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Mahindra & Mahindra Financial Services Limited Result Update Quarter ended Jun’26 (Q1FY27) Regd. Office: Gateway Building, Apollo Bunder, Mumbai-400 001, India Tel: +91 22 6897 5500 Fax:+91 22 2287 5485 www.mahindrafinance.com CIN - L65921MH1991PLC059642 Corporate Office: Mahindra Towers, 3rd Floor, Dr. G. M. Bhosale Marg, Worli, Mumbai-400 018, India Tel: +91 22 6652 6000 Email: corporate.communications@mahindrafinance.com
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2 Safe Harbor Certain statements in the Financial Results Update presentation describing the Company's objectives, and predictions may be ‘forward-looking statements’ within the meaning of applicable laws and regulations. Actual results may vary significantly from the forward-looking statements contained in this document due to various risks and uncertainties. These risks and uncertainties include the effect of economic and political conditions in India, volatility in interest rates, new regulations and Government policies that may impact the Company’s business as well as its ability to implement the strategy. The Company does not undertake to update these statements.
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Executive Summary Performance Highlights: Growth, Risk, Margins & Subsidiaries MMFSL Franchise Flywheel: How we win in Bharat Financial statement details: Standalone & Consolidated Other Company Information
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4 Stable asset quality GS3 at 3.5% GS2+GS3 at 8.3% Continued step-up in profitability PAT up 70% YoY; ROA at 2.4% Pivoting to growth Core Business disbursals 20% YoY; New Growth engines 46% YoY* Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info *Includes SME & PL disbursements Profitable & Disciplined Growth (1/2) on standalone basis
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5 *% of Avg. Total Assets ₹899 Cr v/s ₹530 Cr, 70% YoY PAT 8.3% v/s 9.7% in Q1FY26 GS2+GS3 7.3% v/s 6.7% in Q1FY26 NIM* Continued step-up in profitability Stable asset quality Pivoting to growth ₹1,37,449 Cr 13% YoY Growth AUM ₹15,564 Cr 22% YoY Growth Disbursements 1.5% v/s 1.9% in Q1FY26 Credit cost* Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info on standalone basis Profitable & Disciplined Growth (2/2)
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6 Consolidated financial services franchise gaining momentum Total Lending AUM ₹1,46,623 Cr MMFSL + MRHFL AUM 83% 17% Wheels AUM Non-Wheels AUM* 20% 79% Wheels Disbursal YoY Growth Non-Wheels Disbursal YoY Growth Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info MRHFL ₹9,174 Cr 2.4% ₹30 Cr Loan Book GS-3 PAT MIBL ₹1,161 Cr ₹463 Cr ₹38 Cr Net Premium Total Income PAT MMIMPL ₹34,786 Cr ₹38 Cr ₹10 Cr Avg AUM Income PAT *MIFL & MFUSA not included as they are overseas subsidiaries / JVs on consolidated basis 14x YoY Growth 83% YoY Growth 4.3x YoY Growth
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Executive Summary Performance Highlights: Growth, Risk, Margins & Subsidiaries MMFSL Franchise Flywheel: How we win in Bharat Financial statement details: Standalone & Consolidated Other Company Information
