5051922026-07-012026-09-305051922026-09-305051922026-03-315051922026-04-012026-09-305051922026-07-012026-09-30in-capmkt:OtherExpenses1Member5051922026-04-012026-09-30in-capmkt:OtherExpenses1Member5051922026-09-30OtherNoncurrentFinancialAssetsDomain15051922026-09-30OtherNoncurrentAssetsDomain15051922026-09-30OtherNoncurrentAssetsDomain25051922026-09-30OtherCurrentFinancialAssetsDomain15051922026-09-30OtherCurrentAssetsDomain15051922026-09-30OtherNoncurrentFinancialLiabilitiesDomain15051922026-09-30OtherNoncurrentFinancialLiabilitiesDomain25051922026-09-30OtherNoncurrentLiabilitiesDomain15051922026-09-30OtherCurrentFinancialLiabilitiesDomain15051922026-09-30OtherCurrentFinancialLiabilitiesDomain25051922026-09-30OtherCurrentLiabilitiesDomain15051922026-07-012026-09-30ItemsThatWillNotBeReclassifiedToProfitAndLoss15051922026-04-012026-09-30ItemsThatWillNotBeReclassifiedToProfitAndLoss15051922026-07-012026-09-30RelatedPartyTransactionDomain15051922026-06-30RelatedPartyTransactionDomain15051922026-09-30RelatedPartyTransactionDomain15051922026-07-012026-09-30RelatedPartyTransactionDomain25051922026-06-30RelatedPartyTransactionDomain25051922026-09-30RelatedPartyTransactionDomain25051922026-07-012026-09-30RelatedPartyTransactionDomain35051922026-06-30RelatedPartyTransactionDomain35051922026-09-30RelatedPartyTransactionDomain35051922026-07-012026-09-30RelatedPartyTransactionDomain45051922026-06-30RelatedPartyTransactionDomain45051922026-09-30RelatedPartyTransactionDomain45051922026-07-012026-09-30RelatedPartyTransactionDomain55051922026-06-30RelatedPartyTransactionDomain55051922026-09-30RelatedPartyTransactionDomain55051922026-07-012026-09-30RelatedPartyTransactionDomain65051922026-06-30RelatedPartyTransactionDomain65051922026-09-30RelatedPartyTransactionDomain65051922026-07-012026-09-30RelatedPartyTransactionDomain75051922026-06-30RelatedPartyTransactionDomain75051922026-09-30RelatedPartyTransactionDomain75051922026-07-012026-09-30RelatedPartyTransactionDomain85051922026-06-30RelatedPartyTransactionDomain85051922026-09-30RelatedPartyTransactionDomain85051922026-07-012026-09-30RelatedPartyTransactionDomain95051922026-06-30RelatedPartyTransactionDomain95051922026-09-30RelatedPartyTransactionDomain95051922026-07-012026-09-30RelatedPartyTransactionDomain105051922026-06-30RelatedPartyTransactionDomain105051922026-09-30RelatedPartyTransactionDomain105051922026-07-012026-09-30RelatedPartyTransactionDomain115051922026-06-30RelatedPartyTransactionDomain115051922026-09-30RelatedPartyTransactionDomain115051922026-07-012026-09-30RelatedPartyTransactionDomain125051922026-06-30RelatedPartyTransactionDomain125051922026-09-30RelatedPartyTransactionDomain125051922026-07-012026-09-30RelatedPartyTransactionDomain135051922026-06-30RelatedPartyTransactionDomain135051922026-09-30RelatedPartyTransactionDomain135051922026-07-012026-09-30RelatedPartyTransactionDomain145051922026-06-30RelatedPartyTransactionDomain145051922026-09-30RelatedPartyTransactionDomain145051922026-07-012026-09-30RelatedPartyTransactionDomain155051922026-06-30RelatedPartyTransactionDomain155051922026-09-30RelatedPartyTransactionDomain155051922026-07-012026-09-30RelatedPartyTransactionDomain165051922026-06-30RelatedPartyTransactionDomain165051922026-09-30RelatedPartyTransactionDomain16iso4217:INRxbrli:pureiso4217:INRxbrli:shares505192SMLMAHNOTLISTEDINE294B01019SML MAHINDRA LIMITEDMain BoardEquity2026-04-012027-03-312026-10-192026-09-29INRCroresQuarterlySecond quarterSingle segmentCOMMERCIAL VEHICLE2026-10-1915:25:002026-10-1915:58:00trueCash Flow IndirectNot applicabletruetrueNANAfalsetrue2026-01-16https://smlmahindra.com/IN/investors/policies/corporate-policiesfalsefalseNot applicable2026-07-012026-09-30UnauditedStandalone66979000001600000067139000005233400000258300000-22520000067250000090000001336000004738000006555400000158500000015850000047000000-55000004150000001170000000000117000000-3600000113400000144800000108.098.09008.098.091.The