The present study is mainly based on the secondary data and the data is collected from the annual report of selected company and websites of moneycontrol.com, BSE.com etc for the period ended on 31st March 2007 to 31st March 2019. IGR and SGR under Du Pont analysis were used as modern financial variable instead of other financial variables like operating profit ratio, ROCE etc. (Suwaidan 2004), Adam Lindgreen e al (2008), Jain Neeta et al, Zhi Tang et al (2010) Md Abdur Rouf (2011) and Yaghoub Alavi Matin et al.2011). All the parameters have been analyzed with one sample t test, Karl Pearson’s correlation for its validity. The coefficient of determination has also been tested through linear regression analysis and result of one sample t test proved that IGR, SGR and ROI were significantly different with each other at 1% levels. Annual Sales, PAT, EPS, DPS and Enterprise Value has no significant cause and effect on IGR,SGR and ROI of Ashok Leyland Limited for the study period.