SML Mahindra Ltd

SMLMAH

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Market Cap

₹ 5,469 Cr

P/E

38.65

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Performance

MARKET LEADER

Valuation

REASONABLE

Growth

EXCEPTIONAL

Profitability

HIGH MARGIN

Technicals

Bullish

Risk

HIGH RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

SML Isuzu Ltd, formerly known as Swaraj Vehicles Limited, is a manufacturer of commercial vehicles, including trucks and buses. It was initially promoted by Punjab Tractors Ltd in India and Mazda Motor Corporation & Sumitomo Corporation in Japan.

Sumitomo Corporation happens to be a significant shareholder, reflecting strong international linkages despite the shifts in ownership dynamics over the years.

The company successfully navigated through a financial rehabilitation program and managed to eliminate losses ahead of its commitments back in the late 1990s.

SML Isuzu is noted for pioneering factory finished buses in India and has developed a variety of specialty vehicles including ambulances, fire tenders, and police vans.

In recent years, SML launched multiple product lines, including luxury and ultra-luxury buses, as well as innovative vehicles like India's first 4-wheel drive light commercial vehicles.

Sector

Automobile

Industry

Automobiles - LCVs/HCVs

Market Cap

5,469 Cr

Volatility

Moderate Risk

P/E Ratio

38.7

Industry P/E

30.6

PEG Ratio

3.0

P/B Ratio

12.3

52W High

4,744.90

52W Low

1,030.90

Sales CAGR

9.25%

37.43%

15.76%

10Y

7.00%

Profit CAGR

12.78%

—

10Y

10.10%

ROE

TTM

31.88%

29.47%

1.28%

10Y

4.29%

ROCE

TTM

30.00%

31.68%

10.44%

10Y

8.81%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
OLECTRA	1220.00	10,018 Cr	70.10	8.93	0.03	12.73	16.77	6.04
SMLMAH	3796.45	5,469 Cr	38.65	12.32	0.48	31.88	30.00	11.86
VSTTILLERS	5804.00	5,045 Cr	53.16	4.78	0.34	8.98	11.81	7.07
ATULAUTO	440.00	1,218 Cr	45.06	2.69	0.00	5.97	7.20	3.18
ZELIO	503.00	1,064 Cr	—	11.89	0.00	53.99	41.69	25.09
INDOFARM	193.70	931 Cr	33.36	1.72	0.00	5.15	7.27	3.56
IBRIGST	137.30	748 Cr	4576.67	5.83	0.00	0.13	0.16	0.13

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	632	499	386	680	746	550	332	771	846	555
Expenses	585	459	364	608	665	505	313	681	741	513
Operating Profit	47	39	22	71	81	45	18	90	105	42
OPM %	7.40	7.86	5.65	10.48	10.85	8.15	5.52	11.72	12.41	7.55
Other Income	2.20	0.22	0.97	2.02	1.16	1.55	1.63	1.72	2.06	2.12
Interest	5.22	6.53	7.88	11	8.10	5.75	7.10	8.93	5.09	2.87
Depreciation	12	12	12	12	12	12	12	12	12	13
Profit Before Tax	32	21	2.85	50	62	29	0.75	71	90	28
Tax %	0.81	0.28	5.96	-3.81	25.13	23.59	29.33	25.57	25.23	25.57
Net Profit	32	21	2.68	52	46	22	0.53	53	67	21
EPS in Rs	21.97	14.57	1.86	36.14	32.06	15.06	0.36	36.60	46.27	14.55

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,516	1,174	1,409	1,154	591	924	1,822	2,196	2,399	2,499
Expenses	1,246	1,090	1,335	1,142	660	965	1,740	2,017	2,164	2,240
Operating Profit	270	84	74	12	-69	-41	82	179	235	259
OPM %	17.81	7.18	5.28	1.03	-11.64	-4.46	4.48	8.15	9.78	10.35
Other Income	4.15	3.11	4.49	5.14	4.93	5.96	3.12	5.41	6.05	6.96
Interest	6.18	11	16	15	23	22	25	30	30	27
Depreciation	24	28	38	41	46	44	42	48	48	49
Profit Before Tax	84	9.46	24	-38	-133	-100	17	106	162	190
Tax %	25.12	10.16	19.55	45.04	-0.09	0.50	-14.82	-1.34	25.07	25.13
Net Profit	63	8.50	20	-21	-133	-100	20	108	122	142
EPS in Rs	43.72	5.87	13.53	-14.55	-92.24	-68.94	13.71	74.54	84.08	97.78
Dividend Payout %	18.37	25.55	22.17	0.00	0.00	0.00	0.00	21.46	21.41	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	14	14	14	14	14	14	14	14	14	14
Reserves	326	389	384	399	370	241	147	163	271	368
Borrowings	55	40	188	214	138	261	298	265	421	327
Other Liabilities	332	341	400	467	336	279	357	494	506	590
Total Liabilities	727	785	987	1,095	859	796	816	937	1,213	1,299
Fixed Assets	171	215	365	380	426	389	349	356	341	321
CWIP	40	78	35	27	3.15	5.06	16	11	11	59
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	515	492	587	688	429	403	450	569	861	919
Total Assets	727	785	987	1,095	859	796	816	937	1,213	1,299

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2011	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	36	55	150	-47	-19	90	-50	177
Cash from Investing Activity	-27	-58	-47	-28	-6.96	-42	-46	-61
Cash from Financing Activity	-17	10	-97	60	17	-55	127	-148
Net Cash Flow	-7.29	7.50	6.38	-15	-8.15	-7.18	31	-32

