Skip to content
SML Mahindra logo

SML Mahindra

SMLMAH NSE
₹4,928.80 +20.60 (+0.42%)
P/E
48.51
View as Markdown
MCP
Close 4 Nov 2026 ₹4,928.80 +1,793.70 +57.2% 1Y
Start ₹3,135.10

Key Fundamentals

MicrocapAgricultural Commercial & Construction VehiclesCapital Goods

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
30.90%
Debt to Equity
0.07
EPS (TTM)
₹101.61
Book Value
₹386.94
Market Cap
—
P/E (TTM)
48.51
P/B
12.74
ROE
35.40%
Dividend Yield
0.48%
EBITDA
₹287 Cr
52W High
₹6,898.50
52W Low
₹2,749.00
Day Range
₹4,794.10 – ₹4,967.30
Volume
38,114

Peer Comparison

Industrials › Automobiles › Commercial Vehicles

SML Mahindra peer comparison
Tata Motors
₹402.8023.56₹1,50,000 Cr9.700.99%34.00%35.90%₹87,197 Cr₹4,187 Cr
Ashok Leyland
₹154.0326.02₹90,487 Cr6.352.29%27.40%13.60%₹57,723 Cr₹3,731 Cr
SML Mahindra (this company)
₹4,928.8048.51₹6,946 Cr12.740.48%35.40%30.90%₹3,064 Cr₹148 Cr
Atul Auto
₹390.5022.94₹1,064 Cr2.210.78%9.30%11.30%₹890 Cr₹49 Cr
Median 4 companies₹396.6524.79₹48,717 Cr8.020.89%30.70%22.25%₹30,394 Cr₹1,940 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

57 Good

Data confidence 100/100

Category scores

Quality
60
Good
Returns, margins, earnings quality 22% weight
Valuation
43
Weak
Cheap vs sector & own history 24% weight
Growth
60
Good
Sales & profit trajectory 9% weight
Financial Health
45
Weak
Solvency, leverage, coverage 9% weight
Momentum
58
Good
Trend strength, vol-adjusted 12% weight
Ownership
71
Strong
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

5
  • Company has reduced debt.
  • Company is almost debt free.
  • 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

1
  • Stock is trading at 14.3 times its book value

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish946
OscillatorsBullish243
Moving AveragesStrong Bearish703

Key readings

RSI (14)
37.68
Neutral
MACD (12,26,9)
−334.63
Bearish
SMA (50)
5,809.29
Bearish
SMA (200)
4,589.06
Bullish

As of

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+9.30%
5Y+36.86%
3Y+15.92%
1Y+18.30%
TTM+22.40%

Net profit

Net profit growth by window
10Y+12.11%
5YTurned to profit
3Y+100.00%
1Y+31.15%
TTM+4.23%

Operating cash flow

Operating cash flow growth by window
10YTurned positive
5YTurned positive
3Y+20.12%
1Y−11.86%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+2.34 pp
5Y+21.48 pp
3Y+5.30 pp
1Y0.00 pp
TTM−1.70 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,356 Cr
Mar 2018₹1,135 Cr
Mar 2019₹1,409 Cr
Mar 2020₹1,154 Cr
Mar 2021₹591 Cr
Mar 2022₹924 Cr
Mar 2023₹1,822 Cr
Mar 2024₹2,196 Cr
Mar 2025₹2,399 Cr
Mar 2026₹2,838 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹63.00 Cr
Mar 2018₹8.00 Cr
Mar 2019₹20.00 Cr
Mar 2020−₹21.00 Cr
Mar 2021−₹133 Cr
Mar 2022−₹100 Cr
Mar 2023₹20.00 Cr
Mar 2024₹108 Cr
Mar 2025₹122 Cr
Mar 2026₹160 Cr

AI Analysis — Bull vs Bear

Generated 31 Jul 2026
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 7
  • PE ratio of 50.7x is elevated for an industrial company, pricing in significant future growth that may not materialize
  • 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

94d ago

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.

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.

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.

