{"id":248651,"date":"2026-09-16T11:16:57","date_gmt":"2026-09-16T05:46:57","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=248651"},"modified":"2026-09-16T11:16:57","modified_gmt":"2026-09-16T05:46:57","slug":"commercial-vehicle-stock-rises-61-percent-in-1-year","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/","title":{"rendered":"This Commercial Vehicle Stock Rises 61% in 1 Year: A Truck Merger Rewrites the Numbers"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Close Rs 6,115 (16 Sep 2026). 1Y return approx 60.8%. 52W range Rs 2,719 to Rs 6,654. Market cap approx Rs 9,060 Cr. FY26 PAT up 31% to Rs 160 Cr.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">SML Mahindra, formerly SML Isuzu, returned approximately 61% over one year, rising from Rs 3,802.60 on 16 September 2025 to Rs 6,115 on 16 September 2026. The re-rating followed Mahindra and Mahindra taking control in August 2025 and the July 2026 decision to absorb the parent&#8217;s Truck and Bus Division for Rs 525 crore. FY26 profit rose 31% to Rs 159.75 crore. The share now trades near 58 times trailing earnings.<\/p>\n<\/div>\n<p>A commercial vehicle stock on the NSE has returned approximately 61% in one year, and the reason has less to do with the trucks it sells than with the group that now owns it. The share closed at Rs 6,115 on 16 September 2026 against Rs 3,802.60 a year earlier, a gain of about 60.8% close to close, with no split or bonus in the window. It ranks among the strongest performers on a screen of NSE small-cap stocks ranked by 1-year return, dated 16 September 2026.<\/p>\n<p>The company is <a href='https:\/\/univest.in\/stocks\/smlisuzu\/sml-isuzu-ltd-share-price-today'>SML Mahindra Ltd<\/a>, the Punjab-based truck and bus maker formerly called SML Isuzu Ltd. Mahindra and Mahindra completed a 58.96% controlling stake purchase in August 2025, the name changed, and an ownership shift has since become a full restructuring of the group&#8217;s truck business. SML Mahindra share price ran from Rs 2,719 to a record Rs 6,654 inside twelve months.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href='https:\/\/univest.in\/user\/log-in'>Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#How_Far_Has_This_Commercial_Vehicle_Stock_Run_Across_Periods\" title=\"How Far Has This Commercial Vehicle Stock Run Across Periods?\">How Far Has This Commercial Vehicle Stock Run Across Periods?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#Why_Did_This_Commercial_Vehicle_Stock_Rise_61_in_a_Year\" title=\"Why Did This Commercial Vehicle Stock Rise 61% in a Year?\">Why Did This Commercial Vehicle Stock Rise 61% in a Year?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#A_Change_of_Control_Reset_the_Commercial_Vehicle_Stock\" title=\"A Change of Control Reset the Commercial Vehicle Stock\">A Change of Control Reset the Commercial Vehicle Stock<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#The_Truck_and_Bus_Deal_Doubled_the_Revenue_Base\" title=\"The Truck and Bus Deal Doubled the Revenue Base\">The Truck and Bus Deal Doubled the Revenue Base<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#Volumes_Have_Been_Building_Through_2026\" title=\"Volumes Have Been Building Through 2026\">Volumes Have Been Building Through 2026<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#Market_Share_Ambition_Gives_a_Long_Runway\" title=\"Market Share Ambition Gives a Long Runway\">Market Share Ambition Gives a Long Runway<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#SML_Mahindra_Financials_Behind_the_Commercial_Vehicle_Stock\" title=\"SML Mahindra Financials Behind the Commercial Vehicle Stock\">SML Mahindra Financials Behind the Commercial Vehicle Stock<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#Shareholding_Who_Owns_This_Commercial_Vehicle_Stock_Now\" title=\"Shareholding: Who Owns This Commercial Vehicle Stock Now?\">Shareholding: Who Owns This Commercial Vehicle Stock Now?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#Valuation_Is_This_Commercial_Vehicle_Stock_Expensive\" title=\"Valuation: Is This Commercial Vehicle Stock Expensive?\">Valuation: Is This Commercial Vehicle Stock Expensive?