Synopsis: SML Mahindra Limited (NSE: SMLMAH) shares were locked in a 10% upper circuit at ₹4,763.85 on February 12, 2026, after the company reported a monumental 3,209% YoY surge in Q3 FY26 net profit to ₹17.54 Crore. This explosive bottom-line growth, paired with a 62.5% revenue jump and an all-time high technical breakout, has triggered aggressive institutional buying across the commercial vehicle segment.
On February 12, 2026, shares of SML Mahindra Limited (formerly SML Isuzu) witnessed a massive demand surge, locking in a 10% upper circuit to reach a fresh all-time high of ₹4,763.85 on the NSE. The rally was ignited by the company’s blockbuster Q3 FY26 earnings report, which revealed a structural turnaround in profitability. Investors are aggressively re-rating the stock as it breaks out of a multi-month consolidation phase with heavy volumes, signaling a new leg of the bull run on Dalal Street.
The commercial vehicle manufacturer, now under the stewardship of Mahindra & Mahindra, has successfully leveraged synergies in the school bus and light truck segments. The market is particularly impressed by the sharp expansion in EBITDA margins, which climbed to 7.68% from 5.54% a year ago, proving that the company is effectively navigating rising input costs.
Why is SML Mahindra stock rising today?
The primary driver is the “mathematical explosion” in profitability, where Net Profit skyrocketed from a mere ₹0.53 Crore to ₹17.54 Crore in just one year. This 3,209% jump was supported by a robust 62.5% growth in Revenue from Operations, which hit ₹539.27 Crore.
Furthermore, technical analysts point to a “High-Volume Breakout” above the previous resistance of ₹4,420. By clearing this level, the stock has entered an “Uncharted Territory” or blue-sky zone, where the absence of overhead supply often leads to rapid price appreciation. The 1-2-1 rule of price action is evident here: one major consolidation, two small pullbacks, and one massive breakout candle.
SML Mahindra: Q3 FY26 Financial Snapshot
| Metric | Q3 FY26 (Current) | Q3 FY25 (YoY) | Growth (%) |
| Total Revenue | ₹539.27 Cr | ₹331.80 Cr | 62.5% ↑ |
| Net Profit (PAT) | ₹17.54 Cr | ₹0.53 Cr | 3,209% ↑ |
| EBITDA Margin | 7.68% | 5.54% | +214 bps ↑ |
The “Analyst Consensus” on SML Mahindra
Top research houses are shifting their outlook from ‘Hold’ to ‘Strong Buy’ as the Mahindra integration begins to yield high-margin results.
- Operational Synergy: Analysts note that the rebranding to SML Mahindra has improved credit access and supply chain efficiency, significantly reducing finance costs by 18% YoY.
- Segment Dominance: The company is gaining market share in the school bus segment, with order books for the upcoming academic season (Q4) reportedly at record levels.
- Technical Outlook: Chartists at leading firms suggest that as long as the stock holds above ₹4,500, the next psychological target sits at ₹5,200–₹5,500 in the medium term.
The Bottom Line
SML Mahindra’s 10% circuit lock is a definitive signal that the “turnaround story” is now a “growth story.” For the Aam Aadmi investor, the combination of a 32-fold profit increase and an all-time high breakout makes this a flagship performer in the small-cap auto space.
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