Ashok Leyland logo

Ashok Leyland financials and balance sheet

NSE: ASHOKLEYBSE: 500477Agricultural, Commercial & Construction VehiclesMid Cap

Last close ₹144.95down ₹1.08 (0.74%)BSE ₹145.95

Share price at the NSE close on 23 Oct 2026. Previous close ₹146.03.

52-week range of traded prices to 23 Oct 2026
₹135.82Low, 24 Oct 2025₹215.42High, 11 Feb 2026
Market cap
₹85,142 Cr107th largest listed
P/E
24.5
P/E without one-offs
22.1
P/B
6.0
Dividend yield
2.41%
ROE
26.3%
ROE without one-offs
29.2%
ROCE
11.9%
Debt to equity
3.45
Volume, NSE
1,72,34,07450.8% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Ashok Leyland annual reports

Revenue, net profit and borrowings, ₹ crore

  • Revenue
  • Net profit
  • Borrowings
  • Loss
Peak revenue ₹56,362 Cr, year to Mar 2026A loss in 2 of the 10 years shown

Operating and net margin, per cent

  • Operating margin
  • Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.7% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

  1. Revenue56,362
  2. Materials and goods−33,856
  3. Employee costs−4,734
  4. Other expenses−7,028
  5. Operating profit10,745
  6. Depreciation−1,138
  7. Other income+585
  8. One-off items−384
  9. Finance costs−4,705
  10. Profit before tax5,103
  11. Tax−1,434
  12. Joint ventures+52
  13. Net profit3,721

What the company owns

  • Plant, investments and other assets₹76,202 Cr
  • Cash and bank₹10,757 Cr
  • Current investments₹6,322 Cr
  • Inventory₹4,672 Cr
  • Receivables₹3,087 Cr

What pays for it: net worth and liabilities

  • Borrowings₹63,936 Cr
  • Net worth₹18,546 Cr
  • Owed to suppliers₹9,291 Cr
  • Other liabilities₹9,268 Cr

Ashok Leyland business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Ashok Leyland segment results by quarter

Revenue by segment

₹56,363 CrTotal
  • Commercial vehicle₹48,314 Cr85.7% of total
  • Financial service₹8,049 Cr14.3% of total

Profit by segment

  • Commercial vehicle₹4,379 Cr82.2% of total
  • Financial service₹950 Cr17.8% of total

Segment results by year

Consolidated, ₹ crore, years to March.

  • Commercial vehicle

    Revenue, ₹ crore
    Profit, ₹ crore

  • Financial service

    Revenue, ₹ crore
    Profit, ₹ crore
₹ croreMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue of all businesses21,95119,45526,23841,67445,79348,53656,363
Company revenue, as in its results21,95119,45426,23741,67345,79148,53556,362
Revenue18,81516,30823,02138,02540,95642,33348,314
Revenue growth–−13.3%41.2%65.2%7.7%3.4%14.1%
Profit338−371−821,8193,6153,6894,379
Profit growth––––98.7%2.1%18.7%
Margin1.8%−2.3%−0.4%4.8%8.8%8.7%9.1%
Return on capital6.0%−7.2%−1.8%34.4%76.6%52.9%55.5%
Assets15,91717,85919,18922,39922,50625,08928,863
Liabilities10,29112,66614,63717,10917,78718,11920,970
Capital employed5,6265,1934,5515,2904,7186,9697,893
Revenue3,1363,1473,2173,6504,8376,2038,049
Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Ashok Leyland quarterly results

