Slides
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Analyst & Press Meet Dr Anish Shah | 05 November 2026 Acceleration in Uncertainty SAFE HARBOR STATEMENT: “Certain statements with regard to our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.”
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Key Messages • Current quarter … strong performance ▪ Revenue 25%, PAT 25%, RoE at 21%* • Each business on a strong track … demonstrating resilience ▪ Proactive actions to address short term challenges • Continued momentum … accelerating growth ▪ Scaling businesses 5x – 25x this decade * Annualised RoE (H1) 2
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PAT Revenue Q2 F26 Q2 F27 Q2 F26 Q2 F27 25% 25% 46,106 57,553 3,673 4,588 Q2 F27 Consolidated M&M Results 91,564 1,15,741YTD 26% 7,757 10,042 29% Rs cr. 3
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Performance by business Growth % Key Drivers 25% Investments Monetization in prior year (80%) M&M Q2 F27 PAT Growth Growth Gems 3x Logistics 3x, Accelo 70% Consolidated Auto AUM growth 15%, GS3 3.42% 55% Farm (9%) Volume , commodity inflation TechM 33% Margin expansion … EBIT 14.8% MMFSL 61% Volume , PLI , commodity inflation 4
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Consistent delivery on commitments * Annualised RoE 15%-20% EPS growth 18% RoE What we said 5 EPS (Rs.) H1 F22 H1 F25 H1 F27 21.0 57.6 89.5 RoE (%) F22 F25 H1 F27 14.8 18.1 21.0*
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Demonstrating Resilience Auto Farm Challenges Actions Strong volume growth, short term margin pressure Maintaining market share, short term margin pressure 1,536 2,388 Q2 F26 Q2 F27 55% 1,163 1,053 Q2 F26 Q2 F27 (9%) Consolidated PAT (Rs cr.) Consolidated PAT (Rs cr.) ▪ Commodity inflation ▪ Supply chain constraints ▪ Pricing, hedging, product mix ▪ Diversified supplier base ▪ Capacity 27% by F27 exit ▪ Commodity inflation ▪ Monsoon deficit ▪ International demand ▪ Pricing, product refresh ▪ Accelerated exports ▪ Completed International exits 6
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Proactive actions to address margin pressure 7 Inflationary headwinds Offset by actions already taken Q3 F28 *Impact Paints, Chemicals, Gas Consolidated Auto & Farm margins to remain strong Core Tractor to see some pressure in Q3, Improvement in Q4, Normalcy in F28 Q1/Q2 Rubber Oil Prices* Steel & Base Metals Precious metals Price increase Auto (Jan–Jul 26) +5% + Price Increase Farm (Apr-Aug 26) +4% ? Cost actions and Operating leverage ++ ++ ?Currency Outlook
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Demonstrating Resilience TechM Growth Gems Challenges Actions 335 445 Q2 F26 Q2 F27 33% Consolidated PAT (Rs cr.) ▪ Muted industry growth ▪ AI led disruption ▪ Large deal wins + strong pipeline ▪ Accelerate AI adoption, Partnerships ▪ Potential rural slowdown ▪ Labour shortage ▪ Commodity inflation ▪ Focus on execution ▪ Disciplined capital deployment Mahindra Finance 296 477 Q2 F26 Q2 F27 61% Consolidated PAT (Rs cr.) 61 168 Q2 F26 Q2 F27 3x Consolidated PAT (Rs cr.) ▪ Rising borrowing cost ▪ Potential rural slowdown ▪ Business mix ▪ Expanded ROA … 2.3% 70 bps ▪ ‘Digital first’ channels 8
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F20 F26 F30 Auto 9 Growth Vectors 8x+ Proof Points ❑ Strengthen SUV presence ❑ #1 … Revenue market share 24.4% ❑ NU_IQ for leadership in < 4 meters ❑ EV leadership ❑ #1 … eSUV revenue market share 32.3% ❑ Operational margin with scale *Excludes SYMC due to discontinued operations Revenue (cr.) 4x 29k* Market share H1 F27 ❑ Go Global ❑ H1 F27 exports 50% … Indonesia ❑ Global Pik Up launch by Q1 F28 Momentum for scale 64.5k F31 exitF26 exit F28 exitF27 exit 82k 92k 132k ❑ Capacity (SUV+EV) Aspiration: “World’s fastest growing SUV brand”
