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SML Mahindra Overview

SML Isuzu Ltd, formerly Swaraj Mazda Ltd, is engaged in the enterprise of manufacture of commercial automobiles and spares. The Company produces light and medium commercial cars. It manufactures and supplies state buses, ambulances and customized motors. The Company's SML buses class includes Cosmo air conditioned (AC) cab, govt bus, standard school bus, S7 college bus, semi low floor bus, S7 staff bus, bus chassis, standard staff bus and S7 Xm cool collection. The Company offers special applications, which includes ambulance, cardiac AC ambula...Read More

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SML Mahindra Key Financials

Market Cap ₹5297 Cr.

Stock P/E 43.5

P/B 10.2

Current Price ₹3660.1

Book Value ₹ 358.9

Face Value 10

52W High ₹5341.3

Dividend Yield 0.64%

52W Low ₹ 1525.1

SML Mahindra Share Price

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Volume
Price

SML Mahindra Quarterly Price

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SML Mahindra Peer Comparison

SML Mahindra Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 386 680 746 550 332 771 846 555 539 898
Other Income 1 2 1 2 2 2 2 2 2 3
Total Income 387 682 747 551 333 773 848 557 541 900
Total Expenditure 364 608 665 505 313 681 741 513 498 807
Operating Profit 23 73 82 46 20 92 107 44 43 93
Interest 8 11 8 6 7 9 5 3 6 7
Depreciation 12 12 12 12 12 12 12 13 13 13
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 3 50 62 29 1 71 90 28 24 73
Provision for Tax 0 -2 16 7 0 18 23 7 6 18
Profit After Tax 3 52 46 22 1 53 67 21 18 54
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 3 52 46 22 1 53 67 21 18 54
Adjusted Earnings Per Share 1.9 36.1 32 15.1 0.4 36.6 46.2 14.5 12.1 37.4

SML Mahindra Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 1106 1166 1356 1135 1409 1154 591 924 1822 2196 2399 2838
Other Income 9 6 4 3 4 5 5 6 3 5 6 9
Total Income 1114 1173 1360 1138 1414 1159 596 930 1825 2201 2405 2846
Total Expenditure 1040 1080 1246 1090 1335 1142 660 965 1740 2017 2164 2559
Operating Profit 74 93 114 48 79 17 -64 -35 85 184 241 287
Interest 6 5 6 11 16 15 23 22 25 30 30 21
Depreciation 20 20 24 28 38 41 46 44 42 48 48 51
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 49 68 84 9 24 -38 -133 -100 17 106 162 215
Provision for Tax 12 17 21 1 5 -17 0 -1 -3 -1 41 54
Profit After Tax 37 51 63 8 20 -21 -133 -100 20 108 122 160
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 37 51 63 8 20 -21 -133 -100 20 108 122 160
Adjusted Earnings Per Share 25.5 35.4 43.5 5.9 13.5 -14.6 -92.2 -68.9 13.7 74.5 84.1 110.2

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 9% 37% 16% 8%
Operating Profit CAGR 31% 0% 70% 13%
PAT CAGR 13% 0% 0% 13%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 135% 55% 53% 13%
ROE Average 36% 32% 1% 5%
ROCE Average 27% 20% 5% 8%

SML Mahindra Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 303 340 404 398 414 385 256 161 178 286 383
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 35 118 104 95 47 9 17 40 63
Other Non-Current Liabilities 91 94 66 62 58 44 37 37 40 48 82
Total Current Liabilities 330 359 281 408 519 320 442 593 685 820 772
Total Liabilities 724 793 785 987 1095 843 781 801 919 1193 1299
Fixed Assets 138 171 215 365 380 426 389 349 356 341 321
Other Non-Current Assets 80 95 120 65 58 34 29 31 25 28 75
Total Current Assets 506 527 450 556 657 383 364 420 538 825 903
Total Assets 724 793 785 987 1095 843 781 801 919 1193 1299

SML Mahindra Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 38 15 8 5 20 27 34 19 11 3 35
Cash Flow from Operating Activities 69 -12 121 -33 55 150 -47 -19 90 -50 177
Cash Flow from Investing Activities -103 -13 -89 -98 -58 -47 -28 -7 -42 -46 -61
Cash Flow from Financing Activities 11 17 -34 146 10 -97 60 17 -55 127 -148
Net Cash Inflow / Outflow -23 -8 -2 15 7 6 -15 -8 -7 31 -32
Closing Cash & Cash Equivalent 15 8 5 20 27 34 19 11 3 35 3