₹ croreMar 2017Mar 2018Mar 2019Mar 2020Filed 26 JunMar 2021Filed 25 JunMar 2022Filed 20 MayMar 2023Filed 23 MayMar 2024Filed 27 MayMar 2025Filed 10 JunMar 2026Filed 29 May
Revenue from operations24,06829,90133,19721,95119,45426,23741,67345,79148,53556,362
20,77425,65328,28718,71816,99223,47236,58037,84839,32745,617
Materials and goods bought73819,21821,59913,34612,04717,61328,81929,23029,68033,856
Employee costs––2,6402,1902,1592,6203,2343,6734,1614,734
Other expenses––4,0483,1822,7853,2394,5264,9465,4877,028
Operating profit before depreciation3,2944,2484,9103,2332,4622,7655,0937,9439,20810,745
Operating margin13.7%14.2%14.8%14.7%12.7%10.5%12.2%17.3%19.0%19.1%
Materials, % of revenue––65.1%60.8%61.9%67.1%69.2%63.8%61.2%60.1%
Employee costs, % of revenue––8.0%10.0%11.1%10.0%7.8%8.0%8.6%8.4%
Other expenses, % of revenue––12.2%14.5%14.3%12.3%10.9%10.8%11.3%12.5%
Depreciation and amortisation5736466767508368669009271,0871,138
Operating profit after depreciation2,7213,6034,2342,4831,6271,8994,1937,0168,1219,607
Other income13120012810813187111141358585
Finance costs1,0491,2321,5021,8021,9011,8692,0942,9823,9304,705
Profit before one-off items and tax1,8032,5712,860790−1431172,2104,1744,5495,488
One-off items4070−5376−32448−8415−384
Profit before tax1,8432,5782,860736−67−2072,2584,0904,5655,103
1967516772793869071,4101,2141,434
Share of profit of joint ventures and associates−10–113−1811163252
1,6331,8142,195460−70−2851,3622,6963,3833,721
Other comprehensive income–––174303−21778523870874
Total comprehensive income–––633233−5031,4403,2204,2534,595
Net margin6.8%6.1%6.6%2.1%−0.4%−1.1%3.3%5.9%7.0%6.6%
Net margin without joint ventures and associates6.8%–6.6%2.1%−0.4%−1.1%3.2%5.9%6.9%6.5%
Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2019: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share it leaves the other owners is more than 10 points from the share the company's other periods state.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ croreMar 2020Filed 26 JunMar 2021Filed 25 JunMar 2022Filed 20 MayMar 2023Filed 23 MayMar 2024Filed 27 MayMar 2025Filed 10 JunMar 2026Filed 29 May
8,8969,1308,59010,79911,81515,84518,546
7,7897,8627,3048,5549,00512,23214,242
Share capital294294294294294294587
Reserves7,4957,5687,0108,2608,71111,93813,654
Belonging to outside owners of subsidiaries1,1071,2681,2862,2452,8103,6134,305
16,29418,16424,14531,16140,80249,96263,936
14,79516,22418,60422,44426,66326,54733,118
14,43616,71316,39521,47529,16639,31849,377
Liabilities going with businesses held for sale––1211174–
38,12742,06743,60154,72967,66081,7151,01,041
22,81726,14824,98730,48538,53447,47457,298
15,30915,91918,55124,17228,98734,21743,742
Net debt13,87616,14120,39225,46332,69938,03246,856
Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017, Mar 2018 and Mar 2019, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ croreMar 2021Filed 25 JunMar 2022Filed 20 MayMar 2023Filed 23 MayMar 2024Filed 27 MayMar 2025Filed 10 JunMar 2026Filed 29 May
−1,0652,845−4,499−6,258128−4,895
−1,1022,940−3,903−5,3321,410−3,248
−1,9471,666−7,257−10,894−5,129−11,061
Receivables−1,554−254−902306490281
Inventories−959−48−900−56822−686
Payables2,0621,916320−7821,2251,271
Other working capital−1,49452−5,775−9,851−6,865−11,926
Tax paid37−56−561−866−1,150−1,423
Capital spending7525099291,1341,6482,945
Free cash flow−1,8172,336−5,428−7,392−1,520−7,840
−982−1,917−2,9351,135−5,758−7,016
1,331−3787,2818,4326,95811,617
Dividends paid01762947632,0411,835
Shares bought back000000
Shares issued3052–3
Net change in cash−716550−1543,3091,328−293
Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Shares issued is left blank for the year to Mar 2025: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Per share