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F20 F26 F30 Farm 10 3x+ Aspiration: Transform lives of farmers globally by democratizing technology ❑ H1 F27 Exports 16% ❑ Improved margins ❑ Build International momentum ❑ Scale Farm machinery ❑ 25% CAGR F24-26 ❑ Rotavator market share 21.1% Market share H1 F27 2x 21k Growth Vectors Proof Points Revenue (cr.) Momentum for scale ❑ Fortify Domestic leadership ❑ #1 … Volume market share 43.4% ❑ H1 refresh & ‘Naya Swaraj’ launched ❑ 50k+ Telematics kits deployed ❑ Expanding DigiSense, Autosteer, Krish-e ❑ Build technology ecosystem
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F20 F26 F30 Financial Services 11 4-5x ^ Aspiration: “Most trusted financial services provider for Bharat” ❑ Diversify ❑ Unified mortgage platform (MRHFL merger) ❑ Insurance JV with Manulife ❑ Tech and AI ❑ 100% wheels disbursals through ‘Udaan’ ❑ 75% loan files processed by Samur.AI 2x^ 65k ^includes mortgage business ❑ Asset quality ❑ GS3 3.42% 52 bps Growth Vectors Proof Points AUM (cr.) Momentum for scale ❑ Grow AUM ❑ AUM 15%, H1 F27 Disbursements 22% ❑ H1 F27 PAT 68%
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F21 F26 F31 Trucks & Buses 12 10-12% Aspiration: “Top 3 in India’s ILCV trucks & buses; Focused play in HCVs” 6% 2%^ ^F20 does not include SML ❑ New & differentiated products ❑ BLAZO i-TRK launched ❑ ILCV variants, Electric powertrain in pipeline ❑ New opportunities unlock ❑ H1 F27 market share 6.7% ❑ Cross badging/aggregate sharing: new products ❑ Synergy benefits ❑ 1+1>2, SML-MTB merger announced ❑ Identified savings 100 cr.+ Growth Vectors Proof Points Market share % Momentum for scale
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F20 F26 F30 Last Mile Mobility 13 25x Aspiration: “To electrify India’s last mile and be the #1 e-CV company” ❑ 2x Industry growth ❑ 26k+ UDO delivered in H1 F27 ❑ Doubling capacity by F29 ❑ 50% Electrification by FY30 ❑ 41% Electrification achieved ❑ Launch pipeline of 8 products 7.5x 14k Market share H1 F27 ❑ 6x Revenue growth by F30 ❑ E-3W market share at 37.6% ❑ H1 F27 E-3W volume 57.5% Growth Vectors Proof Points Electric vehicle volumes Momentum for scale
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F20 F26 F30 Lifespaces 14 14x Aspiration: “Top 5 across our priority markets” 5x 0.7k ❑ Scale GDV pipeline ❑ 50k+ cr. cumulative GDV ❑ Multi year launch pipeline ❑ Unlock value – IC business ❑ Strong pipeline, Origins Chennai 2 launched ❑ Healthy margins, realisation per acre 10% ❑ 10k cr. Pre-sales by F30 ❑ H1 F27 Pre-sales 2k cr. 66% ❑ Scaled projects … Rainforest, BeaconHill Growth Vectors Proof Points Resi Pre-sales (cr.) Momentum for scale
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F20 F26 F30 Aerospace 15 50x Aspiration: “Among the top 10 global Aerostructures suppliers” 28x 200 ❑ 12x organic revenue growth by F30 ❑ Cumulative order book 11,500 cr. ❑ H125 & H130: Industrialization on track ❑ Build new capabilities ❑ Tripling capacity ❑ Skins, Roll forming industrialization ❑ Diversify customer base ❑ Embraer partnership announced ❑ Customer mix: GE, SAAB, Hamble Growth Vectors Proof Points Deal wins (cr.) Momentum for scale ❑ Inorganic ❑ Exploring opportunities
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Momentum for scale 16 Business F20 – F30 Aspiration On Track Measure 8x+Auto Revenue Farm Revenue 3x+ Financial Services AUM 4-5x Trucks & Buses Market share 5-6x Last Mile Mobility Electric 3W volumes 25x Lifespaces Resi Pre-sales 14x Aerospace 50xDeal wins
