Ashok Leyland Ltd.
ASHOKLEYIndustrials filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
9 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 9 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20240802 | 2024-06-30 | yes | |
| TRANSCRIPT | 20241115 | 2024-09-30 | yes | |
| TRANSCRIPT | 20250218 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250528 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250821 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251119 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260217 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260604 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260821 | 2026-06-30 | yes |
ASHOKLEY
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
The closes are adjusted for every split and bonus on record inside the period this series covers, and each adjustment is checked against the price move on its ex-date.
| Last close | 157.30 |
| 52-week range | 134.51 – 211.92 |
| Return 1M | -9.95% |
| Return 3M | -2.1% |
| Return 1Y | 10.57% |
| Return 3Y | 72.43% |
| Return 5Y | 146.94% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 13,070.00 |
| Other income | 189.00 |
| Total income | 13,258.00 |
| Cost of materials consumed | 7,604.00 |
| Purchases of stock-in-trade | 495.00 |
| Changes in inventories | -561.00 |
| Employee benefit expense | 1,237.00 |
| Finance costs | 1,341.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.52 | 0.00 |
| institutions foreign | 0.21 | -0.04 |
| institutions domestic | 0.16 | 0.03 |
| mutual funds | 0.10 | 0.02 |
| public | 0.48 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 9 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 9,600.00 | 10,400.00 | 13,203.00 | 9,691.00 | 11,429.00 | 11,093.00 | 13,578.00 | 10,724.00 | 11,148.00 | 11,995.00 | 14,696.00 | 11,709.00 | 12,577.00 | 14,830.00 | 17,246.00 | 13,070.00 |
| Other income | 20.00 | 31.00 | 31.00 | 44.00 | 34.00 | 27.00 | 36.00 | 30.00 | 114.00 | 65.00 | 122.00 | 99.00 | 135.00 | 180.00 | 171.00 | 189.00 |
| Total income | 9,620.00 | 10,430.00 | 13,233.00 | 9,735.00 | 11,463.00 | 11,119.00 | 13,613.00 | 10,754.00 | 11,262.00 | 12,060.00 | 14,817.00 | 11,807.00 | 12,712.00 | 15,011.00 | 17,417.00 | 13,258.00 |
| Cost of materials consumed | 6,105.00 | 7,415.00 | 8,288.00 | 6,147.00 | 7,262.00 | 6,876.00 | 7,956.00 | 6,570.00 | 6,207.00 | 6,934.00 | 7,974.00 | 6,887.00 | 6,813.00 | 8,204.00 | 10,323.00 | 7,604.00 |
| Purchases of stock-in-trade | 273.00 | 309.00 | 329.00 | 367.00 | 362.00 | 371.00 | 457.00 | 417.00 | 429.00 | 412.00 | 476.00 | 450.00 | 470.00 | 523.00 | 453.00 | 495.00 |
| Changes in inventories | 329.00 | -618.00 | 427.00 | -264.00 | -188.00 | -295.00 | 178.00 | -392.00 | 131.00 | -34.00 | 556.00 | -542.00 | 70.00 | 249.00 | -44.00 | -561.00 |
| Employee benefit expense | 799.00 | 833.00 | 902.00 | 855.00 | 933.00 | 935.00 | 950.00 | 956.00 | 1,042.00 | 1,038.00 | 1,125.00 | 1,123.00 | 1,170.00 | 1,163.00 | 1,277.00 | 1,237.00 |
| Finance costs | 499.00 | 545.00 | 582.00 | 655.00 | 715.00 | 783.00 | 829.00 | 904.00 | 962.00 | 1,011.00 | 1,053.00 | 1,112.00 | 1,152.00 | 1,200.00 | 1,241.00 | 1,341.00 |
| Depreciation and amortisation | 209.00 | 220.00 | 259.00 | 227.00 | 227.00 | 241.00 | 233.00 | 235.00 | 244.00 | 268.00 | 340.00 | 273.00 | 268.00 | 282.00 | 314.00 | 315.00 |
| Other expenses | 1,074.00 | 1,117.00 | 1,300.00 | 1,078.00 | 1,190.00 | 1,243.00 | 1,434.00 | 1,305.00 | 1,298.00 | 1,310.00 | 1,573.00 | 1,616.00 | 1,613.00 | 1,869.00 | 1,929.00 | 1,885.00 |
