Fin Cascade

Prices as of 9 Oct 2026 close · Not investment advice

SML Mahindra Limited

NSE: SMLMAHCommercial Vehicles

Share price

₹5,811.50

-0.67% close of 9 Oct 2026

Market cap ₹8,136 CrP/E 51.8

Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 8 Oct 2026, the close above is 9 Oct 2026.

Business score

How strong the business is, in one number. The parts behind it are in Pro.

63

out of 100 · worked out 9 Oct 2026

How the business score works

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹8,136 Cr

P/E ratio

51.8

P/B ratio

16.2

ROCE

30.9%

ROE

35.5%

Dividend yield

0.4%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 9 Oct 2026 close52-week high ₹6,825.5052-week low ₹2,765.30

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Sales grew 18.1% over the past year, and 6.3% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales improved from -1.7% to 8.9% over the last four years.

Whether it grew faster than its sector

It grew 6.3% a year against a sector median of 10.6% — 4.4 percentage points slower.

Room to re-rate, or risk of de-rating

At 51.8× earnings it costs 2.2× the market, which pays 24.1× across 2199 companies we can price. Its own industry sits at 22.9×, across 3 companies. It is against its own five-year median of 30.9×, the 97th percentile of its own range.

Whether growth justifies the valuation

Priced at 0.5 times its growth rate, on earnings growth of 100%.

Profit growthPrice per ₹1 profitPer 1% growth
SML Mahindra Limited — this one100%/yr51.8×₹0.52
Tata Motors Limited—20.3×—
Ashok Leyland45%/yr22.9×₹0.51
Atul Auto Limited125%/yr24.3×—
Tata Motors———

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Commercial Vehicles), it ranks 3 of 5 on returns. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

No durable advantage shows in the numbers: it earns 30.9% on capital, ahead of 40% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

Yes — Over the last five years it made ₹354 crore of cash from the business, spent ₹228 crore on plant and equipment, and returned ₹148 crore to lenders and shareholders. And the profit is real: of every 100 rupees it reported over 12 years, about 196 arrived as cash — well above the profit; depreciation and interest are the reason, not a windfall. Its cash comes back more slowly than it used to: it went from being paid 74 days before it paid its own suppliers to waiting 23 days for its cash.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

10 of 10 checks clear · 100%

How the profit check works

Latest result

What the last results showed. Whether management kept its word is in Pro.

Results are expected soon.

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹8,136 Cr
Prev close
₹5,811.50
52w High
₹6,899
52w Low
₹2,719
Enterprise value
₹8,404 Cr
Beta
1.3
Price CAGR 1y
97.0%
Price CAGR 3y
71.0%
Price CAGR 5y
59.0%
Price CAGR 10y
17.0%

Ratios

Return on assets
11.5%
PEG ratio
0.5
P/E ratio
51.8
P/B ratio
16.2
EV / EBITDA
30.8
Industry P/E
30.7
ROCE
30.9%
ROCE 5y average
15.0%
ROE
35.5%
Debt / Equity
0.6
Interest coverage
11.2
Dividend yield
0.4%
ROE 3y average
38.0%
ROE last year
35.0%

Annual P&L

Annual revenue
₹2,838 Cr
Annual profit
₹160 Cr
Operating margin
10.0%
Net profit margin
5.6%
EBITDA margin
9.8%
Sales growth 3y
15.9%
Sales growth 5y
36.9%
Profit growth 3y
100.0%
Profit growth 5y
26.0%
EPS
₹110
Sales growth TTM
18.0%
Profit growth TTM
10.0%
Dividend payout
21.0%

Quarter P&L

Sales latest quarter
₹958 Cr
Profit latest quarter
₹64 Cr
YoY quarterly sales growth
13.2%
YoY quarterly profit growth
-4.5%
OPM latest quarter
10.4%

Balance Sheet

Book Value
₹371
Face Value
₹10.0
Total debt
₹289 Cr
Total cash
₹21 Cr
Borrowings
₹289 Cr
Reserves / Equity
36.1

Cash Flow

Operating cash flow
₹156 Cr
Free cash flow
₹86 Cr
FCF yield
0.8%
Net cash flow
₹1 Cr

Shareholding

Promoter holding
59.0%
FII holding
1.2%
DII holding
2.4%
Public holding
37.4%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
Tata Motors423.0521.01,55,8000.932,556.087.020,667.019.335.9
Ashok Leyland145.7023.085,5822.35667.80.813,069.611.613.6
SML Mahindra5,899.9554.68,5370.4063.6-5.0957.513.230.9
Atul Auto411.6523.71,1420.708.0168.8218.443.011.3
Median417.3523.447,0600.81365.743.97,013.616.322.3

