SML Mahindra Limited
NSE: SMLMAH · Commercial Vehicles · sector
₹4,616.00NSE close 2026-10-26
Key numbers
Market cap₹6,684 cr
Price₹4,616.00
52w high / low₹6,898 / ₹2,749
P/E45.4xSector median 33.8x
P/B11.9xSector median 5.8x
Book value₹386.7
Dividend yield0.38%Sector median 1.29%
ROE29.3%Sector median 26.3%
ROCE36.2%Sector median 12.9%
OPM8.5%Sector median 10.1%
Debt / equity0.05xSector median 0.38x
EV/EBITDA25.7xSector median 18.2x
Interest cover13.0x
Current ratio1.41x
Sales growth 3y+15.9%Sector median +15.9%
Profit growth 3y+100.5%Sector median +100.5%
PEG0.45x
Last 12 months to Sep 2026, Standalone. "Sector median" = middle value of 5 companies in Commercial Vehicles (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹21 cr vs borrowings ₹280 cr (FY26): borrowings are higher by ₹259 cr.
- Operating profit covered interest 13.0x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 2 of the last 5 years (FY26, FY24).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 5% of net profit in the last 12 months.
- Dividend paid in 2 of the last 5 financial years.
- Price ₹4,616.00 on 2026-10-26: -33.1% from the 52-week high, +67.9% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹6,603.00 · low ₹1,127.95
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 332 | 771 | 846 | 555 | 539 | 898 | 958 | 670 |
| EBITDA | 18 | 90 | 105 | 42 | 41 | 90 | 100 | 29 |
| OPM % | 5.5% | 11.7% | 12.4% | 7.6% | 7.6% | 10.1% | 10.5% | 4.3% |
| Other income | 2 | 2 | 2 | 2 | 2 | 3 | 1 | 2 |
| Net profit | 1 | 53 | 67 | 21 | 18 | 54 | 64 | 12 |
| EPS (₹) | 0.36 | 36.60 | 46.27 | 14.55 | 12.11 | 37.46 | 43.96 | 8.09 |
| Revenue YoY | +62.5% | +16.4% | +13.2% | +20.7% | ||||
| Profit YoY | +3,209.4% | +2.4% | -5.0% | -44.4% |
Standalone figures where filed. Latest quarter Sep 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 924 | 1,822 | 2,196 | 2,399 | 2,838 | 3,064 |
| EBITDA | -41 | 82 | 179 | 235 | 278 | 260 |
| Net profit | -100 | 20 | 108 | 122 | 160 | 147 |
| EPS (₹) | -68.94 | 13.71 | 74.54 | 84.08 | 110.39 | 101.62 |
| Revenue growth | +97.1% | +20.6% | +9.2% | +18.3% | +22.4% | |
| Profit growth | – | +444.0% | +12.8% | +31.3% | +3.9% | |
| Dividend / share (₹) | – | – | – | 16.00 | 18.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +15.9% | +36.8% | +22.4% |
| Net profit | +100.5% | – | +3.9% |
| EPS | +100.4% | – | – |
| Share price | – | – (2y) | – |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 178 | 286 | 383 | 519 |
| Borrowings | – | 258 | 416 | 322 | 280 |
| Cash & equivalents | – | 6 | 49 | 20 | 21 |
| Total assets | – | 937 | 1,213 | 1,299 | 1,397 |
| Fixed assets | – | 275 | 267 | 263 | 291 |
| Capital work in progress | – | 1 | 3 | 42 | 23 |
| Investments | – | 0 | 0 | 0 | 0 |
| Receivables | – | 76 | 169 | 265 | 270 |
| Inventory | – | 422 | 580 | 578 | 661 |
| Payables | – | 292 | 332 | 370 | 406 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -19 | 90 | -50 | 177 | 156 |
| Cash from investing | -7 | -42 | -46 | -61 | -66 |
| Cash from financing | 17 | -55 | 127 | -148 | -89 |
| Capex | 19 | 41 | 42 | 62 | 70 |
| Free cash flow | -38 | 49 | -92 | 116 | 86 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 11.1% | 37.8% | 31.8% | 30.8% |
| ROCE % | – | 9.7% | 19.5% | 27.3% | 29.4% |
| Debtor days | – | 15 | 28 | 40 | 35 |
| Inventory days | – | 105 | 125 | 116 | 111 |
| Payable days | – | 73 | 71 | 74 | 68 |
| Cash conversion cycle (days) | – | 47 | 82 | 82 | 78 |
| Working capital days | – | -29 | 1 | 20 | 26 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 58.97% |
| FIIs | 3.65% |
| DIIs | 2.75% |
| of which Mutual funds | 1.68% |
| of which Insurance | 0.10% |
| Public (non-institutions) | 34.63% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 43.96% | 43.96% | 43.96% | 58.97% | 58.97% | 58.97% | 58.97% | 58.97% |
