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SML Mahindra Q2 FY27 results: net profit down 44.4% to ₹11.70 crore, revenue up 20.7%
SML Mahindra Limited reported standalone revenue of ₹669.79 crore for Q2 FY27, up 20.7% from Q2 FY26, but net profit fell 44.4% to ₹11.70 crore and EBITDA margin declined 3.3 percentage points to 4.3%. The September 2026 quarter followed the higher revenue and profit recorded in Q1 FY27, when revenue was ₹957.54 crore and net profit was ₹63.62 crore.
Key points
- Standalone Q2 FY27 revenue was ₹669.79 crore, up 20.7% from ₹555.11 crore in Q2 FY26 but down 30.1% from ₹957.54 crore in Q1 FY27.
- EBITDA was ₹28.51 crore in Q2 FY27, down 32.0% year on year and 71.5% sequentially, while the margin declined from 7.6% to 4.3% year on year.
- Net profit was ₹11.70 crore in Q2 FY27, down 44.4% from ₹21.05 crore a year ago and 81.6% from ₹63.62 crore in the previous quarter; basic EPS was ₹8.09.
- For H1 FY27, revenue rose 16.2% to ₹1,627.33 crore, while profit before tax fell 14.2% to ₹101.13 crore and net profit fell 14.4% to ₹75.32 crore.
- Total assets declined to ₹1,166.08 crore and borrowings to ₹29.94 crore as of 30 September 2026, from ₹1,396.78 crore and ₹280.15 crore at 31 March 2026.
How did SML Mahindra perform in Q2 FY27?
SML Mahindra reported standalone revenue from operations of ₹669.79 crore for the quarter ended 30 September 2026. This was up 20.7% from ₹555.11 crore in Q2 FY26, but down 30.1% from ₹957.54 crore in Q1 FY27. Total income was ₹671.39 crore, against ₹557.23 crore a year earlier and ₹958.73 crore in the previous quarter.
EBITDA was ₹28.51 crore, down 32.0% from ₹41.92 crore in Q2 FY26 and 71.5% from ₹100.10 crore in Q1 FY27. The EBITDA margin fell 3.3 percentage points year on year to 4.3% and declined 6.2 percentage points sequentially from 10.5%.
Profit before tax was ₹15.85 crore, while net profit was ₹11.70 crore and basic EPS was ₹8.09. Net profit fell 44.4% from ₹21.05 crore in Q2 FY26 and 81.6% from ₹63.62 crore in Q1 FY27; basic EPS fell from ₹14.55 and ₹43.96, respectively. The results are standalone, and the board approved them on 19 October 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 669.79 | 957.54 | 555.11 | +20.7% | −30.1% |
| Other income | 1.60 | 1.19 | 2.12 | −24.5% | +34.5% |
| Total expenses | 655.54 | 873.45 | 528.95 | +23.9% | −24.9% |
| EBITDA | 28.51 | 100.10 | 41.92 | −32.0% | −71.5% |
| EBITDA margin | 4.3% | 10.5% | 7.6% | −3.3 pp | −6.2 pp |
| Profit before tax | 15.85 | 85.28 | 28.28 | −44.0% | −81.4% |
| Tax | 4.15 | 21.66 | 7.23 | −42.6% | −80.8% |
| Net profit | 11.70 | 63.62 | 21.05 | −44.4% | −81.6% |
| EPS (₹) | 8.09 | 43.96 | 14.55 | −44.4% | −81.6% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in SML Mahindra's costs and profit?
Total expenses rose ₹126.59 crore, or 23.9%, to ₹655.54 crore from ₹528.95 crore in Q2 FY26. Cost of materials consumed increased ₹75.29 crore, or 16.8%, to ₹523.34 crore, while employee benefits expense rose ₹10.52 crore, or 18.5%, to ₹67.25 crore and other expenses increased ₹10.93 crore, or 30.0%, to ₹47.38 crore.
Finance cost fell ₹1.97 crore, or 68.6%, to ₹0.90 crore from ₹2.87 crore, while depreciation rose ₹0.47 crore, or 3.6%, to ₹13.36 crore from ₹12.89 crore. Other income decreased ₹0.52 crore, or 24.5%, to ₹1.60 crore from ₹2.12 crore. There was no exceptional item in either quarter.
Tax expense declined ₹3.08 crore, or 42.6%, to ₹4.15 crore from ₹7.23 crore, but this did not offset the increase in operating costs. Profit before tax fell ₹12.43 crore, or 44.0%, to ₹15.85 crore, while net profit fell ₹9.35 crore, or 44.4%, to ₹11.70 crore. The filing did not state a reason for the year-on-year decline in profit.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 523.34 | 448.05 | +75.29 | +16.8% |
| Employee cost | 67.25 | 56.73 | +10.52 | +18.5% |
| Finance costs | 0.90 | 2.87 | −1.97 | −68.6% |
| Depreciation | 13.36 | 12.89 | +0.47 | +3.6% |
| Other expenses | 47.38 | 36.45 | +10.93 | +30.0% |
| Total expenses | 655.54 | 528.95 | +126.59 | +23.9% |
| Other income | 1.60 | 2.12 | −0.52 | −24.5% |
| Tax | 4.15 | 7.23 | −3.08 | −42.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, SML Mahindra reported standalone revenue of ₹1,627.33 crore, up 16.2% from ₹1,401.00 crore in H1 FY26. Total income rose 16.0% to ₹1,630.12 crore from ₹1,405.18 crore.