Consolidated, ₹ per share, years to March.Ashok Leyland dividend history

₹ per shareMar 2017Mar 2018Mar 2019Mar 2020Filed 26 JunMar 2021Filed 25 JunMar 2022Filed 20 MayMar 2023Filed 23 MayMar 2024Filed 27 MayMar 2025Filed 10 JunMar 2026Filed 29 May
₹2.76₹3.01₹3.54₹0.58−₹0.28−₹0.61₹2.12₹4.23₹5.29₹5.91
As stated that year₹5.51₹6.02₹7.08₹1.15−₹0.56−₹1.22₹4.23₹8.46₹10.58₹5.91
₹2.76₹3.00₹3.54₹0.58−₹0.28−₹0.61₹2.11₹4.23₹5.28₹5.91
₹0.78₹1.22₹1.55₹0.25₹0.30₹0.50₹1.30₹2.48₹3.13₹3.50
–––₹13.27₹13.39₹12.44₹14.57₹15.33₹20.83₹24.25
Dividend payout27.2%39.2%–43.6%––61.5%58.5%59.1%59.2%
Shareholder yield––––0.0%0.5%0.7%1.5%–2.0%
Market cap at the year end (₹ crore)24,06242,57526,80112,63733,31834,41940,87150,28159,97090,534
Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. Shareholder yield is left blank for the year to Mar 2025: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Ratios

Consolidated, years to March.Ashok Leyland PE ratio and valuation

RatioMar 2017Mar 2018Mar 2019Mar 2020Filed 26 JunMar 2021Filed 25 JunMar 2022Filed 20 MayMar 2023Filed 23 MayMar 2024Filed 27 MayMar 2025Filed 10 JunMar 2026Filed 29 May
Revenue growth16.5%24.2%11.0%−33.9%−11.4%34.9%58.8%9.9%6.0%16.1%
Operating profit growth12.3%29.0%15.6%−34.1%−23.8%12.3%84.2%56.0%15.9%16.7%
Net profit growth52.5%11.1%21.0%−79.0%–––98.0%25.5%10.0%
Earnings per share growth–9.3%17.6%−83.8%–––100.0%25.1%11.7%
–––4.3%−2.1%−4.7%15.6%28.3%29.3%26.2%
––––−6.4 pts−2.6 pts20.4 pts12.6 pts1.0 pts−3.0 pts
From the net margin––––−6.7 pts−1.3 pts15.0 pts12.9 pts5.1 pts−1.1 pts
From asset turnover––––0.4 pts−0.9 pts4.0 pts−3.3 pts−4.4 pts−1.4 pts
From borrowing––––−0.1 pts−0.4 pts1.4 pts3.1 pts0.3 pts−0.5 pts
Return on capital employed–––9.9%6.0%5.8%10.0%13.3%12.3%11.6%
Cash conversion––––––−330.4%−232.1%3.8%−131.5%
Interest cover2.62.92.81.40.91.02.02.42.12.0
Debt to equity–––1.831.992.812.893.453.153.45
Receivable days–––25574637312520
Inventory days–––42765344504950
Payable days–––78162150968599100
Cash conversion cycle, days–––−11−30−52−16−4−24−30
Working capital days–––1656866656973
Asset turnover–––0.580.490.610.850.750.650.62
Assets per rupee of net worth–––4.905.125.656.206.977.036.90
Sales per rupee of plant–––4.133.224.577.237.807.727.06
Capital spending to depreciation––––0.900.591.031.221.522.59
Plant being built, % of plant in use–––8.3%3.9%2.4%2.4%2.9%5.7%6.9%
No balance sheet is on record for the years to Mar 2017, Mar 2018 and Mar 2019, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year
3.8%
Cash from operations against operating profit
−45.6%
Measure10 years5 years3 years
Revenue growth, yearly rate10.6%23.7%10.6%
Profit growth, yearly rate12.5%–40.9%
Return on equity, average–18.9%27.9%
Return on capital employed, average–10.6%12.4%
Operating margin, average14.8%15.6%18.5%
Net margin, average4.3%4.3%6.5%
Asset turnover, average–0.700.67
Cash conversion cycle, days, average–−25−19
Interest cover, average2.01.92.2
Debt to equity, average–3.153.35

