About
SML Mahindra Limited manufactures and sells commercial vehicles and related parts in India and internationally. Its products include trucks, buses, and special application vehicles. The company serves fleet owners, educational institutions, offices, transporters, Government agencies, and other domestic and international market through distributors and dealers. SML Mahindra Limited was formerly known as SML Isuzu Limited and changed its name to SML Mahindra Limited in October 2025. SML Mahindra Limited was incorporated in 1983 and is based in Mohali, India. As of August 1, 2025, SML Mahindra Limited operates as a subsidiary of Mahindra & Mahindra Limited.
Key Metrics
as of Sep 2026Market Cap9,114 Cr
P/E58.30
Div Yield0.37 %
Book Value₹359.00
52w High₹6,310.00
52w Low₹2,700.00
Face Value₹10.00
Quarterly Results
Rs. Crores · hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 958.00 | 898.00 | 539.00 | 555.00 | 846.00 | 771.00 | 332.00 | 550.00 | 746.00 | 680.00 | 386.00 | 499.00 | 632.00 |
| Expenses | 857.00 | 807.00 | 498.00 | 513.00 | 741.00 | 681.00 | 313.00 | 505.00 | 665.00 | 608.00 | 364.00 | 459.00 | 585.00 |
| Operating Profit | 100.00 | 90.00 | 41.00 | 42.00 | 105.00 | 90.00 | 18.00 | 45.00 | 81.00 | 71.00 | 22.00 | 39.00 | 47.00 |
| OPM % | 10.00 | 10.00 | 8.00 | 8.00 | 12.00 | 12.00 | 6.00 | 8.00 | 11.00 | 10.00 | 6.00 | 8.00 | 7.00 |
| Other Income | 1.00 | 3.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 1.00 | 2.00 | 1.00 | 0.00 | 2.00 |
| Depreciation | 13.00 | 13.00 | 13.00 | 13.00 | 12.00 | 12.00 | 12.00 | 12.00 | 12.00 | 12.00 | 12.00 | 12.00 | 12.00 |
| Interest | 3.00 | 7.00 | 6.00 | 3.00 | 5.00 | 9.00 | 7.00 | 6.00 | 8.00 | 11.00 | 8.00 | 7.00 | 5.00 |
| Profit before tax | 85.00 | 73.00 | 24.00 | 28.00 | 90.00 | 71.00 | 1.00 | 29.00 | 62.00 | 50.00 | 3.00 | 21.00 | 32.00 |
| Tax % | 25.00 | 25.00 | 25.00 | 26.00 | 25.00 | 26.00 | 29.00 | 24.00 | 25.00 | -4.00 | 6.00 | 0.00 | 1.00 |
| Net Profit | 64.00 | 54.00 | 18.00 | 21.00 | 67.00 | 53.00 | 1.00 | 22.00 | 46.00 | 52.00 | 3.00 | 21.00 | 32.00 |
| EPS in Rs | 43.96 | 37.45 | 12.12 | 14.55 | 46.27 | 36.59 | 0.37 | 15.06 | 32.06 | 36.15 | 1.85 | 14.57 | 21.97 |
Profit & Loss
Annual · Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,838.00 | 2,399.00 | 2,196.00 | 1,822.00 | 924.00 | 591.00 | 1,154.00 | 1,409.00 | 1,135.00 | 1,356.00 | 1,166.00 | 1,106.00 |
| Expenses | 2,560.00 | 2,164.00 | 2,017.00 | 1,740.00 | 965.00 | 660.00 | 1,142.00 | 1,335.00 | 1,090.00 | 1,246.00 | 1,079.00 | 1,036.00 |
| Operating Profit | 278.00 | 235.00 | 179.00 | 82.00 | -41.00 | -69.00 | 12.00 | 74.00 | 45.00 | 110.00 | 87.00 | 69.00 |
| OPM % | 10.00 | 10.00 | 8.00 | 4.50 | -4.50 | -12.00 | 1.00 | 5.00 | 4.00 | 8.00 | 7.00 | 6.00 |
| Other Income | 8.00 | 6.00 | 5.00 | 3.00 | 6.00 | 5.00 | 5.00 | 4.00 | 3.00 | 4.00 | 6.00 | 5.00 |
