SML Mahindra Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has a good return on equity (ROE) track record: 3 Years ROE 39.5%
- Promoters have been increasing their shareholding - up 15.0pp over 2 years
- Company has a healthy return on capital (ROCE) of 27.5%
- Company has delivered good sales growth of 36.9% CAGR over last 5 years
- Operating margins have improved to 9.7% from 4.6%
CONS
- Recent results are weak - TTM profit is down 16.5% versus prior year
- Valuation is stretched - P/E of 61.0 is well above its own 5-year median (25.6)
- Stock is trading at 10.6x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TMCV | 434.35 | 38.17 | 159961.96 | 0.92 | 25560.00 | 1729.63 | 206670.00 | 1092.97 | 31.55 | 15.95 |
| ASHOKLEY | 163.95 | 27.71 | 96301.85 | 2.13 | 667.77 | 1.53 | 13069.59 | 12.12 | 14.10 | 18.49 |
| FORCEMOT | 17705.00 | 18.64 | 23328.57 | 0.28 | 216.59 | 22.81 | 2440.01 | 6.21 | 41.93 | 13.63 |
| OLECTRA | 1210.30 | 55.99 | 9934.23 | 0.05 | 26.66 | 2.44 | 575.51 | 65.75 | 21.12 | 12.29 |
| SMLMAH | 6591.10 | 60.98 | 9538.41 | 0.36 | 63.62 | -4.99 | 957.54 | 13.20 | 31.21 | 10.45 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 632 | 499 | 386 | 680 | 746 | 550 | 332 | 771 | 846 | 555 | 539 | 898 | 958 | |
| 585 | 459 | 364 | 608 | 665 | 505 | 313 | 681 | 741 | 513 | 498 | 807 | 873 | |
| Operating Profit | 47 | 39 | 22 | 71 | 81 | 45 | 18 | 90 | 105 | 42 | 41 | 90 | 84 |
| OPM % | 7.40% | 7.86% | 5.65% | 10.48% | 10.84% | 8.15% | 5.52% | 11.72% | 12.41% | 7.55% | 7.62% | 10.07% | 8.78% |
| 2 | 0 | 1 | 2 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 1 | |
| Interest | 5 | 7 | 8 | 11 | 8 | 6 | 7 | 9 | 5 | 3 | 6 | 7 | 3 |
| Depreciation | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 13 | 13 | 13 | 13 |
| Profit before Tax | 32 | 21 | 3 | 50 | 62 | 29 | 1 | 71 | 90 | 28 | 24 | 73 | 85 |
| Tax % | 0.81% | 0.28% | 5.96% | -3.81% | 25.13% | 23.59% | 29.33% | 25.57% | 25.23% | 25.57% | 25.43% | 25.34% | 25.40% |
| Net Profit | 32 | 21 | 3 | 52 | 46 | 22 | 1 | 53 | 67 | 21 | 18 | 54 | 64 |
| 21.97 | 14.57 | 1.86 | 36.14 | 32.06 | 15.06 | 0.36 | 36.60 | 46.27 | 14.55 | 12.11 | 37.46 | 43.96 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,356 | 1,135 | 1,409 | 1,154 | 591 | 924 | 1,822 | 2,196 | 2,399 | 2,838 | 2,950 | |
| 1,246 | 1,090 | 1,335 | 1,142 | 660 | 965 | 1,740 | 2,017 | 2,164 | 2,560 | 2,692 | |
| Operating Profit | 110 | 45 | 74 | 12 | -69 | -41 | 82 | 179 | 235 | 278 | 257 |
| OPM % | 8.11% | 3.99% | 5.28% | 1.03% | -11.64% | -4.46% | 4.48% | 8.15% | 9.78% | 9.81% | 8.73% |
| 4 | 3 | 4 | 5 | 5 | 6 | 3 | 5 | 6 | 8 | 7 | |
| Interest | 6 | 11 | 16 | 15 | 23 | 22 | 25 | 30 | 30 | 21 | 18 |
| Depreciation | 24 | 28 | 38 | 41 | 46 | 44 | 42 | 48 | 48 | 52 | 53 |
| Profit before Tax | 84 | 9 | 24 | -38 | -133 | -100 | 17 | 106 | 162 | 214 | 210 |
| Tax % | 25.12% | 10.16% | 19.55% | 45.04% | -0.09% | 0.50% | -14.82% | -1.34% | 25.07% | 25.33% | 25.41% |
| Net Profit | 63 | 8 | 20 | -21 | -133 | -100 | 20 | 108 | 122 | 160 | 156 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | -92.24 | -68.94 | 13.71 | 74.54 | 84.08 | 110.39 | — |