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One New Opportunity 17 Strong Right to Win Meaningful Potential Market-leading Returns Ability to Execute
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Key Messages • Current quarter … strong performance ▪ Revenue 25%, PAT 25%, RoE at 21%* • Each business on a strong track … demonstrating resilience ▪ Proactive actions to address short term challenges • Continued momentum … accelerating growth ▪ Scaling businesses 5x – 25x this decade * Annualised RoE (H1) 18 Consistent profitable growth
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Q2 F27 ANALYST AND INVESTOR CONFERENCE AUTOMOTIVE & FARM SECTORS 5th Nov 2026 RAJESH JEJURIKAR EXECUTIVE DIRECTOR & CEO, AUTO & FARM SECTORS
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FARM EQUIPMENT TRANSFORM FARMING, ENRICH LIVES
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21 Volume and Market Share includes Gromax FARM HIGHLIGHTS Q2 H1 F27 150 bps YoY 6% YoY 274k 7% YoY 43.4% 70 bps YoY 116k 41.5%MARKET SHARE VOLUMES
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22 DOMESTIC FORTRESS Market Share includes Gromax 40.0% 41.2% 41.6% 43.3% 43.6% 43.4% F22 F23 F24 F25 F26 H1 F27 Market Share
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23 253 330 345 Q2 F25 Q2 F26 Q2 F27 Revenue (Rs cr.)* 30% 5% FARM MACHINERY * Including MITRA
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24 FARM CONSO MARGIN UP 20 bps QoQ Rs cr. Core Tractor1 International Subsidiaries2 Others3 Farm Conso Q2 F27 Q2 F26 Q1 F27 Q2 F27 Q2 F26 Q2 F27 Q2 F26 Q2 F27 Q2 F26 Q1 F27 Revenue 7,652 7,645 9,964 1,259 2,003 1,899 1,713 9,572# 10,225# 12,501# PBIT 1,345 1,574 1,917 -130 -164 161 197 1,376 1,608 1,781 PBIT% 17.6% 20.6% 19.2% -10.3% -8.2% 8.5% 11.5% 14.4% 15.7% 14.2% =+ + 1. Core Tractor includes Exports from India 2. International subsidiaries - PBIT includes impairment 3. Farm others includes Powerol, Farm Machinery & Domestic subsidiaries # Net of Intercompany elimination of Rs 1,234 cr. in Q2’27, Rs 1,136 cr. in Q2’26 and 1,125 in Q1’27 Farm consolidated margin dropped by only 130 bps YoY despite steep commodity price hikes
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25 Q2 F27: CORE TRACTOR PBIT% MARGINS * Core (Tractors) comprises of Tractor business (incl exports from India) and excludes Powerol & Farm Machinery business 18.7% 20.6% 17.6% Q2 F25 Q2 F26 Q2 F27 Sustained a robust 17.6% margin in the core tractor business amid commodity price hikes
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26 STABILITY IN VOLATILITY Core Tractor comprises of Tractor business (incl exports) and excludes Powerol & Farm Machinery business 8.0% -9.9% 26.9% -6.4% 12.2% -7.4% 0.5% 0.7% 13.5% 17.3% 9.2% 30.7% 23.2% 34.8% 18.6% -3.1% 19.8% 19.7% 23.4% 19.0% 17.4% 17.7% 19.7% 18.7% 19.5% 20.8% 20.7% 20.6% 21.2% 20.4% 19.2%17.6% F19 F20 F21 F22 F23 F24 Q1F25 Q2F25 Q3F25 Q4 F25 Q1 F26 Q2 F26 Q3 F26 Q4F26 Q1 F27 Q2 F27 Industry Growth % Core Tractor PBIT %
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27 Q2: FARM CONSO FINANCIALS Rs cr. PAT 1,163 1,053 10,225 9,572 Q2 F26 Q2 F27 PBITRevenue -14% -6% 1,608 1,376 Q2 F26 Q2 F27 -9%
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28 RESTRUCTURING OF SUBSIDIARIES TO CUT LOSSES Sampo Finland Erkunt Foundry Turkey MAM Japan Concluded exit Concluded exit Restructuring on plan Capital allocation actions, via divestment and restructuring, to counter multiple headwinds; expected to reduce losses in F27 vs F26.
