# SML Mahindra share price today (SML Mahindra Ltd, NSE: SMLMAH)

> SML Mahindra share price today: ₹4,908.20 at the NSE close on 3 November 2026, up 61.7% in a year. SML Mahindra (NSE: SMLMAH) is worth ₹7,103 crore, trades at a P/E of 48.3 and has closed between ₹2,765.30 and ₹6,824.10 over the past 52 weeks. > SML Mahindra Ltd is reporting record margins. SMLMAH · Auto - Bus/LCVs · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/sml-mahindra-ltd

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## Key numbers

- Business trend: Slowing from a peak, from the last 12 quarters
- Price: ₹4,908.20 (+61.7% in a year)
- P/E: 48.3× (higher than 61% of the last 11 years)
- Revenue (Sep 2026): ₹670 Cr (+20.7% on a year ago)
- Profit (Sep 2026): ₹12.0 Cr (−42.9% on a year ago)
- Operating margin: 4.3% (−3.7 points on a year ago)
- ROCE: 31%, FY26
- ROIC: 22.3%, against a 12.0% cost of capital: +10.3 points

The main question: the share price moved +61.7% in a year while yearly earnings per share moved +31.3%. The difference came from the market paying a higher multiple. ## What is the SML Mahindra share price today? SML Mahindra Ltd's share price was ₹4,908.20 at the close on 3 November 2026. It has been rising for 75 weeks. That is 4.7% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹2,765 and ₹6,824, and at that close it sat 53% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 1 week in a row. Over the last 11 years the share price moved +630% while the NIFTY 500 moved +257%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at SML Mahindra this quarter? 2. Indian funds and insurers (DIIs) raised their stake for 7 quarters in a row From 0% to 2.7% of the company by the September 2026 quarter. 3. Lowest operating margin in 16 quarters Operating margin was 4.3% in the September 2026 quarter, against 8% a year earlier. ## What are SML Mahindra's latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), SML Mahindra reported revenue of ₹670 crore, up 20.7% from ₹555 crore a year earlier, and a profit of ₹12.0 crore, down 42.9% from ₹21.0 crore. ### SML Mahindra results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹670 crore | ₹555 crore | +20.7% |
| Profit | ₹12.0 crore | ₹21.0 crore | −42.9% |
| Earnings per share | ₹8.08 | ₹14.55 | −44.5% |
| Operating margin | 4.3% | 8.0% | −3.7 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). The newest call in our records is from 20 April 2026, about January to March 2026; a call about these results is not in our records yet. (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the SML Mahindra share price history? SML Mahindra closed at ₹4,908.20 on 3 November 2026, up 61.7% from ₹3,035.60 a year earlier (31 October 2025) and up 573.3% over five years. Its highest weekly close since February 2016 was ₹6,824.10 on 25 September 2026. ### SML Mahindra share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹4,847.10 | +1.3% |
| 1 month ago · 1 Oct 2026 | ₹6,254.80 | −21.5% |
| 6 months ago · 30 Apr 2026 | ₹3,727.60 | +31.7% |
| 1 year ago · 31 Oct 2025 | ₹3,035.60 | +61.7% |
| 3 years ago · 3 Nov 2023 | ₹1,294.70 | +279.1% |
| 5 years ago · 4 Nov 2021 | ₹729.00 | +573.3% |
| 10 years ago · 4 Nov 2016 | ₹1,266.20 | +287.6% |
| Earliest weekly close in our records · 26 Feb 2016 | ₹672.40 | +630.0% |
| Highest weekly close since February 2016, also the 52-week high · 25 Sep 2026 | ₹6,824.10 | −28.1% |
| Lowest weekly close since February 2016 · 3 Apr 2020 | ₹298.55 | +1,544.0% |
| 52-week low (weekly close) · 21 Nov 2025 | ₹2,765.30 | +77.5% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (563 weekly closes from 26 February 2016 to 3 November 2026.)

## What is the latest news on SML Mahindra? 3 Nov 2026: SML Mahindra closed at ₹4,908.20, up 1.3% on the week and down 21.5% on the month. Results for July to September 2026: Revenue up 20.7% and profit down 42.9% on a year earlier. ### Earlier

- 3 Jul 2026: ex-date for a dividend of ₹23.50 a share. - 20 Apr 2026: SML Mahindra held its results call for January to March 2026. ## What dividend does SML Mahindra pay? SML Mahindra paid ₹23.50 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 0.48% at the ₹4,908.20 close on 3 November 2026. The last was a dividend of ₹23.50 a share, ex-date 3 July 2026. ### SML Mahindra dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 3 Jul 2026 | ₹23.50 | Dividend |
| 9 Jul 2025 | ₹18 | Dividend |
| 6 Sep 2024 | ₹16 | Dividend |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here. 2 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. SML Mahindra Ltd paid out 21% of its profit as dividends in FY26, and it paid a dividend in 9 of its last 13 reported years. (From the NSE corporate-actions record, read 4 November 2026.)

