SML Mahindra Limited (SMLMAH)
Micro CapIndustrials stocks · Micro cap · NSE
SML Mahindra Limited, formerly SML Isuzu Limited, manufactures trucks and buses. Mahindra completed a 58.96% controlling stake acquisition on August 1, 2025, leading to board reconstitution and renaming. The company operates in the Commercial Vehicle (CV) industry, focusing on ILCV and expanding into HCV segments.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend supports entry, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -4% YoY · margin compression · Rev +13% YoY · +7% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹958 Cr | +13.2% | +6.7% |
| EBITDA | ₹100 Cr | -4.8% | +11.1% |
| Operating margin | 10.0% | -200 bps | +0 bps |
| PAT | ₹64 Cr | -4.5% | +18.5% |
| PAT margin | 6.7% | -124 bps | +67 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
F26 revenue grew 18% and PAT 31%, outgrowing the industry. F27Q1 continued momentum with 13% revenue and 10% volume growth YoY, achieving 26.6% ILCV Bus market share (Mahindra's T&B).
The company demonstrates strong growth post-acquisition, outperforming the industry in F26. The strategic roadmap for market share expansion in ILCV and HCV, coupled with integration synergies with Mahindra, supports the long-term thesis. Execution on product roadmap and operational efficiencies will be key.
Deepen ILCV Presence
Aspiration to be a Top 3 player in India’s ILCV Trucks & Buses, strengthening core bus & truck segments.
Focused Play in HCV
Strategy to expand into high-value heavy commercial vehicles, moving from marginal to enhanced presence in focused sub-segments.
Integrated Product Roadmap
Addressing white spaces with rebadging & platform sharing, improving powertrain for higher GVW vehicles, and strengthening R&D.
Leveraging Mahindra Synergies
Utilizing Mahindra's brand equity, operational excellence, manufacturing efficiencies, sourcing synergies, and network synergies (600+ touchpoints).
Robust CV Industry Growth
CV Industry posted highest annual sales after seven years in F26, propelling the nation towards a USD 5 trillion economy.
Government Reforms & Investment
Benefiting from GST Reforms, Infrastructure Investment, Policy Incentives (Vehicle Scrappage Policy), and Logistics/E-commerce Growth.
Fleet Modernization
Industry trend towards fleet modernization supports demand for new vehicles.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
F26 results are annual, best compared YoY for overall performance. F27Q1 results are quarterly, also presented YoY, indicating continued momentum. The CV industry can be seasonal, making YoY comparisons relevant, while sequential trends are important post-acquisition.
Revenue
F26: Rs 2,838 Cr, up 18% YoY from Rs 2,399 Cr in F25. F27Q1: up 13% YoY.
PAT
F26: Rs 160 Cr, up 31% YoY from Rs 122 Cr in F25. F27Q1: Rs 64 Cr.
Sales Volume
F26: Cargo Vehicles up 28% YoY (5412 units), Passenger Vehicles up 12% YoY (11220 units). F27Q1: Overall volume up 10% YoY.
Market Share (CV Industry >3.5T)
F26: Cargo Vehicles 3.6% (up 80 bps YoY), Passenger Vehicles 16.0% (up 20 bps YoY). F27Q1: ILCV Bus market share 26.6% (2nd biggest player for Mahindra’s Truck & Bus business).
Strategic Aspiration
Aspiration to be Top 3 in India’s ILCV Trucks & Buses with a focused play in HCVs (for Mahindra’s Truck & Bus business).
F31 Business Target
Targeting to create a Rs 12,500 Cr business by F31.
Market Share Trajectory
Aiming for ILCV Buses to achieve Industry Leadership, ILCV Trucks to become a Relevant Player, and HCV Trucks to have Enhanced presence in focused sub-segments by F31.
Transformation Roadmap
Roadmap includes Consolidate (F27-29), Scale (F28-32), and Maximize (F31-35) phases, focusing on integration, product launches, and operating leverage.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| ILCV Bus Market Share | 26.6% (Mahindra's T&B, F27Q1) | Progress towards 'Industry Leadership' by F31. |
| Overall Business Size | F26 Revenue Rs 2,838 Cr | Progress towards Rs 12,500 Cr business by F31. |
| HCV Presence | Marginal Presence (F26) | Evidence of enhanced presence in focused sub-segments. |
| Integration & Synergy Realization | Integration 'Ahead or on Plan' for sourcing, manufacturing, network | Realization of synergy ideas and operational efficiencies. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
66Bullishfull bull SMA stack · SMA20 +15.5% / mo · RSI overbought · MACD + · near 52W high
Technical chart
SMLMAHdaily · 1Y · AUTO+42.6%Daily history is available from 2025-11-10; the requested 1Y window is partially covered.
Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 75.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~13.4% over last month) — short-term momentum positive.
- RSI(14) at 75 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 56 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 56 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
- Growth contributes 18/25 to the score.
Main drags
- Fair-value margin of safety is negative at -47.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 94th percentile of the scored universe and 95th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 59%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 95th pctile, median 68 · Micro: 90th pctile, median 73
38 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 59%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.2%.
- ▸5 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 49.20
- P/B
- 14.83
- EV/EBITDA
- 24.49
- Market Cap
- 7695.00Cr
Profitability
- ROE
- 35.40%
- ROCE
- 30.90%
- ROA
- 11.17%
- Dividend Y
- 0.44%
Growth (CAGR)
- Revenue 5Y
- 37.00%
- EPS 5Y
- 26.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- 100.00%
Balance Sheet
- Debt/Equity
- 0.56
- Interest Coverage
- 15.17×
- Altman Z
- 8.65
- Book Value
- 359.00
Cash Flow
- FCF Yield
- 1.17%
- FCF Positive Y
- 5/5
- OCF
- 156.00 Cr
- EPS TTM
- 108.08
Shareholding
- Promoter Hold
- 58.97%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 80%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Industrials, ranked by similarity
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.