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29 FARM GLOBAL SUBSIDIARIES MAgNA Market share, <110 HP segment −15% Industry decline in H1 F27 • Balanced approach between market share and profitability • Launches: Oja Small Utility; refresh of 40 HP and 50 HP Brazil Market share, <120 HP segment −18% Industry decline in H1 F27 • Tight liquidity causing the market to de-grow in F27 Turkey (Erkunt) Market share −36% Industry decline in H1 F27, • Balanced approach for domestic and exports volume * Market share as per industry Retails 8.2% 6.7% 6.7% H1 F25 H1 F26 H1 F27 6.0% 5.8% 6.3% H1 F25 H1 F26 H1 F27 5.7% 6.8% 6.0% H1 F25 H1 F26 H1 F27
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30 INDUSTRY OUTLOOK REDUCED TO FLATTISH IN F27 • Monsoon deficit widened and reservoir level deteriorated between July and Oct • Yield risks have increased due to prolonged dry spells, poor soil moisture, and lower reservoir availability • Negative terms of trade driven by higher increase in input cost as compared to retail prices • Key tractor markets adversely impacted o Maharashtra – Lesser than expected rainfall (-19% against LPA) in last 3 months o Karnataka - Drought conditions reported; -30% against LPA in Karnataka Indicator May-26 Jul-26 Current (Oct-2026) Southwest Monsoon Forecast for entire season (Jun- Sept) as on % of LPA 92% of LPA (Below Normal) 90% of LPA (Reduced further) 87% of LPA (Lower vs projection in May) Reservoir Storage Status (India) as of As deviation from Normal level 19% (Higher due to last monsoon) -7% (Reduced to below normal level) -16%1 (Significantly below normal level) 1. As of 15th Oct
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EXPLORE THE IMPOSSIBLE AUTOMOTIVE BUSINESS
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32 Q2: AUTO 1. Numbers include sales made by MLMML & MEAL 2. Bolero Max Pickup 2T variant has been classified under LCV 2 -3.5T. In SIAM it is classified under LCV 3.5 to 7.5T, since its GVW is slightly higher than 3.5T Volumes 1 MS1 SUV LCV <3.5T2 26% YoY 183K Revenue MS 24.3% 19% YoY 83K Volume MS 52.3% #1 in SUV Revenue MS 110 bps YoY 90 bps YoY 30 bps QoQ 50 bps QoQ
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33 H1: AUTO 1. Numbers include sales made by MLMML & MEAL 2. Bolero Max Pickup 2T variant has been classified under LCV 2 -3.5T. In SIAM it is classified under LCV 3.5 to 7.5T, since its GVW is slightly higher than 3.5T Volumes 1 MS1 SUV LCV <3.5T2 20% YoY 358K Revenue MS 24.4% 20% YoY 157K Volume MS 52.5% #1 in SUV Revenue MS 180 bps YoY 110 bps YoY
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34 MARKET LEADERSHIP IN SUV Volumes & RMS include ICE SUVs & E-SUVs REVENUE MARKET SHAREVOLUMES (‘000s) #2 in Volume MS 136.0 142.2 149.1 152.1 145.5 178.9 183.8 174.7 183.4 Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 Q3F26 Q4 F26 Q1 F27 Q2 F27 21.9% 23.2% 23.5% 27.1% 25.4% 24.1% 24.5% 24.6% 24.3% Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 Q3F26 Q4 F26 Q1 F27 Q2 F27 #1 in SUV Revenue MS #2 in PV Revenue MS REVENUE MARKET SHARE
