SML Mahindra Limited

BSE: SMLMAH505192ISIN INE294B01019

Industrials
Commercial Vehicles
BSE 1000

Share price

₹4,932.55+26.00 (+0.53%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹6,908.80
52W low: ₹2,733.05
Off 52W high: -28.60%
1M return: -22.44%
3M return: -16.48%
6M return: +27.47%
1Y return: +51.30%
20D avg volume: 4,384
50 DMA: ₹5,810.66
200 DMA: ₹4,592.74

Key ratios Standalone

Market cap: ₹7,138 Cr
Current price: ₹4,932.55
52W high / low: ₹6,908.80 / ₹2,733.05
Face value: ₹10.00
P/E: 48.54
P/B: 21.60
EPS (TTM): ₹101.62
Book value / share: ₹228.36
ROE: 44.50%
ROCE: 38.70%
Operating margin: 4.50%
Net margin: 1.75%
Debt / equity: 0.54
Net debt: ₹275.64 Cr
Interest cover: 11.32
Dividend yield: 0.48%
Dividend / share (TTM): ₹23.50
Payout: 23.13%
Cash conversion cycle: 67.6 days

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	669.79	957.54	897.65	539.27	555.11	845.89	771.38	331.80	549.71	746.10	679.60	386.13
	1.60	1.19	2.58	1.56	2.12	2.06	1.72	1.63	1.55	1.16	2.02	0.97
	671.39	958.73	900.23	540.83	557.23	847.95	773.10	333.43	551.26	747.26	681.62	387.10
	655.54	873.45	827.63	517.31	528.95	758.40	701.96	332.68	522.73	685.30	631.22	384.25
	523.34	622.39	624.22	496.57	448.05	570.32	539.59	341.08	362.69	483.12	498.10	412.41
	25.83	32.00	27.00	22.68	24.14	26.22	24.68	18.75	21.39	23.03	20.44	17.78
	67.25	68.91	53.71	59.17	56.73	57.97	52.66	50.41	48.95	54.24	50.41	49.49
	0.90	2.74	6.99	5.79	2.87	5.09	8.93	7.10	5.75	8.10	10.72	7.88
	13.36	13.27	13.37	13.34	12.89	12.43	12.09	12.11	12.07	12.08	12.10	12.04
	47.38	44.76	49.15	39.05	36.45	40.29	46.86	24.35	31.77	33.08	42.65	25.63
	15.85	85.28	72.60	23.52	28.28	89.55	71.14	0.75	28.53	61.96	50.40	2.85
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	15.85	85.28	72.60	23.52	28.28	89.55	71.14	0.75	28.53	61.96	50.40	2.85
	4.15	21.66	18.40	5.98	7.23	22.59	18.19	0.22	6.73	15.57	1.92	0.17
	11.70	63.62	54.20	17.54	21.05	66.96	52.95	0.53	21.80	46.39	52.32	2.68
	8.09	43.96	37.46	12.11	14.55	46.27	36.60	0.36	15.06	32.06	36.14	1.86
Key metrics
	30.11	101.29	92.96	42.65	44.04	107.07	92.16	19.96	46.35	82.14	73.22	22.77
	4.50%	10.60%	10.40%	7.90%	7.90%	12.70%	11.90%	6.00%	8.40%	11.00%	10.80%	5.90%
	1.70%	6.60%	6.00%	3.30%	3.80%	7.90%	6.90%	0.20%	4.00%	6.20%	7.70%	0.70%
	2.60%	—	13.10%	—	5.50%	—	15.20%	—	—	—	—	—
	20.70%	13.20%	16.40%	62.50%	1.00%	13.40%	13.50%	-14.10%	—	—	—	—
	-44.40%	-5.00%	2.40%	3,209.40%	-3.40%	44.30%	1.20%	-80.20%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	3,064	2,838	2,399	2,196	1,822	924.17
	6.93	8.32	6.06	5.41	3.12	5.96
	3,071	2,846	2,405	2,201	1,825	930.13
	2,874	2,632	2,243	2,095	1,807	1,030
	2,267	2,139	1,726	1,755	1,492	723.98
	107.51	100.04	87.85	78.41	78.48	54.40
	249.04	227.58	206.26	195.69	172.45	132.78
	16.42	20.74	29.88	30.35	25.05	21.51
	53.34	52.03	48.35	47.52	42.43	43.52
	180.34	164.94	136.06	124.00	106.31	75.13
	197.25	213.95	162.38	106.45	17.28	-100.27
	0.00	0.00	0.00	—	—	—
	197.25	213.95	162.38	106.45	17.28	-100.27
	50.19	54.20	40.71	1.43	2.55	0.51
	147.06	159.75	121.67	107.88	19.83	-99.76
	101.62	110.39	84.08	74.54	13.71	-68.94
Key metrics
	267.01	286.72	240.61	184.32	84.76	-35.24
	8.71%	10.10%	10.00%	8.40%	4.70%	-3.80%
	4.80%	5.60%	5.10%	4.90%	1.10%	-10.80%
	—	38.70%	36.40%	—	—	—
	22.37%	18.30%	9.20%	20.60%	97.10%	—
	3.94%	31.30%	12.80%	444.00%	119.90%	—
	—	85.86	115.50	—	—	—
	—	0.98	1.46	—	—	—
	—	0.54	0.84	—	—	—
	—	275.64	318.68	—	—	—
	—	67.6	72.0	—	—	—
Balance sheet
	—	1,397	1,299	—	—	—
	—	988.72	903.29	—	—	—
	—	4.51	3.10	—	—	—
	—	270.21	265.25	—	—	—
	—	660.68	577.99	—	—	—
	—	34.36	37.12	—	—	—
	—	291.19	263.45	—	—	—
	—	405.54	370.13	—	—	—
	—	789.71	771.70	—	—	—
	—	280.15	321.78	—	—	—
	—	269.50	259.23	—	—	—
	—	10.65	62.55	—	—	—
	—	519.34	382.66	—	—	—
Cash flow
	—	156.19	177.48	—	—	—
	—	-65.83	-60.94	—	—	—
	—	-88.95	-148.26	—	—	—
	—	70.33	61.98	—	—	—

