ASHOKLEY
Ashok Leyland share price & financials
- Price
- ₹155.23
- Market cap
- ₹1.0L Cr
- Sector
- Capital Goods
- Calls analysed
- 7
Ashok Leyland Limited Q1 FY27
What went well
- Achieved all-time high CV volume, revenue, profit, and cash surplus for Q1 FY27.
- Record Q1 revenue of ₹9,634 crores, higher by 10% Y-o-Y, despite geopolitical uncertainties.
- Domestic MHCV truck volume grew 15% Y-o-Y to 22,998 units, and LCV offtake volume grew 21% Y-o-Y to 18,874 units, marking the highest ever Q1 for LCV.
What to watch
- EBITDA was flat at ₹970 crores, with EBITDA margin at 10.1%, 100 basis points lower Y-o-Y, primarily due to rising material costs.
- Exports volume declined 18% Y-o-Y to 2,461 units, impacted by war situation and logistical challenges in the RAK-based plant in UAE.
What Ashok Leyland Limited does
Ashok Leyland designs and manufactures commercial vehicles — medium & heavy trucks and buses (MHCV), light commercial vehicles (LCV), and defence mobility vehicles — sold domestically and exported to markets including the Middle East, Africa, ASEAN, Bangladesh and Sri Lanka. It operates seven manufacturing plants across Tamil Nadu, Maharashtra, Rajasthan, Uttarakhand and Andhra Pradesh, supported by a technical/R&D centre at Vellivoyalchavadi. Beyond core vehicles, the company runs a Power Solutions business making engines and gensets and a Defence division executing government contracts, while group companies extend into vehicle financing (Hinduja Leyland Finance) and electric mobility (Switch Mobility, including UK-based Optare Plc).
Segments
- Commercial Vehicles (MHCV) — Trucks & Buses
- Light Commercial Vehicles (LCV)
- Power Solutions
- Defence
- Financial Services
- Electric Mobility
- Manufacturing plants
- 7 plants — Tamil Nadu (Ennore, Sriperumbudur foundry, Hosur), Maharashtra (Bhandara), Rajasthan (Alwar), Uttarakhand (Pantnagar), Andhra Pradesh (Vijayawada)
- R&D / Technical Centre
- Vellivoyalchavadi, Tamil Nadu
- LCV dealer network
- 160 primary dealerships and 665 secondary outlets
- Dealer satisfaction ranking
- Ranked #1 in FADA Dealer Satisfaction Survey, 2 consecutive years
- Domestic market position
- #1 in India's addressable M&HCV bus segment; #2 in LCV 2–3.5T segment
- Export ranking
- India's #1 commercial-vehicle exporter (Q3 FY25)
Guidance record · Q1 FY27
what the last two calls moved 14 tracked 1 delivered 2 missed 11 open- Export Volume delivered said Q3 FY25 Promised: This year we are hoping that we will end up close to 15,000. Q1 FY27: Promise for FY25, remains achieved.
- OHM Operating Fleet Size missed said Q4 FY25 Promised: OHM is targeting to add 1,700 buses to operation fleet during FY '26. Q1 FY27: Promise for FY26, remains missed. New data: fleet at 1,900+ buses.
- MHCV Market Share at risk said Q3 FY25 Promised: Achieve MHCV market share goal of 35% in the medium term Q1 FY27: Market share dropped to 29.0%, moving away from the target.
All 14 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 11.6%, net profit up 1.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11,148 | 11,995 | 14,696 | 11,709 | 12,577 +13% | 14,830 +24% | 17,246 +17% | 13,070 +12% |
| EBITDA | 2,040 | 2,336 | 2,991 | 2,173 | 2,441 +20% | 2,822 +21% | 3,308 +11% | 2,410 +11% |
| Net profit | 767 | 820 | 1,246 | 658 | 820 +7% | 862 +5% | 1,381 +11% | 668 +2% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +22.2% 1Y
1Y: ₹134.01 on 10 Sept 2025 → ₹163.75. High ₹211.92 (26 Feb 2026), low ₹133.56 (11 Sept 2025).
