Interim report
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Mahindra & Mahindra Ltd. Mahindra Towers, Dr. G. M. Bhosale Marg, Worli, Mumbai 400 018 India Tel: +91 22 2490 1441 Fax: +91 22 2490 0833 www.mahindra.com Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001, India | Tel: +91 22 6897 5500 | Fax: +91 22 22875485 | Email: group.communication@mahindramail.com | mahindra.com | CIN No. L65990MH1945PLC004558 Ref No.: M&M/SEC/2026-27/152 5th November 2026 National Stock Exchange of India Limited Scrip Symbol: M&M BSE Limited Scrip Code: 500520 Sub: Outcome of Board Meeting of Mahindra & Mahindra Limited held on 5th November 2026 Ref: ▪ Regulations 30 (read with schedule III Part A & B), 33, 51 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations”) ▪ SEBI Master Circular No. HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated 30th January 2026 (“SEBI Master Circular”) ▪ Intimation of Board Meeting dated 24th September 2026 Dear Sir/ Ma’am, 1. This is to inform you that the Board of Directors of Mahindra & Mahindra Limited (“the Company”), at its Meeting held on 5th November 2026, has inter-alia approved the Unaudited Standalone and Consolidated Financial Results of the Company for the Second Quarter and Half year ended 30th September 2026. We are enclosing the Unaudited Standalone and Consolidated Financial Results of the Company for the Second Quarter and Half year ended 30th September 2026, along with the Limited Review Report thereon, issued by the Statutory Auditors, B S R & Co. LLP, Chartered Accountants as Annexure-1. 2. Pursuant to Regulation 30 of the SEBI LODR Regulations, we also hereby inform you that Ms. Shuchi Suri, Executive Vice -President, Mahindra Experiences, Senior Management Personnel of the Company shall transition to the role of the Chief Sales & Marketing Officer - Automotive Business of the Company with effect from 1st April 2027. Consequent to this transition, she will cease to be a Senior Management Personnel of the Company. The details as required under Regulation 30 of SEBI LODR Regulations read with SEBI Master Circular are given hereunder as Annexure-2. The aforesaid meeting commenced at 11:00 a.m. and concluded at 12:47 p.m. This intimation is also being uploaded on the Company’s website at https://www.mahindra.com Yours sincerely, For Mahindra & Mahindra Limited Sailesh Kumar Daga Company Secretary FCS: 4164 Encl.: as above CC: Luxembourg Stock Exchange London Stock Exchange Plc ISIN: USY541641194
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Rs. in Crores Year Ended 30th Sep 2026 30th Jun 2026 30th Sep 2025 30th Sep 2026 30th Sep 2025 31st Mar 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1. Income a. Revenue from operations 57,514.98 57,533.44 45,885.40 1,15,048.42 91,321.28 1,97,792.78 b. Income from investments related to subsidiaries, associates and joint ventures 38.15 654.13 220.27 692.28 242.61 845.77 Income from operations 57,553.13 58,187.57 46,105.67 1,15,740.70 91,563.89 1,98,638.55 c. Other income 1,187.02 1,016.03 675.51 2,203.05 1,592.43 3,445.79 Total income 58,740.15 59,203.60 46,781.18 1,17,943.75 93,156.32 2,02,084.34 2. Expenses a. Cost of materials consumed 36,908.96 33,229.35 27,886.65 70,138.31 54,597.29 1,13,553.14 b. Purchases of stock-in-trade 2,235.06 2,378.32 2,044.50 4,613.38 4,111.40 8,670.45 c. Changes in inventories of finished goods, stock-in-trade and work-in-progress (1,945.36) 724.30 (1,821.67) (1,221.06) (2,264.31) 698.79 d. Employee benefits expense 3,303.26 3,388.33 3,111.99 6,691.59 6,156.51 12,730.62 e. Finance costs 2,681.93 2,559.91 2,347.03 5,241.84 4,778.22 9,590.85 f. Depreciation, amortisation and impairment expense 1,831.88 1,760.47 1,668.89 3,592.35 3,216.45 7,322.02 g. Loss from investments related to subsidiaries, associates and joint ventures 55.15 262.19 10.82 317.34 124.51 581.54 h. Other expenses 6,774.60 7,640.13 5,944.29 14,414.73 11,681.60 25,424.14 Total expenses 51,845.48 51,943.00 41,192.50 1,03,788.48 82,401.67 1,78,571.55 3. Profit/(loss) before exceptional items, share of profit/(loss) of associates, joint ventures and tax (1 - 2) 6,894.67 7,260.60 5,588.68 14,155.27 10,754.65 23,512.79 4. Exceptional items - - - - - (292.94) 5. Profit/(loss) before share of profit/(loss) of associates, joint ventures and tax (3 + 4) 6,894.67 7,260.60 5,588.68 14,155.27 10,754.65 23,219.85 6. Share of profit of associates and joint ventures (net) 470.03 367.49 469.25 837.52 947.39 1,964.91 7. Profit/(loss) before tax (5 + 6) 7,364.70 7,628.09 6,057.93 14,992.79 11,702.04 25,184.76 8. Tax expense a. Current tax (2,115.98) (1,597.80) (2,062.97) (3,713.78) (3,334.86) (6,769.35) b. Deferred tax (81.95) (32.73) (31.21) (114.68) (26.85) 206.30 9. Profit/(loss) after tax (7 + 8) 5,166.77 5,997.56 3,963.75 11,164.33 8,340.33 18,621.71 10. Other comprehensive income/(loss) a. (i) Items that will not be reclassified to profit or loss 0.71 (19.93) (3.96) (19.22) 22.68 (12.74) (ii) Income tax relating to items that will not be reclassified to profit or loss 0.50 6.38 2.48 6.88 5.38 22.25 b. (i) Items that will be reclassified to profit or loss 46.31 83.64 (31.28) 129.95 210.13 823.25 (ii) Income tax relating to items that will be reclassified to profit or loss (4.30) (6.71) 24.09 (11.01) 8.04 (29.71) 11. Total comprehensive income/(loss) for the period (9 + 10) 5,209.99 6,060.94 3,955.08 11,270.93 8,586.56 19,424.76 12. Profit/(loss) for the period attributable to: a) Owners of the company 4,587.88 5,454.54 3,673.32 10,042.42 7,756.64 17,098.85 b) Non-controlling interest 578.89 543.02 290.43 1,121.91 583.69 1,522.86 13. Other comprehensive income/(loss) for the period attributable to: a) Owners of the company 29.74 57.62 (29.26) 87.36 217.18 719.03 b) Non-controlling interest 13.48 5.76 20.59 19.24 29.05 84.02 14. Total comprehensive income/(loss) for the period attributable to: a) Owners of the company 4,617.62 5,512.16 3,644.06 10,129.78 7,973.82 17,817.88 b) Non-controlling interest 592.37 548.78 311.02 1,141.15 612.74 1,606.88 15. Earnings per share (not annualised): a. Basic earnings per share (Rs.) 41.04 48.80 32.90 89.84 69.47 153.10 b. Diluted earnings per share (Rs.) 40.90 48.59 32.51 89.48 68.97 152.18 16. Paid-up equity share capital (Face value Rs. 5 per share) 559.12 558.95 558.42 559.12 558.42 558.78 17. Other equity 92,537.57 MAHINDRA & MAHINDRA LIMITED Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001 Tel: +91 22 22021031, Fax: +91 22 22875485, Website: www.mahindra.com, Email: group.communication@mahindramail.com CIN L65990MH1945PLC004558 STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2026 Particulars Quarter Ended Half Year Ended Annexure-1
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Rs. in Crores Year Ended 30th Sep 2026 30th Jun 2026 30th Sep 2025 30th Sep 2026 30th Sep 2025 31st Mar 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) A. Segment revenue: Automotive 37,756.35 34,387.25 27,170.87 72,143.60 53,169.58 1,17,834.13 Farm Equipment 9,571.58 12,500.77 10,225.01 22,072.35 21,045.60 42,568.39 Services: Financial Services 5,905.96 5,697.83 5,015.65 11,603.79 9,988.88 20,949.32 Industrial Businesses and Consumer Services 5,914.82 7,200.72 5,032.57 13,115.54 9,933.13 22,748.93 Total segment revenue 59,148.71 59,786.57 47,444.10 1,18,935.28 94,137.19 2,04,100.77 Less: Inter-segment revenue 1,595.58 1,599.00 1,338.43 3,194.58 2,573.30 5,462.22 Income from operations 57,553.13 58,187.57 46,105.67 1,15,740.70 91,563.89 1,98,638.55 B. Segment results after exceptional items and before share of profit/(loss) of associates and joint ventures: Automotive 3,330.89 2,649.67 2,582.20 5,980.56 4,665.73 10,478.54 Farm Equipment 1,375.53 1,782.07 1,605.27 3,157.60 3,236.28 5,505.59 Services: Financial Services 1,166.90 1,201.38 736.18 2,368.28 1,399.82 3,708.89 Industrial Businesses and Consumer Services 349.18 995.08 324.40 1,344.26 533.09 1,725.61 Total 6,222.50 6,628.20 5,248.05 12,850.70 9,834.92 21,418.63 C. Segment results after exceptional items and share of profit/(loss) of associates and joint ventures: Automotive 3,319.37 2,644.72 2,538.19 5,964.09 4,600.00 10,383.47 Farm Equipment 1,375.53 1,781.11 1,607.81 3,156.64 3,238.82 5,516.90 Services: Financial Services 1,185.12 1,223.60 751.61 2,408.72 1,435.40 3,778.53 Industrial Businesses and Consumer Services 812.51 1,346.26 819.69 2,158.77 1,508.09 3,704.64 Total 6,692.53 6,995.69 5,717.30 13,688.22 10,782.31 23,383.54 Finance costs (excludes Financial Services business) (161.96) (191.47) (153.11) (353.43) (307.56) (671.59) Other unallocable income/(expense), net (includes exceptional items not allocated to segments) 834.13 823.87 