Arthneeti

Ashok Leyland Q1 FY27 Share Price & Earnings Call Analysis

₹144.82-0.12% today
Market cap
₹85,014 Cr
P/E
22.84
ROE
27.43%
PEG
0.52
Price to sales
1.48
Debt to equity
4.49
52W high / low
₹212 / ₹139
Sales growth (5Y)
23.71%
EBITDA margin
19.03%
Net profit margin
6.91%
Promoter holding
51.51%
Sales (last year)
₹57,723 Cr

Ashok Leyland is the flagship Company of the Hinduja group, having a long-standing presence in the domestic medium and heavy commercial vehicle (M&HCV) segment. The company has a strong brand and well-diversified distribution and service network across the country and has a presence in 50 countries, it is one of the most fully-integrated manufacturing companies. Its headquarter is in Chennai [1] They manage driver training institutes across India and have trained over 8,00,000 drivers since inception. [1]

Guidance scorecard · Q1 FY27 call

What Ashok Leyland Ltd's management guided
and where it ranks in Agricultural, Commercial & Construction Vehicles

#6of 11 in
Agricultural, Commercial & Construction Vehicles
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • Industry momentum for commercial vehicles remains strong with positive demand drivers.
  • MHCV industry expected to grow at high single digits beyond October, with LCV outlook slightly better.
  • Replacement demand due to aging fleet and GST optimization triggered significant recent growth; expected to continue for several more quarters.
  • Domestic truck volume outlook remains positive, with June and July showing strong growth (~20%+) after a weak May.
  • Exports impacted temporarily due to facility shutdown in UAE but recovering; new plant in Saudi Arabia being expedited to capitalize on strong GCC demand.

2 more points from Ashok Leyland Ltd's call on revenue

Create a free account to keep reading this call

Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Ashok Leyland Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Ashok Leyland has increased its capex and investment outlay in the last couple of years from around INR 400-500 crores to INR 900-1,000 crores annually.
  • The company plans to continue increasing capex over the next 2 to 3 years.
  • Investments target new technologies, new products, and white spaces where Ashok Leyland currently does not have presence.
  • There is a focus on future growth through differentiated products and expanding into new areas.
  • The company is expediting the new plant setup in Saudi Arabia to capitalize on strong demand in the GCC markets.
  • Additional investments include aggressive plans in aftermarket, EVs, defense, and Power Solutions businesses.

2 more points from Ashok Leyland Ltd's call on capex

Create a free account to keep reading this call

Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Ashok Leyland Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

  • The company is focused on increasing market share, especially in medium-sized buses and premium MAV segments.
  • Export operations in GCC faced temporary disruptions but are recovering, with production ramping up to peak levels soon.
  • There is strong demand momentum in domestic MHCV and LCV segments, boosted by replacement demand and GST optimization.

2 more points from Ashok Leyland Ltd's call on the order book

Create a free account to keep reading this call

Full Q1 FY27 analysis
Full Agricultural, Commercial & Construction Vehicles ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Agricultural, Commercial & Construction Vehicles
on management's own guidance

  1. BEML LtdGood growth
    2
  2. TILGood growth
    1
  3. Indo Farm Equip.Good growth
    3
See all potential multibaggersWhere does Ashok Leyland Ltd rank?

Portfolio builder

Build your portfolio
from the top-ranked stocks

  1. 1. Pick 3–15 stocks
  2. 2. Choose large, mid or small cap and your sectors
  3. 3. Get a portfolio built from the rankings
Build my portfolio

Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Agricultural, Commercial & Construction Vehicles companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
1TIL20–40%Up 2%+₹1,894 Cr—
2BEML Ltd20–40%Flat₹16,396 Cr91.9
3Indo Farm Equip.20–40%Flat₹630 Cr25.3
420–40%Flat₹38 Cr6.2
510–20%Flat₹1.55L Cr20.9
6Ashok Leyland LtdThis stock10–20%Flat₹87,468 Cr23.5

Sign up free to see every company in the sector ranking and track Ashok Leyland Ltd.

Pro shows every company guiding 40%+ revenue growth →Full Agricultural, Commercial & Construction Vehicles ranking

Financials of Ashok Leyland Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Ashok Leyland Ltd

Quarterly Results

Quarter-by-quarter operating performance

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales +10,40013,2039,69111,42911,09313,54210,72411,14811,99514,69611,70912,57714,830
Expenses +9,05511,2458,1839,5599,13110,9758,8569,1089,65911,7059,53510,13612,008
Operating Profit1,3441,9581,5091,8701,9612,5671,8682,0402,3362,9912,1732,4412,822
OPM %13%15%16%16%18%19%17%18%19%20%19%19%19%
Other Income +369753-14610362457522103103-140
Interest5455826557157838299049621,0111,0531,1121,1521,200
Depreciation220259227227241233235244268340273268282
Profit before tax6151,2146799279841,5167651,0781,1321,6218911,1241,200
Tax %43%34%14%39%38%38%28%29%28%23%26%27%28%
Net Profit +3518035845696099345517678201,246658820862
EPS in Rs0.541.280.930.900.951.450.871.201.301.921.041.291.38

