Key Metrics of Ashok Leyland
About Ashok Leyland
Sectors
Company details
- Website
- ashokleyland.com
- Founded
- 1948
- Registered office
- No.1, Sardar Patel Road Guindy, Chennai, In-tn, 600032
- Listed
- NSE: ASHOKLEY · ₹145.00
Operational Areas of Ashok Leyland
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
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Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 09 Oct 2026 | ICRA | Reaffirmed | AA+ | A1+ | Stable | ₹7,379 Cr | View |
| 21 Sep 2026 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹6,000 Cr | View |
| 02 Jun 2026 | ICRA | Reaffirmed | AA+ | A1+ | Stable | ₹7,479 Cr | View |
| 22 Sep 2025 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹6,400 Cr | View |
| 26 Sep 2024 | CARE | Upgraded (from AA) | AA+ | A1+ | Stable | ₹6,500 Cr | View |
| 04 Oct 2023 | CARE | Reaffirmed | AA | A1+ | Stable | ₹6,700 Cr | View |
| 07 Nov 2022 | CARE | Reaffirmed | AA | A1+ | Stable | ₹4,100 Cr | View |
| 07 Jan 2022 | CARE | Reaffirmed | AA | A1+ | Negative | ₹4,200 Cr | View |
| 08 Apr 2021 | CARE | Reaffirmed | AA | A1+ | Negative | ₹4,200 Cr | View |
| 26 Mar 2021 | CARE | Reaffirmed | — | A1+ | — | ₹2,000 Cr | View |
| 06 May 2020 | CARE | Revised | AA | — | Negative | ₹4,200 Cr | View |
| 01 Apr 2020 | CARE | Other | — | — | — | — | View |
| 24 Mar 2020 | CARE | Reaffirmed | AA+ | A1+ | Negative | ₹9,900 Cr | View |
| 28 Jun 2019 | CARE | Reaffirmed | — | A1+ | — | ₹2,000 Cr | View |
| 05 Apr 2019 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹2,600 Cr | View |
Credit strengths (ICRA, Oct 2026)
+ Established market presence in the domestic CV industry
ALL is the second-largest player in the domestic M&HCV industry with a healthy market share over the past several years (M&HCV trucks market share stood at around 30% (excluding defence) in FY2026), aided by its long operational track record, strong brand and well-diversified distribution and service network.
+ Diversification across CV and non-CV business provides stability to revenues
The company has diversified its presence beyond the domestic M&HCV trucks segment, with an increasing proportion of sales from other segments, including LCV trucks, buses, defence, international operations, etc., which imparts stability to revenues and earnings, especially during segmental downcycles.
+ Comfortable capitalisation metrics and strong liquidity
ALL’s robust market share, along with sustained growth in the CV industry over last few years, has supported revenue growth momentum.
Credit challenges
− Moderate capex expected for EV segment over the medium term
The company is manufacturing e -buses and e-LCVs under Switch Mobility Automotive Limited (Switch India), which is a step-down subsidiary of Optare PLC, UK .
− Earnings vulnerable to fluctuating raw material prices; price hikes and cost-saving measures mitigate impact
The company’s raw material prices are vulnerable to sharp fluctuations and its inability to pass through the same will have an impact on earnings.
− Vulnerability to inherent cyclicality and competition in CV industry; revenues from non-CV business mitigate risk to an extent
Around 90% of ALL’s (consolidated excluding NBFC business) revenues were derived from its standalone operations in FY2026.
Could lead to an upgrade
Strengthening of the company’s business and financial profile, through revenue diversification, sustained rise in market share in the CV business, scale-up in EV business, and material improvement in debt metrics on a sustained basis, could be a trigger for improvement in the long-term rating.
