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ASHOKLEY.NS

Ashok Leyland Ltd.

Capital Goods
Price research

Price history

3Y window · 2023-09-25 to 2026-09-22

Start 2023-09-25 ₹88.75
End 2026-09-22 ₹160.75
Change over window +81.13%
Methodology

Price is the daily close from stored Kite history. The other metrics pair that daily price with the company's periodic filings — each fundamental (revenue, EPS, equity…) is held flat at its latest filed value between annual filings, so a ratio steps at each filing and moves daily only through its price term. A metric with no input on file for this company (e.g. EV/EBITDA for a bank, which has no EBIT) is shown as unavailable, never guessed. Share-count-based metrics use the latest diluted share count against split/bonus-adjusted prices.

Technical analysis

Technical indicators

Same window as the price chart above

These reflect only the stock's recent price and volume behavior — not the company's fundamentals — and are not a recommendation to buy or sell. Standard published parameters are used throughout (see each chart's own label); a company with too little stored price history for a given indicator's lookback window shows that plainly below rather than a garbage or misleading value.

Latest value of each line in the charted window
Methodology

MACD (12,26,9), Stochastic Oscillator (14,3) and Money Flow Index (14-day) each carry their own published reference lines/bands (20/80 for the oscillator readings) where one is standard. ADX includes +DI/-DI for direction alongside trend strength; a dashed line marks the commonly published 25 "trending market" reading. ATR is shown in raw rupees here; the price/volume preset screen (below, and on the Screener page) reports it as a % of price so it's comparable across stocks at different price levels. Computed from the same stored daily OHLCV history as the price chart above — no new data source.

Ratios as of FY2025-26 Annual filing · published 2026-05-29
Price (live) ₹160.75 INR fetched 2026-09-23 02:01
Fundamental analysis

Ratios

Calculated from this company's filed figures, and from the current price where a ratio needs one. Every ratio shows its source trace: the filed elements it reads and the arithmetic behind the result.

P/E

27.20

P/E = Price / EPS

Source trace FY2025-26 · Annual filing

P/E = Price / (ProfitOrLossAttributableToOwnersOfParent / PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital) → ₹160.75 / (₹34,710,300,000 / 5,873,900,000 shares) = ₹160.75 / ₹5.91 EPS

ROE

24.37%

ROE = Net Income / Shareholder Equity

Source trace FY2025-26 · Annual filing

ROE = ProfitOrLossAttributableToOwnersOfParent / EquityAttributableToOwnersOfParent → ₹34,710,300,000 / ₹142,416,900,000 = 24.37%

Debt/Equity

4.49

Debt/Equity = Total Debt / Shareholder Equity

Source trace FY2025-26 · Annual filing

Debt/Equity = BorrowingsCurrent + BorrowingsNoncurrent / EquityAttributableToOwnersOfParent → ₹639,357,000,000 / ₹142,416,900,000 = 4.49

Current Ratio

1.32

Current Ratio = Current Assets / Current Liabilities

Source trace FY2025-26 · Annual filing

Current Ratio = CurrentAssets / CurrentLiabilities → ₹437,423,200,000 / ₹331,176,800,000 = 1.32

ROCE

13.04%

ROCE = EBIT / (Shareholder Equity + Total Debt)

Source trace FY2025-26 · Annual filing

ROCE = ProfitBeforeExceptionalItemsAndTax + FinanceCosts / (EquityAttributableToOwnersOfParent + BorrowingsCurrent + BorrowingsNoncurrent) → ₹101,922,600,000 / (₹142,416,900,000 + ₹639,357,000,000) = 13.04%

Dividend Yield

1.94%

Dividend Yield = (Dividends Paid / Diluted Shares Outstanding) / Price

Qualification This is cash paid during the fiscal year, not a per-share rate declared for it (no such element exists in the filing data) — timing can straddle interim/final dividends across years, and pre-FY2020-21 figures may include the since-abolished Dividend Distribution Tax, reading higher than later years for that reason alone.

Source trace FY2025-26 · Annual filing

Dividend Yield = (|DividendsPaidClassifiedAsFinancingActivities| / PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital) / Price → (₹18,354,200,000 / 5,873,900,000 shares) / ₹160.75 = ₹3.12 / ₹160.75

Growth & quality

Growth & earnings trend

Computed from this company's stored annual filings. Each figure carries the filed values behind it as a tooltip.

