SMLMAH
SML Mahindra share price & financials
- Price
- ₹4,085.2
- Market cap
- ₹9.5k Cr
- Sector
- Capital Goods
- Calls analysed
- 2
SMLMAH Q4 FY26
What went well
- Full year revenue grew by 18%, outperforming industry growth of 17% vs 13% respectively.
- Full year PAT increased by 31%, significantly higher than revenue growth.
- Company's credit rating improved two notches from AA minus to AA plus.
What to watch
- Q4 PAT growth was only 2% due to inflationary pressures.
- Minor blip in Q4 market share for cargo vehicles due to pre-poning institutional orders to Q3.
What SML Mahindra Limited does
SML Mahindra Limited (formerly SML Isuzu Limited) manufactures light and medium/heavy commercial vehicles at its single plant in Asron, Punjab, earning revenue from two vehicle categories: cargo vehicles (LCV and M&HCV trucks, including dual-cabin specialty trucks) and passenger vehicles (school, staff and stage-carriage buses, plus GS ambulances and an advanced life-care-support ambulance). Mahindra & Mahindra acquired a 58.96% controlling stake effective 1 August 2025, and the company was renamed from SML Isuzu to SML Mahindra shortly after; Isuzu Motors Limited of Japan, the erstwhile technical collaborator and minority shareholder, has since exited. The company sells and services vehicles through an independent dealer network and also exports to select overseas markets.
Segments
- Cargo Vehicles (Trucks)
- Passenger Vehicles (Buses)
- Manufacturing plant
- Single plant at Asron, Punjab (also company's registered office)
- Sales & service touchpoints
- 600+
- Employee strength
- 990
- Majority shareholder
- Mahindra & Mahindra Limited (58.96% controlling stake, since Aug 2025)
- Former technical collaborator
- Isuzu Motors Limited, Japan (technical adviser; erstwhile 15% shareholder, since exited)
- Product range
- LCV & M&HCV cargo trucks; school/staff/stage-carriage buses; ambulances and dual-cabin specialty trucks
Guidance record · Q4 FY26
what the last two calls moved 5 tracked 0 delivered 1 missed 4 open- Operationalization of remaining service networks went quiet said Q3 FY26 Promised: All 150 operational by end of this quarter Q4 FY26: No update provided on the progress of operationalizing the remaining 80 service networks out of the identified 150. The deadline of end of Q1 FY27 is imminent.
- ILCV trucks and buses segment market share on track said Q3 FY26 Promised: Top three Q4 FY26: Reiterated aspiration to be a top three player. Gained 170 basis points market share in buses in Q4, showing positive momentum.
All 5 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 13.2%, net profit down 4.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 550 | 332 | 771 | 846 | 555 +1% | 539 +62% | 898 +16% | 958 +13% |
| EBITDA | 45 | 18 | 90 | 105 | 42 −7% | 41 +128% | 90 +0% | 100 −5% |
| Net profit | 22 | 1 | 53 | 67 | 21 −5% | 18 +1700% | 54 +2% | 64 −4% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +76.9% 1Y
1Y: ₹3,721.6 on 10 Sept 2025 → ₹6,583. High ₹6,583 (11 Sept 2026), low ₹2,765.3 (21 Nov 2025).