| Total expenses | 9,288.00 | 9,821.00 | 12,086.00 | 9,065.00 | 10,500.00 | 10,155.00 | 12,037.00 | 9,995.00 | 10,314.00 | 10,938.00 | 13,097.00 | 10,921.00 | 11,556.00 | 13,490.00 | 15,493.00 | 12,315.00 |
| Profit before exceptional items and tax | 332.00 | 609.00 | 1,148.00 | 671.00 | 963.00 | 964.00 | 1,576.00 | 759.00 | 948.00 | 1,122.00 | 1,720.00 | 887.00 | 1,156.00 | 1,520.00 | 1,924.00 | 944.00 |
| Exceptional items | 10.00 | 4.00 | 58.00 | 7.00 | -38.00 | 13.00 | -66.00 | 5.00 | 119.00 | 2.00 | -111.00 | 0.00 | -40.00 | -325.00 | -19.00 | 0.00 |
| Profit before tax | 342.00 | 614.00 | 1,206.00 | 678.00 | 924.00 | 978.00 | 1,510.00 | 764.00 | 1,067.00 | 1,125.00 | 1,609.00 | 887.00 | 1,116.00 | 1,195.00 | 1,905.00 | 944.00 |
| Current tax | 153.00 | 286.00 | 452.00 | 254.00 | 348.00 | 328.00 | 549.00 | 299.00 | 355.00 | 418.00 | 653.00 | 260.00 | 340.00 | 380.00 | 582.00 | 304.00 |
| Deferred tax | 6.00 | -22.00 | -41.00 | -159.00 | 10.00 | 47.00 | 33.00 | -84.00 | -43.00 | -106.00 | -279.00 | -26.00 | -35.00 | -43.00 | -23.00 | -22.00 |
| Tax expense | 158.00 | 264.00 | 411.00 | 95.00 | 358.00 | 375.00 | 582.00 | 215.00 | 312.00 | 313.00 | 375.00 | 234.00 | 304.00 | 337.00 | 558.00 | 282.00 |
| Profit for the period | 186.00 | 351.00 | 803.00 | 584.00 | 569.00 | 609.00 | 934.00 | 551.00 | 767.00 | 820.00 | 1,246.00 | 658.00 | 820.00 | 862.00 | 1,381.00 | 668.00 |
| Profit attributable to owners | 164.00 | 319.00 | 753.00 | 544.00 | 526.00 | 560.00 | 853.00 | 509.00 | 706.00 | 762.00 | 1,130.00 | 611.00 | 756.00 | 813.00 | 1,291.00 | 616.00 |
| Profit attributable to non-controlling interests | 22.00 | 32.00 | 50.00 | 41.00 | 43.00 | 49.00 | 80.00 | 42.00 | 61.00 | 58.00 | 116.00 | 47.00 | 64.00 | 49.00 | 91.00 | 52.00 |
| Other comprehensive income | 26.00 | -46.00 | 239.00 | -28.00 | 51.00 | -74.00 | 575.00 | 107.00 | 64.00 | 478.00 | 221.00 | 375.00 | 277.00 | 284.00 | -63.00 | -135.00 |
| Total comprehensive income | 212.00 | 305.00 | 1,041.00 | 556.00 | 620.00 | 535.00 | 1,508.00 | 658.00 | 831.00 | 1,298.00 | 1,467.00 | 1,033.00 | 1,097.00 | 1,146.00 | 1,318.00 | 533.00 |
| Earnings per share, basic | 0.56 | 1.09 | 2.56 | 1.85 | 1.79 | 1.91 | 2.91 | 1.73 | 2.40 | 2.59 | 3.85 | 1.04 | 1.29 | 1.38 | 2.20 | 1.05 |
| Earnings per share, diluted | 0.56 | 1.09 | 2.56 | 1.85 | 1.79 | 1.91 | 2.90 | 1.73 | 2.40 | 2.59 | 3.84 | 1.04 | 1.29 | 1.38 | 2.20 | 1.05 |
Annual results, as filed
| Line | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|---|
| Revenue from operations | 21,951.00 | 19,454.00 | 26,237.00 | 41,673.00 | 45,791.00 | 48,535.00 | 56,362.00 |
| Other income | 108.00 | 131.00 | 87.00 | 111.00 | 141.00 | 358.00 | 585.00 |
| Total income | 22,059.00 | 19,585.00 | 26,324.00 | 41,783.00 | 45,931.00 | 48,894.00 | 56,947.00 |
| Cost of materials consumed | 11,164.00 | 11,769.00 | 16,620.00 | 28,272.00 | 28,241.00 | 27,684.00 | 32,227.00 |
| Purchases of stock-in-trade | 874.00 | 808.00 | 945.00 | 1,176.00 | 1,557.00 | 1,734.00 | 1,895.00 |
| Changes in inventories | 1,307.00 | -529.00 | 48.00 | -629.00 | -569.00 | 262.00 | -266.00 |
| Employee benefit expense | 2,190.00 | 2,159.00 | 2,620.00 | 3,234.00 | 3,673.00 | 4,161.00 | 4,734.00 |
| Finance costs | 1,802.00 | 1,901.00 | 1,869.00 | 2,094.00 | 2,982.00 | 3,930.00 | 4,705.00 |
| Depreciation and amortisation | 750.00 | 836.00 | 866.00 | 900.00 | 927.00 | 1,087.00 | 1,138.00 |