How the price took the results
close before → close after
- Q1 FY27
- −2.6%
- 14 Aug
- Q4 FY26
- −5.0%
- 28 May
- Q3 FY26
- −1.6%
- 11 Feb
- Q2 FY26
- −1.2%
- 19 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 12.0% a year over 3 years, FY23 to FY26. Operating margin widened to 19.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹40.1k Cr | ₹45.8k Cr | ₹48.6k Cr | ₹56.4k Cr |
| Operating profit | ₹4.4k Cr | ₹7.9k Cr | ₹9.2k Cr | ₹10.7k Cr |
| Operating margin | 11.0% | 17.3% | 19.0% | 19.1% |
| Interest | ₹1.6k Cr | ₹3.0k Cr | ₹3.9k Cr | ₹4.7k Cr |
| Depreciation | ₹825 Cr | ₹928 Cr | ₹1.1k Cr | ₹1.1k Cr |
| Net profit | ₹1.3k Cr | ₹2.7k Cr | ₹3.4k Cr | ₹3.7k Cr |
| Net margin | 3.3% | 5.9% | 7.0% | 6.6% |
| Cash from operations | ₹-4.5k Cr | ₹-6.3k Cr | ₹128 Cr | ₹-4.9k Cr |
| Free cash flow | ₹-5.4k Cr | ₹-7.3k Cr | ₹-1.5k Cr | ₹-7.7k Cr |
| ROCE | 11.0% | 15.0% | 14.0% | 14.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹294 Cr | ₹294 Cr | ₹294 Cr | ₹294 Cr | ₹587 Cr | ₹587 Cr |
| Reserves | ₹7.6k Cr | ₹7.0k Cr | ₹8.3k Cr | ₹8.7k Cr | ₹12.0k Cr | ₹13.7k Cr |
| Borrowings | ₹24.1k Cr | ₹24.1k Cr | ₹31.2k Cr | ₹40.8k Cr | ₹54.5k Cr | ₹63.9k Cr |
| Other liabilities | ₹10.1k Cr | ₹12.1k Cr | ₹15.0k Cr | ₹17.8k Cr | ₹18.2k Cr | ₹22.5k Cr |
| Total liabilities | ₹42.1k Cr | ₹43.6k Cr | ₹54.7k Cr | ₹67.6k Cr | ₹85.3k Cr | ₹100.7k Cr |
| Fixed assets | ₹8.5k Cr | ₹7.9k Cr | ₹8.1k Cr | ₹8.2k Cr | ₹9.5k Cr | ₹10.4k Cr |
| Capital work in progress | ₹336 Cr | ₹240 Cr | ₹268 Cr | ₹415 Cr | ₹1.0k Cr | ₹940 Cr |
| Investments | ₹1.1k Cr | ₹2.7k Cr | ₹4.9k Cr | ₹2.3k Cr | ₹5.5k Cr | ₹7.5k Cr |
| Other assets | ₹32.1k Cr | ₹32.8k Cr | ₹41.4k Cr | ₹56.7k Cr | ₹69.2k Cr | ₹81.9k Cr |
| Total assets | ₹42.1k Cr | ₹43.6k Cr | ₹54.7k Cr | ₹67.6k Cr | ₹85.3k Cr | ₹100.7k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −3.18 pp while DIIs added +1.87 pp. The shareholder count grew 18% to 16,45,114.
