SML Mahindra Limited (SMLMAH)
₹6,143.00 +0.31% on 19 Oct, as of 12:25 IST · NSE
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, SML Mahindra's revenue was ₹958 Cr (+13.2% year on year, +6.6% on the previous quarter), and net profit ₹63.6 Cr (-5.0% year on year); the operating margin was 10.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹958 | +13.2% | +6.6% |
| Operating profit | ₹100 | -4.7% | +11.2% |
| Net profit | ₹63.6 | -5.0% | +17.8% |
| EPS (₹) | 43.96 | -5.0% | +17.4% |
| Operating margin | 10.5% | — | — |
SMLMAH delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 38.43% of the SMLMAH shares traded on NSE were taken to delivery, against the stock's own 20-session average of 40.13%. That is close to its usual level. Volume was 0.5 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 40.4% · 32.7% · 32.7% · 41.1% · 38.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
SML Mahindra announced the resignation of Chief Financial Officer Pushkar Patwardhan, effective close of October 19, 2026, to pursue outside opportunities. To manage the transition, Ms. Manaswini Goel has been appointed as Interim CFO from October 20, 2026, to December 31, 2026. Mr. Surender Kalra, a Mahindra veteran with 30 years of experience, will take over as permanent CFO from January 1, 2027. Additionally, Mr. Ashudeep Saddi was appointed Chief Human Resources Officer effective October 19, 2026.
- CFO Pushkar Patwardhan resigns effective close of October 19, 2026
- Manaswini Goel appointed Interim CFO from October 20, 2026 to December 31, 2026
- Surender Kalra appointed permanent CFO effective January 1, 2027
- Ashudeep Saddi appointed Chief Human Resources Officer effective October 19, 2026
SML Mahindra Limited announced an update to its list of Key Managerial Personnel authorized for determining materiality under Regulation 30(5), effective October 20, 2026. This follows the cessation of Mr. Pushkar Parwardhan as Chief Financial Officer with effect from the close of October 19, 2026. Ms. Manaswini Goel will take over as Interim CFO from October 20, 2026, through December 31, 2026, after which Mr. Surender Kalra will assume the CFO role effective January 1, 2027.
- Cessation of CFO Mr. Pushkar Parwardhan effective from the close of October 19, 2026
- Ms. Manaswini Goel appointed Interim CFO from October 20, 2026 to December 31, 2026
- Mr. Surender Kalra appointed Chief Financial Officer effective January 1, 2027
- Updated Regulation 30(5) authorized KMP list takes effect from October 20, 2026
SML Mahindra announced the resignation of Chief Financial Officer Pushkar Patwardhan, effective close of October 19, 2026, to pursue outside opportunities. To manage the transition, Ms. Manaswini Goel has been appointed as Interim CFO from October 20, 2026, to December 31, 2026. Mr. Surender Kalra, a Mahindra veteran with 30 years of experience, will take over as permanent CFO from January 1, 2027. Additionally, Mr. Ashudeep Saddi was appointed Chief Human Resources Officer effective October 19, 2026.
- CFO Pushkar Patwardhan resigns effective close of October 19, 2026
- Manaswini Goel appointed Interim CFO from October 20, 2026 to December 31, 2026
- Surender Kalra appointed permanent CFO effective January 1, 2027
- Ashudeep Saddi appointed Chief Human Resources Officer effective October 19, 2026
SML Mahindra announced the resignation of Chief Financial Officer Pushkar Patwardhan, effective close of October 19, 2026, to pursue outside opportunities. To manage the transition, Ms. Manaswini Goel has been appointed as Interim CFO from October 20, 2026, to December 31, 2026. Mr. Surender Kalra, a Mahindra veteran with 30 years of experience, will take over as permanent CFO from January 1, 2027. Additionally, Mr. Ashudeep Saddi was appointed Chief Human Resources Officer effective October 19, 2026.
- CFO Pushkar Patwardhan resigns effective close of October 19, 2026
- Manaswini Goel appointed Interim CFO from October 20, 2026 to December 31, 2026
- Surender Kalra appointed permanent CFO effective January 1, 2027
- Ashudeep Saddi appointed Chief Human Resources Officer effective October 19, 2026
SML Mahindra announced the resignation of Chief Financial Officer Pushkar Patwardhan, effective close of October 19, 2026, to pursue outside opportunities. To manage the transition, Ms. Manaswini Goel has been appointed as Interim CFO from October 20, 2026, to December 31, 2026. Mr. Surender Kalra, a Mahindra veteran with 30 years of experience, will take over as permanent CFO from January 1, 2027. Additionally, Mr. Ashudeep Saddi was appointed Chief Human Resources Officer effective October 19, 2026.
