SML Mahindra Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹6,836 Cr
- P/E
- 43.71
- ROE
- 35.40%
- PEG
- 0.43
- Price to sales
- 2.31
- Debt to equity
- 0.56
- 52W high / low
- ₹6,826 / ₹2,765
- Sales growth (5Y)
- 36.86%
- EBITDA margin
- 9.27%
- Net profit margin
- 5.63%
- Promoter holding
- 58.97%
- Sales (last year)
- ₹2,950 Cr
SML ISUZU LIMITED was incorporated as Swaraj Vehicles Ltd in 1983 and was promoted by Punjab Tractors Ltd with technical collaboration Mazda Motor Corporation, Japan, and Sumitomo Corporation, Japan. In 2004, the technical collaboration agreement with Mazda expired 2004 and sold its entire stake to Sumitomo Corporation and in the same time, it signed a technical assistance agreement with Isuzu Motors. In 2011, it was renamed as SML ISUZU and Sumitomo Corporation(Japan) and Isuzu Motors(Japan) own 44% and 15% stake, respectively [1]
Guidance scorecard · Q1 FY27 call
What SML Mahindra's management guided
and where it ranks in Agricultural, Commercial & Construction Vehicles
Agricultural, Commercial & Construction Vehicles
RevenueQ4 FY26 call
10–20%- SML Mahindra aims to be a top three player in India's ILCV trucks and buses segment by FY31.
- Target revenue of ₹15,000 crores by FY31 from combined trucks and buses businesses.
- Current combined market share is 6-7%, with plans to grow to 10-12% by FY31.
- Volume growth for cargo vehicles was 28% and passenger vehicles 12% in the last year, with market share gains.
- Strategy focuses on growth through complementary products and cross-badging to enter new segments like ICV.
- Pipeline includes new product launches and electric vehicles with details to be shared closer to launch (planned in FY27).
2 more points from SML Mahindra's call on revenue
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MarginsQ4 FY26 call
FlatSee what SML Mahindra said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- Mahindra and SML Mahindra are investing in product development, including a new 4-valve diesel and CNG engine for a 3.8-litre engine, leveraging Mahindra's engineering capabilities to assist SML.
- Significant focus on electric vehicle (EV) technology mastery; cautious about Capex timing for EV bus launch based on market evolution, with the first electric bus planned for launch in FY27.
- Combined ADAS development project underway, yielding cost savings in component sourcing and development.
- Investments in engineering synergies, sourcing, and manufacturing footprint to drive cost efficiencies.
- Capital investment also allocated towards integrating digital capabilities like AI/ML in dealer management systems and connected vehicle technology.
2 more points from SML Mahindra's call on capex
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FundraisingQ4 FY26 call
See what SML Mahindra said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
- The company is in the peak selling season for school buses (Q4 and Q1), which is a strong segment for SML Mahindra.
- As of the latest update, there is no deferment or slowdown observed in orders or demand.
- Current plans for Q1 remain largely similar to those planned earlier, with no negative impact expected due to demand concerns.