493.74 1,658.00 1,227.29 2,472.81 Profit/(loss) before tax 7,364.70 7,628.09 6,057.93 14,992.79 11,702.04 25,184.76 D. Segment assets: Automotive 61,658.87 57,322.39 53,189.97 61,658.87 53,189.97 54,612.25 Farm Equipment 20,166.99 19,344.48 20,057.07 20,166.99 20,057.07 18,755.50 Services: Financial Services 1,74,402.04 1,60,355.57 1,46,256.91 1,74,402.04 1,46,256.91 1,55,756.75 Industrial Businesses and Consumer Services 42,035.87 41,525.89 39,896.16 42,035.87 39,896.16 41,763.13 Total segment assets 2,98,263.77 2,78,548.33 2,59,400.11 2,98,263.77 2,59,400.11 2,70,887.63 Unallocable assets 54,004.66 54,774.39 33,529.84 54,004.66 33,529.84 46,747.01 Total assets 3,52,268.43 3,33,322.72 2,92,929.95 3,52,268.43 2,92,929.95 3,17,634.64 E. Segment liabilities: Automotive 48,477.11 42,311.04 32,451.08 48,477.11 32,451.08 37,270.73 Farm Equipment 10,809.68 11,904.23 10,698.11 10,809.68 10,698.11 11,057.77 Services: Financial Services 1,52,386.03 1,39,809.42 1,23,950.96 1,52,386.03 1,23,950.96 1,31,591.34 Industrial Businesses and Consumer Services 18,798.32 17,303.53 17,146.61 18,798.32 17,146.61 17,931.66 Total segment liabilities 2,30,471.14 2,11,328.22 1,84,246.76 2,30,471.14 1,84,246.76 1,97,851.50 Unallocable liabilities 6,219.63 7,319.00 10,591.69 6,219.63 10,591.69 10,292.14 Total liabilities 2,36,690.77 2,18,647.22 1,94,838.45 2,36,690.77 1,94,838.45 2,08,143.64 MAHINDRA & MAHINDRA LIMITED CONSOLIDATED SEGMENT INFORMATION FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2026 Particulars Quarter Ended Half Year Ended
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Rs. in Crores As at As at 30th Sep 2026 31st Mar 2026 (Unaudited) (Audited) A. ASSETS 1. NON-CURRENT ASSETS Property, plant and equipment 29,438.19 29,012.33 Capital work-in-progress 4,020.43 2,368.02 Goodwill 2,535.13 2,534.77 Other intangible assets 6,855.40 6,912.32 Intangible assets under development 6,808.97 5,371.51 Investments accounted using equity method 14,098.10 15,112.02 Financial assets - Investments 4,907.55 4,406.95 - Trade receivables 167.78 207.76 - Loans 94,370.06 89,180.41 - Other financial assets 6,270.31 8,544.32 Deferred tax assets (net) 1,539.05 1,580.96 Income tax assets (net) 1,902.68 2,088.81 Other non-current assets 4,535.05 3,174.84 TOTAL NON-CURRENT ASSETS 1,77,448.70 1,70,495.02 2. CURRENT ASSETS Inventories 24,125.26 22,044.11 Financial assets - Investments 29,233.95 20,804.87 - Trade receivables 9,903.56 9,064.27 - Cash and cash equivalents 8,165.74 4,292.24 - Bank balances other than cash and cash equivalents 29,099.68 27,686.34 - Loans 59,295.38 51,137.04 - Other financial assets 6,129.30 4,597.42 Other current assets 8,866.86 7,350.20 Assets held for sale - 163.13 TOTAL CURRENT ASSETS 1,74,819.73 1,47,139.62 TOTAL ASSETS (1+2) 3,52,268.43 3,17,634.64 B. EQUITY AND LIABILITIES 1. EQUITY Equity share capital 559.12 558.78 Other equity 97,358.05 92,537.57 Equity attributable to owners of the company 97,917.17 93,096.35 Non-controlling Interests 17,660.49 16,394.65 1,15,577.66 1,09,491.00 2. LIABILITIES i NON-CURRENT LIABILITIES Financial liabilities - Borrowings 81,014.20 73,469.93 - Compulsorily convertible preference shares - 2,972.76 - Lease liabilities 4,055.39 3,651.83 - Other financial liabilities 4,865.45 1,034.76 Provisions 2,608.89 2,582.76 Deferred tax liabilities (net) 1,869.46 1,774.34 Other non-current liabilities 6,602.53 6,558.70 TOTAL NON-CURRENT LIABILITIES 1,01,015.92 92,045.08 ii CURRENT LIABILITIES Financial liabilities - Borrowings 68,371.17 56,144.57 - Lease liabilities 653.34 696.82 - Trade payables (a) Total outstanding dues of micro and small enterprises 1,247.90 991.18 (b) Total outstanding dues of creditors other than micro and small enterprises 41,988.47 36,897.49 - Other financial liabilities 7,025.20 6,290.08 Other current liabilities 12,990.61 12,287.05 Provisions 1,961.13 1,809.57 Current tax liabilities (net) 1,437.03 981.80 TOTAL CURRENT LIABILITIES 1,35,674.85 1,16,098.56 TOTAL EQUITY AND LIABILITIES (1+2) 3,52,268.43 3,17,634.64 MAHINDRA & MAHINDRA LIMITED CONSOLIDATED BALANCE SHEET Particulars
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Rs. in Crores 30th Sep 2026 30th Sep 2025 (Unaudited) (Unaudited) A. CASH FLOW FROM OPERATING ACTIVITIES : Profit/(loss) before share of profit/(loss) of associates, joint ventures and tax 14,155.27 10,754.65 Adjustments for : Depreciation, amortisation and impairment expense 3,592.35 3,216.45 Loss/(Gain) on foreign exchange fluctuation and other adjustments (net) 67.32 296.00 Income from investments related to subsidiaries, associates and joint ventures (692.28) (242.61) Loss from investments related to subsidiaries, associates and joint ventures 317.34 124.51 Dividend on investments and interest income [excluding Rs. 10,261.85 crores (30th Sep 2025: Rs. 9,142.67 crores) in respect of financial services business] (1,199.71) (806.71) Finance costs [excluding Rs. 4,888.41 crores (30th Sep 2025: Rs. 4,470.66 crores) in respect of financial services business] 353.43 307.56 Equity-settled share-based payment expenses 177.66 130.74 Gain on financial instruments measured at fair value (net) (679.27) (659.07) (Gain)/Loss on property, plant and equipment sold / scrapped / written off (net) (164.68) 0.45 1,772.16 2,367.32 Operating profit before working capital changes 15,927.43 13,121.97 Changes in : Trade and other receivables (4,608.20) (2,601.42) Financial services receivable (13,482.32) (7,270.09) Inventories (2,170.30) (3,524.60) Trade and other payables and provisions 6,676.79 3,804.50 (13,584.03) (9,591.61) Cash generated from operations 2,343.40 3,530.36 Income taxes paid (net) (3,016.52) (2,327.24) Net cash flow (used in)/from operating activities (673.12) 1,203.12 B. CASH FLOW FROM INVESTING ACTIVITIES : Payments to acquire property, plant & equipment and other intangible assets (7,364.70) (3,956.74) Proceeds from sale of property, plant & equipment and other intangible assets 418.75 130.32 Payments to acquire investments (88,324.87) (66,932.62) Proceeds from sale of investments 80,135.36 73,409.60 Interest received (excluding financial services business) 933.16 822.21 Dividends received from joint ventures and associates 1,103.61 787.80 Dividends received from others 3.29 8.69 Bank deposits placed (including earmarked and margin account with banks) (11,513.92) (15,348.87) Bank deposits matured (including earmarked and margin account with banks) 13,093.11 9,665.95 Inter corporate deposits placed (305.65) (443.66) Inter corporate deposits refunded 427.35 69.80 Purchase of investment in joint ventures and associates (18.79) (639.78) Purchase consideration paid for acquisition of subsidiaries net of cash acquired (40.18) (545.13) Consideration received on disposal of subsidiaries 28.50 13.89 Consideration received on disposal (including partial sale of investment) of joint ventures and associates 1,455.38 443.71 Net cash flow used in investing activities (9,969.60) (2,514.83) C. CASH FLOW FROM FINANCING ACTIVITIES : Proceeds from issue of shares to employees by ESOP Trust 0.33 0.27 Proceeds from borrowings 56,707.87 29,141.98 Repayments of borrowings (37,201.70) (28,317.86) Net change in loans repayable on demand and cash credit 208.30 200.79 Repayment of lease liabilities (including interest) (495.42) (461.15) Dividends paid (including payment of unclaimed dividends) (3,683.49) (2,820.44) Dividend paid to non-controlling interests (624.11) (555.66) Transactions with non-controlling interests 7.51 2,309.81 Interest, commitment and finance charges paid (excluding financial services business) (123.49) (148.50) Net cash flow from/(used in) financing activities 14,795.80 (650.76) NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C) 4,153.08 (1,962.47) Cash and cash equivalents at the beginning of the period 4,292.24 4,923.89 Cash and cash equivalents related to disposal of subsidiaries (297.96) (63.88) Unrealised gain on foreign currency cash and cash equivalents (net) 18.38 47.60 Cash and cash equivalents at the end of the period 8,165.74 2,945.14 MAHINDRA & MAHINDRA LIMITED UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 30TH SEPTEMBER, 2026 Particulars Half Year Ended
