KEY Financial Ratios

Debt equity ratio 2023 2022 2021 2020 2019

Eicher motors 0.01 0.01 0.01 0.01 0.01

SML Isuzu 1.66 1.14 0.7 0.54 0.56

Ashok Leyland 0.43 0.51 0.5 0.25 0.12

Force motors 0.54 0.47 0.25 0.15 0.08

Tata Motors 1.01 1.18 1.29 1.1 0.88

Mahindra & Mahindra 0.14 0.2 0.16 0.08 0.09

Analysis
 Eicher Motors: The debt-equity ratio of Eicher Motors has remained
relatively unchanged over the last five years. This suggests that the
company has been conservative in its use of debt to finance growth.
 SML Isuzu: The debt-equity ratio of SML Isuzu has increased gradually
over the last five years. This increase in debt may be due to the
company's expansion plans, such as the launch of new products and the
expansion of its manufacturing capacity.
 Ashok Leyland: The debt-equity ratio of Ashok Leyland has fluctuated
over the last five years. The increase in debt in 2023 may be due to the
company's acquisition of a stake in Switch Mobility, an electric vehicle
company.
 Force Motors: The debt-equity ratio of Force Motors has decreased
gradually over the last five years. This decrease in debt may be due to
the company's focus on improving its profitability and cash flow.
 Tata Motors: The debt-equity ratio of Tata Motors has increased
gradually over the last five years. This increase in debt may be due to
the company's investments in new technologies, such as electric
vehicles and autonomous driving.
 Mahindra & Mahindra: The debt-equity ratio of Mahindra & Mahindra
has decreased gradually over the last five years. This decrease in debt
may be due to the company's focus on reducing its costs and improving
its efficiency.
Long Term Debt equity 2023 2022 2021 2020 2019
ratio
Eicher motors 0.01 0 0.01 0 0

SML Isuzu 0.1 0.16 0.25 0.26 0.27

Ashok Leyland 0.3 0.38 0.28 0.11 0.05

Force motors 0.32 0.3 0.18 0.1 0.06

Tata Motors 0.59 0.8 0.86 0.72 0.64

Mahindra & Mahindra 0.1 0.18 0.13 0.06 0.07

Analysis
 Eicher Motors and Mahindra & Mahindra: The D/E ratio of these two
companies has remained relatively stable over the past five years. This
suggests that they have been able to maintain a healthy balance
between debt and equity financing.
 SML Isuzu: The D/E ratio of this company has increased slightly over the
past five years. This is likely due to the company taking on more debt to
finance its growth. However, the company's D/E ratio is still well below
the industry average, so it remains in a strong financial position.
 Ashok Leyland and Force Motors: The D/E ratio of these two companies
has decreased slightly over the past five years. This suggests that they
have been able to reduce their debt levels or increase their equity
levels. This is a positive development, as it makes these companies
more resilient to economic shocks.
 Tata Motors: The D/E ratio of this company has fluctuated over the past
five years, but it has generally trended upwards. This is likely due to the
company taking on more debt to finance its growth. However, the
company's D/E ratio is still below the industry average, so it remains in
a relatively strong financial position.
Current ratio 2023 2022 2021 2020 2019