Could lead to a downgrade
Downward pressure on the ratings could arise with sustained deterioration in ALL’s financial profile , affected by a sharp market slowdown or material contraction in market share, higher -than-estimated debt-funded capex and/or investments in group companies or dividend payouts. 2 Consolidated operating margins (excluding NBFC subsidiary) www.icra.in Sensitivity Label : Public Page |3
Agency-reported financials (ICRA, 09 Oct 2026)
| Metric | FY2025 | FY2026 | FY2025 | FY2026 |
|---|---|---|---|---|
| Operating income (OI) | ₹38,753 Cr | ₹44,007 Cr | ₹48,535 Cr | ₹56,362 Cr |
| PAT | ₹3,303 Cr | ₹3,566 Cr | ₹3,351 Cr | ₹3,669 Cr |
| OPBDIT/OI | 12.7% | 13.0% | 19.0% | 19.1% |
| PAT/OI | 8.5% | 8.1% | 6.9% | 6.5% |
| Total outside liabilities/Tangible net worth (times) | 1.20× | 1.20× | 4.10× | 4.40× |
| Total debt/OPBDIT (times) | 0.30× | 0.20× | 5.40× | 6.00× |
| Interest coverage (times) | 22.70× | 33.80× | 2.30× | 2.30× |
| Revenue growth (YoY) | — | 13.6% | 10.3% | 16.1% |
| EBITDA (margin × income) | ₹4,922 Cr | ₹5,721 Cr | ₹9,222 Cr | ₹10,765 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹1,476 Cr | ₹1,144 Cr | ₹49,797 Cr | ₹64,591 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹217 Cr | ₹169 Cr | ₹4,009 Cr | ₹4,681 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Commercial paper | Commercial paper | ₹2,000 Cr | ₹2,000 Cr | 0.0% | A1+ | Reaffirmed | ICRA |
| Non-convertible debenture Non-convertible | Debentures & bonds | ₹200 Cr | ₹200 Cr | 0.0% | AA+ (Stable) | Reaffirmed | ICRA |
| debenture | Debentures & bonds | ₹300 Cr | ₹300 Cr | 0.0% | AA+ (Stable) | Reaffirmed | ICRA |
| Long term Short term: Fund-based limits | Working capital & bank lines | ₹2,000 Cr | ₹2,000 Cr | 0.0% | AA+ / A1+ (Stable) | Reaffirmed | ICRA |
| Long term Short term: Non-fund based limits | Non-fund based limits | ₹1,500 Cr | ₹1,500 Cr | 0.0% | AA+ / A1+ (Stable) | Reaffirmed | ICRA |
| Term loans | Term loans | ₹729 Cr | ₹629 Cr | −13.7% | AA+ (Stable) | Reaffirmed | ICRA |
| Long term Short term: Unallocated | Working capital & bank lines | ₹750 Cr | ₹750 Cr | 0.0% | AA+ / A1+ (Stable) | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE208A07406 | convertible | Debentures & bonds | 7.30% | — | — | ₹200 Cr | AA+ | Not stated |
| INE208A08115 | convertible | Debentures & bonds | 7.50% | — | — | ₹300 Cr | AA+ | Not stated |
| — | Term loans FY FY | Term loans | — | 31 Mar 2020 | 31 Mar 2025 | ₹629 Cr | AA+ | Matured |
| INE208A14CO1 | — | Commercial paper | 6.40% | 21 Sep 2022 | 19 Dec 2022 | ₹500 Cr | A1+ | Matured |
CARE ratings on record (checked 24 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹1,500 Cr | CARE AA+; Stable / CARE A1+ |
| Commercial Paper (Standalone) | ₹2,000 Cr | CARE A1+ |
| Long Term | — | Withdrawn |
| LT/ST | ₹200 Cr | CARE AA+; Stable / CARE A1+ |
| Non Convertible Debentures | — | Withdrawn |
| Working Capital Limits | ₹300 Cr | CARE A1+ |
| Working Capital Limits | ₹2,000 Cr | CARE AA+; Stable / CARE A1+ |
Lenders
| Fund-based - LT/ ST | Working Capital Limits | Axis Bank Ltd. |
| Fund-based - LT/ ST | Working Capital Limits | Bank of Baroda |
| Fund-based - LT/ ST | Working Capital Limits | Central Bank of India |
| Fund-based - LT/ ST | Working Capital Limits | Citi Bank |
| Fund-based - LT/ ST | Working Capital Limits | DBS Bank India Ltd. |
| Fund-based - LT/ ST | Working Capital Limits | Federal Bank |
| Fund-based - LT/ ST | Working Capital Limits | HDFC Bank Ltd. |
| Fund-based - LT/ ST | Working Capital Limits | ICICI Bank Ltd. |
| Fund-based - LT/ ST | Working Capital Limits | IDBI Bank Ltd. |
| Fund-based - LT/ ST | Working Capital Limits | MUFG Bank Ltd. |
| Fund-based - LT/ ST | Working Capital Limits | Standard Chartered Bank |
| Fund-based - LT/ ST | Working Capital Limits | State Bank of India |
| Fund-based - LT/ ST | Working Capital Limits | Yes Bank Ltd. |
| Fund-based - ST | Working Capital Limits | South Indian Bank Ltd. |
| Fund-based/Non-fund-based | LT/ST | Unallocated |
| Non-fund-based - LT/ ST | BG/LC | Axis Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Bank of Baroda |
| Non-fund-based - LT/ ST | BG/LC | Central Bank of India |
| Non-fund-based - LT/ ST | BG/LC | Citi Bank |
