SML ISUZU Ltd

₹ 1,911 2.22%

27 Jun 11:31 a.m.

About

SML ISUZU LIMITED was incorporated as Swaraj Vehicles Ltd in 1983 and was promoted by Punjab Tractors Ltd with technical collaboration Mazda Motor Corporation, Japan, and Sumitomo Corporation, Japan. In 2004, the technical collaboration agreement with Mazda expired 2004 and sold its entire stake to Sumitomo Corporation and in the same time, it signed a technical assistance agreement with Isuzu Motors.
In 2011, it was renamed as SML ISUZU and Sumitomo Corporation(Japan) and Isuzu Motors(Japan) own 44% and 15% stake, respectively ^[1]

Key Points

Product Portfolio Revenue Split FY23
The Company primarily operates in the light commercial vehicle (LCV) and medium CV (MCV) segments of the automobile industry. ^[1]
Its key products include:
Cargo vehicles (trucks) - 26%
Passenger vehicles (buses)- 67% ^[2]

Website BSE NSE

Market Cap ₹ 2,766 Cr.
Current Price ₹ 1,911
High / Low ₹ 2,300 / 1,028
Stock P/E 22.7
Book Value ₹ 264
Dividend Yield 0.86 %
ROCE 27.1 %
ROE 36.4 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company has delivered good profit growth of 50.5% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 33.8%

Cons

Stock is trading at 7.25 times its book value
Company might be capitalizing the interest cost
Debtor days have increased from 27.9 to 40.4 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Agricultural, Commercial & Construction Vehicles Commercial Vehicles

Part of BSE SmallCap BSE Allcap BSE Industrials

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	342	500	410	328	583	632	499	386	680	746	550	332	771
	340	483	405	312	540	585	459	364	608	665	505	313	681
Operating Profit	2	17	6	16	43	47	39	22	71	81	45	18	90
OPM %	1%	3%	1%	5%	7%	7%	8%	6%	10%	11%	8%	6%	12%
	1	0	0	1	2	2	0	1	2	1	2	2	2
Interest	4	5	4	7	9	5	7	8	11	8	6	7	9
Depreciation	10	11	11	11	10	12	12	12	12	12	12	12	12
Profit before tax	-11	2	-9	-1	25	32	21	3	50	62	29	1	71
Tax %	0%	0%	0%	-86%	-7%	1%	0%	6%	-4%	25%	24%	29%	26%
	-11	2	-9	-0	27	32	21	3	52	46	22	1	53
EPS in Rs	-7.89	1.62	-6.34	-0.09	18.51	21.97	14.57	1.85	36.15	32.06	15.06	0.37	36.59
Raw PDF

Profit & Loss

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	881	1,106	1,166	1,356	1,135	1,409	1,154	591	924	1,822	2,196	2,399
	850	1,036	1,079	1,246	1,090	1,335	1,142	660	965	1,740	2,017	2,164
Operating Profit	32	69	87	110	45	74	12	-69	-41	82	179	235
OPM %	4%	6%	7%	8%	4%	5%	1%	-12%	-4%	4%	8%	10%
	5	5	6	4	3	4	5	5	6	3	5	6
Interest	6	6	5	6	11	16	15	23	22	25	30	30
Depreciation	13	20	20	24	28	38	41	46	44	42	48	48
Profit before tax	18	49	68	84	9	24	-38	-133	-100	17	106	162
Tax %	2%	24%	25%	25%	10%	20%	-45%	0%	-1%	-15%	-1%	25%
	17	37	51	63	8	20	-21	-133	-100	20	108	122
EPS in Rs	12.02	25.53	35.35	43.54	5.87	13.52	-14.55	-92.24	-68.94	13.71	74.55	84.08
Dividend Payout %	25%	24%	23%	18%	26%	22%	0%	0%	0%	0%	21%	0%

Compounded Sales Growth
10 Years:	8%
5 Years:	16%
3 Years:	37%
TTM:	9%

Compounded Profit Growth
10 Years:	12%
5 Years:	51%
3 Years:	48%
TTM:	14%

Stock Price CAGR
10 Years:	5%
5 Years:	37%
3 Years:	48%
1 Year:	-9%

Return on Equity
10 Years:	4%
5 Years:	1%
3 Years:	34%
Last Year:	36%

Balance Sheet

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	14	14	14	14	14	14	14	14	14	14	14	14
Reserves	262	288	326	389	384	399	370	241	147	163	271	368
	0	22	55	41	212	246	185	261	298	265	421	327
	274	350	332	341	377	435	289	279	357	494	506	590
Total Liabilities	551	675	727	785	987	1,095	859	796	816	937	1,213	1,299
	143	138	171	215	365	380	426	389	349	356	340	338
CWIP	9	27	40	78	35	27	3	5	16	11	11	42
Investments	0	0	0	0	0	0	0	0	0	0	0	0
	399	511	515	492	587	688	429	403	450	569	861	919
Total Assets	551	675	727	785	987	1,095	859	796	816	937	1,213	1,299

Cash Flows

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	162	69	-12	121	-33	55	150	-47	-19	90	-50	177
	22	-103	-13	-89	-98	-58	-47	-28	-7	-42	-46	-61
	-182	11	17	-34	146	10	-97	60	17	-55	127	-148
Net Cash Flow	2	-23	-8	-2	15	8	6	-15	-8	-7	31	-32

Ratios

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	34	34	32	31	38	38	12	24	31	15	28	40
Inventory Days	133	129	146	107	158	146	109	202	143	105	125	116
Days Payable	90	90	74	70	92	94	67	142	118	73	71	74
Cash Conversion Cycle	77	73	104	69	104	91	54	84	56	48	81	82
Working Capital Days	47	37	58	45	63	56	19	60	38	18	56	57
ROCE %	7%	19%	20%	22%	4%	6%	-4%	-20%	-16%	9%	24%	27%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%
	1.64%	1.76%	16.69%	16.68%	15.11%	15.28%	15.43%	15.81%	15.32%	15.35%	15.32%	15.24%
	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%	0.05%	0.00%	0.04%
	54.39%	54.27%	39.35%	39.34%	40.92%	40.76%	40.59%	40.22%	40.65%	40.63%	40.72%	40.76%
No. of Shareholders	29,069	27,553	26,794	25,687	24,113	24,883	25,023	25,447	27,367	29,465	29,445	29,915

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%
	4.19%	5.79%	5.29%	4.39%	3.33%	1.70%	16.68%	15.81%	15.24%
	3.23%	2.77%	1.47%	1.45%	1.29%	0.94%	0.00%	0.00%	0.04%
	48.61%	47.48%	49.27%	50.19%	51.42%	53.40%	39.34%	40.22%	40.76%
No. of Shareholders	31,883	34,570	31,647	32,845	32,796	30,315	25,687	25,447	29,915

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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