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Swing Capital

Ashok Leyland Ltd

NSE: ASHOKLEY BSE: 500477Auto

Ashok Leyland is the flagship Company of the Hinduja group, having a long-standing presence in the domestic medium and heavy commercial vehicle (M&HCV) segment. The company has a strong brand and well-diversified distribution and service network across the country and has a presence in 50 countries, it is one of the most fully-integrated manufacturing companies. Its headquarter is in Chennai [1] They manage driver training institutes across India and have trained over 8,00,000 drivers since inception. [1]

₹151
52W: ₹115 — ₹215
PE 24.2 · Book ₹19.6 · +670% vs book
Market Cap₹88,842 Cr
Stock P/E24.2Price to Earnings
ROCE36.5%Return on Capital
ROE31.4%Return on Equity
Div. Yield2.04%Face Value ₹1

Strengths

  • +Company has reduced debt.
  • +Company has delivered good profit growth of 57.6% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 26.7%
  • +Company has been maintaining a healthy dividend payout of 55.5%
  • +Debtor days have improved from 34.1 to 27.2 days.

Weaknesses

  • −Stock is trading at 7.63 times its book value
  • −Promoters have pledged 40.1% of their holding.

Shareholding Pattern

Promoters51.51%
FIIs24.57%
DIIs13.06%
Public10.79%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters51.52%51.52%51.52%51.52%51.52%51.51%▼0.051.51%51.51%
FIIs22.03%24.39%▲2.424.09%▼0.323.5%▼0.623.85%▲0.424.32%▲0.524.41%▲0.124.57%▲0.2
DIIs14.12%12.34%▼1.813.04%▲0.714.06%▲1.013.88%▼0.213.59%▼0.313.73%▲0.113.06%▼0.7
Public12.24%11.66%▼0.611.28%▼0.410.84%▼0.410.67%▼0.210.51%▼0.210.3%▼0.210.79%▲0.5

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales9,6389,27311,2678,5998,7699,47911,9078,7259,58811,534
Expenses8,5588,1599,6757,6887,7528,26710,1167,7558,4269,999
Operating Profit1,0801,1141,5929111,0171,2111,7919701,1621,535
OPM %11%12%14%11%12%13%15%11%12%13%
Net Profit5615809005267707621,246594771796
EPS ₹0.960.991.530.891.311.32.121.011.311.36

AI Insights

Revenue Trend

TTM revenue at ₹41,753Cr, up 7.7% YoY. OPM at 13%.

Debt Position

Borrowings at ₹1,344Cr. Debt-to-equity ratio: 0.12x. Healthy balance sheet.

Capex Cycle

CWIP at ₹857Cr (14% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 13.06% (-7.73pp change). FIIs: 24.57% (+7.98pp change). Promoters hold 51.51%.

Margin & Efficiency

ROCE improving from -2% (Mar 2014) to 36% (Mar 2025). Working capital days: -45.

Valuation

PE 24.2x with 36.5% ROCE. Price is 670% above book value of ₹19.6. Dividend yield: 2.04%.

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