above unaudited financial results were reviewed by the Audit Committee on 19 October 2026 and approved by the Board of Directors in their meeting held on 19 October 2026. The above results for the quarter and half year ended 30 September 2026, have been subjected to limited review by the Statutory Auditors of the Company. The unmodified review report of the Statutory Auditors is being filed with the BSE Limited and National Stock Exchange of India Limited. For more details on the unaudited financial results, visit ‘Investors’ section of our website at https://smlmahindra.com/ and ‘Financial Results’ in ‘Corporates’ section of www.nseindia.com and www.bseindia.com. <br /> <br /> 2.The above unaudited financial results have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 (‘the Act’), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the Listing Regulations, including relevant circulars issued by the SEBI from time to time. <br /> <br /> <br /> 3.The Chief Operating Decision Maker monitors and reviews the performance of the operating segment i.e commercial vehicles and related components as a single operating segment. Considering that there is only one reportable segment, there are no additional disclosures to be provided under Ind AS 108 - Segment information. <br /> <br /> 4.The Board of Directors of SML Mahindra Limited (“Company”) at its meeting held on 29 July 2026, based on the recommendation of the Audit Committee, approved the acquisition of Truck and Bus Division (“MTBD Business Undertaking”) from its holding Company, Mahindra & Mahindra Limited (“M&M”), as a going concern on a slump sale basis, under a Business Transfer Agreement (“BTA”) entered on 5 August 2026 for a consideration of Rs. 525 crores, subject to working capital adjustments as set out in BTA. <br /> <br /> <br /> The transaction has also received the requisite shareholders’ approval under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended and other applicable provisions of the Companies Act, 2013. Since the transaction is expected to close on or before 31 January 2027, subject to fulfilment of customary closing conditions, no adjustments have been made in the statement of unaudited financial results for the quarter and half year ended 30 September 2026. <br /> <br /> 5.The Ministry of Environment, Forest and Climate Change has notified the Environment Protection (End-of-Life Vehicles) Rules, 2025 ("ELV Rules"), which are effective from 1 April 2025. As per these rules, Extended Producer Responsibility (EPR) obligations are imposed on producers ("vehicle manufacturers") for the scrapping of End-of-Life Vehicles and such obligations are to be fulfilled through the purchase of EPR certificates from registered Vehicle Scrapping Facilities via a Centralised Online Portal. The implementation details and operational procedures of the ELV rules including the modalities of the pricing mechanism for the EPR certificates are yet to be developed. <br /> <br /> Consequently, the Company is currently unable to reliably estimate a range of possible outcomes and the potential impact of these rules. The Company will continue to assess the ability to measure its obligations pursuant to the ELV Rules, as and when the aforesaid details of implementation framework are available. <br /> 2026-04-012026-09-30UnauditedStandalone1627330000027900000163012000001145730000057830000066860000013616000003640000026630000092140000015289900000101130000001011300000288600000-3050000025810000007532000000000753200000-74000007458000001448000001052.0552.050052.0552.05Other Expenses473800000Other