Anand Rathi has given Buy recommendation for Ashok Leyland with a target price of Rs. 153 in its research report issued on Jun 25, 2021

Anand Rathi’s research report on Ashok Leyland

We continue to expect strong replacement demand to come in high-tonnage and multi-axle vehicles, which will drive growth; and subsequent capital formation will further fuel growth beyond FY22. We believe that the company needs to take 10-12% price increase to cover the cost and expect the company to achieve the same.


We maintain a Buy at a higher target price of Rs153 (29x FY23e).