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Year Ended 30th Sep 2026 30th Jun 2026 30th Sep 2025 30th Sep 2026 30th Sep 2025 31st Mar 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1 Debt-Equity Ratio (excluding Financial Services business) (times) (Long term borrowings + Short term borrowings)^ / (Total Equity)^ ^ excluding amounts related to Financial Services business 0.03 0.04 0.05 0.03 0.05 0.04 2 Debt Service Coverage Ratio (excluding Financial Services business) (times) (not annualised) (Profit before interest, depreciation, amortisation, impairments, loss from investments related to subsidiaries, associates and joint ventures, exceptional items and tax)^ / (Gross interest for the period + Principal repayments of long term borrowings within a year)^ ^ excluding amounts related to Financial Services business 19.39 6.78 5.44 25.80 9.00 15.00 3 Interest Service Coverage Ratio (excluding Financial Services business) (times) (not annualised) (Profit before interest, depreciation, amortisation, impairments, loss from investments related to subsidiaries, associates and joint ventures, exceptional items and tax)^ / (Gross interest expense for the period) ^ ^ excluding amounts related to Financial Services business 41.44 37.37 36.60 39.24 33.53 34.91 4 Debenture Redemption Reserve (Rs. crores) 50.64 50.64 50.64 50.64 50.64 50.64 5 Capital Redemption Reserve (Rs. crores) 68.72 68.72 68.72 68.72 68.72 68.72 6 Net Worth (Rs. crores) (as per Companies Act, 2013) 96,845.20 95,949.03 82,675.45 96,845.20 82,675.45 92,145.00 7 Current Ratio (times) (Current assets) / (Current liabilities) 1.29 1.31 1.35 1.29 1.35 1.27 8 Long Term Debt to Working Capital (times) (Long term borrowings + Current maturities of long term borrowings) / (Current assets - Current liabilities (excluding current maturities of long term borrowings)) 1.49 1.45 1.61 1.49 1.61 1.62 9 Bad Debts (excluding Financial Services business) to Accounts Receivables Ratio (%) (not annualised) (Bad debts + Provision for doubtful debts for the period) / (Average trade receivables for the period) 0.21% 0.21% 0.15% 0.42% 0.28% 0.86% 10 Current Liability Ratio (times) (Current liabilities) / (Total liabilities) 0.57 0.57 0.51 0.57 0.51 0.56 11 Total Debts to Total Assets (times) (Long term borrowings + Short term borrowings) / (Total Assets) 0.42 0.41 0.42 0.42 0.42 0.41 12 Debtors Turnover (times) (annualised) (Revenue from sale of goods and services) / (Average trade receivable for the period) 20.54 21.73 16.71 20.91 17.50 19.57 13 Inventory Turnover (times) (annualised) (Cost of materials consumed) / (Average inventories for the period) 6.55 6.84 4.83 6.45 5.04 5.86 14 Operating Margin (%) (excluding investment related income/(loss)) (Profit before interest (excluding Financial Services business), income/(loss) from investments related to subsidiaries, associates and joint ventures, other income, depreciation, amortisation, impairments, exceptional items, tax and share of profit/(loss) of associates and joint ventures) / (Revenue from operations) 13.42% 13.57% 14.22% 13.49% 13.76% 14.05% 15 Operating Margin (%) (Profit before interest (excluding Financial Services business), other income, depreciation, amortisation, impairments, exceptional items, tax and share of profit/(loss) of associates and joint ventures) / (Income from operations) 13.38% 14.09% 14.61% 13.74% 13.86% 14.13% 16 Net Profit Margin (%) (Net Profit/(loss) for the period) / (Income from operations) 8.98% 10.31% 8.60% 9.65% 9.11% 9.37% Explanatory notes: Cost of materials consumed for the purpose of Inventory Turnover Ratio includes purchases of stock-in-trade and changes in inventories of finished goods, stock-in- trade and work-in-progress. MAHINDRA & MAHINDRA LIMITED Additional Disclosure as per Regulation 52(4) of SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015 for the quarter and half year ended 30th September, 2026 (based on Consolidated financial results) S.No Particulars Quarter Ended Half Year Ended
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Notes: 1 These consolidated financial results have been prepared in accordance with the recognition and measurement principles under Ind AS as prescribedunder Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally acceptedin India. 2 The Ministry of Environment, Forest and Climate Change has notified the Environment Protection (End-of-Life Vehicles) Rules, 2025 ("ELVRules"), which are effective from April 1, 2025. As per these rules, Extended Producer Responsibility (EPR) obligations are imposed on producers("vehicle manufacturers") for the scrapping of End-of-Life Vehicles and such obligations are to be fulfilled through the purchase of EPR certificatesfrom registered Vehicle Scrapping Facilities via a Centralised Online Portal. The implementation details and operational procedures of the ELV rulesincluding the modalities of the pricing mechanism for the EPR certificates are yet to be developed.Consequently, the Group is currently unable to reliably estimate a range of possible outcomes and the potential impact of these rules. The Group willcontinue to assess the ability to measure its obligations pursuant to the ELV Rules, as and when the aforesaid details of implementation frameworkare available.3 The reportable segments are as follows:a) Automotive : This segment comprises of sale of automobiles, two wheelers, spares, construction equipments and related services;b) Farm Equipment : This segment comprises of sale of tractors, implements, spares, powerol and related services;c) Financial Services : This segment comprises of offering financial products ranging from retail and other loans, SME finance, housing finance,mutual funds and life and non-life insurance broking services;d) Industrial Businesses and Consumer Services : This segment comprises of all other segments like IT services, Real Estate, Hospitality, Logistics,Steel trading and processing. Renewables, After-market, Defence, Agriculture related products, etc. that individually do not meet the reportingthresholds.In the consolidated results, the reportable segments also include investments in associates and joint ventures in respective businesses.4 In compliance with Regulation 33 and 52 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, a limited review of theabove results has been carried out by the Statutory Auditors.5 The above consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on5th November, 2026. For and on behalf of the Board of Directors Dr. Anish ShahGroup CEO & Managing Director(DIN : 02719429)Date: 5th November, 2026Place: Mumbai
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14th Floor, Central B Wing and North C WingNesco IT Park 4, Nesco CenterWestern Express HighwayGoregaon (East), Mumbai - 400 063, IndiaTelephone: +91 (22) 6257 1000Fax: +91 (22) 6257 1010 B S R & Co. LLPChartered Accountants Limited Review Report on unaudited consolidated financial results of Mahindra &Mahindra Limited for the quarter ended 30 September 2026 and year to date resultsfor the period from 1 April 2026 to 30 September 2026 pursuant to Regulation 33 andRegulation 52(4) read with Regulation 63 of Securities and Exchange Board of India(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amendedTo the Board of Directors of Mahindra & Mahindra Limited1. We have reviewed the accompanying Statement of unaudited consolidated financial results ofMahindra & Mahindra Limited (hereinafter referred to as “the Parent"), and its subsidiaries (the Parentand its subsidiaries together referred to as “the Group”) and its share of the net profit after tax andtotal comprehensive income of its associates and joint ventures for the quarter ended 30 September2026 and year to date results for the period from 1 April 2026 to 30 September 2026 (“the Statement”),being submitted by the Parent pursuant to the requirements of Regulation 33 and Regulation 52(4)read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligations andDisclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").2. This Statement, which is the responsibility of the Parent’s management and approved by the Parent’sBoard of Directors, has been prepared in accordance with the recognition and measurementprinciples laid down in Indian Accounting Standard 34 “Interim Financial Reporting" (“Ind AS 34"),prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generallyaccepted in India and in compliance with Regulation 33 and Regulation 52(4) read with Regulation63 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement basedon our review.3. We conducted our review of the Statement in accordance with the Standard on Review Engagements(SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of theEntity’’, issued by the Institute of Chartered Accountants of India. A review of interim financialinformation consists of making inquiries, primarily of persons responsible for financial and accountingmatters, and applying analytical and other review procedures. A review is substantially less in scopethan an audit conducted in accordance with Standards on Auditing and consequently does not enableus