Ashok Leyland Limited
Ashok Leyland Limited (ALL / the company), the flagship entity of Hinduja Group, is the 2nd largest manufacturer in the medium and heavy commercial vehicles segment in India. Globally, it is the 4th largest manufacturer of buses, and the 19th largest...
Key Metrics
EPS
8.46
Current ratio
1.09
Debt/Equity
3.95
Debt/EBITDA
5.82
Interest coverage ratio
2.38
Operating Cashflow to total debt
-0.13
Financials
Pros & Cons
Exclusive on TAP Bonds
Here's what we like about this company and potential risks we have identified.
Pros
Established market presence in the domestic CV industry
Significant improvement in profit margins in the last few years and expected sustenance of the same going forward
Comfortable capitalisation metrics and strong liquidity
Liquidity position: Strong
Cons
Moderate capex expected for EV segment over the medium
Subdued performance of key investee entities impacting the overall profitability
Vulnerability to inherent cyclicality and competition in the CV industry, although revenues from non-CV business mitigate risk to an extent
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About Ashok Leyland Limited bond.
This comprehensive profile covers key factual information about Ashok Leyland Limited. Ashok Leyland Limited (ALL / the company), the flagship entity of Hinduja Group, is the 2nd largest manufacturer in the medium and heavy commercial vehicles segment in India. Globally, it is the 4th largest manufacturer of buses, and the 19th largest manufacturer of trucks. ALL’s key products include buses, trucks, defence and special application vehicles like fire-fighters and diesel engines for industrial, genset and marine applications. Headquartered in Chennai, it has nine manufacturing plants as on date. Of these, seven are in India (Ennore, Sriperumbudur, Hosur, Bhandara, Alwar, Pantnagar and Vijayawada), while two facilities are overseas including a bus manufacturing facility in Ras Al Khaimah (the UAE) and Leeds (the UK). The company has presence in the EV segment through Switch Mobility Limited. Switch Mobility Limited manufactures EVs, while E-Mobility as a service solution is being catered through Ohm Global Mobility Private Limited in India, a subsidiary of ALL. EPS in Mar-2024 was 8.46. Current ratio in Mar-2024 was 1.09. Debt/Equity in Mar-2024 was 3.95. Debt/EBITDA in Mar-2024 was 5.82. Interest coverage ratio in Mar-2024 was 2.38. Operating Cashflow to total debt in Mar-2024 was -0.13. Total revenue for Mar-2025(E) was ₹57,990.28. Net income for Mar-2025(E) stood at ₹3,185.83. Total assets as of Mar-2024 were ₹67,595.11. Operating cash flow for Mar-2024 was ₹-6,257.98. The company’s borrowing relationships include Federal Bank Limited (₹N/A Cr), Axis Bank Limited (₹N/A Cr), Bank of Baroda (₹N/A Cr), Export-Import Bank of India (₹N/A Cr), HDFC Bank Limited (₹N/A Cr), State Bank of India (₹N/A Cr), HDFC Bank Limited (₹N/A Cr), Standard Chartered Bank (₹N/A Cr), Citibank N.A. (₹N/A Cr), Federal Bank Limited (₹N/A Cr), Axis Bank Limited (₹N/A Cr), IDBI Bank Limited (₹N/A Cr), Bank of Baroda (₹N/A Cr), ICICI Bank Limited (₹N/A Cr), MUFG Bank Limited (₹N/A Cr), YES Bank Limited (₹N/A Cr), Central Bank of India (₹N/A Cr), DBS Bank Limited (₹N/A Cr), State Bank of India (₹N/A Cr), HDFC Bank Limited (₹N/A Cr), Axis Bank Limited (₹N/A Cr), IDBI Bank Limited (₹N/A Cr), Bank of Baroda (₹N/A Cr), ICICI Bank Limited (₹N/A Cr), MUFG Bank Limited (₹N/A Cr), YES Bank Limited (₹N/A Cr), Central Bank of India (₹N/A Cr), Citibank N.A. (₹N/A Cr), (₹N/A Cr). Peers and comparison entities consist of Ashok Leyland Limited, Eicher Motors Limited, SML Isuzu Limited, Automobile Corp Of Goa Limited. As of Dec 2024, promoters hold N/A% while others hold N/A% of equity. Key strengths include: Established market presence in the domestic CV industry; Significant improvement in profit margins in the last few years and expected sustenance of the same going forward; Comfortable capitalisation metrics and strong liquidity; Liquidity position: Strong. Key risks include: Moderate capex expected for EV segment over the medium; Subdued performance of key investee entities impacting the overall profitability; Vulnerability to inherent cyclicality and competition in the CV industry, although revenues from non-CV business mitigate risk to an extent . Leadership team details include Mr.Jean Brunol (Director), Dr.Andreas H Biagosch (Director), Mr.Jose Maria Alapont (Director), Mr.Manisha Girotra (Director), Dr.V Sumantran (Director), Ms.Sanjay K Asher (Director), Mr.Saugata Gupta (Director), Dr.C Bhaktavatsala Rao (Director), Mr.Shom Ashok Hinduja (Director), Mr.Gopal Mahadevan (Director), Mr.Thomas Dauner (Director), Mr.Dheeraj G Hinduja (Executive Chairman), Mr.Shenu Agarwal (Managing Director & CEO), Mr.K M Balaji (Chief Financial Officer), Mr.N Ramanathan (Company Secretary & Compliance Officer). This detailed corporate overview is structured to provide a thorough understanding of all available data points, enhance search visibility, and support investor analysis.