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#Risks_That_Could_Slow_This_Commercial_Vehicle_Stock\" title=\"Risks That Could Slow This Commercial Vehicle Stock\">Risks That Could Slow This Commercial Vehicle Stock<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#Integration_and_Execution\" title=\"Integration and Execution\">Integration and Execution<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#Liquidity_and_Volatility\" title=\"Liquidity and Volatility\">Liquidity and Volatility<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#Valuation_Risk\" title=\"Valuation Risk\">Valuation Risk<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#Cyclical_and_Regulatory_Exposure\" title=\"Cyclical and Regulatory Exposure\">Cyclical and Regulatory Exposure<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#Concentration_and_Scale\" title=\"Concentration and Scale\">Concentration and Scale<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#SML_Mahindra_Share_Analyst_View\" title=\"SML Mahindra Share: Analyst View\">SML Mahindra Share: Analyst View<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#SML_Mahindra_Share_Price_Target\" title=\"SML Mahindra Share Price Target\">SML Mahindra Share Price Target<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#Other_Stocks_to_Track_From_the_Same_Return_Screen\" title=\"Other Stocks to Track From the Same Return Screen\">Other Stocks to Track From the Same Return Screen<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#How_much_has_this_commercial_vehicle_stock_risen_in_one_year\" title=\"How much has this commercial vehicle stock risen in one year?\">How much has this commercial vehicle stock risen in one year?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#What_is_SML_Mahindra_and_what_was_it_called_earlier\" title=\"What is SML Mahindra and what was it called earlier?\">What is SML Mahindra and what was it called earlier?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#Why_did_SML_Mahindra_share_price_jump_in_late_July_2026\" title=\"Why did SML Mahindra share price jump in late July 2026?\">Why did SML Mahindra share price jump in late July 2026?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#What_did_Mahindra_pay_for_the_stake_and_what_was_the_open_offer_price\" title=\"What did Mahindra pay for the stake and what was the open offer price?\">What did Mahindra pay for the stake and what was the open offer price?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#What_were_the_FY26_and_Q1_FY27_results\" title=\"What were the FY26 and Q1 FY27 results?\">What were the FY26 and Q1 FY27 results?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#Is_there_a_verified_SML_Mahindra_share_price_target\" title=\"Is there a verified SML Mahindra share price target?\">Is there a verified SML Mahindra share price target?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#What_are_the_main_risks_in_this_commercial_vehicle_stock\" title=\"What are the main risks in this commercial vehicle stock?\">What are the main risks in this commercial vehicle stock?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stock-rises-61-percent-in-1-year\/#Who_are_the_largest_shareholders_in_the_company\" title=\"Who are the largest shareholders in the company?\">Who are the largest shareholders in the company?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"How_Far_Has_This_Commercial_Vehicle_Stock_Run_Across_Periods\"><\/span><strong>How Far Has This Commercial Vehicle Stock Run Across Periods?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The longer windows are where this commercial vehicle stock looks unusual. Verified closing prices are used below, with the nearest trading day where a date fell on a non-trading day.<\/p>\n<table>\n<thead>\n<tr>\n<th>Period<\/th>\n<th>From (Rs)<\/th>\n<th>To (Rs)<\/th>\n<th>Price Return<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1 month (17 Aug 2026)<\/td>\n<td>5,321.00<\/td>\n<td>6,115.00<\/td>\n<td>Approx 15%<\/td>\n<\/tr>\n<tr>\n<td>6 months (16 Mar 2026)<\/td>\n<td>3,828.50<\/td>\n<td>6,115.00<\/td>\n<td>Approx 60%<\/td>\n<\/tr>\n<tr>\n<td>1 year (16 Sep 2025)<\/td>\n<td>3,802.60<\/td>\n<td>6,115.00<\/td>\n<td>Approx 61%<\/td>\n<\/tr>\n<tr>\n<td>3 years (15 Sep 2023)<\/td>\n<td>1,218.10<\/td>\n<td>6,115.00<\/td>\n<td>Approx 402%<\/td>\n<\/tr>\n<tr>\n<td>5 years (Sep 2021)<\/td>\n<td>554.00<\/td>\n<td>6,115.00<\/td>\n<td>Approx 1,004%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The five-year number comes from weekly closes and is approximate. The 52-week range runs from Rs 2,719 to Rs 6,654, and the low was struck on 21 October 2025, two months after the takeover closed. Holders of this commercial vehicle stock sat through a 29% drawdown first.<\/p>\n<p>The path was not smooth. SML Mahindra share price slid through autumn 2025, recovered above Rs 4,000 over the winter, faded in spring, and broke out only in late July 2026. Most of the annual gain in this commercial vehicle stock came in seven weeks.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Did_This_Commercial_Vehicle_Stock_Rise_61_in_a_Year\"><\/span><strong>Why Did This Commercial Vehicle Stock Rise 61% in a Year?