to obtain assurance that we would become aware of all significant matters that might be identifiedin an audit. Accordingly, we do not express an audit opinion.We also performed procedures in accordance with the circular issued by the Securities and ExchangeBoard of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.4. The Statement includes the results of the entities mentioned in Annexure I.5. Based on our review conducted and procedures performed as stated in paragraph 3 above and basedon the consideration of the review reports of the other auditors referred to in paragraph 6 below,nothing has come to our attention that causes us to believe that the accompanying Statement,prepared in accordance with the recognition and measurement principles laid down in the aforesaidIndian Accounting Standard and other accounting principles generally accepted in India, has notdisclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52(4)read with Regulation 63 of the Listing Regulations, including the manner in which it is to be disclosed,or that it contains any material misstatement. Registered Office:14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, NescoCenter, Western Express Highway, Goregaon (East), Mumbai - 400063Page 1 of 12B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (aLimited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14. 2013
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B S R & Co. LLP Limited Review Report (Continued)Mahindra & Mahindra Limited6. We did not review the interim financial results of 29 Subsidiaries included in the Statement, whoseinterim financial results reflects total assets (before consolidation adjustments) of Rs 193,439.60crores as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs 9,165.15crores and Rs 18,754.03 crores, total net profit/(loss) after tax (before consolidation adjustments) ofRs 1,007.73 crores and Rs 2,044.71 crores and total comprehensive income/(loss) (beforeconsolidation adjustments) of Rs 1,038.66 crores and Rs 2,085.58 crores, for the quarter ended 30September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively, and cashflows (net) (before consolidation adjustments) of Rs 4,675.50 crores for the period from 1 April 2026to 30 September 2026. as considered in the Statement. The Statement also include the Group’s shareof net profitZ(loss) after tax (before consolidation adjustment) of Rs 65.82 crores and Rs 81.99 croresand total comprehensive income/loss (before consolidation adjustment) of Rs 65.67 crores and Rs86.83 crores, for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30September 2026 respectively as considered in the Statement, in respect of 1 associate and 10 jointventures, whose interim financial results have not been reviewed by us. These interim financial resultshave been reviewed by other auditors whose reports have been furnished to us by the Parent’smanagement and our conclusion on the Statement, in so far as it relates to the amounts anddisclosures included in respect of these subsidiaries, associates and joint ventures, is based solelyon the reports of the other auditors and the procedures performed by us as stated in paragraph 3above.Our conclusion is not modified in respect of this matter.7. The Statement includes the interim financial results of 90 Subsidiaries which have not been reviewed,whose interim financial results reflects total assets (before consolidation adjustments) of Rs 13,093.31crores as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs 3,814.91crores and Rs 8,011.52 crores, total net profit/(loss) after tax (before consolidation adjustments) ofRs 38.54 crores and Rs (78.28) crores and total comprehensive incomeZ(loss) (before consolidationadjustments) of Rs (155.05) crores and Rs (259.57) crores, for the quarter ended 30 September 2026and for the period from 1 April 2026 to 30 September 2026 respectively, and cash flows (net) (beforeconsolidation adjustments) of Rs (857.75) crores for the period from 1 April 2026 to 30 September2026 as considered in the Statement. The Statement also includes the Group’s share of netprofitZ(loss) aftertax (before consolidation adjustment) of Rs (17.67) crores and Rs (75.18) crores andtotal comprehensive income/loss (before consolidation adjustment) of Rs (17.75) crores and Rs(64.26) crores, for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30September 2026 respectively as considered in the Statement, in respect of 28 associates and 10 jointventures, based on their interim financial results which have not been reviewed. According to theinformation and explanations given to us by the Parent's management, these interim financial resultsare not material to the Group.Our conclusion is not modified in respect of this matter.For B S R & Co. LLPChartered AccountantsFirm’s Registration No.:101248W/W-100022 Koosai LeheryPartnerMembership No.: 112399UDIN2LH 2.333 MfcTFUSfct 53Mumbai05 November 2026 Page 2 of 12
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B S R & Co. LLP Limited Review Report (Continued)Mahindra & Mahindra LimitedAnnexure IList of entities included in unaudited consolidated financial results.Sr. NoName of ComponentRelationship1 Mahindra & Mahindra Limited Parent Company2 2X2 Logistics Private Limited Subsidiary3 Anthurium Developers Limited Subsidiary4 Arabian Dreams Hotels Apartments LLC Subsidiary5 Are Villa 3 Ab Subsidiary6 Mumbai Mantra Media Limited Subsidiary7 Automobili Pininfarina Americas Inc. Subsidiary8 Automobili Pininfarina GmbH Subsidiary9 Aditatva Estates Private Limited (w.e.f 15thJune2026) Subsidiary 10 Bristlecone (Malaysia) Sdn. Bhd. Subsidiary 11 Bristlecone (Singapore) Pte. LimitedSubsidiary 12 Bristlecone Consulting Limited Subsidiary 13 Bristlecone GmbH Subsidiary14 Bristlecone Inc. Subsidiary 15 Bristlecone India Private Limited Subsidiary 16 Bristlecone International AG Subsidiary 17 Bristlecone Worldwide, Inc Subsidiary18 Bristlecone Middle East FZCO (formely known asBristlecone Middle East DMCC) Subsidiary 19 Bristlecone UK Limited Subsidiaryl4thFloor, \5x> v--------------------// Central 6 Wing and \------\/ North C Wing. \X. / NCSCO parte 3 of tjjI NescoCenTa,Western Express Highway. IGoregaon (East). /,£>VZjk Mumbai ■ 400 063/ C- /
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B S R & Co. LLP Limited Review Report (Continued)Mahindra & Mahindra LimitedSr. NoName of ComponentRelationship20 Covington S.a.r.l Subsidiary21 Deep Mangal Developers Private LimitedSubsidiary22 Erkunt Sanayi Anonim §irketi (Upto 6thAugust 2026)Subsidiary23 Erkunt Traktor Sanayii Anonim §irketiSubsidiary24 Gables Promoters Private LimitedSubsidiary25 Gromax Agri Equipment LimitedSubsidiary26 Heritage Bird (M) Sdn Bhd Subsidiary27 Holiday Club Canarias Investments S.L. Subsidiary28 Holiday Club Canarias Resort Management S.L.Subsidiary29 Holiday Club Canarias Sales & Marketing S.L.Subsidiary30 Holiday Club Resorts Oy Subsidiary31 Holiday Club Sport and Spa Hotels AB Subsidiary32 Holiday Club Sweden Ab Subsidiary33 Industrial Township (Maharashtra) LimitedSubsidiary34 Infinity Hospitality Group Company LimitedSubsidiary35 Lords Freight (India) Private LimitedSubsidiary36 Kota Farm Services Limited Subsidiary37 Mahindra & Mahindra Benefit Trust Subsidiary38 Knowledge Township Limited Subsidiary39 Mahindra & Mahindra Contech LimitedSubsidiary40 Mahindra & Mahindra Employees' Stock Option TrustS bs'diary c? x
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B S R & Co. LLP Limited Review Report (Continued)Mahindra & Mahindra LimitedSr. NoName of ComponentRelationship41 Mahindra & Mahindra Financial Services LimitedSubsidiary42 Mahindra & Mahindra Financial Services Limited -Employees' Stock Option Trust Subsidiary 43 Mahindra Agri Solutions LimitedSubsidiary44 Mahindra Airways Limited Subsidiary45 Mahindra and Mahindra South Africa (Proprietary)Limited Subsidiary 46 Mahindra Armored Vehicles Jordan, LLC Subsidiary47 Mahindra Auto Steel Private LimitedSubsidiary48 Mahindra Overseas Investment Company (Mauritius)Limited Subsidiary 49 Mahindra Automotive Australia Pty. LimitedSubsidiary50 Mahindra Automotive Mauritius LimitedSubsidiary51 Mahindra Automotive North America Inc. Subsidiary52 Mahindra Bloomdale Developers LimitedSubsidiary53 Mahindra Construction Company LimitedSubsidiary54 Mahindra Defence Systems LimitedSubsidiary55 Mahindra do Brasil Industrial Ltda. Subsidiary56 Mahindra Electrical Steel Private Limited (Upto 19thJune 2026) Subsidiary 57 Mahindra Emirates Vehicle Armouring FZ-LLCSubsidiary58 Mahindra eMarket Limited Subsidiary59 Mahindra EPC Irrigation LimitedSubsidiary_____________/SCL & ----/ c-5>------ \14th Floor, >5/0y' Central B Wing and \ I Nesco Center. I, \ Western Express Highway,/J)\ Goregaon (East).Mumbai - 400 063