Competes with: Ashok Leyland, Atul Auto Limited, Tata Motors Limited

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Standalone · to 30 Jun 2026
Line itemJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales632499386680746550332771846555539898958
Expenses585459364608665505313681741513498807857
Material Cost540570448497624622
Change in Inventories1746-52-1195389
Purchases of Stock-in-Trade252624232732
Employee Cost535857595469
Other Expenses474036394945
Operating Profit4739227181451890105424190100
OPM %7.407.865.6510118.155.5212127.557.621010
Other Income2012122222231
Exceptional items (within Other Income)000000
Interest57811867953673
Depreciation12121212121212121213131313
Profit before tax322135062291719028247385
Tax %106-4252429262526252525
Net Profit322135246221536721185464
EPS in Rs22151.853632150.37374615123744
Diluted EPS in Rs374615123744

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Standalone · to 31 Mar 2026
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,1061,1661,3561,1351,4091,1545919241,8222,1962,3992,8382,950
Expenses1,0361,0791,2461,0901,3351,1426609651,7402,0172,1642,5602,676
Material Cost1,7262,139
Change in Inventories7.79-72
Purchases of Stock-in-Trade88100
Employee Cost206228
Other Expenses136165
Operating Profit6987110457412-69-4182179235278273
OPM %678451-12-4.504.50810109
Other Income5643455635687
Exceptional items (within Other Income)00
Interest65611161523222530302118
Depreciation20202428384146444248485253
Profit before tax496884924-38-133-10017106162214210
Tax %2425251020-450-1-15-12525
Net Profit375163820-21-133-10020108122160156
EPS in Rs2635445.8714-15-92-69147584110108
Diluted EPS in Rs84110
Dividend Payout %2423182622-0-0-0-0212121

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
9%
5 years
37%
3 years
16%
TTM
18%

Compounded profit growth

10 years
12%
5 years
26%
3 years
100%
TTM
10%

Stock price CAGR

10 years
17%
5 years
59%
3 years
71%
1 year
97%

Return on equity

10 years
7%
5 years
22%
3 years
38%
Last year
35%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Standalone
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital141414141414141414141414
Reserves288326389384399370241147163271368505
Borrowings225541212246185261298265421327289
Other Liabilities350332341377435289279357494506590588
Total Liabilities6757277859871,0958597968169371,2131,2991,397
Fixed Assets138171215365380426389349356340321337
CWIP2740783527351611115947
Investments-0-0-0-0-0-0-0-0-0-0-0-0
Other Assets5115154925876884294034505698619191,013
Total Assets6757277859871,0958597968169371,2131,2991,397

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Standalone
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity69-12121-3355150-47-1990-50177156
Cash from Investing Activity-103-13-89-98-58-47-28-7-42-46-61-66
Cash from Financing Activity1117-3414610-976017-55127-148-89
Net Cash Flow-23-8-21586-15-8-731-321
Free Cash Flow34-791-132-6102-66-3849-8711686

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Standalone
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days343231383812243115284035
Inventory Days129146107158146109202143105125116111
Days Payable90747092946714211873717468
Cash Conversion Cycle73104691049154845648818278
Working Capital Days29414441288-69-74-31-71723
ROCE %19202246-4-20-169242731

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Standalone · to 30 Jun 2026
Line itemSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters444444444444444459595959
FIIs15151615151515161.800.610.771.24
DIIs0000.070.0500.040.290.630.641.562.43
Public414140414141414039403937
No. of Shareholders24,88325,02325,44727,36729,46529,44529,91528,71637,37336,71839,06841,457

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year +81.3% (₹3,206.00 → ₹5,811.50)Brick size ₹285.86 (fixed)Bricks 26
₹4,000₹5,812Dec '25Feb '26Jul '26Sep '26
Price moved up one brickPrice moved down one brickLast close ₹5,811.50 on 9 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash

268inr_cr

2026-03-31

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

0.00cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-03-31

FY revenue / permanent employees + workers, same basis (calc)

2,66,98,024inr

2026-03-31

News

News and filings about SML Mahindra Limited. Open one to see why it matters.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Uses as raw material

  • PNG (piped natural gas, plant energy)
  • aluminium
  • aluminium castings
  • forging steel
  • plastics
  • rubber
  • steel castings
  • steel sheet metal

Depends on the price of

  • aluminium
  • rubber
  • steel

Buys from

Sells to

  • Ministry of Defence · troop carriers, ambulances and special vehicles

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Capital Goods
Industry
Commercial Vehicles
Classification
Capital Goods › Commercial Vehicles
ISIN
INE294B01019

Plants

  • SML Mahindra Nalagarh Works

News impact

Big market events that reach SML Mahindra Limited, and how the effect spreads.

1 Oct, 11:17 IST · Market event · high impact

SML Mahindra Stock Falls 4% Even As September Sales Jump 18%

SML Mahindra sold 18% more trucks and buses in September, helping the company and its parts suppliers, but its shares still fell 4%, hurting shareholders who expected the good news to lift the stock.

Automobile and Auto Components

Who it hits first

  • SML Mahindra, the truck and bus maker, sold 1,124 vehicles in September 2026, up 18% from 950 a year earlier.
  • Despite the strong sales, its shares fell 4% as investors sold on the news, likely disappointed by margins, the small absolute base, or an already-run-up price.
  • Its parts suppliers, Sandhar and Banco India, stand to gain from higher factory orders if the growth continues.
  • Bigger truck rivals such as Tata's commercial-vehicle arm and Ashok Leyland read the number as a sign of healthy truck demand rather than a threat, since 1,124 units is tiny beside their volumes.

