Ashok Leyland Limited (ASHOKLEY.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+283.8%

₹585.08

vs ₹152.46 price

Levered DCF

-₹929.65

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	25.23×	19.76×	20.64×	32.99×	-96.11×	-202.68×	18.71×	6.38×
P/B	6.15×	5.03×	5.69×	4.78×	4.71×	4.24×	1.62×	3.03×
P/S	1.56×	1.27×	1.13×	0.99×	1.32×	1.72×	0.58×	0.81×
EV / EBITDA	13.21×	10.91×	10.84×	13.33×	22.3×	20.95×	9.99×	8.7×
Gross margin	39.6%	38.4%	35.5%	30.3%	32.3%	37.5%	38.4%	33.6%
Operating margin	19.3%	18.1%	16.5%	11.7%	10.1%	12.3%	14.3%	14.7%
Net margin	6.2%	6.4%	5.5%	3.0%	-1.4%	-0.9%	1.5%	6.3%
Current ratio	1.32×	1.29×	1.09×	1.08×	1×	0.98×	1.03×	1.08×
Debt / equity	4.49×	4.08×	4.53×	3.64×	3.31×	3.06×	2.88×	2.19×
Interest coverage	2.3×	2.29×	2.52×	2.31×	1.42×	1.25×	1.73×	3.2×
Dividend yield	2.1%	3.3%	1.5%	0.7%	0.5%	0.0%	10.1%	3.2%
Payout ratio	52.9%	65.7%	30.7%	23.7%	-49.1%	0.0%	378.9%	41.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	24.4%	25.4%	27.6%	14.5%	-4.9%	-2.1%	4.3%	23.8%
Return on invested capital	9.1%	9.4%	9.1%	6.6%	7.9%	7.0%	6.0%	12.7%
Return on assets	3.4%	3.8%	3.7%	2.3%	-0.8%	-0.4%	0.9%	5.3%
Free cash flow yield	-9.0%	-2.5%	-14.4%	-13.3%	6.8%	-5.5%	-7.6%	-18.4%
Earnings yield	4.0%	5.1%	4.8%	3.0%	-1.0%	-0.5%	2.7%	7.8%
Enterprise value	₹1.5T	₹1T	₹868.5B	₹701.2B	₹565.4B	₹559.1B	₹328.6B	₹439.1B
Net debt / EBITDA	5.24×	4.52×	4.44×	5.56×	8.72×	8.47×	6.15×	3.45×
Cash conversion cycle (days)	79	81	-3	63	-51	-29	125	-5