Compounded growth

Sales CAGR 3Y: +15.93%
Sales CAGR 5Y: —
Profit CAGR 3Y: +100.47%
Profit CAGR 5Y: —
Sales YoY (TTM): +22.37%
Profit YoY (TTM): +3.94%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 58.97%

Quarter	September 2026	June 2026
Promoter %	58.97%	58.97%

Holder	Type	Holding	Previous	Change
MAHINDRA & MAHINDRA LIMITED	Promoter	58.97%	58.97%	0.00%
SACHIN BANSAL (PARTNER OF SPV ENTERPRISES)	Public	4.04%	4.13%	-0.09%
SACHIN BANSAL (PARTNER OF ANANDAM ENTERPRISES)	Public	3.07%	3.19%	-0.12%
VANAJA SUNDAR IYER	Public	2.25%	1.87%	+0.38%
INVESTOR EDUCATION AND PROTECTION FUND AUTHORITY MINISTRY OF CORPORATE AFFAIRS	Public	1.92%	1.92%	0.00%
SACHIN BANSAL (PARTNER OF NAVODAYA ENTERPRISES)	Public	1.73%	2.75%	-1.02%
LIC MF AGGRESSIVE HYBRID FUND	Public	1.42%	—	—
Mahindra Investment Company Mauritius Ltd (Formerly known as Mahindra-BT Investment Company (Mauritius) Limited)	Promoter Group	0.00%	0.00%	0.00%
B.S.A. Motor Cycles Limited	Promoter Group	0.00%	0.00%	0.00%
Mahindra HZPC Private Limited (formerly known as Mahindra Investments (International) Private Limited)	Promoter Group	0.00%	0.00%	0.00%
Mahindra MSTC Recycling Private Limited (subsidiary on account of control on composition of majority Board of Directors)	Promoter Group	0.00%	0.00%	0.00%
Deep Mangal Developers Private Ltd	Promoter Group	0.00%	0.00%	0.00%
Mahindra Aerospace Australia Pty. Limited	Promoter Group	0.00%	0.00%	0.00%
Gelos Solren Private Limited	Promoter Group	0.00%	0.00%	0.00%
Mahindra Manulife Investment Management Private Limited (formerly known as Mahindra Asset Management Company Private Limited)	Promoter Group	0.00%	0.00%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Tata Motors Limited	1,48,343	402.80	23.52	24.70%	—	—	—
Ashok Leyland Ltd.	90,457	154.00	24.24	14.40%	+16.50% TTM	+6.91% TTM	+9.69%
SML Mahindra Limited S	7,138	4,932.55	48.54	38.70%	+22.37% TTM	+3.94% TTM	+51.30%
Keto Motors Limited	1,289	182.95	—	—	—	—	—
Atul Auto Limited	1,084	390.50	22.68	12.10%	+26.26% TTM	+104.71% TTM	-18.05%