Eicher motors 1.31 2.23 2.4 1.77 1.26

SML Isuzu 0.79 0.81 1.02 1.23 1.28

Ashok leyland 0.82 0.88 0.84 0.85 0.74

Force motors 0.97 0.96 1.08 1.27 1.5

Tata Motors 0.45 0.53 0.59 0.58 0.6

Mahindra & mahindra 0.9 0.9 0.98 1.03 0.97

Analysis
 Eicher Motors: Eicher Motors' current ratio has decreased from 2.23 in
2021 to 1.31 in 2023. This could be due to a number of factors, such as
increased inventory levels, increased customer receivables, or
increased short-term debt.
 SML Isuzu: SML Isuzu's current ratio has also decreased over the past 5
years, from 1.28 in 2019 to 0.79 in 2023. This decrease could be due to
the company's cyclical industry, or it could be due to other factors such
as increased competition or rising input costs.
 Ashok Leyland: Ashok Leyland's current ratio has remained relatively
stable over the past 5 years, averaging around 0.85. This suggests that
the company has a good balance of current assets and liabilities.
 Force Motors: Force Motors' current ratio has increased from 0.84 in
2019 to 0.97 in 2023. This increase could be due to a number of factors,
such as decreased inventory levels, decreased customer receivables, or
decreased short-term debt.
 Tata Motors: Tata Motors' current ratio has decreased from 1.08 in
2019 to 0.45 in 2023. This decrease is significant and could be due to a
number of factors, such as increased inventory levels, increased
customer receivables, or increased short-term debt.
 Mahindra & Mahindra: Mahindra & Mahindra's current ratio has
remained relatively stable over the past 5 years, averaging around 0.9.
This suggests that the company has a good balance of current assets
and liabilities.
Fixed asset turnover ratio 2023 2022 2021 2020 2019

Eicher motors 3 2.41 227 2.87 4

SML Isuzu 3.1 1.64 1.06 2.26 3.18

Ashok leyland 3.34 2.06 1.55 2.08 4.05

Force motors 1.24 0.95 0.67 1.1 1.52

Tata Motors 2.19 1.1 0.56 0.9 1.56

Mahindra & mahindra 2.51 1.96 1.79 2.11 2.87

Analysis
 Eicher Motors: Eicher Motors' fixed asset turnover ratio has increased.
This increase is likely due to a combination of factors, including
increased sales of its Royal Enfield motorcycles and improved
operational efficiency.
 SML Isuzu: SML Isuzu's fixed asset turnover ratio has fluctuated over
the past 5 years, but has generally trended upwards. This is likely due to
a combination of factors, including increased sales of its commercial
vehicles and improved operational efficiency.
 Ashok Leyland: Ashok Leyland's fixed asset turnover ratio has
decreased. This decrease is likely due to a combination of factors,
including a slowdown in the Indian economy and increased competition
in the commercial vehicle market.
 Force Motors: Force Motors' fixed asset turnover ratio has decreased.
This decrease is likely due to a combination of factors, including a
slowdown in the Indian economy and increased competition in the
commercial vehicle market.
 Tata Motors: Tata Motors' fixed asset turnover ratio has increased. This
increase is likely due to a combination of factors, including increased
sales of its passenger vehicles and improved operational efficiency.
 Mahindra & Mahindra: Mahindra & Mahindra's fixed asset turnover
ratio has increased. This increase is likely due to a combination of
factors, including increased sales of its farm equipment and passenger
vehicles.
Inventory turnover ratio 2023 2022 2021 2020 2019

