NSE: SMLMAH | BSE: 505192

Strong Performer, Getting Expensive

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3962.70 152.20 (3.99%)

285.33% Gain from 52W Low

148.5K NSE+BSE Volume

NSE 30 Dec, 2025 3:56 PM (IST)

5,734.7

Market Cap

Below industry Median

Beta 1Year

Average volatility

SML Mahindra Ltd. share price target and research reports

Name: Latest research reports of SML Mahindra Ltd. authored by Dolat Capital and published by - Trendlyne research reports.
Item: SML Mahindra Ltd.
Rating: 1
Author: Dolat Capital

Latest analyst research reports with target prices and PDF download for SMLMAH, BSE:505192 SML Mahindra Ltd.

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SML Mahindra Ltd.

15 Sep 2020

3962.70

3.99%

SML Isuzu

Sell: SML Mahindra Ltd.

Target

Dolat Capital

SML Isuzu reported a dismal performance in Q1FY20. Revenue stood at Rs 287mn (-94% YoY) attributed to sharp 95% fall in volume (202 units) offset by increase in net ASP because of better spare parts revenue. Bus to Truck volume mix was in ratio of 44:56 with market share of 7.8% in the bus segment. EBITDA loss stood at Rs 357mn attributable to high RM costs and negative operating leverage. The company reported net loss of Rs...

SML Mahindra has gained 29.86% in the last 1 Month

SML Mahindra Ltd.

24 Jul 2020

3962.70

3.99%

SML Isuzu

Sell: SML Mahindra Ltd.

Dolat Capital

We continue to maintain negative view as FY21 could be tough year as challenges persist in the form of regulatory changes (cost rise due to the move from BS-IV to BS-VI) and negative economic impact of Covid19. As schools and colleges remain shut, we do not see any revival in demand in the bus segment in FY21. The increasing penetration of EVs...

Institutional Investors have decreased holdings from 16.02% to 2.43% in Sep 2025 qtr

SML Mahindra Ltd.

20 Nov 2018

3962.70

3.99%

SML Isuzu Ltd. - Q2FY19 Result Update - Volume growth intact; rise in material cost hurt margins

Buy: SML Mahindra Ltd.

Target

Religare

SML Isuzu (SML) reported weak set of numbers in Q2FY19, which were lower than our estimates. While net revenue grew by 30.1% YoY led by volume growth of 27.7% YoY, the loss widened on a YoY basis to Rs. 7.7 cr on account of weak operational performance and higher depreciation. The operating margins declined by 151bps YoY to 0.5% due to higher raw material cost and other expense. Despite headwinds in the near term, with depreciating currency and increased cost pressures.

Number of FII/FPI investors increased from 30 to 47 in Sep 2025 qtr.

SML Mahindra Ltd.

15 Nov 2018

3962.70

3.99%

SML Isuzu (2QFY19): Revenue soars, margin hit. Maintain BUY

Buy: SML Mahindra Ltd.

Target

HDFC Securities

We value the stock at Rs 904 (17x Sept-20E EPS) vs 988 earlier. Maintain BUY SML Isuzu delivered subdued performance in 2Q. Revenue stood at Rs 2.9bn (+30% YoY) led by 28% increase in volume (2.88k units) and 2% in increase in net ASP. Bus: Cargo mixes were at 56:44. EBITDA stood at Rs 14mn with margin 0.5% impacted by commodity inflation and absence of any price hike. The company reported net loss of Rs 77mn (vs est loss of Rs 28mn) led by higher depreciation and interest cost owing to capacity addition.

Promoters have increased holdings from 43.96% to 58.97% in Sep 2025 qtr.

SML Mahindra Ltd.

28 Aug 2018

3962.70

3.99%

SML ISUZU LIMITED

Buy: SML Mahindra Ltd.

Target

Joindre Capital Services

SML Isuzu is mainly concentrated in 5 to 12 tonnes GVW segment. In Buses segment, it focuses on school buses, State transport buses, luxury buses and buses for employees in BPOs, etc. SML Isuzu also exports vehicles to Sri Lanka, Bangladesh, Nepal, and...

