SML ISUZU Ltd
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]
- Market Cap ₹ 2,471 Cr.
- Current Price ₹ 1,707
- High / Low ₹ 2,406 / 1,028
- Stock P/E 20.4
- Book Value ₹ 228
- Dividend Yield 0.94 %
- ROCE 23.6 %
- ROE 46.1 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 40.6% CAGR over last 5 years
Cons
- Stock is trading at 7.48 times its book value
- Tax rate seems low
- Company has a low return on equity of 4.40% over last 3 years.
* 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
Sector: Automobile Industry: Automobiles - LCVs / HCVs
Part of BSE SmallCap BSE Allcap BSE Industrials
Quarterly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1,002 | 881 | 1,106 | 1,166 | 1,356 | 1,135 | 1,409 | 1,154 | 591 | 924 | 1,822 | 2,196 | 2,307 | |
932 | 850 | 1,036 | 1,079 | 1,246 | 1,090 | 1,335 | 1,142 | 660 | 965 | 1,740 | 2,017 | 2,092 | |
Operating Profit | 70 | 32 | 69 | 87 | 110 | 45 | 74 | 12 | -69 | -41 | 82 | 179 | 215 |
OPM % | 7% | 4% | 6% | 7% | 8% | 4% | 5% | 1% | -12% | -4% | 4% | 8% | 9% |
9 | 5 | 5 | 6 | 4 | 3 | 4 | 5 | 5 | 6 | 3 | 5 | 6 | |
Interest | 19 | 6 | 6 | 5 | 6 | 11 | 16 | 15 | 23 | 22 | 25 | 30 | 32 |
Depreciation | 12 | 13 | 20 | 20 | 24 | 28 | 38 | 41 | 46 | 44 | 42 | 48 | 48 |
Profit before tax | 48 | 18 | 49 | 68 | 84 | 9 | 24 | -38 | -133 | -100 | 17 | 106 | 142 |
Tax % | 25% | 2% | 24% | 25% | 25% | 10% | 20% | -45% | 0% | -1% | -15% | -1% | |
36 | 17 | 37 | 51 | 63 | 8 | 20 | -21 | -133 | -100 | 20 | 108 | 121 | |
EPS in Rs | 25.17 | 12.02 | 25.53 | 35.35 | 43.54 | 5.87 | 13.52 | -14.55 | -92.24 | -68.94 | 13.71 | 74.55 | 83.64 |
Dividend Payout % | 32% | 25% | 24% | 23% | 18% | 26% | 22% | 0% | 0% | 0% | 0% | 21% |
Compounded Sales Growth | |
---|---|
10 Years: | 10% |
5 Years: | 9% |
3 Years: | 55% |
TTM: | 10% |
Compounded Profit Growth | |
---|---|
10 Years: | 20% |
5 Years: | 41% |
3 Years: | 41% |
TTM: | 47% |
Stock Price CAGR | |
---|---|
10 Years: | 4% |
5 Years: | 37% |
3 Years: | 42% |
1 Year: | -23% |
Return on Equity | |
---|---|
10 Years: | 2% |
5 Years: | -10% |
3 Years: | 4% |
Last Year: | 46% |
Balance Sheet
Figures in Rs. Crores
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 |
Reserves | 250 | 262 | 288 | 326 | 389 | 384 | 399 | 370 | 241 | 147 | 163 | 271 | 316 |
162 | 0 | 22 | 55 | 41 | 212 | 246 | 185 | 261 | 298 | 265 | 421 | 291 | |
233 | 274 | 350 | 332 | 341 | 377 | 435 | 289 | 279 | 357 | 494 | 506 | 413 | |
Total Liabilities | 659 | 551 | 675 | 727 | 785 | 987 | 1,095 | 859 | 796 | 816 | 937 | 1,213 | 1,034 |
139 | 143 | 138 | 171 | 215 | 365 | 380 | 426 | 389 | 349 | 356 | 340 | 336 | |
CWIP | 10 | 9 | 27 | 40 | 78 | 35 | 27 | 3 | 5 | 16 | 11 | 11 | 8 |
Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
510 | 399 | 511 | 515 | 492 | 587 | 688 | 429 | 403 | 450 | 569 | 861 | 690 | |
Total Assets | 659 | 551 | 675 | 727 | 785 | 987 | 1,095 | 859 | 796 | 816 | 937 | 1,213 | 1,034 |
Cash Flows
Figures in Rs. Crores
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
-25 | 162 | 69 | -12 | 121 | -33 | 55 | 150 | -47 | -19 | 90 | -50 | |
-28 | 22 | -103 | -13 | -89 | -98 | -58 | -47 | -28 | -7 | -42 | -46 | |
30 | -182 | 11 | 17 | -34 | 146 | 10 | -97 | 60 | 17 | -55 | 127 | |
Net Cash Flow | -24 | 2 | -23 | -8 | -2 | 15 | 8 | 6 | -15 | -8 | -7 | 31 |
Ratios
Figures in Rs. Crores
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 55 | 34 | 34 | 32 | 31 | 38 | 38 | 12 | 24 | 31 | 15 | 28 |
Inventory Days | 110 | 133 | 129 | 146 | 107 | 158 | 146 | 109 | 202 | 143 | 105 | 125 |
Days Payable | 53 | 90 | 90 | 74 | 70 | 92 | 94 | 67 | 142 | 118 | 73 | 71 |
Cash Conversion Cycle | 112 | 77 | 73 | 104 | 69 | 104 | 91 | 54 | 84 | 56 | 48 | 81 |
Working Capital Days | 84 | 47 | 37 | 58 | 45 | 63 | 56 | 19 | 60 | 38 | 18 | 56 |
ROCE % | 17% | 7% | 19% | 20% | 22% | 4% | 6% | -4% | -20% | -16% | 9% | 24% |
Documents
Announcements
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Notice To Shareholders Related To Transfer Of Equity Shares Of The Company To Investor Education And Protection Fund (IEPF) Account
1h - Notice to shareholders about transfer of unclaimed dividends and shares to IEPF by Sept 2025.
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Draft Letter of Offer
14 May - Mahindra & Mahindra to acquire 26% of SML Isuzu at INR 1,554.60/share via open offer.
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Announcement under Regulation 30 (LODR)-Public Announcement-Open Offer
13 May - Mahindra & Mahindra to acquire 26% of SML Isuzu via open offer at INR 1,554.60/share, post SPA for 59% shares.
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Announcement under Regulation 30 (LODR)-Open Offer - Updates
13 May - Mahindra & Mahindra to acquire 26% of SML Isuzu via open offer at INR 1,554.60/share.
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Board Meeting Intimation for Considering & Approving The Audited Financial Results Of The Company.
9 May - Board meeting on 30 May 2025 to approve FY25 results and consider dividend; trading window closed till 3 June.
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
from nse
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Financial Year 2013
from bse
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Financial Year 2012
from bse
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Financial Year 2012
from nse
Concalls
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Sep 2020TranscriptNotesPPT
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May 2019TranscriptNotesPPT
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Aug 2018TranscriptNotesPPT
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Jun 2018TranscriptNotesPPT
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Jun 2018TranscriptNotesPPT
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Dec 2017TranscriptNotesPPT
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Nov 2017TranscriptNotesPPT
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Sep 2017TranscriptNotesPPT
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Jun 2017TranscriptNotesPPT
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Mar 2017TranscriptNotesPPT
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Oct 2016TranscriptNotesPPT
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Aug 2016TranscriptNotesPPT
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Jun 2016TranscriptNotesPPT
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]