SML Mahindra Posts 2% Rise in March Quarter Profit to ₹54 Crore

Mahindra Group entity SML Mahindra on Monday said its profit after tax increased 2 per cent to Rs 54 crore in the March quarter compared to Rs 53 crore in the corresponding quarter of last year.

Revenue for the quarter under review grew 18 per cent at Rs 898 crore from Rs 771 crore in the March quarter of FY25, it said.

During the March quarter of FY26, the company said cargo vehicle volumes stood at 1,592, while passenger vehicles volume were recorded at 3,705, growing 16 per cent year-on-year, adding that market share in the cargo vehicle was down 2 per cent year-on-year at 3.3 per cent while passenger vehicles market share rose 1.7 per cent year-on-year to 16 per cent in the fourth quarter of previous fiscal.

For the full 2025-26 fiscal, the profit was at Rs 160 crore and revenue at Rs 2,838 crore, the company said.

Last year in April, Mahindra Group announced acquiring a 58.96 per cent controlling stake in the light and medium commercial vehicle maker SML Isuzu for a total consideration of Rs 555 crore. The transaction also triggered an open offer for an additional 26 per cent stake in SML Isuzu as per market regulator Sebi's Takeover norms.

On August 1, 2025, Mahindra completed the acquisition and subsequently the board of directors and key leadership of SML were reconstituted. In October, SML Isuzu was renamed as SML Mahindra Ltd.

"SML Mahindra has grown around 17 per cent as against industry growth of 13 per cent. Our revenue was up 18 per cent, our PAT was up 31 per cent in the year and our rating went two notches up from AA- to AA+. Our experience since August 2025 reconfirms our rationale for the acquisition," said Vinod Sahay, Chairman SML Mahindra at a post-earnings press meet.

"The company is in good shape and poised for future growth. The integration is going as per plan," he said, adding supply chain is well in control and managing even the current crisis.

The company has already completed the roadmap for the integrated product, and aggregate strategy plan and the work has commenced on that, he said.

The company had certain inflationary pressures which it has passed on with some price increase in the first quarter, he said and added that "going forward we will continue to try and mitigate this situation."