| Other expenses | 3,182.00 | 2,785.00 | 3,239.00 | 4,526.00 | 4,946.00 | 5,487.00 | 7,028.00 |
| Total expenses | 21,270.00 | 19,728.00 | 26,207.00 | 39,573.00 | 41,757.00 | 44,344.00 | 51,459.00 |
| Profit before exceptional items and tax | 790.00 | -143.00 | 117.00 | 2,210.00 | 4,174.00 | 4,549.00 | 5,488.00 |
| Exceptional items | -53.00 | 76.00 | -324.00 | 48.00 | -84.00 | 15.00 | -384.00 |
| Profit before tax | 736.00 | -67.00 | -207.00 | 2,258.00 | 4,090.00 | 4,565.00 | 5,103.00 |
| Current tax | 195.00 | 63.00 | 103.00 | 967.00 | 1,479.00 | 1,726.00 | 1,561.00 |
| Deferred tax | 85.00 | -61.00 | -17.00 | -60.00 | -69.00 | -512.00 | -128.00 |
| Tax expense | 279.00 | 3.00 | 86.00 | 907.00 | 1,410.00 | 1,214.00 | 1,434.00 |
| Profit for the period | 460.00 | -70.00 | -285.00 | 1,362.00 | 2,696.00 | 3,383.00 | 3,721.00 |
| Profit attributable to owners | 337.00 | -165.00 | -359.00 | 1,241.00 | 2,484.00 | 3,107.00 | 3,471.00 |
| Profit attributable to non-controlling interests | 123.00 | 96.00 | 73.00 | 121.00 | 213.00 | 276.00 | 250.00 |
| Other comprehensive income | 174.00 | 303.00 | -217.00 | 78.00 | 523.00 | 870.00 | 874.00 |
| Total comprehensive income | 633.00 | 233.00 | -503.00 | 1,440.00 | 3,220.00 | 4,253.00 | 4,595.00 |
| Earnings per share, basic | 1.15 | -0.56 | -1.22 | 4.23 | 8.46 | 10.58 | 5.91 |
| Earnings per share, diluted | 1.15 | -0.56 | -1.22 | 4.22 | 8.45 | 10.56 | 5.91 |
Balance sheet, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Total assets | 45,581.00 | 54,729.00 | 58,110.00 | 67,660.00 | 70,600.00 | 81,715.00 | 85,310.00 | 101,041.00 |
| Non-current assets | 26,342.00 | 30,485.00 | 32,692.00 | 38,534.00 | 44,089.00 | 47,474.00 | 50,980.00 | 57,298.00 |
| Current assets | 19,164.00 | 24,172.00 | 25,347.00 | 28,987.00 | 26,506.00 | 34,217.00 | 34,330.00 | 43,742.00 |
| Property, plant and equipment | 5,689.00 | 5,763.00 | 5,701.00 | 5,867.00 | 6,006.00 | 6,289.00 | 6,669.00 | 7,983.00 |
| Capital work-in-progress | 162.00 | 139.00 | 251.00 | 170.00 | 219.00 | 359.00 | 1,042.00 | 549.00 |
| Goodwill | 1,032.00 | 1,175.00 | 1,176.00 | 1,197.00 | 1,204.00 | 1,336.00 | 1,365.00 | 1,351.00 |
| Other intangible assets | 1,052.00 | 1,191.00 | 1,142.00 | 1,092.00 | 1,044.00 | 1,212.00 | 1,155.00 | 1,101.00 |
| Inventories | 3,189.00 | 3,440.00 | 3,984.00 | 4,008.00 | 4,559.00 | 3,986.00 | 4,611.00 | 4,672.00 |
| Trade receivables | 3,723.00 | 4,187.00 | 4,491.00 | 3,898.00 | 3,941.00 | 3,347.00 | 3,407.00 | 3,087.00 |
| Cash and cash equivalents | 1,367.00 | 1,909.00 | 1,981.00 | 5,217.00 | 2,855.00 | 6,545.00 | 4,707.00 | 6,281.00 |
| Total equity and liabilities | 45,581.00 | 54,729.00 | 58,110.00 | 67,660.00 | 70,600.00 | 81,715.00 | 85,310.00 | 101,041.00 |
| Equity | 8,444.00 | 10,799.00 | 11,220.00 | 11,815.00 | 13,312.00 | 15,845.00 | 16,626.00 | 18,546.00 |
| Equity share capital | 294.00 | 294.00 | 294.00 | 294.00 | 294.00 | 294.00 | 587.00 | 587.00 |
| Other equity | 6,866.00 | 8,260.00 | 8,584.00 | 8,711.00 | 10,018.00 | 11,938.00 | 11,996.00 | 13,654.00 |
| Total liabilities | 37,137.00 | 43,930.00 | 46,890.00 | 55,846.00 | 57,289.00 | 65,870.00 | 68,685.00 | 82,494.00 |
| Non-current liabilities | 17,265.00 | 21,475.00 | 23,817.00 | 29,166.00 | 34,142.00 | 39,318.00 | 43,233.00 | 49,377.00 |
| Current liabilities | 19,856.00 | 22,444.00 | 23,061.00 | 26,663.00 | 23,147.00 | 26,547.00 | 25,452.00 | 33,118.00 |