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B S R & Co. LLP Limited Review Report (Continued)Mahindra & Mahindra LimitedSr. NoName of ComponentRelationship60 Mahindra Europe s.r.l. (Upto 24lhJune 2026)Subsidiary61 Mahindra Lifespace Developers LimitedSubsidiary62 Mahindra First Choice Wheels LimitedSubsidiary63 Mahindra First Choice Wheels Limited ESOP TrustSubsidiary64 Mahindra Fruits Private Limited Subsidiary65 Mahindra Holdings Limited Subsidiary66 Mahindra Holidays & Resorts India LimitedSubsidiary67 Mahindra Holidays & Resorts India Limited ESOPTrust Subsidiary 68 Mahindra Hotels & Residences India LimitedSubsidiary69 Mahindra HZPC Private LimitedSubsidiary70 Mahindra Infrastructure Developers LimitedSubsidiary71 Mahindra Insurance Brokers LimitedSubsidiary72 Mahindra Integrated Business Solutions PrivateLimited Subsidiary 73 Mahindra Accelo Limited Subsidiary74 Mahindra Logistics Limited Subsidiary75 Mahindra Racing UK Limited Subsidiary76 Mahindra Rural Housing Finance LimitedSubsidiary77 Mahindra Steel Service Centre LimitedSubsidiary78 Mahindra Finance CSR FoundationSubsidiary79 Mahindra Sustainable Energy Private LimitedSubsidiary_______ ___—HthFlooCV'Ov/ Central B Wino and _\ 'i / NBag«'i of T2\ I Nesco IT PatkT. \ ..—n I Nesco Center. I "A \ Western Express Highway. II '1QA Goregaon (East). /*>\Mumbai TOO 063 / &/
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B S R & Co. LLP Limited Review Report (Continued)Mahindra & Mahindra LimitedSr. NoName of ComponentRelationship80 Mahindra Two Wheelers Europe Holdings S.a.r.l.Subsidiary81 Mahindra USA Inc. Subsidiary82 Mahindra Vehicle Sales and Service Inc. Subsidiary83 Mahindra MiddleEast Electrical Steel Service Centre(FZC) Subsidiary 84 Mahindra MSTC Recycling Private LimitedSubsidiary85 MH Boutique Hospitality LimitedSubsidiary86 MHR Holdings (Mauritius) LimitedSubsidiary87 MAM Co., Ltd (formerly known as MitsubishiMahindra Agricultural Machinery Co., Ltd.)Subsidiary 88 MAMS Co., Ltd (formerly known as MitsubishiAgricultural Machinery Sales Co., Ltd.) Subsidiary 89 Moonshine Construction Private LimitedSubsidiary90 Sunrise Initiatives Trust Subsidiary91 Mahindra Rural Housing Finance Limited EmployeeWelfare Trust Subsidiary 92 NBS International Limited Subsidiary93 New Democratic Electoral Trust Subsidiary94 Officemartindia.com Limited Subsidiary95 Mahindra Water Utilities LimitedSubsidiary96 Ownership Services Sweden Ab Subsidiary97 Mahindra World City (Maharashtra) LimitedSubsidiary98 Holiday Club Canarias Vacation Club S. L. U. Subsidiary / Central B Wing and \I North C Wing, \ *\ Western Express Highway, /Goregeon (East). /J9P \Mumbai ■ 400 063/ C"/
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B S R & Co. LLP Limited Review Report (Continued)Mahindra & Mahindra LimitedSr. NoName of ComponentRelationship99 PT Mahindra Accelo Steel IndonesiaSubsidiary100Rathna Bhoomi Enterprises Private LimitedSubsidiary101Ryono Asset Management Co., Ltd. Subsidiary102Ryono Engineering Co., Ltd. (Upto 10thJuly 2026)Subsidiary103Ryono Factory Co., Ltd. Subsidiary104MLL Express Services Private LimitedSubsidiary105MLL Mobility Private Limited Subsidiary106Kiinteisto Oy Rauhan Liikekiinteistbt 1 Subsidiary107Mahindra Solarize Private LimitedSubsidiary108Mahindra Ideal Finance PLC (erstwhile MahindraIdeal Finance Limited) Subsidiary 109Mahindra Kandivali Developers Limited (incorporatedon 29thJune, 2026) Subsidiary 110Bristlecone Internacional Costa Rica, S.R.L.Subsidiary111Mahindra Telephonies Integrated Systems LimitedSubsidiary112V-Link Freight Services Private LimitedSubsidiary113Mahindra Holidays & Resorts Harihareshwar LimitedSubsidiary114Resurgence Solarize Urja Private LimitedSubsidiary115Swaraj Engines Limited Subsidiary116Mahindra Electric Automobile LimitedSubsidiary117Guestline Hospitality Management and DevelopmentService Limited Subsidiary 118M.l.T.R.A Agro Equipments Private LimitedSubskjjary —_ 14th Floor.y Central B Wing and \ \f North C Wing. \Nesco IT Park-4. \Nesco Center. I Mj Western Express Highway, /\ Goregaon (East), JMumbai - 400 063 / /
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B S R & Co. LLP Limited Review Report (Continued)Mahindra & Mahindra LimitedSr. NoName of ComponentRelationship119Mahindra Aerospace Private LimitedSubsidiary120Mahindra Aerostructures Private LimitedSubsidiary121Mahindra Last Mile Mobility LimitedSubsidiary122Marvel Solren Private Limited Subsidiary123ZipZap Logistics Private LimitedSubsidiary124Mahindra South East Asia LimitedSubsidiary125Mahindra Advanced Technologies LimitedSubsidiary126Mahindra Sakura Developers Limited (previouslyknown as Shreyas Stones Private Limited)Subsidiary 127Keskinainen Kiinteistb Oy Salla Star (w.e.f. 03 July2025) Subsidiary 128SML Mahindra Limited Subsidiary129PSL Media & Communications LimitedSubsidiary130Mahindra Investment Company Mauritius LimitedSubsidiary131Mahindra Homes Private LimitedSubsidiary132Carnot Technologies Private Limited (Joint Ventureupto 24thMay 2026) Subsidiary 133Novavayu Aerospace Limited (w.e.f 29thJuly 2026)Subsidiary134Agrina Co., Ltd (w.e.f 30thJuly 2026 and upto 30thSeptember 2026) Subsidiary 135Tech Mahindra Limited Associate136CIE Automotive S.A. (Upto 13thMay 2026)Associate137Mahindra Finance USA, LLC Associate -------XlCo Six-----< Z< 14th Floor.Central B Wing and \North C Winp a(-]A QNesco IT Park4, ' ■Nesco Center.Western Express H-ghway.< Goregaon (Fast), y\ Mumbai - 400 063 / ■fc12
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B S R & Co. LLP Limited Review Report (Continued)Mahindra & Mahindra LimitedSr. NoName of ComponentRelationship138PF Holdings B.V. Associate139Brainbees Solutions Limited Associate140The East India Company Group Limited BVIAssociate141Mahindra Knowledge Park (Mohali) LimitedAssociate142Renew Sunlight Energy Private LimitedAssociate143Kumsan Dokum Mazelmeri A.S. (Upto 18thJune2026) Associate 144Kiinteistd-Oy-Seniori-SaimaaAssociate145Shiga Noki Sales, Co., Ltd. (formerly known as ShigaMitsubishi Agricultural Machinery Sales Co., Ltd.)Associate 146Okanetsu Industry Co., Ltd. Associate147Kitaiwate Ryono Co., Ltd. Associate148Aizu Ryono Co., Ltd. (under liquidation)Associate149Joban Ryono Co., Ltd. Associate150Fukuryo Kiki Hanbai Co., Ltd. Associate151Ibaraki Ryono Co., Ltd. Associate152Kotobuki Noki Co., Ltd. (Upto 7thSeptember 2026)Associate153Honda Seisakusyo, Inc. Associate154Yamaichi Honten Co., Ltd. Associate155Kagawa Noki Sales, Co., Ltd. (formerly known asKagawa Mitsubishi Agricultural Machinery Sales Co.,Ltd.) Associate 156Great Rocksport Private LimitedAssociate < > /< 14th Flooc\\/ Central B Wing and \/ North C Wing.sNesco IT Park4.f| ( pesco Center. 'Westen Express Highway.LLA- oregaon (East), y\ umbai - 400 063/ *
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B S R & Co. LLP Limited Review Report (Continued)Mahindra & Mahindra LimitedSr. NoName of Component Relationship 157Ample Parks and Logistics Private LimitedAssociate 158Sustainable Energy Infra Investment ManagersPrivate Limited Associate 159Green Energy Infra Project Managers Private LimitedAssociate 160Ample Parks Project 1 Private Limited (Upto 15thSeptember 2026) Associate 161Ample Parks Project 2 Private Limited (Upto 15thSeptember 2026) Associate 162Ample Parks MMR Private Limited Associate 163Gelos Solren Private Limited Associate 164Neon Hybren Private Limited (w.e.f 27,hApril 2026)Associate 165Mahindra World City (Jaipur) LimitedJoint Venture 166Mahindra World City Developers LimitedJoint Venture 167Mahindra Inframan Water Utilities Private LimitedJoint Venture 168Mahindra Industrial Park Chennai LimitedJoint Venture 169Mahindra Summit Agriscience LimitedJoint Venture 170Tropiikin Rantasauna Oy Joint Venture 171Mahindra Manulife Investment Management PrivateLimited (erstwhile Mahindra Asset ManagementCompany Private Limited) Joint Venture 172Aquasail Distribution Company Private LimitedJoint Venture 173Mahindra Industrial Park Private LimitedJoint Venture 174Classic Legends Private Limited Joint Venture 175Mahindra Happinest Developers LimitedJoint Venture,—■-- - ■ - -A/ Central B Wing and \ \ \__/ North C Wing. \ \\L, P\ Nesco IT Park4. \ . C' I / Nesco Center ) *|jlyWestern Express Highway. I IGoregaon (East). /J’//\ Mumbai - 400 063/ <>//AccO