Expenses92140000028463000004521000000036870000034280000000008700000136000002230000020010000042323000005935400000096820000044500000150300000111000002080000011949000000298200000742850000011660800000144800000545430000055991000005599100000124000002090000002214000003847000001722000000298000008081000002870000002731000003458800000373190000031070000043296000004488000004448000003040000005253600000606170000011660800000Other Financial Assets13600000Income tax assets (net)44400000Other non-current assets155700000Other financial assets20800000Other current assets298200000Lease liabilities61600000Other financial liabilities147400000Other non-current liabilities29800000Lease liabilities22700000Other financial liabilities288000000Other current liabilities4488000003640000064020000017394000000445000002300000-1300000-55000000-3233000000-13700000022000002663000000316000004080000014170000010200000-110000001080000000000275000000250410000035154000000002776000000323780000000000000800000041670000000000000000000000012500000030400000-365800000000000000250210000083000003315000003070000000-2872600000-6000000-6000004510000044500000Remeasurements of the defined benefit plans-5000000-5000000Remeasurements of the defined benefit plans-10000000-10000000-1400000-2600000-3600000-7400000SML MAHINDRA LIMITED******MAHINDRA AND MAHINDRA LIMITED******Holding CompanyAny other transactionDeputation of personnel including KMPs38300000Approved38300000117000000SML MAHINDRA LIMITED******MAHINDRA AND MAHINDRA LIMITED******Holding CompanyAny other transactionAvailment of Common services50500000Approved50500000180000000SML MAHINDRA LIMITED******MAHINDRA AND MAHINDRA LIMITED******Holding CompanyInter-corporate deposit200000000Approved2000000000200000000Inter-corporate deposit0.076 monthsUnsecuredFor working capital requirementsSML MAHINDRA LIMITED******MAHINDRA AND MAHINDRA LIMITED******Holding CompanyInter-corporate deposit80000000Approved80000000080000000Inter-corporate deposit0.0721 yearUnsecuredFor capex requirementsSML MAHINDRA LIMITED******MAHINDRA AND MAHINDRA LIMITED******Holding CompanyInterest paid100000Approved1000000100000SML MAHINDRA LIMITED******MAHINDRA AND MAHINDRA LIMITED******Holding CompanySale of goods or services0Approved000Value of Transaction reporting during the period is Rs. 0.18 lakhs and the closing balance is Rs. 0.22 lakhsSML MAHINDRA LIMITED******MAHINDRA AND MAHINDRA LIMITED******Holding CompanyPurchase of goods or services1900000Approved190000002200000SML MAHINDRA LIMITED******Chander Shekhar Verma******Independent DirectorRemuneration400000Sitting fee of Independent Directors as approved by Board40000023000000SML MAHINDRA LIMITED******Arun Kumar Malhotra******Independent DirectorRemuneration400000Sitting fee of Independent Directors as approved by Board4000008000000SML MAHINDRA LIMITED******Smita Mankad******Independent DirectorRemuneration300000Sitting fee of Independent Directors as approved by Board3000009000000SML MAHINDRA LIMITED******Ravi Venkatraman******Independent DirectorRemuneration500000Sitting fee of Independent Directors as approved by Board5000009000000SML MAHINDRA LIMITED******Parvesh Madan******Company SecretaryRemuneration2900000Remuneration as approved by NRC and Board290000000SML MAHINDRA LIMITED******Junya Yamanishi******Managing Director & CEO till 16th April, 2025Remuneration0Managerial remuneration as approved by NRC and Board03000000SML MAHINDRA LIMITED******Yasushi Nihikawa******Managing Director & CEO from 17th April, 2025 to 1st August, 2025Remuneration0Managerial remuneration as approved by NRC and Board020000000SML MAHINDRA LIMITED******Atima Khanna******Independent Director (resigned w.e.f 01-08-2025)Remuneration0Sitting fee and remuneration/commission of Independent Directors as approved by Board05000000SML MAHINDRA LIMITED******Sanjeev Mehan******Independent Director (resigned w.e.f 01-08-2025)Remuneration0Sitting fee and remuneration/commission of Independent Directors as approved by Board04000000375300000