SMLMAHBSEQ4 FY 202624 April 2026

SML Mahindra Limited

7,025words
2turns
0analyst exchanges
3executives
Management on call
Vinod Kumar Sahay Executive Chairman
SML Mahindra Limited
Amarjyoti Barua Group Cfo
Mahindra & Mahindra Limited
Manaswini Goel Cfo
Aerospace, Advanced Technologies, Trucks & Buses (Mahindra
Key numbers — 22 extracted
rs,
24th April, 2026 Dy. General Manager- Corporate Relationship Department BSE Limited P.J Towers, Dalal Street Fort, Mumbai-400 001 Scrip Code: 505192 The Secretary, National Stock Exchange of
4%
ports/public_notice/1777044759- SML%20Mahindra%20Limited%20-%20Press%20and%20Analyst%20Meet%20- %20Q4%20F26F.pdf. accessed following website and can the be at Please note that only pub
58.96%
ter stake of Sumitomo and Isuzu and on 1st August 2025, we completed the transaction and acquired 58.96% of controlling stake in SML Isuzu. The same day the Board of Directors and key leadership of SML
17%
oming to the key highlights of the year we just closed. We have outgrown the industry. We grew at 17% in the industry versus industry growth of 13%. Our revenue was up 18%. PAT was up 31% in the year
13%
closed. We have outgrown the industry. We grew at 17% in the industry versus industry growth of 13%. Our revenue was up 18%. PAT was up 31% in the year. And our rating went two notches up from AA m
18%
wn the industry. We grew at 17% in the industry versus industry growth of 13%. Our revenue was up 18%. PAT was up 31% in the year. And our rating went two notches up from AA minus to AA plus. Our e
31%
We grew at 17% in the industry versus industry growth of 13%. Our revenue was up 18%. PAT was up 31% in the year. And our rating went two notches up from AA minus to AA plus. Our experience since
28%
s in terms of volume and market share for the full year, our volume went up for cargo vehicles by 28% and passenger vehicle by 12%. In terms of market share, we had a 20 basis point increase YOY in t
12%
et share for the full year, our volume went up for cargo vehicles by 28% and passenger vehicle by 12%. In terms of market share, we had a 20 basis point increase YOY in terms of cargo vehicles and
20 basis point
ent up for cargo vehicles by 28% and passenger vehicle by 12%. In terms of market share, we had a 20 basis point increase YOY in terms of cargo vehicles and 80 basis point for passenger vehicles. So, passenger
80 basis point
. In terms of market share, we had a 20 basis point increase YOY in terms of cargo vehicles and 80 basis point for passenger vehicles. So, passenger vehicles, which we are SML Mahindra is already quite strong
10%
growth has been 31% for the year. Coming to quarter four, the volume growth for cargo vehicle was 10% and passengers 16%. Market share, there is a minor blip, but I'll explain. The reason for that wa
Guidance — 20 items
MANAGEMENT
opening
“2 During the Global Investor Day in November 2025, we had set announced our aspiration that In Mahindra, trucks and buses businesses, both brands combined, we aspire to be top three in India's ILCV trucks and buses segment, intermediate and light commercial vehicle buses and trucks segment with focus play in HCVs.”
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“Many of our products already have that and going forward, we will continue to be the leader in these segments.”
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“But going forward, not only we are integrating the DMS, but we are already also incorporating AI and ML-based capabilities in the DMS to be able to do proactive pipeline management and guidance to the sales team.”
MANAGEMENT
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“Going forward, we will continue to evaluate which brand can play a higher role in which segment.”
MANAGEMENT
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“In the first phase, we have already identified 150 service networks of both brands who will be providing additional service capability to the other brand.”
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“And out of 150 such setups, 70 have already been operational, and another 80 will be operational by the end of this quarter.”
MANAGEMENT
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“That itself is a combined project which has been taken by both the companies put together, which has led to significant saving both in the piece price for the component which SML and Mahindra is going to source versus what would have been possible if it was independent sourcing and a substantial reduction in the development cost also, which we have brought down, brought in for SML.”
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“And going forward, we will continue to try and mitigate this situation.”