Financials of Ashok Leyland Ltd

Profit & Loss

Annual income statement trend

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales +11,85915,70821,26022,87129,63633,19721,95119,45426,23741,67345,70348,53553,811
Expenses +11,43714,19118,28119,82625,38728,28718,71816,99223,47236,58037,84839,32743,384
Operating Profit4221,5172,9793,0454,2484,9103,2332,4622,7655,0937,8569,20810,428
OPM %4%10%14%13%14%15%15%13%11%12%17%19%19%
Other Income +613-106-32140619013957207-23016616040588
Interest8058729251,0491,2271,5021,8021,9011,8692,0942,9823,9304,517
Depreciation5305805245736466767508368669009271,0871,163
Profit before tax-300-421,2091,8292,5652,872739-67-2002,2654,1064,5964,836
Tax %-23%415%41%11%29%24%38%4%43%40%34%26%
Net Profit +-222-2057121,6331,8142,195460-70-2851,3592,6963,3833,586
EPS in Rs-0.310.241.202.793.013.540.57-0.28-0.612.114.235.295.63
Dividend Payout %0%96%40%28%40%44%44%-107%-82%62%59%59%

Financials of Ashok Leyland Ltd

Balance Sheet

Capital structure and asset base

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital266285285285293294294294294294294294587
Reserves3,7234,2274,9796,1087,1288,4527,4957,5687,0108,2588,71111,93811,996
Borrowings +8,5009,07011,05413,16815,79119,16822,41724,07724,14531,16140,80249,96254,513
Other Liabilities +5,0356,0115,8067,04810,17111,2127,92410,11912,12514,98417,78819,35218,214
Total Liabilities17,52419,59222,12326,60933,38339,12638,13042,05843,57454,69767,59581,54685,310
Fixed Assets +7,5736,5295,8906,5916,5966,6958,0318,4847,8958,1468,1578,8379,499
CWIP297216872444396785743362402684155771,042
Investments1,1651,4991,0311,9334,3831,4929601,0962,6524,8522,3296,6105,547
Other Assets +8,49111,34815,11517,84121,96530,26128,56532,14332,78741,43056,69565,52369,223
Total Assets17,52419,59222,12326,60933,38339,12638,13042,05843,57454,69767,59581,54685,310

Financials of Ashok Leyland Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity +-10495-1,2752701,462-3,745383-1,0652,845-4,499-6,258128
Cash from Investing Activity +-378-124456-1,676-3,1631,897-1,201-973-1,917-2,9041,135-5,759
Cash from Financing Activity +4617811,6607381,9052,3981,2391,331-3787,2818,4326,958
Net Cash Flow-20752841-668205549421-707550-1223,3091,327
Free Cash Flow-397162-1,331-166823-4,841-940-1,7912,443-5,353-7,346-1,471
CFO/OP-2%14%-25%24%48%-61%19%-45%105%-77%-69%14%

Financials of Ashok Leyland Ltd

Ratios

Working capital efficiency and return ratios

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days433125201430255745373125
Inventory Days695850734252427653445049
Days Payable1161087185968890162150968599
Cash Conversion Cycle-5-1958-39-6-22-30-52-16-4-24
Working Capital Days-45-41-23-21-54-13-31-44-52-34-45-32
ROCE %8%17%15%17%16%9%5%6%11%15%14%

Guidance history

How Ashok Leyland Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlanned——
Q4 FY26 call →10–20%Down 0–2%Planned—Rising
Q3 FY26 call →10–20%FlatPlannedPlanned—
Q2 FY26 call →20–40%Up 0–2%PlannedPlanned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

24out of 100

Momentum score · price trend

24 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+2.9%64%
Last 6 months−10.7%38%
Last 3 months−12.9%37%

The price is 31.7% below its all-time high of ₹211.92 (26 Feb 2026). Stocks more than 20% below their peak have their score halved, so 48 became 24.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Ashok Leyland Ltd: 0.4 × 64 + 0.4 × 38 + 0.2 × 37 = 48, halved to 24 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Ashok Leyland Ltd's management said in earlier quarters

Others in Agricultural, Commercial & Construction Vehicles this season

  • Tata Motors Ltd (Q2 FY27)

    Q2 FY27 Revenue from Operations (Consolidated): ₹25,338 Cr, up 36% YoY (Q2 FY26: ₹18,585 Cr) [Page 22] . Key investor presentation takeaways from Tata Motors's

  • Gurunanak Agriculture India Ltd (Q4 FY26)

    Harvesters have higher EBITDA margins (~35-40%) compared to threshers (~20%), contributing to margin expansion. Key concall takeaways from Gurunanak Agriculture

  • Jinkushal Industries Ltd (Q4 FY26)

    Approximately 30% of overseas inventory is allocated for customers with pending order confirmation based on indicative orders. Key concall takeaways from…

  • SML Mahindra (Q2 FY18)

    584.61 crores, down from Rs. Key concall takeaways from SML Mahindra Ltd's Q2 FY18 earnings call — and how it ranks against sector peers.

Compare:vs Tata Motors Ltdvs Escorts Kubota Ltdvs BEML Ltd