SML Mahindra Reports Big Growth in Q3

By Jony Shekhawat | Published Date : January 17, 2026

SML Mahindra’s Q3 numbers show great improvement with revenue rising sharply and profit turning positive after a weak last year.

SML Mahindra has shown a strong quarter. For the three months ending December 31, 2025, the company’s revenue went up sharply. This is a good sign because the commercial vehicle market has been slow for a long time.

The company reported revenue from operations of Rs 539.27 crores in Q3 FY26. Last year, in the same quarter, it was Rs 331.80 crores. So the increase is around 62.5%. That is a big jump and it shows demand is coming back.

Improvement Of Profits

Table of Contents

1. Improvement Of Profits

2. Nine Months Also Look Better

3. Costs and Inventory

4. Regulatory Notes

5. What It Means

Also Read: Volvo-Eicher Supports VNR VJIET With Regional Competency Development Centre

The profit numbers also look better. The net profit for this quarter was Rs 17.54 crores, which shows a great jump from Rs 0.53 crores of the last year. However, the profit before tax was Rs 23.52 crores, which increased from Rs 0.75 crores. The last year earnings per share were Rs. 0.36 which grew and became Rs. 12.11. This is not just about selling more. It also means the company is controlling costs better. When production increases, fixed costs are spread out. So profit rises. This is also a positive sign for SML trucks and other commercial vehicles. The company has been trying to improve its product range, and this quarter shows that the plan is working.

Nine Months Also Look Better

For the nine months ending December 31, 2025, revenue from operations was Rs 1,940.27 crores, up from Rs 1,627.61 crores last year. This is about 19.2% growth. The net profit of the last 9 months was Rs 105.55 crores. Last year, this profit was Rs 68.72 crores. The profit before tax was Rs 141.35 crores, which rose from Rs 91.24 crores. The EPS for nine months also rose and became Rs 72.93 as last year it was Rs 47.48.

Costs and Inventory

Material cost rose to Rs 496.57 crores because production increased. Employee cost went up to Rs 59.17 crores. Finance cost fell to Rs 5.79 crores. Inventory reduced by Rs 119.29 crores, which is good. It means the company is selling more and not keeping too much stock.

Regulatory Notes

The company also mentioned new labour codes. They said the impact on retirement benefits is around Rs 0.77 crores, but they are still waiting for clarity. They also mentioned the new End-of-Life Vehicle rules. The company said it can’t estimate the cost yet because the rules are still being finalised.

What It Means

Overall, this quarter shows SML Mahindra is back on track. Sales are up, profits are up, and operations are improving. The company looks stronger now, and this can also help Mahindra commercial vehicles in the future.

Also Read: SIAM Trains Commercial and 3-Wheeler Drivers on Road Safety During Safety Month

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Frequently Asked Questions on Commercial Vehicles

Q1. What is a commercial vehicle?

Ans. A commercial vehicle is used for business purposes like carrying goods or passengers, such as trucks, buses, and vans.

Q2. How is net profit different from revenue?

Ans. Revenue is total sales, while net profit is the money left after all costs and expenses are paid.

Q3. What does EPS mean?

Ans. EPS stands for earnings per share. It shows how much profit a company makes for each share.

Q4. Why do companies report quarterly results?

Ans. Quarterly results help investors and market watchers see how the company is doing every three months.

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