SML Mahindra tanks after Q2 PAT slips 44% YoY

SML Mahindra hit the lower circuit limit of 10% at Rs 5,501 after reporting a weak standalone performance in Q2 September 2026 (Q2 FY27).

The company's profit after tax (PAT) declined 44.42% year-on-year (YoY) and 81.61% quarter-on-quarter (QoQ) to Rs 11.70 crore in Q2 FY27. Net sales rose 20.66% YoY but declined 30.05% QoQ to Rs 669.79 crore during the quarter.

Profit before tax (PBT) declined 43.95% YoY and 81.41% QoQ to Rs 15.85 crore. Tax expense fell 32.28% YoY to Rs 4.70 crore.

Total expenditure rose 24.44% YoY to Rs 654.64 crore. Raw material consumed increased 16.80% YoY to Rs 523.34 crore, while employee expenses rose 18.54% YoY to Rs 67.25 crore. Interest costs declined 68.64% YoY to Rs 0.90 crore, while depreciation increased 3.65% YoY to Rs 13.36 crore.

Net cash generated from operating activities stood at Rs 323.78 crore in H1 FY27, higher than Rs 129.12 crore in H1 FY26, an increase of 150.77%.

SML Mahindra (formerly known as SML Isuzu) is primarily engaged in the business of the manufacture and sale of commercial vehicles and their parts.

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