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SML Mahindra (SMLMAH) had a P/E of 51.8× on 6 Nov 2026, above the industry P/E of 33.1×, and the shares are 24% below their 52-week high. Its ROCE of 39% is the highest among the 7 largest Auto Manufacturers peers, and sales and net profit grew 16% and 100% a year over 3 years. It has almost no debt, and its dividend yield is 0.5%. It is a small-cap company with a market cap of ₹7,611 Cr, ranked 14th of 20 Auto Manufacturers companies by market cap; the shares rose 54% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹5,008.00
Day high
₹5,269.50
Day low
₹4,893.00
Prev. close
₹5,018.60
Volume
1.2 L

Health check

3 good · 1 fair · 2 to check
  • ReturnsAhead

    +54.0% over a year, better than 7 of 7 peers.

  • Price tagPricier

    P/E 51.8 vs industry 33.1.

  • GrowthSteady

    Sales +15.9%, profit +100.4% a year over 3 years.

  • ProfitabilityStrong

    ROCE 38.6% vs peer median 26.1%.

  • Balance sheetSolid

    Debt 0.07× equity, interest covered 11.4×, Piotroski 7 of 9.

  • Red flags2 to check

    Quarterly profit down 44.4% on a year ago.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Auto Manufacturers

19 listed peers. Screen the industry

Small cap

₹7,611 Cr, #14 of 20 in its industry by size.

Market sensitivity

Measuring against the NIFTY 50…

Key metrics

Last 12 months to Sep 2026: sales ₹3,065 Cr · profit ₹147 Cr
Market cap
₹7,611 Cr
Small cap
P/E
51.8
Industry 33.1
Price to book
13.59
Peers 8.38
Dividend yield
0.45%
ROE
29.3%
Peers 24.1%
ROCE
38.6%
Peers 26.1%
Debt to equity
0.07
Debt ₹38 Cr
EPS (TTM)
₹101.62
Face value ₹10
OPM (TTM)
9.1%
Net margin 4.8%
Sales growth
+20.7%
Latest quarter vs a year ago
Profit growth
−44.4%
Latest quarter vs a year ago
Price to sales
2.48
EV/EBITDA 29.7

Strengths and risks

Strengths

  • Return on equity of 29.3%.
  • Return on capital employed of 38.6%.
  • Practically debt-free.
  • Quarterly sales up 20.7% on a year ago.

Risks to check

  • Quarterly profit down 44.4% on a year ago.
  • P/E of 51.8 against an industry P/E of 33.1.

Derived automatically from reported figures. Not a recommendation.

About SML Mahindra

SML Mahindra Limited manufactures and sells commercial vehicles and related parts in India and internationally. Its products include trucks, buses, and special application vehicles. The company serves fleet owners, educational institutions, offices, transporters, Government agencies, and other domestic and international market through distributors and dealers. SML Mahindra Limited was formerly known as SML Isuzu Limited and changed its name to SML…

Headquarters
Mohali
Employees
1,063
Sector
Consumer Cyclical
ISIN
INE294B01019
Website
smlmahindra.com

Price range

52 weeks

₹2,749.00₹6,898.50

Today

₹4,893.00₹5,269.50
Avg volume (3M)
93.1K
1-year return
plus 54.0%
From 52-week high
minus 23.8%

Peers · Auto Manufacturers

Compare with peersScreen the whole industry
Company
MARUTIMaruti Suzuki India12,750.00plus 0.77%4,00,86329.83.6817.2%12.9%10.2%15.9%21.1%1.10%minus 17.7%
M&MMahindra & Mahindra3,287.20plus 5.11%3,94,71519.03.7517.1%20.1%18.2%17.5%18.5%1.00%minus 12.7%
BAJAJ-AUTOBajaj Auto10,900.00plus 1.32%2,99,53623.38.2126.1%35.6%21.0%19.5%21.0%1.38%plus 22.9%
TVSMOTORTVS Motor Company4,491.70plus 0.94%2,13,45755.818.8128.8%37.2%14.5%20.2%31.4%0.27%plus 28.1%
EICHERMOTEicher Motors7,669.50minus 0.56%2,10,54436.58.3826.4%23.8%25.2%17.5%23.7%1.07%plus 11.3%
HYUNDAIHyundai Motor India2,130.00plus 0.42%1,73,07137.88.5032.6%24.1%10.3%5.5%4.9%0.99%minus 11.4%
TMCVTata Motors425.50minus 0.83%1,56,70424.810.2625.5%26.0%10.4%––0.94%plus 29.2%
SMLMAHSML Mahindra5,259.50plus 4.80%7,61151.813.5938.6%29.3%9.1%15.9%100.4%0.45%plus 54.0%
Median of 7 peers–0.77%2,13,45729.88.3826.1%24.1%14.5%17.5%21.1%1.00%11.3%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrMar 25Jun 25Dec 25Jun 26Sep 26
755846539958670
664741498857641
91.210541.110028.5
12.1%12.4%7.6%10.5%4.3%
0.42.11.61.21.6
8.35.15.82.70.9
12.112.413.313.313.4
71.189.623.585.315.9
25.6%25.2%25.4%25.4%26.2%
536717.563.611.7
–46.2712.1143.968.09

Sep 25, Mar 26 not reported by the data source.

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+15.9%
Profit CAGR 3Y
+100.4%
ROE
29.3%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
1,8092,1832,3832,819
–+20.6%+9.2%+18.3%
1,7272,0032,1472,539
81.9180235280
4.5%8.2%9.9%9.9%
−0.835.36.8
21.22929.320.5
42.447.548.452
−0.20.2−0.6−0.2
17.3106162214
−14.8%−1.3%25.1%25.3%
19.8108122160
–+443.9%+12.8%+31.3%
13.7174.5484.08–

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
14.514.514.514.5
163271368505
265421327289
494506590588
9371,2131,2991,397
285280315336
4.28.146.737.6
2.81.60–
4.936.46.76.6
6398869311,016
9371,2131,2991,397

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
90.1−49.7177156
−42.1−45.8−60.9−65.8
−55.2127−148−89
−7.231.3−31.71.4
−41.3−42.4−62−70.3
48.8−92.111585.9
−0.2−0.3−23.2−25.8

Shareholding pattern

Source: NSE filings
59.0%
promoters
  • Promoters58.97%
  • Public41.03%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202658.97%41.03%0.00
30 Jun 202658.97%41.03%0.00
31 Mar 202658.97%41.03%0.00
31 Dec 202558.97%41.03%0.00
30 Sep 202558.97%41.03%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you