In the Age of BS-IV, Ashok Leyland Plays Renegade In Product Discounting and Technology Adoption

Equity Analyst, LightStream Research

Chacko Jacob

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<h2><strong>Company Overview</strong></h2><p><a href="https://www.smartkarma.com/entities/20104" target="_blank" data-smartkarma-citation="entities:20104:1">Ashok Leyland Ltd (AL IN)</a> is the third largest manufacturer of commercial vehicles, by volume, in India with a turnover of about USD 3.3b (FY2017) and a presence in more than 50 countries. It was established in 1948 as Ashok Motors before partnering with Leyland Motors in 1954 and changing its name to Ashok Leyland. Ashok Leyland became a flagship of the Hinduja Group after the latter increased its shareholding in the company to 51% in 2007. The company operates 7 plants in India…</p>

Company OverviewAshok Leyland Ltd (AL IN) is the third largest manufacturer of commercial vehicles, by volume, in India with a turnover of about USD 3.3b (FY2017) and a presence in more than 50 countries. It was established in 1948 as Ashok Motors before partnering with Leyland Motors in 1954 and changing its name to Ashok Leyland. Ashok Leyland became a flagship of the Hinduja Group after the latter increased its shareholding in the company to 51% in 2007. The company operates 7 plants in India…

Shift to Higher-Tonnage, Multi-Axle Vehicles to Give Ashok Leyland the Upper Hand in CV Segment