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B S R & Co. LLP Limited Review Report (Continued)Mahindra & Mahindra LimitedSr. NoName of ComponentRelationship176Smartshift Logistics Solutions Private LimitedJoint Venture177Mahindra Top Greenhouses Private LimitedJoint Venture178Mahindra Manulife Trustee Private Limited (erstwhileMahindra Trustee Company Private Limited)Joint Venture 179Mahindra Susten Private LimitedJoint Venture180Mahindra Teqo Private Limited Joint Venture181Seine MLL Logistics Private LimitedJoint Venture182Mahindra Blossom Developers LimitedJoint Venture183Tech Mahindra FoundationJoint Venture184Mahindra Manulife Insurance Limited (w.e.f 8thJune2026) Joint Venture ' Central B Wing and \/ North C Wing. '. / Nesco IT Park4,KJ Nesco CenterVY/estern Express Highway0 y Goregaon (East). 7Mumbai - 400 063/ Page 12 of 12
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Rs. in Crores Year Ended 30th Sep 2026 30th Jun 2026 30th Sep 2025 30th Sep 2026 30th Sep 2025 31st Mar 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1. Income a. Revenue from operations 42,477.42 41,919.74 33,421.60 84,397.16 67,504.83 1,45,575.77 b. Income from investments related to subsidiaries, associates and joint ventures (Note 2) 1,804.46 39.02 1,658.22 1,843.48 1,717.95 2,189.58 Income from operations 44,281.88 41,958.76 35,079.82 86,240.64 69,222.78 1,47,765.35 c. Other income 1,061.52 776.38 701.64 1,837.90 1,433.25 2,774.94 Total income 45,343.40 42,735.14 35,781.46 88,078.54 70,656.03 1,50,540.29 2. Expenses a. Cost of materials consumed 34,035.77 30,680.15 25,796.49 64,715.92 50,846.56 1,04,783.50 b. Purchases of stock-in-trade 1,587.97 1,384.80 1,276.13 2,972.77 2,449.84 5,270.49 c. Changes in inventories of finished goods, stock-in-trade and work-in-progress (1,979.76) 629.33 (1,794.06) (1,350.43) (2,097.11) 712.00 d. Employee benefits expense 1,412.33 1,406.24 1,298.36 2,818.57 2,600.01 5,290.29 e. Finance costs 66.72 99.73 58.99 166.45 114.91 249.58 f. Depreciation, amortisation and impairment expense 1,074.42 1,050.33 1,040.64 2,124.75 2,040.52 4,292.68 g. Loss from investments related to subsidiaries, associates and joint ventures 36.34 - 52.29 36.34 200.56 677.31 h. Other expenses 2,471.72 2,708.67 1,983.17 5,180.39 3,960.04 8,542.04 Total expenses 38,705.51 37,959.25 29,712.01 76,664.76 60,115.33 1,29,817.89 3. Profit before exceptional items and tax (1-2) 6,637.89 4,775.89 6,069.45 11,413.78 10,540.70 20,722.40 4. Exceptional items - - - - - (98.19) 5. Profit/(loss) before tax (3+4) 6,637.89 4,775.89 6,069.45 11,413.78 10,540.70 20,624.21 6. Tax expense a. Current tax (1,486.17) (1,055.32) (1,553.33) (2,541.49) (2,551.74) (5,171.10) b. Deferred tax (50.10) (35.60) 4.40 (85.70) (18.60) 185.82 7. Profit/(loss) after tax (5+6) 5,101.62 3,684.97 4,520.52 8,786.59 7,970.36 15,638.93 8. Other comprehensive income/(loss) a. (i) Items that will not be reclassified to profit or loss (0.98) (0.28) (0.60) (1.26) (0.15) (69.28) (ii) Income tax relating to items that will not be reclassified to profit or loss 0.24 0.23 0.06 0.47 0.13 17.31 b. (i) Items that will be reclassified to profit or loss 6.07 (16.33) (39.23) (10.26) (60.99) (34.69) (ii) Income tax relating to items that will be reclassified to profit or loss (1.53) 4.11 9.87 2.58 15.35 8.72 9. Total comprehensive income/(loss) for the period (7+8) 5,105.42 3,672.70 4,490.62 8,778.12 7,924.70 15,560.99 10. Earnings per share (not annualised): a. Basic earnings per share (Rs.) 42.42 30.65 37.64 73.08 66.37 130.18 b. Diluted earnings per share (Rs.) 42.31 30.57 37.52 72.87 66.16 129.76 11. Paid-up equity share capital (Face value Rs. 5 per share) 601.36 601.19 600.66 601.36 600.66 601.02 12. Other Equity 73,724.14 MAHINDRA & MAHINDRA LIMITED STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2026 Tel: +91 22 22021031, Fax: +91 22 22875485, Website: www.mahindra.com, Email: group.communication@mahindramail.com, CIN L65990MH1945PLC004558 Particulars Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001. Half Year Ended Quarter Ended
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Rs. in Crores Year Ended 30th Sep 2026 30th Jun 2026 30th Sep 2025 30th Sep 2026 30th Sep 2025 31st Mar 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) A. Segment revenue : Automotive 33,936.91 31,033.45 24,929.07 64,970.36 49,877.95 1,09,354.93 Farm Equipment 8,594.12 10,946.63 8,539.94 19,540.75 17,726.32 36,409.27 Auto Investments 27.43 7.05 9.01 34.48 16.23 32.03 Farm Investments 69.67 - 114.30 69.67 116.53 117.66 Investments in Industrial Businesses and Consumer Services 1,707.36 31.97 1,534.91 1,739.33 1,585.19 2,039.89 Total segment revenue 44,335.49 42,019.10 35,127.23 86,354.59 69,322.22 1,47,953.78 Less: Inter-segment revenue 53.61 60.34 47.41 113.95 99.44 188.43 Income from operations 44,281.88 41,958.76 35,079.82 86,240.64 69,222.78 1,47,765.35 B. Segment results after exceptional items: Automotive 2,614.40 2,211.62 2,281.05 4,826.02 4,501.99 10,141.22 Farm Equipment 1,440.55 2,027.64 1,683.53 3,468.19 3,502.21 7,206.27 Auto Investments 27.43 7.05 (43.28) 34.48 (136.47) (324.41) Farm Investments 33.33 - 114.30 33.33 68.67 (203.21) Investments in Industrial Businesses and Consumer Services 1,710.75 36.44 1,544.97 1,747.19 1,606.64 2,077.17 Total segment results 5,826.46 4,282.75 5,580.57 10,109.21 9,543.04 18,897.04 Finance costs (66.72) (99.73) (58.99) (166.45) (114.91) (249.58) Other unallocable income / (expense), net (includes exceptional items not allocated to segments) 878.15 592.87 547.87 1,471.02 1,112.57 1,976.75 Profit/(loss) before tax 6,637.89 4,775.89 6,069.45 11,413.78 10,540.70 20,624.21 - - C. Segment assets: Automotive 44,613.61 40,489.15 39,213.44 44,613.61 39,213.44 39,213.49 Farm Equipment 16,101.25 13,528.46 14,129.13 16,101.25 14,129.13 12,838.17 Auto Investments 9,471.29 9,400.70 8,435.72 9,471.29 8,435.72 9,395.10 Farm Investments 2,107.50 2,107.50 2,138.58 2,107.50 2,138.58 2,100.78 Investments in Industrial Businesses and Consumer Services 16,261.14 16,867.27 17,180.92 16,261.14 17,180.92 16,876.03 Total segment assets 88,554.79 82,393.08 81,097.79 88,554.79 81,097.79 80,423.57 Unallocable corporate assets 43,783.32 43,997.43 27,970.57 43,783.32 27,970.57 40,179.11 Total assets 1,32,338.11 1,26,390.51 1,09,068.36 1,32,338.11 1,09,068.36 1,20,602.68 D. Segment liabilities: Automotive 40,321.33 35,007.21 30,016.94 40,321.33 30,016.94 34,105.53 Farm Equipment 8,794.84 8,572.86 7,891.14 8,794.84 7,891.14 7,732.79 Auto Investments - - - - - - Farm Investments 85.92 85.92 82.32 85.92 82.32 85.92 Investments in Industrial Businesses and Consumer Services - - - - - - Total segment liabilities 49,202.09 43,665.99 37,990.40 49,202.09 37,990.40 41,924.24 Unallocable corporate liabilities 3,974.21 4,637.09 4,587.32 3,974.21 4,587.32 4,353.28 Total liabilities 53,176.30 48,303.08 42,577.72 53,176.30 42,577.72 46,277.52 MAHINDRA & MAHINDRA LIMITED Particulars STANDALONE SEGMENT INFORMATION FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2026 Quarter Ended Half Year Ended
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Rs. in Crores As at As at Particulars 30th Sep 2026 31st Mar 2026 (Unaudited) (Audited) A. ASSETS 1. NON-CURRENT ASSETS Property, plant and equipment 16,549.11 16,715.80 Capital work-in-progress 3,036.82 1,688.87 Goodwill 23.19 23.19 Other Intangible assets 2,779.34 2,949.41 Intangible assets under development 4,531.66 3,618.87 Financial assets - Investments 27,598.02 27,547.10 - Loans 105.47 341.18 - Other financial assets 2,841.56 5,761.21 Income tax assets (net) 890.35 935.62 Other non-current assets 2,874.47 1,666.93 TOTAL NON-CURRENT ASSETS 61,229.99 61,248.18 2. CURRENT ASSETS Inventories 12,060.79 10,305.86 Financial assets - Investments 18,917.88 14,484.55 - Trade receivables 7,902.89 6,485.75 - Cash and cash equivalents 1,139.74 760.78 - Bank balances other than cash and cash equivalents 19,774.20 17,719.13 - Loans 1,760.98 2,150.52 - Other financial assets 3,209.34 3,062.15 Other current assets 5,307.38 4,222.63 Assets held for sale (Note 5) 1,034.92 163.13 TOTAL CURRENT ASSETS 71,108.12 59,354.50 TOTAL ASSETS (1+2) 1,32,338.11 1,20,602.68 B. EQUITY AND LIABILITIES 1. EQUITY Equity share capital 601.36 601.02 Other equity 78,560.45 73,724.14 79,161.81 74,325.16 2. LIABILITIES i NON-CURRENT LIABILITIES Financial liabilities - Borrowings 500.00 526.54 - Lease liabilities 418.94 411.73 - Other financial liabilities 578.96 528.76 Provisions 1,732.96 1,800.01 Deferred tax liabilities (net) 1,533.95 1,451.03 Other non-current liabilities 1,166.48 1,121.95 TOTAL NON-CURRENT LIABILITIES 5,931.29 5,840.02 ii CURRENT LIABILITIES Financial liabilities - Borrowings 26.55 529.55 - Lease liabilities 193.16 185.64 - Trade payables (a) Total outstanding dues of Micro Enterprises and Small Enterprises 779.10 533.19 (b) Total outstanding dues of creditors other than Micro Enterprises and Small Enterprises 34,341.28 28,966.71 - Other financial liabilities 2,234.93 2,138.21 Other current liabilities 7,020.31 6,335.38 Provisions 1,094.38 979.61 Current tax liabilities (net) 1,010.01 769.21 Liabilities directly associated with assets classified as held for sale (Note 5) 545.29 - TOTAL CURRENT LIABILITIES 47,245.01 40,437.50 TOTAL EQUITY AND LIABILITIES (1+2) 1,32,338.11 1,20,602.68 MAHINDRA & MAHINDRA LIMITED STANDALONE BALANCE SHEET