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35 E-SUV PENETRATION 1. All numbers including XUV 400 & XUV 3XO EV 2. Vinfast and BYD have shared data only for Q1 and Q2 across F26 and 27 E-SUV Penetration growing steadily #2 in Volume MS in Q2F27 1.4% 1.0% 6.0% 7.8% 8.7% 6.9% 9.6% 12.0% 12.7% 2.1% 3.7% 4.4% 5.9% 7.7% 5.6% 6.3% 9.3% 11.0% Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 Q3F26 Q4 F26 Q1 F27 Q2 F27 E-SUV Penetration M&M Industry 12.7% 5.5% 27.2% 29.9% 24.0% 25.7% 31.4% 26.3% 23.2% Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 Q3F26 Q4 F26 Q1 F27 Q2 F27 E-SUV Volume MS E-SUV Penetration Q1F26 Q2F26 Q1F27 Q2F27 Industry without Vinfast and BYD2 5.7% 7.4% 8.3% 10.0% E-SUV Volume MS Q1F26 Q2F26 Q1F27 Q2F27 MS Without Vinfast and BYD2 31.4% 25.0% 29.4% 25.7%
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36 REVENUE MARKET SHARE EV-UV M&M is #2 in EV UV Revenue Market Share in Q2 F27 1. Source: JATO Q2 F27 OEM E-SUV Revenue MS1 E-SUV Revenue MS1 MAHINDRA 30.1% 32.3% OEM 1 32.7% 30.6% OEM 2 13.7% 14.0% OEM 3 6.4% 6.4% OEM 4 5.3% 6.0% OEM 5 4.0% 4.6% OEM 6 3.6% 2.8% OEM 7 3.2% 2.4% H1 F27
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37 59 • 59 ultrafast charging stations operational in India • These cover ~12k Kms of national highway corridors • On covered highways, a charging station every ~200 Kms • ~4 Million Units (kWh) of power dispensed, enabling customers to drive ~2.5 Cr Kms • 250 ultrafast charging stations planned by end of calendar year 2027
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38 EV HIGHLIGHTS 1. Steady performance: Billing of 23,345 units, capturing 23.2% eSUV Volume market share in Q2 2. #2 player by revenue market share: #2 in eSUV RMS (30.1%) in Q2 F27 3. Leading EV penetration: M&M eSUV penetration stands at 12.7% ahead of the industry average of 11.0% 4. India’s highest selling EV: XEV 9S Sales in Q2 with 13,275 units 5. BE 6 Sporteq launch re-ignited momentum: 50%+ increase in enquiries, 93% increase in bookings* All numbers (In first 3 points) including XUV 400 & XUV 3XO EV Billing volumes are domestic *Q2 pre-launch 1st Jul-15th Aug v/s Post-launch 16th Aug-30th Sept
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40 #1 IN LCV <3.5T Numbers include Jeeto sold by MLMML Bolero Max Pickup 2T variant has been classified under LCV 2-3.5T. In SIAM it is classified under LCV 3.5 to 7.5T, since its GVW is slightly higher than 3.5T Q2 F27 MS 52.3%, down by 90 bps YoY 61.7 67.5 67.7 61.4 69.6 81.4 77.2 73.6 83.0 Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 Q3F26 Q4 F26 Q1 F27 Q2 F27 LCV <3.5T Volumes (‘000s) 52.2% 51.8% 52.2% 54.1% 53.2% 51.9% 50.5% 52.8% 52.3% Q2F25 Q3 F25 Q4 F25 Q1 F26 Q2 F26 Q3F26 Q4 F26 Q1 F27 Q2 F27 LCV <3.5T MS
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41 Volumes include exports MTB+SML : VOLUMES 2,840 2,920 4,514 3,248 3,219 3,902 Q2 F25 Q2 F26 Q2 F27 MTB SML 6,088 6,139 8,416 37% YoY
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42 Strong market reception, performing to expectations – driving gains in volume and market share New standards for Profitable & Intelligent Trucking 350 + media articles and 65 M+ social media views Earn More . Run More . Control More . Extensive nationwide activation : 1 major launch, 10 + city - level launches, and 100 + customer meets
