SML Mahindra logo

SML Mahindra

SMLMAH NSE

Key Fundamentals

MicrocapCommercial VehiclesAutomobiles
Market Cap
₹9,069 Cr
Volatility
Moderate
P/E Ratio
60.91
EBITDA
₹287 Cr
Return on Equity
30.76%
Debt to Equity
0.56
Book Value
₹358.9
EPS
₹84.64
52W High
₹6,654
52W Low
₹2,719

Tapetide Score

Data-driven rating, 0–100. How it works →

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 18.3 times its book value
  • Company might be capitalizing the interest cost

Growth Rate

Revenue Growth
18.35% higher than 3Y
Net Income Growth
31.31% lower than 3Y
Cash Flow Change
-12% lower than 3Y
ROE
-3.27% lower than 3Y
ROCE
6.12% lower than 3Y
EBITDA Margin (Avg.)
0.7% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 44d ago
AI 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 anthropic claude-opus-4.6 42d 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

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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62 extracted metrics + investor summaries across FY08–FY26.

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Shareholding Pattern

FIIs1.24%Promot.58.97%DIIs2.43%Others5.62%Public31.74%As ofJun 2026

Documents

1
Concall - Sep 2020 Sep 2020
2
Concall - Sep 2020 Sep 2020
3
Concall - May 2019 May 2019
4
Concall - May 2019 May 2019
5
Concall - Aug 2018 Aug 2018

Frequently Asked Questions about SML Mahindra

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 trades as SMLMAH on the NSE and under code 505192 on the BSE.
Which sector does SML Mahindra Ltd belong to?
SML Mahindra Ltd is classified under the Industrials sector, in the Agricultural, Commercial & Construction Vehicles industry.
What is the market capitalisation of SML Mahindra Ltd?
SML Mahindra Ltd has a market capitalisation of ₹9,069 Cr, which places it in the Mid Cap band.
What is the PE ratio of SML Mahindra Ltd?
SML Mahindra Ltd trades at a PE ratio of 60.91, on earnings per share of ₹84.64, against a book value of ₹358.9 per share.
What is the 52-week high and low of SML Mahindra Ltd?
Over the last 52 weeks SML Mahindra Ltd has traded between ₹2,719 and ₹6,654.
Does SML Mahindra Ltd pay dividends?
SML Mahindra Ltd has a dividend yield of 0.37%.
What is the Return on Equity (ROE) of SML Mahindra Ltd?
SML Mahindra Ltd reported a return on equity of 30.76%. Its debt-to-equity ratio is 0.56.

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]

Website smlmahindra.com
Listed 2003-08-29
Face Value ₹ 10
Issued Size 1,44,71,646

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