SML Mahindra Ltd touched a day high of Rs 6,339.50 on 19 October, before it posted a 20.7% rise in Q2 sales and a 44% drop in profit.

The company told exchanges about its board meeting outcome at 4:27 pm, after the market had shut, so the day’s trading came before the numbers were out.

The quarter ended 30 September brought mixed results. Revenue from operations climbed 20.7% to Rs 669.79 crore from Rs 555.11 crore a year earlier.

Net profit, however, fell 44% to Rs 11.70 crore from Rs 21.05 crore. EBITDA, which is operating profit before some costs, slipped to Rs 28.30 crore from Rs 42.20 crore.

The EBITDA margin shrank to 4.22% from 7.6%. In simple terms, the company kept about Rs 4.22 from every Rs 100 of sales, down from about Rs 7.60 a year ago.

Over the first half of the year, net profit came to Rs 75.32 crore, compared with Rs 88.01 crore in the same period last year.

The company is also buying the truck and bus division of its parent, Mahindra & Mahindra.

Under a Business Transfer Agreement signed on 5 August 2026, SML Mahindra will pay Rs 525 crore, subject to working capital adjustments.

Shareholders have already approved the deal, and it is expected to close on or before 31 January 2027.

There is a leadership change too. Chief Financial Officer Pushkar Parwardhan resigned effective 19 October.

Manaswini Goel will act as interim CFO from 20 October to 31 December, and Surender Kalra takes over from 1 January 2027.

The stock is up 48.35% so far in 2026 and 105.46% over one year, though it is down 3.54% in the past month.

Its 52-week high is Rs 6,898.50, set on 23 September. The Nifty 50 was down 1.11% at the 3:30 pm close.

SML Mahindra closed at Rs 6,112 on NSE, down 0.20% or Rs 12 from the previous close.

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