How the price took the results
close before → close after
- Q4 FY26
- +0.1%
- 20 Apr
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 13.7% a year over 2 years, FY24 to FY26. Operating margin widened to 9.8%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹2.2k Cr | ₹2.4k Cr | ₹2.8k Cr |
| Operating profit | ₹179 Cr | ₹234 Cr | ₹278 Cr |
| Operating margin | 8.1% | 9.8% | 9.8% |
| Interest | ₹31 Cr | ₹30 Cr | ₹21 Cr |
| Depreciation | ₹48 Cr | ₹48 Cr | ₹51 Cr |
| Net profit | ₹108 Cr | ₹122 Cr | ₹160 Cr |
| Net margin | 4.9% | 5.1% | 5.6% |
| ROCE | 24.0% | 27.0% | 31.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹14 Cr | ₹14 Cr | ₹14 Cr | ₹14 Cr | ₹14 Cr | ₹14 Cr |
| Reserves | ₹241 Cr | ₹147 Cr | ₹163 Cr | ₹271 Cr | ₹429 Cr | ₹505 Cr |
| Borrowings | ₹261 Cr | ₹298 Cr | ₹265 Cr | ₹421 Cr | ₹254 Cr | ₹289 Cr |
| Other liabilities | ₹279 Cr | ₹357 Cr | ₹494 Cr | ₹506 Cr | ₹496 Cr | ₹588 Cr |
| Total liabilities | ₹796 Cr | ₹816 Cr | ₹937 Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.4k Cr |
| Fixed assets | ₹389 Cr | ₹349 Cr | ₹356 Cr | ₹340 Cr | ₹368 Cr | ₹337 Cr |
| Capital work in progress | ₹5 Cr | ₹16 Cr | ₹11 Cr | ₹11 Cr | ₹8 Cr | ₹47 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹403 Cr | ₹450 Cr | ₹569 Cr | ₹861 Cr | ₹817 Cr | ₹1.0k Cr |
| Total assets | ₹796 Cr | ₹816 Cr | ₹937 Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters added +15.01 pp while FIIs trimmed −14.49 pp. The shareholder count grew 44% to 41,457.
- Promoters
- 59.0%
- FIIs
- 1.2%
- DIIs
- 2.4%
- Public
- 37.4%
Since Jun 2025
- Promoters +15.01 pp
- FIIs −14.49 pp
- Public −2.67 pp
How it drifted, 12 quarters
Over this window promoters went from 44.0% to 59.0% — +15.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 44.0%, FIIs 15.3%, Public 40.8%.Dec '23: Promoters 44.0%, FIIs 15.4%, Public 40.6%.Mar '24: Promoters 44.0%, FIIs 15.8%, Public 40.2%.Jun '24: Promoters 44.0%, FIIs 15.3%, DIIs 0.1%, Public 40.6%.Sep '24: Promoters 44.0%, FIIs 15.3%, DIIs 0.1%, Public 40.6%.Dec '24: Promoters 44.0%, FIIs 15.3%, Public 40.7%.Mar '25: Promoters 44.0%, FIIs 15.2%, DIIs 0.0%, Public 40.8%.Jun '25: Promoters 44.0%, FIIs 15.7%, DIIs 0.3%, Public 40.0%.Sep '25: Promoters 59.0%, FIIs 1.8%, DIIs 0.6%, Public 38.6%.Dec '25: Promoters 59.0%, FIIs 0.6%, DIIs 0.6%, Public 39.8%.Mar '26: Promoters 59.0%, FIIs 0.8%, DIIs 1.6%, Public 38.7%.Jun '26: Promoters 59.0%, FIIs 1.2%, DIIs 2.4%, Public 37.4%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Vanaja Sundar Iyer +0.11 pp 1.87% held
- Aditatva Estates Private Limited (w.e.f.15.06.2026) newly disclosed 0.00% held
- Mahindra Kandivali Developers Limited (w.e.f.29.06.2026) newly disclosed 0.00% held
- Mahindra Manulife Insurance Limited (w.e.f. 29.04.2026) newly disclosed 0.00% held
The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of SML Mahindra Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Mahindra & Mahindra Limited | 58.97% | unchanged |
| Sachin Bansal (Partner Of Spv Enterprises) | 4.13% | unchanged |
| Sachin Bansal (Partner Of Anandam Enterprises) | 3.19% | −0.06 pp |
| Sachin Bansal (Partner Of Navodaya Enterprises) | 2.75% | −2.15 pp |
| Investor Education And Protection Fund Authority Ministry Of Corporate Affairs | 1.92% | unchanged |
| Vanaja Sundar Iyer | 1.87% | +0.11 pp |
| Martial Solren Private Limited | 0.00% | unchanged |
| The Birmingham Small Arms Company Limited | 0.00% | unchanged |
| BSA Corporation Limited | 0.00% | unchanged |
| B.S.A. Motor Cycles Limited | 0.00% | unchanged |
| Mahindra Solarize Private Limited | 0.00% | unchanged |
| Carnot Technologies Private Limited | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse SML Mahindra Limited
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