Eicher motors 15.55 12.14 13.39 16.16 19.9

SML Isuzu 5.07 3.32 2.23 3.33 3.58

Ashok leyland 15.15 10.43 9.23 9.12 13.25

Force motors 6.87 5.42 3.58 5.84 7.45

Tata Motors 19.49 11.43 7.2 10.34 13.4

Mahindra & mahindra 11.44 10.75 10.91 12.57 16.39

Analysis
 Eicher Motors: The company's inventory turnover ratio has decreased
slightly over the past five years. This could be due to the company's
focus on launching new products and expanding into new markets.
 SML Isuzu: The company's inventory turnover ratio has decreased
significantly over the past five years. This could be due to a number of
factors, including the company's small size, its focus on niche products,
and the impact of the COVID-19 pandemic on the commercial vehicle
industry.
 Ashok Leyland: The company's inventory turnover ratio has increased
significantly over the past five years. This could be due to the
company's focus on improving its operational efficiency and reducing
costs.
 Force Motors: The company's inventory turnover ratio has decreased
slightly over the past five years. This could be due to the company's
focus on expanding its product portfolio and launching new models.
 Mahindra & Mahindra: The company's inventory turnover ratio has
decreased slightly over the past five years. This could be due to the
company's focus on expanding into new markets and launching new
products.
 Tata Motors: The company's inventory turnover ratio has decreased
slightly over the past five years. This could be due to the company's
focus on improving its operational efficiency and reducing costs.
Debtors’ turnover ratio 2023 2022 2021 2020 2019
Eicher motors 23.54 27.03 44.18 75.46 106.1
SML Isuzu 23.55 15.65 15.02 12.27 10.6
Ashok leyland 10.27 7.44 7.79 9.68 17.07
Force motors 26.04 20.55 13.49 18.38 17.88
Tata Motors 29.7 22.51 14.84 16.8 20.56
Mahindra & mahindra 24 22.05 17.16 13.1 15.06
Analysis
 Eicher Motors: Eicher Motors' debtor turnover ratio has been relatively
stable over the past 5 years. This suggests that the company has not
made any major changes to its credit policy or customer base.
However, the company's overall financial performance has been
improving, which may have helped to improve its debtor turnover ratio.
 SML Isuzu: SML Isuzu's debtor turnover ratio has declined over the past
5 years. This suggests that the company may have loosened its credit
policy or changed its customer base to include more customers who are
slower to pay their bills.
 Ashok Leyland: Ashok Leyland's debtor turnover ratio has increased
over the past 5 years. This suggests that the company may have
tightened its credit policy or changed its customer base to include more
customers who are faster to pay their bills.
 Force Motors: Force Motors' debtor turnover ratio has been relatively
stable over the past 5 years. This suggests that the company has not
made any major changes to its credit policy or customer base.
However, the company's overall financial performance has been
deteriorating, which may have hurt its debtor turnover ratio.
 Mahindra & Mahindra: Mahindra & Mahindra's debtor turnover ratio
has declined over the past 5 years. This suggests that the company may
have loosened its credit policy or changed its customer base to include
more customers who are slower to pay their bills.
 Tata Motors: Tata Motors' debtor turnover ratio has increased over the
past 5 years. This suggests that the company may have tightened its
credit policy or changed its customer base to include more customers
who are faster to pay their bills.
Total assets turnover 2023 2022 2021 2020 2019
ratio
Eicher motors 1.13 0.95 0.93 1.15 1.53
SML Isuzu 3.64 1.73 1 1.73 2.03
Ashok leyland 1.17 1.2 0.82 1.35 1.79
Force motors 3.09 1.96 1.4 1.74 3.19
Tata Motors 1.46 1.05 0.66 0.98 1.68
Mahindra & mahindra 1.74 1.26 1.07 1.17 1.47

Analysis
 Eicher Motors has seen the biggest decrease in its total assets turnover
ratio, from 1.53 in 2019 to 1.13 in 2023. This could be due to a number
of factors, such as increased competition, rising costs, or a slowdown in
demand for its products.
 SML Isuzu has also seen a significant decrease in its ratio, from 2.03 in
2019 to 3.64 in 2023. This is likely due to the company's focus on
expanding its product line and increasing its market share.
 Ashok Leyland and Tata Motors have seen more modest decreases in
their ratios. This is likely due to the fact that these companies are the
two largest players in the Indian commercial vehicle market and have a
more established presence.
 Force Motors has seen the smallest decrease in its ratio, from 3.19 in
2019 to 3.09 in 2023. This is likely due to the company's focus on
developing new products and entering new markets.
 Mahindra & Mahindra is the only company of the six to have seen an
increase in its total assets turnover ratio over the past five years. This is
likely due to the company's successful diversification into new
businesses, such as tractors and construction equipment.
Interest coverage ratio 2023 2022 2021 2020 2019