- CFO Pushkar Patwardhan resigns effective close of October 19, 2026
- Manaswini Goel appointed Interim CFO from October 20, 2026 to December 31, 2026
- Surender Kalra appointed permanent CFO effective January 1, 2027
- Ashudeep Saddi appointed Chief Human Resources Officer effective October 19, 2026
SML Mahindra reported its monthly business update for September 2026, showing healthy volume growth across domestic sales and manufacturing. Commercial vehicle sales increased by 31.9% YoY to 1,071 units compared to 812 units in September 2025. Production also rose 19.8% YoY to 1,257 units from 1,049 units. However, export volumes experienced a sharp drop, falling 61.6% YoY to 53 units compared to 138 units in the prior-year period.
- Commercial vehicle sales rose 31.9% YoY to 1,071 units in September 2026 from 812 units
- Production increased 19.8% YoY to 1,257 units from 1,049 units in September 2025
- Exports declined 61.6% YoY to 53 units compared to 138 units in September 2025
SML Mahindra Limited reported total sales of 1,124 units in September 2026, marking an 18% YoY growth compared to 950 units sold in September 2025. The growth was led by the Cargo Vehicles segment, which surged 39% YoY to 516 units, while Passenger Vehicles grew 5% to 608 units. For the cumulative period of April-September 2026-27 (H1 FY27), total volumes reached 9,340 units, reflecting a 15% YoY increase over 8,145 units in H1 FY26.
- Total sales in September 2026 reached 1,124 units, an increase of 18% YoY from 950 units.
- Cargo vehicle sales jumped 39% YoY to 516 units from 370 units in September 2025.
- Passenger vehicle sales rose 5% YoY to 608 units from 580 units.
- Cumulative H1 (April-September) sales expanded 15% YoY to 9,340 units compared to 8,145 units in the previous fiscal period.
SML Mahindra reported its monthly business update for August 2026, showing strong operational growth across key metrics. Commercial vehicle sales increased 34.4% YoY to 1,095 units compared to 815 units in August 2025 (labeled FY 2026). Production expanded 22.5% YoY to 1,280 units versus 1,045 units in the prior year period. Exports witnessed sharp growth, jumping nearly three-fold to 80 units from 27 units last year.
- Commercial vehicle sales rose 34.4% YoY to 1,095 units in August 2026 from 815 units
- Production increased 22.5% YoY to 1,280 units against 1,045 units in the prior period
- Exports grew almost 3x YoY to 80 units compared to 27 units in August 2025
SML Mahindra Limited has announced the outcome of its postal ballot, where shareholders overwhelmingly approved the acquisition of Mahindra & Mahindra Limited's (M&M) Truck and Bus Division on a slump sale basis. The related-party transaction received 99.9859% of polled votes in favour, with institutional investors voting 100% in support (5,56,676 votes). A second resolution approving other material related-party transactions with M&M was also cleared with 99.9859% approval. Promoter entity votes were excluded from voting on these related-party resolutions.
- Shareholders approved acquisition of M&M's Truck and Bus Division on a slump sale basis with 99.9859% of polled votes in favour
- Public institutional shareholders voted 100% in favour (5,56,676 votes) with zero dissenting votes
- Total of 19,37,573 votes polled in favour versus 274 against across 1,44,71,646 total outstanding equity shares
- Material related-party transactions with M&M passed with 99.9859% approval (19,37,422 votes in favour)
- Remote e-voting took place from 8th August 2026 to 6th September 2026 based on the 31st July 2026 cut-off date
SML Mahindra reported total sales of 1,175 units for August 2026, marking a 40% YoY growth compared to 842 units in August 2025. Volume expansion was broad-based, led by a 53% YoY jump in Cargo Vehicles to 492 units and a 31% YoY rise in Passenger Vehicles to 683 units. For the cumulative April–August 2026 period, total volumes stood at 8,216 units, reflecting a 14% YoY growth driven by sustained momentum in the passenger segment (+21% YoY).
- Total August 2026 sales grew 40% YoY to 1,175 units compared to 842 units in August 2025
- Cargo vehicle sales surged 53% YoY to 492 units in August 2026 vs 321 units in August 2025
- Passenger vehicle sales increased 31% YoY to 683 units in August 2026 vs 521 units in August 2025
- Cumulative YTD (Apr–Aug 2026) sales rose 14% YoY to 8,216 units compared to 7,195 units in the prior year
SML Mahindra Limited has informed stock exchanges that the Business Valuation Report and Fairness Opinion dated 27th July 2026 have now been made publicly available on its website. These documents, prepared by BDO Valuation Advisory LLP and Ernst & Young Merchant Banking Services LLP respectively, were referenced in the Postal Ballot Notice dated 7th August 2026. The company is also emailing these documents directly to registered shareholders to ensure wider dissemination.
