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Swing Capital

SML Mahindra Ltd

NSE: SMLMAH BSE: 505192

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]

₹3,507
52W: ₹1653 — ₹5348
PE 31.8 · Book ₹359 · +877% vs book
Market Cap₹5,075 Cr
Stock P/E31.8Price to Earnings
ROCE30.9%Return on Capital
ROE35.4%Return on Equity
Div. Yield0.67%Face Value ₹10

Strengths

  • +Company has delivered good profit growth of 26.2% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 38.2%
  • +Company has been maintaining a healthy dividend payout of 21.4%

Weaknesses

  • −Stock is trading at 9.66 times its book value
  • −Company might be capitalizing the interest cost

Shareholding Pattern

Promoters58.97%
FIIs0.77%
DIIs1.56%
Public38.71%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters43.96%43.96%43.96%43.96%43.96%58.97%▲15.058.97%58.97%
FIIs15.32%15.35%▲0.015.32%▼0.015.24%▼0.115.73%▲0.51.8%▼13.90.61%▼1.20.77%▲0.2
DIIs0.07%0.05%▼0.00%▼0.10.04%▲0.00.29%▲0.20.63%▲0.30.64%▲0.01.56%▲0.9
Public40.65%40.63%▼0.040.72%▲0.140.76%▲0.040.02%▼0.738.6%▼1.439.78%▲1.238.71%▼1.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales386680746550332771846555539898
Expenses364608665505313681741513498807
Operating Profit227181451890105424190
OPM %6%10%11%8%6%12%12%8%8%10%
Net Profit352462215367211854
EPS ₹1.8536.1532.0615.060.3736.5946.2714.5512.1237.45

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,838Cr, up 18.3% YoY. OPM at 10%.

Debt Position

Borrowings at ₹289Cr. Debt-to-equity ratio: 0.57x. Moderate leverage.

Capex Cycle

CWIP at ₹23Cr (6% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 1.56% (+1.56pp change). FIIs: 0.77% (-14.34pp change). Promoters hold 58.97%.

Margin & Efficiency

ROCE improving from 19% (Mar 2015) to 31% (Mar 2026). Working capital days: 23.

Valuation

PE 31.8x with 30.9% ROCE. Price is 877% above book value of ₹359. Dividend yield: 0.67%.

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