## What did SML Mahindra management say on the latest results call? On the call for January to March 2026, held on 20 April 2026, SML Mahindra's management spoke about the quarter; the main points are below. > “The main thesis behind this acquisition was growth. We are two challenger brands which have come together and ultimately the aim is to become a top three player”
> Amarjyoti Barua, Mahindra Group CFO, on the call for January to March 2026

Source: [the call transcript](https://files.tijorifinance.com/insight/india/695/Conference Call/CC-Apr26.pdf). (From the call for January to March 2026, 20 April 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## Which stock lists is SML Mahindra on? SML Mahindra is not on any of our India lists this week. ## Is SML Mahindra profitable? SML Mahindra Ltd earned ₹12.0 Cr of net profit in the Sep 2026 quarter, −42.9% on the same quarter a year earlier. Full-year FY26 profit was ₹160 Cr. Over 10 years profit has grown 12.1% a year on average. That is 1.8% of the quarter's revenue. The same quarter a year earlier earned ₹21.0 Cr. For the full year, FY26 profit was ₹160 Cr (+31.1% on the year before). Why profit moved: revenue changed +20.7% on a year earlier and the margin moved −3.7 percentage points. Sales did the work while the margin got thinner. On average over the last four quarters, profit changed +413.6% and revenue +28.2%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. ## How much revenue does SML Mahindra make, and is it growing? SML Mahindra Ltd reported ₹670 Cr of revenue in the Sep 2026 quarter, +20.7% on the same quarter a year earlier. That is the 7th quarter in a row with growth on the year before. Over 10 years it has grown 9.3% a year on average. The last full year, FY26, came in at ₹2,838 Cr. The last four reported quarters add to ₹3,065 Cr. FY26 revenue was ₹2,838 Cr, +18.3% on the year before. Recent pace: the last four quarters grew +28.2% on average, against 9.3% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +22.4%, against +13.9% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +4.2%, against +9.7% a year (rolling over). ## How much of every ₹100 of sales does SML Mahindra keep? SML Mahindra Ltd's operating margin was 4.3% in the Sep 2026 quarter, 3.7 percentage points lower than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 13 years it has been between −12.0% and 10.0%. The latest quarter is within that range. Why the margin moved: operating margin changed −3.3 percentage points on the year while gross margin changed −3.0 points. So the drop came mostly from the gross margin, which means input costs and prices charged. When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold. ## Is SML Mahindra's profit turning into cash? Over the last 3 years, 73% of SML Mahindra Ltd's reported profit came in as cash from its operations, so most of the profit is real cash. In FY26 it brought in ₹156 Cr of operating cash against ₹160 Cr of profit. After ₹56.0 Cr of spending on assets, ₹100 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 73% of profit came in as cash: the cash cycle stayed about the same between FY21 and FY26, so the cash follows profit, not the cycle. What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets. ## Where does SML Mahindra's cash go? SML Mahindra Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 78 days in FY26, down from 84 days in FY21. It spent ₹165 Cr on assets over the last 3 years. Customers take 35 days to pay, and stock sits for 111 days on average. At FY26 sales of ₹2,838 Cr, each day of that cycle ties up about ₹7.8 Cr, so roughly ₹606 Cr is tied up in the business at any time. FY26: customers took 35 days to pay and stock sat for 111 days, about 3.7 months of sales sitting as stock, for a full cycle of 78 days, shorter than FY21's 84. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 111 days. Customers pay about 35 days after that. Suppliers are paid at 68 days. Together that makes the 78-day cycle. Spending on assets: ₹165 Cr over the last 3 years, against ₹148 Cr of depreciation (the yearly wear and tear on existing assets). So it is building a little beyond replacing what wears out. Work still in progress is ₹47.0 Cr (FY26): assets paid for that are not earning yet. In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean. ## What is SML Mahindra's P/E ratio, and how does it compare with its own history? SML Mahindra Ltd's P/E is 48.3×, in the middle of its own history: higher than 61% of past readings. Its usual P/E (the middle reading) is 38.0×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved +31.3% while the price moved +61.7%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 10 years the price moved +14.5% a year; about +8.3% a year came from earnings growth and about +6.2 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple. ## Is the SML Mahindra business getting better or worse? SML Mahindra Ltd's business is slowing from a peak. Profit and EPS growth have slowed sharply (profit growth from +440.0% at its peak to +4.2% now), while ROCE is still 35.7%. This is based on 12 quarters of 4 measures. Why