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8 * Others include Farm implements, Gensets, and Personal Loans Product Wise Disbursals Q1 FY27 Q1 FY26 YoY FY26 PV 6,525 (42%) 5,254 (41%) 24% 24,614 (40%) Pre-Owned Vehicle 2,526 (16%) 2,176 (17%) 16% 10,151 (17%) CV & CE 2,292 (15%) 2,354 (18%) -3% 10,665 (17%) Tractor 2,480 (16%) 1,711 (13%) 45% 8,732 (14%) 3-Wheeler 539 (3%) 496 (4%) 9% 1,976 (3%) SME 683 (4%) 524 (4%) 30% 3,057 (5%) Others* 520 (3%) 294 (2%) 77% 1,922 (3%) Total 15,564 (100%) 12,808 (100%) 22% 61,118 (100%) All figures in ₹ crore on standalone basis Growth: Performance Momentum Across Wheels & Emerging Businesses Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info
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9 5.44% 5.85% 4.76% 4.87% Mar-25 Jun-25 Mar-26 Jun-26 Risk: Reducing seasonal volatility across key risk metrics Net GS-3 Credit Cost 1.39% 1.94% 1.54% 1.50% Q4FY25 Q1FY26 Q4FY26 Q1FY27 GS3 3.69% 3.85% 3.41% 3.45% Mar-25 Jun-25 Mar-26 Jun-26 +16 bps +4 bps 1.84% 1.91% 1.44% 1.48% Mar-25 Jun-25 Mar-26 Jun-26 GS2 +41 bps +11 bps +7 bps +3 bps +55 bps -4 bps Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info on standalone basis
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Liquidity Buffer Stage 3 - Coverage Ratio 51.2% 51.4% 58.6% 58.1% Mar-25 Jun-25 Mar-26 Jun-26 10,400 10,100 9,150 14,650 Mar-25 Jun-25 Mar-26 Jun-26 Prudent Capital Adequacy Adequately capitalized 18.3% 20.6% 18.8% 18.5% Mar-25 Jun-25 Mar-26 Jun-26 (16.7%) (16.5%)(17.9%)(15.2%) (Tier I- %) on standalone basis Risk: Prudent coverage and adequately capitalized Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Robust liquidity 10 (₹ Crore)
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Particulars Q1FY27 Q4FY26^ Q1FY26 FY26*^ FY25 Total Income / Average Assets 13.1% 13.2% 13.0% 13.1% 12.8% - Loan Income 11.5% 11.8% 11.7% 11.6% 11.7% - Fee, Investment & Other Income 1.5% 1.5% 1.4% 1.4% 1.1% Interest cost / Average Assets 5.8% 5.7% 6.3% 5.9% 6.3% Gross Spread 7.3% 7.5% 6.7% 7.1% 6.5% Overheads / Average Assets 2.7% 2.8% 2.7% 2.7% 2.7% End Losses & provisions / Average Assets 1.5% 1.5% 1.9% 1.7% 1.3% - End Losses 1.3% 1.4% 1.2% 1.4% 1.2% - Provisions 0.2% 0.2% 0.7% 0.3% 0.0% Net Spread before Tax 3.1% 3.2% 2.0% 2.6% 2.5% Net Spread after Tax 2.4% 2.4% 1.6% 2.0% 1.9% 11Average Assets is computed based on Net Total Assets i.e., Total Assets less ECL Provisions *PAT post exceptional item on account of labour code impact ^Credit Cost and PAT is after additional provisioning (management overlay) of Rs 217 Cr in Q4F26 and Rs 635 Cr in Q3F26 on standalone basis Margins: Steady RoA Expansion Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info
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12 529 927 Q1FY26 Q1FY27 PAT 75% 1,45,234 1,67,922 Q1FY26 Q1FY27 Total Assets 16% 5,013 5,725 Q1FY26 Q1FY27 Total Income 14% Figs. In Rs. Cr Growth % on consolidated basis Consolidated financials: Core led growth, broader franchise also contributing Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info
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Executive Summary Performance Highlights: Growth, Risk, Margins & Subsidiaries MMFSL Franchise Flywheel: How we win in Bharat Financial statement details: Standalone & Consolidated Other Company Information
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14 RELEVANCE REACH RESPONSIBLE Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info ASPIRATION Most Trusted Financial Services Partner for Bharat Responsible: How we safely compound Risk Discipline Financial Resilience Trust & Governance Physical Reach Reach: How we serve Phygital Digital Reach The Franchise Flywheel Mobility Relevance: Where we participate Enterprise Household