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43 TRUCK & BUS: MARKET SHARE GROWTH ACROSS ALL SEGMENTS Mahindra’s Trucks & Buses business comprises of Mahindra Trucks & Buses division (MTBD) and SML Mahindra Limited (SML). 5.9% 5.6% 5.8% Q2 F25 Q2 F26 Q2 F27 MS Trend HCV capacity completely utilised to meet higher new Blazo demand; Capacity expansion being planned
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44 LAST MILE MOBILITY 1As per SIAM 2 Domestic Sales volume 3 L5 category: As per CMVR LAST MILE MOBILITY 32,024 27,346 28,120 35,541 45,287 6,660 8,439 8,725 6,735 7,582 38,684 35,785 36,845 42,276 52,869 Q2 F26 Q3F26 Q4F26 Q1F27 Q2F27 EV (3W + 4W) ICE (3W + 4W) Sales Volume2 ▪ E-3W: YoY growth of 41% ▪ 3W L53 Electrification is at 41.4% in Q2 F27 ▪ Current capacity fully utilized; expansion being planned Achieved Unicorn Status now valued at INR 10,822 crore E-3W Market Share – 36.2%
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45 India’s No. 1 commercial EV brand with 400,000 EVs on the road
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47 Q2: AUTO (SUV & LCV) MARGINS Margin of 9.8% despite steep commodity inflation 10.2% 11.0% 9.8% Q2 F25 Q2 F26 Q2 F27 Auto (SUV & LCV)# PBIT% #Auto (SUV & LCV) includes Exports
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48 AUTO CONSOLIDATED MARGIN UP 110 bps QoQ Rs cr.Rs cr. Auto (SUV &LCV)1 BEV (eSUV)2 Others3 Auto Conso Q2 F27 Q2 F26 Q1 F27 Q2 F27 Q2 F26 Q2 F27 Q2 F26 Q2 F27 Q2 F26 Q1 F27 Revenue 26,881 20,909 25,167 6,831 3,599 5,385 3,990 37,756# 27,171# 34,387# PBIT 2,621 2,306 2,243 624 279 75 -47 3,319 2,538 2,645 PBIT% 9.8% 11.0% 8.9% 9.1% 7.7% 1.4% -1.2% 8.8% 9.3% 7.7% =+ + 1. Auto (SUV & LCV) includes Exports 2. BEV includes MEAL Ltd and Contract manufacturing arrangement for eSUV 3. Auto others includes Trucks & buses, Mfg. arrangement for 2W and E-3W, domestic and international subsidiaries incl. Last Mile Mobility # Net of intercompany elimination of RS.1,462 crs. in Q2’27, RS. 1,328 crs. in Q2’26 and Rs 1,123 in Q1’F27 Conso PBIT is net of stock reserve and after share of profit from JV/ Associates Auto consolidated margin dropped by only 50 bps YoY despite commodity price hikes
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49 Q2: AUTO CONSO FINANCIALS Numbers are net of intercompany eliminations, stock reserve and after share of profit from JV/ Associates Rs cr. 2,538 3,319 Q2 F26 Q2 F27 PAT 1,536 2,388 27,171 37,756 Q2 F26 Q2 F27 31% 39% PBITRevenue 55%
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Way Forward Capacity Unlock