Profit before tax fell 14.2% to ₹101.13 crore from ₹117.83 crore, while net profit declined 14.4% to ₹75.32 crore from ₹88.01 crore. Basic EPS was ₹52.05, down from ₹60.82. Total expenses were ₹1,528.99 crore in H1 FY27 and ₹1,287.35 crore in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,627 | 1,401 | +16.2% |
| Profit before tax | 101.13 | 117.83 | −14.2% |
| Net profit | 75.32 | 88.01 | −14.4% |
| EPS (₹) | 52.05 | 60.82 | −14.4% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹1,166.08 crore, down from ₹1,396.78 crore at 31 March 2026. Total equity rose to ₹559.91 crore from ₹519.34 crore, while borrowings fell to ₹29.94 crore from ₹280.15 crore. Cash and cash equivalents were ₹4.45 crore, compared with ₹4.51 crore.
Inventories declined to ₹593.54 crore from ₹660.68 crore and trade receivables fell to ₹96.82 crore from ₹270.21 crore. Trade payables were ₹373.19 crore, compared with ₹405.54 crore at the previous balance sheet date.
H1 FY27 operating cash flow was ₹323.78 crore, against ₹129.12 crore in H1 FY26. Investing cash flow was an outflow of ₹36.58 crore, compared with an outflow of ₹26.34 crore, and financing cash flow was an outflow of ₹287.26 crore, compared with ₹104.94 crore. Capital expenditure was ₹41.67 crore, against ₹29.69 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,166 | 1,397 |
| Total equity | 559.91 | 519.34 |
| Borrowings | 29.94 | 280.15 |
| Cash and equivalents | 4.45 | 4.51 |
| Inventories | 593.54 | 660.68 |
| Trade receivables | 96.82 | 270.21 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 323.78 | 129.12 |
| Cash from investing | −36.58 | −26.34 |
| Cash from financing | −287.26 | −104.94 |
| Capital expenditure | 41.67 | 29.69 |
Source: Company's results filing (XBRL).
How has SML Mahindra done over the last 8 quarters?
Revenue reached ₹957.54 crore in Q1 FY27, its highest point in the reported eight-quarter series, before falling to ₹669.79 crore in Q2 FY27. Revenue had risen year on year in each of the last seven quarters. The lowest quarterly revenue was ₹331.80 crore in Q3 FY25.
Net profit peaked at ₹66.96 crore in Q1 FY26 and was ₹63.62 crore in Q1 FY27, before falling to ₹11.70 crore in Q2 FY27. The lowest profit in the series was ₹0.53 crore in Q3 FY25. The EBITDA margin was 4.3% in Q2 FY27, its lowest point in the reported series, after 10.5% in Q1 FY27.
How did SML Mahindra shares react?
The filing was released after market hours. From the price when it appeared, the stock rose 3.6% after five minutes and 1.6% after 15 minutes, while it was unchanged after 30 minutes. On the reaction day, it fell 9.4% from the previous close of ₹6,070.00.
By the next day’s close, the stock was down 18.4% from its pre-results close, and by the fifth day it was down 21.4%. The industry median fell 2.2% on the reaction day, 3.1% by the next close and 3.4% by the fifth close. SML Mahindra underperformed the industry by 7.1, 15.3 and 18.0 percentage points over those periods.
Earlier results-day moves were mixed: the stock rose 0.9% on 20 July 2026 and 10.7% on 22 July 2025, but fell 7.8% on 20 April 2026, 5.0% on 16 January 2026 and 4.9% on 18 October 2025.
| After the filing | Stock | Agricultural Commercial & Construction Vehicles median |
|---|---|---|
| 5 minutes | +3.6% | |
| 15 minutes | +1.6% | |
| 30 minutes | +0.0% | |
| Reaction day | −9.4% | −2.2% |
| Next day | −18.4% | −3.1% |
| 5 days | −21.4% | −3.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 20 July 2026 | +0.9% |
| 20 April 2026 | −7.8% |
| 16 January 2026 | −5.0% |
| 18 October 2025 | −4.9% |
| 22 July 2025 | +10.7% |
| 30 May 2025 | +2.8% |
| 7 February 2025 | −1.0% |
| 11 November 2024 | −4.6% |
Source: MarketPing price-reaction measurement.
Quick answers
What was SML Mahindra's revenue in Q2 FY27?
Revenue from operations was ₹669.79 crore, up 20.7% from ₹555.11 crore in Q2 FY26 (standalone).
Did SML Mahindra make a profit in Q2 FY27?
Yes. Net profit was ₹11.70 crore, against a net profit of ₹21.05 crore in Q2 FY26.
What was SML Mahindra's EPS in Q2 FY27?
Basic earnings per share were ₹8.09, against ₹14.55 in Q2 FY26.
How did SML Mahindra shares react to the Q2 FY27 results?
On the reaction day the stock moved −9.4% from the previous close; the median Agricultural Commercial & Construction Vehicles stock moved −2.2%.
When did SML Mahindra announce its Q2 FY27 results?
On 19 October 2026, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 19 October 2026) · PDF
- Outcome of Board Meeting (NSE, 19 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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