SML Mahindra Ltd

₹ 3,728 -1.44%

30 Apr - close price

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 ₹ 5,394 Cr.
Current Price ₹ 3,728
High / Low ₹ 5,348 / 1,525
Stock P/E 33.8
Book Value ₹ 359
Dividend Yield 0.48 %
ROCE 30.9 %
ROE 35.4 %
Face Value ₹ 10.0

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Pros

Company has delivered good profit growth of 26.2% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 38.2%
Company has been maintaining a healthy dividend payout of 21.4%

Cons

Stock is trading at 10.4 times its book value
Company might be capitalizing the interest cost

* 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 Industrials Nifty Microcap 250 Nifty Total Market BSE 1000

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	583	632	499	386	680	746	550	332	771	846	555	539	898
	540	585	459	364	608	665	505	313	681	741	513	498	807
Operating Profit	43	47	39	22	71	81	45	18	90	105	42	41	90
OPM %	7%	7%	8%	6%	10%	11%	8%	6%	12%	12%	8%	8%	10%
	2	2	0	1	2	1	2	2	2	2	2	2	3
Interest	9	5	7	8	11	8	6	7	9	5	3	6	7
Depreciation	10	12	12	12	12	12	12	12	12	12	13	13	13
Profit before tax	25	32	21	3	50	62	29	1	71	90	28	24	73
Tax %	-7%	1%	0%	6%	-4%	25%	24%	29%	26%	25%	26%	25%	25%
	27	32	21	3	52	46	22	1	53	67	21	18	54
EPS in Rs	18.51	21.97	14.57	1.85	36.15	32.06	15.06	0.37	36.59	46.27	14.55	12.12	37.45
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Profit & Loss

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,106	1,166	1,356	1,135	1,409	1,154	591	924	1,822	2,196	2,399	2,838
	1,036	1,079	1,246	1,090	1,335	1,142	660	965	1,740	2,017	2,164	2,560
Operating Profit	69	87	110	45	74	12	-69	-41	82	179	235	278
OPM %	6%	7%	8%	4%	5%	1%	-12%	-4%	4%	8%	10%	10%
	5	6	4	3	4	5	5	6	3	5	6	8
Interest	6	5	6	11	16	15	23	22	25	30	30	21
Depreciation	20	20	24	28	38	41	46	44	42	48	48	52
Profit before tax	49	68	84	9	24	-38	-133	-100	17	106	162	214
Tax %	24%	25%	25%	10%	20%	-45%	0%	-1%	-15%	-1%	25%	25%
	37	51	63	8	20	-21	-133	-100	20	108	122	160
EPS in Rs	25.53	35.35	43.54	5.87	13.52	-14.55	-92.24	-68.94	13.71	74.55	84.08	110.39
Dividend Payout %	24%	23%	18%	26%	22%	0%	0%	0%	0%	21%	21%	21%

Compounded Sales Growth
10 Years:	9%
5 Years:	37%
3 Years:	16%
TTM:	18%

Compounded Profit Growth
10 Years:	12%
5 Years:	26%
3 Years:	100%
TTM:	31%

Stock Price CAGR
10 Years:	14%
5 Years:	53%
3 Years:	56%
1 Year:	140%

Return on Equity
10 Years:	7%
5 Years:	22%
3 Years:	38%
Last Year:	35%

Balance Sheet

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	14	14	14	14	14	14	14	14	14	14	14	14
Reserves	288	326	389	384	399	370	241	147	163	271	368	505
	22	55	41	212	246	185	261	298	265	421	327	289
	350	332	341	377	435	289	279	357	494	506	590	588
Total Liabilities	675	727	785	987	1,095	859	796	816	937	1,213	1,299	1,397
	138	171	215	365	380	426	389	349	356	340	321	361
CWIP	27	40	78	35	27	3	5	16	11	11	59	23
Investments	0	0	0	0	0	0	0	0	0	0	0	0
	511	515	492	587	688	429	403	450	569	861	919	1,013
Total Assets	675	727	785	987	1,095	859	796	816	937	1,213	1,299	1,397

Cash Flows

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	69	-12	121	-33	55	150	-47	-19	90	-50	177	156
	-103	-13	-89	-98	-58	-47	-28	-7	-42	-46	-61	-66
	11	17	-34	146	10	-97	60	17	-55	127	-148	-89
Net Cash Flow	-23	-8	-2	15	8	6	-15	-8	-7	31	-32	1
Free Cash Flow	34	-79	1	-132	-6	102	-66	-38	49	-87	116	86
CFO/OP	109%	9%	132%	-60%	80%	1,259%	67%	71%	103%	-27%	76%	75%

Ratios

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	34	32	31	38	38	12	24	31	15	28	40	35
Inventory Days	129	146	107	158	146	109	202	143	105	125	116	111
Days Payable	90	74	70	92	94	67	142	118	73	71	74	68
Cash Conversion Cycle	73	104	69	104	91	54	84	56	48	81	82	78
Working Capital Days	29	41	44	41	28	8	-69	-74	-31	-7	17	23
ROCE %	19%	20%	22%	4%	6%	-4%	-20%	-16%	9%	24%	27%	31%

Insights

In beta

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Mar 2025

Total Vehicle Sales Volume
Units

x,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	x,xxx	x,xxx	xx,xxx	xx,xxx	xx,xxx
x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	xxx	x,xxx	x,xxx	x,xxx	xx,xxx
						xxx	xxx	xxx	xxx	xxx	xxx
						x,xxx	xxx	xxx	xxx	xxx	xxx
											x.xx
							xx,xxx
				x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx

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Vehicle Sales Volume - Cargo Trucks
Units

Vehicle Sales Volume - Passenger Carrier (Buses)
Units

Distribution Network - Dealers/Distributors
Count

Number of Permanent Employees
Count

Domestic Market Share - Bus Segment
%

Installed Production Capacity
Units per annum

R&D Expenditure (Percentage of Turnover)
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

1 Recently

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	58.97%	58.97%	58.97%
	15.11%	15.28%	15.43%	15.81%	15.32%	15.35%	15.32%	15.24%	15.73%	1.80%	0.61%	0.77%
	0.00%	0.00%	0.00%	0.00%	0.07%	0.05%	0.00%	0.04%	0.29%	0.63%	0.64%	1.56%
	40.92%	40.76%	40.59%	40.22%	40.65%	40.63%	40.72%	40.76%	40.02%	38.60%	39.78%	38.71%
No. of Shareholders	24,113	24,883	25,023	25,447	27,367	29,465	29,445	29,915	28,716	37,373	36,718	39,068

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	58.97%
	4.19%	5.79%	5.29%	4.39%	3.33%	1.70%	16.68%	15.81%	15.24%	0.77%
	3.23%	2.77%	1.47%	1.45%	1.29%	0.94%	0.00%	0.00%	0.04%	1.56%
	48.61%	47.48%	49.27%	50.19%	51.42%	53.40%	39.34%	40.22%	40.76%	38.71%
No. of Shareholders	31,883	34,570	31,647	32,845	32,796	30,315	25,687	25,447	29,915	39,068

* 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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