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SML Mahindra Ltd (SMLMAH)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 505192 NSE: SMLMAH Automobiles-Trucks/Lcv | Small Cap | SML Mahindra Share Price

₹3,747.30 -71.90 (-1.88%)

As on 04-Jun'26 16:59

SML Mahindra Ltd (SMLMAH)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 505192 NSE: SMLMAH Automobiles-Trucks/Lcv | Small Cap | SML Mahindra Share Price

₹3,747.30 -71.90 (-1.88%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹5,423 Cr.
Current Price
₹3,747.3
52-Week Low / High
₹1,737 / 5,341
TTM EPS
₹110.4
TTM Sales
₹2,838 Cr.
Book Value per Share
₹358.9
P/E Ratio
33.95
Higher than its 5-year historical median
Industry PE
31.1
Price to Book (P/B)
10.44
Higher than its 5-year historical median
Price to Sales (P/S)
1.91
Higher than its 5-year historical median
EV/EBITDA
19.82
Higher than its 5-year historical median
Dividend Yield
1.15%
Profitability Efficiency
Return on Equity (ROE)
36.42%
Outperforms industry median
Return on Capital Employed (ROCE)
27.35%
Outperforms industry median
Return on Assets (ROA)
9.76%
Operating Profit Margin
9.8%
Net Profit Margin
5.07%
Gross Profit Margin
8.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
9.25%
Operating Profit Growth (1 Year)
-
31.11%
Net Profit Growth (1 Year)
-
12.78%
Asset Quality
Promoter Holding
58.97%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹505 Cr.
Equity
₹14.5 Cr.
Face Value
₹10
All Time Low / High
₹6.43 / 5341.30

SML Mahindra stock performance

Key Ratios
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Quality

Somewhat Good
Check detailed performance

Valuation

Overvalued

Check Valuation charts

Price Trend

Semi Strong
Check Price chart
Q.1 Is SML Mahindra Ltd a good quality company?
SML Mahindra Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

View More

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

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How does SML Mahindra Ltd performance compare with that of its Peers?
Q.1 Revenue growth of SML Mahindra Ltd vs industry peers?
SML Mahindra Ltd revenue CAGR is %, compared to the industry median CAGR of 11.89%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of SML Mahindra Ltd?
Promoters hold 58.97% of the SML Mahindra Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of SML Mahindra Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 14.9% based on the current price.
View More

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
SML Mahindra Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % ⓘ20.4%21.5%3.8%6.4%-3.9%-20.6%-16.4%9.5%24.1%27.4%-

Growth Parameters ⓘ
Sales ⓘ1,1661,3561,1351,4091,1545919241,8222,1962,3992,838
Sales YoY Gr.-16.3%-16.3%24.2%-18.1%-48.8%56.4%97.1%20.6%9.3%-
Adj EPS ⓘ35.443.55.613.8-14.1-92.5-69.613.47483.6110.4
YoY Gr.-23%-87.2%146.6%-202.3%NANANA452.7%13%-
BVPS (₹) ⓘ235279275.1285.8265.9176.6111.6123197.3264.4358.9
Adj Net
Profit ⓘ		51.2638.119.9-20.4-134-10119.4107121160
Cash Flow from Ops. ⓘ-11.8121-32.855.2150-46.7-18.690.1-49.7177-
Debt/CF from Ops. ⓘ-4.70.3-6.54.51.2-5.4-15.62.9-8.41.8-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ8.3%15.8%37.4%9.3%
Adj EPS ⓘ10%NANA13%
BVPSⓘ1.3%-0.1%33.3%34%
Share Price 13.6% 52.3% 52.8% 97.1%

Key Financial Parameters ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity % ⓘ		15.916.924.9-5.1-41.8-48.311.446.236.235.4
Op. Profit
Mgn % ⓘ		7.58.145.31.1-11.6-4.54.58.29.89.8
Net Profit
Mgn % ⓘ		4.44.70.71.4-1.8-22.7-10.91.14.955.6
Debt to
Equity ⓘ		0.20.10.50.60.511.81.51.50.80
Working Cap
Days ⓘ		1421241631581612211519511012757
Cash Conv.
Cycle ⓘ		5643797458945332516012

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales1,1661,3561,1351,4091,1545919241,8222,1962,399
Operating Expenses ⓘ + 1,0801,2461,0901,3351,1426609651,7402,0172,164
Manufacturing Costs23242726221821242829
Material Costs8481,0018401,0619044717571,4611,6971,822
Employee Cost 125140146167155133133172196206
Other Costs ⓘ 848177816138548396107
Operating Profit ⓘ 87110457412-69-4182179235
Operating Profit Margin (%) 7.4%8.1%4.0%5.3%1.0%-11.6%-4.5%4.5%8.1%9.8%
Other Income ⓘ + 6434556356
Exceptional Items ⓘ 0000000000
Interest ⓘ 561116152322253030
Depreciation ⓘ 20242838414644424848
Profit Before Tax ⓘ 6884924-38-133-10017106162
Tax ⓘ 172115-170-1-3-141
Profit After Tax 5163820-21-133-10020108122
PAT Margin (%) 4.4%4.7%0.8%1.4%-1.8%-22.6%-10.8%1.1%4.9%5.1%
Adjusted EPS (₹)35.443.55.913.5-14.6-92.2-68.913.774.584.1
Dividend Payout Ratio (%)22.60%18.40%25.60%22.20%0%0%0%0%21.50%21.40%

