SML Mahindra

** Shares of SML Mahindra SMLM.NS up about 14% at 5,213 rupees, highest level since Feb 19

** Stock surged 20% on Wednesday

** Parent Mahindra & Mahindra MAHM.NS to transfer truck, bus business to SMLM for 5.25 billion rupees ($54.91 million)

** ICICI Securities notes that deal effectively doubles revenue base for SML from around 29 billion rupees to nearly 59-60 billion rupees

** Combined entity should benefit from scale, broader portfolio, enhanced market reach-Citi

** Transaction is marginally EPS accretive for MAHM, materially value accretive for SML Mahindra-HSBC

** SMLM's RSI at 74.5, stock in "overbought" category- LSEG data

** MAHM up nearly 1% at 3,253.6 rupees

** YTD, SML up 29.30% vs MAHM's 12.5% fall

($1 = 95.6100 Indian rupees)

(Reporting by Saikeerthi in Bengaluru)

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SML Mahindra's board approved the acquisition of Mahindra & Mahindra's truck and bus division for ₹525 crore on a slump sale basis. The division, which sold 14,832 vehicles and posted a turnover of ₹2,989 crore in FY26, will be transferred as a going concern, with manufacturing continuing under a contract with M&M. SML Mahindra, which became a Mahindra subsidiary in August 2025 when M&M acquired a 58.97% stake, reported revenue of ₹2,838 crore in FY26, so the combined entity will nearly double in size. The transaction consolidates Mahindra Group's commercial vehicle businesses under one listed entity, following earlier integration moves such as common CEO/CFO appointments and shared procurement. The deal is expected to close by January 2027, subject to SML shareholder approval.

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SML Mahindra's board approved the acquisition of Mahindra & Mahindra's truck and bus division (MTBD) on a slump sale basis for ₹525 crore, subject to working capital adjustments and shareholder approval. The company, which was taken over by M&M in August 2025, manufactures buses and trucks and reported standalone revenue of ₹2,838 crore in the year to March 2026. The acquisition consolidates the group's truck and bus operations, creating a combined entity with a stated revenue aspiration of ₹12,500 crore by FY31. An analyst and press meet was convened on 29 July 2026 to discuss the board decision, with a presentation outlining the integrated product roadmap and synergy potential.

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SML Mahindra said it would acquire Mahindra Truck and Bus Division from Mahindra & Mahindra on a slump sale basis for ₹525 crore, subject to shareholder approval. The deal, announced during an analyst and press meet on 29 July, aimed to unify the entire truck and bus business of the Mahindra group under a single entity. Mahindra & Mahindra would continue to manufacture the division's products under a contract manufacturing arrangement. The combined entity targeted revenue of ₹12,500 crore by FY31, a revision from the earlier standalone aspiration of ₹15,000 crore guided by management. SML, which had been acquired by Mahindra & Mahindra in August 2025, reported standalone revenue of ₹2,838 crore in FY26.

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SML Mahindra's board approved the acquisition of Mahindra & Mahindra's truck and bus division for ₹525 crore on a slump sale basis. The target business sold 14,832 vehicles in FY2025-26 and generated turnover of ₹2,989 crore, creating a combined entity with revenue in excess of ₹5,800 crore. Mahindra & Mahindra had taken a controlling 58.97% stake in SML in August 2025 and had already begun integrating operations through cross-badging and shared services. The acquisition is expected to close by January 2027, subject to shareholder approval, and consolidates the group's commercial vehicle operations under a single listed entity.

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July 29 (Reuters) - Mahindra & Mahindra MAHM.NS said on Wednesday it would transfer its truck and bus business to listed subsidiary SML Mahindra SMLM.NS for 5.25 billion rupees ($54.92 million), consolidating the group's commercial vehicle operations under a single entity.

The restructuring follows Mahindra's acquisition of a controlling stake in SML Isuzu in August 2025 from Sumitomo Corp and Isuzu Motors, after which the listed truck and bus maker was renamed SML Mahindra.

The truck and bus division generated revenue of 29.89 billion rupees in fiscal 2026, accounting for about 2% of Mahindra's total income from operations.

The transaction is expected to close by January 2027, the company said.

($1 = 95.5875 Indian rupees)

(Reporting by Chandini Monnappa in Bengaluru; Editing by Nivedita Bhattacharjee)

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** Commercial vehicles manufacturer SML Mahindra's SMLM.NS shares rise as much as 8.5% to 4,322.7 rupees, highest level since April 20

** Quarterly revenue from operations rises 13.1% Y/Y, sales volumes up 10%; profit dips about 5%

** Co says it is the second-largest player in India's Intermediate Light Commercial Vehicle bus segment, with a 26.6% market share

** It expects to launch a modern, competitive product portfolio and strengthen its presence in existing markets over FY28-FY32

** Stock holds trailing 12-months PE of 36.6 vs industry median of 27.5

** YTD, stock up 7.3% vs 3.9% rise in shares of rival Eicher Motors EICH.NS

(Reporting by Abhinav Parmar in Bengaluru)