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5151 AUTO CAPACITY- H1 targets met, on-track for F27 plan F27 H1 exit capacity 60k Completed 8k Operational 68k Operational Completed ▪ Scale-up during F27 as part of debottlenecking and new product capacity ▪ Creating additional NU_IQ capacity in Chakan of 10k p.m. (92k operational capacity by F28 exit) ▪ Greenfield plant announced in Nagpur for F29 & beyond to support new launches − Operational capacity of ~20k p.m. by H1F30 exit − Additional ~20k p.m. by H1F31 exit ▪ 2x capacity growth in 5 years (F26 exit - F31 exit) Per month capacity F25 exit capacity F26 exit capacity SUV ICE Capacity 54k 56.5k BEV Capacity 5k Operational 8k Operational Total Capacity 59k Operational 64.5k Operational F27 H2 exit capacity 70k (10K for new Launches in F28) On track 12K Operational (4k for new launches in F28) On track 82k Operational (14k for new launches in F28) On track
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Way Forward Portfolio Expansion
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54 REFRESHES TO POWER GROWTH
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55 REFRESHES TO POWER GROWTH
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57 PRODUCT PORTFOLIO – 5 big launches by end of Jun’27 SUVs 1 Product on new NU_IQ platform LCVs 1 All new BEV Lifestyler already announced 1 Refresh 1 new LCV launch
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58 FY27 Outlook 5858 Tractors Industry expected to remain flattish in FY27 SUVs Mid to high teen growth for M&M in FY27 Manufacturing capacity ramp up on-track to meet volume growth plan LCV (<3.5T) Double digit Industry growth expected for FY27
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Financials Analyst & Press Meet Amarjyoti Barua | 05 November 2026
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PAT Revenue Q2 F26 Q2 F27 Q2 F26 Q2 F27 25% 25% 46,106 57,553 3,673 4,588 Financial Results: Q2 F27 91,564 1,15,741YTD 26% 7,757 10,042 29% Rs cr. 60 CONSOLIDATED M&M
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3,673 4,588 852 110 110 181 107 226 PAT Q2 F26 Auto Farm TechM MMFSL Growth Gems Investments PAT Q2 F27 (-) Monetisation Q2 F27 PAT Q2 F26 to Q2 F27 Total 4,5883,673 Q2 F26 Q2 F27 Auto 2,3881,536 Farm 1,0531,163 Rs cr.CONSOLIDATED M&M MMFSL 477296 TechM 445335 Growth Gems 16861 Investments 56282 VPY (9%) 33% (80%) 61% 3x 55% 25% 61
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Rs cr. PAT Revenue Q2 F26 Q2 F27 13% 26 % Financial Results: Q2 F27 STANDALONE M&M 69,223 86,241YTD 25% 7,970 8,787 10% Q2 F26 Q2 F27 35,080 44,282 4,521 5,102 62
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H1’F27 Cash Flow Rs cr.Rs cr. # EV MEAL + LMM Co net denotes capex and operating cash at MEAL and LMM Co. @ Includes cash, cash equivalents and treasury investments held by M&M, MEAL and LMM Co. $ denotes ICDs / funding of MOICML and Susten Investments includes MTM adjustments for treasury investments STANDALONE M&M + MEAL + LMM Co Auto Farm Services Total Opening Balance@ 41,159 + Inflow (incl. monetization, dividend) 9,523 1,799 1,766 13,089 - Capex (4,694) (563) 61 (5,196) - EV: MEAL + LMM Co# (155) 0 0 (155) - Investments (75) (43) (174) (292) Net cash generation 4,598 1,194 1,653 7,446 - ICDs / funding for group cos$ 746 - Borrowings and finance cost (568) - Dividend payout (4,098) Closing Balance@ 44,685 Rs cr. 63
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Thank You