SML Mahindra Ltd
SMLMAH NSE
SML Mahindra Ltd
IndustrialsNSE: SMLMAH BSE: 505192 Agricultural, Commercial & Construction Vehicles
Key Fundamentals
MicrocapCommercial VehiclesAutomobilesMarket Cap
₹7,612 Cr
Volatility
Moderate
P/E Ratio
49.13
EBITDA
₹287 Cr
Return on Equity
30.76%
Debt to Equity
0.56
Book Value
₹358.9
EPS
₹84.64
52W High
₹5,987.9
52W Low
₹2,719
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view SML Mahindra Ltd insights
48 extracted metrics + investor summaries across FY08–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
3- Company has delivered good profit growth of 26.2% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 38.2%
- Company has been maintaining a healthy dividend payout of 21.4%
Weaknesses
2- Stock is trading at 14.8 times its book value
- Company might be capitalizing the interest cost
Growth Rate
Revenue Growth
18.35% ↗
Net Income Growth
31.31% ↗
Cash Flow Change
-12.00% ↘
ROE
-3.27% ↘
ROCE
6.12% ↗
EBITDA Margin (Avg.)
0.70% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 18d agoAI opinion · based on fundamentals
Risk high
SML Mahindra Ltd is a small-cap industrial company with a market cap of Rs 8,203 crore, trading at a PE of 50.7x and 15.3x book value. The company has demonstrated strong profit growth (26% CAGR over 5 years) and high ROE (35% last year), but its valuation multiples are elevated relative to historical earnings growth.
Bull Case 8
- Strong 3-year ROE of 38%, indicating efficient capital utilization and high profitability relative to equity base
- Compounded profit growth of 100% CAGR over 3 years reflects a significant earnings inflection
- 5-year compounded profit CAGR of 26% demonstrates sustained earnings momentum beyond a single cycle
- TTM sales growth of 18% indicates continued topline expansion in the most recent period
- Last year ROE of 35% remains well above typical industrial sector averages, showing continued capital efficiency
- 5-year compounded sales CAGR of 37% shows the company has scaled revenue meaningfully over a medium-term horizon
- Consistent dividend payout of 21.4% signals management commitment to returning cash to shareholders
- Stock CAGR of 66% over 1 year reflects strong market recognition of improving fundamentals
Bear Case 8
- PE ratio of 50.7x is elevated for an industrial company, pricing in significant future growth that may not materialize
- Price-to-book of 15.3x is extremely rich, leaving limited margin of safety if earnings disappoint
- Potential capitalization of interest costs raises concerns about true profitability and accounting quality
- TTM profit growth has decelerated to 10% versus 100% CAGR over 3 years, suggesting earnings momentum is fading
- 10-year compounded sales CAGR of only 9% indicates the recent high-growth phase may not be the long-term norm
- 10-year ROE of just 7% shows that the current high-ROE period is a relatively recent phenomenon, not a structural feature
- Dividend yield of only 0.43% offers minimal income cushion at current elevated stock price levels
- Debt-to-equity and ROCE data are unavailable, limiting visibility into the company's leverage and overall capital efficiency
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 16d ago Headwinds 1
- Cargo vehicle sales declining Aug 1
Cargo vehicle sales fell 7% YoY in July 2026 to 417 units, and cumulative FY27 cargo sales are down 12% to 1,526 units over four months.
Positives 4
- Strong Q1 profit growth Jul 20
Q1FY27 net profit rose 17.4% to ₹63.62 crore on higher revenue of ₹957.54 crore from operations.
- ₹12,500 cr business target by FY31 Jul 21
FY26 revenue grew 18% to ₹2,838 crore and PAT jumped 31% to ₹160 crore. Company aims to become a top 3 ILCV player in India.
- ₹525 cr MTBD acquisition announced Jul 30
Acquiring Mahindra & Mahindra's Truck and Bus Division for ₹525 crore via slump sale, targeting 20%+ market share by FY36. Closure expected by Jan 31, 2027.
- Passenger vehicle sales surge 21% Aug 1
Total sales rose 12% YoY in July 2026 to 1,603 units, driven by a 21% increase in passenger vehicle sales to 1,186 units.
Neutral 1
- Q1FY27 analyst meet held Jul 29
SML Mahindra conducted a virtual analyst and institutional investor meeting on July 29, 2026, to discuss Board meeting outcomes in compliance with SEBI LODR Regulation 30.