| Non-fund-based - LT/ ST | BG/LC | HDFC Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | ICICI Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | IDBI Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | MUFG Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | State Bank of India |
| Non-fund-based - LT/ ST | BG/LC | Yes Bank Ltd. |
Credit assessment · Commercial vehicles
Rating Methodology – Commercial Vehicles (Sep 2026) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 68% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 68% chance the next rating action is stable or better
- Current rating AA+ (investment grade)
- Interest coverage 2.3×
- ₹750 cr of rated limits not yet tied to a lender
What happened, step by step
- Sep 2026 — ₹300 cr raised through equity
- Sep 2026 — Debt-free repayment of debt-free
“ALL has approved an equity infusion of up to ₹300 crore in OHM by March 31, 2027, while the group is also developing a greenfield battery-pack manufacturing facility at Pillaipakkam, involving an investment of ₹400-500 crore.”
- Mar 2021 — Rated term loans fell from ₹3,700 cr to ₹0 cr
- Apr 2021 — ₹1,215 cr raised through term loans
- Apr 2021 — Full repayment of debt
“Overall gearing of ALL as on March 31, 2020 stood at 0.52x as against 0.08x as on March 31, 2019 as the company had raised around Rs.1,215 crore of long term debt during the year for capex.”
Rated limits by facility
Timeline
From the report
ALL’s liquidity position is strong, supported by cash and liquid investments of around Rs. 7,000 crore (standalone) and undrawn bank lines of around Rs. 2,000 crore as on June 30, 2026.
From the report
Against these sources of cash, it has debt repayment obligations of Rs. 676.7 crore in FY2027 on existing loans.
From the report
Ratings also derive comfort from ALL's strong liquidity position, with cash and liquid investments of ₹8,387 crore and a net cash position of ₹3,303 crore as on March 31, 2026.
From the report
Rating sensitivities: Factors likely to lead to rating actions Positive factors • Substantially improving operating margins, supported by significantly improving market share across business segments and revenue diversification, while sustaining its auto debt-free status. 1SEBI: Securities and Exchange Board of India;
From the report
The automobile business remained net debt-free and reported a net cash position.
From the report
Liquidity: Strong ALL’s automobile business maintained a strong liquidity profile, with cash and liquid investments increasing to ₹8,387.49 crore at the end of FY26 (PY: ₹7,246.30 crore).
From the report
ALL has approved an equity infusion of up to ₹300 crore in OHM by March 31, 2027, while the group is also developing a greenfield battery-pack manufacturing facility at Pillaipakkam, involving an investment of ₹400-500 crore.
From the report
ALL’s liquidity position is strong, supported by cash and liquid investments of over Rs. 3,800.0 crore (standalone) and undrawn bank lines of over Rs. 2,000 crore as on December 31, 2025.
From the report
Rating sensitivities: Factors likely to lead to rating actions Positive factors • Substantially improving operating margins, supported by significantly improving market share across business segments and revenue diversification, and sustaining its automotive debt-free status.
From the report
CareEdge Ratings expects the company’s capital structure and debt coverage indicators to remain comfortable and sustai n its net debt-free status for automotive business, as capital expenditure requirements are primarily expected to be met through internal accruals and available liquidity. 2 CARE Ratings Ltd.
From the report
Press Release Liquidity: Strong ALL’s automotive business has strong liquidity, with cash and liquid investments of ~₹6,533.82 crore as on March 31, 2025, and expected strong cash accruals of ~₹4,000 crore in FY26.
From the report
Rating sensitivities: Factors likely to lead to rating actions Positive factors • Substantially improving operating margins, supported by significantly improving market share across business segments and revenue diversification, resulting in a net auto debt-free status on a sustained basis.
From the report
Improvement in the financial risk profile in FY24 Overall gearing of auto business, as on March 31, 2024, improved to 1.14x (PY: 1.37x) with lower debt levels due to scheduled repayment of debt obligations.