| Interest | 21.00 | 30.00 | 30.00 | 25.00 | 22.00 | 23.00 | 15.00 | 16.00 | 11.00 | 6.00 | 5.00 | 6.00 |
| Depreciation | 52.00 | 48.00 | 48.00 | 42.00 | 44.00 | 46.00 | 41.00 | 38.00 | 28.00 | 24.00 | 20.00 | 20.00 |
| Profit before tax | 214.00 | 162.00 | 106.00 | 17.00 | -100.00 | -133.00 | -38.00 | 24.00 | 9.00 | 84.00 | 68.00 | 49.00 |
| Tax % | 25.00 | 25.00 | -1.00 | -15.00 | -1.00 | 0.00 | -45.00 | 20.00 | 10.00 | 25.00 | 25.00 | 24.00 |
| Net Profit | 160.00 | 122.00 | 108.00 | 20.00 | -100.00 | -133.00 | -21.00 | 20.00 | 8.00 | 63.00 | 51.00 | 37.00 |
| EPS in Rs | 110.39 | 84.08 | 74.55 | 13.71 | -68.94 | -92.24 | -14.55 | 13.52 | 5.87 | 43.54 | 35.35 | 25.53 |
| Dividend Payout % | 21.00 | 21.00 | 21.00 | 0.00 | 0.00 | 0.00 | 0.00 | 22.00 | 26.00 | 18.00 | 23.00 | 24.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14.00 | 14.00 | 14.00 | 14.00 | 14.00 | 14.00 | 14.00 | 14.00 | 14.00 | 14.00 | 14.00 | 14.00 |
| Reserves | 505.00 | 368.00 | 271.00 | 163.00 | 147.00 | 241.00 | 370.00 | 399.00 | 384.00 | 389.00 | 326.00 | 288.00 |
| Borrowings | 289.00 | 327.00 | 421.00 | 265.00 | 298.00 | 261.00 | 185.00 | 246.00 | 212.00 | 41.00 | 55.00 | 22.00 |
| Other Liabilities | 588.00 | 590.00 | 506.00 | 494.00 | 357.00 | 279.00 | 289.00 | 435.00 | 377.00 | 341.00 | 332.00 | 350.00 |
| Total Liabilities | 1,397.00 | 1,299.00 | 1,213.00 | 937.00 | 816.00 | 796.00 | 859.00 | 1,095.00 | 987.00 | 785.00 | 727.00 | 675.00 |
| Fixed Assets | 337.00 | 321.00 | 340.00 | 356.00 | 349.00 | 389.00 | 426.00 | 380.00 | 365.00 | 215.00 | 171.00 | 138.00 |
| CWIP | 47.00 | 59.00 | 11.00 | 11.00 | 16.00 | 5.00 | 3.00 | 27.00 | 35.00 | 78.00 | 40.00 | 27.00 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Assets | 1,013.00 | 919.00 | 861.00 | 569.00 | 450.00 | 403.00 | 429.00 | 688.00 | 587.00 | 492.00 | 515.00 | 511.00 |
| Total Assets | 1,397.00 | 1,299.00 | 1,213.00 | 937.00 | 816.00 | 796.00 | 859.00 | 1,095.00 | 987.00 | 785.00 | 727.00 | 675.00 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 156.00 | 177.00 | -50.00 | 90.00 | -19.00 | -47.00 | 150.00 | 55.00 | -33.00 | 121.00 | -12.00 | 69.00 |
| Cash from Investing Activity | -66.00 | -61.00 | -46.00 | -42.00 | -7.00 | -28.00 | -47.00 | -58.00 | -98.00 | -89.00 | -13.00 | -103.00 |
| Cash from Financing Activity | -89.00 | -148.00 | 127.00 | -55.00 | 17.00 | 60.00 | -97.00 | 10.00 | 146.00 | -34.00 | 17.00 | 11.00 |
| Net Cash Flow | 1.00 | -32.00 | 31.00 | -7.00 | -8.00 | -15.00 | 6.00 | 8.00 | 15.00 | -2.00 | -8.00 | -23.00 |
| Free Cash Flow | 86.00 | 116.00 | -87.00 | 49.00 | -38.00 | -66.00 | 102.00 | -6.00 | -132.00 | 1.00 | -79.00 | 34.00 |
| CFO/OP % | 75.00 | 76.00 | -27.00 | 103.00 | 71.00 | 67.00 | 1,259.00 | 80.00 | -60.00 | 132.00 | 9.00 | 109.00 |
Ratios
Annual · Days / % — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 35.00 | 40.00 | 28.00 | 15.00 | 31.00 | 24.00 | 12.00 | 38.00 | 38.00 | 31.00 | 32.00 | 34.00 |
