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Ashok Leyland Stock Fundamental Analysis - Financial Results & Equity Research | Investyadnya Stock-o-Meter

Ashok Leyland




Ashok Leyland is the flagship company of the Hinduja group and is also the second-largest commercial vehicle player in medium and heavy commercial vehicles in India. The company products include trucks, buses, special vehicles, engines and defence vehicles. The company has five manufacturing plants with a total capacity of 1,50,000 units for M&HCV and 66,000 units for LCV. The company plans to house its electric vehicle business under its subsidiary Swiss Mobility Ltd headquartered in the UK.


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Sector: Refineries

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Ashok Leyland, flagship of the Hinduja group, is the second largest manufacturer of commercial vehicles in India, the third largest manufacturer of buses in the world, and the tenth largest manufacturers of trucks. It had launched India’s first electric bus and Euro 6 compliant truck in 2016. With the largest fleet of logistics vehicles deployed in the Indian Army and significant partnerships with armed forces across the globe, the company helps keep borders secure. It has ISO/TS 16949 Corporate Certification and is also the first CV manufacturer in India to receive the OBD-II (on board diagnostic) certification for BS IV-compliant commercial vehicle engines, SCR (selective catalytic reduction), iEGR (intelligent exhaust gas recirculation) and CNG technologies.

It is the first truck and bus manufacturer outside of Japan to win the Deming prize for its Pantnagar plant in 2016 and the Hosur Unit II being awarded the Deming Prize in 2017. Driven by innovative products suitable for a wide range of applications and an excellent understanding of the customers and local market conditions, the company has been at the fore-front of the commercial vehicle industry for decades. The company’s wide-spread customer base is served through an all-India sales and service network. With technology-enabled customer engagement processes and knowledge on the specific applications of the product range, its sales team is well equipped to fulfil customer’s needs.

Business area of the company

The company is engaged in the manufacturing of commercial vehicles and related components. The company has a product range from 1T GVW (Gross Vehicle Weight) to 55T GTW (Gross Trailer Weight) in trucks, 9 to 80 seater buses, vehicles for defence and special applications, and diesel engines for industrial, genset and marine applications.


Light Vehicles 
Power Solutions
History and Milestones:
1948: The Birth of Ashok Motors.
1949: Production began in September at the factory situated at Ennore, north of Madras, and soon the first indigenously assembled A40 Austin car was rolled out. 
1950: Ashok Motors and Leyland, UK agree to collaborate.
1951: Assembly of Leyland chassis commences.
1954: Government approval for manufacture of commercial vehicles.
1955: Ashok Motors becomes Ashok Leyland.
1967: India’s first double-decker arrives.
1969: For the first time, power steering was featured on commercial vehicles.
1970: A specially designed vehicle for the Indian Army.
1972: Production target upped to 10,000 vehicles a year.
1974: Turnover tops Rs 1,000 million.
1976: The ‘Viking’, the first ever bus with an alternator and a unique front overhang that facilitated front entry hit the Indian roads.
1978: India’s first rear-engine bus - ‘Cheetah’ was introduced.
1980: Hosur plant starts operations.
1980: India’s first 13-ton truck - ‘Tusker’ with a 125 hp engine was launched followed by the country’s first multi-axle truck - ‘Taurus’.
1982: India’s first Vestibule bus introduced.
1982: Two new manufacturing facilities at Bhandara (Maharashtra) and Alwar (Rajasthan) were inaugurated.
1990: The company’s Technical Centre at Vellivoyalchavadi, on the outskirts of Madras was ready equipped with much-needed testing tracks.
1993: First Indian auto company to receive ISO 9002 certification.
1995: First driver training facility set up at Namakkal. 
1996: Hosur Plant II inaugurated.
1997: The Stallion, an all-terrain logistic vehicle, was inducted into the Indian Army.
1997: India’s first CNG bus launched.
2002: The country’s first Hybrid Electric Vehicle was developed and showcased at Auto Expo 2002.
2005: First Indian auto company to receive BS 7799 certification.
2006: The truck business of Czech Republic-based AVIA came into the Company’s fold.
2006: Agreement inked with Ras Al Khaimah Investment Authority for the setting up of a bus assembly plant in the UAE.
2007: The JV was with Siemens VDO, for the development of automotive Infotronics.
2007: Joint Venture with the Alteams Group, Finland for the production of HPDC (High Pressure Die Casting) extruded aluminum components.
2008: Joint Venture inked with John Deere, USA for the manufacture of construction equipment products.
2008: Albonair, GmbH established for the development of clean and green technologies.
2010: India’s first Hybrid CNG Plug-in Bus showcased at Auto Expo 2010.
2010: Pantnagar plant inaugurated.
2010: The U-Truck platform launch.
2010: Bought 26% stake in Optare plc, a well-known bus maker in the UK. Subsequently, the stake was increased to 75.1% in January, 2012.
2011: A full range player with DOST; Entry into the LCV segment.
2011: Enters the construction equipment space.
2012: Jan Bus, world’s first single step entry, front engine, fully flat floor bus unveiled.
2012: Introduced India’s first 37-tonne haulage truck with the highest payload of up to 27 tonnes.
2013: Launched the future-ready electronic fuel efficient Engine with CRS with is protected upto BS-VI.
2013: Launched the next generation intermediate commercial vehicle ‘BOSS’.
2014: CAPTAIN truck series launched.
2014: Launched MiTR - a new age LCV bus.
2014: Launched the next generation LCV Truck–Partner powered by advanced ZD30 Common Rail diesel engine.
2015: Launch of the Zero Emission Electric Bus.
2016: Sunshine Bus launched.
2016: Guru and Partner launched.
2016: Circuit Electric Bus launched.
2017: Circuit Electric Bus launched.
2017: Dost+ launched.
2017: Captain Haulage launched.
2017: 3718+ truck launched.
2018: Ashok Leyland and Israel’s ELBIT Systems sign MOU for High Mobility Vehicles.
2018: Expands Network through a New Service Facility of IFAD AUTOS.
2018: Introduced the Circuit S Electric Bus with battery swapping technology.
2018: Launched eN-Dhan fuel card in association with HPCL.
2018: Introduces Innoline, world’s first BS4 Engine driven by an Inline Fuel Pump. Designed in India, made for the World.
2018: Launched AL Select a customer loyalty program to strengthen company’s bond with key customers.
2019: Launched Guru 1010, Boss 1616 and Boss 1916 to strengthen ICV and MDV range.
2019: Became the first OEM to receive BS VI certification for the full range of heavy duty trucks.
2019: Showcased BS VI Mid-NOx Technology.
2019: Bags order for 1750 Buses from Tamil Nadu State Transport Undertakings.
2019: Bags the order for 400 Minibuses from Senegal.
2019: Ashok Leyland partners with Axis Bank.
2019: Ashok Leyland partners with ICICI Bank. 
2020: Launched the first of its kind Modular Trucks, AVTR with i-Gen6 BS-VI technology.
2020: Expands LCV portfolio with the launch of 'BADA DOST'.

