Sml Mahindra Limited (SMLMAH)

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Sml Mahindra Limited (SMLMAH) · mywealthgrid

About

SML Mahindra Limited manufactures commercial vehicles for agricultural, construction, and general transport applications in the industrials sector. The company operates at a market cap of ₹7,445 Cr with quarterly revenues of ₹850–960 Cr in peak seasons, serving a cyclical market dependent on infrastructure and logistics capex. Recent performance shows revenue growth (+13% YoY in Jun 2026) offset by margin compression, suggesting cost or pricing pressures.

Founded: 2011
Face value: ₹10

Market cap

₹9,064 Cr

P/E

57.9×

P/B

17.4×

Dividend yield

0.7%

ROE

35.4%

ROCE

41.4%

Debt / equity

0.54

OPM

9.8%

EPS (TTM)

₹108.0

Book value

₹358.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin compression: Operating margin fell from 12.41% (Jun 2025) to 10.45% (Jun 2026) despite 13% YoY revenue growth, indicating cost or pricing pressures outpacing volume gains
Acute seasonality: Dec quarters show structurally weak performance (5.5–7.6% OPM, 330–540 Cr revenue vs 850–950 Cr in peak quarters) — verify if this is temporary cyclical dip or structural weakness
Valuation risk: PE 47.6 is elevated given margin compression and cyclical demand dynamics; limited downside protection if commercial vehicle capex contracts
Commercial vehicle demand cyclicality: Sector depends on infrastructure spending, logistics capex, and fleet modernization — verify current capex cycle stage and economic momentum

Generated analysis · source review pending

Growth drivers

Revenue momentum in peak quarters: Jun 2026 revenue 957.54 Cr is +13% YoY vs Jun 2025 (845.89 Cr), showing sustained volume demand
Margin recovery opportunity: Jun 2025 OPM was 12.41% vs current 10.45% — if cost pressures ease, profit could grow faster than revenue
Seasonality structure: Dec quarter revenue 539.27 Cr (Dec 2025) is 56% of peak quarter revenue (Jun 2026: 957.54 Cr) — improved utilization or demand in weak quarters could accelerate profit growth
Commercial vehicle sector capex: Jun 2026 revenue of 957.54 Cr depends on infrastructure and logistics capex — verify capex pipelines and economic indicators to assess sector growth outlook

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹6,251.0-5.5%1Y

Quick read

rule-based

Pros

+Strong return on equity of 39.5% (3-yr avg)
+High return on capital employed of 41.9%
+Profit CAGR of 100.5% over the last 3 years
+Revenue CAGR of 36.8% over the last 5 years
+Comfortable interest coverage of 11.3×
+Dividend payout of 38.5% of profit

Cons

−Trading at 17.4× book value

Research score

Structured signal from quality, growth, valuation and momentum.

44/100

Business quality: 73
Growth: 56

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Tata Motors LimitedTMCVTMCV	₹1,53,008 Cr	₹1,57,825 Cr	₹87,197 Cr	₹8,812 Cr	9.1%	₹4,191 Cr	3.6%	31.3%	24%	-54
Ashok Leyland LimitedASHOKLEYASHOKLEY	₹88,390 Cr	₹1,52,326 Cr	₹57,723 Cr	₹10,982 Cr	19.1%	₹3,476 Cr	6.6%	16.6%	26.2%	-30
Sml Mahindra LimitedSMLMAHSMLMAH	₹9,064 Cr	₹9,344 Cr	₹2,950 Cr	₹273 Cr	9.8%	₹156 Cr	5.6%	41.4%	35.4%	78
Keto Motors LtdKETOMOTORSKETOMOTORS	₹1,753 Cr	₹1,791 Cr	₹2 Cr	₹1 Cr	23.9%	₹-0 Cr	-8.5%	-0.3%	-0.5%	5,652
Atul Auto LimitedATULAUTOATULAUTO	₹1,181 Cr	₹1,326 Cr	₹890 Cr	₹91 Cr	10.2%	₹47 Cr	5.2%	12.6%	9.1%	38