Filings & corporate actions

Recent announcements

SML Mahindra Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 06/11/2026 ,inter alia, to consider and approve proposal for raising of funds ....2 Nov 2026 · Board Meeting / Board Meeting
Sales Figures for the month of October 20261 Nov 2026 · Company Update / Monthly Business Updates
Newspaper Advertisements - Unaudited Financial Results for the second quarter and half year ended on 30th September, 202620 Oct 2026 · Company Update / Newspaper Publication
Amendment to the Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information19 Oct 2026 · Company Update / General
Outcome of Board meeting held on 19.10.202619 Oct 2026 · Board Meeting / Outcome of Board Meeting
Un-audited Financial Results for the second quarter and half year ended on 30th September, 2026 and copy of the Un-audited Financial Results along with Limited Review Report issued by the ....19 Oct 2026 · Result / Financial Results
Intimation under Regulation 30(5) of SEBI (LODR) Reg 201512 Oct 2026 · Company Update / General
Appointment of Mr. Ashudeep Saddi as Chief Human Resources Officer (CHRO) and Senior Management Personnel of the Company effective 19th October, 202612 Oct 2026 · Company Update / Change in Management
Appointment of Mr. Surender Kalra as the Chief Financial Officer and Key Managerial Personnel of the Company with effect from 1st January, 2027.12 Oct 2026 · Company Update / Change in Management
Appointment of Ms. Manaswini Goel, as CFO and Key Managerial Personnel of the Company designated as Interim CFO for a period with effect from 20th Oct, 2026 to 31st December, 202612 Oct 2026 · Company Update / Change in Management
Cessation of Mr. Pushkar Patwardhan as CFO with effect from close of 19th October, 202612 Oct 2026 · Company Update / Cessation
As per file enclosed12 Oct 2026 · Company Update / Change in Management
Outcome of Board Meeting held on October 12, 202612 Oct 2026 · Others / Outcome without intimation
Report for the month of September 20268 Oct 2026 · Company Update / Monthly Business Updates
Certificate under Reg. 74(5) of SEBI (DP) Regulations, 2018 for quarter ended on 30th September, 20267 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Sales Figures for the month of September 20261 Oct 2026 · Company Update / Monthly Business Updates
SML Mahindra Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 19/10/2026 ,inter alia, to consider and approve the Unaudited Financial Results ....29 Sep 2026 · Board Meeting / Board Meeting
Closure of trading window from 1st October, 2026 to 22nd October, 2026 for the declaration of unaudited financial results of the Company for the second quarter and half year ending on 30th ....29 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Newspaper Advertisements- Special window for re-lodgement of transfer request of physical shares9 Sep 2026 · Company Update / Newspaper Publication
Report for the month of August 20268 Sep 2026 · Company Update / Monthly Business Updates
Outcome of the Postal Ballot -Scrutinizer Report7 Sep 2026 · AGM/EGM / Postal Ballot
Outcome of Postal Ballot, Disclosure of Voting Results of Postal Ballot through remote e-voting and Scrutinizer's Report7 Sep 2026 · AGM/EGM / Postal Ballot
Sales Figures for the month of August 20261 Sep 2026 · Company Update / Monthly Business Updates
Additional information to the shareholders - Dissemination of Business Valuation Report and Fairness Opinion referred to in the Postal Ballot Notice dated 7th August 202625 Aug 2026 · AGM/EGM / Postal Ballot
Newspaper Advertisement - Notice of Postal Ballot and other related information8 Aug 2026 · Company Update / Newspaper Publication
Report for the month of July 20268 Aug 2026 · Company Update / Monthly Business Updates
Postal Ballot Notice dated 7th August, 20267 Aug 2026 · AGM/EGM / Postal Ballot
Sales Fig for the month of July 20261 Aug 2026 · Company Update / Monthly Business Updates
Disclosure under Regulation 30(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Clause 20 of Para A of Part ....31 Jul 2026 · Company Update / General
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Presentation made to the Analyst/Institutional Investor Meeting29 Jul 2026 · Company Update / Analyst / Investor Meet
Newspaper Advertisements- Special window for re-lodgement of transfer request of physical shares29 Jul 2026 · Company Update / Newspaper Publication
Please refer to enclosed file29 Jul 2026 · Company Update / General
Please refer enclosed file29 Jul 2026 · Company Update / Investor Presentation
Please refer enclosed file29 Jul 2026 · Company Update / Analyst / Investor Meet
Acquisition of Mahindra & Mahindra's Truck and Bus Division by the Company on a Slump Sale basis under Business Transfer Agreement29 Jul 2026 · Others / Outcome without intimation
42nd Annual General Meeting-Voting Results and Consolidated Scrutinizer''s Report22 Jul 2026 · AGM/EGM / AGM
Proceedings of 42nd Annual General Meeting of SML Mahindra Limited21 Jul 2026 · AGM/EGM / AGM
Newspaper Advertisements - Unaudited Financial Results for the first quarter ended on 30th June, 202621 Jul 2026 · Company Update / Newspaper Publication
Revised PDF file of Chairman''s Presentation at the 42nd Annual General Meeting21 Jul 2026 · Company Update / General
Chairman's Presentation at the 42nd Annual General Meeting21 Jul 2026 · Company Update / General

Corporate actions

Purpose	Ex date	Record date	Payment date
Final Dividend - Rs. - 23.5000	3 Jul 2026	3 Jul 2026	—
Final Dividend - Rs. - 18.0000	9 Jul 2025	9 Jul 2025	—
Final Dividend - Rs. - 16.0000	6 Sep 2024	6 Sep 2024	—

Board meetings

19 Oct 2026 Board Meeting - Financial Results
20 Jul 2026 Board Meeting - Financial Results