| Borrowings, non-current | 16,084.00 | 19,692.00 | 21,983.00 | 26,847.00 | 31,780.00 | 36,568.00 | 40,259.00 | 46,219.00 |
| Borrowings, current | 10,809.00 | 11,469.00 | 12,408.00 | 13,955.00 | 12,518.00 | 13,394.00 | 14,254.00 | 17,717.00 |
| Trade payables | 6,276.00 | 7,582.00 | 7,039.00 | 6,798.00 | 5,978.00 | 8,019.00 | 6,747.00 | 9,291.00 |
Cash flow, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | -3,128.00 | -4,499.00 | -3,459.00 | -6,258.00 | -2,686.00 | 128.00 | -5,148.00 | -4,895.00 |
| Net cash from investing activities | 224.00 | -2,935.00 | 1,262.00 | 1,135.00 | -1,961.00 | -5,758.00 | 433.00 | -7,016.00 |
| Net cash from financing activities | 2,240.00 | 7,281.00 | 2,269.00 | 8,432.00 | 2,285.00 | 6,958.00 | 2,877.00 | 11,617.00 |
| Purchase of property, plant and equipment | 358.00 | 929.00 | 457.00 | 1,134.00 | 701.00 | 1,648.00 | 1,320.00 | 2,945.00 |
| Net increase in cash | -664.00 | -122.00 | 73.00 | 3,309.00 | -2,362.00 | 1,327.00 | -1,838.00 | -264.00 |
| con:CFO.BEFORE_TAX | -2,894.00 | -3,903.00 | -3,063.00 | -5,332.00 | -2,052.00 | 1,410.00 | -4,392.00 | -3,248.00 |
| con:INTEREST_RECEIVED.OPERATING | -24.00 | -31.00 | -32.00 | 0.00 | -66.00 | -95.00 | -85.00 | -219.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 211.00 | 561.00 | 364.00 | 866.00 | 564.00 | 1,150.00 | 661.00 | 1,423.00 |
| con:CF_OTHER.OPERATING | 2.00 | -4.00 | 0.00 | -60.00 | -3.00 | -37.00 | -9.00 | -4.00 |
| con:INVESTMENTS_PURCHASED | 694.00 | 2,787.00 | 10.00 | 2,292.00 | 1,976.00 | 2,696.00 | 1,302.00 | 569.00 |
| con:INVESTMENTS_SOLD | 1,124.00 | 2,153.00 | 0.00 | 2,174.00 | 754.00 | 1,143.00 | 945.00 | 924.00 |
| con:PPE_DISPOSALS | 8.00 | 13.00 | 9.00 | 46.00 | 22.00 | 49.00 | 72.00 | 129.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 218.00 | 0.00 | 0.00 | 33.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-03-31 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-07-17 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 51.53 | 51.53 | 51.53 | 51.52 | 51.52 | 51.52 | 51.52 | 51.52 | 51.52 | 51.52 | 0.52 | 0.52 | 0.52 | 0.52 |
| Domestic institutions | 22.16 | 16.51 | 14.66 | 12.23 | 14.12 | 12.35 | 13.04 | 14.06 | 13.88 | 13.61 | 0.14 | 0.14 | 0.13 | 0.16 |
| Mutual funds | — | — | — | — | — | — | — | — | 7.86 | 7.83 | 0.08 | 0.08 | 0.08 | 0.10 |
| Insurance companies | 5.81 | 4.73 | 4.03 | 4.62 | 6.02 | 6.37 | 6.17 | 6.26 | 5.59 | 5.41 | 0.05 | 0.05 | 0.04 | 0.05 |
| Foreign institutions | 14.85 | 20.22 | 20.49 | 21.45 | 22.03 | 24.40 | 24.09 | 23.50 | 23.85 | 24.02 | 0.24 | 0.24 | 0.25 | 0.21 |
| Government | — | — | — | — | — | — | — | — | 0.08 | 0.08 | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 48.47 | 48.47 | 48.47 | 48.48 | 48.48 | 48.48 | 48.48 | 48.48 | 48.48 | 48.48 | 0.48 | 0.48 | 0.48 | 0.48 |
| Non-institutional | 11.38 | 11.67 | 13.25 | 14.72 | 12.25 | 11.66 | 11.28 | 10.84 | 10.68 | 10.77 | 0.10 | 0.10 | 0.11 | 0.12 |
| Shares outstanding | 2583209136 | 2583257136 | 2583257136 | 2583457136 | 2583557136 | 2583557136 | 2583657136 | 2583657136 | 2583657136 | 5167314272 | 5167714272 | 5168114272 | 5168114272 | 5168114272 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| TVS Mobility Private limited | Related Party of Subsidiary | Any other transaction, Sale of goods or services | 20,313,840,000.00 | 3 |
| Switch Mobility Limited (UK) | Subsidiaries | Any other transaction, Sale of goods or services | 8,628,100,000.00 | 6 |
| Hinduja Automotive Limited, United Kingdom | Holding company | Any other transaction, Interest paid | 7,402,200,000.00 | 5 |