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,157	1,364	1,174	1,409	1,154	591	924	1,822	2,196	2,399	2,838
COGS	-848	-1,002	840	1,061	904	471	757	1,461	1,697	1,822	2,167
Gross profit	—	—	334	348	250	121	167	360	499	577	671
	1,927	2,263	288	273	238	189	208	279	320	342	393
	78	103	45	74	12	-68	-41	82	179	235	278
OPM %	6.7%	7.6%	3.9%	5.3%	1%	-11.6%	-4.5%	4.5%	8.2%	9.8%	9.8%
Depreciation	20	24	28	38	41	46	44	42	48	48	52
Interest	5	4	11	16	15	23	22	25	30	30	21
	8	4	3	4	5	4	6	3	5	6	8
Profit before tax	68	85	9	24	-38	-133	-100	17	106	162	214
Tax	17	22	1	5	-17	0	-1	-3	-1	41	54
Tax %	25.1%	25.8%	10.2%	19.6%	-45%	0.1%	-0.5%	-14.8%	-1.3%	25.1%	25.3%
	51	63	9	20	-21	-133	-100	20	108	122	160
PAT margin %	4.4%	4.6%	0.7%	1.4%	-1.8%	-22.6%	-10.8%	1.1%	4.9%	5.1%	5.6%
EPS (₹)	35.4	43.4	5.9	13.5	-14.6	-92.2	-68.9	13.7	74.5	84.1	110.4
EPS adjusted (₹)	35.3	43.4	—	—	—	-92.2	-68.9	13.7	74.5	84	110.3
	22.6%	18.4%	25.6%	22.2%	—	—	—	0%	21.5%	21.4%	21.3%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	14	14	14	14	14	14	14	14
Reserves	326	388	241	147	163	271	368	505
	55	5	261	298	258	416	322	280
	332	375	279	357	501	511	595	597
Total equity & liabilities	727	783	796	816	937	1,213	1,299	1,397
	171	213	389	349	356	341	321	337
CWIP	40	40	2	5	1	3	42	23
Investments	—	—	0	0	0	0	0	0
	515	530	406	462	580	869	936	1,036
Total assets	727	783	796	816	937	1,213	1,299	1,397

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	24.7%	21.7%	20.4%	18%	19.8%	22.7%	24%	23.6%
EBITDA margin %	5.3%	1%	-11.6%	-4.5%	4.5%	8.2%	9.8%	9.8%
EBIT margin %	2.6%	-2.5%	-19.4%	-9.2%	2.2%	6%	7.8%	8%
PAT margin %	1.4%	-1.8%	-22.6%	-10.8%	1.1%	4.9%	5.1%	5.6%
Working capital
Receivable days	—	—	24	31	15	28	40	35
Inventory days	—	—	202	143	105	125	116	111
Payable days	—	—	142	118	73	71	74	68
NWC days	—	—	84	56	48	81	82	78
Leverage
Current ratio	—	—	0.82	0.71	0.79	1.01	1.17	1.25
Debt to EBITDA	—	—	—	—	3.16	2.32	1.37	1.01
Debt to equity	—	—	1.02	1.84	1.45	1.46	0.84	0.54
Interest coverage	2.5	-1.6	-4.7	-3.7	1.7	4.5	6.4	11.3
Asset turnover	—	—	0.74	1.13	1.94	1.81	1.85	2.03
Return ratios
Return on assets %	—	—	-16.8%	-12.2%	2.1%	8.9%	9.4%	11.4%
Return on capital employed %	—	—	-31%	-27.3%	17.9%	42.4%	41.8%	41.4%
Return on equity %	—	—	-52.2%	-61.8%	11.1%	37.8%	31.8%	30.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	58.97%	58.97%	58.97%	58.97%
	15.28%	15.43%	15.81%	15.32%	15.35%	15.32%	15.24%	15.73%	1.8%	0.61%	0.77%	1.24%
	0%	0%	0%	0.07%	0.05%	0%	0.04%	0.29%	0.63%	0.64%	1.56%	2.43%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	40.76%	40.61%	40.23%	40.65%	40.64%	40.72%	40.76%	40.02%	38.6%	39.78%	38.7%	37.36%
No. of shareholders	—	—	—	—	—	—	—	—	37,373	36,718	39,068	41,457

Promoter holding up 15.01 percentage points since Sep 2023.