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The short answer is one corporate action. On 30 July 2026 the board approved buying Mahindra and Mahindra&#8217;s Truck and Bus Division through a slump sale for Rs 525 crore in cash, roughly doubling the revenue base. The commercial vehicle stock rose about 41% over the next two sessions. Volume momentum and a firm March quarter were supporting acts.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"A_Change_of_Control_Reset_the_Commercial_Vehicle_Stock\"><\/span><strong>A Change of Control Reset the Commercial Vehicle Stock<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Mahindra and Mahindra bought 58.96% from Sumitomo Corporation and Isuzu Motors at Rs 650 per share, about Rs 555 crore, completing in August 2025. The mandatory open offer for up to 26% was priced at Rs 1,554.60, and because the traded price was several times that, shareholders tendered almost nothing.<\/p>\n<p>The renaming to SML Mahindra Ltd followed and the NSE ticker moved to SMLMAH. For a commercial vehicle stock that spent years as a sub-scale independent with a Japanese technical partner, a large domestic parent changed the medium-term picture.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_Truck_and_Bus_Deal_Doubled_the_Revenue_Base\"><\/span><strong>The Truck and Bus Deal Doubled the Revenue Base<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This is why the commercial vehicle stock re-rated. The division being folded in reported FY26 revenue of Rs 2,989 crore and sold 14,832 units, up 13%. Set against SML Mahindra&#8217;s own FY26 revenue of Rs 2,838 crore, the combined business would sit near Rs 6,000 crore of annual sales.<\/p>\n<p>Completion is targeted by January 2027, and the consideration is cash rather than shares, so holders of the commercial vehicle stock are not diluted. Mahindra-branded vehicles will still be built under a contract manufacturing deal with the parent. The combined entity would hold roughly 52% share in light commercial vehicles below 3.5 tonnes. Cash consideration keeps the equity base of this commercial vehicle stock unchanged.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Volumes_Have_Been_Building_Through_2026\"><\/span><strong>Volumes Have Been Building Through 2026<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>August 2026 sales reached 1,175 units against 842 a year earlier, up about 40%. Cargo grew 53% to 492 units and passenger vehicles 31% to 683. April to August sales of 8,216 units were about 14% higher.<\/p>\n<p>That print drove a further leg up in early September 2026, when the commercial vehicle stock gained more than 8% in a session. Volume matters because the company runs a single plant at Nawanshahr and has struggled to make money at low utilisation.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Market_Share_Ambition_Gives_a_Long_Runway\"><\/span><strong>Market Share Ambition Gives a Long Runway<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The plan is to lift group commercial vehicle market share from around 7.2% today to 10% to 12% by FY31, and above 20% by FY36. Those goals carry execution risk, but they explain the premium multiple on a commercial vehicle stock of this size. Heavy trucks are the gap being addressed.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href='https:\/\/univest.in\/screeners'>Check the Univest Screener for Live Fundamentals of High-Return Stocks<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"SML_Mahindra_Financials_Behind_the_Commercial_Vehicle_Stock\"><\/span><strong>SML Mahindra Financials Behind the Commercial Vehicle Stock<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>FY26 was the best year in the company&#8217;s history, and it is the base on which this commercial vehicle stock is priced. Revenue rose about 18% to Rs 2,838 crore, operating profit reached Rs 278 crore at a margin near 10%, and net profit climbed 31% to Rs 159.75 crore. The dividend was Rs 23.50 per share and return on capital employed near 31%.<\/p>\n<table>\n<thead>\n<tr>\n<th>Financial Year<\/th>\n<th>Revenue (Rs Cr)<\/th>\n<th>Operating Profit (Rs Cr)<\/th>\n<th>OPM<\/th>\n<th>Net Profit (Rs Cr)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>FY24<\/td>\n<td>2,196<\/td>\n<td>179<\/td>\n<td>Approx 8%<\/td>\n<td>108<\/td>\n<\/tr>\n<tr>\n<td>FY25<\/td>\n<td>2,399<\/td>\n<td>235<\/td>\n<td>Approx 10%<\/td>\n<td>122<\/td>\n<\/tr>\n<tr>\n<td>FY26<\/td>\n<td>2,838<\/td>\n<td>278<\/td>\n<td>Approx 10%<\/td>\n<td>160<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Quarterly numbers are lumpier, normal for a bus-heavy order book tied to state transport tenders. The September and December 2025 quarters were weak. Lumpy quarters are part of owning this commercial vehicle stock.