Who may gain

  • Sandhar and Banco India, the two parts suppliers to SML Mahindra in the ranked pool, gain order volume if September's pace holds.
  • Tata's commercial-vehicle business and Ashok Leyland benefit from the read-across that truck demand is healthy.
  • No other clear beneficiary; the sales jump is too small in absolute units to move the wider auto market.

Along the supply chain

Downstream

The pack shows no company that buys from SML Mahindra, since it sells trucks and buses through dealers to fleet owners; the downstream effect is healthier dealer lots and fleet supply, not a gain for another listed firm.

Upstream

SML Mahindra buys parts from Sandhar, Banco India, Pritika Auto, PPAP and ZF Steering, so sustained sales growth lifts their order books, with Sandhar and Banco India in the ranked pool carrying the direct signal.

Where demand moves

Business

Truck buyers ordered more SML Mahindra vehicles, lifting revenue at the company and order flow to its parts suppliers Sandhar and Banco India; rival truck makers lose no sales since SML's 1,124 units are far too few to take meaningful share.

Capital

Investors sold SML Mahindra shares despite the sales beat, a sell-on-news reaction that may rotate money toward larger truck makers or the sidelines until margins and October volumes confirm the trend.

How it spreads across sectors

Automobile and Auto Components

Mildly positive read-across for truck makers and their suppliers as SML's 18% jump points to healthy commercial-vehicle demand, tempered by the stock's 4% fall which warns that small-base growth alone does not re-rate share prices.

When it plays out

Immediate

SML Mahindra stays choppy as sell-on-news pressure meets bargain buying on the sales beat; suppliers edge up on order hopes.

Medium term

If double-digit growth sustains through the freight season, suppliers build bigger order books and rivals confirm the truck cycle is healthy.

Short term

October sales and any margin commentary decide whether the growth story re-rates the stock or the selling continues.

Who it hits first

  • Switch Mobility, the electric-bus unit of truck and bus maker Ashok Leyland, won an order for 840 electric buses for Delhi under PM E-Drive.
  • The order covers 420 nine-metre and 420 twelve-metre air-conditioned electric buses, placed via Antony Road Transport Solutions for the Delhi Transport Corporation.

Who may gain

  • Ashok Leyland shareholders, whose e-bus unit gains 840 buses of order inflow
  • Battery and parts suppliers to Ashok Leyland, which could see small follow-on orders for batteries, electrical parts, and suspension

Along the supply chain

Downstream

Downstream, Antony Road Transport Solutions places the order and the Delhi Transport Corporation deploys the 840 buses for public transport in Delhi.

Upstream

Upstream, Ashok Leyland's suppliers of batteries, electrical parts, forgings, tyres, and steel stand to feed the 840-bus build, though each supplier's share is small.

Where demand moves

Business

New business demand flows to Switch Mobility and Ashok Leyland for 840 electric buses, with a thin trickle to battery, electrical, and suspension suppliers; rival bus makers win nothing from this round.

Capital

Capital flow should favour Ashok Leyland shares modestly on the order news, with light sympathy buying in e-bus suppliers and mild pressure on rival bus makers that missed out.

How it spreads across sectors

Automobile and Auto Components

Mild positive readthrough for e-bus and EV suppliers on the 840-bus Delhi order, while rival commercial-vehicle makers see a small competitive miss; the wider auto sector is unaffected.

When it plays out

Immediate

In 1–7 days Ashok Leyland shares react to the 840-bus win while rivals and suppliers adjust modestly.

Medium term

In 1–6 months execution and any follow-on Delhi e-bus lots decide whether this win grows into a bigger order book.

Short term

In 1–4 weeks focus shifts to delivery timelines, pricing, and margins on the 420 nine-metre and 420 twelve-metre buses.

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Dividends

3 Jul 2026unspecified₹23.5
9 Jul 2025unspecified₹18
6 Sep 2024unspecified₹16
19 Sep 2019unspecified₹3
1 Aug 2018unspecified₹1.5
14 Sep 2017unspecified₹8
28 Jul 2016unspecified₹8
27 Aug 2015unspecified₹6

Splits, bonuses & buybacks

  • daily-prices repair: 1 rows from NSE's archive (replace 0, delete 0, insert 1), 2026-02-01..2026-02-01 (docs/flat_day_repair.md)1× · 1 Feb 2026
  • nse-rename-history fill: 2435 NSE bars before cutoff, ISIN INE294B01019@2016-01-01, symbols SMLISUZU (docs/nse_rename_history.md)1× · 30 Oct 2025

Bulk & block deals

DateWhoBought / soldSharesPrice
31 Jul 2026QE SECURITIES LLPSELL82,299₹5,702.43
31 Jul 2026QE SECURITIES LLPBUY81,294₹5,681.44

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.