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Hinduja Group's commercial-vehicle maker, India's second-largest producer of trucks and buses.
Hinduja Group's commercial-vehicle maker, India's second-largest producer of trucks and buses.
Sells trucks and buses largely to fleet operators and state transport undertakings, so sales rise and fall with freight activity, infrastructure building and replacement cycles of aging trucks. Spare parts and service, plus defense vehicle supply, give steadier income. The Hinduja Group is the controlling shareholder, and its Switch Mobility unit makes electric buses.
In one line: India's Paccar/Navistar.
Moat: narrow (brand, distribution, installed base). Long-established brand and service network; India's #2 truckmaker.
Headquarters: Chennai, India · Founded: 1948 · Employees: 36,098
Size Ashok Leyland (ASHOKLEY.NS) is an India Industrials company (Trucks/Construction/Farm Machinery) with a market value of $10.7B, the 118th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹172.09 on 6 Nov 2026.
Performance Over six months the shares gained 0.8%, against -11.8% for the median peer and 0.0% for the India market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 16.5% over the last twelve months (peer median +8.4%); the operating margin is 17.0% (peer median 13.1%).
Valuation It trades at 24.8× forward earnings against a peer median of 16.0× (3rd most expensive of 21).
Capital Return on invested capital runs 28.8 points above its cost of capital (10.8% WACC).
Next results Next results expected around 14 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹577B | ₹563B | ₹485B | ₹457B | ₹416B |
| Revenue growth | — | +16% | +6% | +10% | — |
| Gross profit | ₹171B | ₹160B | ₹130B | ₹113B | ₹82.3B |
| EBITDA | ₹110B | ₹110B | ₹92.8B | ₹78.1B | ₹50.4B |
| Net income | ₹34.8B | ₹34.7B | ₹31.1B | ₹24.8B | ₹12.4B |
| Free cash flow | n/a | -₹80.0B | -₹31.7B | -₹62.7B | -₹57.3B |
| Capital expenditure | n/a | ₹29.5B | ₹16.5B | ₹11.3B | ₹9.29B |
| Total debt | n/a | ₹639B | ₹500B | ₹408B | ₹312B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Ashok Leyland ASHOKLEY.NS | $10.7B | +1% | +16% | 17% | 24.8× | n/a |
| Tata Motors TMCV.NS | $16.6B | -2% | n/a | 9% | 20.7× | 17.8% |
| Mahindra & Mahindra M&M.NS | $43.1B | -2% | +26% | 15% | 24.0× | 13.6% |
| Force Motors FORCEMOT.NS | $2.64B | -8% | +16% | 12% | n/a | 25.2% |
| Olectra Greentech OLECTRA.NS | $891M | -19% | +38% | 12% | 23.7× | n/a |
| Daimler Truck DTG.DE | $34.7B | -1% | -14% | 5% | 10.6× | 9.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ASHOKLEY.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.3% | -8.1% | highest of 21 |
| 6-month return | +0.8% | -11.8% | 6th highest of 21 |
| Distance from 52-week high | -20.1% | -30.9% | 6th highest of 21 |
| Revenue growth (TTM) | +16.5% | +8.4% | 6th highest of 21 |
| Operating margin | 17.0% | 13.1% | 7th highest of 21 |
| Forward P/E | 24.8× | 16.0× | 3rd most expensive of 21 |
| ROIC minus cost of capital | +28.8 pp | +9.5 pp | 7th highest of 20 |
| EV / EBITDA | 9.2× | 12.1× | 3rd cheapest of 17 |
| Net debt / EBITDA | 4.3× | 1.0× | 2nd most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ashok Leyland ASHOKLEY.NS | India | $10.7B | +1% | +16% | 17% | 24.8× | n/a | n/a |
| Hanwha Ocean 042660.KS | South Korea | $10.7B | -64% | +18% | 13% | 8.7× | -12.4% | +13.2% |
| SamsungHvyInd 010140.KS | South Korea | $10.2B | -50% | +30% | 27% | 13.3× | -20.3% | +11.4% |
| Toro TTC | United States | $9.92B | +10% | +5% | 11% | 21.2× | 5.6% | +6.0% |
| Sinotruk Hong Kong 3808.HK | Hong Kong | $12.3B | -12% | +38% | 7% | 9.4× | -3.2% | +1.5% |
| Hdksoe 009540.KS | South Korea | $12.5B | -48% | +23% | 23% | 4.4× | n/a | n/a |
| XCMG Construction Machinery 000425.SZ | China | $12.6B | -28% | +8% | 8% | 11.0× | -3.2% | +6.4% |
| Yangzijiang Shipbuilding (Holdings) BS6.SI | Singapore | $13.5B | +11% | +26% | 32% | 8.2× | -10.1% | +11.8% |
| Weir WEIR.L | United Kingdom | $8.18B | -3% | +6% | 18% | 18.1× | 19.3% | +5.5% |
| CNH Industrial CNH | United States | $14.3B | +5% | +1% | 13% | 21.1× | 7.4% | -7.0% |
| Mazagon Dock Shipbuilders MAZDOCK.NS | India | $7.87B | -31% | +8% | 15% | 30.5× | n/a | n/a |
| AGCO AGCO | United States | $7.61B | -6% | +1% | 6% | 17.1× | 10.5% | +2.0% |
| Gaztransport & Technigaz GTT.PA | France | $7.50B | -13% | +9% | 64% | 16.1× | -3.1% | +15.2% |
| Konecranes KCR.HE | Finland | $7.47B | +5% | -1% | 13% | 15.9× | 9.1% | +5.7% |
| Accelleron Industries ACLN.SW | Switzerland | $7.29B | -25% | +13% | 25% | 25.1× | 3.5% | +12.1% |
| Metso METSO.HE | Finland | $15.8B | +14% | +8% | 15% | 23.6× | 15.3% | +9.6% |
| Doosan 000150.KS | South Korea | $7.10B | -60% | +11% | 6% | 16.1× | 15.0% | +11.6% |
| Wartsila Oyj Abp WRT1V.HE | Finland | $17.1B | -25% | -2% | 13% | 23.5× | 7.2% | +8.5% |
| Babcock International BAB.L | United Kingdom | $6.60B | 0% | +7% | 6% | 15.4× | 13.2% | +5.5% |
| Hitachi Construction Machinery 6305.T | Japan | $6.36B | -12% | +7% | 10% | 11.2× | 3.9% | +11.6% |
| Kubota 6326.T | Japan | $18.2B | 0% | +13% | 11% | 10.0× | 7.5% | +10.3% |