From the report
Liquidity: Strong ALL’s auto business has strong liquidity, with cash and liquid investments of ₹2,594 crore as on March 31, 2024, and expected strong cash accruals of over ₹3,000 crore in FY25.
From the report
Press Release ₹3,553.88 crore) and became net debt-free as on March 31, 2023.
From the report
Liquidity: Strong On a standalone basis, ALL has strong liquidity, with cash and liquid investments of ₹3,225.53 crore as on March 31, 2023.
From the report
On a consolidated basis (excluding HLFL) too, ALL has strong liquidity, with cash and liquid investments of ₹3,643.51 crore as on March 31, 2023.
From the report
The long-term debt was primarily availed in the form of rupee term loan and non-convertible debenture (NCD) of ₹450 crore and ₹200 crore respectively for funding the capex.
From the report
However, it is expected to come down in FY24 and be net-debt free in FY25.
From the report
Liquidity: Strong ALL has strong liquidity with cash and liquid investments of ₹2,792.30 crore as on March 31, 2022.
From the report
Press Release Liquidity: Adequate ALL has adequate liquidity with cash and liquid investments of Rs. 2,012 crore as on September 30, 2021.
From the report
Overall gearing of ALL as on March 31, 2020 stood at 0.52x as against 0.08x as on March 31, 2019 as the company had raised around Rs.1,215 crore of long term debt during the year for capex.
From the report
Liquidity: Adequate ALL has sufficient liquidity with cash and liquid investments of Rs. 1,145 crore as on December 31, 2020.
From the report
ALL has repaid debt obligations of Rs. 213 crore in FY21 and repayment obligation for FY22 is nil.
From the report
During 9mFY20, ALL has raised term debt to the tune of Rs. 1,072 crore to fund its capex resulting in overall gearing of 0.33x as on December 31, 2019.
From the report
Liquidity: Adequate ALL has sufficient liquidity with cash and liquid investments of Rs. 1,145 crore as on December 31, 2020.
From the report
Overall gearing of ALL as on March 31, 2019 stood at 0.08x as against 0.18x as on March 31, 2018.During 9mFY20, ALL has raised term debt to the tune of Rs.1,072 crore to fund its capex resulting in overall gearing of 0.33x as on December 31, 2019.
From the report
Liquidity: Adequate ALL has sufficient liquidity with cash and bank balance of Rs. 1,279 crore as on March 31, 2020 and relatively low repayment obligation of Rs. 218.30 crore for FY21 as compared to GCA of Rs.800 crore during 9mFY20.
From the report
Liquidity: Adequate ALL has sufficient liquidity with cash and bank balance of Rs. 1,279 crore as on March 31, 2020 and relatively low repayment obligation of Rs. 218.30 crore for FY21 as compared to GCA of Rs.800 crore during 9mFY20.
From the report
Average working capital utilization levels (CC & CP combined) for one year period ended January 2020 increased to 40.62% compared to 14% in previous year for same time period.
From the report
Liquidity: Adequate ALL has sufficient liquidity with GCA of Rs. 800 Crore during 9mFY20 vis -à-vis scheduled repayment obligations of Rs.234 crore for FY20 and its average CC utilization is around 22.2 6%.
From the report
Cash and bank balance as on December 31, 2019 stood at Rs.697 crore.
From the report
However average working capital utilization levels (CC & CP combined) for o ne year period ended January 2020 increased to 40.62% compared to 14 % in previous year for same time period.
From the report
Liquidity: Adequate ALL has sufficient liquid ity with GCA of Rs. 800 Crore during 9mFY20 vis -à-vis scheduled repayment obligations of Rs.234 crore for FY20 and its average CC utilization is around 22.2 6%.
From the report
Cash and bank balance as on December 31, 2019 stood at Rs.697 crore.
From the report
However average working capital utilization levels (CC & CP combined) for one year period ended J anuary 2020 increased to 40.62% compared to 14 % in previous year for same time period.
From the report
During FY19 also ALL generated gross cash accruals of Rs.2,740 crore.
From the report
Average working capital utilization levels for one year period ended May 2019 remained comfortable at 18%.
From the report
During 9mFY19 also ALL generated gross cash accruals of Rs.1,780 crore.
From the report
Average working capital utilization levels for one year period ended January 2019 remained comfortable at 14%.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Ashok Leyland
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Charges (secured borrowings)
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Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
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Trucks, buses and light commercial vehicles
Filings
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