Shares of Ashok Leyland were trading at Rs 209.93, up 2.01% from its previous close in Tuesday's session. The stock is a constituent of the Nifty Midcap 150 index.
Financial Highlights
Consolidated Financial Performance: The following tables provide an overview of Ashok Leyland's consolidated financial performance.
Quarterly Results:
Revenue and Net Profit Trends (Quarterly):
| Period | Revenue (Rs Crore) | Net Profit (Rs Crore) | EPS |
|---|---|---|---|
| Sep 2024 | 11,147.58 | 755.21 | 2.40 |
| Dec 2024 | 11,995.21 | 812.09 | 2.59 |
| Mar 2025 | 14,695.55 | 1,234.38 | 3.85 |
| Jun 2025 | 11,708.54 | 652.98 | 1.04 |
| Sep 2025 | 12,576.86 | 811.66 | 1.29 |
Ashok Leyland's revenue increased from Rs 11,147.58 Crore in September 2024 to Rs 12,576.86 Crore in September 2025. The net profit also increased from Rs 755.21 Crore to Rs 811.66 Crore during the same period.
Annual Results:
Revenue, Net Profit, and EPS Trends (Annual):
| Year | Revenue (Rs Crore) | Net Profit (Rs Crore) | EPS | BVPS | ROE | Debt to Equity |
|---|---|---|---|---|---|---|
| 2021 | 19454.10 | -69.10 | -0.56 | 31.10 | -2.10 | 2.31 |
| 2022 | 26237.15 | -292.97 | -1.22 | 29.26 | -4.90 | 3.28 |
| 2023 | 41672.60 | 1350.91 | 4.23 | 36.78 | 14.50 | 3.61 |
| 2024 | 45790.64 | 2679.96 | 8.46 | 40.23 | 27.58 | 4.51 |
| 2025 | 48535.14 | 3351.21 | 10.58 | 41.66 | 25.39 | 4.06 |
Ashok Leyland has demonstrated substantial growth in both revenue and net profit over the past five years. Revenue increased from Rs 19,454.10 Crore in 2021 to Rs 48,535.14 Crore in 2025. Net profit has turned from a loss of Rs -69.10 Crore in 2021 to a profit of Rs 3,351.21 Crore in 2025. The debt-to-equity ratio saw fluctuations, and stood at 4.06 in 2025.
Income Statement (Annual):
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|
| Sales | 48,535 | 45,790 | 41,672 | 26,237 | 19,454 |
| Other Income | 358 | 140 | 110 | 86 | 131 |
| Total Income | 48,893 | 45,931 | 41,783 | 26,323 | 19,585 |
| Total Expenditure | 40,398 | 38,859 | 37,432 | 24,662 | 17,751 |
| EBIT | 8,494 | 7,071 | 4,351 | 1,661 | 1,834 |
| Interest | 3,930 | 2,982 | 2,093 | 1,869 | 1,900 |
| Tax | 1,213 | 1,409 | 906 | 85 | 2 |
| Net Profit | 3,351 | 2,679 | 1,350 | -292 | -69 |
The annual income statement shows consistent growth in sales and total income. Sales increased from Rs 19,454 Crore in March 2021 to Rs 48,535 Crore in March 2025. Net profit has also seen a significant turnaround, from a loss of Rs -69 Crore in March 2021 to a profit of Rs 3,351 Crore in March 2025.
Income Statement (Quarterly):
| Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|
| Sales | 12,576 | 11,708 | 14,695 | 11,995 | 11,147 |
| Other Income | 134 | 98 | 121 | 64 | 114 |
| Total Income | 12,711 | 11,807 | 14,817 | 12,060 | 11,261 |
| Total Expenditure | 10,443 | 9,808 | 12,155 | 9,924 | 9,232 |
| EBIT | 2,267 | 1,998 | 2,661 | 2,135 | 2,029 |
| Interest | 1,152 | 1,111 | 1,052 | 1,011 | 962 |
| Tax | 304 | 233 | 374 | 312 | 311 |
| Net Profit | 811 | 652 | 1,234 | 812 | 755 |
The quarterly income statement shows fluctuating sales and total income. Sales increased from Rs 11,147 Crore in September 2024 to Rs 12,576 Crore in September 2025. Net profit also increased from Rs 755 Crore in September 2024 to Rs 811 Crore in September 2025.
Cash Flow:
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|
| Operating Activities | 128 | -6,257 | -4,499 | 2,844 | -1,065 |
| Investing Activities | -5,758 | 1,135 | -2,934 | -1,916 | -991 |
| Financing Activities | 6,957 | 8,431 | 7,280 | -377 | 1,330 |
| Others | 0 | 0 | 31 | 0 | 18 |
| Net Cash Flow | 1,327 | 3,308 | -122 | 549 | -707 |
The cash flow statement indicates that the company's net cash flow was Rs 1,327 Crore in March 2025, compared to Rs 3,308 Crore in March 2024.