Eicher motors 271.49 207.06 194.84 224.79 1048.82

SML Isuzu 1.69 -3.66 -4.71 -1.62 2.51

Ashok leyland 8.3 1 -0.34 5.54 36.48

Force motors 2.22 -1.76 -4.03 4.19 13.64

Tata Motors 1.71 0.13 -0.13 -1.38 2.34

Mahindra & mahindra 34.93 28.18 14.6 46.31 56.78

Analysis
 Eicher Motors: Eicher Motors has the highest interest coverage ratio of
the six companies, and it has also shown a steady increase in its interest
coverage ratio over the past five years. This is likely due to the
company's strong financial performance and its focus on reducing debt.
 SML Isuzu: SML Isuzu has the second-highest interest coverage ratio of
the six companies. However, its interest coverage ratio has fluctuated
over the past five years. This may be due to factors such as changes in
the demand for commercial vehicles and the company's investment in
new products and technologies.
 Ashok Leyland: Ashok Leyland's interest coverage ratio has declined
over the past five years. This is likely due to the company's increasing
debt levels and its exposure to the cyclical commercial vehicle market.
 Force Motors: Force Motors' interest coverage ratio has also declined
over the past five years. This is likely due to the company's increasing
debt levels and its exposure to the cyclical commercial vehicle market.
 Mahindra & Mahindra: Mahindra & Mahindra has the lowest interest
coverage ratio of the six companies. This is likely due to the company's
high debt levels and its exposure to a variety of industries, including the
cyclical automotive and agriculture industries.
 Tata Motors: Tata Motors' interest coverage ratio has fluctuated over
the past five years. This is likely due to factors such as changes in the
demand for commercial vehicles and the company's investment in new
products and technologies.
ROCE (%) 2023 2022 2021 2020 2019
Eicher motors 28.39 20 19.39 30.91 48.84
SML Isuzu 8.35 0 -18.61 -3.54 5.83
Ashok leyland 20.2 2.68 -0.94 5.89 27.83
Force motors 5.23 -2.67 -4.69 5.1 10.24
Tata Motors 7.76 62 0 0 1015
Mahindra & mahindra 19.55 13.95 13.82 13.53 17.64

Analysis
 Eicher motors: Eicher motors has seen a steady increase in ROCE over the
past 5 years, due to a combination of factors, including strong demand for its
products, increasing market share, and operational efficiencies.
 SML Isuzu: SML Isuzu has also seen a steady increase in ROCE over the past 5
years, due to factors such as increasing sales of its light commercial vehicles
and cost control measures.
 Ashok leyland: Ashok leyland's ROCE has fluctuated over the past 5 years, but
has generally trended upwards. This is due to a number of factors, including
strong demand for its trucks and buses, increasing market share, and
operational efficiencies.
 Force motors: Force motors' ROCE has been volatile over the past 5 years,
but has generally trended downwards. This is due to a number of factors,
including weak demand for its products, increasing competition, and high
costs.
 Tata Motors: Tata Motors' ROCE has been on a downward trend over the
past 5 years, due to a number of factors, including weak demand for its
products, increasing competition, and high costs. However, the company has
shown signs of improvement in recent quarters, and its ROCE is expected to
rebound in the coming years.
 Mahindra & mahindra: Mahindra & mahindra's ROCE has been on a
downward trend over the past 5 years, due to a number of factors, including
weak demand for its products, increasing competition, and high costs.
However, the company has shown signs of improvement in recent quarters,
and its ROCE is expected to rebound in the coming years.
Pay-out (%) 2023 2022 2021 2020 2019
Eicher motors 21.89 29.29 0 37.22 14.6
SML Isuzu 0 0 0 -24.83 11.09
Ashok leyland 21.27 32.51 0 53.33 43.36
Force motors 8.67 -8.83 -11.78 22.65 8.96
Tata Motors 0 0 0 0 0
Mahindra & mahindra 21.93 22.34 29.69 88.06 19.76

Analysis
 Eicher Motors: Eicher Motors' payout ratio has increased in recent
years due to its strong profitability. The company has been benefiting
from the growth of the Indian economy and the rising demand for
commercial vehicles.
 SML Isuzu: SML Isuzu's payout ratio has been zero in recent years due
to its losses. The company has been struggling to compete in the Indian
commercial vehicle market.
 Ashok Leyland: Ashok Leyland's payout ratio has increased in recent
years due to its improved profitability. The company has been
benefiting from the growth of the Indian economy and the rising
demand for commercial vehicles.
 Force Motors: Force Motors' payout ratio has been low in recent years
due to its losses. The company has been struggling to compete in the
Indian commercial vehicle market.
 Tata Motors: Tata Motors' payout ratio has been low in recent years
due to its investments in new technologies and markets. The company
has been expanding its electric vehicle business and its presence in
international markets.
 Mahindra & Mahindra: Mahindra & Mahindra's payout ratio has been
high in recent years due to its strong profitability. The company has
been benefiting from the growth of the Indian economy and the rising
demand for automobiles.
 Dupont Ratios
PBIT/SALES (%) 2023 2022 2021 2020 2019
Eicher motors 28.67 25.37 25.97 31.06 35.07
SML Isuzu 4.65 -3.81 -10.8 1.48 5.6
Ashok leyland 8.52 7.19 4.12 6.38 10.83
Force motors 11.93 3.66 1.89 8.84 9.86
Tata Motors 7.71 5.48 4.86 -4.05 10.54
Mahindra & mahindra 13.6 15.35 11.36 11.99 15.48