Valuation of SML Mahindra - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 340404398414385256161178286383
Share Capital ⓘ 14141414141414141414
Reserves ⓘ 326389384399370241147163271368
Debt +5540188214128207243241390288
Long Term Debt03511810495479174063
Short Term Debt5557011033160234224350225
Minority Interest0000000000
Trade Payables172191212272167183245292332370
Others Liabilities ⓘ 225151188195164136151209186259
Total Liabilities ⓘ 7937859871,0958437818019191,1931,299

Fixed Assets

Net Fixed Assets ⓘ +171215365380426389349356341321
Gross Block283239417469554561564610638659
Accumulated Depreciation112245290128173215254298338
CWIP ⓘ 407835273516111159
Investments ⓘ 0000000000
Inventories339295364424269260296422580578
Trade Receivables10311511714939397976169265
Cash Equivalents 368223036331464920
Others Assets ⓘ 104758485695547494556
Total Assets ⓘ 7937859871,0958437818019191,1931,299

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity ⓘ + -12121-3355150-47-1990-50177
PBT ⓘ 6884924-38-133-10017106162
Adjustment ⓘ 18273556586758647875
Changes in Working Capital ⓘ -7833-72-2113020133-233-60
Tax Paid ⓘ -19-24-6-40-1116-1-0
Cash Flow From Investing Activity ⓘ + -13-89-98-58-47-28-7-42-46-61
Capex -67-120-100-61-48-19-19-41-37-62
Net Investments 4526-00-1-1110-1-11-3
Others ⓘ 9523222124
Cash Flow From Financing Activity ⓘ + 17-3414610-976017-55127-148
Net Proceeds from Shares ⓘ 0000000000
Net Proceeds from Borrowing ⓘ 035105-130-42-34-173231
Interest Paid ⓘ -5-6-10-15-13-23-20-24-28-29
Dividend Paid ⓘ -9-11-11-2-5-0-0-0-0-23
Others ⓘ 31-516240-7912572-13124-127
Net Cash Flow ⓘ -8-21576-15-8-731-32

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)15.9116.942.124.82-5.28-41.69-47.8411.6946.5536.42
ROCE (%)20.421.513.796.37-3.88-20.61-16.49.5324.0627.35
Asset Turnover Ratio1.721.921.331.351.210.741.192.162.111.95
PAT to CFO Conversion(x)-0.241.92-4.132.75N/AN/AN/A4.5-0.461.45
Working Capital Days
Receivable Days2926.2036.1034.4029.3023.7022.9015.202032.60
Inventory Days87.4076.20102.30102108159.50107.8070.408286.80
Payable Days80.1066.1087.4083.3088.70135.70103.10676770.30

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

SML Mahindra Ltd FAQs

The current trading price of SML Mahindra on 04-Jun-2026 16:59 is ₹3,747.3.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Jun-2026 the market cap of SML Mahindra stood at ₹5,423 Cr

The latest P/E ratio of SML Mahindra as of 03-Jun-2026 is 33.95.

The latest P/B ratio of SML Mahindra as of 03-Jun-2026 is 10.44.

The 52-week high of SML Mahindra is ₹5,341.3 and the 52-week low is ₹1,736.6.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of SML Mahindra is ₹2,838 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that SML Mahindra Ltd is a average quality company.

The key valuation ratios of SML Mahindra Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of SML Mahindra Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About SML Mahindra Ltd

SML Mahindra (formerly SML Isuzu) was incorporated in July 1983 as Swaraj Vehicles to manufacture Light Commercial Vehicles (LCV) in the state of Punjab. It was the result of Government of India initiatives for installing the LCV unit in order to save the fuel consumption in the economy. Punjab State Industrial Development Corporation (PSIDC) obtained the letter of intent in 1981 and subsequently transferred the same in favour of the Company in 1983. 

SML Mahindra is a trusted and reliable commercial vehicle manufacturer, it is a first company to manufacture and supply state of the art fully built Buses, Ambulances and customized vehicles. The company’s shares are listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) in India.

Business area of the company

The company is primarily engaged in the business of manufacture and sale of Commercial Vehicles such as Buses, Trucks, and Special Application vehicles; and their parts. The company has its operations primarily in India. Its customer base comprises fleet owners, educational institutions, offices, transporters, Government agencies, and others across domestic and international markets.