2 more points from SML Mahindra's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Agricultural, Commercial & Construction Vehicles
on management's own guidance
- BEML LtdGood growth2
- TILGood growth1
- Indo Farm Equip.Good growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Agricultural, Commercial & Construction Vehicles companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | TIL | 20–40% | Up 2%+ | ₹1,894 Cr | — |
| 2 | BEML Ltd | 20–40% | Flat | ₹16,396 Cr | 91.9 |
| 3 | Indo Farm Equip. | 20–40% | Flat | ₹630 Cr | 25.3 |
| 4 | 20–40% | Flat | ₹38 Cr | 6.2 | |
| 5 | 10–20% | Flat | ₹1.55L Cr | 20.9 | |
| 6 | 10–20% | Flat | ₹87,468 Cr | 23.5 |
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Pro shows every company guiding 40%+ revenue growth →Full Agricultural, Commercial & Construction Vehicles rankingFinancials of SML Mahindra
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
SML Mahindra
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 43.96% | 43.96% | 43.96% | 43.96% | 43.96% | 43.96% | 43.96% | 58.97% | 58.97% | 58.97% | 58.97% | 58.97% |
| FIIs + | 15.43% | 15.81% | 15.32% | 15.35% | 15.32% | 15.24% | 15.73% | 1.80% | 0.61% | 0.77% | 1.24% | 3.65% |
| DIIs + | 0.00% | 0.00% | 0.07% | 0.05% | 0.00% | 0.04% | 0.29% | 0.63% | 0.64% | 1.56% | 2.43% | 2.74% |
| Public + | 40.59% | 40.22% | 40.65% | 40.63% | 40.72% | 40.76% | 40.02% | 38.60% | 39.78% | 38.71% | 37.35% | 34.64% |
| No. of Shareholders | 25,023 | 25,447 | 27,367 | 29,465 | 29,445 | 29,915 | 28,716 | 37,373 | 36,718 | 39,068 | 41,457 | 38,449 |
Financials of SML Mahindra
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 499 | 386 | 680 | 746 | 550 | 332 | 771 | 846 | 555 | 539 | 898 | 958 | 670 |
| Expenses + | 459 | 364 | 608 | 665 | 505 | 313 | 681 | 741 | 513 | 498 | 807 | 857 | 641 |
| Operating Profit | 39 | 22 | 71 | 81 | 45 | 18 | 90 | 105 | 42 | 41 | 90 | 100 | 29 |
| OPM % | 8% | 6% | 10% | 11% | 8% | 6% | 12% | 12% | 8% | 8% | 10% | 10% | 4.3% |
| Other Income + | 0 | 1 | 2 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 1 | 2 |
| Interest | 7 | 8 | 11 | 8 | 6 | 7 | 9 | 5 | 3 | 6 | 7 | 3 | 1 |
| Depreciation | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 13 | 13 | 13 | 13 | 13 |
| Profit before tax | 21 | 3 | 50 | 62 | 29 | 1 | 71 | 90 | 28 | 24 | 73 | 85 | 16 |
| Tax % | 0% | 6% | -4% | 25% | 24% | 29% | 26% | 25% | 26% | 25% | 25% | 25% | 26% |
| Net Profit + | 21 | 3 | 52 | 46 | 22 | 1 | 53 | 67 | 21 | 18 | 54 | 64 | 12 |
| EPS in Rs | 14.57 | 1.85 | 36.15 | 32.06 | 15.06 | 0.37 | 36.59 | 46.27 | 14.55 | 12.12 | 37.45 | 43.96 | 8.08 |
Financials of SML Mahindra
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,106 | 1,166 | 1,356 | 1,135 | 1,409 | 1,154 | 591 | 924 | 1,822 | 2,196 | 2,399 | 2,838 | 3,064 |
| Expenses + | 1,036 | 1,079 | 1,246 | 1,090 | 1,335 | 1,142 | 660 | 965 | 1,740 | 2,017 | 2,164 | 2,560 | 2,804 |
| Operating Profit | 69 | 87 | 110 | 45 | 74 | 12 | -69 | -41 | 82 | 179 | 235 | 278 | 260 |
| OPM % | 6% | 7% | 8% | 4.0% | 5% | 1.0% | -12% | -4.5% | 4.5% | 8% | 10% | 10% | 8% |
| Other Income + | 5 | 6 | 4 | 3 | 4 | 5 | 5 | 6 | 3 | 5 | 6 | 8 | 7 |