- Postal Ballot Notice previously issued on 7th August 2026
- Business Valuation Report dated 27th July 2026 prepared by BDO Valuation Advisory LLP
- Fairness Opinion dated 27th July 2026 issued by Ernst & Young Merchant Banking Services LLP
- Documents uploaded to company website and being emailed directly to registered shareholders
SML Mahindra reported a steady 10.2% year-on-year increase in total sales for July 2026, reaching 1,521 units compared to 1,380 units in July 2025. Production also saw an uptick of 11.2%, totaling 1,458 units for the month. A notable highlight is the 74.5% surge in exports, which rose from 47 to 82 units, reflecting the company's focus on international markets. These figures indicate healthy operational momentum following Mahindra & Mahindra's acquisition of a 58.96% stake in August 2025.
- Total sales for July 2026 reached 1,521 units, a 10.2% increase over 1,380 units in July 2025.
- Production volume grew by 11.2% year-on-year to 1,458 units in July 2026.
- Exports surged by 74.5% to 82 units, up from 47 units in the previous year.
- Sales volume (1,521 units) exceeded production (1,458 units) for the month, indicating inventory movement.
SML Mahindra is seeking shareholder approval to acquire the Truck and Bus Division (MTBD) from its promoter, Mahindra & Mahindra (M&M), for a consideration of ₹525 crores. The transaction is structured as a slump sale on a going-concern basis, including all assets, intellectual property, and employees. This move aims to consolidate M&M's commercial vehicle operations under SML Mahindra, potentially addressing the company's current portfolio gaps in the goods carrier segment. Shareholders will vote via postal ballot between August 8 and September 6, 2026.
- Acquisition of M&M's Truck and Bus Division for a fixed consideration of ₹525 crores, subject to working capital adjustments.
- Promoter Mahindra & Mahindra holds a 58.97% stake in the company as of the notice date.
- The transaction includes the transfer of all MTBD employees, assets, intellectual property, and licenses.
- Post-transaction Debt-to-Equity ratio is projected to remain stable at 0.54, based on FY2025-26 audited financials.
- E-voting period for shareholders is scheduled from August 8, 2026, to September 6, 2026.
SML Mahindra reported a 12% year-on-year increase in total sales for July 2026, reaching 1,603 units compared to 1,427 units in the previous year. The growth was entirely driven by the Passenger Vehicles segment, which grew 21% to 1,186 units, while Cargo Vehicles saw a 7% decline to 417 units. On a cumulative basis for April-July 2026, total volumes are up 11% at 7,041 units. This performance highlights the company's continued strength in the bus segment despite ongoing weakness in its cargo portfolio.
- Total sales for July 2026 increased by 12% YoY to 1,603 units.
- Passenger Vehicle sales grew significantly by 21% YoY to 1,186 units in July.
- Cargo Vehicle sales declined by 7% YoY to 417 units during the month.
- Cumulative sales for April-July 2026 reached 7,041 units, an 11% increase over the previous year.
- Cargo segment remains a laggard with a 12% cumulative decline (1,526 units vs 1,731 units) for the April-July period.
SML Mahindra Limited has received a favorable order from the National Faceless Appeal Centre (NFAC) regarding a tax dispute for Assessment Year 2016-17. The order nullifies a previously imposed penalty of ₹11.56 lakhs that was originally levied under Section 271(1)(c) of the Income Tax Act. This resolution follows an appeal against an earlier order dated February 28, 2024. Given the small quantum of the penalty relative to the company's scale, the financial impact is negligible.
- Penalty demand of ₹11.56 lakhs nullified by the Income Tax Department
- Appeal successfully allowed for Assessment Year (AY) 2016-17
- Order issued under Section 250 of the Income Tax Act, 1961
- Final communication received on July 31, 2026, at 03:55 AM
Financial Performance
Revenue Growth by Segment
Total revenue grew 9.2% YoY to INR 2,398.3 Cr in FY2025. The bus segment, which constitutes 70% of sales volumes, saw a 6% YoY growth in volume. The goods carrier segment accounts for the remaining 30% of sales volumes.
Geographic Revenue Split
Primarily domestic (India) with an expanding export footprint. The company has begun exports to African markets and is strengthening dealership networks in Nepal, Sri Lanka, and Bangladesh to improve export prospects.
Profitability Margins
Operating profit margins improved to 9.8% in FY2025 from 8.2% in FY2024. Net profit (PAT) margin improved to 5.1% in FY2025 from 4.9% in FY2024, driven by operating leverage and cost efficiency measures.
EBITDA Margin
EBITDA margin (OPBDIT/OI) stood at 9.8% in FY2025, a 160 bps improvement from 8.2% in FY2024, reflecting healthy scale and improved realizations.
Capital Expenditure
Planned capex of INR 75-85 Cr for FY2026, primarily focused on regulatory compliance, maintenance, and product profile enhancement. This follows historical investments in product portfolio upgrades like front overhang (FOH) diesel buses.
