{"id":74726,"date":"2026-04-21T13:03:03","date_gmt":"2026-04-21T07:33:03","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=74726"},"modified":"2026-04-21T13:03:06","modified_gmt":"2026-04-21T07:33:06","slug":"sml-mahindra-q4-fy26-results-pat-54-crore-revenue-898-crore-dividend","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/sml-mahindra-q4-fy26-results-pat-54-crore-revenue-898-crore-dividend\/","title":{"rendered":"SML Mahindra Q4 FY26 Results: Net Profit \u20b954.2 Crore (+2.4% YoY), Revenue Surges to \u20b9898 Crore \u2014 FY26 Annual PAT Up 31% to \u20b9160 Crore, Dividend \u20b923.50\/Share"},"content":{"rendered":"<p>SML Mahindra Limited \u2014 formerly SML Isuzu, now fully Mahindra Group-branded \u2014 delivered a strong Q4 FY26 performance and a record full-year result. Q4 FY26 net profit was \u20b954.2 crore \u2014 up 2.4% year-on-year from \u20b952.9 crore in Q4 FY25, and up a striking 209% sequentially from \u20b917.5 crore in Q3 FY26. Revenue from operations reached \u20b9897.7 crore in Q4 \u2014 up 16.4% YoY from \u20b9771.4 crore and up 66.4% from Q3&#8217;s \u20b9539.3 crore, reflecting the typically strong year-end CV demand.<\/p><p>For the full year FY26, SML Mahindra posted revenue of \u20b92,837.9 crore \u2014 up 18.3% from \u20b92,398.99 crore in FY25 \u2014 marking the first time the company crossed \u20b92,800 crore in annual revenue. Full-year PAT was \u20b9159.8 crore \u2014 up 31.3% from \u20b9121.7 crore in FY25. FY26 volume reached 16,632 units, up 17% YoY. The board recommended a final dividend of \u20b923.50 per equity share for FY26.<\/p><p>Track SML Mahindra on <a href=\"https:\/\/univest.in\/user\/log-in\">Univest<\/a>.<\/p><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\/sml-mahindra-q4-fy26-results-pat-54-crore-revenue-898-crore-dividend\/#SML_Mahindra_Q4_FY26_Financial_Results\" title=\"SML Mahindra Q4 FY26 Financial Results\">SML Mahindra Q4 FY26 Financial Results<\/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\/sml-mahindra-q4-fy26-results-pat-54-crore-revenue-898-crore-dividend\/#Commercial_Vehicle_Demand_Q4_Typically_the_Strongest\" title=\"Commercial Vehicle Demand: Q4 Typically the Strongest\">Commercial Vehicle Demand: Q4 Typically the Strongest<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/sml-mahindra-q4-fy26-results-pat-54-crore-revenue-898-crore-dividend\/#Mahindra_Group_Integration_Benefits\" title=\"Mahindra Group Integration Benefits\">Mahindra Group Integration Benefits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/sml-mahindra-q4-fy26-results-pat-54-crore-revenue-898-crore-dividend\/#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-5\" href=\"https:\/\/univest.in\/blogs-2\/sml-mahindra-q4-fy26-results-pat-54-crore-revenue-898-crore-dividend\/#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-6\" href=\"https:\/\/univest.in\/blogs-2\/sml-mahindra-q4-fy26-results-pat-54-crore-revenue-898-crore-dividend\/#1_What_was_SML_Mahindra_Q4_FY26_PAT\" title=\"1. What was SML Mahindra Q4 FY26 PAT?\">1. What was SML Mahindra Q4 FY26 PAT?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/sml-mahindra-q4-fy26-results-pat-54-crore-revenue-898-crore-dividend\/#2_What_is_SML_Mahindra_FY26_revenue\" title=\"2. What is SML Mahindra FY26 revenue?\">2. What is SML Mahindra FY26 revenue?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/sml-mahindra-q4-fy26-results-pat-54-crore-revenue-898-crore-dividend\/#3_What_dividend_did_SML_Mahindra_declare\" title=\"3. What dividend did SML Mahindra declare?\">3. What dividend did SML Mahindra declare?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/sml-mahindra-q4-fy26-results-pat-54-crore-revenue-898-crore-dividend\/#4_What_are_SML_Mahindras_FY26_volumes\" title=\"4. What are SML Mahindra&#8217;s FY26 volumes?\">4. What are SML Mahindra&#8217;s FY26 volumes?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/sml-mahindra-q4-fy26-results-pat-54-crore-revenue-898-crore-dividend\/#5_What_commercial_vehicles_does_SML_Mahindra_make\" title=\"5. What commercial vehicles does SML Mahindra make?\">5. What commercial vehicles does SML Mahindra make?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/sml-mahindra-q4-fy26-results-pat-54-crore-revenue-898-crore-dividend\/#6_What_is_SML_Mahindras_relationship_with_Mahindra_Group\" title=\"6. What is SML Mahindra&#8217;s relationship with Mahindra Group?\">6. What is SML Mahindra&#8217;s relationship with Mahindra Group?<\/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\/sml-mahindra-q4-fy26-results-pat-54-crore-revenue-898-crore-dividend\/#7_When_do_TCS_announce_Q4_results\" title=\"7. When do TCS announce Q4 results?\">7. When do TCS announce Q4 results?<\/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\/sml-mahindra-q4-fy26-results-pat-54-crore-revenue-898-crore-dividend\/#8_Is_SML_Mahindra_a_good_investment\" title=\"8. Is SML Mahindra a good investment?