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore5 years3 yearsLatest year
Cash from operations−12,679−11,024−4,895
Cash from investing−16,490−11,639−7,016
Cash from financing33,90927,00611,617
Capital spending7,1655,7272,945
Dividends paid5,1094,6401,835
Shares bought back000
Shares issued for cash––3
Borrowings raised1,60,3741,25,54650,012
Borrowings repaid1,20,77492,87536,065

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

CheckMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9–––––64453
Altman Z-scorePublished threshold 1.81–––1.351.461.541.831.781.801.85
Beneish M-scorePublished threshold −1.78––––−1.27−2.69−1.57−1.97−2.44−2.14
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets––––4.93−2.8317.8912.7812.0717.11
Cash from operations to profit, 3 yearsPublished threshold 0.7 times––––––−2.70−2.10−1.43−1.12
Receivables growth less revenue growthOur threshold 0 percentage points––––113.29−26.33−31.12−16.79−20.14−23.88
Inventory growth less cost-of-goods growthOur threshold 0 percentage points––––72.18−44.41−28.2015.07−2.093.13
Other current assets growth less revenue growthOur threshold 5 per cent of revenue––––0.770.150.01−0.29−0.951.32
Assets under construction, years of additionsOur threshold 2 years of additions––––0.150.250.150.160.240.19
Effective tax ratePublished threshold 17.16 per cent10.6429.1423.6737.94––40.1734.4726.5928.10
Tax charged less tax paid, % of profitOur threshold 10 percentage points––––––15.3113.291.390.21
A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

DateAgencyBorrowing ratedRatingOutlookAmount, ₹ Cr
9 Oct 2026ICRA Limited (opens in a new tab)Non-fund based-Others[ICRA]AA+ /[ICRA]A1+Review, Re-affirmStable1,500
9 Oct 2026ICRA Limited (opens in a new tab)Fund-based-Cash credit[ICRA]AA+ /[ICRA]A1+Review, Re-affirmStable2,000
9 Oct 2026ICRA Limited (opens in a new tab)Fund-based-Term loan[ICRA]AA+Review, Re-affirmStable629.38
9 Oct 2026ICRA Limited (opens in a new tab)Non Convertible Debentures[ICRA]AA+Review, Re-affirmStable200
9 Oct 2026ICRA Limited (opens in a new tab)Unallocated limits-Unallocated limits[ICRA]AA+ /[ICRA]A1+Review, Re-affirmStable750
9 Oct 2026ICRA Limited (opens in a new tab)Commercial Paper[ICRA]A1+Review, Re-affirm2,000
21 Sep 2026CARE Ratings Limited (opens in a new tab)Non-fund-based - LT/ ST-BG/LCCARE AA+ / CARE A1+Review, Re-affirmStable1,500
21 Sep 2026CARE Ratings Limited (opens in a new tab)Commercial PaperCARE A1+Review, Re-affirm2,000
21 Sep 2026CARE Ratings Limited (opens in a new tab)Term Loan-Long TermWithdrawnReview, Other
21 Sep 2026CARE Ratings Limited (opens in a new tab)Fund-based - LT/ ST-Working Capital LimitsCARE AA+ / CARE A1+Review, Re-affirmStable2,000
21 Sep 2026CARE Ratings Limited (opens in a new tab)Fund-based - ST-Working Capital LimitsCARE A1+Review, Re-affirm300
21 Sep 2026CARE Ratings Limited (opens in a new tab)Fund-based/Non-fund-based-LT/STCARE AA+ / CARE A1+Review, Re-affirmStable200
21 Sep 2026CARE Ratings Limited (opens in a new tab)Debentures-Non Convertible DebenturesWithdrawnReview, Other
12 Sep 2025ICRA Limited (opens in a new tab)Unallocated-Unallocated[ICRA]AA+ /[ICRA]A1+Review, Re-affirmStable750
The latest rating on each borrowing. The agency's name opens its reasoning for the rating.