SML Mahindra Q4 FY26 Results: Net Profit ₹54.2 Crore (+2.4% YoY), Revenue Surges to ₹898 Crore — FY26 Annual PAT Up 31% to ₹160 Crore, Dividend ₹23.50/Share

Tue Apr 21 2026

SML Mahindra Limited — formerly SML Isuzu, now fully Mahindra Group-branded — delivered a strong Q4 FY26 performance and a record full-year result. Q4 FY26 net profit was ₹54.2 crore — up 2.4% year-on-year from ₹52.9 crore in Q4 FY25, and up a striking 209% sequentially from ₹17.5 crore in Q3 FY26. Revenue from operations reached ₹897.7 crore in Q4 — up 16.4% YoY from ₹771.4 crore and up 66.4% from Q3’s ₹539.3 crore, reflecting the typically strong year-end CV demand.

For the full year FY26, SML Mahindra posted revenue of ₹2,837.9 crore — up 18.3% from ₹2,398.99 crore in FY25 — marking the first time the company crossed ₹2,800 crore in annual revenue. Full-year PAT was ₹159.8 crore — up 31.3% from ₹121.7 crore in FY25. FY26 volume reached 16,632 units, up 17% YoY. The board recommended a final dividend of ₹23.50 per equity share for FY26.

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Table of Contents

SML Mahindra Q4 FY26 Financial Results

Metric	Q3 FY26	Q4 FY25 (Base)	Q4 FY26 (Actual)
Revenue from Ops	₹539.3 Cr	₹771.4 Cr	₹897.7 Cr (+16.4% YoY)
Net Profit (PAT)	₹17.5 Cr	₹52.9 Cr	₹54.2 Cr (+2.4% YoY)
QoQ Revenue Growth	—	—	+66.4% from Q3
QoQ PAT Growth	—	—	+209% from Q3
FY26 Revenue	—	FY25: ₹2,399 Cr	₹2,837.9 Cr (+18.3% YoY)
FY26 PAT	—	FY25: ₹121.7 Cr	₹159.8 Cr (+31.3% YoY)
FY26 Volume	—	FY25: ~14,000 units	16,632 units (+17% YoY)
Final Dividend	—	—	₹23.50/share

Source: SML Mahindra audited results, FreePressJournal, EquityBulls, BSE/NSE filing April 20, 2026.

Commercial Vehicle Demand: Q4 Typically the Strongest

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 — 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.

The 17% YoY volume growth to 16,632 units for FY26 reflects genuine demand recovery in India’s bus segment, driven by school bus replacement cycles, government school transportation projects, and urban MSME cargo mobility. SML Mahindra’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.

Mahindra Group Integration Benefits

The rebranding from SML Isuzu to SML Mahindra reflects deepening Mahindra Group integration — giving the company access to Mahindra’s CNG/alternative fuel technology roadmap, distribution network, and financing tie-ups with Mahindra Financial Services. This integration is increasingly relevant as India’s CV industry transitions toward CNG, electric, and eventually hydrogen powertrains. SML Mahindra’s ability to leverage Mahindra’s BS6 and electrification capabilities will be key for FY27 and beyond.

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Conclusion

SML Mahindra’s Q4 FY26 results confirm a company firing on all cylinders in Q4 — 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 ₹2,838 crore revenue and ₹160 crore PAT (+31%) with a ₹23.50 dividend signals operational health and shareholder confidence. FY27 will be watched for momentum continuation and progress on CNG/electric vehicle variants.

For more Q4 FY26 results, visit Univest Blogs.

Frequently Asked Questions

1. What was SML Mahindra Q4 FY26 PAT?

₹54.2 crore — up 2.4% YoY from ₹52.9 crore in Q4 FY25, and up 209% QoQ from ₹17.5 crore in Q3 FY26.

2. What is SML Mahindra FY26 revenue?

₹2,837.9 crore — up 18.3% from ₹2,398.99 crore in FY25. This is the first time the company crossed ₹2,800 crore in annual revenue.

3. What dividend did SML Mahindra declare?

Final dividend of ₹23.50 per equity share for FY26, subject to shareholder approval.

4. What are SML Mahindra’s FY26 volumes?

16,632 units in FY26 — up 17% YoY. March 2026 sales rose 12.4% YoY.

5. What commercial vehicles does SML Mahindra make?

SML Mahindra manufactures light and medium commercial vehicles including staff buses, school buses, ambulances, pick-ups, and defence vehicles in the 5–20 tonne segment.

6. What is SML Mahindra’s relationship with Mahindra Group?

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.

7. When do TCS announce Q4 results?

TCS declared Q4 FY26 results on April 9, 2026.

8. Is SML Mahindra a good investment?

SML Mahindra’s 31% FY26 PAT growth, ₹23.50 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.

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.