NSE/ASHOKLEY

ASHOKLEYAshok Leyland Ltd

Automobile · NSE

₹174.78-1.10%

52-wk low52-WEEK RANGE52-wk high

₹115.42+51.4% from low ·-30.9% from high₹252.95

Price chart · 1M–10Y · daily-close

NSE bhavcopy + 10Y historical

ASHOKLEY-14.61% · 1Y

Range high ₹254.4Range low ₹114.96Latest ₹174.78252 bars · daily-close · NSE bhavcopy + 10Y history

AutomobileFarm & Heavy Construction MachineryHinduja GroupLargecapLow Risk

Stock scorecard

Auto-computed from latest ratios + sector context · not a buy/sell signal

Composite63/100

Performance

Medium

Middle-of-the-pack performance.

· 52w return +57.4% — strong momentum
· Just above 200-DMA (+9.8%)

Valuation

High

Looks expensive vs the sector.

· P/E 31.0 close to sector median 31.3
· P/B 8.11 above sector median

Growth

High

Growing faster than the broader market.

· Revenue YoY +1.0% — slow
· Profit YoY +26.2% — strong earnings growth

Profitability

High

Showing good signs of profitability & efficiency.

· ROE 26.2% — high-quality compounder
· Top quartile ROE in Automobile

DVM composite · Durability · Valuation · Momentum

Trendlyne-style 3-axis composite · all drivers shown below · not a buy/sell signal

CompositeC(59/100)

Durability

57/100

Reasonable financial health; watch the weaker inputs.

Show 4 drivers

Piotroski F-score4/9 (44pt)
Altman Z" score2.16 (79pt)
Debt/Equity3.28 (12pt)
ROE26.2% (100pt)

Valuation

46/100

Trading at a premium — growth must keep delivering to justify.

Show 4 drivers

P/E vs sector (31.0 / 31.3)99% (61pt)
P/B8.11 (23pt)
Dividend yield1.79% (45pt)
EV/EBITDA13.2 (40pt)

Momentum

73/100

Constructive setup — momentum building, not extended.

Show 5 drivers

52w change+57.4% (100pt)
DMA-trend alignmentsideways (50pt)
RSI (14)51.1 (60pt)
Price vs 200-DMA+5.7% (71pt)
MACD regimebullish (75pt)

Valuation positioning

Current ratio vs sector peer distribution

P/E (TTM)30.96

FAIR

CheapestP/E 31.0 near sector median.Most expensive

P/B8.11

OVERVALUED

CheapestP/B 8.11 at 88th %ile of sector.Most expensive

EV/EBITDA13.16

FAIR

Monthly seasonality

Avg monthly return over 10 years · historical — not a forecast

Best: Apr +19.29% · Worst: Mar -8.76%

Jan

+3.3%

70% win

Feb

+0.9%

40% win

Mar

-8.8%

30% win

Apr

+19.3%

80% win

May

+2.5%

80% win

Jun

+1.9%

Monthly return distribution

Distribution of 120 monthly returns

Mean

+2.07%

Median

+1.03%

Std dev

15.78%

Best

+120.7%

Worst

-51.8%

% positive

56%

SWOT analysis

Auto-derived from ratios + sector context + forensics · research only, not a recommendation

STRENGTHS · 3

High-quality compounder (ROE 26.2%)
Above 20% ROE consistently flags capital-efficient businesses
Consistent top-line growth (22.8% 3Y CAGR)
Sustained revenue compounding is rare and hard to fake
Top quartile ROE in Automobile
Rank 1 of 16 peers

WEAKNESSES · 1

Leveraged balance sheet (D/E 3.28)
High debt amplifies earnings volatility in downturns

OPPORTUNITIES · 0

No strong near-term catalysts visible

THREATS · 0

No immediate threats from the data

RETURNS · DAILY-CLOSE BASED

3Y+ shown as CAGR

-1.1%

-1.8%

+2.4%

-5.3%

+23.8%

-13.4%

+36.1%

+22.6%

10Y

+12.2%

Fundamentals

VALUATION

Market cap

₹1,02,375 Cr

P/E (TTM)

31.0

P/E (fwd)