<\/p>\n<table>\n<thead>\n<tr>\n<th>Quarter<\/th>\n<th>Revenue (Rs Cr)<\/th>\n<th>Net Profit (Rs Cr)<\/th>\n<th>Comment<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Q1 FY26 (Jun 2025)<\/td>\n<td>846<\/td>\n<td>67<\/td>\n<td>Strong base quarter<\/td>\n<\/tr>\n<tr>\n<td>Q2 FY26 (Sep 2025)<\/td>\n<td>555<\/td>\n<td>21<\/td>\n<td>Revenue flat year on year<\/td>\n<\/tr>\n<tr>\n<td>Q3 FY26 (Dec 2025)<\/td>\n<td>539<\/td>\n<td>18<\/td>\n<td>Profit down 17% sequentially<\/td>\n<\/tr>\n<tr>\n<td>Q4 FY26 (Mar 2026)<\/td>\n<td>898<\/td>\n<td>54<\/td>\n<td>Revenue up approx 16% year on year<\/td>\n<\/tr>\n<tr>\n<td>Q1 FY27 (Jun 2026)<\/td>\n<td>958<\/td>\n<td>64<\/td>\n<td>Revenue up 13%, profit down 5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The June 2026 quarter repays a close read. Revenue of Rs 957.54 crore was a record, up 13.2%, but net profit of Rs 63.62 crore fell about 5% as material costs rose 9% and employee costs nearly 19%. The top line is compounding faster than the bottom line, and holders of this commercial vehicle stock should watch that gap. FY26 debt was near Rs 289 crore, a debt to equity ratio of about 0.56.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Shareholding_Who_Owns_This_Commercial_Vehicle_Stock_Now\"><\/span><strong>Shareholding: Who Owns This Commercial Vehicle Stock Now?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The ownership table tells the takeover story. Foreign holding collapsed as the Japanese partners exited, promoter holding jumped fifteen points in one quarter, and domestic institutions have been building in the commercial vehicle stock since.<\/p>\n<table>\n<thead>\n<tr>\n<th>Quarter<\/th>\n<th>Promoters<\/th>\n<th>FII<\/th>\n<th>DII<\/th>\n<th>Public<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Jun 2025<\/td>\n<td>43.96%<\/td>\n<td>15.73%<\/td>\n<td>0.29%<\/td>\n<td>40.01%<\/td>\n<\/tr>\n<tr>\n<td>Sep 2025<\/td>\n<td>58.97%<\/td>\n<td>1.80%<\/td>\n<td>0.63%<\/td>\n<td>38.60%<\/td>\n<\/tr>\n<tr>\n<td>Dec 2025<\/td>\n<td>58.97%<\/td>\n<td>0.61%<\/td>\n<td>0.64%<\/td>\n<td>39.78%<\/td>\n<\/tr>\n<tr>\n<td>Mar 2026<\/td>\n<td>58.97%<\/td>\n<td>0.77%<\/td>\n<td>1.56%<\/td>\n<td>38.70%<\/td>\n<\/tr>\n<tr>\n<td>Jun 2026<\/td>\n<td>58.97%<\/td>\n<td>1.24%<\/td>\n<td>2.43%<\/td>\n<td>37.36%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Domestic institutional holding went from 0.29% to 2.43% in four quarters and foreign holding has crept back from its December 2025 low. Promoter holding has been static since the open offer closed and no pledge is disclosed, which removes one common small-cap worry. Domestic buying has been the steadier source of demand for this commercial vehicle stock.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Valuation_Is_This_Commercial_Vehicle_Stock_Expensive\"><\/span><strong>Valuation: Is This Commercial Vehicle Stock Expensive?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On trailing numbers, yes. The commercial vehicle stock trades at roughly 58 times trailing earnings against an industry price to earnings ratio near 30, and at about 17.5 times a book value of Rs 358.90. Trailing earnings per share is around Rs 108 and market capitalisation is about Rs 9,060 crore, close to a billion dollars.<\/p>\n<table>\n<thead>\n<tr>\n<th>Metric<\/th>\n<th>Value<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Close price (16 Sep 2026)<\/td>\n<td>Rs 6,115<\/td>\n<\/tr>\n<tr>\n<td>52-week range<\/td>\n<td>Rs 2,719 to Rs 6,654<\/td>\n<\/tr>\n<tr>\n<td>Market capitalisation<\/td>\n<td>Approx Rs 9,060 Cr<\/td>\n<\/tr>\n<tr>\n<td>Price to earnings (trailing)<\/td>\n<td>Approx 58<\/td>\n<\/tr>\n<tr>\n<td>Industry price to earnings<\/td>\n<td>Approx 30<\/td>\n<\/tr>\n<tr>\n<td>Price to book<\/td>\n<td>Approx 17.5<\/td>\n<\/tr>\n<tr>\n<td>Return on equity<\/td>\n<td>Approx 31%<\/td>\n<\/tr>\n<tr>\n<td>Debt to equity<\/td>\n<td>Approx 0.56<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The bull case is that trailing earnings exclude the Truck and Bus Division entirely, so the multiple compresses fast if the merged business delivers close to Rs 6,000 crore of revenue at a high single digit margin. The bear case is that a commercial vehicle stock priced at twice the sector multiple already assumes a clean integration.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_That_Could_Slow_This_Commercial_Vehicle_Stock\"><\/span><strong>Risks That Could Slow This Commercial Vehicle Stock<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Integration_and_Execution\"><\/span><strong>Integration and Execution<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Truck and Bus Division has not been a profit engine. It turned EBITDA positive only from FY24 and diluted the parent&#8217;s margins for years. Absorbing a business of similar size is not simple, and slippage past January 2027 would test the premium on this commercial vehicle stock.