SML Mahindra LimitedQuarter ended 30 September 2026 Results & Financial Update
SML Mahindra Limited: Quarter ended 30 September 2026 standalone results and company financials – revenue ₹669.79 Cr, PAT ₹11.70 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore SML Mahindra Quarter ended 30 September 2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
SML Mahindra Limited reported revenue from operations of Rs. 669.79 crores for the second quarter ended 30 September 2026, marking an increase compared to Rs. 555.11 crores in the same period last year, but a contraction from Rs. 957.54 crores in the preceding June quarter.
Profit for the period stood at Rs. 11.70 crores, reflecting a decline from Rs. 21.05 crores in the corresponding quarter of the previous fiscal year and Rs. 63.62 crores in the immediate preceding quarter.
Profit before tax for the September 2026 quarter was registered at Rs. 15.85 crores, compared to Rs. 28.28 crores a year ago and Rs. 85.28 crores in the June 2026 quarter.
Total income for the quarter reached Rs. 671.39 crores, supported by Rs. 1.60 crores of other income, while total expenses for the period aggregated to Rs. 655.54 crores.
Basic and diluted earnings per share for the quarter were recorded at Rs. 8.09, compared to Rs. 14.55 in the second quarter of the previous financial year and Rs. 43.96 in the first quarter of FY27.
01 · Business model
What does SML Mahindra do?
SML Mahindra Limited (formerly known as SML Isuzu Limited) manufactures and sells commercial vehicles, specifically trucks and buses, along with related components.
The company operates through a single reportable operating segment comprising commercial vehicles and associated parts, monitoring performance through a unified business structure.
Manufacturing and corporate operations are anchored in Punjab, with its registered facility situated in Shahid Bhagat Singh Nagar and corporate offices in Mohali.
02 · Historical context
What shaped the business before this quarter
Previously operating under the name SML Isuzu Limited, the company transitioned its corporate identity to SML Mahindra Limited following strategic realignments.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended 30 September 2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹669.79 Cr | ₹555.11 Cr | ₹957.54 Cr |
| Total income | ₹671.39 Cr | ₹557.23 Cr | ₹958.73 Cr |
| Profit before tax | ₹15.85 Cr | ₹28.28 Cr | ₹85.28 Cr |
| Profit after tax | ₹11.70 Cr | ₹21.05 Cr | ₹63.62 Cr |
| EPS | ₹8.09 | ₹14.55 | ₹43.96 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 1.7% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 2.4% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹1.60 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Generated Rs. 669.79 crores in revenue from operations for Q2 FY27, showing year-on-year expansion from Rs. 555.11 crores but sequential moderation from the preceding quarter's Rs. 957.54 crores.
Contributed Rs. 1.60 crores to the total income of Rs. 671.39 crores for the quarter ended 30 September 2026.
What drove margins
Cost of materials consumed stood at Rs. 523.34 crores, while purchases of stock-in-trade were Rs. 25.83 crores for the quarter.
Employee benefit expenses amounted to Rs. 67.25 crores for the quarter under review.
Finance costs moderated to Rs. 0.90 crores, while depreciation and amortization expenses were reported at Rs. 13.36 crores.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The Chief Operating Decision Maker monitors performance as a single operating segment comprising commercial vehicles and related components.
06 · Strategy & new businesses
How the company is trying to change its growth mix
The Board of Directors approved the acquisition of the Truck and Bus Division Business from holding company Mahindra & Mahindra Limited as a going concern on a slump sale basis for a consideration of Rs. 525 crores, subject to working capital adjustments pursuant to a Business Transfer Agreement entered on 5 August 2026.
07 · Reported developments
What changed operationally
Statutory auditors B S R & Co. LLP issued an unmodified review report on the unaudited financial results for the quarter and half year ended 30 September 2026.
08 · Pressure points & risks
What is not going smoothly
The company noted that implementation details and operational procedures for Extended Producer Responsibility obligations under the ELV Rules 2025 are yet to be developed, leaving the company currently unable to reliably estimate potential financial outcomes.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash generated from operating activities for the half year ended 30 September 2026 was Rs. 323.78 crores, bolstered by working capital adjustments including a decrease in trade receivables of Rs. 173.94 crores.
Net cash used in investing activities for the half year was Rs. 36.58 crores, while net cash used in financing activities reached Rs. 287.26 crores, driven primarily by the repayment of short-term and long-term borrowings and dividend payouts.
Capital allocation & funding
Current borrowings reduced significantly to Rs. 28.70 crores as of 30 September 2026 from Rs. 269.50 crores at 31 March 2026, and non-current borrowings decreased to Rs. 1.24 crores from Rs. 10.65 crores.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
Pending Acquisition Closure
The acquisition of Mahindra & Mahindra's Truck and Bus Division is expected to close on or before 31 January 2027, subject to customary closing conditions and regulatory approvals.
11 · Previous-quarter changes
What changed since the previous quarter
Revenue and profitability moderated compared to the peak recorded in the quarter ended 30 June 2026, where revenue stood at Rs. 957.54 crores and PAT at Rs. 63.62 crores.
12 · Key Q&A
The quarter, answered directly
What does SML Mahindra do?
SML Mahindra Limited (formerly known as SML Isuzu Limited) manufactures and sells commercial vehicles, specifically trucks and buses, along with related components.
What is the clearest takeaway from Quarter ended 30 September 2026?
SML Mahindra Limited reported revenue from operations of Rs. 669.79 crores for the second quarter ended 30 September 2026, marking an increase compared to Rs. 555.11 crores in the same period last year, but a contraction from Rs. 957.54 crores in the preceding June quarter.
What drove revenue or demand?
Generated Rs. 669.79 crores in revenue from operations for Q2 FY27, showing year-on-year expansion from Rs. 555.11 crores but sequential moderation from the preceding quarter's Rs. 957.54 crores.
What mattered most for margins or profitability?
Cost of materials consumed stood at Rs. 523.34 crores, while purchases of stock-in-trade were Rs. 25.83 crores for the quarter.
What changed operationally beyond the headline numbers?
The Board of Directors approved the acquisition of the Truck and Bus Division Business from holding company Mahindra & Mahindra Limited as a going concern on a slump sale basis for a consideration of Rs. 525 crores, subject to working capital adjustments pursuant to a Business Transfer Agreement entered on 5 August 2026.
What are the main pressure points disclosed for the quarter?
The company noted that implementation details and operational procedures for Extended Producer Responsibility obligations under the ELV Rules 2025 are yet to be developed, leaving the company currently unable to reliably estimate potential financial outcomes.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Acquisition Completion: Monitor the formal closing of the Truck and Bus Division slump sale transaction with Mahindra & Mahindra Limited targeted for on or before 31 January 2027.
- 02
ELV Rules Framework: Watch for finalized operational procedures and pricing mechanisms for EPR certificates under the Ministry of Environment's ELV Rules.
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