Milestones

  • 1983: The Company was incorporated in July 1983 in the name of Swaraj Vehicles Limited.
  • 1984: Joint Venture and Technical Assistance concluded between Punjab Tractor Ltd., Mazda Motor Corporation, Japan & Sumitomo Corporation, Japan. SVL renamed Swaraj Mazda Ltd.
  • 1985: Project set up with a capacity of 5000 LCVs at capital outlay of Rs 20.0 crore.
  • 1986: Commercial Operation started.
  • 1987: Introduction of indigenously developed bus
  • 1989: In-house tooling for local production of chassis long member
  • 1990: In-house developed Second Truck Model (Swaraj Mazda Super) launched.
  • 1991: Transmission components indigenised
  • 1992: Commencement of TruckSupplies to MOD. 500 vehicles supplied to defence.
  • 1993: Third Truck Model(Swaraj Mazda Premium) launched.
  • 1994: Declared a Sick Company under SICA (due to Rupee devaluation of 1991-93).
  • 1995: BIFR approves Rehabilitation Scheme
  • 1996: 4-Wheel Drive Truck developed.
  • 1997: Company ceases to be a Sick Industrial Company on the basis of positive net worth - 4 years ahead of BIFR Scheme projections.
  • 1998: Complete wipe off of accumulated losses.
  • 1999: Bharat Stage-I Emission Norms complied.
  • 2000: Maiden Dividend declared at 10%.Technical Assistance Agreement with Mazda extended upto October 2004.
  • 2001: Cumulative sales crossed 50,000 vehicles. 
  • 2001: 4 Wheel Drive Ambulance launched in March. 
  • 2001: Economy Truck ‘SARTAJ' launched in August. 
  • 2001: CNG Bus for NCR Delhi launched in October. 
  • 2001: Bharat Stage-II Emission Norms complied.
  • 2002: Profit Before Tax for FY 2002 crosses Rs 100 million mark.
  • 2002: Dividend raised to 25%.
  • 2003: Profit Before Tax for FY-2003 grows 115% to Rs 225 million. Dividend enhanced to 45%.
  • 2004: Profit Before Tax for FY-2004 grows 44% to Rs 324 million.
  • 2004: Dividend enhanced to 70%.
  • 2005: Cumulative sales crossed 86,000 vehicles.
  • 2005: Bharat Stage-III emission norms complied (both diesel & CNG).
  • 2005: Dividend enhanced to 75%.
  • 2005: Punjab Tractors offloads 15% of equity stake in favour of Sumitomo Corporation, Japan in June.
  • 2005: Mazda Motor Corporation offloads 15% of equity holding in favour of Sumitomo Corporation, Japan in August.
  • 2006: Permission from Government for new manufacturing facilities at existing site obtained in January.
  • 2006: Dividend rate lowered to 55% due profit decline 
  • 2006: Technical Assistance Agreement with Isuzu Motors signed in June. 
  • 2006: Aggregate vehicles sale crosses 1,00,000 in August. 
  • 2006: Construction of Buildings for vehicle expansion and new Bus Body Plant taken up in August.
  • 2007: Dividend rate maintained at 55% Trial Production of Isuzu Bus LT134 taken up in July.
  • 2008: Dividend rate maintained at 55% Highest-ever Profits in the history of the Company.
  • 2008: Launch of Ultra Luxury Buses in July.
  • 2009: Sumitomo raised its stake in the Company to 53.5% by buying entire equity holding of Punjab Tractors Ltd. in the Company in January.
  • 2010: During the financial year 2009-10 company had issued 3,984,946 equity share of Rs 10 each at a premium of Rs 190 per share on rights basis to the Equity shareholders of the company in the ratio of 11 equity shares for every 50 Equity shares held on the record date and raised Rs 7,969.89 lakh for financing of Expansion project, repayment of loan taken from Allahabad Bank (for Expansion Project) and for general corporate purposes.
  • 2011: Swaraj Mazda renamed as SML Isuzu Limited.
  • 2012: SML S7 Bus, Wheel Base -5100 mm, 50+1 Seater Launched.
  • 2012: BS-IV Complaint Engine Successfully Tested.
  • 2012: ISUZU FR1318 Luxury Bus, Wheel Base - 5400 mm Launched.
  • 2012: SML HG72 Truck GVW 7200 Kg Truck Launched.
  • 2012: SML HD19 Truck GVW 10250 Kg Truck Launched.
  • 2013: Launched Xm -Series Trucks & Buses.
  • 2015: Vehicle Sales crossed 2,00,000 units.
  • 2017: New Trucks with a facelift launched.
  • 2018: New Truck Range ''Global Series' along with Telematics & Vehicle Tracking Solution: 'SMLSaarthi' launched.
  • 2020: Launch of Front Overhang Bus Range named “Hiroi” and successful all vehicles transition to BS6 compliance.
  • 2021: Global Series Dual Cabin Trucks Launched.
  • 2022: ‘ecoMax LR’ bus facelift to GS Cabin.
  • 2023: ‘Vajra Van’ Special Application Vehicle for the Riots Control added to product mix. Changeover to OBD-II (BS6 Phase-II) vehicles successful.
  • 2025: Mahindra & Mahindra Ltd. acquired 58.96% shareholding in the Company from Sumitomo Corporation and Isuzu Motors.

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