ASHOK LEYLAND Ltd (ASHOKLEY) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↓

-0.55%

Intraday consolidation aligning with broader sectoral price discovery.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 20.7%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 27.4%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹167.81

200-Day DMA ● Overlay

₹155.64

14-Day RSI ● Overlay

50.1 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹88,390 Cr

Mid cap

Stock P/E (TTM) Valuation

23.7x

Price / EPS

Book Value (₹) Assets

₹24.2

P/B: 6.2x

ROE (%) Quality

27.4%

Net Profit / Equity

ROCE (%) Efficiency

13.6%

EBIT / Capital

Dividend Yield Yield

2.33%

Face Value: ₹10

Debt / Equity Solvency

4.49x

Manageable

EPS (TTM) Per Share

₹6.35

Trailing 12M

OPM (%) Spread

19.0%

EBITDA Margin

Free Cash Flow Cash

-₹7,712 Cr

CFO - Capex

About ASHOK LEYLAND Ltd

ASHOK LEYLAND Ltd (ASHOKLEY) is an Indian publicly traded enterprise listed on the National Stock Exchange (NSE).

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 13.7% × Turnover: 0.85x × Leverage: 5.49x = ROE: 27.4%

✓ Company Strengths (Pros)

• Company has a stellar track record of return on equity (ROE of 27.4%).
• Maintains a generous dividend yield payout of 2.33%.

⚠ Key Considerations & Risks (Cons)

• Company has a high debt-to-equity ratio of 4.49x.
• Stock is trading at a premium of 6.2x its book value.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹57,723 Cr

Latest PAT

₹3,731 Cr

EPS (TTM)

₹6.35

OPM %

19.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹9,691 Cr	₹11,429 Cr	₹11,093 Cr	₹13,542 Cr	₹10,724 Cr	₹11,148 Cr	₹11,995 Cr	₹14,696 Cr	₹11,709 Cr	₹12,577 Cr	₹14,830 Cr	₹17,246 Cr	₹13,070 Cr
Operating Profit (EBITDA)	₹1,509 Cr	₹1,870 Cr	₹1,961 Cr	₹2,567 Cr	₹1,868 Cr	₹2,040 Cr	₹2,336 Cr	₹2,991 Cr	₹2,173 Cr	₹2,441 Cr	₹2,822 Cr	₹3,308 Cr	₹2,410 Cr
OPM %	16.0%	16.0%	18.0%	19.0%	17.0%	18.0%	19.0%	20.0%	19.0%	19.0%	19.0%	19.0%	18.0%
Interest Expense	₹655.00 Cr	₹715.00 Cr	₹783.00 Cr	₹829.00 Cr	₹904.00 Cr	₹962.00 Cr	₹1,011 Cr	₹1,053 Cr	₹1,112 Cr	₹1,152 Cr	₹1,200 Cr	₹1,241 Cr	₹1,341 Cr
Depreciation	₹227.00 Cr	₹227.00 Cr	₹241.00 Cr	₹233.00 Cr	₹235.00 Cr	₹244.00 Cr	₹268.00 Cr	₹340.00 Cr	₹273.00 Cr	₹268.00 Cr	₹282.00 Cr	₹314.00 Cr	₹315.00 Cr
Profit before Tax (PBT)	₹679.00 Cr	₹927.00 Cr	₹984.00 Cr	₹1,516 Cr	₹765.00 Cr	₹1,078 Cr	₹1,132 Cr	₹1,621 Cr	₹891.00 Cr	₹1,124 Cr	₹1,200 Cr	₹1,940 Cr	₹950.00 Cr
Net Profit (PAT)	₹584.00 Cr	₹569.00 Cr	₹609.00 Cr	₹934.00 Cr	₹551.00 Cr	₹767.00 Cr	₹820.00 Cr	₹1,246 Cr	₹658.00 Cr	₹820.00 Cr	₹862.00 Cr	₹1,381 Cr	₹668.00 Cr
EPS in ₹	₹0.93	₹0.90	₹0.95	₹1.45	₹0.87	₹1.20	₹1.30	₹1.92	₹1.04	₹1.29	₹1.38	₹2.20	₹1.05

