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Annual Report Review: Ashok Leyland

In continuation of this series on annual report review, here is my review of the FY15 report of India’s leading commercial vehicle company, Ashok Leyland.

Click here to download the PDF review (9 MB file), or read it in the panel below.

If you wish to submit such reviews of annual reports, I would be happy to share the same with other tribe members. Just prepare them in the same format I am doing (make your notes on the report itself, scan them, convert to PDF file, and email to me).

It will be a good practice for you on how to read and analyze annual reports, plus the tribe will benefit. 🙂

Let me know your thoughts and questions on this review in the Comments section of this post…and also share any suggestion(s) you may have to make future reviews better and easier for your understanding.

Statutory Warning: This is NOT an investment advice to buy or sell shares. Please make your own decision, as blindly acting on anyone else’s research and opinions can be injurious to your wealth. I do not own the stock, but despite this, my analysis may be biased, and wrong. I have been wrong many times in the past. I am a registered Research Analyst as per SEBI (Research Analyst) Regulations, 2014 (Registration No. INH000000578).

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About the Author

Vishal Khandelwal is the founder of Safal Niveshak. He works with small investors to help them become smart and independent in their stock market investing decisions. He is a SEBI registered Research Analyst. Connect with Vishal on Twitter.


  1. Hello Vishal and team,

    I have been following your posts for few days now.
    Can you please tell what should one do to understand value investing? and start stock trading with understanding of the company

    I am from Bangalore and would like to meet/hear from you once.




    • Hi Amit,

      A Consolidated Financial Statement covers the activities of the Parent Company and its subsidiaries in a single report, as if they were all a single company operating under one roof.

      Standalone Financial Statements, by contrast, treat each entity as if it were entirely separate — the parent unrelated to the subsidiaries, and the subsidiaries unrelated to one another.


    • As per my understanding consolidated financial statement includes financial figures of subsidiaries including the parent company (standalone). For example, if the parent company has a subsidiary with 30 % stake in a company then the consolidated statement will include the parent company plus 30% value of the subsidiary company .

      Vishal, please correct me in case my interpretation is incorrect .

  3. Is it ok to send USA companies? or do those have to be Indian company?

  4. Manoj Dua says:

    good work

    Kindly correlate things from Mkt.cap and Ev prespectives also..many times we know which are good companies but Investment are also about when to Enter and when to exit…

  5. Dear Vishal,

    Excellent learning for me ! Thanks.
    Could not get excel sheet (I could not figure out if its my browser problem )
    Can anyone pl send link / file ?



  6. Hi Vishal,

    Thanks a lot again for your guidance in reading Annual Reports.

    Could you please help me how to read the following sections
    a) Pg 4 – Financial Results:: Transfers
    Please help me in elaborating section a), b) and c)
    b) How to analyze Goodwill of a company

    Thanks again for your esteemed support.


  7. Vishal Sir,

    Looking Forward for a AR review of a Bank. Remember reading somewhere its not in your circle of competence but still…

  8. Pramod Kumar says:

    Hi Vishal,

    Well done and good work again on Ashosk Layland report.

  9. vikas kukreja says:

    Great Work Vishal. Its tremendously helpful and great learning for me.

    Would love to see your AR analysis of NBFC like (GRUH or Repco).
    I read GRUH AR this year and found it really good. Would love to see your analysis on same and learn from it.

    Vikas Kukreja

  10. Very helpful for newbies like me on how to analyze Annyal reports. Good work, Vishal.

  11. Hi Vishal, I am a newbie and appreciate your AR reviews helping people like me 🙂 
    I was going through the report and would like to know how you calculated Inventory days and receivable days in Balance sheet.

  12. Dear Vishal,

    In case you might have had some time for my query (posted on 18-Aug). I am a novice in this field but am very happy in the way you are guiding us.


  13. Vishal Nahar says:

    Discloser : No Holding means do not buy? Right?


  1. […] me know your thoughts and questions on this review in the Comments section of this post…and also share any suggestion(s) you may have to make future reviews better and easier for […]

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