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	58.97%
FIIs	16.69%	16.68%	15.11%	15.28%	15.43%	15.81%	15.32%	15.35%	15.32%	15.24%	15.73%	1.80%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%	0.05%	0.00%	0.04%	0.29%	0.63%
Public	39.35%	39.35%	40.93%	40.76%	40.61%	40.23%	40.65%	40.64%	40.71%	40.76%	40.01%	38.60%
Total Shareholders	26,794	25,687	24,113	24,883	25,023	25,447	27,367	29,465	29,445	29,915	28,716	37,373

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Sep 01, 2025	Mahindra & mahindra limited r...	Insider - Promoter	Acquisition	1,554.60	0.10 Cr	673	0.00
Aug 30, 2025	Mahindra & mahindra limited	Insider - Promoter	Acquisition	2.31	0.00 Cr	673	0.00
Aug 04, 2025	Sumitomo corporation	Insider - Promoter	Disposal	650.00	413.55 Cr	63,62,306	43.96
Jul 23, 2025	Hrti private limited	Bulk	Buy	3,862.51	38.07 Cr	98,566	0.68
Jul 23, 2025	Hrti private limited	Bulk	Sell	3,877.20	34.72 Cr	89,560	0.61
Jul 09, 2025	Hrti private limited	Bulk	Buy	3,048.10	39.39 Cr	1,29,213	0.89
Jul 09, 2025	Hrti private limited	Bulk	Sell	3,067.13	39.87 Cr	1,29,993	0.89
Jul 08, 2025	Hrti private limited	Bulk	Sell	2,820.89	21.28 Cr	75,421	0.52
Jul 08, 2025	Hrti private limited	Bulk	Buy	2,819.30	20.56 Cr	72,935	0.50
Jul 04, 2025	Hrti private limited	Bulk	Buy	2,642.53	20.88 Cr	79,018	0.54

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

Regulatory Filing

5 days ago

Disclosure of Income Tax Order

The company disclosed receipt of a tax order from the Income Tax Department regarding transfer pricing adjustments totaling Rs. 16.41 lacs.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q1 FY21

Investor Presentation

Q4 FY19

Investor Presentation

Q1 FY19

Investor Presentation

Q4 FY18

Investor Presentation

Q4 FY18

Investor Presentation

Q2 FY18

Investor Presentation

Q2 FY18

Investor Presentation

Q1 FY18

Showing 1 - 8 of 13

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Oscillators

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Bullish

Bearish

Neutral

Bullish

Overall

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Bullish

Bearish

Neutral

Bullish

Moving Averages

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Neutral

Bullish

Overall

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Bearish

Neutral

Bullish

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
OLECTRA	1220.00	10,018 Cr	70.10	8.93	0.03	12.73	16.77	6.04
SMLMAH	3796.45	5,469 Cr	38.65	12.32	0.48	31.88	30.00	11.86
VSTTILLERS	5804.00	5,045 Cr	53.16	4.78	0.34	8.98	11.81	7.07
ATULAUTO	440.00	1,218 Cr	45.06	2.69	0.00	5.97	7.20	3.18
ZELIO	503.00	1,064 Cr	—	11.89	0.00	53.99	41.69	25.09
INDOFARM	193.70	931 Cr	33.36	1.72	0.00	5.15	7.27	3.56
IBRIGST	137.30	748 Cr	4576.67	5.83	0.00	0.13	0.16	0.13

Overview

Detailed Summary

Sumitomo Corporation happens to be a significant shareholder, reflecting strong international linkages despite the shifts in ownership dynamics over the years.

The company successfully navigated through a financial rehabilitation program and managed to eliminate losses ahead of its commitments back in the late 1990s.

SML Isuzu is noted for pioneering factory finished buses in India and has developed a variety of specialty vehicles including ambulances, fire tenders, and police vans.

In recent years, SML launched multiple product lines, including luxury and ultra-luxury buses, as well as innovative vehicles like India's first 4-wheel drive light commercial vehicles.

Sector

Automobile

Industry

Automobiles - LCVs/HCVs

Market Cap

5,469 Cr

Volatility

Moderate Risk

P/E Ratio

38.7

Industry P/E

30.6

PEG Ratio

3.0

P/B Ratio

12.3

52W High

4,744.90

52W Low

1,030.90

Sales CAGR

9.25%

37.43%

15.76%

10Y

7.00%

Profit CAGR

12.78%

—

10Y

10.10%

ROE

TTM

31.88%

29.47%

1.28%

10Y

4.29%

ROCE

TTM

30.00%

31.68%

10.44%

10Y

8.81%

Sml Mahindra Ltd

SML Mahindra Ltd

SMLMAH

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Investment Checklist

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Overview

Sector

Industry

Market Cap

Volatility

P/E Ratio

Industry P/E

PEG Ratio

P/B Ratio

52W High

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Technicals

Forecasts

Peers

Price Chart Comparison

Financial Statements

AI Powered Summary

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Standalone Quarterly Results (in ₹ Crores)

Standalone Profit Loss (in ₹ Crores)

Standalone Balance Sheet (in ₹ Crores)

Standalone Cash Flows (in ₹ Crores)

Shareholdings

Shareholding History

Market Transactions

Projection

Actions

Announcements

Documents

AI Mode

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Technicals

Oscillators

Bullish

Overall

Bullish

Moving Averages

Bullish

Overall

Bullish

Forecasts

SML Mahindra Ltd

SMLMAH

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Projection

Peers

Price Chart Comparison

Overview

Sector

Industry

Market Cap

Volatility

P/E Ratio

Industry P/E

PEG Ratio

P/B Ratio

52W High

52W Low

Investment Checklist

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