"(We) believe the recent runup in the stock price adequately captures all the positives thus we remain cautious and assign Accumulate rating with the target price of ₹ 268," wrote Varun Baxi, analyst from Nirmal Bang Institutional Equities in a report on 27 July. Here, Ashok Leyland's core business is valued at 13 times June 2026 EV/Ebitda and its stake in Hinduja Leyland Finance Ltd (HLFL) at ₹ 14 per share. However, the optionality of monetization its stake in HLFL through its listing can lead to further strengthening of Ashok Leyland's balance sheet and potential value unlocking, added Baxi.