1 disclosure

Person	Deal	Shares	Value	Holding	Filed
Mahindra & Mahindra LimitedPromoters	BuyMarket Purchase	673	₹10.46 L	58.96% → 58.97%	31 Aug 20257(2)

Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.

2 deals · 31 Jul 2026 – 31 Jul 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
31 Jul 2026	QE SECURITIES LLP	Bulk	NSE	Sell	82,299	₹5,702.43	₹46.93 Cr
31 Jul 2026	QE SECURITIES LLP	Bulk	NSE	Buy	81,294	₹5,681.44	₹46.19 Cr

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. VINOD KUMAR SAHAYExecutive Director-Chairperson related to Promoter
Mr. CHANDRA SHEKHAR VERMANon-Executive - Independent Director
Mr. RAVI VENKATRAMANNon-Executive - Independent Director
Mr. ARUN KUMAR MALHOTRANon-Executive - Independent Director
Ms. SMITA MANKADNon-Executive - Independent Director
Ms. MAHIMA CHUGHNon-Executive - Non Independent Director
Mr. Ritesh AgrawalChief Operating Officer
Mr. Pushkar PatwardhanChief Financial Officer
Parvesh MadanCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 3 fund houses

Held by these funds

1.57%

of the company's equity

All mutual funds

0.79%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

11 schemes · 3 fund houses

		Shares
MF ELSS TAX SAVER FUND ( Erstwhile LIC MF ELSS Tax Saver )NEW	LIC Mutual Fund	59,236	30.26	2.96%	0.409%	—
MF MULTI ASSET ALLOCATION FUND	LIC Mutual Fund	45,546	23.26	2.31%	0.314%	+9,500
MF MANUFACTURING FUND	LIC Mutual Fund	43,211	22.07	2.83%	0.298%	-0
MF SMALL CAP FUND	LIC Mutual Fund	29,703	15.17	1.82%	0.205%	+7,000
MF VALUE FUND	LIC Mutual Fund	16,357	8.36	2.77%	0.113%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	14,761	7.54	0.3%	0.102%	-323
MF AGGRESSIVE HYBRID FUND	LIC Mutual Fund	11,727	5.99	1.07%	0.081%	+5,427
MF MID CAP FUND	LIC Mutual Fund	4,599	2.35	0.6%	0.032%	+1,899

1–8 of 11

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Apr 2026Transcript AI SummaryPPTREC

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results19 Oct 2026 · in 18 daysresults

17

Final dividend3 Jul 2026 · ex-date₹23.5
Final dividend9 Jul 2025 · ex-date₹18
Final dividend6 Sept 2024 · ex-date₹16
Dividend dividend19 Sept 2019 · ex-date₹3
Dividend dividend1 Aug 2018 · ex-date₹1.5
Dividend dividend14 Sept 2017 · ex-date₹8
Dividend dividend28 Jul 2016 · ex-date₹8
Dividend dividend27 Aug 2015 · ex-date₹6
Dividend dividend27 Aug 2014 · ex-date₹3
Dividend dividend29 Aug 2013 · ex-date₹8
Dividend dividend15 Jun 2012 · ex-date₹8
Dividend dividend13 Jul 2011 · ex-date₹6.5
Special dividend13 Jul 2011 · ex-date₹1.5
Dividend dividend3 Sept 2010 · ex-date₹4
Dividend dividend11 Sept 2009 · ex-date₹1.5
Dividend dividend20 Jun 2008 · ex-date₹5.5
Dividend dividend14 Sept 2007 · ex-date₹5.5