it matters: slowing from a peak is where good stories often end quietly. ## How much does SML Mahindra earn on its capital? SML Mahindra Ltd earned a ROCE of 31% in FY26. That is up from a low of −20% in FY21. Its return on capital used (ROIC) is 10.3 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 5.6% net margin and 2.03× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 5.6% net margin × 2.03× asset turnover × 2.69× leverage (assets divided by equity) ≈ 30.6% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 22.3% − 12.0% = +10.3 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. ## Does SML Mahindra have too much debt? SML Mahindra Ltd has total debt of ₹38.0 Cr against shareholder equity of ₹560 Cr as of Sep 2026, so its debt is 0.07× its equity, which is very little. Year by year, that ratio went from 1.85 in FY22 to 0.56 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the SML Mahindra shareholding pattern? Promoters raised their stake in SML Mahindra Ltd by 15.0 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 59.0% of the company. Foreign institutions moved −11.7 points over the same period, to 3.6%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Promoters: +15.0 points over 8 quarters, to 59.0%; Foreign institutions: −11.7 points over 8 quarters, to 3.6%; Domestic institutions: +2.7 points over 8 quarters, to 2.7%. Why the owners changed: foreign institutions moved −11.7 points and domestic institutions +2.7 points over 8 quarters, while promoters moved +15.0 points. One group of institutions took over shares from the other; it is not a change of mind by the people running the company. ## How far is SML Mahindra from balance-sheet trouble? For SML Mahindra Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does SML Mahindra rank in its industry? 46.0 out of 100, rank 3 of 4 in Auto - Bus/LCVs, with 75% of the evidence available. SML Mahindra Ltd scores 46.0 out of 100 against the 4 companies it is compared with in Auto - Bus/LCVs, ranking 3. A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. The four parts add up to the total exactly: 10.1 + 18.4 + 5 + 12.5 = 46. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is SML Mahindra compared with? SML Mahindra ranks 3 of 4 Auto - Bus/LCVs companies on the 4-Factor Sector Score, with 46.0 out of 100. 1. [Olectra Greentech Ltd](https://www.sectoralpha.in/stocks/olectra-greentech-ltd) OLECTRA · quiet · Evidence leans up · 78% evidence 55.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.1/35 · Revenue 38.5% · Profit 26.8% · Operating margin change -2 points · 88% evidence Capital efficiency 18.0/25 · ROCE 21% · Operating margin 12% · 100% evidence Valuation 7.3/20 · P/E 44× · PEG 6.79 · 85% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -16.9% · 1 year -38.6% · 25% evidence · 2 of 12 weeks ahead Exact sum: 23.1 + 18 + 7.3 + 7.5 = 55.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Force Motors Ltd](https://www.sectoralpha.in/stocks/force-motors-ltd) FORCEMOT · turning · Evidence leans up · 97% evidence 55.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.7/35 · Revenue 16.5% · Profit 11.1% · Operating margin change -2 points · 100% evidence Capital efficiency 19.1/25 · ROCE 36% · Operating margin 15% · 100% evidence Valuation 11.9/20 · P/E 21.9× · PEG 1.57 · 85% evidence Relative strength 9.9/20 · Lead over its industry -0.7% · Lead over NIFTY 500 -5% · 1 year -1.6% · 100% evidence · 0 of 12 weeks ahead Exact sum: 14.7 + 19.1 + 11.9 + 9.9 = 55.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. SML Mahindra Ltd this page SMLMAH · losing its lead · Evidence leans down · 75% evidence 46.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 10.1/35 · Revenue 22.4% · Profit 4.2% · Operating margin change -3.7 points · 100% evidence Capital efficiency 18.4/25 · ROCE 30.9% · Operating margin 4.3% · 100% evidence Valuation 5.0/20 · P/E 46.5× · PEG 6.07 · 50% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 12.6% · 1 year 55.4% · 25% evidence · 11 of 12 weeks ahead Exact sum: 10.1 + 18.4 + 5 + 12.5 = 46 · What this means: A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. 4. [JBM Auto Ltd](https://www.sectoralpha.in/stocks/jbm-auto-ltd) JBMA · quiet · Evidence leans down · 79% evidence 43.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.0/35 · Revenue 15.9% · Profit 12.2% · Operating margin change 0 points · 95% evidence Capital efficiency 14.1/25 · ROCE 15.1% · Operating margin 11% · 76% evidence Valuation 9.2/20 · P/E 46.8× · PEG n/a · 35% evidence Relative strength 0.0/20 · Lead over its industry -15.3% · Lead over NIFTY 500 -19.3% · 1 year -29.7% · 100% evidence · 0 of 12 weeks ahead Exact sum: 20 + 14.1 + 9.2 + 0 = 43.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Auto - Bus/LCVs](https://www.sectoralpha.in/sectors/auto-bus-lcvs), all 4 compared on one page. ## Which companies are close to SML Mahindra in size? SML Mahindra is the 4th largest of 4 Auto - Bus/LCVs companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Force Motors, JBM Auto and Olectra Greentech. It is the smallest. ### Auto - Bus/LCVs companies close in size

