| ₹ crore | Q2 FY27 | Q2 FY26 | Change |
|---|---|---|---|
| Revenue | 670 | 555 | +20.7% |
| EBITDA | 28.5 | 41.9 | −32.0% |
| EBITDA margin | 4.3% | 7.6% | −3.3 pts |
| Profit before tax | 15.9 | 28.3 | −44.0% |
| Net profit | 11.7 | 21.1 | −44.4% |
| EPS | ₹8.09 | ₹14.55 | −44.4% |
Amounts on the left scale in ₹ crore; per cent on the right, dashed. L = lakh crore, K = thousand crore. Touch the chart to read any period.
| Tap a line for its trend | Currentlast 12M | FY26Mar 2026 | FY25Mar 2025 | FY24Mar 2024 | FY23Mar 2023 | FY22 and earlierAlpha Plus |
|---|
| 7,016 | — | — | — | — | FY22 and earlierEvery year the company has filed comes with Alpha Plus. | |
| 4.5 | 4.5 | 3.1 | 34.8 | 3.5 | ||
| 280 | 280 | 322 | 416 | 258 | ||
| 7,291 | — | — | — | — | ||
| 3,064 | 2,838 | 2,399 | 2,196 | 1,822 | ||
| — | +18.3% | +9.2% | +20.6% | — | ||
| 260 | 278 | 235 | 179 | 81.6 | ||
| 8.5% | 9.8% | 9.8% | 8.2% | 4.5% | ||
| 207 | 226 | 186 | 131 | 39.2 | ||
| 147 | 160 | 122 | 108 | 19.8 | ||
| 4.8% | 5.6% | 5.1% | 4.9% | 1.1% | ||
| ₹101.62 | ₹110.39 | ₹84.08 | ₹74.55 | ₹13.71 | ||
| — | +31.3% | +12.8% | +443.9% | — | ||
| — | 156 | 177 | −49.7 | 90.1 | ||
| — | −70.3 | −62.0 | −42.4 | −41.3 | ||
| 85.9 | 85.9 | 115 | −92.1 | 48.8 | ||
From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.
In ₹ Crore except Per Share 12 Months Ending | FY23 31/03/2023 | FY24 31/03/2024 | FY25 31/03/2025 | FY26 31/03/2026 | Current/LTM TTM · last close | |
|---|---|---|---|---|---|---|
| Market Capitalization | — | — | — | — | 7,015.8 | |
| - Cash, Equiv & ST Investments | 3.5 | 34.8 | 3.1 | 4.5 | 4.5 | |
| + Total Debt | 258.1 | 415.7 | 321.8 | 280.2 | 280.2 | |
| Enterprise Value | — | — | — | — | 7,291.5 | |
| Revenue | 1,821.6 | 2,195.9 | 2,399.0 | 2,837.9 | 3,064.3 | |
| Growth %, YoY | — | +20.6 | +9.2 | +18.3 | — | |
| EBITDA | 81.6 | 178.9 | 234.6 | 278.4 | 260.1 | |
| Margin % | 4.48 | 8.15 | 9.78 | 9.81 | 8.49 | |
| EBIT | 39.2 | 131.4 | 186.2 | 226.4 | 206.7 | |
| Net Income | 19.8 | 107.9 | 121.7 | 159.8 | 147.1 | |
| Margin % | 1.09 | 4.91 | 5.07 | 5.63 | 4.80 | |
| EPS, Adj (current shares) | 13.71 | 74.55 | 84.08 | 110.39 | 101.62 | |
| Growth %, YoY | — | +443.9 | +12.8 | +31.3 | — | |
| Cash from Operations | 90.1 | -49.7 | 177.5 | 156.2 | — | |
| Capital Expenditures | -41.3 | -42.4 | -62.0 | -70.3 | — | |
| Free Cash Flow | 48.8 | -92.1 | 115.5 | 85.9 | 85.9 | |
Prices at the previous close · figures from the company's filings with NSE
SML Mahindra (NSE: SMLMAH) had a market capitalisation of ₹7,020 crore at the previous close (₹4,848.00 a share), a PE ratio of 47.7 on the last four quarters' profit and a price-to-book ratio of 12.54. In FY26 its consolidated net profit was ₹160 crore on revenue of ₹2,838 crore; in Q2 FY27 (July–September 2026) it was ₹11.7 crore, down 44.4% year on year. Its debt-to-equity ratio was 0.05 on 30 September 2026. Promoters held 58.97% of the shares on 30 September 2026.
SML Mahindra's PE ratio is 47.7 at the previous close (₹4,848.00 a share): a market capitalisation of ₹7,020 crore divided by consolidated net profit of ₹147 crore over the last four quarters (Q3 FY26 to Q2 FY27). On FY26 net profit (₹160 crore) it is 43.9.