Annual P&L (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	₹15,708 Cr	₹21,260 Cr	₹22,871 Cr	₹29,636 Cr	₹33,197 Cr	₹21,951 Cr	₹19,454 Cr	₹26,237 Cr	₹41,673 Cr	₹45,703 Cr	₹48,535 Cr	₹56,362 Cr	₹57,723 Cr
Expenses	₹14,191 Cr	₹18,281 Cr	₹19,826 Cr	₹25,387 Cr	₹28,287 Cr	₹18,718 Cr	₹16,992 Cr	₹23,472 Cr	₹36,580 Cr	₹37,848 Cr	₹39,327 Cr	₹45,617 Cr	₹46,741 Cr
Operating Profit	₹1,517 Cr	₹2,979 Cr	₹3,045 Cr	₹4,248 Cr	₹4,910 Cr	₹3,233 Cr	₹2,462 Cr	₹2,765 Cr	₹5,093 Cr	₹7,856 Cr	₹9,208 Cr	₹10,745 Cr	₹10,982 Cr
OPM %	10%	14%	13%	14%	15%	15%	13%	11%	12%	17%	19%	19%	19%
Interest	₹872.00 Cr	₹925.00 Cr	₹1,049 Cr	₹1,227 Cr	₹1,502 Cr	₹1,802 Cr	₹1,901 Cr	₹1,869 Cr	₹2,094 Cr	₹2,982 Cr	₹3,930 Cr	₹4,705 Cr	₹4,933 Cr
Depreciation	₹580.00 Cr	₹524.00 Cr	₹573.00 Cr	₹646.00 Cr	₹676.00 Cr	₹750.00 Cr	₹836.00 Cr	₹866.00 Cr	₹900.00 Cr	₹927.00 Cr	₹1,087 Cr	₹1,138 Cr	₹1,179 Cr
Profit before Tax	-₹42.00 Cr	₹1,209 Cr	₹1,829 Cr	₹2,565 Cr	₹2,872 Cr	₹739.00 Cr	-₹67.00 Cr	-₹200.00 Cr	₹2,269 Cr	₹4,106 Cr	₹4,596 Cr	₹5,155 Cr	₹5,213 Cr
Net Profit	-₹205.00 Cr	₹712.00 Cr	₹1,633 Cr	₹1,814 Cr	₹2,195 Cr	₹460.00 Cr	-₹70.00 Cr	-₹285.00 Cr	₹1,362 Cr	₹2,696 Cr	₹3,383 Cr	₹3,721 Cr	₹3,731 Cr
EPS in Rs	0.24	1.20	2.79	3.01	3.54	0.57	-0.28	-0.61	2.11	4.23	5.29	5.91	5.92

Balance Sheet (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	₹285.00 Cr	₹285.00 Cr	₹285.00 Cr	₹293.00 Cr	₹294.00 Cr	₹294.00 Cr	₹294.00 Cr	₹294.00 Cr	₹294.00 Cr	₹294.00 Cr	₹294.00 Cr	₹587.00 Cr
Reserves & Surplus	₹4,227 Cr	₹4,979 Cr	₹6,108 Cr	₹7,128 Cr	₹8,452 Cr	₹7,495 Cr	₹7,568 Cr	₹7,010 Cr	₹8,260 Cr	₹8,711 Cr	₹11,938 Cr	₹13,654 Cr
Borrowings (Debt)	₹9,070 Cr	₹11,054 Cr	₹13,168 Cr	₹15,791 Cr	₹19,168 Cr	₹22,417 Cr	₹24,077 Cr	₹24,145 Cr	₹31,161 Cr	₹40,802 Cr	₹49,962 Cr	₹63,936 Cr
Total Liabilities	₹19,592 Cr	₹22,123 Cr	₹26,609 Cr	₹33,383 Cr	₹39,126 Cr	₹38,130 Cr	₹42,058 Cr	₹43,574 Cr	₹54,679 Cr	₹67,595 Cr	₹81,546 Cr	₹1.01 Lakh Cr
Fixed Assets	₹6,529 Cr	₹5,890 Cr	₹6,591 Cr	₹6,596 Cr	₹6,695 Cr	₹8,031 Cr	₹8,484 Cr	₹7,895 Cr	₹8,129 Cr	₹8,157 Cr	₹8,837 Cr	₹10,435 Cr
Total Assets	₹19,592 Cr	₹22,123 Cr	₹26,609 Cr	₹33,383 Cr	₹39,126 Cr	₹38,130 Cr	₹42,058 Cr	₹43,574 Cr	₹54,679 Cr	₹67,595 Cr	₹81,546 Cr	₹1.01 Lakh Cr