| Interest | 6 | 5 | 6 | 11 | 16 | 15 | 23 | 22 | 25 | 30 | 30 | 21 | 16 |
| Depreciation | 20 | 20 | 24 | 28 | 38 | 41 | 46 | 44 | 42 | 48 | 48 | 52 | 53 |
| Profit before tax | 49 | 68 | 84 | 9 | 24 | -38 | -133 | -100 | 17 | 106 | 162 | 214 | 197 |
| Tax % | 24% | 25% | 25% | 10% | 20% | -45% | 0% | -1% | -15% | -1% | 25% | 25% | |
| Net Profit + | 37 | 51 | 63 | 8 | 20 | -21 | -133 | -100 | 20 | 108 | 122 | 160 | 147 |
| EPS in Rs | 25.53 | 35.35 | 43.54 | 5.87 | 13.52 | -14.55 | -92.24 | -68.94 | 13.71 | 74.55 | 84.08 | 110.39 | 101.61 |
| Dividend Payout % | 24% | 23% | 18% | 26% | 22% | 0% | 0% | 0% | 0% | 21% | 21% | 21% |
Financials of SML Mahindra
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 |
| Reserves | 288 | 326 | 389 | 384 | 399 | 370 | 241 | 147 | 163 | 271 | 368 | 505 | 545 |
| Borrowings + | 22 | 55 | 41 | 212 | 246 | 185 | 261 | 298 | 265 | 421 | 327 | 289 | 38 |
| Other Liabilities + | 350 | 332 | 341 | 377 | 435 | 289 | 279 | 357 | 494 | 506 | 590 | 588 | 568 |
| Total Liabilities | 675 | 727 | 785 | 987 | 1,095 | 859 | 796 | 816 | 937 | 1,213 | 1,299 | 1,397 | 1,166 |
| Fixed Assets + | 138 | 171 | 215 | 365 | 380 | 426 | 389 | 349 | 356 | 340 | 321 | 337 | 356 |
| CWIP | 27 | 40 | 78 | 35 | 27 | 3 | 5 | 16 | 11 | 11 | 59 | 47 | 45 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets + | 511 | 515 | 492 | 587 | 688 | 429 | 403 | 450 | 569 | 861 | 919 | 1,013 | 765 |
| Total Assets | 675 | 727 | 785 | 987 | 1,095 | 859 | 796 | 816 | 937 | 1,213 | 1,299 | 1,397 | 1,166 |
Financials of SML Mahindra
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 69 | -12 | 121 | -33 | 55 | 150 | -47 | -19 | 90 | -50 | 177 | 156 |
| Cash from Investing Activity + | -103 | -13 | -89 | -98 | -58 | -47 | -28 | -7 | -42 | -46 | -61 | -66 |
| Cash from Financing Activity + | 11 | 17 | -34 | 146 | 10 | -97 | 60 | 17 | -55 | 127 | -148 | -89 |
| Net Cash Flow | -23 | -8 | -2 | 15 | 8 | 6 | -15 | -8 | -7 | 31 | -32 | 1 |
| Free Cash Flow | 34 | -79 | 1 | -132 | -6 | 102 | -66 | -38 | 49 | -87 | 116 | 86 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 109% | 9% | 132% | -60% | 80% | 1,259% | 67% | 71% | 103% | -27% | 76% | 75% |
Financials of SML Mahindra
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 34 | 32 | 31 | 38 | 38 | 12 | 24 | 31 | 15 | 28 | 40 | 35 |
| Inventory Days | 129 | 146 | 107 | 158 | 146 | 109 | 202 | 143 | 105 | 125 | 116 | 111 |
| Days Payable | 90 | 74 | 70 | 92 | 94 | 67 | 142 | 118 | 73 | 71 | 74 | 68 |
| Cash Conversion Cycle | 73 | 104 | 69 | 104 | 91 | 54 | 84 | 56 | 48 | 81 | 82 | 78 |
| Working Capital Days | 29 | 41 | 44 | 41 | 28 | 8 | -69 | -74 | -31 | -7 | 17 | 23 |
| ROCE % | 19% | 20% | 22% | 4% | 6% | -4% | -20% | -16% | 9% | 24% | 27% | 31% |
Momentum score · price trend
92 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +101.4% | 94% |
| Last 6 months | +41.8% | 87% |
| Last 3 months | +49.9% | 97% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For SML Mahindra: 0.4 × 94 + 0.4 × 87 + 0.2 × 97 = 92.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 16 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
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