Revenue CAGR · 3y 17.0%
Net profit CAGR · 3y 47.5%
Operating margin · FY2025-26 18.1%
ROCE · FY2025-26 12.4%

Revenue & Profit CAGR

Revenue (3y, 6.0y actual)
17.0%
Net Profit (3y)
47.5%
Revenue (5y, 6.0y actual)
17.0%
Net Profit (5y)
47.5%
Revenue (10y, 6.0y actual)
17.0%
Net Profit (10y)
47.5%

Operating Margin Trend

Expanding
FY2019-20
11.8%
FY2020-21
9.0%
FY2021-22
7.6%
FY2022-23
10.3%
FY2023-24
15.6%
FY2024-25
17.5%
FY2025-26
18.1%

ROCE Trajectory

FY2019-20
N/A
FY2020-21
N/A
FY2021-22
N/A
FY2022-23
10.3%
FY2023-24
13.6%
FY2024-25
12.9%
FY2025-26
12.4%

Earnings Quality

Net profit or operating cash flow was zero or negative in the base or latest year — a growth-rate comparison isn't defined across a sign change.

Sector-Relative Percentile

Sector · Capital Goods
ROE 81th percentile Better than 50 of 62 sector peers (81th percentile).
ROCE 23th percentile Better than 14 of 62 sector peers (23th percentile).
Debt/Equity 0th percentile Better than 0 of 62 sector peers (0th percentile).
P/E 84th percentile Better than 52 of 62 sector peers (84th percentile).
Forensic accounting

Beneish M-Score

Eight year-over-year accounting indices (Beneish, 1999) computed for Ashok Leyland Ltd. across its two most recently stored annual filings. Read the disclosures below before anything past this paragraph.

This is not an accusation and not a finding that any manipulation occurred. Beneish's own paper is explicit that the score identifies companies whose accounting CHARACTERISTICS resemble those of a sample of past manipulators -- nothing more. StockProof never labels a company "manipulator", "red flag" or "suspicious", and never shows any list of companies ordered by this score. The eight components below -- factual statements about figures the company itself filed -- always come before the composite number, which is the inference, not the fact.

The M-Score is calibrated on 74 US-listed companies from 1982-1992 later found to have manipulated earnings (Beneish, M. D. (1999), "The Detection of Earnings Manipulation", Financial Analysts Journal 55(5)) -- not on any Indian company or era. Measured on StockProof's own Nifty 500 universe as of 2026-09-02, 13.6% of companies score above Beneish's own published cutoff. On any realistic base rate of actual earnings manipulation, that flag rate is overwhelmingly false positives, not overwhelmingly real ones.

No "Selling, General & Administrative Expense" element exists anywhere in NSE's filed data. The SGAI component below is approximated as Employee Benefit Expense + Other Expenses, divided by revenue -- a reasonable stand-in for a manufacturer, but for a services company this proxy is closer to the entire cost base than to SG&A specifically. This is disclosed because it is a genuine deviation from Beneish's published specification; its coefficient (-0.172) is the smallest of the eight, which bounds how far the approximation can move the composite.

This measures something different from a financial-distress score like Altman's Z-Score, and the two essentially never agree. Measured on StockProof's own 389-company overlap as of 2026-09-02: only 5 companies were flagged by both, an agreement rate (intersection ÷ union) of 6.2%, and a correlation between the two scores of +0.088 -- closely matching the independently measured +0.092 over 3,242 Malaysian-listed companies. A low Z-Score and a high M-Score are not corroborating each other; they are unrelated measurements.

Comparing FY2024-25FY2025-26

Index Value Beneish's own threshold Reading, vs. that threshold
DSRI — Days' Sales in Receivables Index 0.794 1.031 Below Beneish's published threshold
GMI — Gross Margin Index 0.973 1.014 Below Beneish's published threshold
AQI — Asset Quality Index 0.968 1.039 Below Beneish's published threshold
SGI — Sales Growth Index 1.161 1.134 Exceeds Beneish's published threshold
DEPI — Depreciation Index 1.181 1.077 Exceeds Beneish's published threshold
SGAI — SG&A Index 1.050 1.041 Exceeds Beneish's published threshold
LVGI — Leverage Index 1.017 1.111 Below Beneish's published threshold
TATA — Total Accruals to Total Assets 0.083 0.018 Exceeds Beneish's published threshold
M-Score (composite) -2.158 Beneish's own published cutoff: -1.78 (a looser cutoff sometimes used in Indian applications: -2.22)

This is a reading against a published statistical model, not a finding and not a verdict on this company -- see the disclosures above, especially how this compares to a general population's own measured false-positive rate.

