SML Mahindra

Quick check

The five things to look at first. Open one for more.

• DebtHigh safetyRated AA+ by ICRA.
• ResultsProfit fallingIn the Sep 2026 quarter, sales rose 21% and profit fell 43% from a year earlier.
• DilutionNo new sharesNo new shares issued in the last year, so existing shareholders' slices were not cut.
• PromotersSteadyThe promoters (founders or parent) own 59% of the company, about the same as in Sep 2025.
• ValuationExpensive vs its pastThe share trades at 46.9 times its yearly earnings (P/E), pricier than 87% of the time in the last 3 years. Its usual P/E is about 30.

SML Mahindra against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

• Valuation (P/E)46.9 against a typical 23.4: pricier than most peers (1st = cheapest).4th of 4
• Sales growth+20.7% against a typical +28.5% from a year earlier.3rd of 4
• Profit growth−42.9% against a typical +1.5% from a year earlier.3rd of 3
• Share price, 3 months+4.5% against a typical −5.6%.1st of 4
• Size₹ 7,035.2 Cr. market value against a typical ₹ 46,382.1 Cr. (1st = largest).3rd of 4

Exchange filings and their impact on the company.

• 19 Oct 2026Outcome of Board MeetingMedium impactNegativePrice −10% on 21 Oct
  Strong sales growth and debt repayment offset by sharp Q2 margin and profit miss.

  SML Mahindra reported Q2 FY27 revenue of Rs 669.79 crore, up 21% from last year but down from Q1, with net profit of Rs 11.70 crore down 44% on higher material and employee costs. For the half year, revenue was Rs 1,627.33 crore with profit of Rs 75.32 crore, lower than last year. Strong collections cut borrowings to about Rs 30 crore from Rs 280 crore in March and operating cash flow rose to Rs 323.78 crore. The results note the Rs 525 crore truck and bus business purchase from Mahindra & Mahindra is expected to close by 31 January 2027.

  Full analysisFiling
• 8 Oct 2026Monthly Business UpdatesLow impactPositivePrice −0.7% on 9 Oct
  September sales jumped 32% YoY to 1,071 vehicles with production up 20%, signalling strong domestic demand.

  SML Mahindra reported September 2026 volumes with production of 1,257 vehicles versus 1,049 last year and sales of 1,071 versus 812 last year. Exports fell to 53 vehicles from 138 last year. The strong domestic sales growth points to healthy demand momentum, though one month alone has a limited impact on full-year results.

  Full analysisFiling

Results dates and other board meetings. Full calendar

Compounded yearly rates over each period.

Listed companies in the same business.

Vinod Kumar Sahay

Executive Chairman of the Board

Parvesh Madan

Compliance Officer, Company Secretary