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    Consumer Cyclical

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    Auto - Manufacturers
SML Mahindra Limited

SML Mahindra Limited

SMLISUZU.BO
SML Mahindra LimitedIN flagBombay Stock Exchange
4,038.50
INR
+151.75
- -
58.44BMarket Cap
SML Mahindra Limited
SMLISUZU.BO
(Bombay Stock Exchange)

Recent

price

4,038.50

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
702.17
628.82
715.77
692.46
608.96
763.94
799.61
931.37
778.31
966
790.41
403.05
631.74
1,250.22
1,508.28
1,646.38
1,705.35
Revenue per Share
19.44
25.26
28.93
25.18
12.02
25.53
35.35
43.54
5.87
13.53
-14.55
-92.24
-68.94
13.71
74.54
84.08
97.72
Basic EPS, GAAP
92.06
17.63
36.86
-32.83
99.59
23.75
-54.44
83.35
-91.54
-4.39
70.28
-45.71
-26.01
33.69
-63.65
79.81
- -
Free Cash Flow per Basic Share
1.73
4
8
7.97
7.95
3.06
5.97
7.85
7.92
1.47
2.97
0.18
0.08
0.14
0.2
16.05
- -
Dividend per Share
171.85
44.02
60.76
74.06
81.37
97.12
119.31
158.79
155.21
164.38
145.01
54.74
-10.79
0.96
75.34
142.42
- -
Book Value per Share
169.37
142
160.26
176.86
185.45
203.97
240.03
274.28
261.25
264.27
216.74
132.83
69.36
64.3
144.61
215.89
- -
Tangible Book Value per Share
11
14
14
14
14
14
14
14
14
14
14
14
14
14
14
14
15
Basic Weighted Avg Shares
7,752
9,100
10,358
10,021
8,813
11,055
11,572
13,478
11,263
13,980
11,439
5,833
9,142
18,093
21,827
23,826
24,824
Sales/Revenue/Turnover
13.9
6.48
13.44
6.1
2.55
4.67
5.84
6.42
1.61
2.59
-2.47
-19.6
-9.18
2.18
6.06
7.85
8.48
Operating Margin (%)
86
89
104
122
128
198
196
238
284
384
407
462
435
424
475
484
487
Depreciation Expense
215
366
419
364
174
369
512
630
85
196
-211
-1,335
-998
198
1,079
1,217
1,422
Net Income, GAAP
29.48
28.85
30.3
24.87
1.77
24.22
25.12
25.12
10.16
19.55
- -
- -
- -
- -
- -
25.07
25.12
Effective Tax Rate (%)
2.77
4.02
4.04
3.64
1.97
3.34
4.42
4.67
0.75
1.4
-1.84
-22.89
-10.91
1.1
4.94
5.11
5.73
Profit Margin (%)
1,555
1,123
1,310
1,428
1,544
1,765
1,812
1,694
1,486
1,377
627
-779
-1,729
-1,468
51
1,316
- -
Working Capital
846
850
- -
- -
- -
- -
5
350
1,185
1,042
1,032
538
146
206
434
650
- -
LT Debt
1,897
2,128
2,412
2,641
2,764
3,029
3,545
4,038
3,981
4,136
3,849
2,556
1,615
1,779
2,856
3,827
- -
Total Equity
25.71
12.77
26.8
11.97
6.28
13.01
13.74
15.13
3.09
4.6
- -
- -
- -
- -
- -
19.77
- -
Return on Invested Capital (%)
11.76
17.01
23.1
15.94
11.62
28.44
27.94
26.94
4.67
6.91
- -
- -
- -
- -
- -
27.01
68.37
Return on Capital (%)
14.99
28.85
55.23
37.35
15.47
28.6
32.67
31.31
3.74
8.46
-9.41
-92.36
- -
- -
195.38
77.22
- -
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'25
Mar'25
Jun'26
ST Debt
- -
2,620
- -
LT Borrowings
- -
626
- -
LT Finance Leases
- -
25
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
- -
14
- -
Market Capitalization
20,470
22,773
30,770

Working Capital

FRC

•

in mil. unless spec.
Dec'25
Mar'25
Jun'26
Total Current Assets
- -
9,033
- -
Cash, Cash Equivalents & STI
- -
67
- -
Accounts Receivable, Net
- -
2,653
- -
Inventories
- -
5,780
- -
Total Current Liabilities
- -
7,717
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
2,620
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.07%
6.85%
33.99%
Free Cash Flow
-353.89%
-190.4%
-225.4%
Net Income, GAAP
74.32%
169.06%
12.79%
Sales/Revenue/Turnover
14.61%
27.09%
9.16%
Total Cash Common Dividend
821.33%
1,613.16%
8,091.85%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
6,316
4,986
3,861
6,664
21,827
2025
7,460
5,497
3,318
7,550
23,826
2026
8,459
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
21.97
14.57
1.86
- -
74.54
2025
32.06
15.06
0.36
- -
84.08
2026
46.27
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.2
2025
- -
- -
- -
- -
16.05
2026
- -
- -
- -
- -
- -
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Business
SML Mahindra Limited (formerly SML Isuzu Limited) manufactures and sells light and medium commercial vehicles, including trucks, buses, school buses, staff buses, ambulances, police personnel carriers, water tankers, and customized special vehicles, in India and select international markets. The company's product portfolio features bus models such as S7 School Bus, Executive LX School Bus, Hiroi School Bus, Ecomax School Bus, S7 Bus, Executive LX, BH Series Bus, and SML Staff Bus; truck models including Sartaj HG72, Samrat HD19, Sartaj 59 XM, Prestige, Supreme, Super, Samrat 1312, and 5252 XM; and specialized offerings like fully built ambulances and chassis for buses such as IS12TE, NQR, LT134, and FR1318. Established in 1983 and headquartered in Village Asron, District Shahid Bhagat Singh Nagar, Nawanshahr, Punjab, India, SML Mahindra operates a pan-India sales, service, and spare parts network and exports to countries including Nepal, Zambia, Bangladesh, Kenya, Tanzania, Ghana, Ivory Coast, Rwanda, Seychelles, Syria, and Jordan. In a significant strategic shift, Mahindra & Mahindra Ltd. completed the acquisition of a 58.96% controlling stake in April 2025 for Rs 555 crore from Sumitomo Corporation (43.96%) and Isuzu Motors (15%), with the Competition Commission of India approving the transaction in June 2025 and the deal finalizing on August 1, 2025, making SML Mahindra a subsidiary of Mahindra & Mahindra. Mahindra further increased its holding to 58.97% through an open offer acquiring 673 additional equity shares from public shareholders. This acquisition marks the end of Sumitomo's promoter status and integrates SML Mahindra into the Mahindra Group's commercial vehicle operations, enhancing capabilities in the over-3.5-tonne segment where Mahindra previously held a limited market share. The company, which pioneered fully built buses, ambulances, and customized vehicles in India, continues to focus on light commercial vehicles (LCVs) with over 40 years of manufacturing experience.