SML Mahindra Ltd. is trading above all available SMAs

SML Mahindra Ltd.

10 Aug 2018

3962.70

3.99%

SML Isuzu (1QFY19): On path to recovery. Maintain BUY

Buy: SML Mahindra Ltd.

HDFC Securities

We value the stock at Rs 1023 (18x FY20E EPS). Maintain BUY Driven by a strong recovery in school buses volume, SML Isuzu printed impressive numbers in 1QFY19. Although EBITDA number missed estimates (owing to higher RM cost), rose by 116% YoY at Rs 396mn with improved 8.7% margin (+300bps YoY/216bps QoQ). Revenue stood at 4.5bn (+42% YoY) led by 32% increase in volume (4.15k units) and 7% in increase in net ASP. Bus: cargo mix remains favorable at 75:25. APAT stood at Rs 201mn (198% YoY).

SML Mahindra has gained 25.05% in the last 3 Months

SML Mahindra Ltd.

13 Jun 2018

3962.70

3.99%

SML Isuzu Limited - Q4FY18 Result Update - Recovery on the cards

Buy: SML Mahindra Ltd.

Target

Religare

Post a dismal performance in 9MFY18, SML Isuzu (SML) reported healthy numbers for Q4FY18 which were marginally ahead of our estimates. Its revenue and PAT grew at 0.6% and 56.5% respectively.`

SML Mahindra Ltd. is trading above all available SMAs

SML Mahindra Ltd.

25 May 2018

3962.70

3.99%

SML Isuzu (4QFY18): Clawing its way back. Maintain BUY

Buy: SML Mahindra Ltd.

Target

HDFC Securities

We value the stock at Rs 1023 (18x FY20E EPS). Maintain BUY After four quarters of earning decline SMILs finally back on track and posted net profit growth 55% at Rs 148mn in 4Q. EBITDA number missed estimates led by higher RM cost. EBITDA rose by 34% YoY at Rs 242mn with margin 6.6 %( +162bps YoY). Revenue stood at 3.7bn (+0.6% YoY, in line estimates). Total volumes fell by 7% YoY (3.69k) in 4Q, on higher base (pre buying before BSIV).

Number of FII/FPI investors increased from 30 to 47 in Sep 2025 qtr.

SML Mahindra Ltd.

22 Feb 2018

3962.70

3.99%

SML Isuzu - Q3FY18 Result Update - Betting on better times ahead

Buy: SML Mahindra Ltd.

Target

Religare

SML Isuzu reported dismal Q3FY18 result, as Net revenue declined 2.3% yoy led by degrowth in sales volume. It reported Net Loss for the quarter due to weak operational efficiency and rising material cost. However, it is planning to launch three new models in the Cargo segment over the next 1-2 quarters, which would help it to achieve volume growth going forward. We believe that the worst could be over for the company and thus remain positive on the business.

FII/FPI have decreased holdings from 15.73% to 1.80% in Sep 2025 qtr

SML Mahindra Ltd.

10 Feb 2018

3962.70

3.99%

SML Isuzu (3QFY18): Weak perforamace, Strong quarter ahead. Maintain BUY

Buy: SML Mahindra Ltd.

HDFC Securities

Maintain BUY with a TP of Rs 1225. SMLIs 3Q EBITDA at Rs. -18mn and revenue 2.2bn (-3% YoY) were below estimates owing to adverse product mix (Bus: Cargo mix was 35:65 in 3QFY18) and higher other expenses (+234bps QoQ, led by increase in R&D; and marketing expenses). Total Volumes fell by 13% YoY (2.30k) in 3Q, owing to slowdown in Bus segment and weak lower tonnage cargo demand. APAT turned negative at Rs -98mn dragged by negative operating leverage.

SML Mahindra has gained 29.86% in the last 1 Month

Is SML Isuzu Ltd. worth buying?

109 Votes:

Buy 75.23%

Sell 12.84%

Hold 11.93%