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 ₹ 2,244 Cr.
- Current Price ₹ 1,551
- High / Low ₹ 2,406 / 1,028
- Stock P/E 18.5
- Book Value ₹ 228
- Dividend Yield 1.03 %
- 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 6.84 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 Industrials BSE SmallCap BSE Allcap
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: | 1% |
5 Years: | 31% |
3 Years: | 30% |
1 Year: | -29% |
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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Announcement under Regulation 30 (LODR)-Monthly Business Updates
21h - April 2025 sales up 43.2% YoY; cargo vehicles +77.6%, passenger vehicles +34.2%.
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Public Announcement - Open Offer
28 Apr - Mahindra & Mahindra to acquire 85% of SML Isuzu via open offer and share purchase agreements at INR 1,554.60/share.
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Announcement under Regulation 30 (LODR)-Public Announcement-Open Offer
26 Apr - Mahindra & Mahindra to acquire 59% shares and make open offer for 26% in SML Isuzu at INR 1554.60/share.
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Board Meeting Outcome for Intimation Under Regulation 30 Read With Schedule III Of The SEBI LODR
26 Apr - Mahindra & Mahindra to acquire 58.96% stake in SML Isuzu for Rs. 5.55bn; control and board changes planned.
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Intimation Under Regulation 30 Read With Schedule III SEBI LODR
26 Apr - Mahindra to acquire 58.96% stake in SML Isuzu for Rs 5.55bn, triggering open offer and board changes.
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
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Financial Year 2013
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Financial Year 2012
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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]