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 ₹ 4,623 Cr.
- Current Price ₹ 3,195
- High / Low ₹ 3,311 / 1,028
- Stock P/E 38.0
- Book Value ₹ 264
- Dividend Yield 0.56 %
- ROCE 27.1 %
- ROE 36.4 %
- Face Value ₹ 10.0
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 12.1 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.
Quarterly Results
Figures in Rs. Crores
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: | 11% |
5 Years: | 51% |
3 Years: | 74% |
1 Year: | 57% |
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% |
Documents
Announcements
- Shareholder Meeting / Postal Ballot-Scrutinizer"s Report 1d
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Board Meeting Intimation for To Consider & Approve The Unaudited Financial Results Of The Company For The First Quarter (FY 2025-26) Ended On 30Th June, 2025.
8 Jul - Board meeting on 22 July to approve Q1 FY26 results; trading window closed till 25 July.
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Disclosure Under Regulation 30(2) Of The SEBI LODR Regulations, 2015
7 Jul - Income Tax demand of Rs. 3,150 nullified after revised TDS return filing.
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
5 Jul - Certificate confirming compliance with SEBI dematerialization rules for Q1 FY2025-26.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
2 Jul - Newspaper advertisement w.r.t Record Date for final dividend pertaining to FY 2024-25
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]