Ltd has a dividend yield of 2.10 % at the current price of ₹149.00. This is a relatively attractive yield for income-seeking investors.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Ashok Leyland Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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