SML Mahindra (formerly SML Isuzu) was incorporated in July 1983 as Swaraj Vehicles to manufacture Light Commercial Vehicles (LCV) in the state of Punjab. It was the result of Government of India initiatives for installing the LCV unit in order to save the fuel consumption in the economy. Punjab State Industrial Development Corporation (PSIDC) obtained the letter of intent in 1981 and subsequently transferred the same in favour of the Company in 1983.SML Mahindra is a trusted and reliable commercial vehicle manufacturer, it is a first company to manufacture and supply state of the art fully built Buses, Ambulances and customized vehicles.

The company’s shares are listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) in India.Business area of the companyThe company is primarily engaged in the business of manufacture and sale of Commercial Vehicles such as Buses, Trucks, and Special Application vehicles; and their parts. The company has its operations primarily in India. Its customer base comprises fleet owners, educational institutions, offices, transporters, Government agencies, and others across domestic and international markets.Milestones1983: The Company was incorporated in July 1983 in the name of Swaraj Vehicles Limited.1984: Joint Venture and Technical Assistance concluded between Punjab Tractor Ltd., Mazda Motor Corporation, Japan Sumitomo Corporation, Japan.

SVL renamed Swaraj Mazda Ltd.1985: Project set up with a capacity of 5000 LCVs at capital outlay of Rs 20.0 crore.1986: Commercial Operation started.1987: Introduction of indigenously developed bus1989: In-house tooling for local production of chassis long member1990: In-house developed Second Truck Model (Swaraj Mazda Super) launched.1991: Transmission components indigenised1992: Commencement of TruckSupplies to MOD. 500 vehicles supplied to defence.1993: Third Truck Model(Swaraj Mazda Premium) launched.1994: Declared a Sick Company under SICA (due to Rupee devaluation of 1991-93).1995: BIFR approves Rehabilitation Scheme1996: 4-Wheel Drive Truck developed.1997: Company ceases to be a Sick Industrial Company on the basis of positive net worth - 4 years ahead of BIFR Scheme projections.1998: Complete wipe off of accumulated losses.1999: Bharat Stage-I Emission Norms complied.2000: Maiden Dividend declared at 10%.Technical Assistance Agreement with Mazda extended upto October 2004.2001: Cumulative sales crossed 50,000 vehicles.2001: 4 Wheel Drive Ambulance launched in March.2001: Economy Truck ‘SARTAJ' launched in August.2001: CNG Bus for NCR Delhi launched in October.2001: Bharat Stage-II Emission Norms complied.2002: Profit Before Tax for FY 2002 crosses Rs 100 million mark.2002: Dividend raised to 25%.2003: Profit Before Tax for FY-2003 grows 115% to Rs 225 million. Dividend enhanced to 45%.2004: Profit Before Tax for FY-2004 grows 44% to Rs 324 million.2004: Dividend enhanced to 70%.2005: Cumulative sales crossed 86,000 vehicles.2005: Bharat Stage-III emission norms complied (both diesel CNG).2005: Dividend enhanced to 75%.2005: Punjab Tractors offloads 15% of equity stake in favour of Sumitomo Corporation, Japan in June.2005: Mazda Motor Corporation offloads 15% of equity holding in favour of Sumitomo Corporation, Japan in August.2006: Permission from Government for new manufacturing facilities at existing site obtained in January.2006: Dividend rate lowered to 55% due profit decline2006: Technical Assistance Agreement with Isuzu Motors signed in June.2006: Aggregate vehicles sale crosses 1,00,000 in August.2006: Construction of Buildings for vehicle expansion and new Bus Body Plant taken up in August.2007: Dividend rate maintained at 55% Trial Production of Isuzu Bus LT134 taken up in July.2008: Dividend rate maintained at 55% Highest-ever Profits in the history of the Company.2008: Launch of Ultra Luxury Buses in July.2009: Sumitomo raised its stake in the Company to 53.5% by buying entire equity holding of Punjab Tractors Ltd.

in the Company in January.2010: During the financial year 2009-10 company had issued 3,984,946 equity share of Rs 10 each at a premium of Rs 190 per share on rights basis to the Equity shareholders of the company in the ratio of 11 equity shares for every 50 Equity shares held on the record date and raised Rs 7,969.89 lakh for financing of Expansion project, repayment of loan taken from Allahabad Bank (for Expansion Project) and for general corporate purposes.2011: Swaraj Mazda renamed as SML Isuzu Limited.2012: SML S7 Bus, Wheel Base -5100 mm, 50+1 Seater Launched.2012: BS-IV Complaint Engine Successfully Tested.2012: ISUZU FR1318 Luxury Bus, Wheel Base - 5400 mm Launched.2012: SML HG72 Truck GVW 7200 Kg Truck Launched.2012: SML HD19 Truck GVW 10250 Kg Truck Launched.2013: Launched Xm -Series Trucks Buses.2015: Vehicle Sales crossed 2,00,000 units.2017: New Trucks with a facelift launched.2018: New Truck Range ''Global Series' along with Telematics Vehicle Tracking Solution: 'SMLSaarthi' launched.2020: Launch of Front Overhang Bus Range named “Hiroi” and successful all vehicles transition to BS6 compliance.2021: Global Series Dual Cabin Trucks Launched.2022: ‘ecoMax LR’ bus facelift to GS Cabin.2023: ‘Vajra Van’ Special Application Vehicle for the Riots Control added to product mix. Changeover to OBD-II (BS6 Phase-II) vehicles successful.2025: Mahindra Mahindra Ltd. acquired 58.96% shareholding in the Company from Sumitomo Corporation and Isuzu Motors.