\">8. Is SML Mahindra a good investment?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/sml-mahindra-q4-fy26-results-pat-54-crore-revenue-898-crore-dividend\/#Recent_Article\" title=\"Recent Article\">Recent Article<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"SML_Mahindra_Q4_FY26_Financial_Results\"><\/span><strong>SML Mahindra Q4 FY26 Financial Results<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Metric<\/strong><\/td><td><strong>Q3 FY26<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>Q4 FY25 (Base)<\/strong><\/td><td><strong>Q4 FY26 (Actual)<\/strong><\/td><\/tr><tr><td>Revenue from Ops<\/td><td>\u20b9539.3 Cr<\/td><td>&nbsp;<\/td><td>\u20b9771.4 Cr<\/td><td>\u20b9897.7 Cr (+16.4% YoY)<\/td><\/tr><tr><td>Net Profit (PAT)<\/td><td>\u20b917.5 Cr<\/td><td>&nbsp;<\/td><td>\u20b952.9 Cr<\/td><td>\u20b954.2 Cr (+2.4% YoY)<\/td><\/tr><tr><td>QoQ Revenue Growth<\/td><td>\u2014<\/td><td>&nbsp;<\/td><td>\u2014<\/td><td>+66.4% from Q3<\/td><\/tr><tr><td>QoQ PAT Growth<\/td><td>\u2014<\/td><td>&nbsp;<\/td><td>\u2014<\/td><td>+209% from Q3<\/td><\/tr><tr><td>FY26 Revenue<\/td><td>\u2014<\/td><td>&nbsp;<\/td><td>FY25: \u20b92,399 Cr<\/td><td>\u20b92,837.9 Cr (+18.3% YoY)<\/td><\/tr><tr><td>FY26 PAT<\/td><td>\u2014<\/td><td>&nbsp;<\/td><td>FY25: \u20b9121.7 Cr<\/td><td>\u20b9159.8 Cr (+31.3% YoY)<\/td><\/tr><tr><td>FY26 Volume<\/td><td>\u2014<\/td><td>&nbsp;<\/td><td>FY25: ~14,000 units<\/td><td>16,632 units (+17% YoY)<\/td><\/tr><tr><td>Final Dividend<\/td><td>\u2014<\/td><td>&nbsp;<\/td><td>\u2014<\/td><td>\u20b923.50\/share<\/td><\/tr><\/tbody><\/table><\/figure><p>Source: SML Mahindra audited results, FreePressJournal, EquityBulls, BSE\/NSE filing April 20, 2026.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Commercial_Vehicle_Demand_Q4_Typically_the_Strongest\"><\/span><strong>Commercial Vehicle Demand: Q4 Typically the Strongest<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>SML Mahindra specialises in light commercial vehicles including staff buses, school buses, ambulances, and defence vehicles. Q4 (January-March) is seasonally the strongest quarter for CV manufacturers \u2014 government procurement accelerates, state transport undertakings take deliveries, and school bus operators refresh fleets before the new academic year. The 66.4% sequential revenue jump from Q3 to Q4 and 209% QoQ PAT surge are consistent with this seasonality pattern.<\/p><p>The 17% YoY volume growth to 16,632 units for FY26 reflects genuine demand recovery in India&#8217;s bus segment, driven by school bus replacement cycles, government school transportation projects, and urban MSME cargo mobility. SML Mahindra&#8217;s positioning in the 5-20 tonne light-medium CV segment with Mahindra Group backing in technology and distribution provides competitive advantages over fragmented competition.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Mahindra_Group_Integration_Benefits\"><\/span><strong>Mahindra Group Integration Benefits<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>The rebranding from SML Isuzu to SML Mahindra reflects deepening Mahindra Group integration \u2014 giving the company access to Mahindra&#8217;s CNG\/alternative fuel technology roadmap, distribution network, and financing tie-ups with Mahindra Financial Services. This integration is increasingly relevant as India&#8217;s CV industry transitions toward CNG, electric, and eventually hydrogen powertrains. SML Mahindra&#8217;s ability to leverage Mahindra&#8217;s BS6 and electrification capabilities will be key for FY27 and beyond.<\/p><p>Screen SML Mahindra fundamentals on <a href=\"https:\/\/univest.in\/screeners\">Univest Screener<\/a>.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>SML Mahindra&#8217;s Q4 FY26 results confirm a company firing on all cylinders in Q4 \u2014 the seasonally strongest quarter delivered 16% revenue growth, 2.4% YoY PAT growth, and a massive 209% QoQ PAT surge. The full-year record of \u20b92,838 crore revenue and \u20b9160 crore PAT (+31%) with a \u20b923.50 dividend signals operational health and shareholder confidence. FY27 will be watched for momentum continuation and progress on CNG\/electric vehicle variants.<\/p><p>For more Q4 FY26 results, visit <a href=\"https:\/\/univest.in\/blogs\">Univest Blogs<\/a>.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_What_was_SML_Mahindra_Q4_FY26_PAT\"><\/span><strong>1. What was SML Mahindra Q4 FY26 PAT?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>\u20b954.2 crore \u2014 up 2.4% YoY from \u20b952.9 crore in Q4 FY25, and up 209% QoQ from \u20b917.5 crore in Q3 FY26.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_What_is_SML_Mahindra_FY26_revenue\"><\/span><strong>2. What is SML Mahindra FY26 revenue?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>\u20b92,837.9 crore \u2014 up 18.3% from \u20b92,398.99 crore in FY25. This is the first time the company crossed \u20b92,800 crore in annual revenue.