23.4

next 12m

P/B

8.11

EV/EBITDA

13.2

Book value

₹21.48

per share

PROFITABILITY · QUALITY

ROE

26.2%

ROCE

—

Net margin

8.5%

Op margin

19.6%

Gross margin

40.3%

D/E

3.28

GROWTH · MARKET

Rev YoY

+1.0%

Profit YoY

+26.2%

Div yield

1.79%

Payout

55.5%

52w change

+57.4%

Beta

0.49

defensive

Pros and cons

Auto-derived from ratios · not a buy/sell recommendation

PROS · 5

+Forward P/E materially below trailing (23.4x vs 31.0x)Street expects earnings growth that compresses the multiple — positive surprise cushion
+High ROE of 26.2%Capital-efficient business — every rupee of equity generates 26.2 paise of earnings
+Profit growing fast (+26.2% YoY)Operating leverage kicking in — bottom line out-growing top line
+3-year revenue CAGR of 22.8%Sustained multi-year growth — not a one-quarter flash
+Top-3 ROE in Automobile sectorBest-in-class profitability among 16 listed peers

CONS · 1

−Leveraged balance sheet (D/E 3.28)High debt amplifies earnings volatility and refinancing risk

Sector-relative context

Automobile · 16 peers

P/E (TTM)

This stock

30.96

Sector median

31.29

Rank 7/16 (63th %ile)

ROE

This stock

26.2%

Sector median

15.0%

Rank 16/16 (6th %ile)

P/B

This stock

8.11

Sector median

4.37

Rank 14/16 (19th %ile)

Quality score · Piotroski F-score

4 / 9

Mixed quality — several weak points

✗Profitable (positive net income)· Most basic check — company makes money
✗Positive return on assets· Assets generate returns
✓Positive operating cash flow· Profits are backed by real cash, not accruals
✓Operating CF exceeds net profit· Healthy cash conversion — no aggressive revenue recognition
✓Long-term debt decreased YoY· Deleveraging — lower refinancing risk
✗ROA improved YoY· Getting more productive with the asset base
✗Operating margin expanded YoY· Pricing power or cost discipline
✗Asset turnover improved YoY

Forensic score · Altman Z″ (emerging markets)

Bankruptcy-risk predictor · 1995 Altman emerging-market revision

GREY2.16

Z″ = 2.16 — GREY zone. Not flagged as distressed, but watch the weakest input component below.

Component	Ratio	Weight	Contribution
Working Capital / Total Assets (A)	0.219	×6.56	1.434
Retained Earnings / Total Assets (B)	0.070	×3.26	0.227
EBIT / Total Assets (C)	0.061	×6.72	0.408
Book Equity / Total Liabilities (D)	0.083	×1.05	0.087

Zones: Z″ ≥ 2.60 safe · 1.10–2.60 grey · < 1.10 distress. All four inputs derived from latest annual filing.

Analyst consensus

33 analysts · BUY

Target mean

₹197.94

Target high

₹250.00

Target low

₹155.00

Upside vs today

+13.6%

Street consensus target is +13.6% vs current price. Consensus is a lagging sentiment read, not a forecast.

Company + balance sheet snapshot

Industry

Farm & Heavy Construction Machinery

Employees

9,695

Shares out

587.4

Revenue (TTM)

₹53,811 Cr

EBITDA

₹11,556 Cr

Total debt

₹54,513 Cr

Cash

₹9,534 Cr

Net debt

₹44,979 Cr

Quarterly results

Last 6 quarters · ₹ Cr (Screener.in-grade depth)

Metric	2024-Q3	2024-Q4	2025-Q1	2025-Q2	2025-Q3	2025-Q4
Revenue	—	11,946	14,637	11,657	12,518	14,762
Operating profit	—	2,229	2,830	2,219	2,518	2,903
OPM %	—	18.7%	19.3%	19.0%	20.1%

Annual P&L

Last 4 years · ₹ Cr · all line items

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Revenue	26,110	41,488	45,517	48,342
Operating profit	2,647	4,839	7,501	8,773
OPM %	10.1%	11.7%	16.5%	18.1%
Interest	1,869	2,094	2,982	3,930