- Promoters
- 51.5%
- FIIs
- 20.7%
- DIIs
- 15.8%
- Government
- 0.1%
- Public
- 12.0%
Since Jun 2025
- FIIs −3.18 pp
- DIIs +1.87 pp
- Public +1.32 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 51.5%, FIIs 20.2%, DIIs 16.5%, Government 0.1%, Public 11.7%.Dec '23: Promoters 51.5%, FIIs 20.5%, DIIs 14.7%, Government 0.1%, Public 13.3%.Mar '24: Promoters 51.5%, FIIs 21.4%, DIIs 12.2%, Government 0.1%, Public 14.7%.Jun '24: Promoters 51.5%, FIIs 22.0%, DIIs 14.1%, Government 0.1%, Public 12.2%.Sep '24: Promoters 51.5%, FIIs 24.4%, DIIs 12.3%, Government 0.1%, Public 11.7%.Dec '24: Promoters 51.5%, FIIs 24.1%, DIIs 13.0%, Government 0.1%, Public 11.3%.Mar '25: Promoters 51.5%, FIIs 23.5%, DIIs 14.1%, Government 0.1%, Public 10.8%.Jun '25: Promoters 51.5%, FIIs 23.9%, DIIs 13.9%, Government 0.1%, Public 10.7%.Sep '25: Promoters 51.5%, FIIs 24.3%, DIIs 13.6%, Government 0.1%, Public 10.5%.Dec '25: Promoters 51.5%, FIIs 24.4%, DIIs 13.7%, Government 0.1%, Public 10.3%.Mar '26: Promoters 51.5%, FIIs 24.6%, DIIs 13.1%, Government 0.1%, Public 10.8%.Jun '26: Promoters 51.5%, FIIs 20.7%, DIIs 15.8%, Government 0.1%, Public 12.0%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Hinduja Bank (Switzerland) Ltd newly disclosed 4.97% held
- KOTAK MAHINDRA TRUSTEE CO LTD (Under Various sub accounts) Mutual fund newly disclosed 1.65% held
- SBI MUTUAL FUND (Under various sub accounts) Mutual fund newly disclosed 1.43% held
- NPS TRUST (Under Various sub accounts) Pension / PF newly disclosed 1.18% held
The same filing shows 2 holders trimming and 5 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Ashok Leyland Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Hinduja Automotive Limited | 34.99% | unchanged |
| Jp Morgan Chase Bank, Na | 11.30% | unchanged |
| Hinduja Bank (Switzerland) Ltd | 4.97% | newly disclosed |
| KOTAK MAHINDRA TRUSTEE CO LTD (Under Various sub accounts) Mutual fund | 1.65% | newly disclosed |
| SBI MUTUAL FUND (Under various sub accounts) Mutual fund | 1.43% | newly disclosed |
| Government Pension Fund Global Sovereign | 1.31% | −0.26 pp |
| T. Rowe Price Emerging Markets Discovery Stock Trust Global fund house | 1.29% | unchanged |
| NPS TRUST (Under Various sub accounts) Pension / PF | 1.18% | newly disclosed |
| SBI Life Insurance Co. Ltd Insurer | 1.15% | −0.12 pp |
| Hinduja Foundries Holding Limited | 0.24% | unchanged |
| HINDUJA BANK (SWITZERLAND) LTD (Beneficiary - Hinduja Automotive Limited) | — | off the list |
| Government Of Singapore - E Sovereign | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in ASHOKLEY
Filings to Aug 2026
1 new, 16 added, 4 trimmed, 0 sold out — net −49.43 L shares (−2.6%).
- Held by funds
- ₹3.1k Cr
- 29 schemes
- Biggest holder
- SBI Large and Midcap Fund
- ₹984 Cr · 2.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Large and Midcap Fund SBI Mutual Fund | ₹984 Cr | held | Aug '21 |
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹650 Cr | −70.00 L | Aug '23 |
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹494 Cr | held | Dec '24 |
| SBI Flexicap Fund SBI Mutual Fund | ₹232 Cr | held | Oct '25 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹177 Cr | held | Dec '22 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹166 Cr | held | Dec '22 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹108 Cr | −13.65 L | Mar '26 |
| Nippon India Arbitrage Fund Nippon India Mutual Fund | ₹91 Cr | −5.20 L | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
16 added, 4 trimmed — net −49.43 L shares (−2.6%)
- Funds are sitting on
- +41%
- vs est. average cost
- Held by funds
- ₹3.1k Cr
- 29 schemes · ≈ 2.8% of the company
- Biggest holder
- SBI Large and Midcap Fund
- ₹984 Cr · 2.3% of that fund
- Longest holder
- Nippon India ETF Nifty Infrastructure BeES
- 7y · since Sep '19
Shares held by these funds +40%
Aug '23 18.89 cr shares Jul '26
What the price assumes
AttractiveTo justify its price of ₹164, this stock must grow earnings at 19% every year for 7 years. Our analysis caps realistic growth at ~39%. At that growth it is worth ₹452 — upside of 176%.
- Growth the price implies
- 18.5% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 39.8% a year
- net profit, FY23–FY26 · EPS 39.2%
- The gap
- -0.2 pp
- 176% downside if it only repeats history
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Ashok Leyland Limited
Guides on how to read this kind of business and the numbers that matter.