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Rs. in Crores Particulars 30th Sep 2026 30th Sep 2025 (Unaudited) (Unaudited) A. CASH FLOW FROM OPERATING ACTIVITIES Profit/(loss) before tax 11,413.78 10,540.70 Adjustments for : Depreciation, amortisation and impairment expense 2,124.75 2,040.52 Loss/(Gain) on foreign exchange fluctuations (net) 90.77 (82.30) Dividend on investment and interest income (2,791.44) (2,132.91) Gain arising on financial assets measured at fair value through profit or loss (net) (503.24) (532.98) Gain arising on sale of non-current investments (net) (1.80) (206.31) Impairment provisions for non-current investments and Inter-corporate deposits 36.34 195.22 Finance costs 166.45 114.91 Equity-settled share-based payment expenses 148.00 114.24 Gain on property, plant and equipment sold / scrapped / written off (net) (40.82) (3.61) (770.99) (493.22) Operating profit before working capital changes 10,642.79 10,047.48 Changes in : Trade and other receivables (2,858.98) (1,977.75) Inventories (1,902.67) (2,502.24) Trade and other payables and provisions 6,589.03 4,002.42 1,827.38 (477.57) Cash generated from operations 12,470.17 9,569.91 Income taxes paid (net of refunds) (2,224.01) (1,765.96) Net cash flow from operating activities 10,246.16 7,803.95 B. CASH FLOW FROM INVESTING ACTIVITIES Payments to acquire property, plant and equipment and intangible assets (5,395.76) (2,507.58) Proceeds from sale of property, plant and equipment and intangible assets 199.80 27.42 Payments to acquire non-current investments in subsidiaries,associates and joint ventures (91.80) (4,819.70) Payments to acquire other non-current investments (23.68) (0.96) Proceeds from sale of non-current investments in subsidiaries, associates and joint ventures - 203.25 Proceeds from sale of certain non current investments 18.98 19.60 Payments to acquire current investments (44,603.81) (35,501.31) Proceeds from sale of current investments 40,711.86 38,580.69 Bank deposits placed (including earmarked balances and margin account with banks) (5,277.68) (9,559.61) Bank deposits matured (including earmarked balances and margin account with banks) 6,299.56 6,224.61 Interest received 665.95 676.16 Dividends received 1,761.51 1,399.32 Loans/Inter-corporate deposits given (1,459.49) (1,189.15) Loans/Inter-corporate deposits refunded 2,100.69 1,982.70 Net cash flow used in investing activities (5,093.87) (4,464.56) C. CASH FLOW FROM FINANCING ACTIVITIES Repayment of borrowings (529.60) (79.15) Repayment of lease liabilities (including interest) (107.47) (97.76) Dividends paid (including payment of unclaimed dividend) (4,098.04) (3,141.75) Interest, commitment and finance charges paid (38.31) (48.07) Net cash flow used in financing activities (4,773.42) (3,366.73) Net increase/(decrease) in cash and cash equivalents (A+B+C) 378.87 (27.34) Cash and cash equivalents at the beginning of the period 760.78 1,264.39 Unrealised gain on foreign currency cash and cash equivalents 0.09 0.01 Cash and cash equivalents at the end of the period 1,139.74 1,237.06 MAHINDRA & MAHINDRA LIMITED UNAUDITED STANDALONE STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 30TH SEPTEMBER, 2026 Half Year Ended
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Year Ended 30th Sep 2026 30th Jun 2026 30th Sep 2025 30th Sep 2026 30th Sep 2025 31st Mar 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1 Debt-Equity Ratio (times) (Long term borrowings + Short term borrowings) / (Total Equity) 0.01 0.01 0.02 0.01 0.02 0.01 2 Debt Service Coverage Ratio (times) (not annualised) (Profit before interest, depreciation, amortisation, impairments, loss from investments related to subsidiaries, associates and joint ventures, exceptional items and tax ) / (Gross interest for the period + Principal Repayments of long term borrowings within a year) 68.66 9.52 11.85 58.61 18.79 30.05 3 Interest Service Coverage Ratio (times) (not annualised) (Profit before interest, depreciation, amortisation, impairments, loss from investments related to subsidiaries, associates and joint ventures,exceptional items and tax )/ (Gross interest expense for the period) 89.55 49.12 90.10 66.09 82.14 77.75 4 Debenture Redemption Reserve (Rs. crores) 50.64 50.64 50.64 50.64 50.64 50.64 5 Net Worth (Rs. crores) (as per Companies Act, 2013) 78,839.86 77,769.28 66,127.95 78,839.86 66,127.95 73,994.77 6 Current Ratio (times) (Current assets) / (Current liabilities) 1.51 1.55 1.40 1.51 1.40 1.47 7 Long term debt to Working Capital (times) (Long term borrowings + Current maturities of Long term borrowings) / (Current Assets - Current liabilities (excluding current maturities of long term borrowings)) 0.02 0.04 0.07 0.02 0.07 0.05 8 Bad debts to Accounts receivable ratio (%) (not annualised) (Bad debts + Provision for doubtful debts for the period) / (Average Trade Receivables for the period) 0.10% 0.03% 0.14% 0.13% 0.22% 0.36% 9 Current liability Ratio (times) (Current liabilities) / (Total liabilities) 0.89 0.87 0.87 0.89 0.87 0.87 10 Total debts to Total Assets (times) (Long term borrowings + Short term borrowings) / (Total Assets) 0.00 0.01 0.01 0.00 0.01 0.01 11 Debtors Turnover (times) (annualised) (Revenue from sale of goods and services) / (Average Trade Receivable for the period) 22.21 24.18 19.53 23.07 20.78 23.42 12 Inventory Turnover (times) (annualised) (Cost of materials consumed) / (Average Inventories for the period) 12.09 12.75 8.35 11.86 8.84 10.73 13 Operating Margin (%) (excluding investment related income/loss) (Profit before interest, income / (loss) from investments related to subsidiaries, associates and joint ventures, other income, depreciation, amortisation, impairments, exceptional items and tax ) / (Revenue from operations) 11.65% 12.19% 14.55% 11.92% 14.44% 14.41% 14 Operating Margin (%) (Profit before interest, other income, depreciation, amortisation, impairments, exceptional items and tax) / (Income from operations) 15.17% 12.27% 18.44% 13.76% 16.27% 15.22% 15 Net Profit Margin (%) (Net Profit for the period) / (Income from operations) 11.52% 8.78% 12.89% 10.19% 11.51% 10.58% 16 Security Cover (times) (in respect of unsecured non-convertible debentures) (Net Assets available for unsecured lenders) / (Total unsecured borrowing) 133.47 70.53 56.81 133.47 56.81 63.57 Explanatory notes: Cost of materials consumed for the purpose of Inventory Turnover ratio includes Purchases of stock-in-trade and Changes in inventories of finished goods, stock-in- trade and work-in-progress. MAHINDRA & MAHINDRA LIMITED Additional disclosure as per Regulation 52(4) and 54(3) of SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015 for the quarter and half year ended 30th September 2026 (based on Standalone financial results) ParticularsS.No. Quarter Ended Half Year Ended
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Notes: 1 These standalone financial results have been prepared in accordance with the recognition and measurement principles under Ind AS as prescribed underSection 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India. 