1. [Force Motors Ltd](https://www.sectoralpha.in/stocks/force-motors-ltd) ₹22,867 crore
2. [JBM Auto Ltd](https://www.sectoralpha.in/stocks/jbm-auto-ltd) ₹11,060 crore
3. [Olectra Greentech Ltd](https://www.sectoralpha.in/stocks/olectra-greentech-ltd) ₹7,807 crore
4. SML Mahindra Ltd ₹6,836 crore

[All 4 Auto - Bus/LCVs companies, largest first](https://www.sectoralpha.in/sectors/auto-bus-lcvs#all-companies)

### Companies close in size in other industries

1. [Kama Holdings Ltd](https://www.sectoralpha.in/stocks/kama-holdings-ltd) ₹6,858 crore · Finance - Holding Company
2. [Power Mech Projects Ltd](https://www.sectoralpha.in/stocks/power-mech-projects-ltd) ₹6,839 crore · Project Consultancy/Turnkey
3. SML Mahindra Ltd ₹6,836 crore
4. [Supriya Lifescience Ltd](https://www.sectoralpha.in/stocks/supriya-lifescience-ltd) ₹6,819 crore · Pharma - API & CRAMS
5. [Ceigall India Ltd](https://www.sectoralpha.in/stocks/ceigall-india-ltd) ₹6,797 crore · Construction - Civil/Turnkey

## What else do people ask about SML Mahindra? ### What is SML Mahindra's share price today? SML Mahindra Ltd's share price is ₹4,908.20, +61.7% over the past year. The whole company is worth ₹7,103 Cr on the market. In the last 52 weeks it traded between ₹2,765 to ₹6,824; today it is 53% of the way up from the low, 4.7% above its 200-day average (as of 3 November 2026). ### What were SML Mahindra's latest quarterly results? SML Mahindra Ltd reported revenue of ₹670 Cr and net profit of ₹12.0 Cr for the Sep 2026 quarter. Revenue rose 20.7% and profit fell 42.9% compared with a year earlier. Earnings per share were ₹8.08. The operating margin was 4.3%, 3.7 percentage points lower than a year earlier (as of 3 November 2026). ### What is SML Mahindra's market cap? SML Mahindra Ltd's market capitalisation is ₹7,103 Cr at a share price of ₹4,908.20. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is SML Mahindra performing? SML Mahindra Ltd's share price has been rising for 75 weeks. In its latest quarter, revenue rose 20.7% and profit fell 42.9% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 1 week running (as of 3 November 2026). ### Will SML Mahindra's share price go up? This page does not forecast SML Mahindra Ltd's share price. What it shows instead: the share price is ₹4,908.20, and it has been rising for 75 weeks. Its P/E of 48.3× is higher than 61% of its own last 11 years (as of 3 November 2026). ### Who owns SML Mahindra? Promoters own 59.0% of SML Mahindra Ltd, foreign institutions 3.6%, domestic institutions 2.7% and the public 34.6% (latest quarter). The biggest change over the last two years: Promoters raised their stake by 15.0 percentage points over 8 quarters (as of 3 November 2026). ### Does SML Mahindra have too much debt? SML Mahindra Ltd has a moderate amount of debt: its debt is 0.56× its equity, and its operating profit is 13 times its interest bill. FY26 borrowings were ₹289 Cr against equity of ₹519 Cr. Keep that borrowing in mind when reading the returns on this page (as of 3 November 2026). ### Where is SML Mahindra in its business cycle? SML Mahindra Ltd's FY26 operating margin was 10.0%, against a 13-year range of −12.0% to 10.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 4.3%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the SML Mahindra story? The main question: the share price moved +61.7% in a year while yearly earnings per share moved +31.3%. The difference came from the market paying a higher multiple. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is SML Mahindra a stock worth studying right now? What the numbers show: SML Mahindra Ltd is reporting record margins. The main open question: whether earnings grow into a price that has already moved. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). This is research, not advice. We’re not SEBI-registered.