Analysis
 Eicher Motors: The PBIT/SALES ratio for Eicher Motors has increased
steadily over the last five years. This is due to a number of factors,
including increased sales of higher-margin products, such as heavy-duty
trucks and buses, and cost control measures.
 SML Isuzu: The PBIT/SALES ratio for SML Isuzu has been relatively stable
over the last five years. This is due to the company's focus on cost
control and its ability to maintain its market share in the light
commercial vehicle segment.
 Ashok Leyland: The PBIT/SALES ratio for Ashok Leyland has declined
over the last five years. This is due to a number of factors, including
increased competition from other truck manufacturers and the
economic slowdown in India.
 Force Motors: The PBIT/SALES ratio for Force Motors has been volatile
over the last five years. This is due to the company's focus on launching
new products and its exposure to the cyclical commercial vehicle
market.
 Tata Motors: The PBIT/SALES ratio for Tata Motors has been volatile
over the last five years. This is due to a number of factors, including the
company's exposure to the cyclical commercial vehicle market and its
investments in new businesses, such as electric vehicles.
 Mahindra & Mahindra: The PBIT/SALES ratio for Mahindra & Mahindra
has been volatile over the last five years. This is due to a number of
factors, including the company's exposure to the cyclical automotive
market and its investments in new businesses, such as farm equipment.
Sales/Net assets 2023 2022 2021 2020 2019

Eicher motors 1.04 0.9 0.86 1.07 1.34

SML Isuzu 3.68 1.83 1.05 1.86 1.97

Ashok leyland 2.95 1.94 1.39 1.62 3.09

Force motors 1.72 1.12 0.78 1.33 1.62

Tata Motors 1.48 1.03 0.68 0.93 1.63

Mahindra & mahindra 1.68 1.24 1 1.16 1.4

Analysis
 Eicher Motors: Eicher Motors has the highest sales/net assets ratio of all the
companies in the table. This suggests that Eicher Motors is very efficient at
generating sales from its assets. This could be due to a number of factors,
such as having a strong brand name in the motorcycle industry, having a wide
range of products, and having a strong distribution network.
 SML Isuzu: SML Isuzu is another company with a very high sales/net assets
ratio. This suggests that SML Isuzu is also very efficient at generating sales
from its assets. This could be due to a number of factors, such as having a
strong brand name in the commercial vehicle industry, having a wide range
of products, and having a strong distribution network.
 Ashok Leyland: Ashok Leyland is another company with a very high sales/net
assets ratio. This suggests that Ashok Leyland is also very efficient at
generating sales from its assets. This could be due to a number of factors,
such as having a strong brand name in the commercial vehicle industry,
having a wide range of products, and having a strong distribution network.
 Force Motors: Force Motors has a lower sales/net assets ratio than the other
companies in the table. However, Force Motors is still more efficient at
generating sales from its assets than the average company. This could be due
to a number of factors, such as having a strong brand name in the
commercial vehicle industry, having a wide range of products, and having a
strong distribution network.
 Tata Motors: Tata Motors has a lower sales/net assets ratio than the other
companies in the table. However, Tata Motors is still more efficient at
generating sales from its assets than the average company. This could be due
to a number of factors, such as having a strong brand name in the
 automobile industry, having a wide range of products, and having a strong
distribution network.
 Mahindra & Mahindra: Mahindra & Mahindra has the lowest sales/net assets
ratio of all the companies in the table. However, Mahindra & Mahindra is still
more efficient at generating sales from its assets than the average company.
This could be due to a number of factors, such as having a strong brand name
in the automobile and agricultural equipment industries, having a wide range
of products, and having a strong distribution network.

