Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Ashok LeylandNSE:ASHOKLEY +0.08%82 Forward PE Ratio is 22.66 as of Jul. 31, 2026. GuruFocus rates NSE:ASHOKLEY with a GF Score™ of 82/100 and a GF Value™ of ₹127.36 (Modestly Overvalued). The stock has 1 warning sign investors should review. Among 116 Farm & Heavy Construction Machinery companies, Ashok Leyland ranks worse than 81.03% on this metric.
Ashok Leyland's Forward PE Ratio for today is 22.66.
Ashok Leyland (NSE:ASHOKLEY) Forward PE Ratio Explanation
The Forward PE Ratio of a company is often used to compare current earnings to estimated future earnings, as well as gaining a clearer picture of what earnings will look like without charges and other accounting adjustments. If earnings are expected to grow in the future, the Forward PE Ratio will be lower than the current PE Ratio. This measure is also used to compare one company to another with a forward-looking focus.
Trailing PE Ratio relies on what is already done. It uses the current share price and divides by the total EPS (Basic) over the past 12 months. PE Ratio can be affected by Non Operating Income such as the sale of part of businesses. This may increase for the current year or quarter dramatically. But it cannot be repeated over and over. Therefore PE Ratio without NRI is a more accurate indication of valuation than PE Ratio .
Ashok Leyland Forward PE Ratio Related Terms
Ashok Leyland Forward PE Ratio Historical Data
* Premium members only.
The historical data trend for Ashok Leyland's Forward PE Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Ashok Leyland Forward PE Ratio Chart
Ashok Leyland Annual Data
Trend
2016-03
2018-03
2019-03
2020-03
2021-03
2022-03
2023-03
2024-03
2025-03
2026-03
Forward PE Ratio
16.23
24.39
11.82
12.29
28.90
23.09
16.78
16.50
17.17
21.20
Ashok Leyland Quarterly Data
2016-03
2018-03
2018-06
2018-09
2018-12
2019-03
2019-06
2019-09
2019-12
2020-03
2020-06
2020-12
2021-03
2021-06
2021-09
2021-12
2022-03
2022-06
2022-09
2022-12
2023-03
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
2026-03
Forward PE Ratio
16.23
24.39
19.65
21.10
12.22
11.82
11.31
19.61
17.33
12.29
37.31
41.15
28.90
90.09
94.34
24.81
23.09
31.06
43.48
17.24
16.78
16.50
22.83
22.62
18.06
17.17
20.68
19.55
24.21
21.20
NSE:ASHOKLEY vs CAT, DE, PCAR: Forward PE Ratio Comparison
For the Farm & Heavy Construction Machinery subindustry, Ashok Leyland's Forward PE Ratio, along with its competitors' market caps and Forward PE Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Ashok Leyland Forward PE Ratio vs Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Ashok Leyland's Forward PE Ratio distribution charts can be found below:
* The bar in red indicates where Ashok Leyland's Forward PE Ratio falls into.
It's a measure of the price-to-earnings ratio (PE Ratio) using forecasted earnings for the calculation. While the earnings used are just an estimate and are not as reliable as current earnings data, there is still benefit in estimated P/E analysis. The forecasted earnings used in the formula can either be for the next 12 months or for the next full-year fiscal period.
Ashok Leyland (NSE:ASHOKLEY) has a Forward PE Ratio of 22.66 as of Jul. 31, 2026. Forward P/E ratio is the share price dividend by the expected per-share earnings in the next 12 months. View historical data on Ashok Leyland and its competitors. According to the industry distribution chart, Ashok Leyland ranks #94 out of 116 companies in the Farm & Heavy Construction Machinery industry, placing it in the top 81%.
Is Ashok Leyland's Forward PE Ratio too high?
Ashok Leyland's current Forward PE Ratio is 22.66. The Farm & Heavy Construction Machinery industry median Forward PE Ratio is 14.17. Ashok Leyland's value of 22.66 is 60% above this industry median. Based on the distribution chart, Ashok Leyland ranks #94 out of 116 companies in the Farm & Heavy Construction Machinery industry, which is in the bottom quartile relative to peers. Overall, Ashok Leyland has a GF Score™ of 82/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Ashok Leyland's Forward PE Ratio compare to CAT and DE?
According to the Farm & Heavy Construction Machinery industry distribution chart, Ashok Leyland ranks #94 out of 116 companies for Forward PE Ratio. This places Ashok Leyland in the lower half of its industry. The industry median Forward PE Ratio is 14.17. Ashok Leyland's value of 22.66 is 60% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Forward PE Ratio for a Farm & Heavy Construction Machinery company?
The median Forward PE Ratio among Farm & Heavy Construction Machinery companies is 14.17, based on 116 companies in the industry. Companies in the top quartile (top 25%) have a Forward PE Ratio significantly above this median, while those in the bottom quartile fall well below. However, Forward PE Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Ashok Leyland's current Forward PE Ratio of 22.66 is 60% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Forward PE Ratio mean?
A high Forward PE Ratio can signal that a stock is expensive relative to its fundamentals. Forward P/E ratio is the share price dividend by the expected per-share earnings in the next 12 months. View historical data on Ashok Leyland and its competitors. For the Farm & Heavy Construction Machinery industry, the median Forward PE Ratio is 14.17 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ashok Leyland's current Forward PE Ratio is 22.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ashok Leyland stock overvalued right now?
Based on GuruFocus' analysis, Ashok Leyland (NSE:ASHOKLEY) is currently considered Modestly Overvalued. The stock's GF Value™ is ₹127.36, compared to a current price of ₹158.09 — trading 24.1% above its estimated fair value. The current Forward PE Ratio is 22.66 and 60% above the Farm & Heavy Construction Machinery industry median of 14.17. Ashok Leyland's overall GF Score™ is 82/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Forward PE Ratio calculated?
Forward PE Ratio is calculated from a company's financial statements. For Ashok Leyland (NSE:ASHOKLEY), the current Forward PE Ratio is 22.66 as of Jul. 31, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Ashok Leyland (NSE:ASHOKLEY) Overvalued in 2026?
Based on GuruFocus' analysis, Ashok Leyland stock appears to be overvalued.
The current stock price of ₹158.09 is trading 24.1% above its estimated GF Value™ of ₹127.36.
GuruFocus considers Ashok Leyland to be Modestly Overvalued.
Key valuation signals for NSE:ASHOKLEY:
Forward PE Ratio: 22.66
GF Value™: ₹127.36 vs. price of ₹158.09 (24.1% above fair value)
Industry Position: 60% above the Farm & Heavy Construction Machinery median (#94 of 116)
No single metric tells the full story. See the NSE:ASHOKLEY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ashok Leyland Ltd is an automobile manufacturing company. The company manufactures commercial vehicles, engines, spare parts, and accessories, with the vast majority of revenue being derived from commercial vehicle sales. It produces and sells vehicles across different categories such as Trucks, Buses, Light Commercial Vehicles, and Defence. The company's operating segments are; Commercial vehicles, and Financial services. Geographically, it derives the majority revenue within India and the rest from other markets.
82GF Score
Get the complete analysis for NSE:ASHOKLEY
Forward PE Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
NSE:ASHOKLEY has been successfully added to your 
