SML Mahindra Limited
₹4,717.95-₹128.60 (-2.7%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹6,140 Cr
- P/E
- 43.4x
- EV / EBITDA
- 34.7x
- Revenue
- ₹2,399 Cr
- Net margin
- 4.9%
- ROCE
- 25.4%
Price chart
Technical chartScreen technicals →+55.7% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- -28.3%
- 3M
- -13.9%
- 6M
- +26.8%
- 1Y
- +55.7%
- 5Y
- +548.1%
52-week range
Day change -₹128.60 (-2.7%) from ₹4,847 to ₹4,718 · Last close Oct 30, 2026
Best weekday to invest, historically
The same weekly amount in SMLMAH, bought on each weekday since 2021.
AI Summary
Indian StockStrengths1
- Healthy return on equity of 37.9%
Concerns0
Rule-based from financial data. Not advice.
About the company
SML Mahindra Limited manufactures and sells commercial vehicles and related parts in India and internationally. The company's products include trucks and buses. It provides special application, cargo, and passenger vehicles. It offers its products through distributors and dealers. The company was formerly known as SML Isuzu Limited and changed its name to SML Mahindra Limited in October 2025. SML Mahindra Limited was incorporated in 1983 and is based in Mohali, India. As of August 1, 2025, SML Isuzu Limited operates as a subsidiary of Mahindra & Mahindra Limited.
- Sector
- Industrials
- Shares outstanding
- 1.4 Cr shares
- ISIN
- INE294B01019
- BSE code
- 505192
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹6,140 Cr
- P/E
- 43.4x
- P/B
- 13.8x
- EV / EBITDA
- 34.7x
- EV / Sales
- 2.9x
- P/S
- 2.8x
- Earnings yield
- 2.3%
- 52-week high
- ₹6,824.10
- 52-week low
- ₹2,762.95
Profitability
- Operating margin
- 8.2%
- Net margin
- 4.9%
- EBITDA margin
- 8.4%
- ROE
- 37.9%
- ROCE
- 25.4%
- ROA
- 8.9%
- Dividend payout
- 21.0%
- Tax rate
- -1.0%
- Other income, % of PBT
- 4.7%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹2,399 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 9.2%
- Revenue CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 13.7%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹184 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 116.5%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 13.0%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -₹50.0 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -155.6%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -₹32.0 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 29.5%
Solvency and efficiency
- Current ratio
- 1.70
- Debt / Equity
- 1.48
- Debt / Assets
- 0.35
- Debt / EBITDA
- 2.29
- Interest coverage
- 5.97
- Financial leverage
- 4.26
- CFO / Net profit
- -0.46
- Cash / Market cap
- 14.0%
- Cash per share
- ₹595.41
- Asset turnover
- 1.81
- Fixed asset turnover
- 6.46
- Capital intensity
- 0.15
- Debtor days
- 28 days
- Inventory turnover
- 2.92
- Cash conversion cycle
- 81 days
Where the revenue went
Some FY2025 lines are not reported, so the ones that are appear as a table.
| Line | FY2025 |
|---|---|
| Sales | ₹2,399 Cr |
| Expenses | ₹2,164 Cr |
| Operating profit | ₹235 Cr |
| Other income | ₹6 Cr |
| Interest | ₹30 Cr |
| Depreciation | ₹48 Cr |
| Profit before tax | ₹162 Cr |
| Tax and other | ₹40 Cr |
| Net profit | ₹122 Cr |
Revenue and net profit
Revenue grew 9.2% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹591 Cr | -₹133 Cr |
| FY2022 | ₹924 Cr | -₹100 Cr |
| FY2023 | ₹1,822 Cr | ₹20 Cr |
| FY2024 | ₹2,196 Cr | ₹108 Cr |
| FY2025 | ₹2,399 Cr | ₹122 Cr |
Cash flows
FY2025: ₹177 Cr from operations, ₹116 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | -₹47 Cr | -₹75 Cr |
| FY2022 | -₹19 Cr | -₹26 Cr |
| FY2023 | ₹90 Cr | ₹48 Cr |
| FY2024 | -₹50 Cr | -₹96 Cr |
| FY2025 | ₹177 Cr | ₹116 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹2,399 Cr+9.2%1Y
- Net profit
- ₹122 Cr+13.0%1Y
- Cash from operations
- ₹177 Cr
- Free cash flow
- ₹116 Cr
- Revenue CAGR, 5Y
- 13.7%
- EBITDA CAGR, 5Y
- 61.0%
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹2,399 Cr | ₹235 Cr | — | ₹122 Cr | ₹177 Cr | ₹116 Cr | 31.9% | +9.2% | +13.0% |
Monthly returns
Month-by-month returns of SMLMAH across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹1,299 Cr |
| Equity capital | ₹14 Cr |
| Reserves | ₹368 Cr |
| Borrowings | ₹327 Cr |
| Other liabilities | ₹590 Cr |
| Assets | ₹1,299 Cr |
| Fixed assets | ₹321 Cr |
| Capital work in progress | ₹59 Cr |
| Investments | ₹0 Cr |
| Other assets | ₹919 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
SMLMAH trades at 43.4x earnings against a peer median of 38.3x (a 13% premium).