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15 v v v Mobility Household Enterprise Strengthen Leadership in Bharat Mobility Finance Enable Entrepreneur Growth Strengthen Household Financial Resilience Tractor, Auto, CV, 3W, Pre-owned LAP, Supply Chain Financing, Leasing Mortgages, Protection, Savings, Investments Expand into Adjacent financial needs Relevance: Where we participate Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Expanding from Mobility finance to → Bharat’s broader financial needs Strengthen Leadership
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16 Expanding deep local presence → to Phygital and Digital customer convenience Reach: How we serve Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info v Physical Reach • India’s deepest Rural & Semi-urban Franchise • Last Mile customer Proximity 1,300+ branches 6,000+ dealer coverage v Phygital • Scale Rural customer digital adoption • Transform workflows with ULI/Digital stack 100% frontline fulfilling Customer Assisted digital journeys v Digital Reach • Expanded functionalities in Customer App & Web • Improved Call centre & bot functionalities Native app and web journeys AI Powered
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17 Digital + AI powered reach Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Udaan Stack 100% Wheels Disbursals through Udaan in Q1 F27 Customer Acquisition Delta Resilient Operations Efficient Collections Digital/ AI-led AI-enabled operation workflows AI augmented collections workflows 30% Lower cost of acquisition for Digital/AI orchestrated channel 20% → 45% Samur AI coverage (Q4’26 to Q1’27) 10% → 20% Coverage through 12+ AI vernacular bots (Q4’26 to Q1’27) Digital transformation program
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18 v v v Delivering responsible and consistent outcomes Risk Discipline Financial Resilience Trust & Governance Asset Quality & Credit cost Sustainable Returns & Capital Strength Transparency & Customer centricity CC: 1.3 - 1.7% GS2+GS3 <10% RoA: 2.2 - 2.5% PPC: 3.2 - 3.5 Responsible: How we safely compound Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Note: Numbers mentioned indicate F31 milestones
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19 Key Priorities Continue to build a resilient operating model Efficiency gains – Sales, underwriting, collections Data, Digital, AI in Business and Controls Achieve stronger RoA and RoE outcomes Sustain risk levels (asset quality, credit costs) Steady progress on growth and margins Defend and grow wheels leadership Grow Mortgages, SME, leasing, and fee income
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Executive Summary Performance Highlights: Growth, Risk, Margins & Subsidiaries MMFSL Franchise Flywheel: How we win in Bharat Financial statement details: Standalone & Consolidated Other Company Information
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21 * Others include Trade Advances, Personal and Consumer Loans, Finance Lease Receivables, Implements etc. on standalone basis Figures re-grouped and rounded where found relevant Asset Class Q1 FY27 Q1 FY26 FY26 Passenger vehicles 41.5% 40.8% 41.3% Commercial vehicles and construction equipments 19.2% 21.7% 20.0% Pre-owned vehicles 12.3% 12.5% 12.5% Tractors 12.4% 10.7% 12.2% SME 6.2% 5.3% 6.0% 3 Wheelers 3.1% 3.6% 3.2% Others* 5.3% 5.2% 4.8% Contribution of M&M assets in Business Assets 46% 44% 46% Breakdown of Business Assets Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Growth