Balance Sheet:
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|
| Share Capital | 293 | 293 | 293 | 293 | 293 |
| Reserves & Surplus | 11,938 | 8,710 | 8,217 | 6,968 | 7,568 |
| Current Liabilities | 26,551 | 26,679 | 22,454 | 18,615 | 16,223 |
| Other Liabilities | 42,931 | 31,976 | 23,762 | 17,722 | 17,981 |
| Total Liabilities | 81,714 | 67,660 | 54,728 | 43,600 | 42,066 |
| Fixed Assets | 8,078 | 7,374 | 7,221 | 7,102 | 7,578 |
| Current Assets | 34,240 | 29,126 | 24,243 | 18,614 | 15,918 |
| Other Assets | 39,396 | 31,159 | 23,263 | 17,883 | 18,569 |
| Total Assets | 81,714 | 67,660 | 54,728 | 43,600 | 42,066 |
| Contingent Liabilities | 476 | 940 | 756 | 917 | 864 |
The balance sheet shows that Ashok Leyland's total liabilities increased from Rs 42,066 Crore in March 2021 to Rs 81,714 Crore in March 2025. Total assets also increased from Rs 42,066 Crore to Rs 81,714 Crore during the same period.
Key Financial Ratios:
| Ratio | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
| Basic EPS (Rs.) | 10.58 | 8.46 | 4.23 | -1.22 | -0.56 |
| Diluted EPS (Rs.) | 10.56 | 8.45 | 4.22 | -1.22 | -0.56 |
| Book Value /Share (Rs.) | 41.66 | 40.23 | 36.78 | 29.26 | 31.10 |
| Dividend/Share (Rs.) | 6.25 | 4.95 | 2.60 | 1.00 | 0.60 |
| Face Value | 1 | 1 | 1 | 1 | 1 |
| Gross Profit Margin (%) | 19.70 | 17.65 | 12.48 | 10.87 | 13.33 |
| Operating Margin (%) | 17.47 | 15.62 | 10.32 | 7.56 | 9.03 |
| Net Profit Margin (%) | 6.90 | 5.85 | 3.24 | -1.11 | -0.35 |
| Return on Equity (%) | 25.39 | 27.58 | 14.50 | -4.90 | -2.10 |
| ROCE (%) | 15.37 | 17.46 | 13.33 | 7.94 | 6.80 |
| Return On Assets (%) | 3.80 | 3.67 | 2.26 | -0.82 | -0.39 |
| Current Ratio (X) | 1.29 | 1.09 | 1.08 | 1.00 | 0.98 |
| Quick Ratio (X) | 1.14 | 0.94 | 0.93 | 0.86 | 0.83 |
| Debt to Equity (x) | 4.06 | 4.51 | 3.61 | 3.28 | 2.31 |
| Interest Coverage Ratios (X) | 2.43 | 2.71 | 2.49 | 1.53 | 0.92 |
| Asset Turnover Ratio (%) | 0.65 | 0.75 | 0.85 | 0.70 | 46.24 |
| Inventory Turnover Ratio (X) | 12.14 | 7.58 | 9.45 | 6.96 | 7.79 |
| 3 Yr CAGR Sales (%) | 36.01 | 53.42 | 37.78 | -11.10 | -18.96 |
| 3 Yr CAGR Net Profit (%) | 238.21 | 522.77 | 71.95 | -63.37 | -80.51 |
| P/E (x) | 9.65 | 10.12 | 16.45 | -48.06 | -101.34 |
| P/B (x) | 4.90 | 5.58 | 4.78 | 4.71 | 4.24 |
| EV/EBITDA (x) | 11.08 | 10.71 | 13.80 | 20.18 | 19.65 |
| P/S (x) | 1.24 | 1.10 | 0.98 | 1.31 | 1.71 |
Ashok Leyland’s financial ratios indicate a strong performance in recent years. As of March 2025, the P/E ratio stood at 9.65, and the P/B ratio was 4.90. The company reported a debt-to-equity ratio of 4.06 for the year-ending March 2025.
Corporate Actions
Ashok Leyland has announced several corporate actions, including analyst/investor meets and dividend payouts.
Announcements:
Dividends:
Bonus History:
Splits:
Moneycontrol analysis, as of February 10, 2026, suggests a very bullish sentiment on the stock.
With the stock currently trading up, Ashok Leyland showcases positive movement and strong financial performance.
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