Cash Flows (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operations (CFO)	₹95.00 Cr	-₹1,275 Cr	₹270.00 Cr	₹1,462 Cr	-₹3,745 Cr	₹383.00 Cr	-₹1,065 Cr	₹2,845 Cr	-₹4,499 Cr	-₹6,258 Cr	₹128.00 Cr	-₹4,895 Cr
Cash from Investing (CFI)	-₹124.00 Cr	₹456.00 Cr	-₹1,676 Cr	-₹3,163 Cr	₹1,897 Cr	-₹1,201 Cr	-₹973.00 Cr	-₹1,917 Cr	-₹2,904 Cr	₹1,135 Cr	-₹5,759 Cr	-₹6,986 Cr
Cash from Financing (CFF)	₹781.00 Cr	₹1,660 Cr	₹738.00 Cr	₹1,905 Cr	₹2,398 Cr	₹1,239 Cr	₹1,331 Cr	-₹378.00 Cr	₹7,281 Cr	₹8,432 Cr	₹6,958 Cr	₹11,617 Cr
Free Cash Flow (FCF)	₹162.00 Cr	-₹1,331 Cr	-₹166.00 Cr	₹823.00 Cr	-₹4,841 Cr	-₹940.00 Cr	-₹1,791 Cr	₹2,443 Cr	-₹5,353 Cr	-₹7,346 Cr	-₹1,471 Cr	-₹7,712 Cr

Efficiency Ratios	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days (DSO)	31	25	20	14	30	25	57	45	37	31	25	20
Inventory Days	58	50	73	42	52	42	76	53	44	50	49	50
Cash Conversion Cycle (Days)	-19	5	8	-39	-6	-22	-30	-52	-16	-4	-24	-30
ROCE %	8%	17%	15%	17%	16%	9%	5%	6%	11%	15%	14%	14%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹96.98 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹173.90

DCF Fair Value

₹96.98

Graham Number

₹58.80

Margin of Safety

-54.1%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹96.98

Premium / Overvalued (Margin: -54.1%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹94	₹94	₹93	₹92
10%	₹96	₹95	₹94	₹94
12%	₹98	₹97	₹96	₹95
14%	₹100	₹99	₹98	₹97

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹97	Fairly Valued
Benjamin Graham Number	₹59	Market Priced
Historical Sector P/E	₹140	Premium
EV / EBITDA Multiplier	₹183	In-Line
Free Cash Flow Yield Model	₹170	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 8/9 (Strong Financial Health)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

8 / 9 Pass

Altman Z-Score

3.23 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Elevated leverage at 4.49x

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Managing working capital

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 19.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

51.51%

FIIs (Foreign)

20.67%

DIIs (Domestic)

15.75%

Government

0.15%

Public / Retail

11.99%

Swipe → to view historical quarters

Category	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
+ Promoters	51.53%	51.53%	51.52%	51.52%	51.52%	51.52%	51.52%	51.52%	51.51%	51.51%	51.51%	51.51%
+ FIIs (Foreign Portfolio)	20.21%	20.48%	21.45%	22.03%	24.39%	24.09%	23.50%	23.85%	24.32%	24.41%	24.57%	20.67%
+ DIIs (Mutual Funds / Insurance)	16.51%	14.66%	12.23%	14.12%	12.34%	13.04%	14.06%	13.88%	13.59%	13.73%	13.06%	15.75%
+ Public (Retail & HNIs)	11.66%	13.25%	14.72%	12.24%	11.66%	11.28%	10.84%	10.67%	10.51%	10.30%	10.79%	11.99%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Diversified.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

ASHOKLEY Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

ASHOKLEY Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

ASHOKLEY Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹222.59

Accelerated market share capture in Diversified, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹194.77

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 24x P/E.

🐻 Bear Case (15%) -12.0%

₹153.03

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Diversified)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 18:48 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ ASHOK LEYLAND Ltd (ASHOKLEY)	Target Stock	₹173.90	-0.55%	23.7x	27.4%	13.6%	4.49	₹88,390 Cr
LIFE INSURA CORP OF INDIA (LICI)	Diversified Operations	₹400.00	+0.25%	8.3x	37.8%	35.1%	0.00	₹4.97 Lakh Cr
BSE Ltd (BSE)	Diversified Operations	₹3,906.00	+2.34%	43.9x	46.0%	60.0%	0.00	₹1.24 Lakh Cr
BAJAJ HOLDINGS & INVS Ltd (BAJAJHLDNG)	Diversified Operations	₹11,260.00	+2.91%	13.4x	11.9%	11.0%	0.00	₹1.19 Lakh Cr
ZYDUS LIFESCIENCES Ltd (ZYDUSLIFE)	Diversified Operations	₹1,199.50	-1.35%	23.5x	21.2%	21.1%	0.46	₹1.14 Lakh Cr
HDFC AMC Ltd (HDFCAMC)	Diversified Operations	₹2,715.00	+3.64%	33.6x	32.9%	42.9%	0.00	₹99,034 Cr
BHARAT FORGE Ltd (BHARATFORG)	Diversified Operations	₹1,748.60	+1.37%	90.7x	12.0%	12.6%	0.76	₹91,626 Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	18:48:15 IST	✓ Live Sync
Financial Statements (10Y)	ASHOK LEYLAND Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

ASHOK LEYLAND Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About ASHOK LEYLAND Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Diversified)

Metric Explainer

Stock DNA Methodology

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