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22 ^ Computed as (Current month demand collected + Overdues collected)/(Current month demand due for the month) without considering restructured contracts Historical Disbursements (Rs. in crore) Q1 Q2 Q3 Q4 FY FY 2027 15,564 (22% yoy) - - - - FY 2026 12,808 13,514 17,612 17,184 61,118 FY 2025 12,741 13,162 16,467 15,530 57,900 Collection Efficiency^ Q1 Q2 Q3 Q4 FY FY 2027 95% - - - - FY 2026 95% 96% 95% 98% 96% FY 2025 94% 96% 95% 97% 95% on standalone basis Disbursements & Collections Trends Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Growth
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23 14% 15% 19% 17% 13% 12% 10% 14% 15% 18% 20% 12% 12% 10% Delhi Jaipur Lucknow Thane Chennai Hyderabad Kolkata • Figures re-grouped and rounded where found relevant DELHI: Chandigarh, Delhi, Haryana, Himachal Pradesh, Jammu & Kashmir, Ladakh, Punjab, Uttarakhand JAIPUR: Rajasthan, Gujarat, Dadra & Nagar Haveli LUCKNOW: Uttar Pradesh, Bihar THANE: Maharashtra, Goa, Madhya Pradesh CHENNAI: Andaman & Nicobar Island, Karnataka, Kerala, Puducherry, Tamil Nadu HYDERABAD: Andhra Pradesh, Telangana, Orissa, Chhattisgarh KOLKATA: Arunachal Pradesh, Assam, Meghalaya, Mizoram, Manipur, Sikkim, Tripura, West Bengal, Jharkhand AUM Disbursement on standalone basis Disbursement and AUM mix by Geography Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info ₹1,37,449 Cr AUM ₹15,564 Cr Disbursals Growth
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24 Credit Cost: Break down * % of Avg. Total Assets Particulars FY25 FY26 Q4FY25 Q1FY26 Q4FY26 Q1FY27 GS-3 (%) 3.7% 3.4% 3.7% 3.8% 3.4% 3.5% Credit Cost (%) 1.3% 1.7% 1.4% 1.9% 1.5% 1.5% Provision (%) 0.0% 0.3% -0.1% 0.7% 0.2% 0.2% GS-3 Coverage (%) 51.2% 58.6% 51.2% 51.4% 58.6% 58.1% Provision (Rs Cr) 59 482 -40 243 61 89 End Losses (%) 1.2% 1.4% 1.5% 1.2% 1.4% 1.3% End Losses (Rs Cr) 1,559 1,959 498 417 499 481 Credit Cost* 1.5% 2.3% 0.0% 1.4% 1.9% 2.2% 1.3% 1.5% 1.5% Q1F25 Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 Q3F26 Q4F26 Q1F27 on standalone basis Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Risk
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25 Rs. in crore As on 30th June 2026* As on 31st Mar 2026* As on 30th June 2025 Business Assets (Amount and %) Provisions & Coverage Business Assets (Amount and %) Provisions & Coverage Business Assets (Amount and %) Provisions & Coverage Stage - 1 Assets 1,26,017 91.7% 751 0.6% 1,23,128 91.8% 742 0.6% 1,10,172 90.3% 632 0.6% Stage 1A 1,25,742 91.5% 749 0.6% 1,22,816 91.6% 739 0.6% - - - - Stage 1B^ 275 0.2% 2 0.8% 312 0.2% 2 0.8% - - - - Stage - 2 Assets 6,689 4.9% 524 7.8% 6,390 4.8% 514 8.0% 7,139 5.9% 651 9.1% Stage 2A 5,100 3.7% 380 7.5% 4,566 3.4% 346 7.6% - - - - Stage 2B^ 1,590 1.2% 144 9.1% 1,824 1.4% 168 9.2% - - - - Stage - 3 Assets 4,743 3.5% 2,754* 58.1% 4,578 3.4% 2,681* 58.6% 4,697 3.8% 2,416 51.4% Total 1,37,449 4,030 2.9% 1,34,096 3,936 2.9% 1,22,008 3,699 3.0% Rs. in crore IRACP (A) IND-AS (B) Difference (B-A) Stage 1 and Stage 2 520 1,276 755 Stage 3 1,924 2,754 831 Total 2,444 4,030 1,586 Stage-Wise Assets and Provisioning Comparison of IRACP and IND-AS Provisioning requirement on standalone basis ^ cases which have ever been 90+ * Includes management overlays of Rs 635 Cr (created in Q3 F26) & 217cr (created in Q4 F26) Stagewise Provisioning Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Risk