Financials

Quarterly trend

10 stored quarters

Revenue Net Profit Net Profit (loss quarter)
Metric (to shareholders basis) Q4 FY2023-24 Q1 FY2024-25 Q2 FY2024-25 Q3 FY2024-25 Q4 FY2024-25 Q1 FY2025-26 Q2 FY2025-26 Q3 FY2025-26 Q4 FY2025-26 Q1 FY2026-27 Source
Revenue ₹13,577.58 Cr. ₹10,724.49 Cr. ₹11,147.58 Cr. ₹11,995.21 Cr. ₹14,695.55 Cr. ₹11,708.54 Cr. ₹12,576.86 Cr. ₹14,830.24 Cr. ₹17,246.44 Cr. ₹13,069.59 Cr. RevenueFromOperations
Net Profit ₹853.41 Cr. incl. minority ₹933.69 Cr. ₹509.15 Cr. incl. minority ₹550.65 Cr. ₹705.64 Cr. incl. minority ₹766.55 Cr. ₹761.92 Cr. incl. minority ₹819.67 Cr. ₹1,130.09 Cr. incl. minority ₹1,245.92 Cr. ₹611.07 Cr. incl. minority ₹657.72 Cr. ₹755.77 Cr. incl. minority ₹819.70 Cr. ₹813.49 Cr. incl. minority ₹862.24 Cr. ₹1,290.70 Cr. incl. minority ₹1,381.32 Cr. ₹615.81 Cr. incl. minority ₹667.77 Cr. ProfitOrLossAttributableToOwnersOfParent
Basis

Primary figures are Revenue from Operations and Net Profit attributable to shareholders — the basis the ratios use. Where they differ, the companion Gross revenue (incl. inter-segment) and incl. minority net profit (the totals a news headline usually quotes) are shown beneath, each traceable to its own XBRL element. Quarters shown are however many are actually stored (up to 10).

Ownership

Shareholding pattern

Latest filing Jun 2026 · 12 filings on file

Promoter & Promoter Group
51.51%
Public
48.49%
Employee Trusts
0.00%
Promoter % Public %
Metric Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Jul 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter & Promoter Group 51.53% 51.52% 51.52% 51.52% 51.52% 51.52% 51.52% 51.52% 51.51% 51.51% 51.51% 51.51%
Public 48.47% 48.48% 48.48% 48.48% 48.48% 48.48% 48.48% 48.48% 48.49% 48.49% 48.49% 48.49%
Employee Trusts 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Source

Promoter vs. public shareholding, from NSE's own quarterly shareholding-pattern filings. This is the headline promoter/public split only — a further breakdown by FII/DII/mutual fund holders requires each filing's own detailed disclosure and isn't shown here.

Trading activity

Delivery volume

20 trading days shown

Latest (2026-09-22) 49.2%
Trailing 20-day average 49.2%
Date Traded Qty Delivery Qty Delivery %
2026-09-22 8959874 4408407 49.20%
2026-09-21 7883370 3990954 50.62%
2026-09-18 17546400 12077095 68.83%
2026-09-17 8725516 3411438 39.10%
2026-09-16 10320454 4677220 45.32%
2026-09-15 17917014 8878502 49.55%
2026-09-11 19044403 8631278 48.72%
2026-09-10 16214508 8036229 49.56%
2026-09-09 7197614 2987359 41.50%
2026-09-08 7997004 3786637 47.35%
2026-09-07 10426646 4232978 40.60%
2026-09-04 13509881 7214313 53.40%
2026-09-03 9119654 4453371 48.83%
2026-09-02 16412854 8026290 48.90%
2026-09-01 16860146 6882870 40.82%
2026-08-31 14333497 9523603 66.44%
2026-08-28 11814260 5621558 47.58%
2026-08-27 14150948 6467491 45.70%
2026-08-26 17868582 7398371 41.40%
2026-08-25 8635802 5214632 60.38%
Source

Delivery quantity/percentage from the NSE bhavcopy (DELIV_QTY/DELIV_PER) — the share of that day's traded volume that actually settled into a demat account, rather than being squared off intraday. A higher delivery percentage is commonly read as genuine accumulation/distribution rather than speculative same-day trading; this describes recent trading PATTERN, not the company itself, and is not a recommendation to buy or sell. A blank cell is a day NSE itself published no figure for, never a zero.

