Stock ASHOKLEY ASHOK LEYLAND LIMITED
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Financials Ashok Leyland Limited

Equities

ASHOKLEY

INE208A01029

Heavy Machinery & Vehicles

Market Closed - NSE India S.E.
Other stock markets
 07:43:46 2024-04-26 am EDT 		5-day change 1st Jan Change
185 INR +4.11% Intraday chart for Ashok Leyland Limited +9.24% +1.90%
Apr. 18 Ashok Leyland Ties Up with South Indian Bank for Dealer Financing MT
Apr. 02 Ashok Leyland Posts 4% Decline in March Sales MT

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 268,014 126,374 333,182 344,191 408,709 543,221 - -
Enterprise Value (EV) 1 253,611 134,766 365,044 369,319 435,497 545,489 527,286 513,864
P/E ratio 13.5 x 52.5 x -106 x 63.7 x 29.6 x 21.6 x 18.3 x 16.8 x
Yield 3.4% 1.16% 0.53% 0.85% 1.87% 1.97% 2.31% 2.45%
Capitalization / Revenue 0.92 x 0.72 x 2.18 x 1.59 x 1.13 x 1.42 x 1.3 x 1.21 x
EV / Revenue 0.87 x 0.77 x 2.39 x 1.7 x 1.2 x 1.42 x 1.27 x 1.15 x
EV / EBITDA 8.09 x 11.5 x 68.2 x 37.1 x 14.9 x 12.4 x 10.9 x 9.95 x
EV / FCF -22.5 x -36.3 x -57.5 x 16.4 x 26.7 x 23.6 x 17.2 x 12 x
FCF Yield -4.44% -2.76% -1.74% 6.08% 3.75% 4.25% 5.82% 8.31%
Price to Book 3.22 x 1.74 x 4.78 x 4.69 x 4.85 x 5.45 x 4.62 x 3.98 x
Nbr of stocks (in thousands) 2,935,527 2,935,527 2,935,527 2,935,527 2,936,127 2,936,327 - -
Reference price 2 91.30 43.05 113.5 117.2 139.2 185.0 185.0 185.0
Announcement Date 5/24/19 6/25/20 6/24/21 5/19/22 5/23/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 290,550 174,675 153,014 216,883 361,441 383,535 416,810 448,728
EBITDA 1 31,331 11,737 5,351 9,945 29,307 44,102 48,392 51,651
EBIT 1 25,121 5,039 -2,126 2,418 21,988 36,842 40,948 43,852
Operating Margin 8.65% 2.88% -1.39% 1.11% 6.08% 9.61% 9.82% 9.77%
Earnings before Tax (EBT) 1 24,968 3,619 -4,119 5,276 21,104 35,591 40,176 43,820
Net income 1 19,832 2,395 -3,137 5,418 13,801 25,051 29,538 32,183
Net margin 6.83% 1.37% -2.05% 2.5% 3.82% 6.53% 7.09% 7.17%
EPS 2 6.760 0.8200 -1.070 1.840 4.700 8.567 10.10 11.01
Free Cash Flow 1 -11,255 -3,715 -6,350 22,469 16,340 23,160 30,690 42,700
FCF margin -3.87% -2.13% -4.15% 10.36% 4.52% 6.04% 7.36% 9.52%
FCF Conversion (EBITDA) - - - 225.93% 55.75% 52.51% 63.42% 82.67%
FCF Conversion (Net income) - - - 414.69% 118.39% 92.45% 103.9% 132.68%
Dividend per Share 2 3.100 0.5000 0.6000 1.000 2.600 3.643 4.281 4.533
Announcement Date 5/24/19 6/25/20 6/24/21 5/19/22 5/23/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 48,135 70,005 29,510 44,578 55,352 87,443 72,228 82,660 90,297 116,257 61,693 99,163 92,161 113,423 86,527
EBITDA 1 2,538 5,342 -1,401 1,347 2,239 7,760 3,203 5,373 7,973 12,757 8,346 10,795 9,918 14,697 -
EBIT 1 593.6 3,157 -3,236 -495.8 342.4 5,807 1,379 3,606 6,084 10,919 6,552 9,025 8,477 13,163 7,454
Operating Margin 1.23% 4.51% -10.97% -1.11% 0.62% 6.64% 1.91% 4.36% 6.74% 9.39% 10.62% 9.1% 9.2% 11.61% 8.62%
Earnings before Tax (EBT) 1 -182.5 3,139 -3,826 -1,155 270.7 9,986 1,076 3,117 5,665 11,245 6,221 8,627 7,854 12,419 -
Net income 1 -193.8 2,412 -2,823 -830.1 57.6 9,014 680.5 1,993 3,613 7,514 5,764 6,061 5,306 8,689 -
Net margin -0.4% 3.45% -9.57% -1.86% 0.1% 10.31% 0.94% 2.41% 4% 6.46% 9.34% 6.11% 5.76% 7.66% -
EPS 2 -0.0700 0.8200 -0.9600 -0.2800 0.0200 3.070 0.2300 0.6800 1.230 2.560 1.960 2.175 1.933 3.125 -
Dividend per Share 2 - - - - - 1.000 - - - 2.600 - - - 3.000 -
Announcement Date 2/11/21 6/24/21 8/12/21 11/12/21 2/11/22 5/19/22 7/29/22 11/10/22 2/1/23 5/23/23 7/21/23 - - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 8,392 31,861 25,129 26,788 2,269 - -
Net Cash position 1 14,403 - - - - - 15,934 29,356
Leverage (Debt/EBITDA) - 0.715 x 5.954 x 2.527 x 0.914 x 0.0514 x - -
Free Cash Flow 1 -11,255 -3,715 -6,350 22,469 16,340 23,160 30,690 42,700
ROE (net income / shareholders' equity) 26% 4.39% -4.41% 7.57% 18.2% 27.1% 26.9% 25.2%
ROA (Net income/ Total Assets) 11.4% 1.98% -1.8% 2.79% 6.69% 11.1% 12.9% 13.1%
Assets 1 173,982 120,980 174,199 193,919 206,353 225,742 229,792 245,195
Book Value Per Share 2 28.40 24.70 23.80 25.00 28.70 33.90 40.00 46.50
Cash Flow per Share 2 -1.240 3.220 0.0700 8.990 7.280 15.10 18.00 22.00
Capex 1 7,631 13,125 6,561 4,000 5,021 6,499 7,207 7,363
Capex / Sales 2.63% 7.51% 4.29% 1.84% 1.39% 1.69% 1.73% 1.64%
Announcement Date 5/24/19 6/25/20 6/24/21 5/19/22 5/23/23 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Ashok Leyland Limited

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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