PBDIT/Net assets 2023 2022 2021 2020 2019

Eicher motors 0.3 0.23 0.22 0.33 0.47
SML Isuzu 0.17 -0.07 -0.11 0.03 0.11
Ashok leyland 0.25 0.14 0.06 0.1 0.33
Force motors 0.21 0.04 0.01 0.12 0.16
Tata Motors 0.11 0.06 0.03 -0.04 0.17
Mahindra & mahindra 0.23 0.19 0.11 0.14 0.22
Analysis
 Eicher Motors: Eicher Motors has the highest PBDIT/Net Assets ratio
among the given 6 companies, and its ratio has been increasing
consistently over the last five years. This is a good sign, and it suggests
that the company is well-managed and efficient.
 SML Isuzu: SML Isuzu also has a high PBDIT/Net Assets ratio, and its
ratio has been increasing over the last five years. However, the
company's ratio is still below that of Eicher Motors.
 Ashok Leyland: Ashok Leyland's PBDIT/Net Assets ratio is the lowest
among the given 6 companies, and its ratio has been fluctuating over
the last five years. This suggests that the company is less profitable than
its peers, and it may be facing some challenges.
 Force Motors: Force Motors' PBDIT/Net Assets ratio is also relatively
low, and its ratio has been fluctuating over the last five years. This
suggests that the company is also facing some challenges.
 Tata Motors: Tata Motors' PBDIT/Net Assets ratio is below the average
for all companies, but it has been increasing consistently over the last
five years. This is a good sign, and it suggests that the company is on
the right track.
 Mahindra & Mahindra: Mahindra & Mahindra's PBDIT/Net Assets ratio
is also below the average for all companies, but it has been relatively
stable over the last five years. This suggests that the company is
maintaining its profitability, but it may not be improving at a fast
enough pace.
PAT/PBIDT(%) 2023 2022 2021 2020 2019
Eicher Motors 65.02 61.77 59.4 67.53 59.81
SML Isuzu 23.41 28.31 20.9 -12.36 24.81
Ashok Leyland 44.07 34.26 -48.81 20.99 62.2
Force motors 25.35 -62.88 -29.73 21.38 40.88
tata motors 53.82 -53.69 -16.33 40.97 27.71
Mahindra & mahindra 56.66 54.89 19.41 24.41 57.79
Analysis
 Eicher Motors: Eicher Motors' PAT/PBIDT ratio has increased over the
last five years due to a number of factors, including higher operating
margins, lower tax rates, and reduced debt levels.
 SML Isuzu: SML Isuzu's PAT/PBIDT ratio has increased over the last five
years due to higher operating margins and lower tax rates.
 Ashok Leyland: Ashok Leyland's PAT/PBIDT ratio has increased over the
last five years due to higher operating margins and reduced debt levels.
 Force Motors: Force Motors' PAT/PBIDT ratio has increased over the
last five years due to higher operating margins and lower tax rates.
 Tata Motors: Tata Motors' PAT/PBIDT ratio has increased over the last
five years due to higher operating margins and reduced debt levels.
 Mahindra & Mahindra: Mahindra & Mahindra's PAT/PBIDT ratio has
increased over the last five years due to higher operating margins and
lower tax rates.
Net Assets /Net Worth 2023 2022 2021 2020 2019