| Dividend Payout % | 18.37% | 25.55% | 22.18% | 0.00% | 0.00% | 0.00% | 0.00% | 21.46% | 21.41% | 21.29% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 9%
- 5 Years:
- 37%
- 3 Years:
- 16%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 12%
- 5 Years:
- —
- 3 Years:
- 100%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 6%
- 5 Years:
- 16%
- 3 Years:
- 39%
- Last Year:
- 35%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 |
| 389 | 384 | 399 | 370 | 241 | 147 | 163 | 271 | 368 | 505 | |
| 54 | 203 | 227 | 150 | 226 | 261 | 275 | 407 | 304 | 250 | |
| Trade Payables | 191 | 212 | 272 | 167 | 183 | 245 | 292 | 332 | 370 | 406 |
| 137 | 174 | 182 | 142 | 117 | 134 | 174 | 169 | 242 | 222 | |
| Total Liabilities | 785 | 987 | 1,095 | 843 | 781 | 801 | 919 | 1,193 | 1,299 | 1,397 |
| 215 | 365 | 380 | 426 | 389 | 349 | 356 | 341 | 321 | 337 | |
| Capital Work in Progress | 78 | 27 | 7 | 3 | 2 | 5 | 1 | 3 | 42 | 23 |
| 295 | 364 | 424 | 269 | 260 | 296 | 422 | 580 | 578 | 661 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 169 | 265 | 270 | |
| Cash & Bank | 8 | 22 | 30 | 36 | 33 | 14 | 6 | 49 | 20 | 21 |
| 190 | 209 | 254 | 109 | 97 | 137 | 134 | 53 | 73 | 85 | |
| Total Assets | 785 | 987 | 1,095 | 843 | 781 | 801 | 919 | 1,193 | 1,299 | 1,397 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 145 | -27 | 59 | 150 | -46 | -29 | 84 | -50 | 177 | 156 | |
| Cash from Investing | -89 | -98 | -58 | -47 | -28 | -7 | -42 | -46 | -61 | -66 |
| Cash from Financing | -34 | 146 | 10 | -97 | 60 | 17 | -55 | 127 | -148 | -89 |
| -2 | 15 | 7 | 6 | -15 | -8 | -7 | 31 | -32 | 1 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - SML Mahindra Limited has informed the Exchange about Newspaper Advertisements- Special window for re-lodgement of transfer request of physical shares
2026-09-08 - SML Mahindra Limited has informed the Exchange regarding Monthly Business Updates for the month of August 2026
2026-09-07 - SML Mahindra Limited has informed the Voting Results in respect of the Postal Ballot along with Srutinizers report.
2026-09-01 - SML Mahindra Limited has informed the Exchange regarding Monthly Business Updates for the month of August 2026
2026-08-25 - SML Mahindra Limited has informed the Exchange about General Updates regarding Additional information to the shareholders - Dissemination of Business Valuation Report and Fairness Opinion referred to in the Postal Ballot Notice dated 7th August 2026
2026-08-08 - SML Mahindra Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-08 - SML Mahindra Limited has informed the Exchange regarding Monthly Business Updates for the month of July 2026
2026-08-07 - SML Mahindra Limited has informed the Exchange regarding Notice of Postal Ballot dated 7th August, 2026
2026-08-01 - SML Mahindra Limited has informed the Exchange regarding Monthly Business Updates - Sales Fig for the month of July 2026
News
Recent coverage and analyst commentary for SMLMAH
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