SMLMAH
Micro CapSML Mahindra Limited
Industrials
SML Mahindra Limited, formerly SML Isuzu, is an Indian manufacturer of trucks and buses. Mahindra completed a 58.96% controlling stake acquisition in Aug 2025, reconstituting the board and initiating synergy and integration projects. The company aims to be a top 3 player in India's ILCV Trucks & Buses.
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.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
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 31 Mar 2026
Average · 42/100margin compression · Rev +16% YoY · PAT +2% YoY · +67% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹898 Cr | +16.5% | +66.6% |
| EBITDA | ₹90 Cr | +0.0% | +119.5% |
| Operating margin | 10.0% | -200 bps | +200 bps |
| PAT | ₹54 Cr | +1.9% | +200.0% |
| PAT margin | 6.0% | -86 bps | +267 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
SML Mahindra reports strong F26 performance with 18% revenue growth and 31% PAT increase, outgrowing the industry. Q4 F26 also saw 16% revenue growth, though PAT growth slowed to 2% YoY.
The acquisition by Mahindra appears to be yielding initial positive results, with the company outperforming the industry in F26 and integration progressing as planned. Sustained market share gains and margin expansion will be key to validate the long-term thesis.
Outgrowing Industry
SML Mahindra's F26 growth of 17% outpaced the CV Industry (>3.5T) growth of 13%.
Integrated Product & Aggregate Strategy
Ahead or on PlanThe company is implementing an integrated product and aggregate strategy for differentiated products.
Connected Vehicle Technology
Ahead or on PlanFocus on connected vehicle technology, digital prognostics, and analytics to enhance offerings.
Successful Integration with Mahindra
Integration is going as per plan across Financials, Supply chain, and Organization since Aug 2025.
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.
The document provides both annual (F26) and quarterly (Q4 F26) results, both compared year-on-year. Annual comparison highlights overall business trajectory, while quarterly shows recent momentum and accounts for seasonality in the automotive sector.
F26 Revenue Growth
Revenue increased by 18% in F26 to Rs 2,838 crore from Rs 2,399 crore in F25.
F26 PAT Growth
PAT increased by 31% in F26 to Rs 160 crore from Rs 122 crore in F25.
F26 Cargo Vehicles Volume Growth
Cargo Vehicles volumes grew 28% YoY to 11,220 units in F26.
F26 Cargo Vehicles Market Share
Cargo Vehicles market share was 3.6% in F26, up 80 bps YoY.
Aspiration for Top 3 Position
Management's aspiration is to be a Top 3 player in India's ILCV Trucks & Buses, with a focused play in HCVs, for the combined SML + Mahindra Truck and Bus business.
Unlocking Capital & Network Integration
Plans for unlocking capital and network integration (600+ touchpoints, service/sales network) are currently being worked out.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Industry Growth vs. SML Growth | SML grew 17% vs. industry 13% in F26. | Continued outperformance of SML Mahindra relative to the broader Commercial Vehicle industry (>3.5T). |
| Market Share Trends | F26 Cargo MS 3.6% (+80 bps YoY), Passenger MS 16.0% (+20 bps YoY). | Sustained or accelerating market share gains in both Cargo and Passenger Vehicle segments. |
| PAT Growth Momentum | F26 PAT +31% YoY, Q4 F26 PAT +2% YoY. | Improvement in quarterly PAT growth, indicating effective cost management and synergy realization. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
46NeutralSMA20 -3.0% / mo
Technical chart
SMLMAHweekly · 1Y+32.6%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 53.
- SMA20 falling (~3.1% over last month) — short-term momentum negative.
- RSI(14) at 53 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 29% off 52W high · 38% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 23.7%.
- Quality contributes 20/20 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; 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: +2 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 98th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 59%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Industrials: 98th pctile, median 68 · Micro: 97th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High 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.
- ▸Promoter holding increased 15%.
- ▸FCF yield is positive at 1.7%.
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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 34.40
- P/B
- 10.55
- EV/EBITDA
- 17.51
- Market Cap
- 5489.00Cr
Profitability
- ROE
- 35.40%
- ROCE
- 30.90%
- ROA
- 11.45%
- Dividend Y
- 0.62%
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
- 13.24×
- Altman Z
- 7.08
- Book Value
- 359.00
Cash Flow
- FCF Yield
- 1.64%
- FCF Positive Y
- 5/5
- OCF
- 156.00 Cr
- EPS TTM
- 110.39
Shareholding
- Promoter Hold
- 58.97%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 57%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.