SML Mahindra Q2 FY27 Results: Standalone Net Profit ₹11.70 Crore on Total Income of ₹671 Crore

Earnings
Commercial Vehicles

Blacklitt Research19 October 20262 min read

A large touring motorcycle parked beside a wall — Syced, via Wikimedia Commons (CC0 1.0). Illustrative image.

SML Mahindra reported standalone total income of ₹671.39 crore and net profit of ₹11.70 crore for the quarter ended 30 Sep 2026.

Key highlights

Standalone

The company on its own, without its subsidiaries

Total income: ₹671 crore, up 20.5% YoY, down 30.0% QoQ
Net profit: ₹11.70 crore, down 44.4% YoY, down 81.6% QoQ
EPS: ₹8.09, against ₹14.55 in Q2 FY26
Pending acquisition: Mahindra & Mahindra's Truck and Bus Division for ₹525 crore, to close by 31 January 2027

Summary

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	671.39	557.23	+20.5%	958.73	-30.0%
Revenue from operations	669.79	555.11	+20.7%	957.54	-30.1%
Other income	1.60	2.12	-24.5%	1.19	+34.5%
	11.70	21.05	-44.4%	63.62	-81.6%
Finance costs	0.90	2.87	-68.6%	2.74	-67.2%
Depreciation	13.36	12.89	+3.6%	13.27	+0.7%
Tax expense	4.15	7.23	-42.6%	21.66	-80.8%
Net profit margin	1.74%	3.78%	-2.03 pp	6.64%	-4.89 pp
Tax as share of profit before tax	26.2%	25.6%	+0.62 pp	25.4%	+0.78 pp
EPS, basic (₹)	8.09	14.55	-44.4%	43.96	-81.6%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Profit fell sharply from June, and the table cannot say why. Revenue from operations was ₹669.79 crore, up 20.7% on the year but 30.1% below June, and net profit was ₹11.70 crore against ₹21.05 crore a year ago and ₹63.62 crore in June, a margin of 1.74% against 6.64%. Depreciation rose 3.6% to ₹13.36 crore and finance costs fell to ₹0.90 crore; tax took 26.2% of profit before tax. Earnings per share were ₹8.09 against ₹14.55.

The company's board approved the acquisition of the Truck and Bus Division business from its holding company, Mahindra & Mahindra Limited, as a going concern on a slump sale basis, under a Business Transfer Agreement of 5 August 2026 for ₹525 crore, subject to working capital adjustments. The transaction has the approvals required under the listing regulations and the Companies Act, is expected to close on or before 31 January 2027 subject to customary conditions, and has not been reflected in these results.

The notes also mention the End-of-Life Vehicles Rules, 2025, under which vehicle manufacturers must buy extended producer responsibility certificates for scrapping; the pricing and operating procedures are not yet developed. The company reports a single segment, commercial vehicles and related components.

Inference

SML Mahindra's September-quarter profit is lower than both a year ago and June, on a margin of 1.7%.

The ₹525 crore acquisition of the Mahindra truck and bus business is not in these results, and the filing does not give its funding or its effect on earnings.

Reference: Original filing (PDF)

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