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“So with that, thanks a lot for your patient agree and now we will be opening for question and answers.”
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“And second, if you could also talk about what is the potential synergy benefit, we should expect?”
Risks & concerns — 15 flagged
And hence, while for quarter four standalone, it is showing a decline because last year the previous management had executed most part of the institutional order in quarter four, which we instituted and delivered in quarter three itself to free up the capacity for buses for quarter four, and hence while overall, we have actually grown in market share, as you saw in the previous slide.
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Quarter 4 looks a decline, but not a major concern.
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What we are seeing today is, in spite of all the challenges which we have around so far, we don't see any major concern as far as demand situation is concerned.
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As far as inflationary pressure is concerned, that's real.
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But at this moment, we are definitely feeling that pressure.
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I want to understand, as you said, that West Asia pressure is ongoing.
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Quarter 4 decline had only to do with the fact that we decided to pre-pone the institutional orders which we already had and executed most of it in quarter three.
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And hence, while for the full year we have gained in cargo market share, quarter four shows a bit decline because in FY 2025, in quarter four, most of the institutional orders of cargo was executed in quarter four.
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13 Vinod Kumar Sahay So, Gunjan, as I mentioned that we are in the peak of school bus season and thankfully we are not seeing any deferment or any slowdown.
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It's actually may be prudent to wait for a couple of weeks, how things emerge, what decision Government takes, but as we speak, our plans seems to be not impacted by the demand concern.
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Can you talk a little bit about what is the sort of cost inflation that we saw in this quarter as a headwind?
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This is the percent margin hit or headwind in quarter four and it is almost three.
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Vinod Kumar Sahay No, I mentioned that annualised impact of that would be around 3 1/2 percent.
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Like just trying to understand is there more headwind that we should bear in mind for next quarter.
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Vinod Kumar Sahay So, quarter one has seen some further increases in few commodities, but it's also volatile.
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Speaking time
Link
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MANAGEMENT
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Opening remarks
Link
https://smlmahindra.com/storage/uploads/finance_reports/public_notice/1777044759- SML%20Mahindra%20Limited%20-%20Press%20and%20Analyst%20Meet%20- %20Q4%20F26F.pdf. accessed following website and can the be at Please note that only publicly available documents were referred to during the discussion and that no unpublished price sensitive information was shared during the Earnings Call. You are requested to kindly take the same on record and treat it as compliance with the applicable provisions of the Listing Regulations. Yours sincerely, For SML MAHINDRA LIMITED (Formerly SML ISUZU LIMITED) (PARVESH MADAN) Company Secretary & Compliance Officer pmadan@smlmahindra.com ACS-31266 SML Mahindra Limited (Formerly SML Isuzu Limited) Corporate Office: 1st Floor, T-7 Tech Park, C-119, Industrial Area Phase-7, SAS Nagar (Mohali) – 160055 (Punjab), Telephone 0172 - 2647700-02 CIN No. L50101PB1983PLC005516 Website: www.smlmahindra.com SML MAHINDRA LIMITED Press/Analyst/Institutional Investor Confer
MANAGEMENT
MR. VINOD KUMAR SAHAY Executive Chairman – SML Mahindra Limited Chairman - Mahindra Advanced Technologies President – Aerospace, Trucks, Buses & CE (Mahindra Group) MR. AMARJYOTI BARUA Group CFO - Mahindra & Mahindra Limited MS. MANASWINI GOEL CFO - Aerospace, Advanced Technologies, Trucks & Buses (Mahindra Group) Moderator – Ms. Divya Gulati 1 Amarjyoti Barua Good evening. First of all, thank you to all of you for making the time to join this call. This is the first call for SML Mahindra since the acquisition. It's been eight months. We just thought it would be a good time to introduce you to all the things that have happened since. On my right is Vinod Sahay, who is the Executive Chairman for SML and is also the President for Aero Advanced Technologies and Trucks and Buses within the Mahindra Group. Also on his right is Manaswani Goyal, who is Sector CFO. As you know, I am Amarjyoti Barua. I'm the Mahindra Group CFO. The idea today is to walk you through all that has happened in the
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