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_What_dividend_did_SML_Mahindra_declare\"><\/span><strong>3. What dividend did SML Mahindra declare?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>Final dividend of \u20b923.50 per equity share for FY26, subject to shareholder approval.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_What_are_SML_Mahindras_FY26_volumes\"><\/span><strong>4. What are SML Mahindra&#8217;s FY26 volumes?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>16,632 units in FY26 \u2014 up 17% YoY. March 2026 sales rose 12.4% YoY.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_What_commercial_vehicles_does_SML_Mahindra_make\"><\/span><strong>5. What commercial vehicles does SML Mahindra make?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>SML Mahindra manufactures light and medium commercial vehicles including staff buses, school buses, ambulances, pick-ups, and defence vehicles in the 5\u201320 tonne segment.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_What_is_SML_Mahindras_relationship_with_Mahindra_Group\"><\/span><strong>6. What is SML Mahindra&#8217;s relationship with Mahindra Group?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>SML Mahindra is part of the Mahindra Group following the acquisition and rebranding from SML Isuzu. The Mahindra Group provides technology, distribution, and financing integration benefits.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"7_When_do_TCS_announce_Q4_results\"><\/span><strong>7. When do TCS announce Q4 results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p><a href=\"https:\/\/univest.in\/blogs\/tcs-q4-results-2026-date-preview\">TCS declared Q4 FY26 results on April 9, 2026<\/a>. <\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"8_Is_SML_Mahindra_a_good_investment\"><\/span><strong>8. Is SML Mahindra a good investment?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>SML Mahindra&#8217;s 31% FY26 PAT growth, \u20b923.50 dividend, and 17% volume growth reflect genuine operational strength. The commercial vehicle cycle and school bus demand outlook for FY27 are constructive. Risks include CV cycle slowdown and raw material costs. Consult a SEBI-registered financial advisor before investing.<\/p><p>Disclaimer: Investment in the share market is subject to risk. This article is for informational and educational purposes only. All financial data sourced from publicly available NSE\/BSE filings and news sources. Verify all numbers before investing. Consult a SEBI-registered advisor before making investment decisions.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Recent_Article\"><\/span><strong>Recent Article<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p><a href=\"https:\/\/univest.in\/blogs\/vrl-logistics-q4-results-2026-2\">VRL Logistics Q4 Results 2026: Date, Revenue, PAT and Analyst Outlook<\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/vraj-iron-and-steel-q4-results-2026\">Vraj Iron and Steel Q4 Results 2026: Date, Revenue, PAT and Analyst Outlook<\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/voltas-q4-results-2026\">Voltas Q4 Results 2026: Date, Revenue, PAT and Analyst Outlook<\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/voltamp-transformers-q4-results-2026\">Voltamp Transformers Q4 Results 2026: Date, Revenue, PAT and Analyst Outlook<\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/vodafone-idea-q4-results-2026\">Vodafone Idea Q4 Results 2026: Date, Revenue, PAT and Analyst Outlook<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>SML Mahindra Limited \u2014 formerly SML Isuzu, now fully Mahindra Group-branded \u2014 delivered a strong Q4 FY26 performance and a record full-year result. Q4 FY26 net profit was \u20b954.2 crore \u2014 up 2.4% year-on-year from \u20b952.9 crore in Q4 FY25, and up a striking 209% sequentially from \u20b917.5 crore in Q3 FY26. Revenue from operations<\/p>\n","protected":false},"author":23,"featured_media":74729,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[4027],"class_list":["post-74726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-q4-fy26-results"],"metadata":{"_edit_lock":["1776756819:23"],"_last_editor_used_jetpack":["block-editor"],"rank_math_internal_links_processed":["1"],"rank_math_primary_category":["842"],"rank_math_seo_score":["67"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"],"rank_math_title":["SML Mahindra Q4 FY26 Results: PAT \u20b954.2 Crore (+2.4% YoY), Revenue \u20b9898 Crore \u2014 FY26 Profit +31% to \u20b9160 Crore, Dividend \u20b923.50\/Share"],"rank_math_description":["SML Mahindra Q4 FY26 results: PAT \u20b954.2 Cr (+2.4% YoY, +209% QoQ), revenue \u20b9897.7 Cr (+16.4%), FY26 PAT \u20b9159.8 Cr (+31%). 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