SML Mahindra Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 25.53 35.35 43.54 5.87 13.53 -14.55 -92.24 -68.93 13.71 74.54 84.08
CEPS(Rs) 39.19 48.87 60 25.49 40.09 13.58 -60.34 -38.86 43.03 107.38 117.49
DPS(Rs) 6 8 8 1.5 3 0 0 0 0 16 18
Book NAV/Share(Rs) 209.3 235.03 279.02 275.05 285.79 265.94 176.59 111.58 122.96 197.34 264.42
Core EBITDA Margin(%) 5.46 6.66 7.25 3.86 5.28 1.02 -11.37 -4.38 4.39 8.03 9.64
EBIT Margin(%) 4.55 5.63 5.96 1.7 2.87 -2.02 -18.18 -8.37 2.27 6.14 7.9
Pre Tax Margin(%) 4.06 5.24 5.55 0.81 1.73 -3.27 -22.04 -10.65 0.93 4.78 6.67
PAT Margin (%) 3.08 3.92 4.16 0.72 1.39 -1.8 -22.06 -10.6 1.07 4.84 5
Cash Profit Margin (%) 4.73 5.42 5.73 3.14 4.12 1.68 -14.43 -5.97 3.35 6.97 6.99
ROA(%) 5.38 6.75 7.99 0.96 1.88 -2.17 -16.43 -12.61 2.31 10.21 9.76
ROE(%) 12.75 15.91 16.94 2.12 4.82 -5.28 -41.69 -47.84 11.69 46.55 36.42
ROCE(%) 18.14 20.4 21.51 3.79 6.37 -3.88 -20.61 -16.4 9.53 24.06 27.35
Receivable days 28.31 28.99 26.19 36.07 34.44 29.33 23.73 22.91 15.17 20.04 32.57
Inventory Days 80.47 87.36 76.21 102.33 101.99 108 159.52 107.82 70.4 82.01 86.84
Payable days 82.06 80.13 66.11 87.41 83.25 88.68 135.72 103.05 66.99 67.04 70.31
PER(x) 45.72 22.09 29.56 130.57 61.23 0 0 0 53.78 25.64 18.61
Price/Book(x) 5.58 3.32 4.61 2.79 2.9 1.13 2.56 4.43 5.99 9.69 5.92
Dividend Yield(%) 0.51 1.02 0.62 0.2 0.36 0 0 0 0 0.84 1.15
EV/Net Sales(x) 1.47 0.99 1.4 1.14 1 0.5 1.48 1.07 0.72 1.43 1.07
EV/Core EBITDA(x) 21.84 12.35 16.61 26.86 17.94 33.63 -13.68 -28.19 15.56 17 10.67
Net Sales Growth(%) 25.45 5.5 16.27 -16.31 24.15 -18.1 -48.79 56.36 97.11 20.55 9.25
EBIT Growth(%) 131.12 34.68 22.91 -77.88 102.33 -158.59 -364.46 28.42 153.74 223.25 40.54
PAT Growth(%) 112.28 38.51 23.15 -86.51 130.36 -207.6 -533.79 25.27 119.88 443.87 12.79
EPS Growth(%) 112.28 38.51 23.15 -86.51 130.36 -207.6 -533.79 25.27 119.88 443.87 12.79
Debt/Equity(x) 0.07 0.16 0.1 0.53 0.6 0.45 0.99 1.8 1.45 1.46 0.84
Current Ratio(x) 1.54 1.47 1.6 1.36 1.27 1.2 0.82 0.71 0.79 1.01 1.17
Quick Ratio(x) 0.67 0.53 0.55 0.47 0.45 0.36 0.23 0.21 0.17 0.3 0.42
Interest Cover(x) 9.37 14.23 14.62 1.9 2.51 -1.62 -4.71 -3.66 1.69 4.51 6.43
Total Debt/Mcap(x) 0.01 0.05 0.02 0.19 0.21 0.4 0.39 0.41 0.24 0.15 0.14

SML Mahindra Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 43.96 43.96 43.96 43.96 43.96 43.96 43.96 58.97 58.97 58.97
FII 15.43 15.81 15.32 15.35 15.32 15.24 15.73 1.8 0.61 0.77
DII 0 0 0.07 0.05 0 0.04 0.29 0.63 0.64 1.56
Public 40.61 40.23 40.65 40.64 40.71 40.76 40.01 38.6 39.78 38.7
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

SML Mahindra News

SML Mahindra Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 32%

Cons

  • Debtor days have increased from 67.04 to 70.31days.
  • Stock is trading at 10.2 times its book value.
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