Loading…
Employees: 3,577
Size SML Mahindra (SMLMAH.NS) is an India Consumer Discretionary company (Motor Vehicles) with a market value of $806M, the 666th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹5,260 on 6 Nov 2026.
Performance Over six months the shares gained 35.3%, against -15.9% for the median peer and 0.0% for the India market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 22.4% over the last twelve months (peer median +6.6%); the operating margin is 6.8% (peer median 1.4%).
Valuation It trades at 2.5× enterprise value to sales against a peer median of 0.9× (7th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +37%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 16.1 points above its cost of capital (10.7% WACC).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹30.6B | ₹28.3B | ₹23.9B | ₹21.9B | ₹18.2B |
| Revenue growth | — | +18% | +9% | +21% | — |
| Gross profit | ₹3.87B | ₹3.58B | ₹2.94B | ₹2.31B | ₹1.24B |
| EBITDA | ₹2.60B | ₹2.72B | ₹2.28B | ₹1.76B | ₹779M |
| Net income | ₹1.47B | ₹1.60B | ₹1.22B | ₹1.08B | ₹198M |
| Free cash flow | n/a | ₹707M | ₹907M | -₹1.19B | ₹253M |
| Capital expenditure | n/a | ₹703M | ₹620M | ₹424M | ₹413M |
| Total debt | ₹384M | ₹2.89B | ₹3.27B | ₹4.21B | ₹2.65B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SMLMAH.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.7% | -3.7% | 5th lowest of 20 |
| 6-month return | +35.3% | -15.9% | highest of 20 |
| Distance from 52-week high | -23.8% | -38.3% | 4th highest of 20 |
| Revenue growth (TTM) | +22.4% | +6.6% | 5th highest of 19 |
| Operating margin | 6.8% | 1.4% | 4th highest of 19 |
| EV / Sales | 2.5× | 0.9× | 7th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 23.6% | 3.4% | most demanding of 10 |
| Growth delivered (Del g) | +36.9% | +1.7% | highest of 9 |
| Hurdle (Req g minus delivered) | -13.3 pp | +1.4 pp | 2nd least demanding of 9 |
| ROIC minus cost of capital | +16.1 pp | -3.6 pp | highest of 18 |
| EV / EBITDA | 29.4× | 8.2× | most expensive of 8 |
| Net debt / EBITDA | 0.1× | 1.9× | 3rd least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SML Mahindra SMLMAH.NS | India | $806M | +35% | +22% | 7% | 2.5× | 23.6% | +36.9% |
| Kuen Tong Technology 7965.TWO | Taiwan | $796M | n/a | n/a | n/a | n/a | n/a | n/a |
| Haima Automobile 000572.SZ | China | $792M | -43% | -48% | -27% | 6.2× | n/a | n/a |
| Hanma Technology 600375.SS | China | $786M | -39% | +38% | 0% | 0.7× | 11.1% | +0.5% |
| IAT Automobile Technology 300825.SZ | China | $786M | +9% | +7% | -8% | 4.7× | n/a | n/a |
| Polestar Automotive Holding UK PLC Sponsored ADR PSNY | United States | $778M | -79% | +18% | -47% | 2.0× | n/a | n/a |
| Zhongtong Bus 000957.SZ | China | $857M | -18% | +6% | 6% | 0.5× | -16.1% | +10.7% |
| Yulon Motor 2201.TW | Taiwan | $860M | -1% | -8% | 8% | 3.9× | 14.9% | -2.6% |
| Dometic DOM.ST | Sweden | $755M | -29% | -6% | -13% | 0.9× | 3.4% | +5.4% |
| Piaggio & C PIA.MI | Italy | $862M | +24% | -5% | 7% | 0.8× | 2.6% | +2.7% |
| Aebi Schmidt AEBI | United States | $867M | -3% | +49% | 6% | 0.7× | 11.9% | n/a |
| China Motor 2204.TW | Taiwan | $867M | -4% | +6% | 4% | 0.9× | 3.7% | +0.8% |
| Guangdong Lvtong New Energy Electric Vehicle Tech 301322.SZ | China | $869M | +5% | +63% | -3% | 4.3× | n/a | n/a |
| Nissan Shatai 7222.T | Japan | $747M | -4% | +15% | 4% | 0.1× | n/a | n/a |
| Olectra Greentech OLECTRA.NS | India | $891M | -19% | +38% | 12% | 3.3× | n/a | n/a |
| Zhejiang Qianjiang Motorcycle 000913.SZ | China | $896M | -16% | 0% | 2% | 0.8× | n/a | n/a |
| Luyuan Group Holding (Cayman) 2451.HK | Hong Kong | $722M | +24% | -3% | 1% | 1.0× | n/a | n/a |
| Shanghai New Power Automotive Technology 600841.SS | China | $914M | -39% | +15% | -5% | 0.7× | 2.1% | -23.6% |
| Breton Technology 1333.HK | Hong Kong | $915M | +5% | +16% | -24% | 9.1× | n/a | n/a |
| Voyah Automotive Technology 7489.HK | Hong Kong | $704M | -75% | n/a | n/a | n/a | n/a | n/a |
| Xiamen King Long Motor 600686.SS | China | $967M | -42% | -3% | 2% | 0.4× | -1.1% | +12.0% |