Revenue distribution by sectors:

• Commercial vehicles: approx. 70%
• Buses: approx. 15%
• Spare parts and services: approx. 10%
• Other: approx. 5%

TOP 3 markets and their percentage shares:

• India: approx. 60%
• Middle East: approx. 15%
• Africa: approx. 10%

Ashok Leyland Limited is a leading company in the commercial vehicles sector. The majority of revenues come from the sale of trucks and buses. India remains the main market, followed by strategically important export markets in the Middle East and Africa. These markets are crucial for the company's growth and diversification.

Production sites of Ashok Leyland:

1. Ennore, Tamil Nadu
2. Hosur, Tamil Nadu
3. Alwar, Rajasthan
4. Bhandara, Maharashtra
5. Pantnagar, Uttarakhand
6. Sengadu, Tamil Nadu

Ashok Leyland Limited, a leading commercial vehicle manufacturer in India, operates several production facilities in the country. The main factory is located in Ennore, Tamil Nadu, which has been in operation since the company's inception. Other significant production sites are situated in Hosur, Alwar, Bhandara, Pantnagar, and Sengadu. These locations enable the company to efficiently produce a wide range of commercial vehicles and meet the demand in both domestic and international markets.

Revenue Growth: Estimated 10-12% annually (2025 forecast)

Market Expansion: Focus on international markets, especially Africa and Southeast Asia

Product Innovation: Introduction of electric and hydrogen vehicles

Ashok Leyland Limited is pursuing a multi-pronged growth strategy that includes both geographical expansion and diversification of its product portfolio. The company plans to strengthen its presence in international markets such as Africa and Southeast Asia to capitalize on the increasing demand for commercial vehicles in these regions.

Another key component of the growth strategy is investment in sustainable technologies. Ashok Leyland has announced plans to introduce electric and hydrogen vehicles to meet the growing demand for environmentally friendly transport solutions. These initiatives are intended not only to increase revenue but also to enhance the company's market position as an innovator in the field of sustainable mobility.

Additionally, the company is leveraging strategic partnerships and joint ventures to accelerate technological advancements and expand production capacities. These measures are aimed at securing long-term growth and competitiveness.

Main raw materials: Steel, Aluminum, Copper, Rubber

Countries of origin:

• Steel: China, Japan, South Korea
• Aluminum: Australia, China
• Copper: Chile, Peru
• Rubber: Thailand, Indonesia

Ashok Leyland Limited imports a variety of raw materials essential for the production of commercial vehicles. Steel, as one of the most important raw materials, is mainly sourced from Asian countries such as China, Japan, and South Korea, known for their steel production. Aluminum is imported from Australia and China, as these countries are significant producers of bauxite, the raw material for aluminum.

Copper, another critical raw material, is predominantly imported from Chile and Peru, as these countries are among the largest copper producers in the world. Rubber, needed for the manufacturing of tires and other components, mainly comes from Thailand and Indonesia, leading exporters of natural rubber.

These import strategies enable Ashok Leyland to source high-quality materials at competitive prices, crucial for maintaining their production capacities and ensuring product quality.

Market share in the commercial vehicle segment in India: approximately 32% (2024)

EBITDA margin: 11.5% (2024)

Ashok Leyland Limited has a significant competitive advantage in the Indian commercial vehicle market, highlighted by its high market share of around 32% in 2024. The company benefits from a strong brand presence and a wide distribution and service network that solidifies its position in the market.

The EBITDA margin of 11.5% shows that Ashok Leyland operates efficiently and is able to remain profitable despite intense competition. This profitability is supported by continuous investments in research and development as well as the introduction of new models that meet changing customer requirements.

Additionally, the focus on alternative fuels and sustainable technologies strengthens Ashok Leyland's competitive position as the market increasingly demands environmentally friendly solutions. This could help the company further differentiate itself from its competitors in the future.

Institutional Investor Share: approximately 40% (2025, estimated)

Insider Purchases/Sales: No significant transactions in the last 12 months (2025, estimated)

The institutional investor share in Ashok Leyland Limited is estimated to be around 40%. This demonstrates the confidence of large institutional investors in the company's long-term performance.

Regarding insider transactions, there have been no significant purchases or sales in the past year, indicating a stable trust of the management in the current company strategy and performance. This information is based on the latest available data and market reports.

Market share of Ashok Leyland: 17% (2025, estimated)

Main competitors and their market shares:

1. Tata Motors: 42%
2. Mahindra & Mahindra: 25%
3. Eicher Motors (including Volvo Eicher Commercial Vehicles): 10%
4. BharatBenz (Daimler India Commercial Vehicles): 4%
5. Force Motors: 2%

Moat of Ashok Leyland:

Ashok Leyland has a moderate moat, mainly characterized by its strong brand presence and wide distribution network in India. The company is known for its robust product range in the commercial vehicles sector, especially in buses and heavy trucks.

Compared to Tata Motors, which holds the largest market share, Ashok Leyland has a less pronounced moat. Tata Motors benefits from a broader product range, a stronger global presence, and more extensive financial resources.

Mahindra & Mahindra also offers a strong competitive advantage through its diversification into various vehicle segments and a strong culture of innovation.

Eicher Motors, particularly through the joint venture with Volvo, has a technological advantage in the medium and heavy commercial vehicles sector.

Overall, Ashok Leyland has a solid, but not insurmountable moat. The competition has stronger advantages in various areas, whether through technological innovation, global presence, or financial strength.

Revenue Growth: 18% (2024) EBITDA Margin: 11% (2024) Market Share in the Commercial Vehicle Sector in India: 30% (2024)

Ashok Leyland Limited recorded strong revenue growth of 18% in 2024, driven by increasing demand in the commercial vehicle sector and successful expansions into new markets. The EBITDA margin of 11% indicates that the company operates efficiently and has good cost control.

The 30% market share in the Indian commercial vehicle sector highlights Ashok Leyland's leading position in one of the fastest-growing automotive markets in the world. This market position provides a solid foundation for future growth, especially through the introduction of new models and technologies.

In addition, the company is investing in sustainable technologies and electric vehicles, offering long-term potential for further growth and market share gains. Given these factors, Ashok Leyland could present an attractive investment opportunity, especially for investors interested in the development of the Indian market and the automotive industry.

Dividend Yield: 2.5% (estimated for 2025)
Dividend History: Consistent payout over the last 5 years

Ashok Leyland Limited has regularly distributed dividends to its shareholders in recent years. The estimated dividend yield for the year 2025 is around 2.5%. This indicates that the company follows a reliable dividend policy.

The consistency of the payouts over the last five years shows that Ashok Leyland has a solid financial foundation and is capable of continuously returning capital to its shareholders. This reliability is supported by the company's stable position in the commercial vehicle sector.