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Liquidity_and_Volatility\"><\/span><strong>Liquidity and Volatility<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This is a thin counter. Traded volume on 16 September 2026 was under 50,000 shares and there is no derivatives segment, so positions cannot be hedged. Price bands have been hit both ways, with 5% lower circuits after the September 2025 and December 2025 results. A commercial vehicle stock that moves 20% in a day on news can move as far against a holder.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Valuation_Risk\"><\/span><strong>Valuation Risk<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>At roughly 58 times earnings there is little cushion. The share has climbed about 15% in a month and trades within 9% of its all-time high. If FY27 earnings do not step up, multiple compression rather than price appreciation becomes the base case for this commercial vehicle stock.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Cyclical_and_Regulatory_Exposure\"><\/span><strong>Cyclical and Regulatory Exposure<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Demand tracks freight rates, infrastructure spending and state transport budgets. A slowdown, or sharper than expected costs tied to end-of-life vehicle rules, would hit volumes for this commercial vehicle stock. Bus tenders also carry payment cycles that stretch working capital. A freight slowdown would hit this commercial vehicle stock before it hits the parent.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Concentration_and_Scale\"><\/span><strong>Concentration and Scale<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Manufacturing sits at one Punjab facility, the heavy truck range is thin, and a 7.2% group share leaves the company behind the leaders. Reaching 10% to 12% by FY31 needs capacity, distribution and service spending yet to happen, the central question for this commercial vehicle stock.<\/p>\n<p style=\"margin-top:24px;\"><strong>Download the <a href=\"https:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track the SML Mahindra share price live<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"SML_Mahindra_Share_Analyst_View\"><\/span><strong>SML Mahindra Share: Analyst View<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Formal coverage of this commercial vehicle stock is limited, and what exists focuses on merger arithmetic rather than near-term earnings. A domestic brokerage argued in late July 2026 that the deal doubles the revenue base, but cautioned that the bus business could stay unprofitable and that a conservative 1.5 times sales multiple was fair, implying a market value near Rs 9,000 crore, which has since been reached.<\/p>\n<p>A separate house read the deal as positive for the parent&#8217;s own margins, since the division sold had been a drag. That cuts both ways for the commercial vehicle stock taking the business on.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"SML_Mahindra_Share_Price_Target\"><\/span><strong>SML Mahindra Share Price Target<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>No verified per-share SML Mahindra share price target from a named research house is available as of 16 September 2026, so any SML Mahindra share price target circulating should be treated with caution. The only published anchor is the roughly Rs 9,000 crore market value cited by a domestic brokerage in July 2026, which SML Mahindra share price has already met.<\/p>\n<p>Without a formal SML Mahindra share price target, levels are the more useful reference for this commercial vehicle stock. The 52-week high of Rs 6,654, set on 10 September 2026, is immediate resistance, and the July 2026 breakout zone near Rs 4,500 to Rs 5,000 marks where the pre-deal valuation sat. Anyone tracking SML Mahindra share price should follow the monthly dispatch release, which has moved the share 8% or more in a session. Levels remain the practical reference point for this commercial vehicle stock.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Other_Stocks_to_Track_From_the_Same_Return_Screen\"><\/span><strong>Other Stocks to Track From the Same Return Screen<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Beyond this commercial vehicle stock, a screen of NSE small-cap stocks ranked by 1-year return also includes related names such as <a href=\"https:\/\/univest.in\/stocks\/rptech\/rashi-peripherals-ltd-share-price-today\">Rashi Peripherals<\/a> with a 1-year return of 145.88%, <a href=\"https:\/\/univest.in\/stocks\/bajajcon\/bajaj-consumer-care-ltd-share-price-today\">Bajaj Consumer Care<\/a> at 119.43% and <a href=\"https:\/\/univest.in\/stocks\/sbcl\/shivalik-bimetal-controls-ltd-share-price-today\">Shivalik Bimetal<\/a> at 99.14%.