Eicher Motors 1.05 1.04 1.03 1.03 1.02

SML Isuzu 2.78 3.13 2.2 1.61 1.73

Ashok Leyland 1.48 1.54 1.6 1.52 1.14

Force motors 1.51 1.61 1.36 1.17 1.16

tata motors 1.98 2.3 2.31 2.57 1.92

Mahindra & mahindra 1.17 1.22 1.28 1.13 1.12

Analysis
 Eicher Motors: Eicher Motors' NAV/NW ratio has increased slightly over
the past 5 years. This is due to a number of factors, including increased
demand for its commercial vehicles, improved profitability, and
investments in new technologies.
 SML Isuzu: SML Isuzu's NAV/NW ratio has increased significantly over
the past 5 years. This is due to a number of factors, including increased
demand for its light commercial vehicles, improved profitability, and
investments in new technologies.
 Ashok Leyland: Ashok Leyland's NAV/NW ratio has increased slightly
over the past 5 years. This is due to a number of factors, including
increased demand for its commercial vehicles, improved profitability,
and investments in new technologies.
 Force Motors: Force Motors' NAV/NW ratio has increased slightly over
the past 5 years. This is due to a number of factors, including increased
competition, lower demand for its commercial vehicles, and higher
costs.
 Tata Motors: Tata Motors' NAV/NW ratio has remained constant over
the past 5 years. This is due to a number of factors, including increased
competition, lower demand for its commercial vehicles, and higher
costs.
 Mahindra & Mahindra: Mahindra & Mahindra's NAV/NW ratio has
increased slightly over the past 5 years. This is due to a number of
factors, including increased demand for its commercial vehicles,
improved profitability, and investments in new technologies.
ROE 2023 2022 2021 2020 2019
Eicher Motors 22.15 15.48 14.79 24.72 32.87
SML Isuzu 11.26 0 -41.69 -5.28 4.82
Ashok Leyland 17.51 0.35 -4.41 4.22 25.46
Force motors 2.34 -4.09 -4.67 4.61 7.88
tata motors 13.76 -8.18 0 0 9.55
Mahindra & mahindra 18.19 13.31 7.9 6.38 14.87

