NSE: SMLMAH · BSE: 505192
SML MAHINDRA LIMITED
Makes buses and trucks for India's commercial vehicle market, with passenger buses and cargo light commercial vehicles as its two main product lines. In July 2026, monthly sales reached 1,603 units, of which 1,186 were passenger vehicles and 417 cargo; year-to-date April-July FY27 passenger segment grew 19% while cargo declined 12%. The company became a Mahindra Group subsidiary in August 2025 and is acquiring parent Mahindra's Truck and Bus Division for ₹525 crore on a slump sale basis (expected close by January 2027), adding 14,832 vehicles and ₹2,989 crore in FY26 turnover from MTBD. It targets ₹15,000 crore revenue by FY31 and a 10–12% combined market share, with current combined ILCV bus share around 12% (the #3 player) and ILCV truck share around 6%. Its first EV bus is slated for FY27 launch. Materials at 75.4% of revenue dominate costs, prompting a 2–3% price increase from 15 April 2026. Service network is being expanded to 450 touchpoints by Q1 FY27 from about 300 per brand pre-acquisition. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Passenger vehicles (buses), Cargo vehicles (light commercial trucks). Commercial vehicle manufacturer; cyclical, asset-heavy; recently consolidated under Mahindra Group and expanding via MTBD acquisition
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 924 | 1,822 | 2,196 | 2,399 | 2,838 |
| EBITDA (ex other income) | (41) | 82 | 179 | 235 | 278 |
| margin % | (4.5) | 4.5 | 8.1 | 9.8 | 9.8 |
| Owners' profit | (100) | 20 | 108 | 122 | 160 |
| EPS, as reported (₹) | (68.94) | 13.71 | 74.54 | 84.08 | 110.39 |
| ROE % · ROCE % | (61.8) · (35.4) | 11.1 · 16.8 | 37.8 · 34.8 | 31.8 · 36.4 | 30.8 · 38.7 |
| Debt / equity (x) | 1.80 | 1.45 | 1.46 | 0.84 | 0.54 |
| Cash from operations | (19) | 90 | (50) | 177 | 156 |
| Capex | (19) | (41) | (42) | (62) | (70) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 550 | 332 | 771 | 846 | 555 | 539 | 898 | 958 |
| Profit before tax | 29 | 1 | 71 | 90 | 28 | 24 | 73 | 85 |
| Net profit | 22 | 1 | 53 | 67 | 21 | 18 | 54 | 64 |
| EPS (₹) | 15.06 | 0.36 | 36.60 | 46.27 | 14.55 | 12.11 | 37.46 | 43.96 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA MOTORS LIMITED | 1,47,160 | 35.1 | 11.56 | 19.8 | 23.8 | 20.7 | — | 17.4 |
| ASHOK LEYLAND LTD | 83,409 | 24.0 | 4.50 | 12.9 | 20.1 | 7.5 | 23.7 | 19.9 |
| SML MAHINDRA LIMITED ◆ | 6,885 | 44.0 | 13.26 | — | 30.8 | 35.2 | — | 10.6 |
| ATUL AUTO LIMITED | 1,140 | 24.1 | 2.33 | 14.8 | 8.8 | 10.4 | 22.7 | 8.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 44.0 | 27.4 | 10 of 11 | 10% |
| P/B | 13.3 | 4.5 | 10 of 11 | 10% |
| ROCE | 35.2 | 12.3 | 1 of 11 | 100% |
| ROE | 30.8 | 16.2 | 1 of 11 | 100% |
| Debt / Equity | 0.5 | 0.3 | 9 of 11 | 20% |
| EBITDA margin | 10.6 | 15.2 | 8 of 12 | 36% |
| Revenue growth | 13.2 | 20.1 | 8 of 11 | 30% |
| Profit growth | (5.0) | 7.3 | 9 of 10 | 11% |
| Market cap | 6885 | 6563 | 6 of 12 | 55% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 20 Oct 2026 · SML Mahindra Q2 FY27 PAT drops to Rs 11.7 cr from Rs 63.6 cr in Q1 | compliance | minimal | — | — |
| 19 Oct 2026 · SML Mahindra updates Fair Disclosure Code under SEBI insider trading rules | regulatory legal | low | — | — |
| 19 Oct 2026 · SML Mahindra Q2 FY27 Results: Revenue Up 20%, Profit Down Sharply | results | high | — | — |
| 19 Oct 2026 · SML Mahindra Q2 results: revenue up 21% YoY, profit down 44% | results | high | — | — |
| 12 Oct 2026 · SML Mahindra CFO transition: Parwardhan exits, Kalra to take over from Jan 2027 | management changes | high | — | — |
| 12 Oct 2026 · CFO Pushkar Patwardhan resigns; new CHRO Ashudeep Saddi appointed | management changes | medium | — | — |
| 12 Oct 2026 · CFO transition at SML Mahindra: new CFO from Jan 2027, interim appointed | management changes | high | — | — |
| 12 Oct 2026 · SML Mahindra CFO transition: Patwardhan exits, Goel interim from Oct 20 | management changes | high | — | — |
| 12 Oct 2026 · SML Mahindra CFO Pushkar Patwardhan resigns, successors named | management changes | high | — | — |
| 12 Oct 2026 · Board approves CFO transition and appoints new CHRO at SML Mahindra | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.