TL;DR: SML Mahindra is delivering strong growth with Q1 profit up 17.4% and FY26 PAT up 31%, supported by robust passenger vehicle demand. The ₹525 crore MTBD acquisition signals aggressive consolidation ambitions targeting ₹12,500 crore revenue by FY31. The key risk is declining cargo vehicle volumes, down 12% YTD in FY27. Overall trend is positive with the company scaling up its commercial vehicle portfolio through inorganic growth.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 632 | 499 | 386 | 680 | 746 | 550 | 332 | 771 | 846 | 555 | 539 | 898 | 958 |
| Expenses | 585 | 459 | 364 | 608 | 665 | 505 | 313 | 681 | 741 | 513 | 498 | 807 | 857 |
| Operating Profit | 47 | 39 | 22 | 71 | 81 | 45 | 18 | 90 | 105 | 42 | 41 | 90 | 100 |
| OPM % | 7% | 8% | 6% | 10% | 11% | 8% | 6% | 12% | 12% | 8% | 8% | 10% | 10% |
| Other Income | 2 | 0 | 1 | 2 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 1 |
| Interest | 5 | 7 | 8 | 11 | 8 | 6 | 7 | 9 | 5 | 3 | 6 | 7 | 3 |
| Depreciation | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 13 | 13 | 13 | 13 |
| PBT | 32 | 21 | 3 | 50 | 62 | 29 | 1 | 71 | 90 | 28 | 24 | 73 | 85 |
| Tax % | 1% | 0% | 6% | -4% | 25% | 24% | 29% | 26% | 25% | 26% | 25% | 25% | 25% |
| Net Profit | 32 | 21 | 3 | 52 | 46 | 22 | 1 | 53 | 67 | 21 | 18 | 54 | 64 |
| EPS in Rs | 21.97 | 14.57 | 1.85 | 36.15 | 32.06 | 15.06 | 0.37 | 36.59 | 46.27 | 14.55 | 12.12 | 37.45 | 43.96 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,106 | 1,166 | 1,356 | 1,135 | 1,409 | 1,154 | 591 | 924 | 1,822 | 2,196 | 2,399 | 2,838 | 2,950 |
| Expenses | 1,036 | 1,079 | 1,246 | 1,090 | 1,335 | 1,142 | 660 | 965 | 1,740 | 2,017 | 2,164 | 2,560 | 2,676 |
| Operating Profit | 69 | 87 | 110 | 45 | 74 | 12 | -69 | -41 | 82 | 179 | 235 | 278 | 273 |
| OPM % | 6% | 7% | 8% | 4% | 5% | 1% | -12% | -4.5% | 4.5% | 8% | 10% | 10% | 9% |
| Other Income | 5 | 6 | 4 | 3 | 4 | 5 | 5 | 6 | 3 | 5 | 6 | 8 | 7 |
| Interest | 6 | 5 | 6 | 11 | 16 | 15 | 23 | 22 | 25 | 30 | 30 | 21 | 18 |
| Depreciation | 20 | 20 | 24 | 28 | 38 | 41 | 46 | 44 | 42 | 48 | 48 | 52 | 53 |
| PBT | 49 | 68 | 84 | 9 | 24 | -38 | -133 | -100 | 17 | 106 | 162 | 214 | 210 |
| Tax % | 24% | 25% | 25% | 10% | 20% | -45% | 0% | -1% | -15% | -1% | 25% | 25% | — |
| Net Profit | 37 | 51 | 63 | 8 | 20 | -21 | -133 | -100 | 20 | 108 | 122 | 160 | 156 |
| EPS in Rs | 25.53 | 35.35 | 43.54 | 5.87 | 13.52 | -14.55 | -92.24 | -68.94 | 13.71 | 74.55 | 84.08 | 110 | 108 |
| Div. Payout % | 24% | 23% | 18% | 26% | 22% | 0% | 0% | 0% | 0% | 21% | 21% | 21% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 |
| Reserves | 288 | 326 | 389 | 384 | 399 | 370 | 241 | 147 | 163 | 271 | 368 | 505 |
| Borrowings | 22 | 55 | 41 | 212 | 246 | 185 | 261 | 298 | 265 | 421 | 327 | 289 |
| Other Liabilities | 350 | 332 | 341 | 377 | 435 | 289 | 279 | 357 | 494 | 506 | 590 | 588 |
| Total Liabilities | 675 | 727 | 785 | 987 | 1,095 | 859 | 796 | 816 | 937 | 1,213 | 1,299 | 1,397 |
| Fixed Assets | 138 | 171 | 215 | 365 | 380 | 426 | 389 | 349 | 356 | 340 | 321 | 337 |
| CWIP | 27 | 40 | 78 | 35 | 27 | 3 | 5 | 16 | 11 | 11 | 59 | 47 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 511 | 515 | 492 | 587 | 688 | 429 | 403 | 450 | 569 | 861 | 919 | 1,013 |
| Total Assets | 675 | 727 | 785 | 987 | 1,095 | 859 | 796 | 816 | 937 | 1,213 | 1,299 | 1,397 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 69 | -12 | 121 | -33 | 55 | 150 | -47 | -19 | 90 | -50 | 177 | 156 |
| Investing | -103 | -13 | -89 | -98 | -58 | -47 | -28 | -7 | -42 | -46 | -61 | -66 |
| Financing | 11 | 17 | -34 | 146 | 10 | -97 | 60 | 17 | -55 | 127 | -148 | -89 |
| Net Cash Flow | -23 | -8 | -2 | 15 | 8 | 6 | -15 | -8 | -7 | 31 | -32 | 1 |
| Free Cash Flow | 34 | -79 | 1 | -132 | -6 | 102 | -66 | -38 | 49 | -87 | 116 | 86 |
| CFO/OP | 109 | 9 | 132 | -60 | 80 | 1,259 | 67 | 71 | 103 | -27 | 76 | 75 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 34 | 32 | 31 | 38 | 38 | 12 | 24 | 31 | 15 | 28 | 40 | 35 |