Peer	Last close	1Y change	Mcap ₹Cr	P/E	P/B	ROE	D/E	Rev YoY
ASHOKLEYTHIS Ashok Leyland Limited	₹174.78	-21.3%	1,02,375	31.0	8.11	26.2%	3.28	+1.0%
MARUTI Maruti Suzuki India Limited	₹13,453	+14.5%	4,22,871	28.3	4.24	15.0%	0.00	+28.7%
M&M Mahindra & Mahindra Limited	₹3,200.2	+15.8%	3,86,838	23.0	4.34	18.9%	1.32	+26.4%
BAJAJ-AUTO Bajaj Auto Limited	₹9,773.5	+18.5%	2,73,751	30.9	8.01	26.0%	0.57	+23.1%
EICHERMOT Eicher Motors Limited	₹7,189.5	+23.7%	1,98,686	37.2	8.99	24.2%	0.02	+22.9%
MOTHERSON Samvardhana Motherson International Limited	₹125.03	-5.7%	1,29,734	38.0	3.52	9.3%	0.50	+14.5%
BOSCHLTD Bosch Limited	₹37,505	+34.9%	1,11,456	40.5	7.95	19.6%	0.01	+9.4%
HEROMOTOCO Hero MotoCorp Limited	₹5,230.5	+33.5%	1,05,697	19.4	5.03	25.9%	0.03	+21.7%
BHARATFORG Bharat Forge Limited	₹1,860.5	+70.0%	88,442	78.3	9.45	12.1%	0.71	+68.6%

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Research tool · not investment advice.

Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. Daily OHLCV sourced primarily from our NSE bhavcopy ingest (public sec_bhavdata_full CSV), with Stooq as a fallback for historical gaps. Split + bonus adjusted. Excludes dividends. Not a recommendation. Past performance does not predict future returns. For authoritative live quotes see NSE / BSE directly.

Quarter	EPS estimate	EPS actual	Surprise %
-1q	2.44	1.75	-28.2%
-2q	1.88	1.36	-27.6%
-3q	0.97	1.01	+4.4%
-4q	1.91	2.14	+11.7%

Date	Amount
2025-11-18	₹1.00
2025-05-22	₹2.13
2024-11-19	₹1.00
2024-04-03	₹2.48
2023-07-07	₹1.30
2022-07-14	₹0.50
2021-08-31	₹0.30
2020-03-19	₹0.25
2019-07-23	₹1.55
2018-07-09	₹1.22
2017-07-11	₹0.78
2016-07-13	₹0.47

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Equity capital	294	294	294	294
Reserves	3,037	3,717	3,773	6,358
Borrowings	24,145	31,161	40,802	49,962
Other liabilities	—	14	-61	13
Total liabilities	43,601	54,746	67,596	81,715
Fixed assets	5,884	5,902	5,974	6,650
CWIP	139	139	172	361
Investments	952	1,277	1,199	1,822
Other assets	—	331	496	819
Total assets	43,601	54,746	67,596	81,715

Metric	2022-FY	2023-FY	2024-FY	2025-FY
CF Operating	2,845	-4,499	-6,258	128
CF Investing	-1,917	-2,935	1,135	-5,758
CF Financing	-378	7,281	8,432	6,958
Net cash flow	550	-122	3,309	1,327
Free cash flow	2,845	-5,428	-7,392	-1,520

Metric	2025-FY	2024-FY	2023-FY	2022-FY
OPM %	18.1%	16.5%	11.7%	10.1%
Net margin %	6.4%	5.5%	3.0%	-1.4%
ROE %	58.0%	61.5%	33.7%	-10.8%
ROCE %	16.8%	17.7%	13.9%	6.1%
Debt / Equity	7.51	10.03	7.77	7.25
Interest coverage	2.2×	2.4×	2.1×	0.9×
Revenue growth YoY	+6.2%	+9.7%	+58.9%	—
Profit growth YoY	+25.1%	+100.5%	+445.4%	—

ASHOKLEYAshok Leyland Ltd

Price chart · 1M–10Y · daily-close

Stock scorecard

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

SWOT analysis

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Peer comparison · Automobile

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Technical snapshot

Earnings history + surprises

Dividends + splits history

Recent news

Stock scorecard

SWOT analysis

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Balance sheet

Cash flow statement

Ratios

Peer comparison · Automobile