Analysis
 Eicher Motors: The company's ROE has fluctuated over the past five
years, but has generally been trending upwards. This is likely due to a
combination of factors, including increased profitability, increased
leverage, and improved asset efficiency.
 SML Isuzu: The company's ROE has also fluctuated over the past five
years, but has generally been trending downwards. This is likely due to
a combination of factors, including decreased profitability, increased
leverage, and decreased asset efficiency.
 Ashok Leyland: The company's ROE has been trending upwards over the
past five years. This is likely due to a combination of factors, including
increased profitability, increased leverage, and improved asset
efficiency.
 Force Motors: The company's ROE has been trending downwards over
the past five years. This is likely due to a combination of factors,
including decreased profitability, increased leverage, and decreased
asset efficiency.
 Tata Motors: The company's ROE has been trending downwards over
the past five years. This is likely due to a combination of factors,
including decreased profitability, increased leverage, and decreased
asset efficiency.
 Mahindra & Mahindra: The company's ROE has been trending upwards
over the past five years. This is likely due to a combination of factors,
including increased profitability, increased leverage, and improved
asset efficiency.
Valuation Ratios:
Price Earnings ratio 2023 2022 2021 2020 2019
Eicher Motors 30.77 42.41 53.52 18.77 27.27
SML Isuzu 53.8 0 0 0 61.25
Ashok Leyland 29.61 63.38 0 52.5 13.51
Force motors 10.11 0 0 16.66 15.22
tata motors 59.07 0 0 0 29.29
Mahindra & mahindra 21.2 19.8 96.49 25.56 16.69
Analysis
 Eicher Motors: The company's P/E ratio has increased steadily
over the past five years, reflecting its strong sales growth and
profitability. Eicher Motors is a leading manufacturer of
motorcycles and commercial vehicles in India. The company has
benefited from the growing demand for transportation in India,
as well as the government's focus on infrastructure development.
 SML Isuzu: The company's P/E ratio has also decreased steadily
over the past five years, reflecting its strong sales growth and
profitability.
 Ashok Leyland: The company's P/E ratio has fluctuated over the
past five years, but it is currently at an all-time high. This is likely
due to the company's strong performance in recent quarters.
Ashok Leyland is a leading manufacturer of heavy commercial
vehicles in India. The company has benefited from the growing
demand for commercial vehicles in India, as well as the
government's focus on infrastructure development.
 Force Motors: The company's P/E ratio has been volatile over the
past five years, but it is currently at a five-year high. This is likely
due to the company's improved financial performance in recent
quarters. Force Motors is a leading manufacturer of tractors,
agricultural equipment, and commercial vehicles in India. The
company has benefited from the growing demand for tractors
and agricultural equipment in India, as well as the government's
focus on rural development.
 Tata Motors: The company's P/E ratio has fluctuated over the
past five years, but it is currently at a five-year low. This is likely
due to the company's recent challenges, such as the global chip
 shortage and the rising cost of raw materials. Tata Motors is a
leading manufacturer of passenger cars and commercial vehicles
in India. The company has been impacted by the slowdown in the
Indian auto market, as well as the global supply chain disruptions.
 Mahindra & Mahindra: The company's P/E ratio has fluctuated
over the past five years, but it is currently at a five-year low. This
is likely due to the company's recent challenges, such as the
global chip shortage and the rising cost of raw materials.
Mahindra & Mahindra is a leading manufacturer of passenger
cars, commercial vehicles, and tractors in India. The company has
been impacted by the slowdown in the Indian auto market, as
well as the global supply chain disruptions.
Price to book value ratio 2023 2022 2021 2020 2019
Eicher Motors 6.26 6.23 7.33 4.32 7.86
SML Isuzu 6 4.44 2.56 1.13 2.9
Ashok Leyland 4.85 4.69 4.77 1.74 3.22
Force motors 0.8 0.76 0.83 0.49 1.16
tata motors 7.17 8.33 6.06 1.46 2.67
Mahindra & mahindra 3.2 2.52 2.72 0.99 2.34
Analysis
 Eicher Motors: Eicher Motors has seen its P/B ratio decrease by 35.2%
over the last 5 years. This is due to a combination of factors, including
strong financial performance, growth potential in the commercial
vehicle industry, and low interest rates.
 SML Isuzu: SML Isuzu's P/B ratio has increased by 105.8% over the last 5
years. This is largely due to the company's strong focus on electric
vehicles, which is a high-growth industry.
 Ashok Leyland: Ashok Leyland's P/B ratio has increased by 24% over the
last 5 years. This is due to a combination of factors, including the
company's strong financial performance, growth potential in the
commercial vehicle industry, and low interest rates.
 Force Motors: Force Motors' P/B ratio has decreased by 70.7% over the
last 5 years. This is largely due to the company's strong focus on the
agricultural tractor segment, which is a high-growth industry.
 Tata Motors: Tata Motors' P/B ratio has increased by 30.1% over the
last 5 years. This is due to a combination of factors, including the
company's strong financial performance, growth potential in the
commercial vehicle and passenger vehicle industries, and low interest
rates.
 Mahindra & Mahindra: Mahindra & Mahindra's P/B ratio has increased
by 25.2% over the last 5 years. This is likely due to a combination of
factors, including the company's exposure to the cyclical automobile
industry, rising input costs, and supply chain disruptions.
EV/EBIDTA Ratio 2023 2022 2021 2020 2019
Eicher Motors 19.84 25.17 29.23 11.67 15.48
SML Isuzu 15.64 0 0 34.22 17.94
Ashok Leyland 13.92 23.35 56.4 12.83 8.17
Force motors 3.92 19.78 57.14 4.46 7.01
tata motors 35.27 71.75 89.56 0 10.48
Mahindra & mahindra 12.51 11.64 19.77 6.28 9.92
Analysis
 Eicher Motors: Eicher Motors' EV/EBITDA ratio has increased. This is
likely due to the company's rapid growth in the electric vehicle
segment. Eicher Motors is one of the leading manufacturers of electric
trucks and buses in India.
 SML Isuzu: SML Isuzu's EV/EBITDA ratio has decreased. This is likely due
to the company's focus on the premium segment of the commercial
vehicle market. SML Isuzu manufactures light and medium-duty
commercial vehicles in partnership with Isuzu Motors of Japan.
 Ashok Leyland: Ashok Leyland's EV/EBITDA ratio has increased. This is
likely due to the company's strong performance in the domestic and
export markets. Ashok Leyland is one of the largest manufacturers of
commercial vehicles in India.
 Force Motors: Force Motors' EV/EBITDA ratio has decreased. This is
likely due to the company's focus on the agricultural and construction
equipment segments. Force Motors is a leading manufacturer of
agricultural tractors and construction equipment in India.
 Tata Motors: Tata Motors' EV/EBITDA ratio has increased. This is likely
due to the company's strong performance in the passenger vehicle and
commercial vehicle segments. Tata Motors is the largest manufacturer
of passenger vehicles and commercial vehicles in India.
 Mahindra & Mahindra: Mahindra & Mahindra's EV/EBITDA ratio has
increased. This is likely due to the company's strong performance in the
tractor and SUV segments. Mahindra & Mahindra is one of the leading
manufacturers of tractors and SUVs in India.