Insider trading activity

20 disclosures shown

Disclosed Person Category Type Mode Quantity Value (₹) Resulting stake Source
19 Jul 2021 HINDUJA AUTOMOTIVE LIMITED Promoters Pledge Pledge Creation 60000000 7674000000 9.42% XBRL
02 Jul 2021 HINDUJA AUTOMOTIVE LIMITED Promoters Pledge Revoke Invocation of pledge 23500000 2881100000 7.38% XBRL
20 Apr 2021 HINDUJA AUTOMOTIVE LIMITED Promoters Pledge Revoke Invocation of pledge 24200000 2710400000 8.18% XBRL
25 Mar 2021 HINDUJA AUTOMOTIVE LIMITED Promoters Pledge Pledge Creation 101160000 11764908000 5.56% XBRL
25 Mar 2021 Hinduja Automotive Limited Promoters Pledge Pledge Creation 101160000 11764908000 9.01% XBRL
17 Dec 2020 R Sivanesan Employees/Designated Employees Sell Market Sale 5000 494000 0.00% XBRL
11 Nov 2020 Anuj Kathuria Employees/Designated Employees Sell Market Sale 50000 4585000 0.01% XBRL
10 Apr 2020 HINDUJA AUTOMOTIVE LIMITED Promoters Pledge Pledge Creation 24200000 964370000 4.74% XBRL
27 Feb 2020 Gopal Mahadevan Director Sell Market Sale 112280 9022265 0.00% XBRL
05 Aug 2019 Gopal Mahadevan Director Sell Off Market 112280 0 0.00% XBRL
15 Mar 2019 Gopal Mahadevan Key Managerial Personnel Sell Market Sale 80000 7527005 0.00% XBRL
20 Feb 2019 Vinod Kumar Dasari Key Managerial Personnel Sell Market Sale 3196175 252697048 0.04% XBRL
14 Aug 2018 Gopal MahadevanG Key Managerial Personnel Buy ESOP 100000 8350000 0.00% XBRL
14 Aug 2018 Anuj Kathuria Employees/Designated Employees Buy ESOP 100000 8350000 0.00% XBRL
01 Aug 2018 Gopal Mahadevan Key Managerial Personnel Buy ESOP 100000 8350000 0.00% XBRL
01 Aug 2018 Anuj Kathuria Employees/Designated Employees Buy ESOP 100000 8350000 0.00% XBRL
17 Apr 2018 Vinod K. Dasari Key Managerial Personnel Sell Market Sale 3727000 555885056 0.00%
13 Apr 2018 Vinod K. Dasari Key Managerial Personnel Buy ESOP 3727000 3727000 0.13%
15 Feb 2018 R Sivanesan Employees/Designated Employees Sell Market Sale 30000 3995329 0.00%
10 Jan 2018 Vinod K Dasari Key Managerial Personnel Sell Market Sale 569175 72877167 0.00%
About these disclosures

SEBI PIT (Prohibition of Insider Trading) Regulation 7 disclosures — designated persons (promoters, directors, KMPs, and their immediate relatives) reporting their own dealing in the company's securities, as NSE publishes them. Distinct from the SAST (Regulation 29 substantial-acquisition) filings on the market-wide SAST activity page. Public record only — this is descriptive disclosure data, not a signal, and is not a recommendation to buy or sell.

Filings & evidence

Source documents

FY2025-26 · Annual filing

The raw filing line items behind the figures on this page, and NSE's own filing document where NSE publishes one.

Source document — income statement (FY2025-26, raw filing line items)
Line itemFiled value
ProfitOrLossAttributableToOwnersOfParent34710300000.0
PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital5873900000.0
Source document — balance sheet (FY2025-26, raw filing line items)
Line itemFiled value
CurrentAssets437423200000.0
CurrentLiabilities331176800000.0
EquityAttributableToOwnersOfParent142416900000.0
BorrowingsCurrent + BorrowingsNoncurrent639357000000.0
Research notes

My notes