| Albonair (India) Private Limited | Subsidiaries | Any other transaction, Purchase of goods or services | 4,309,690,000.00 | 5 |
| Ashok Leyland (UAE) LLC | Subsidiaries | Any other transaction, Purchase of goods or services | 3,946,900,000.00 | 4 |
| Switch Mobility Automotive Limited (India) | Subsidiaries | Any other transaction, Loan, Purchase of goods or se | 1,835,700,000.00 | 13 |
| Vishwa Bus and Coaches Limited | Subsidiaries | Any other transaction, Purchase of goods or services | 1,485,200,000.00 | 6 |
| Gulf Oil lubricants India Limited | Fellow subsidiaries | Any other transaction, Purchase of goods or services | 1,260,840,000.00 | 6 |
| Ashok Leyland Defence Systems Limited | Associates | Any other transaction, Purchase of goods or services | 1,135,870,000.00 | 6 |
| Ohm Global Mobility Private Limited | Subsidiaries | Any other transaction, Sale of fixed assets, Sale of | 1,024,200,000.00 | 6 |
| TVS Trucks and Buses Ltd | Joint venture | Any other transaction, Sale of goods or services | 999,700,000.00 | 3 |
| Hinduja Leyland Finance Limited | Subsidiaries | Any other transaction, Interest paid, Loan, Sale of | 973,100,000.00 | 9 |
| Gulf Ashley Motor Limited | Subsidiaries | Any other transaction, Sale of goods or services | 958,800,000.00 | 3 |
| Hinduja Tech Inc | Subsidiary of Hinduja Tech Limited | Investment, Sale of goods or services | 889,700,000.00 | 2 |
| Optare Plc | Subsidiaries | Any other transaction | 869,100,000.00 | 3 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-21 | Q1FY27 | LIMITED | Read the call |
| 2026-06-04 | Q4FY26 | Read the call | |
| 2026-02-17 | Q3FY26 | Read the call | |
| 2025-11-19 | Q2FY26 | INDIA PRIVATE LIMITED | Read the call |
| 2025-08-21 | Q1FY26 | CEO, ASHOK LEYLAND | Read the call |
| 2025-05-28 | Q4FY25 | ASHOK LEYLAND LIMITED | Read the call |
| 2025-02-18 | Q3FY25 | CEO, ASHOK LEYLAND LIMITED, SERVICES | Read the call |
| 2024-11-15 | Q2FY25 | ASHOK LEYLAND LIMITED | Read the call |
| 2024-08-02 | Q1FY25 | ASHOK LEYLAND LIMITED | Read the call |
What they said about it, quarter by quarter
| Topic | Q1FY26 | Q1FY27 | Q2FY25 | Q2FY26 | Q3FY25 | Q3FY26 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Capex | Our new plant in Andhra Pradesh inaugurated in Q4 of last fiscal is in the ramp-up stage and will reach a capacity of 200 units per month by end of th… | Capex for the quarter was at INR153 crores. | Capex for the quarter was INR153 crores and INR307 crores cumulatively for the year. | How do you see the full year number for CAPEX and investment and also a little bit color on the areas of utilization of CAPEX? | While we maintained our outlook that it was temporary, the Q2 phenomena was mainly because of the slowdown in CAPEX and also because of some erratic r… | Do you need to trigger capex to enhance capacities now there is a potential for up cycle and both -- you can mention both from Ashok Leyland capacity … | Capex for Q4 FY '25 was INR300 crores and investments in group companies was approximately INR200 crores. | Capex for the quarter was at INR203 crores and cumulatively at INR1,050 crores for the year. |
| Capital allocation | Second question is just around one of your competitors, there has been a proposed acquisition of a European trucking company. | — | — | — | — | — | We have never divested our shareholding in the company. | Basis standout performance of FY '26, the Board of Directors have recommended a second interim dividend of INR2.50 per share. |
