Logo
Whalesbook
HomeNewsCorporate NewsPremiumStocks
HomeNewsCorporate NewsPremiumStocks

SML Isuzu Ltd

₹ 4,406-1.02%
16 Jan 4:01 p.m. – close price
🔗smlisuzu.com•BSE: 505192•NSE: SMLMAH
Market Cap₹ 6,380 Cr.
Current Price₹ 4,406
High / Low₹ 4,745
Stock P/E45.1
Book Value₹ 307
Dividend Yield0.41 %
ROCE27.1 %
ROE36.4 %
Face Value₹ 10.0
Sales₹ 2,504 Cr.
OPM10.2 %
Mar Cap₹ 6,380 Cr.

ABOUT

SML ISUZU LIMITED was incorporated as Swaraj Vehicles Ltd in 1983 and was promoted by Punjab Tractors Ltd with technical collaboration Mazda Motor Corporation, Japan, and Sumitomo Corporation, Japan. In 2004, the technical collaboration agreement with Mazda expired 2004 and sold its entire stake to Sumitomo Corporation and in the same time, it signed a technical assistance agreement with Isuzu Motors.In 2011, it was renamed as SML ISUZU and Sumitomo Corporation(Japan) and Isuzu Motors(Japan) own 44% and 15% stake, respectively[1]

KEY POINTS

Product Portfolio Revenue Split FY23The Company primarily operates in the light commercial vehicle (LCV) and medium CV (MCV) segments of the automobile industry.[1]Its key products include:Cargo vehicles (trucks) - 26%Passenger vehicles (buses)- 67%[2]

Also present in buckets:
Aggressive Growth TriggersExcellent ResultsRevenue GuidanceCapacity Expansion And ProductsOrder Book PositionJv Partnerships AcquisitionsCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.Tata Motors438.50597.20161507.460.00-1021.0040.8316861.008.65–0.00–-0.08933.00––0.57
2.Ashok Leyland184.1532.36108190.191.70819.7023.6312576.8612.8214.2650976.1619.503343.21781.508.604.474.33
3.SML Mahindra4406.0545.106379.930.4121.05-3.44555.110.9827.122503.6210.19141.4921.0514.369.680.57
4.Atul Auto432.7544.491202.040.008.2769.50200.1710.206.48759.087.9427.029.172.652.740.32
–Median: 4 Co.435.6244.857285.060.214.6632.236565.999.4314.261631.3510.1984.26401.278.64.470.57

Quarterly Results

Standalone figures in ₹ crores

Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales
410328583632499386680746550332771846555
Expenses
405312540585459364608665505313681741513
Operating Profit
61643473922718145189010542
Other Income
0122012122222
Profit before tax
-9-125322135062291719028
Tax %
0%-86%-7%1%0%6%-4%25%24%29%26%25%26%
Net Profit
-9-027322135246221536721
EPS in Rs
-6.34-0.0918.5121.9714.571.8536.1532.0615.060.3736.5946.2714.55

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
8811,1061,1661,3561,1351,4091,1545919241,8222,1962,3992,504
Expenses
8501,0361,0791,2461,0901,3351,1426609651,7402,0172,1642,248
Operating Profit
326987110457412-69-4182179235255
Other Income
5564345563568
Interest
6656111615232225303024
Depreciation
13202024283841464442484850
Profit before tax
18496884924-38-133-10017106162190
Net Profit
17375163820-21-133-10020108122141
EPS in Rs
12.0225.5335.3543.545.8713.52-14.55-92.24-68.9413.7174.5584.0897.78
Dividend Payout %
25%24%23%18%26%22%0%0%0%0%21%21%–

Compounded Sales Growth

10 Years:8%
5 Years:16%
3 Years:37%
TTM:6%

Compounded Profit Growth

10 Years:12%
5 Years:51%
3 Years:48%
TTM:15%

Stock Price CAGR

10 Years:17%
5 Years:56%
3 Years:76%
1 Year:233%

Return on Equity

10 Years:4%
5 Years:1%
3 Years:34%
Last Year:36%

Balance Sheet

Standalone figures in ₹ crores

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
14141414141414141414141414
Reserves
262288326389384399370241147163271368429
Borrowings
0225541212246185261298265421327254
Other Liabilities
274350332341377435289279357494506590496
Total Liabilities
5516757277859871,0958597968169371,2131,2991,193
Fixed Assets
143138171215365380426389349356340321368
Gross Block
227236283239417469554561564610638659–
Accumulated Depreciation
8498112245290128173215254298338–
CWIP
9274078352735161111598
Investments
0000000000000
Other Assets
399511515492587688429403450569861919817
Total Assets
5516757277859871,0958597968169371,2131,2991,193

