By BullScreen Editorial Team 
SML Mahindra Limited reported steady performance in its Q4 results 2026, with revenue growth remaining strong even as profit expansion moderated. The commercial vehicle maker, recently rebranded following Mahindra & Mahindra’s acquisition, continues to strengthen its position in India’s intermediate light commercial vehicle segment.
For the fourth quarter, revenue rose 16% year-on-year to ₹898 crore, compared with ₹771 crore in the same period last year. However, profit after tax (PAT) increased only 2% to ₹54 crore, indicating margin pressures despite higher volumes. The company sold 1,592 cargo vehicles, up 10% year-on-year, while passenger vehicle volumes grew 16% to 3,705 units.
On a full-year basis, performance remained robust. Revenue for FY26 climbed 18% to ₹2,838 crore from ₹2,399 crore in FY25. Net profit rose 31% to ₹160 crore, reflecting improved operational efficiency and scale benefits. The company also secured a credit rating upgrade to AA+, underlining stronger financial stability.
SML Mahindra outperformed industry growth, with overall volumes rising 17% compared to the sector’s 13% growth. In the cargo segment, volumes jumped 28% with market share increasing to 3.6%. The passenger segment saw 12% growth, with market share improving to 16.0%, gaining 80 basis points year-on-year.
The company’s integration with Mahindra remains on track, covering financial systems, supply chains, and organizational alignment. The combined network has expanded to over 600 touchpoints, enhancing reach and after-sales capabilities. Management is also working on sourcing synergies and a unified talent pool to drive efficiency.
Strategically, SML Mahindra aims to become a top-three player in the intermediate light commercial vehicle market. It is targeting a 10–12% market share in vehicles above 3.5 tonnes by FY2031, with a longer-term ambition of reaching 20% by FY2036. The company is focusing on connected vehicle technology, uptime improvement, and lower total cost of ownership to drive competitiveness.
While the Q4 results 2026 show some moderation in profit growth, consistent revenue expansion, market share gains, and integration progress position the company for long-term growth in India’s commercial vehicle sector.
| Particulars | Q4 FY26 | Q4 FY25 | YoY Change |
|---|---|---|---|
| Revenue (₹ Cr) | 898 | 771 | +16% |
| Profit After Tax (₹ Cr) | 54.2 | 52.9 | +2% |
| Profit Before Tax (₹ Cr) | 72.6 | ~71.1 | +2% |
| EBITDA (₹ Cr) | ~90.4 | ~90.4 | Flat |
| EBITDA Margin (%) | 10.1% | 11.7% | -170 bps |
| Total Expenses (₹ Cr) | 827.6 | ~702 | +18% |
| Segment | Volume (Units) | YoY Growth |
|---|---|---|
| Cargo Vehicles | 1,592 | +10% |
| Passenger Vehicles | 3,705 | +16% |
| Particulars | FY26 | FY25 | YoY Change |
|---|---|---|---|
| Revenue (₹ Cr) | 2,838 | 2,399 | +18% |
| Net Profit (₹ Cr) | 160 | 122 | +31% |
Reference: https://www.bseindia.com/xml-data/corpfiling/AttachLive/d8d7d2fb-1f4b-4b04-a357-ab4dbdfa8859.pdf