SML Mahindra October sales up 36% YoY; Production rises over 1,200 units

Commercial vehicle manufacturer SML Mahindra Ltd (formerly SML Isuzu Ltd) reported a robust performance for October 2025, with sales rising 36% year-on-year to 995 units, compared with 733 units in the

same month last year.

Production also saw a healthy uptick, increasing to 1,206 units from 947 units a year earlier, while exports were marginally lower at 64 units, compared to 68 units in October 2024.

For the September quarter (Q2 FY26), SML Isuzu reported a modest performance, with net profit slipping 3.7% year-on-year to ₹21 crore from ₹22 crore in the year-ago period. Revenue inched up 1% to ₹555 crore compared with ₹549.7 crore last year, reflecting stable demand but limited pricing momentum.

EBITDA declined 6.5% YoY to ₹42 crore from ₹44.8 crore, as operating efficiency came under pressure. The EBITDA margin narrowed to 7.6% from 8.2%, indicating higher input and production costs.

The company, which was recently renamed SML Mahindra, is undergoing a strategic realignment under the Mahindra & Mahindra (M&M) umbrella. In April 2025, M&M announced it would acquire 43.96% stake from promoter Sumitomo Corporation and an additional 15% from Isuzu Motors, for a combined consideration of ₹555 crore.

SML Mahindra holds a strong position in the intermediate and light commercial vehicle (ILCV) bus segment, commanding around 16% market share.

As of Friday’s close, shares of SML Mahindra Ltd were trading 0.32% higher at ₹3,145 on the NSE.