Ashok Leyland Ltd is the second-largest manufacturer of commercial vehicles in India. It was established in 1948 with the name Ashok Motors. It was set up in cooperation with Austin Motor Company England for the manufacturing of Austin cars. It is the flagship of the Hinduja Group & has headquartered in Chennai. 

Its products range includes buses, trucks, engines, defence & special vehicles. It provides various products ranging from 18 seaters to 82 seater double-decker buses from 7.5 ton to 49 ton in haulage vehicles from numerous special application vehicles to diesel engines for industrial marine and Genset applications. 

Its Joint Venture partners are Equipment Continental AG (Germany) for Automotive Infotronics, John Deere (USA) for Construction, die-casting extruded aluminium components for the automotive, the Alteams Group for the manufacture of high-press, and telecommunications sectors. 


Ashok Leyland has marked the merge of its light commercial vehicle subsidiaries like Ashley Powertrain, Ashok Leyland Vehicles, & Ashok Leyland Technologies subject to necessary regulatory & other approvals.

The board has accepted the merger of these subsidiaries acquired by the company from its erstwhile joint venture partner Nissan. Ashok Leyland held a 50% stake in Ashok Leyland Technologies & a 51% stake in Ashley Powertrain & Ashok Leyland Vehicles in the JVs.


Ashok Leyland provides an innovative service that customises doorstep service and ensures faster uptime, particularly at project/remote sites. Its quick service vehicle is equipped with workstations, tools, lubricants and spare parts to operate any possible service requirement & mobile wheel alignment equipment. Here is the list of services provided by Ashok Leyland:
Periodic Maintenance Services: Ashok Leyland’s preemptive maintenance is an integral part of Quick Service with a sharp focus on vehicle upkeep for uninterrupted running.
Break down Assistance: Its vast network track, trace & rush to assist.
On-Site Services: It also offers complex requirements services such as aggregate removal and refitment.
Comprehensive Range of Services includes FIP replacement, engine fault diagnosis, tyre rotation, minor suspension fixes and electrical repairs.


In 1993: Ashok Leyland reached a significant milestone & became the 1st in India's automobile history to receive the ISO 9002 certification.
In 2002: The more comprehensive ISO 9001 certification came in 1994, QS 9000 in 1998 and ISO 14001 certification for all vehicle manufacturing units.
In 2006, it also became the 1st Indian auto company to obtain the latest ISO/TS 16949 Corporate Certification, particular to the auto industry.

In 1966: Launched full air brakes.
In 1967: An introduced double-decker bus
In 1968: Launched power steering in commercial vehicles
In 1979: Launched multi-axle trucks
In 1980: Launched the international concept of an integral bus with air suspension.
In 1982: Launched vestibule bus 
In 2002: Introduced hybrid electric vehicle.
In 2007: Introduced 4921 TT, a 6 x 4 tractor with 49 tonnes gross vehicle weight.
In 2013: Introduced the STILE, a stylish Multi-Purpose Vehicle. 
In 2013: Introduced an intermediate commercial vehicle – BOSS that seamlessly combines the truck’s strength & ruggedness with a car’s comfort.

In 2014: Introduced two new Light Commercial Vehicles such as PARTNER truck, India’s first air-conditioned LCV goods vehicle & MiTR bus, an LCV bus with best–in–class comfort. 


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A detailed Ashok Leyland analysis is available on the website. It helps to analyse the company's competitive position and its operating results over a specific period. It gives an investor a sense of whether the company is growing, stable or deteriorating. This offers investors clarity about which stock they should invest in.

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Brands Of Ashok Leyland

Brands Of Ashok Leyland



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