| Promoter group | % |
|---|---|
| Mahindra & Mahindra Limited | 58.97% |
| Mahindra Steel Service Centre Limited | 0.00% |
| Mahindra First Choice Wheels Limited | 0.00% |
| Gromax Agri Equipment Limited (Formerly known as Mahindra Gujarat Tractor Limited) | 0.00% |
| Mahindra Agri Solutions Limited (Formerly known as Mahindra Shubhlabh Services Limited) | 0.00% |
| Mahindra Accelo Limited (Formerly known as Mahindra Intertrade Limited) | 0.00% |
| Mahindra Holidays & Resorts India Limited | 0.00% |
| Mahindra Hotels and Residences India Limited | 0.00% |
| Mahindra Holdings Limited | 0.00% |
| NBS International Limited | 0.00% |
| Mahindra & Mahindra Financial Services Limited | 0.00% |
| Mahindra Insurance Brokers Limited | 0.00% |
| Mahindra Rural Housing Finance Limited | 0.00% |
| Bristlecone India Private Limited (formerly know as Bristlecone India Limited, name changed w.e.f. 20th Jan 2026) | 0.00% |
| Mahindra Lifespace Developers Limited | 0.00% |
| Public holders above 1% | % |
|---|---|
| Sachin Bansal (Partner of SPV Enterprises) | 4.04% |
| Sachin Bansal (Partner of Anandam Enterprises) | 3.07% |
| Vanaja Sundar Iyer | 2.25% |
| Investor Education and Protection Fund Authority Ministry of Corporate Affairs | 1.92% |
| Sachin Bansal (Partner of Navodaya Enterprises) | 1.73% |
| LIC MF Aggressive Hybrid Fund | 1.42% |
38,449 shareholders. Pledged: 0.00% of promoter shares.
Peers in Commercial Vehicles
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| TMCV | ₹1,41,522 cr | 33.8x | 11.1x | 32.9% | 37.4% | 8.4% | – | – |
| ASHOKLEY | ₹83,351 cr | 24.0x | 5.8x | 26.3% | 12.9% | 18.4% | +10.6% | 2.20% |
| SMLMAH | ₹6,684 cr | 45.4x | 11.9x | 29.3% | 36.2% | 8.5% | +15.9% | 0.38% |
| ATULAUTO | ₹1,087 cr | 23.0x | 2.2x | 10.2% | 11.8% | 10.1% | +17.1% | – |
| KETOMOTORS | ₹246 cr | 545.3x | 4.2x | 0.8% | 0.3% | 14.2% | – | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-07-03 | Dividend | Dividend - Rs 23.50 Per Share |
| 2025-07-09 | Dividend | Dividend - Rs 18 Per Share |
| 2024-09-06 | Other | Annual General Meeting |
| 2024-09-06 | Dividend | Dividend - Rs 16 Per Share |
| 2023-09-08 | Other | Annual General Meeting |
| 2022-09-12 | Other | Annual General Meeting |
| 2021-07-20 | Other | Annual General Meeting |
| 2020-08-12 | Other | Annual General Meeting |
| 2019-09-19 | Dividend | Annual General Meeting/Dividend - Rs 3 Per Share |
| 2018-08-01 | Dividend | Annual General Meeting / Dividend- Rs 1.50 Per Share |
| 2017-09-14 | Dividend | Annual General Meeting/Dividend - Rs 8/- Per Share |
| 2016-07-28 | Dividend | Annual General Meeting /Dividend - Rs 8/- Per Share |
| 2015-08-27 | Dividend | Dividend - Rs 6/- Per Share |
| 2014-08-27 | Dividend | Annual General Meeting / Dividend - Rs 3/- Per Share |
| 2013-08-29 | Dividend | Annual General Meeting And Dividend Rs.8/- Per Share |
| 2012-06-15 | Dividend | Annual General Meeting And Dividend - Rs.8/- Per Share |
| 2011-07-13 | Dividend | Annual General Meeting/Final Dividend Rs.6.50 Per Share And Special Dividend Rs.1.50 Per Share |
| 2010-09-03 | Dividend | Annual General Meeting And Dividend Rs.4/- Per Share |
| 2010-02-09 | Rights | Rights 19:50@Prem Rs.190 |
| 2009-09-11 | Other | Agm/Div-Rs.1.50 Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing and Sale of Commercial vehicles: Manufacturing and Sale of Trucks & Buses
| Sector | Industrials |
| Industry | Commercial Vehicles |
| Sub-industry | Commercial Vehicles |
| Symbol | SMLMAH |
| BSE code | 505192 |
| ISIN | INE294B01019 |
| Face value | ₹10.0 |
| Incorporated | 1983-07-26 |
| Website | www.smlmahindra.com |
| Plants (India / abroad) | 1 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.