| Inventory Days | 111.00 | 116.00 | 125.00 | 105.00 | 143.00 | 202.00 | 109.00 | 146.00 | 158.00 | 107.00 | 146.00 | 129.00 |
| Days Payable | 68.00 | 74.00 | 71.00 | 73.00 | 118.00 | 142.00 | 67.00 | 94.00 | 92.00 | 70.00 | 74.00 | 90.00 |
| Cash Conversion Cycle | 78.00 | 82.00 | 81.00 | 48.00 | 56.00 | 84.00 | 54.00 | 91.00 | 104.00 | 69.00 | 104.00 | 73.00 |
| Working Capital Days | 23.00 | 17.00 | -7.00 | -31.00 | -74.00 | -69.00 | 8.00 | 28.00 | 41.00 | 44.00 | 41.00 | 29.00 |
| ROCE % | 31.00 | 27.00 | 24.00 | 9.00 | -16.00 | -20.00 | -4.00 | 6.00 | 4.00 | 22.00 | 20.00 | 19.00 |
Corporate Actions
27 records| Action | Ex Date | Record Date | Ratio | Amount (₹) | Notes |
|---|---|---|---|---|---|
| Dividend | 03 Jul 2026 | 03 Jul 2026 | — | 23.50 | |
| Dividend | 09 Jul 2025 | 09 Jul 2025 | — | 18.00 | |
| Dividend | 06 Sep 2024 | 06 Sep 2024 | — | 16.00 | |
| Other | 06 Sep 2024 | — | — | — | Annual General Meeting |
| Other | 08 Sep 2023 | — | — | — | Annual General Meeting |
| Other | 12 Sep 2022 | — | — | — | Annual General Meeting |
| Other | 20 Jul 2021 | — | — | — | Annual General Meeting |
| Other | 12 Aug 2020 | — | — | — | Annual General Meeting |
| Dividend | 19 Sep 2019 | — | — | 3.00 | |
| Dividend | 01 Aug 2018 | — | — | 1.50 | |
| Dividend | 14 Sep 2017 | — | — | 8.00 | |
| Dividend | 28 Jul 2016 | — | — | 8.00 | |
| Dividend | 27 Aug 2015 | — | — | 6.00 | |
| Dividend | 27 Aug 2014 | — | — | 3.00 | |
| Dividend | 29 Aug 2013 | — | — | 8.00 | |
| Dividend | 15 Jun 2012 | — | — | 8.00 | |
| Dividend | 13 Jul 2011 | — | — | 1.50 | NSE/BSE dividend mismatch: BSE/NSE=6.5; BSE/NSE=1.5 |
| Dividend | 13 Jul 2011 | — | — | 6.50 | NSE/BSE dividend mismatch: BSE/NSE=6.5; BSE/NSE=1.5 |
| Dividend | 03 Sep 2010 | — | — | 4.00 | |
| Rights | 09 Feb 2010 | 10 Feb 2010 | 19:50 | — | |
| Other | 09 Feb 2010 | 10 Feb 2010 | — | — | Right Issue of Equity Shares |
| Dividend | 11 Sep 2009 | — | — | 1.50 | |
| Dividend | 20 Jun 2008 | — | — | 5.50 | |
| Dividend | 14 Sep 2007 | — | — | 5.50 | |
| Dividend | 18 Aug 2006 | — | — | 5.50 | |
| Dividend | 14 Sep 2005 | — | — | 7.50 | |
| Dividend | 20 Aug 2001 | — | — | 1.50 |
Announcements
5 filingsShareholding Pattern
Open on BSEFinancial Results — Filings
Open on BSEBoard Filings
Open on BSEAnnual Reports
Credit Ratings
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Rating update28 Nov 2025 from icra
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Rating update17 Oct 2025 from icra
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Rating update5 May 2025 from icra
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Rating update6 Sep 2024 from icra
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Rating update14 Aug 2023 from icra
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Rating update1 Aug 2022 from icra