2 Income from investments related to subsidiaries, associates and joint ventures in the financial results includes dividend received from subsidiaries, associatesand joint ventures as below: Rs. in CroresQuarter Ended Half Year Ended Year Ended30th Sep 2026 30th Jun 202630th Sep 202530th Sep 2026 30th Sep 2025 31st Mar 2026Dividend received from subsidiaries, associates and jointventures 1,760.931,397.041760.93 1,397.04 1,769.07 3 The Ministry of Environment, Forest and Climate Change has notified the Environment Protection (End-of-Life Vehicles) Rules, 2025 ("ELV Rules"),which are effective from April 1, 2025. As per these rules, Extended Producer Responsibility (EPR) obligations are imposed on producers ("vehiclemanufacturers") for the scrapping of End-of-Life Vehicles and such obligations are to be fulfilled through the purchase of EPR certificates from registeredVehicle Scrapping Facilities via a Centralised Online Portal. The implementation details and operational procedures of the ELV rules including themodalities of the pricing mechanism for the EPR certificates are yet to be developed.Consequently, the Company is currently unable to reliably estimate a range of possible outcomes and the potential impact of these rules. The Company willcontinue to assess the ability to measure its obligations pursuant to the ELV Rules, as and when the aforesaid details of implementation framework arcavailable.4 The reportable segments are as follows:a) Automotive : This segment comprises of sale of automobiles, two wheelers, spares, construction equipments and related services;b) Farm Equipment : This segment comprises of sale of tractors, implements, spares, powerol and related services;c) Auto Investments : This segment comprises of investments in automotive related subsidiaries, associates and joint ventures;d) Farm Investments : This segment comprises of investments in farm equipment related subsidiaries, associates and joint ventures;e) Industrial Businesses and Consumer Services : This segment includes investments in subsidiaries, associates and joint ventures of Financial Servicesbusiness, IT services, Real Estate, Hospitality, Logistics, Steel trading and processing, Renewables, After-market, Defence, Agriculture related products, etc. 5 The Company has entered into a Business Transfer Agreement dated 5th August, 2026 for transfer of its Truck and Bus division (‘the Division’) to itssubsidiary SML Mahindra Limited. The closure of the transaction is subject to fulfillment of customary closing conditions. The assets and liabilities of theDivision are presented as “Held for Sale” in the Balance Sheet as at 30th September, 2026.6 In compliance with Regulation 33 and 52 of the SEB1 (Listing Obligations & Disclosure Requirements) Regulations, 2015, a limited review of the aboveresults has been carried out by the Statutory Auditors.7 The above standalone financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 5thNovember, 2026. For and on behalf of the Board of Directors . 'Dr. Anish ShahGroup CEO & Managing Director(DIN : 02719429)Date: 5th November, 2026Place: Mumbai
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14th Floor, Central B Wing and North C WingNesco IT Park 4, Nesco CenterWestern Express HighwayGoregaon (East), Mumbai - 400 063, IndiaTelephone: +91 (22) 6257 1000Fax: +91 (22) 6257 1010 B S R & Co. LLPChartered Accountants Limited Review Report on unaudited standalone financial results of Mahindra &Mahindra Limited for the quarter ended 30 September 2026 and year to date resultsfor the period from 01 April 2026 to 30 September 2026 pursuant to Regulation 33and Regulation 52(4) read with Regulation 63 of Securities and Exchange Board ofIndia (Listing Obligations and Disclosure Requirements) Regulations, 2015, asamendedTo the Board of Directors of Mahindra & Mahindra Limited1. We have reviewed the accompanying Statement of unaudited standalone financial results ofMahindra & Mahindra Limited (hereinafter referred to as “the Company") for the quarter ended 30September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026(“the Statement”).2. This Statement, which is the responsibility of the Company’s management and approved by its Boardof Directors, has been prepared in accordance with the recognition and measurement principles laiddown in Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed underSection 133 of the Companies Act, 2013, and other accounting principles generally accepted in Indiaand in compliance with Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securitiesand Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015,as amended (“Listing Regulations”). Our responsibility is to issue a report on the Statement based onour review.3. We conducted our review of the Statement in accordance with the Standard on Review Engagements(SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of theEntity”, issued by the Institute of Chartered Accountants of India. A review of interim financialinformation consists of making inquiries, primarily of persons responsible for financial and accountingmatters, and applying analytical and other review procedures. A review is substantially less in scopethan an audit conducted in accordance with Standards on Auditing and consequently does not enableus to obtain assurance that we would become aware of all significant matters that might be identifiedin an audit. Accordingly, we do not express an audit opinion.4. Based on our review conducted as above, nothing has come to our attention that causes us to believethat the accompanying Statement, prepared in accordance with the recognition and measurementprinciples laid down in the aforesaid Indian Accounting Standard and other accounting principlesgenerally accepted in India, has not disclosed the information required to be disclosed in terms ofRegulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations, including the Registered Office:14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, NescoCenter, Western Express Highway, Goregaon (East), Mumbai - 400063Page 1 of 2B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (aLimited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013
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B S R & Co. LLP Limited Review Report (Continued)Mahindra & Mahindra Limitedmanner in which it is to be disclosed, or that it contains any material misstatement.For B S R & Co. LLPChartered AccountantsFirm’s Registration No.:101248W/W-100022 Koosai LeheryPartnerMembership No.: 112399UDIN Zfal 1 2399FZYFENC.2.M ]Mumbai05 November 2026 Page 2 of 2
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MAHINDRA & MAHINDRA LIMITEDRegistered Office : Gateway Building, Apollo Bunder, Mumbai 400 001Tel: +91 22 22021031, Fax: +91 22 22875485, Website: www.mahindra.comEmail: group.communication@mahindramail.com, CIN L65990MH 1945PLC004558Extract of Unaudited Consolidated and Standalone Financial Results for the Quarter and Half Year ended 30th September, 2026Rs. in Crores Particulars Consolidated StandaloneQuarter Ended Half Year EndedQuarter EndedQuarter EndedHalf Year EndedQuarter Ended30th Sep 202630th Sep 202630th Sep 202530th Sep 202630th Sep 202630th Sep 2025Total income from operations 57,553.131,15,740.7046.105.6744,281.8886,240.6435,079.82Profit/(loss) for the period (before tax) 7,364.7014,992.796,057.936,637.8911,413.786,069.45Profit/(loss) for the period (after tax, attributable to the owners of the Company)4,587.8810,042.423,673.325,101.628,786.594,520.52Total Comprehensive Income/(loss) for the period [Comprising Profit for the period(after tax) and Other Comprehensive Income (after tax), attributable to the owners of theCompany)] 4,617.6210,129.783,644.065,105.428,778.124,490.62Equity Share CapitalEarnings Per Share (not annualised) (Face value Rs. 5/- per share) 559.12559.12558.42601.36601.36600.66Basic: 41.0489.8432.9042.4273.0837.64Diluted: 40.9089.4832.5142.3172.8737.52Notes:The above is an extract of the detailed format of Statement of unaudited Consolidated and Standalone Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (ListingObligations and Disclosure Requirements) Regulations, 2015. The full format of the Quarterly Financial Results are available on the websites of BSE (www.bseindia.com) and NSE (www.nseindia.com)and on the Company's website viz. www.mahindra.com/investor-relations/reports.The same can be accessed by scanning the QR code provided below. For and on behalf of the Board of Directors Dr. Anislf ShahGroup CEO & Managing Director(DIN: 02719429)Date: 5th November, 2026Place: Mumbai
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Mahindra & Mahindra Ltd. Mahindra Towers, Dr. G. M. Bhosale Marg, Worli, Mumbai 400 018 India Tel: +91 22 2490 1441 Fax: +91 22 2490 0833 www.mahindra.com Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001, India | Tel: +91 22 6897 5500 | Fax: +91 22 22875485 | Email: group.communication@mahindramail.com | mahindra.com | CIN No. L65990MH1945PLC004558 Annexure-2 Sr. No. Details of Events that need to be provided Information of such event(s) a) Reasons for change viz. appointment, re -appointment, resignation, removal, death or otherwise; Ms. Shuchi Suri, Executive Vice -President, Mahindra Experiences, Senior Management Personnel of the Company shall transition to the role of the Chief Sales & Marketing Officer - Automotive Business of the Company with effect from 1st April 2027. Consequent to this transition, she will cease to be a Senior Management Personnel of the Company. b) Date of appointment/ re - appointment/ cessation (as applicable) & term of appointment/re-appointment With effect from 1st April 2027 c) Brief profile (in case of appointment); Not Applicable d) Disclosure of relationships between directors (in case of appointment of a director); Not applicable