Credit Rating & Borrowing
Long-term rating upgraded to [ICRA]AA+ (Stable) from [ICRA]AA- in October 2025. Short-term rating reaffirmed at [ICRA]A1+. Working capital debt was reduced by 35.7% to INR 225 Cr as of March 31, 2025, from INR 350 Cr the previous year.
Operational Drivers
Raw Materials
Automotive components, steel, and specialized parts for bus body building. Specific percentage of total cost for each material is not disclosed in available documents.
Import Sources
Sourced domestically and through international partnerships; specific countries are not detailed, though synergies with M&M (India) and previous links to Isuzu/Sumitomo (Japan) are noted.
Key Suppliers
Mahindra & Mahindra (M&M) for sourcing synergies; other specific vendor names are not disclosed.
Capacity Expansion
Current capacity is not specified in units, but the company is focusing on 'plugging portfolio gaps' and upgrading its product range to compete in the staff sub-segment and goods carrier segment.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but the company is implementing cost efficiency measures and leveraging M&M's sourcing power to manage input costs.
Manufacturing Efficiency
Improved operating leverage achieved through a healthy scale of operations, leading to a 1.6% improvement in operating margins in FY2025.
Logistics & Distribution
Expanding sales and dealership network in India and neighboring countries (Nepal, Sri Lanka, Bangladesh) to support a 9% revenue growth.
Strategic Growth
Expected Growth Rate
9.2%
Growth Strategy
Achieving growth through M&M's 58.96% controlling stake, which provides operational synergies in product development and distribution. Strategy includes expanding the product portfolio in the goods carrier segment (currently only 30% of sales), increasing exports to Africa and South Asia, and launching specialized vehicles like ambulances and cold chain trucks.
Products & Services
School buses, executive buses, staff buses (FOH diesel), light and medium commercial trucks, ambulances, and cold chain specialized vehicles.
Brand Portfolio
SML Mahindra (formerly SML Isuzu).
New Products/Services
Front overhang (FOH) diesel buses for the staff sub-segment and specialized vehicles for the cold chain market.
Market Expansion
Targeting high-potential African markets and strengthening presence in SAARC nations (Nepal, Sri Lanka, Bangladesh).
Market Share & Ranking
Strong market position in school buses; niche player in the overall CV industry with a modest market share due to limited presence in the goods carrier segment (which is 80% of the total industry).
Strategic Alliances
Subsidiary of Mahindra & Mahindra (M&M) following the acquisition of a 58.96% stake from Sumitomo and Isuzu Japan.
External Factors
Industry Trends
The Indian e-bus market is expected to witness healthy traction; SML's ability to adapt to the EV transition is critical. The CV industry is currently seeing steady demand, but remains cyclical.
Competitive Landscape
Intense competition in the bus segment from large players like Tata Motors and Ashok Leyland; SML is a niche player with limited presence in the dominant goods carrier segment.
Competitive Moat
Moat is built on a strong brand in the school bus segment and a specialized product range. Sustainability is enhanced by M&M's parentage (58.96% stake), providing superior financial flexibility and technical expertise compared to its previous standalone status.
Macro Economic Sensitivity
Highly sensitive to the cyclicality of the Commercial Vehicle (CV) industry; however, the high share of buses (relatively steady demand) partially mitigates this compared to truck-heavy peers.
Consumer Behavior
Shift toward staff and executive travel sub-segments in buses; increasing demand for specialized cold chain logistics.
Geopolitical Risks
Trade prospects in neighboring countries like Bangladesh and Sri Lanka are subject to regional stability and economic conditions.
Regulatory & Governance
Industry Regulations
Subject to the Motor Vehicles Act, 1988 and evolving safety/emission norms. Transition to EVs is a key regulatory-driven market shift.
Environmental Compliance
CSR obligation of INR 16.7 lacs for FY2025; capex of INR 75-85 Cr includes spending for regulatory compliance.
Taxation Policy Impact
Effective tax rate reflected in PAT of INR 121.7 Cr on PBT of INR 162.4 Cr (implied from cash profit/depreciation data).
Legal Contingencies
Secretarial audit for FY2025 reported compliance with the Companies Act, SEBI, and Depositories Act; no material pending litigation values were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Transition to electric vehicles (EVs) requires material investment; failure to adapt could impact market share. Cyclical downturns in the CV industry could impact margins by 1-2%.
Geographic Concentration Risk
Concentrated in India, though expanding into Africa and SAARC regions to diversify.
Third Party Dependencies
Increasingly dependent on M&M for operational synergies and financial flexibility.
Technology Obsolescence Risk
Risk of product portfolio becoming obsolete if not realigned with the shift toward EV and higher safety standards.
Credit & Counterparty Risk
Receivables stood at INR 39.5 Cr (as per 2020 data) but current liquidity is 'Adequate' with expected cash flows of INR 100-120 Cr p.a.