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| SML Mahindra LimitedSMLMAHthis companyP/E ↑ premium | ₹6,140 Cr | 43.4x | 13.8x | 37.9% | 34.7x |
| Mishra Dhatu Nigam LimitedMIDHANI | ₹6,393 Cr | 59.8x | 4.4x | 6.9% | 28.8x |
| Suprajit Engineering Ltd.SUPRAJIT | ₹6,296 Cr | 24.9x | 4.5x | 18.1% | 18.5x |
| Atlanta Electricals LimitedATLANTAELE | ₹6,283 Cr | 51.5x | 8.0x | 27.3% | 50.7x |
| Welspun Enterprises LimitedWELCORP | ₹6,264 Cr | 20.0x | 2.2x | 11.8% | 13.7x |
| Ahluwalia Contracts (India) LtdAHLUCONT | ₹6,018 Cr | 22.9x | 3.1x | 23.5% | 8.9x |
| ISGEC Heavy Engineering LimitedISGEC | ₹5,849 Cr | 20.0x | 2.3x | 10.8% | 11.3x |
| Kingfa Science & Technology (India) LtdKINGFA | ₹5,833 Cr | 37.0x | 4.5x | 20.9% | 30.4x |
| Surya Roshni Ltd.SURYAROSNI | ₹5,786 Cr | 17.7x | 2.3x | 15.2% | 9.2x |
| Peer median | — | 38.3x | 5.2x | 15.2% | 25.8x |
Year-to-date ROI
SMLMAH since 1 January, against earlier years.
Historical volatility
SMLMAH's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | -12.0% |
| FY2022 | -4.0% |
| FY2023 | 4.0% |
| FY2024 | 8.0% |
| FY2025 | 10.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹2,399 Cr |
| Costs | |
| Interest | ₹30 Cr |
| Expenses | ₹2,164 Cr |
| Operating profitOperating Profit | ₹235 Cr |
| Other income and charges | |
| Profit before tax | ₹162 Cr |
| Tax | |
| Net profitNet Profit | ₹122 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹1,299 Cr |
| Equity capitalEquity Capital | ₹14 Cr |
| Reserves | ₹368 Cr |
| Borrowings | ₹327 Cr |
| Other liabilitiesOther Liabilities | ₹590 Cr |
| AssetsTotal Assets | ₹1,299 Cr |
| Fixed assetsFixed Assets | ₹321 Cr |
| Capital work in progressCWIP | ₹59 Cr |
| Investments | ₹0 Cr |
| Other assetsOther Assets | ₹919 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | ₹177 Cr |
| Investing cash flowCash from Investing Activity | -₹61 Cr |
| Financing cash flowCash from Financing Activity | -₹148 Cr |
| Change in cashNet Cash Flow | -₹32 Cr |
Learn while you research
Academy chapters picked for SML Mahindra Limited and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Valuation Multiples ExplainedThis stock trades at a P/E of 43.4, learn when high multiples are justified.6 min read
- 04 Stock Market RisksSmall caps carry concentrated, idiosyncratic risk, learn to manage it.6 min read
- 05 Business Cycles & StocksThese cyclical sectors win and lose in different macro phases.6 min read
- 06 Essential Stock RatiosP/E, P/B, EV/EBITDA, what they mean and when to use each.7 min read