AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Monthly Business Updates 8 Oct - September 2026 commercial vehicle production, sales and exports reported: 1,257 produced, 1,071 sold, 53 exported.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals17 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result19 Oct, 04:27 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
59NeutralSMA20 +8.6% / mo · MACD −
Stock trend: 64
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SMLMAHD candles · FIT view+57.2%Latest close ₹6112.00 on 2026-10-19
Daily history is available from 2025-11-10; the requested 1Y window is partially covered.
Bar
-0.4%
RSI
50
MACD hist
-55.48
52W pos
81%
2026-10-19O ₹6138.00H ₹6339.50L ₹6054.00C ₹6112.00Vol 69,039 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SMLMAHNifty India ManufacturingNifty 500
- SMLMAH
- +53.4%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +58.9 pp
Chart stats
19 Oct 2026- From 52W high
- -11.4%
- 52W range position
- 81%
- ATR (14)
- 4.5%
- Volume vs 20D
- 1.30x
- Avg traded value
- ₹34.1 Cr
- 20D price channel
- ₹5,750 - ₹6,898.5
₹6,898.5
₹2,749 - ₹6,898.5
₹272.6
Latest completed session
20-session average
47.5% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE55
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +20.7% · PAT -44.3% YoY
Technical
Neutral59
Price trend and sector-relative-strength timing.
Valuation
Legacy model-53.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence82
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Bad · 0/100PAT -44% YoY · margin compression · Rev +21% YoY
Filed 19 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹669.8 Cr | +20.7% | -30.1% |
| EBITDA | ₹28.5 Cr | -32.1% | -71.5% |
| Operating margin | 4.3% | -374 bps | -619 bps |
| PAT | ₹11.7 Cr | -44.3% | -81.6% |
| PAT margin | 1.8% | -203 bps | -489 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 60.18
- P/B
- 17.06
- EV/EBITDA
- 28.06
- Market Cap
- 8850.18Cr
Profitability
- ROE
- 35.40%
- ROCE
- 30.90%
- ROA
- 11.17%
- Dividend Y
- 0.38%
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
- 9.40
- Book Value
- 359.00
Cash Flow
- FCF Yield
- 1.02%
- FCF Positive Y
- 5/5
- OCF
- 156.00 Cr
- EPS TTM
- 101.56
Shareholding
- Promoter Hold
- 58.97%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 81%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 2,838+18.3% vs prev
Net Profit
₹ CrLatest: 160+31.1% vs prev
Return on Equity
%Latest: 30.8-3.5% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 50.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~7.9% over last month) — short-term momentum positive.
- RSI(14) at 50 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 11% off 52W high · 122% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
92
RS percentile
Stage 2 UptrendEstablished S2
1M return
-2.9%
3M return
+53.4%
6M return
+61.0%
1Y return
-
RS 1D
+2
RS 20D
+4
Sector rank
#2
Industry rank
-
Stage evidence
- Price is 31.3% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +5.9%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
04 Aug 2026
S2 age
53 trading sessions
Sector
leading
Industry
unranked
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
234 observations
19 Oct 2026Value 212.35+0.84%
RS vs Nifty 500212
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth17/25
Quality20/20
Balance Sheet8/15
Cash Flow5/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
55
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
55/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 7/9.
- Quality contributes 20/20 to the score.
- Growth contributes 17/25 to the score.
Main drags
- Fair-value margin of safety is negative at -53.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
60.2
PB
17.1
EV/EBITDA
28.1
ROE
35.4%
ROCE
30.9%
FCF Yield
1.0%
Debt/Equity
0.6
MoS
-53.1%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
55
Previous: 55
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-53.1%
Previous: -53.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
56
56
56
56
56
56
56
56
56
55
55
55
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹905.73
-574.8% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹3,991.31
-53.1% MoS
PEG
1.45
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ESCORTS
Large
Escorts Kubota Limited
Agricultural Machinery
match 41
65
21.6
18.7%
+44%
UNDERVALUED
OLECTRA
Large
Olectra Greentech Limited
Auto Components
match 3
50
49.4
15.6%
-25%
FAIR VALUE
ATULAUTO
Small
Atul Auto Limited
Auto Components
match -5
52
24.4
9.3%
+37%
FAIR VALUE
OLAELEC
Small
Ola Electric Mobility Limited
Auto Components
match -10
10
—
-43.2%
—
OVERVALUED
M&M
Large
Mahindra & Mahindra Limited
Passenger & Commercial Vehicles
match -14
56
18.2
20.3%
+49%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-22T00:42:51.051Z
Management commentary snapshot
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.
Growth engines
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).
Tailwinds
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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).
Management forward view
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.
Thesis monitor
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.
Trust Score
82Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 94th percentile of the scored universe and 94th percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
38 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
94th percentile
overall median 67 · Industrials: 94th pctile, median 68 · Micro: 90th pctile, median 73
Evidence depth
Financial-only
38 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
67
acceptable · quarterly consistency
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.
Continue researching SML Mahindra Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Monthly Business Updates 1 Oct - September 2026 sales rose 18% to 1,124 units; April-September sales increased 15% to 9,340 units.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Sep - Newspaper Advertisements- Special window for re-lodgement of transfer request of physical shares
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Monthly Business Updates 8 Sep - August 2026 commercial vehicle production 1,280, sales 1,095, exports 80.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Monthly Business Updates 1 Sep - August 2026 sales rose 40% to 1,175 units; April-August sales increased 14% to 8,216 units.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Aug - Newspaper Advertisement - Notice of Postal Ballot and other related information
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Monthly Business Updates 1 Aug - SML Mahindra July 2026 sales rose 12% to 1,603 units; April-July sales up 11% to 7,041 units.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Jun - Newspaper Advertisements- ''Second 100 day Campaign - Saksham Niveshak''
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Jun - Newspaper Advertisement - 42nd Annual General Meeting (AGM)
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Jun - Newspaper Advertisement - 42nd Annual General Meeting (AGM)
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Jun - Newspaper publication giving notice to shareholders about the proposed transfer of unclaimed dividend for FY 2018-19 and the respective shares to Investor Education and Protection …
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.