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Ashok Leyland Limited ASHOKLEY.NS

IN · National Stock Exchange of India · XNSE · stock · Industrials · website

Ashok Leyland Limited statistics & valuation

Market cap₹973.8B
P / E28.1×
P / S1.7×
P / B6.8×
Net margin6.2%
FCF margin-14.0%
Net debt₹576.5B
Enterprise value USD$16.3B
Earnings yield EBIT/EV7.1%
Return on capital16.2%
Graham number -65.4%₹56.78

Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value (₹56.78); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
3.00% 5.50% 6.40% 6.20% 2023202420252026
Gross margin (%)
30.30% 35.50% 38.40% 39.40% 2023202420252026
Operating margin (%)
11.70% 16.50% 18.10% 19.60% 2023202420252026
Return on equity (%)
14.50% 27.60% 25.40% 24.40% 2023202420252026
Shares outstanding
5.87B 5.87B 5.87B 5.87B 2023202420252026
Net debt (₹)
₹292.52B ₹355.85B ₹434.17B ₹576.55B 2023202420252026
Share buybacks (₹)
2023202420252026
Return on assets (%)
2.30% 3.70% 3.80% 3.40% 2023202420252026
Free cash flow margin (%)
-13.10% -16.20% -3.10% -14.00% 2023202420252026
Debt / equity (×)
3.64× 4.53× 4.08× 4.49× 2023202420252026
EPS (₹)
₹2.10 ₹4.22 ₹5.28 ₹5.91 2023202420252026

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Ashok Leyland Limited trades at about 27.8× earnings — near its 10-year norm (10-year range 21.3×–34.7×, median 27.4×).

21.3× 34.7×

Shaded band = 10-year range (21.3×–34.7×); dot = today's 27.8×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2026FY2025FY2024FY2023
Gross margin39.4%38.4%35.5%30.3%
Operating margin19.6%18.1%16.5%11.7%
Net margin6.2%6.4%5.5%3.0%
FCF margin-14.0%-3.1%-16.2%-13.1%
Return on assets3.4%3.8%3.7%2.3%
Return on equity24.4%25.4%27.6%14.5%
Debt / equity3.23×2.97×2.96×2.28×
Current ratio1.321.291.091.08

Computed from company filings · IN · as of 2026-03-31. Figures in INR. Facts plus Stocktoria's own computed scores — not investment advice.