Quarterly Results

₹ Cr
SMLMAH quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
499
386
680
746
550
332
771
846
555
539
898
958
670
Expenses
459
364
608
665
505
313
681
741
513
498
807
857
641
Operating Profit
39
22
71
81
45
18
90
105
42
41
90
100
29
OPM %
8%
6%
10%
11%
8%
6%
12%
12%
8%
8%
10%
10%
4.3%
Other Income
0
1
2
1
2
2
2
2
2
2
3
1
2
Interest
7
8
11
8
6
7
9
5
3
6
7
3
1
Depreciation
12
12
12
12
12
12
12
12
13
13
13
13
13
PBT
21
3
50
62
29
1
71
90
28
24
73
85
16
Tax %
0%
6%
−4%
25%
24%
29%
26%
25%
26%
25%
25%
25%
26%
Net Profit
21
3
52
46
22
1
53
67
21
18
54
64
12
EPS (₹)
14.57
1.85
36.15
32.06
15.06
0.37
36.59
46.27
14.55
12.12
37.45
43.96
8.08

Profit & Loss

₹ Cr
SMLMAH profit and loss, annual, ₹ crore
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
3,064
Expenses
1,036
1,079
1,246
1,090
1,335
1,142
660
965
1,740
2,017
2,164
2,560
2,804
Operating Profit
69
87
110
45
74
12
−69
−41
82
179
235
278
260
OPM %
6%
7%
8%
4%
5%
1%
−12%
−4.5%
4.5%
8%
10%
10%
8%
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
16
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
197
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
147
EPS (₹)
25.53
35.35
43.54
5.87
13.52
−14.55
−92.24
−68.94
13.71
74.55
84.08
110
102
Div. Payout %
24%
23%
18%
26%
22%
0%
0%
0%
0%
21%
21%
21%
—

Balance Sheet

₹ Cr
SMLMAH balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
14
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
545
Borrowings
22
55
41
212
246
185
261
298
265
421
327
289
38
Other Liabilities
350
332
341
377
435
289
279
357
494
506
590
588
568
Total Liabilities
675
727
785
987
1,095
859
796
816
937
1,213
1,299
1,397
1,166
Fixed Assets
138
171
215
365
380
426
389
349
356
340
321
337
356
CWIP
27
40
78
35
27
3
5
16
11
11
59
47
45
Investments
0
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
765
Total Assets
675
727
785
987
1,095
859
796
816
937
1,213
1,299
1,397
1,166

Cash Flow

₹ Cr
SMLMAH cash flow, annual, ₹ crore
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/EBITDA
109
9
132
−60
80
1,259
67
71
103
−27
76
75

Ratios

SMLMAH financial ratios, annual
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

Log in to view SML Mahindra insights

62 extracted metrics across FY08–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 58.97%
  • Public 29.44%
  • Others 5.19%
  • FIIs 3.65%
  • DIIs 2.75%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

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.
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 Automobiles sector, in the Commercial Vehicles industry.
What is the PE ratio of SML Mahindra Ltd?
SML Mahindra Ltd trades at a PE ratio of 48.51 as of 4 Nov 2026, on earnings per share of ₹101.61, against a book value of ₹386.94 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 ₹2,749 and ₹6,898.5 as of 4 Nov 2026.
Does SML Mahindra Ltd pay dividends?
SML Mahindra Ltd has a dividend yield of 0.48%.
What is the Return on Equity (ROE) of SML Mahindra Ltd?
SML Mahindra Ltd reported a return on equity of 35.40%. Its debt-to-equity ratio is 0.07.

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

Website smlmahindra.com
Listed 29 Aug 2003
Face Value ₹10

For AI agents and developers

Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/SMLMAH.md for SML Mahindra Ltd: dated key facts, then this page's sections in order: latest price, key fundamentals, peer comparison, the Tapetide Score, technical indicators, analyst ratings, growth rates, analyst forecasts, the AI analysis and news digest (labelled as AI-generated), financial statements, shareholding pattern, documents and the FAQ.

Append .md to any Tapetide URL for the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live, structured queries instead of documents, use our Indian stock market MCP server.

Explore More

More Commercial Vehicle stocks → FII DII DataStock ScreenerNifty 50 HeatmapF&O Ban ListFII and DII flows, month by monthHow Tapetide Scores changed, month by monthStocks mutual funds are buying, month by month