About SML Isuzu Limited

SML Isuzu Limited is a public limited company incorporated on July 26, 1983, domiciled in India with registered office and works located at Village Asron, District Shahid Bhagat Singh Nagar (Nawanshahr), Punjab, and a corporate office in Chandigarh. The company is listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). SML Isuzu primarily manufactures and sells commercial vehicles, including trucks and buses, as well as parts to support its vehicle parc. Its in-house Research & Development facility has been recognised by the Department of Scientific & Industrial Research, Government of India, since 1987, highlighting its focus on product engineering and Indian standards compliance.

In FY 2024–25, SML Isuzu sold 14,221 vehicles consisting of 10,006 passenger vehicles (buses) and 4,215 cargo vehicles (trucks). The workforce counted 990 permanent employees as of March 31, 2025. The company serves mostly the Indian market but is expanding exports to African countries such as Angola, Gabon, Senegal, Guinea, and Algeria, with plans to extend presence to other regions including ASEAN and the Middle East. Favorable conditions in Bangladesh, Nepal, Sri Lanka, Ghana, and Bhutan are expected to further aid export growth. SML Isuzu has no subsidiaries and operates on a standalone reporting basis.

Key Milestones of SML Isuzu Limited

• 1983 – Incorporated as Swaraj Vehicles Limited; technical collaboration with Mazda and financing support from Punjab Tractors Limited.
• Late 1990s to early 2000s – Expanded product portfolio with new trucks, ambulances, and application-specific vehicles.
• 2004 – Transitioned technical collaboration from Mazda to Isuzu Motors, Japan.
• 2017 – Achieved crossover sales of over 50,000 vehicles and declared a maiden dividend.
• 2024–25 – Delivered highest-ever Profit After Tax of Rs. 121.67 crores and sales of 14,221 units.
• August 1, 2025 – Mahindra & Mahindra Limited acquired 58.96% stake, making SML Isuzu a subsidiary, with an open offer for additional shares.

SML Isuzu Limited Business Verticals and Geographic Presence 

Product and Service Portfolio:

• Light and medium commercial vehicles including buses, trucks, ambulances, police personnel carriers, tipper trucks, and segment-specific vehicles.
• Spare parts and vehicle support services for fleet operators.

Market Presence:

• Predominantly India, with emerging export markets in Africa (Angola, Gabon, Senegal, Guinea, Algeria) and plans for expansion in ASEAN, Middle East, Bangladesh, Nepal, Sri Lanka, Ghana, and Bhutan.

SML Isuzu operates in commercial vehicle manufacturing servicing Indian and select export markets. Its offerings span LCVs, MCVs, buses, and specialty commercial vehicles, with a business model emphasizing durable, cost-efficient transport solutions tailored for Indian terrain and passenger needs. R&D investments and regulatory approvals underpin compliance and market adaptability. The company has successfully maintained a strong market position through technical collaborations, continuous innovation, and expanding underwriting to the African and South Asian export corridors.

SML Isuzu Limited Key Management

• Vinod Kumar Sahay – Executive Chairman
• Dr. Venkataraman Srinivas – Executive Director & CEO
• Rakesh Bhalla – Chief Financial Officer
• Parvesh Madan – Company Secretary & Compliance Officer

Latest Updates on SML Isuzu Limited

• Change in controlling shareholder: On August 1, 2025, Mahindra & Mahindra Limited completed the acquisition of a 58.96% equity stake in SML Isuzu from Sumitomo Corporation and Isuzu Motors, making it a subsidiary; an open offer for up to 26% equity was announced.
• Board and auditor changes: Post-acquisition, the Board was reconstituted; M/s Walker Chandiok & Co LLP resigned due to conflict of interest, replaced by B S R & Co. LLP.
• Product and technology focus: Launched an Electric Bus at Auto Expo 2025 and developed various vehicle programmes including AC truck cabin, small LPO bus, maxicab buses, tippers, ambulances, and export vehicles.
• Market expansion: Export operations commenced to several African nations; growth anticipated in ASEAN and other emerging markets.
• Financial performance: Recorded the highest-ever profit after tax of Rs. 121.67 crores in FY 2024-25.