<\/p>\n<p>Among the names covered from that screen, <a href=\"https:\/\/univest.in\/stocks\/mtartech\/mtar-technologies-ltd-share-price-today\">MTAR Technologies<\/a> returned 396.53% over one year. Readers can compare this commercial vehicle stock with the <a href=\"https:\/\/univest.in\/indices\/nifty-50\/nifty-50-share-price-today\">Nifty 50<\/a> benchmark and track each of these names on Univest before making any decision.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This commercial vehicle stock has delivered approximately 61% in one year and roughly 402% over three years, and most of the recent gain rests on a restructuring announcement rather than delivered earnings. FY26 was a record year, the June 2026 quarter set a revenue high, and monthly volumes are growing at double digits.<\/p>\n<p>The open questions are equally real: a trailing multiple near double the industry average, a merger that closes only in January 2027, a weak bus margin history, and a share thin enough to gap either way. SML Mahindra share price already embeds a successful integration, so investors should size positions carefully and consult a registered financial adviser before acting on this commercial vehicle stock.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information and may or may not be accurate. Please verify all data independently before making any investment decision. Past returns do not guarantee future returns. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"How_much_has_this_commercial_vehicle_stock_risen_in_one_year\"><\/span><strong>How much has this commercial vehicle stock risen in one year?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> This commercial vehicle stock rose approximately 61% between 16 September 2025 and 16 September 2026, from Rs 3,802.60 to Rs 6,115, with no split or bonus.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_SML_Mahindra_and_what_was_it_called_earlier\"><\/span><strong>What is SML Mahindra and what was it called earlier?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> SML Mahindra Ltd makes light and intermediate trucks and buses and trades on the NSE as SMLMAH. It was SML Isuzu Ltd until Mahindra and Mahindra acquired control in August 2025.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_did_SML_Mahindra_share_price_jump_in_late_July_2026\"><\/span><strong>Why did SML Mahindra share price jump in late July 2026?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The board approved acquiring the parent&#8217;s Truck and Bus Division for Rs 525 crore through a slump sale on 30 July 2026. That division had FY26 revenue of Rs 2,989 crore, and the share rose about 41% in two sessions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_did_Mahindra_pay_for_the_stake_and_what_was_the_open_offer_price\"><\/span><strong>What did Mahindra pay for the stake and what was the open offer price?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Mahindra and Mahindra bought 58.96% from Sumitomo Corporation and Isuzu Motors at Rs 650 per share, about Rs 555 crore. The open offer for 26% was priced at Rs 1,554.60 and drew little tendering.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_were_the_FY26_and_Q1_FY27_results\"><\/span><strong>What were the FY26 and Q1 FY27 results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> FY26 revenue rose about 18% to Rs 2,838 crore and net profit 31% to Rs 159.75 crore, with a Rs 23.50 dividend. June 2026 quarter revenue hit a record Rs 957.54 crore while net profit fell about 5% to Rs 63.62 crore.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_there_a_verified_SML_Mahindra_share_price_target\"><\/span><strong>Is there a verified SML Mahindra share price target?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No verified per-share target from a named research house is available as of 16 September 2026. A domestic brokerage in July 2026 pointed to a market value near Rs 9,000 crore, which this commercial vehicle stock has reached.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_main_risks_in_this_commercial_vehicle_stock\"><\/span><strong>What are the main risks in this commercial vehicle stock?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Integration by January 2027, a trailing price to earnings ratio near 58 against an industry figure close to 30, thin volumes with no derivatives for hedging, and cyclical freight and bus tender demand are the main risks in this commercial vehicle stock.