| Inventory Days | 129 | 146 | 107 | 158 | 146 | 109 | 202 | 143 | 105 | 125 | 116 | 111 |
| Days Payable | 90 | 74 | 70 | 92 | 94 | 67 | 142 | 118 | 73 | 71 | 74 | 68 |
| Cash Conversion Cycle | 73 | 104 | 69 | 104 | 91 | 54 | 84 | 56 | 48 | 81 | 82 | 78 |
| Working Capital Days | 29 | 41 | 44 | 41 | 28 | 8 | -69 | -74 | -31 | -7 | 17 | 23 |
| ROCE % | 19% | 20% | 22% | 4% | 6% | -4% | -20% | -16% | 9% | 24% | 27% | 31% |
Documents
1
Announcement under Regulation 30 (LODR)-Monthly Business Updates
1 May - April 2026 sales rose 15% to 1,741 units, led by passenger vehicles. 1 May - April 2026 sales rose 15% to 1,741 units, led by passenger vehicles.
2
Announcement under Regulation 30 (LODR)-Monthly Business Updates
8 May - April 2026 commercial vehicle production 1,588, sales 1,711, exports 30; up from last year. 8 May - April 2026 commercial vehicle production 1,588, sales 1,711, exports 30; up from last year.
3
Announcement under Regulation 30 (LODR)-Newspaper Publication
8 May - Newspaper Advertisements- Special window for re-lodgement of transfer request of physical shares 8 May - Newspaper Advertisements- Special window for re-lodgement of transfer request of physical shares
4
Compliances-Reg.24(A)-Annual Secretarial Compliance
7 May - FY 2025-26 annual secretarial compliance report filed; no non-compliances observed. 7 May - FY 2025-26 annual secretarial compliance report filed; no non-compliances observed.
5
Announcement under Regulation 30 (LODR)-Monthly Business Updates
1 May - April 2026 sales rose 15% to 1,741 units, led by passenger vehicles. 1 May - April 2026 sales rose 15% to 1,741 units, led by passenger vehicles.
Frequently Asked Questions about SML Mahindra Ltd
What does SML Mahindra Ltd do?
SML ISUZU LIMITED was incorporated as Swaraj Vehicles Ltd in 1983 and was promoted by Punjab Tractors Ltd with technical collaboration Mazda Motor Corporation, Japan, and Sumitomo Corporation, Japan. In 2004, the technical collaboration agreement with Mazda expired 2004 and sold its entire stak...
Where is SML Mahindra Ltd (SMLMAH) listed?
SML Mahindra Ltd is listed on the Indian stock exchanges. It is listed on NSE: SMLMAH and BSE: 505192. You can view its live share price, financials, and ratios on Tapetide.
Which sector does SML Mahindra Ltd belong to?
SML Mahindra Ltd operates in the Industrials sector within the Agricultural, Commercial & Construction Vehicles industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of SML Mahindra Ltd?
SML Mahindra Ltd has a market capitalisation of approximately ₹7612.09 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of SML Mahindra Ltd?
The Price-to-Earnings (PE) ratio of SML Mahindra Ltd is 49.13. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of SML Mahindra Ltd?
Over the past 52 weeks, SML Mahindra Ltd has traded between a low of ₹2,719 and a high of ₹5,987.9. This range helps investors understand the stock's price volatility and recent trading levels.
Does SML Mahindra Ltd pay dividends?
Yes, SML Mahindra Ltd has a dividend yield of 0.44%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of SML Mahindra Ltd?
SML Mahindra Ltd has a Return on Equity (ROE) of 30.76%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research SML Mahindra Ltd on Tapetide?
On Tapetide, you can view SML Mahindra Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
SML ISUZU LIMITED was incorporated as Swaraj Vehicles Ltd in 1983 and was promoted by Punjab Tractors Ltd with technical collaboration Mazda Motor Corporation, Japan, and Sumitomo Corporation, Japan. In 2004, the technical collaboration agreement with Mazda expired 2004 and sold its entire stake to Sumitomo Corporation and in the same time, it signed a technical assistance agreement with Isuzu Motors. In 2011, it was renamed as SML ISUZU and Sumitomo Corporation(Japan) and Isuzu Motors(Japan) own 44% and 15% stake, respectively [1]