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
16269-12121-3355150-47-1990-50177
Cash from Investing Activity
22-103-13-89-98-58-47-28-7-42-46-61
Cash from Financing Activity
-1821117-3414610-976017-55127-148
Net Cash Flow
2-23-8-21586-15-8-731-32

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
343432313838122431152840
Inventory Days
133129146107158146109202143105125116
Days Payable
90907470929467142118737174
Cash Conversion Cycle
77731046910491548456488182
Working Capital Days
4729414441288-69-74-31-717
ROCE %
7%19%20%22%4%6%-4%-20%-16%9%24%27%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
43.96%43.96%43.96%43.96%43.96%43.96%43.96%43.96%43.96%43.96%43.96%58.97%
FIIs
16.69%16.68%15.11%15.28%15.43%15.81%15.32%15.35%15.32%15.24%15.73%1.80%
DIIs
0.00%0.00%0.00%0.00%0.00%0.00%0.07%0.05%0.00%0.04%0.29%0.63%
Public
39.35%39.34%40.92%40.76%40.59%40.22%40.65%40.63%40.72%40.76%40.02%38.60%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

SML Mahindra Announces Q4 FY2026 Investor Meeting Schedule

17th April 2026, 11:17 pm

SML Mahindra Schedules Analyst Meet for Q4 FY2026

16th April 2026, 3:43 am

SML Mahindra Reports March 2026 Vehicle Production, Sales, and Export Figures

8th April 2026, 6:33 pm

SML Mahindra Submits SEBI Compliance Certificate for Quarter Ended March 31, 2026

7th April 2026, 5:39 pm

SML Mahindra Announces Board Meeting for FY26 Results & Dividend, Trading Window Closure

1st April 2026, 11:39 pm

Published by Other Websites

External media mentions & references

Mahindra CEO Shah's 6-Year Overhaul Spurs EV Push, Market Cap Growth

2nd April 2026, 8:19 pm

Auto Sales Surge: Maruti, Tata Motors, Mahindra Sales Data Set to Shake Markets

1st April 2026, 9:08 am

SML Mahindra Sales Surge 30% on Strong January Demand

1st February 2026, 9:02 am

RIL, Banks Post Q3 Results; Tech Stocks Show Mixed Fortunes

19th January 2026, 7:09 am

Indian Markets Trim Gains Amid Mixed Earnings; Key Companies Report

19th January 2026, 6:21 am

News Articles

Editorial & research coverage

RIL, Banks Post Q3 Results; Tech Stocks Show Mixed Fortunes
RIL, Banks Post Q3 Results; Tech Stocks Show Mixed Fortunes

19th January 2026, 7:09 am

Indian Markets Trim Gains Amid Mixed Earnings; Key Companies Report
Indian Markets Trim Gains Amid Mixed Earnings; Key Companies Report

19th January 2026, 6:21 am

2026 Kicks Off with Market Rollercoaster! Sensex Dips, Nifty Inches Up - See Who Won & Who Lost!
2026 Kicks Off with Market Rollercoaster! Sensex Dips, Nifty Inches Up - See Who Won & Who Lost!

1st January 2026, 4:28 pm

Auto Stocks Surge as December Sales Jump 67%! SML Mahindra Leads Charge – Is Your Portfolio Ready?
Auto Stocks Surge as December Sales Jump 67%! SML Mahindra Leads Charge – Is Your Portfolio Ready?

1st January 2026, 9:12 am

India's 2025 Corporate Titans: Aditya Birla, Bajaj Soar as Tata Group Faces Steep Fall!
India's 2025 Corporate Titans: Aditya Birla, Bajaj Soar as Tata Group Faces Steep Fall!