| Costs | This was a major achievement given the material cost pressures created by steel safeguard duty and tariff volatilities. | And the other was also we accelerated some of the cost savings. | This was supported by benign steel prices and our continued focus on material cost savings. | — | — | And of course, the fourth element is what we can do internally to further strengthen our efforts on the cost savings. | This was achieved by our continued focus on material cost savings and supported by softer commodity costs during first 3 quarters of the year. | And what was the commodity cost pressure that was felt during the quarter? |
| Debt and cash | At end of the same period last year, our net debt was Rs.1200 crores, reflecting a swing of approximately Rs. | — | Net debt at the end of the quarter was at INR501 crores, much lower than INR1,139 crores at end of Q2 last year and also lower than INR1,295 crores at… | Switch India is progressing well on its target of becoming free cash flow positive by FY '27. | — | Even initially, we were a little bit apprehensive whether the bulk buyers would move forward because of all the complications relating to the ITCs and… | At the end of the quarter, we were cash positive at INR4,242 crores against a net debt of INR89 crores at the end of the previous year. | This is the working capital changes that came through for you? |
| Demand | We shall also be unveiling a bi-fuel product in the LCV range to cater to the demand in the large metros. | The sequence of events that unfolded had put on test industry's execution capabilities and supply chain resilience and also raised questions on the im… | So just trying to understand at the current run rate of demand that we are heading into, maybe the seasonally stronger back half, how do | GST 2.0 added cheer to the festive season on two accounts, the rate rationalization from 28% to 18% brought down the cost of owning new trucks and bus… | This growth slowdown in bus demand is a temporary thing - overall, there is a huge pent up demand still available in the market. | And maybe just a little bit more elaboration on the point that you made that we are seeing replacement demand come through to the industry, both from … | At the end of the year, Switch India has an order book of 1,800 number. | Q4 FY '26 provided a strong finish to the year with a solid performance that reflects the strength of demand in the CV industry and our disciplined ex… |
| Guidance | And what is your outlook for the full year demand for both domestic as well as international? | In the recently concluded Monetary Policy Committee meeting, RBI, while maintaining a neutral stance and retaining key interest rates, has revised GDP… | We expect government spending to also pick up in H2. | Due to continued improvement in company's fiscal performance and better outlook for the ongoing years, the Board of Ashok Leyland has recommended an i… | And therefore we expect that in the next 3 to 4 years, and this is what we are also hearing from the ministry, that about 10,000 to 12,000 new trucks … | And you are, for example, the next quarter basis, the team, which is already a kind of long-term margin guidance, what you gave? | We expect commodity headwinds from safeguard duties on steel and impact of emerging global tariff dynamics. | And also the outlook for next quarter, like if you have taken any price hikes and how much commodity pressure should we expect in the coming 1Q FY '27… |