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July 20 (Reuters) - SML Mahindra Ltd SMLM.NS:

• SML MAHINDRA JUNE-QUARTER PROFIT 636.2 MILLION RUPEES

• SML MAHINDRA JUNE-QUARTER REVENUE FROM OPERATIONS 9.58 BILLION RUPEES

Source text: [ID:]

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July 1 (Reuters) - SML Mahindra Ltd SMLM.NS:

• TOTAL JUNE SALES AT 1930 UNITS; UP 3% YOY

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SML Mahindra Limited announced that Dr. Venkataraman Srinivas will cease as Executive Director and Chief Executive Officer effective June 30, 2026, to take on a new role within the Mahindra Group. Executive Chairman Mr. Vinod Kumar Sahay will assume additional responsibilities starting July 1 until a new CEO is appointed. The board approved the cessation at a meeting held on June 10, 2026. The company did not provide a timeline for the permanent CEO appointment.

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June 10 (Reuters) - SML Mahindra Ltd SMLM.NS:

• SML MAHINDRA - VENKATARAMAN SRINIVAS TO STEP DOWN AS EXECUTIVE DIRECTOR CEO EFFECTIVE JUNE 30, 2026

• SML MAHINDRA - CHAIR VINOD KUMAR SAHAY TO ASSUME ADDITIONAL RESPONSIBILITIES UNTIL NEW CEO APPOINTED

Source text: ID:nBSE8NxHBh

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June 9 - ** Shares of India's SML Mahindra SMLM.NS rise ~3% to 3,827 rupees

** If gains hold, stock is on track for its biggest percentage gain in over two weeks

** The heavy machinery and vehicles company produced 1,729 units of commercial vehicles in May, up 6.8% from a year earlier

** SMLM reported monthly sales of 1,678 units in May vs 1,503 units last year

** The company also recorded a rise in exports to 89 units compared to 40 units in May 2025

** YTD, however, stock is down 4.2%

(Reporting by Saikeerthi in Bengaluru)

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May 1 (Reuters) - SML Mahindra Ltd SMLM.NS:

• APRIL 2026 TOTAL SALES RISE 15% TO 1,741 UNITS

Source text: ID:nBSE5ZrH9n

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April 20 (Reuters) - SML Mahindra Ltd SMLM.NS:

• SML MAHINDRA MARCH-QUARTER PROFIT 542 MILLION RUPEES

• SML MAHINDRA MARCH-QUARTER REVENUE FROM OPERATIONS 8.98 BILLION RUPEES

Source text: ID:nnAZN4SROYB

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April 8 (Reuters) - SML Mahindra Limited SMLM.NS:

• MARCH COMMERCIAL VEHICLE SALES AT 2,393 UNITS

Source text: ID:nBSE7VKRpz

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April 1 (Reuters) - SML Mahindra Limited SMLM.NS:

• SML MAHINDRA LIMITED - MARCH TOTAL VEHICLE SALES UP 6% TO 2,457 UNITS

Source text: ID:nBSE18ctTF

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Jan 16 (Reuters) - SML Mahindra Limited SMLM.NS:

• SML MAHINDRA DEC-QUARTER PROFIT 175.4 MILLION RUPEES

• SML MAHINDRA DEC-QUARTER REVENUE FROM OPERATIONS 5.39 BILLION RUPEES

Source text: ID:nBSE2R4cW3

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** Shares of SML Mahindra SMLM.NS rise 4.2% to 4,144 rupees, highest in nearly three months

** Commercial vehicle maker's December sales surge 67% y/y

** Cargo vehicles sales jump 76% y/y, while passenger vehicles sales surge 60%

** Stock rose more than two-fold in value last year

(Reporting by Aleef Jahan in Bengaluru)

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Sept 19 (Reuters) - SML Isuzu Ltd SMLI.NS:

• TAX DEMAND OF 17.2 MILLION RUPEES WAIVED OFF

Source text: ID:nBSE5dr6P7

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Sept 1 (Reuters) - SML Isuzu Ltd SMLI.NS:

• SML ISUZU LTD - TOTAL SALES DOWN 15% IN AUGUST

Source text: ID:nBSEdvVvV

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** Shares of SML Isuzu SMLI.NS jump 10% to record high of 3,685.10 rupees

** Commercial vehicles maker posted a 44% y/y rise in June-quarter profit, rev rises 13%

** Stock set for best day in nearly three weeks

** More than 457,000 shares traded, 2x their 30-day avg

** Stock is up 140% so far in 2025

(Reporting by Nishit Navin in Bengaluru)

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** Shares of SML Isuzu SMLI.NS gain 5.4% to 2,223 rupees; their highest level in 11 months

** SUV and pick-up truck maker's June total sales grew 6.3% y/y; April-June sales rose 12.5%

** About 350,000 shares traded, 5.2x their 30-day avg

** Stock up ~59% so far in 2025

(Reporting by Manvi Pant in Bengaluru)

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June 17 (Reuters) - Mahindra and Mahindra Ltd MAHM.NS:

• INDIA ANTITRUST AGENCY: APPROVES PROPOSED COMBINATION INVOLVING ACQUISITION OF SML ISUZU BY MAHINDRA AND MAHINDRA

Source text: [ID:]

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May 1 (Reuters) - SML Isuzu Ltd SMLI.NS:

• TOTAL VEHICLE SALES INCREASE 43.2% IN APRIL 2025

• APRIL TOTAL SALES AT 1512 UNITS

Source text: ID:nBSEbWkpxg

Further company coverage: SMLI.NS

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** Shares of SML Isuzu SMLI.NS fall as much as 10%, the lower limit of the exchange-allowed trading band, to 1,596.10 rupees

** Indian automaker Mahindra and Mahindra MAHM.NS on Saturday struck a deal to buy majority stake in SML Izusu for 5.55 bln rupees to bolster its truck and bus business

** Purchase price is 650 rupees per share, a 63% discount to SML's closing price of about 1,773.4 rupees on Friday

** Mahindra to also launch a mandatory open offer for an additional stake of up to 26% at 1,554.6 rupees per share

** Co will acquire Sumitomo Corp's 8053.T 43.96% stake and Isuzu Motors' 7202.T 15% stake

** Day's losses trim SMLI's YTD gains so far to 26.5%; MAHM last up 1.1%, cutting YTD losses to 4.8%

(Reporting by Meenakshi Maidas in Bengaluru)

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NEW DELHI, April 26 (Reuters) - India's Mahindra & Mahindra MAHM.NS, known for its muscular SUVs and tractors, said on Saturday it had entered into a deal to buy a 58.96% stake in SML Isuzu SMLI.NS for 5.55 billion rupees ($65.00 million) to bolster its truck and bus business.

The acquisition will double Mahindra's market share in the trucks and buses segment of India's fast-growing economy to 6%, with a plan to raise that to 12% by fiscal year 2031, it said.

Mahindra will buy Japan-based Sumitomo Corp's 8053.T 43.96% stake in SML and Isuzu Motors' 7202.T 15% stake, apart from launching a mandatory open offer for an additional stake of up to 26% in the company, according to local regulations.

The purchase price is 650 rupees per share, a steep discount to SML's closing price of about 1,773.4 rupees on Friday. The stock has risen about 20% this year, partly on speculation about a deal. The open offer will be for 1,554.6 rupees per share.

"The acquisition of SML Isuzu marks a significant milestone in Mahindra Group's vision of delivering 5x growth in our emerging businesses," Mahindra Group CEO Anish Shah said in a statement.

"This acquisition is aligned with our capital allocation strategy for investing in high potential growth areas which have a strong right to win and have demonstrated operational excellence."

($1 = 85.3800 Indian rupees)

(Reporting by Sarita Singh and Krishna N. Das in New Delhi
Editing by Gareth Jones)

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April 16 (Reuters) - SML Isuzu Ltd SMLI.NS:

• YASUSHI NISHIKAWA TO JOIN AS MD, CEO EFFECTIVE APRIL 17, 2025

Source text: ID:nBSE7MzRcR

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** Shares of SML Isuzu surge 7% to 1,680 rupees

** SUV and pick-up truck maker reports24% year-on-year rise in March sales

** Stock was down around 3% before the announcement

** More than 121,000 shares traded as of 2:40 p.m. IST, vs 30-day avg of 78,000 shares

** SMLI up 20% so far in 2025

(Reporitng by Nishit Navin)

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** India's Ashok Leyland ASOK.NS rises 3% to a three-week high of 216.95 rupees

** Ashok Leyland is in talks for a complete takeover of SML Isuzu, as per a Moneycontrol report

** Ashok Leyland's board to meet on Wednesday, with analyst call scheduled after market hours for a corporate update, as per exchange disclosure

** Shares of SML Isuzu SMLI.NS rise 3.5%

** Mahindra & Mahindra MAHM.NS was also in talks with Japan's Sumitomo Corp 8053.T to buy its 44% stake in SMLI, according to a report on Monday

** Over 8.4 million ASOK shares traded on the day, surpassing six-month avg daily volume

** Analysts' avg rating on Ashok Leyland is "buy", median PT at 252 rupees, as per data compiled by LSEG

** ASOK down 1.6% YTD, while SMLI up 19.4%

(Reporting by Vivek Kumar M)

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** Shares of automaker SML Isuzu SMLI.NS rise as much as 8.2% to 1,787 rupees, their highest point since November 11

** Mahindra and Mahindra MAHM.NS is in talks to buy the entire stake of controlling shareholder in SMLI, and looking at a valuation of 1,400 rupees-1,500 rupees apiece, CNBC Awaaz reported, citing sources

** Sumitomo Corporation is the sole controlling shareholder of SMLI having a 43.96% stake in the co

** Stock on track for a fifth consecutive session of gains, if trend holds

** Stock witnesses its most active trading session since February 26, 2024, with more than 521,000 shares change hands, 11.4x of 30-day avg

** SMLI stock up 26%, YTD

(Reporting by Ashish Chandra in Bengaluru)

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