SML Mahindra Q4 FY26 Results: Revenue Rises 16.4%, Dividend of ₹23.50 Declared
SML Mahindra delivered strong Q4 FY26 results with revenue growth of 16.4% to ₹900.23 crore and net profit increase of 2.4% to ₹54.20 crore. The company's full year performance showed robust growth with revenue rising 18.3% to ₹2,846.24 crore and net profit surging 31.3% to ₹159.75 crore. The board has recommended a final dividend of ₹23.50 per share, reflecting strong shareholder returns and successful integration with Mahindra Group.
*this image is generated using AI for illustrative purposes only.
SML Mahindra has announced its audited financial results for the fourth quarter and financial year ended 31 March 2026, demonstrating solid revenue growth and improved profitability. The company's performance reflects strong operational momentum across its trucks and buses segment.
Q4 Financial Performance
The company delivered robust top-line growth during Q4 FY26, with total income reaching ₹900.23 crore compared to ₹773.10 crore in the corresponding quarter of the previous year. Net profit after tax for the quarter stood at ₹54.20 crore, representing a 2.4% increase from ₹52.95 crore in Q4 FY25.
| Financial Metric: | Q4 FY26 | Q4 FY25 | Growth |
|---|---|---|---|
| Total Income: | ₹900.23 crore | ₹773.10 crore | +16.4% |
| Net Profit (after tax): | ₹54.20 crore | ₹52.95 crore | +2.4% |
| Net Profit (before tax): | ₹72.60 crore | ₹71.14 crore | +2.1% |
| Basic EPS: | ₹37.46 | ₹36.60 | +2.3% |
Full Year FY26 Performance
For the complete financial year 2025-26, SML Mahindra reported total income of ₹2,846.24 crore, up from ₹2,405.05 crore in FY25. Net profit after tax for the year increased to ₹159.75 crore compared to ₹121.67 crore in the previous year. Basic earnings per share improved to ₹110.39 from ₹84.08 in FY25.
| Financial Metric: | FY26 | FY25 | Growth |
|---|---|---|---|
| Total Income: | ₹2,846.24 crore | ₹2,405.05 crore | +18.3% |
| Net Profit (after tax): | ₹159.75 crore | ₹121.67 crore | +31.3% |
| Basic EPS: | ₹110.39 | ₹84.08 | +31.3% |
Dividend Declaration
The Board of Directors at their meeting held on 20 April 2026 has recommended a final dividend of ₹23.50 per equity share of ₹10 each fully paid up. The total dividend payout amounts to ₹34.01 crores for the year ended 31 March 2026, subject to approval by shareholders at the ensuing Annual General Meeting.
Earnings Call Insights
SML Mahindra has published the transcript of its Press/Analyst/Institutional Investor Conference Call held on 20 April 2026. The call, led by Executive Chairman Vinod Kumar Sahay, Group CFO Amarjyoti Barua, and Sector CFO Manaswini Goel, provided detailed insights into the company's integration progress with Mahindra Group.
| Integration Milestone: | Status |
|---|---|
| Acquisition Completion: | 1 August 2025 |
| Controlling Stake: | 58.96% |
| Company Renaming: | 8 October 2025 |
| Integration Timeline: | 8 months completed |
Strategic Synergies and Market Performance
The management highlighted significant progress in six key integration pillars including product development, network expansion, and operational synergies. The company outperformed the industry with 17% volume growth versus 13% industry growth. Market share increased by 20 basis points in cargo vehicles and 80 basis points in passenger vehicles for the full year.
| Volume Performance: | FY26 Growth | Market Share Change |
|---|---|---|
| Cargo Vehicles: | +28% | +20 basis points |
| Passenger Vehicles: | +12% | +80 basis points |
| Service Network: | 450 touchpoints | From 300 previously |
The company is targeting to become a top three player in India's ILCV trucks and buses segment, with revenue aspiration of ₹15,000 crores by FY31. Management expressed confidence in managing current supply chain challenges while maintaining production schedules despite geopolitical uncertainties.
Key Highlights
The Q4 and full year results present several positive developments for SML Mahindra:
- Strong double-digit revenue growth in both Q4 and full year
- Consistent improvement in net profitability
- Significant growth in earnings per share
- Attractive dividend proposal reflecting shareholder returns
- Successful integration with Mahindra Group ecosystem
- Enhanced service network coverage across India
The audited financial results were published on 21 April 2026 in Financial Express, The Indian Express, and Ajit newspapers, and are available on the company's website at smlmahindra.com.
Historical Stock Returns for SML Mahindra
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +5.93% | +3.59% | -13.32% | +31.20% | +119.04% | +737.02% |
How will SML Mahindra's ambitious revenue target of ₹15,000 crores by FY31 impact its competitive positioning against established players like Tata Motors and Ashok Leyland?
What specific supply chain challenges is the company facing due to geopolitical uncertainties, and how might these affect production costs and delivery timelines?
Will the successful integration with Mahindra Group lead to potential consolidation or acquisition of other commercial vehicle manufacturers in the market?
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