31st December 2025, 9:18 am

Documents

Announcements

Report For The Month Of December 2025

8 Jan - Dec 2025 production 1,455, sales 1,019, exports 25; vs Dec 2024: 1,046/576/50

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

6 Jan - Certificate under Reg. 74(5) of SEBI (DP) Regulations, 2018 for quarter ended December 2025

Announcement under Regulation 30 (LODR)-Monthly Business Updates

1 Jan - December 2025 total sales 1,044 units (up 67%); Apr–Dec total 11,335 units (up 18%).

Closure of Trading Window
Board Meeting Intimation for Consideration & Approval Of Unaudited Financial Results Of The Company For The Third Quarter And Nine Months Ending On 31St December, 2025.

29 Dec - Board meeting 16 Jan 2026 to approve Q3/9M unaudited results; trading window closed 1–19 Jan 2026.

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

(from bse)

Financial Year 2022

(from bse)

Financial Year 2021

(from bse)

Financial Year 2020

(from bse)

Financial Year 2019

(from bse)

Financial Year 2018

(from bse)

Financial Year 2017

(from bse)

Financial Year 2016

(from bse)

Financial Year 2015

(from bse)

Financial Year 2014

(from bse)

Financial Year 2013

(from nse)

Financial Year 2013

(from bse)

Financial Year 2012

(from bse)

Credit Ratings

Rating update

28 Nov 2025 from icra

Rating update

17 Oct 2025 from icra

Rating update

5 May 2025 from icra

Rating update

6 Sep 2024 from icra

Rating update

14 Aug 2023 from icra

Rating update

1 Aug 2022 from icra

Concalls

Sep 2020

PPT

May 2019

PPT

Aug 2018

PPT

Jun 2018

PPT

Jun 2018

PPT

Dec 2017

PPT

Nov 2017

PPT

Sep 2017

PPT

Jun 2017

PPT

Mar 2017

PPT

Oct 2016

PPT

Aug 2016

PPT

Jun 2016

PPT

Stock Analysis

Description

  1. SML Mahindra Limited, formerly SML Isuzu Limited, is a manufacturer of commercial vehicles, primarily operating in the light and medium commercial vehicle segments in India.

Key Growth Triggers

  1. The company's improved financial performance, particularly the significant YoY growth in revenue and profit, reflects positive operational trends. This performance is likely bolstered by the ongoing recovery in the commercial vehicle sector and the strategic integration following Mahindra & Mahindra's majority acquisition.

Order Book

  1. Currently no data available for Order Book.

Key Red Flags

  1. The company noted potential impacts from new Labour Codes with an estimated incremental impact on retiral benefits of ₹0.77 crore.
  2. There is an inability to reliably estimate obligations related to the Environment Protection (End-of-Life Vehicles) Rules, 2025, as implementation details are still pending.
  3. Potential risks related to the transition to Electric Vehicles (EVs) remain a consideration for the automotive sector.

Key Dates To Watch

  1. The Board of Directors met on January 16, 2026, to approve the Q3 and 9M FY26 financial results. Investors will be monitoring the market's reaction to these results and any further strategic updates from the management.

Corporate Announcements

17th Apr 26
Impact Rating: 4
SML Mahindra will conduct its Q4 FY2026 investor meeting on April 20, 2026, from 5:30 PM to 6:00 PM IST, via a virtual audio call.
15th Apr 26
Impact Rating: 4
SML Mahindra announced a virtual Press & Analyst Meet for April 20, 2026, 5:30 PM IST, to discuss Q4 FY2026 results, with opportunities for Q&A.
8th Apr 26
Impact Rating: 7
SML Mahindra Limited released its March 2026 operational data: Production stood at 1,652 vehicles, Sales at 2,393 vehicles, and Exports at 64 units, reflecting performance against the previous year.
7th Apr 26
Impact Rating: 2
SML Mahindra Limited submitted a compliance certificate from its RTA, MCS Share Transfer Agent Ltd., confirming adherence to SEBI (Depositories and Participants) Regulations, 2018 for the quarter ending March 31, 2026.
1st Apr 26
Impact Rating: 8
SML Mahindra Limited's board meeting is scheduled for April 20, 2026, to approve audited FY2025-26 results and consider dividend. The company will close its trading window from April 1 to April 23, 2026.