Buy Ashok Leyland; target of Rs 151: Sharekhan

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26 Aug, 2025 12:21

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ALL’s Q3FY21 results were below expectations, mainly due to lower than expected recovery in EBITDA margins. We expect ALL’s profitability to improve significantly, with its EBITDA growing at 157% CAGR for FY2021-23E. Despite the run up in the stock, it is still available below its historical average multiples. The stock is trading at P/E of 18.3x and EV/EBITDA of 10.2x its FY2023E estimates. We retain our Buy rating on the stock.

We reiterate our Buy rating on Ashok Leyland Limited (ALL) with a revised PT of Rs 151, owing to faster than expected recovery in macro-economic activities, leading to benefits in the CV industry.

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