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Entity-Specific Rating Rationales

12 Sep 2025

Ashok Leyland Limited: Ratings reaffirmed

Ashok Leyland Limited: Ratings reaffirmed

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13 Sep 2024

Ashok Leyland Limited: Long-term rating upgraded to [ICRA]AA+(Stable); Short-term rating reaffirmed; Rated amount enhanced

Ashok Leyland Limited: Long-term rating upgraded to [ICRA]AA+(Stable); Short-term rating reaffirmed; Rated amount enhanced

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12 Oct 2023

Ashok Leyland Limited: Ratings reaffirmed

Ashok Leyland Limited: Ratings reaffirmed

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31 Oct 2022

Ashok Leyland Limited: Ratings reaffirmed; outlook on the long-term rating revised to Stable

Ashok Leyland Limited: Ratings reaffirmed; outlook on the long-term rating revised to Stable

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Entity-Specific Credit Perspective Reports

20 Oct 2025

Ashok Leyland Limited

Ashok Leyland Limited (Non-SF)

31 Oct 2024

Ashok Leyland Limited

Ashok Leyland Limited (Non-SF)

01 Dec 2023

Ashok Leyland Limited

Ashok Leyland Limited (Non-SF)

05 Dec 2022

Ashok Leyland Limited

Ashok Leyland Limited (Non-SF)

Ratings

Description
Short Term
Medium Term
Long Term
Issuer
Term Loan -- -- [ICRA]AA+(Stable) --
Long-term/Short-term: Non fund based limits [ICRA]A1+ -- [ICRA]AA+(Stable) --
Unallocated [ICRA]A1+ -- [ICRA]AA+(Stable) --
Non-Convertible Debenture -- -- [ICRA]AA+(Stable) --
Fund Based Limits [ICRA]A1+ -- [ICRA]AA+(Stable) --
Commercial Paper [ICRA]A1+ -- -- --

Our Analysts

Analyst 1

Sriraman Mohan

Analyst 2

Sruthi Thomas

Sector Head

Jitin Makkar
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