| Margin | I am pleased to share that we have had yet another quarter of remarkable performance with highest ever Q1 revenue, EBITDA and PAT. | Despite record revenues, the EBITDA was flat at INR970 crores as compared to same quarter last year. | EBITDA was lower by only 6% at INR1,017 crores. | EBITDA margin for the quarter was at 12.1%, higher by 50 basis points against Q2 of last year. | My second question is just around, I think this margin upside that we've seen this quarter from CV companies operating in the Indian market. | I mean, at a margin level, profitability level. | Ashok Leyland recorded all-time high Q4 and full year revenue, EBITDA, EBITDA margin and profit after tax. | Coming to financial performance, Ashok Leyland achieved all-time high quarter 4 revenue, EBITDA and operating PBT. |
| People | The fleet utilizations are holding up and freight rates and operator profitability are moving northwards. | — | Secondly, I would say that when we look at any of the factors on the ground, like more fundamental factors which are like utilization of fleet rates o… | Sir, lastly, one last question, basically, if you can throw some idea on industry's truck utilization level, and how do you see it trending in the H2? | And secondly, when you look at fleet utilization rates and freight rates, what are you seeing on the ground? | — | — | But now we are trying to bring it back to 100% capacity utilization. |
| Pricing | This was achieved by our continued focus on material and other cost savings along with better price realisation and a healthier model mix. | Q1 started with moderate CV industry volume growth due to fuel supply and pricing issues. | The improvement in profitability reflects our continued focus on profitable growth through better price realization, efficiency in sourcing and stream… | Our cost savings efforts continue with the same rigor while we are also pushing for better price realizations. | Actually in January, we have been able to improve both on the pricing and slightly on the mix as well. | And what sort of pricing action we have taken to sort of mitigate that? | So that price realization benefit, definitely we are targeting in the next couple of years. | This was made possible through better price realizations, rigorous cost-saving efforts and continued focus on improving product and business mix. |
| Revenue growth | Our defence order book and tender win pipeline is stronger than ever, basis which we are confident to post a double-digit revenue growth in FY'26. | Delivering solid profitability alongside prudent risk management augurs well for future growth of both the financial companies. | One proof of that is in Q2, you would have seen that our top line has degrown by 9%, but our PAT has still grown by 12% even if I exclude all the exce… | We have had pretty good Q-o-Q revenue growth, but other expenses have actually come down. | Especially on the IO side, which is more profitable business, we had a growth of 33% in Q3. And Q2 growth was like 14% or 15% on YOY. | Even the MAV segment has registered a growth for Q3 compared to the same period last year, there has been a growth of 34%. | Export volumes registered a growth of 52% in Q4 on a year-on-year basis. | Our export volumes for full year reached a historic high of 18,082 units, delivering a robust growth of 18.5% over the previous year's 15,255 units. |