SML Mahindra's net worth — shareholders' equity in its consolidated balance sheet — was ₹560 crore on 30 September 2026, up 26.2% from ₹444 crore a year earlier. Its market value is a different figure: a market capitalisation of ₹7,020 crore at the previous close.
SML Mahindra's book value per share was ₹386.68 on 30 September 2026: shareholders' equity of ₹560 crore divided by the 1.45 crore shares in issue, up 26.2% from ₹306.51 a year earlier. The share price at the previous close was ₹4,848.00.
SML Mahindra's price-to-book (PB) ratio is 12.54 at the previous close: a market capitalisation of ₹7,020 crore divided by shareholders' equity (book value) of ₹560 crore on 30 September 2026. That is a book value of ₹386.68 per share against a share price of ₹4,848.00.
No. SML Mahindra had borrowings of ₹29.9 crore on 30 September 2026 (consolidated balance sheet), a debt-to-equity ratio of 0.05. Its cash and current investments were ₹19.5 crore, so its net debt was ₹10.5 crore.
In FY26, SML Mahindra's return on equity (ROE) was 35.4% and its return on capital employed (ROCE) was 39.9%. ROE is net profit divided by average shareholders' equity (the start and end of the year); ROCE is operating profit (EBIT) divided by average capital employed (total assets less current liabilities). In FY25, ROE was 36.4% and ROCE 40.5%.
SML Mahindra's market capitalisation was ₹7,020 crore at the previous close: 1.45 crore shares at ₹4,848.00 each.
SML Mahindra's basic earnings per share (EPS) were ₹110.39 in FY26. Over the last four quarters (Q3 FY26 to Q2 FY27) they add up to ₹101.62.
In 2026, SML Mahindra has declared one dividend: ₹23.50 with record date 3 July 2026.
SML Mahindra's debt-to-equity ratio was 0.05 on 30 September 2026: borrowings of ₹29.9 crore against total equity of ₹560 crore. A year earlier, on 30 September 2025, it was 0.56.
SML Mahindra's dividend yield is 0.48% at the previous close: dividends of ₹23.50 a share that went ex-dividend in the 12 months before that day, divided by the share price of ₹4,848.00. They were ₹23.50 on 3 July 2026.
Promoters held 58.97% of SML Mahindra on 30 September 2026, unchanged from both the previous quarter and a year earlier, according to the shareholding pattern filed with NSE.
On 30 September 2026, SML Mahindra's shares were held by promoters 58.97%, foreign portfolio investors (FII/FPI) 3.65%, domestic institutions (DII) 2.75% (including mutual funds at 1.68%) and retail and other non-institutional investors 34.63%. Over the year, FII holding was up 1.85 percentage points from 1.80% and DII holding was up 2.12 percentage points from 0.63%.
SML Mahindra's latest results are for Q2 FY27 (July–September 2026), filed on 19 October 2026: consolidated net profit ₹11.7 crore, down 44.4% from ₹21.1 crore in Q2 FY26; revenue from operations ₹670 crore, up 20.7% year on year.
In FY26 (April 2025–March 2026), SML Mahindra's consolidated net profit was ₹160 crore, up 31.3% from ₹122 crore in FY25, on revenue from operations of ₹2,838 crore (up 18.3%). Over three years, from FY23, net profit was up 705.4%.
In FY26, SML Mahindra generated ₹156 crore of cash from operations and spent ₹70.3 crore on capital expenditure (property, plant, equipment and intangibles), leaving free cash flow of ₹85.9 crore. In FY25 it was ₹115 crore.
SML Mahindra has reported Q2 FY27. Its next results, for Q3 FY27 (October–December 2026), are due by 14 February 2027 under SEBI's 45-day rule; the company notifies the board-meeting date at least two working days before.
In FY26, SML Mahindra earned net profit of ₹160 crore on revenue of ₹2,838 crore, against ₹3,471 crore on ₹56,362 crore for Ashok Leyland. SML Mahindra's operating margin was 8.0% (Ashok Leyland 17.1%) and its return on equity 35.4% (Ashok Leyland 26.2%).
On FY26 consolidated figures, against Ashok Leyland, Eicher Motors and Skipper: SML Mahindra's operating margin of 8.0% is the lowest of the four (Ashok Leyland 17.1%, Eicher Motors 21.1%, Skipper 8.9%; peer average 15.7%); its return on equity of 35.4% is the highest of the four (Ashok Leyland 26.2%, Eicher Motors 23.8%, Skipper 15.9%; peer average 22.0%); its revenue growth over three years of 15.9% a year is the third highest of the four (Ashok Leyland 10.6% a year, Eicher Motors 17.5% a year, Skipper 41.0% a year; peer average 23.0% a year).
From SML Mahindra's own consolidated results, balance sheets and shareholding patterns filed with NSE. Ratios are calculated by Alphave from those filings as each answer describes.
Consolidated figures from the company's filings with NSE; prices are NSE closing prices.