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Who_are_the_largest_shareholders_in_the_company\"><\/span><strong>Who are the largest shareholders in the company?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Promoters led by Mahindra and Mahindra held 58.97% in June 2026, with no pledge disclosed. Domestic institutions held 2.43%, foreign institutions 1.24% and the public 37.36%.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"How much has this commercial vehicle stock risen in one year?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"This commercial vehicle stock rose approximately 61% between 16 September 2025 and 16 September 2026, from Rs 3,802.60 to Rs 6,115, with no split or bonus.\"}},{\"@type\":\"Question\",\"name\":\"What is SML Mahindra and what was it called earlier?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"SML Mahindra Ltd makes light and intermediate trucks and buses and trades on the NSE as SMLMAH. It was SML Isuzu Ltd until Mahindra and Mahindra acquired control in August 2025.\"}},{\"@type\":\"Question\",\"name\":\"Why did SML Mahindra share price jump in late July 2026?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The board approved acquiring the parent's Truck and Bus Division for Rs 525 crore through a slump sale on 30 July 2026. That division had FY26 revenue of Rs 2,989 crore, and the share rose about 41% in two sessions.\"}},{\"@type\":\"Question\",\"name\":\"What did Mahindra pay for the stake and what was the open offer price?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Mahindra and Mahindra bought 58.96% from Sumitomo Corporation and Isuzu Motors at Rs 650 per share, about Rs 555 crore. The open offer for 26% was priced at Rs 1,554.60 and drew little tendering.\"}},{\"@type\":\"Question\",\"name\":\"What were the FY26 and Q1 FY27 results?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"FY26 revenue rose about 18% to Rs 2,838 crore and net profit 31% to Rs 159.75 crore, with a Rs 23.50 dividend. June 2026 quarter revenue hit a record Rs 957.54 crore while net profit fell about 5% to Rs 63.62 crore.\"}},{\"@type\":\"Question\",\"name\":\"Is there a verified SML Mahindra share price target?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No verified per-share target from a named research house is available as of 16 September 2026. A domestic brokerage in July 2026 pointed to a market value near Rs 9,000 crore, which this commercial vehicle stock has reached.\"}},{\"@type\":\"Question\",\"name\":\"What are the main risks in this commercial vehicle stock?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Integration by January 2027, a trailing price to earnings ratio near 58 against an industry figure close to 30, thin volumes with no derivatives for hedging, and cyclical freight and bus tender demand are the main risks in this commercial vehicle stock.\"}},{\"@type\":\"Question\",\"name\":\"Who are the largest shareholders in the company?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Promoters led by Mahindra and Mahindra held 58.97% in June 2026, with no pledge disclosed. Domestic institutions held 2.43%, foreign institutions 1.24% and the public 37.36%.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A small-cap truck and bus maker has gained around 61% in a year after a change of control and a merger that doubles its revenue base. Here is what drove it and what could stop it.<\/p>\n","protected":false},"author":29,"featured_media":248649,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[],"class_list":["post-248651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["248649"],"rank_math_title":["Commercial Vehicle Stock Rises 61% in 1 Year: What Drove It"],"rank_math_description":["This commercial vehicle stock rose around 61% in 1 year after a Rs 525 crore truck merger. See verified returns, FY26 results, valuation, shareholding and key risks."],"rank_math_focus_keyword":["commercial vehicle stock"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/09\/commercial-vehicle-stock-rises-61-percent-in-1-year.png","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/248651","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=248651"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/248651\/revisions"}],"predecessor-version":[{"id":248652,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/248651\/revisions\/248652"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/248649"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=248651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=248651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=248651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}