One can buy Ashok Leyland at the current levels. Though sales and net profit for Dec 2015 was of submissive nature but hen it comes to the earning ratio it stands at 50% less than the other industry players. While generally auto sector suffers from higher debt equity ratio but Ashok Leyland is almost debt free with less than 1% debt equity ratio at 0.65 which is brought down by the management. Reserves too are increasing. A dividend paying company with a brand name with product mix, one should continue accumulating it for decent yield.
At current valuations, Ashok Leyland is under priced. One should buy at CMP for decent return.