2

Board meeting to consider results19 Oct 2026
Board meeting to consider results20 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

29 announcementsExport CSV

1 Oct 2026, 8:06 amCompany Update

Announcement under Regulation 30 (LODR)-Monthly Business Updates

Monthly Business Updates PDF

29 Sept 2026, 6:29 pmBoard Meeting

Board Meeting Intimation for Consideration & Approval Of Unaudited Financial Results Of The Company For The Second Quarter And Half Year Ending On 30Th September, 2026 (FY 2026-27)

Exchange filing PDF

29 Sept 2026, 6:10 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

9 Sept 2026, 5:27 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

8 Sept 2026, 3:21 pmCompany Update

Announcement under Regulation 30 (LODR)-Monthly Business Updates

Monthly Business Updates PDF

7 Sept 2026, 10:10 pmAGM/EGM

SML Mahindra Ltd - 505192 - Shareholder Meeting / Postal Ballot-Scrutinizer"s Report

Postal Ballot PDF

7 Sept 2026, 10:07 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot

Postal Ballot PDF

1 Sept 2026, 7:23 amCompany Update

Announcement under Regulation 30 (LODR)-Monthly Business Updates

Monthly Business Updates PDF

Date	Category	Subject	Filing
1 Oct 2026, 8:06 am	Company Update Monthly Business Updates	Announcement under Regulation 30 (LODR)-Monthly Business Updates	PDF
29 Sept 2026, 6:29 pm	Board Meeting	Board Meeting Intimation for Consideration & Approval Of Unaudited Financial Results Of The Company For The Second Quarter And Half Year Ending On 30Th September, 2026 (FY 2026-27)

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	24.7%	21.7%	20.4%	18%	19.8%	22.7%	24%	23.6%
EBITDA margin %	5.3%	1%	-11.6%	-4.5%	4.5%	8.2%	9.8%	9.8%
EBIT margin %	2.6%	-2.5%	-19.4%	-9.2%	2.2%	6%	7.8%	8%
PAT margin %	1.4%	-1.8%	-22.6%	-10.8%	1.1%	4.9%	5.1%	5.6%
Working capital
Receivable days	—	—	24	31	15	28	40	35
Inventory days	—	—	202	143	105	125	116	111
Payable days	—	—	142	118	73	71	74	68
NWC days	—	—	84	56	48	81	82	78
Leverage
Current ratio	—	—	0.82	0.71	0.79	1.01	1.17	1.25
Debt to EBITDA	—	—	—	—	3.16	2.32	1.37	1.01
Debt to equity	—	—	1.02	1.84	1.45	1.46	0.84	0.54
Interest coverage	2.5	-1.6	-4.7	-3.7	1.7	4.5	6.4	11.3
Asset turnover	—	—	0.74	1.13	1.94	1.81	1.85	2.03
Return ratios
Return on assets %	—	—	-16.8%	-12.2%	2.1%	8.9%	9.4%	11.4%
Return on capital employed %	—	—	-31%	-27.3%	17.9%	42.4%	41.8%	41.4%
Return on equity %	—	—	-52.2%	-61.8%	11.1%	37.8%	31.8%	30.8%

₹ Cr	Mar 2016	Mar 2017	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-12	118	-47	-19	90	-50	177	156
	-13	-87	-28	-7	-42	-46	-61	-66
	17	-33	60	17	-55	127	-148	-89
Net cash flow	-8	-2	-15	-8	-7	31	-32	1
Free cash flow	-79	-0	-66	-38	49	-92	116	86
CFO / Operating profit %	-15.1%	114.5%	—	—	110.3%	-27.8%	75.7%	56.1%

Sml Mahindra Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

1

17

2

Announcements

Not in the F&O segment

1

17

2

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Sml Mahindra Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Upcoming and recent1

Dividends17

Board meetings2

Announcements

Not in the F&O segment

Upcoming and recent1

Dividends17

Board meetings2

Ratio timeline

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

17

2

1

17

2