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26 13,562 16,075 18,500 4,438 4,974 FY24 FY25 FY26 Q1 FY26 Q1 FY27 1,760 2,345 2,782 530 899 FY24 FY25 FY26 Q1 FY26 Q1 FY27 4,178 4,765 6,231 1,353 1,756 FY24 FY25 FY26 Q1 FY26 Q1 FY27 Note : (1) Loan Book net of provisions. (2) PAT post exceptional items. Revenues (Rs. crore) Profit after Tax (2) (Rs. crore)Pre-Provisioning Operating Profit (Rs. crore) 99,195 1,16,214 1,30,160 1,18,308 1,33,419 FY24 FY25 FY26 Q1 FY26 Q1 FY27 Loan Book (1) (Rs. crore) 13% 12% 30% 70% on standalone basis Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone Financial Performance (1/2)
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27 Note : (1) Cost to Income calculated as Operating Expenses (including depreciation)/(Net Interest Income + Other Income). (2) Annualised - Calculated based on average total assets/ average networth 1.7% 1.9% 2.0% 1.6% 2.4% FY24 FY25 FY26 Q1 FY26 Q1 FY27 10.0% 12.4% 12.5% 9.8% 14.3% FY24 FY25 FY26 Q1 FY26 Q1 FY27 41.4% 41.7% 38.4% 40.8% 36.5% FY24 FY25 FY26 Q1 FY26 Q1 FY27 Cost to income ratio (1) (%) Return on Assets (ROA) (2) (%) Asset Quality (%)Return on Net Worth (RONW) (2) (%) 63.2% Provision Coverage Ratio: Stage-3 Provisions/ Stage-3 Assets 51.2% 58.6% 3.4% 3.7% 3.4% 3.8% 3.5% 1.3% 1.8% 1.4% 1.9% 1.5% FY24 FY25 FY26 Q1 FY26 Q1 FY27 Gross Stage-3 Net Stage-3 51.4% 58.1% on standalone basisFinancial Performance (2/2) Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone
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28 Particulars (Rs. in crores) Q1FY27 Q4FY26 Q-o-Q Q1FY26 Y-o-Y FY26 Revenue from operations (A) 4,972 4,800 4% 4,419 13% 18,446 Less: Finance cost (B) 2,208 2,071 7% 2,152 3% 8,392 NII (C= A-B) 2,764 2,729 1% 2,267 22% 10,054 Other Income (D) 2 10 -82% 18 -90% 55 Total Income (E=C+D) 2,766 2,739 1% 2,285 21% 10,108 Employee benefits expense (F) 560 520 8% 523 7% 2,054 Other expenses (G) 361 399 -10% 334 8% 1,480 Depreciation and amortization (H) 89 99 -10% 75 19% 343 Total Expenses (I=F+G+H) 1,010 1,018 -1% 932 8% 3,877 Pre-Provisioning Operating Profit (J=E-I) 1,756 1,722 2% 1,353 30% 6,231 Provisions and write-offs (K) 570 560 2% 660 -14% 2,441 Profit before Exceptional items (L=J-K) 1,186 1,161 2% 693 71% 3,790 Exceptional Items (M) - - - - - -117 Profit before Tax (N=L+M) 1,186 1,161 2% 693 71% 3,673 Tax expense (O) 288 288 0% 164 76% 890 Net Profit after Taxes (P=N-O) 899 873 3% 530 70% 2,782 Figures re-grouped and rounded where found relevant on standalone basis Standalone Profit and Loss Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone
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29 Particulars (Rs. in crore) As on Jun 30, 2026 As on Jun 30, 2025 As on Mar 31, 2026 ASSETS Financial Asset a) Cash and cash equivalents 1,213 1,198 391 b) Bank balance other than (a) above 6,452 5,262 6,949 c) Derivative financial instruments 367 29 403 d) Trade Receivables 92 38 86 e) Loans 1,33,419 1,18,308 1,30,160 f) Investments 12,012 8,596 6,820 g) Other Financial Assets 230 312 222 Financial Asset 1,53,785 1,33,743 1,45,032 Non-Financial Asset a) Current tax assets (Net) 426 447 439 b) Deferred tax assets (Net) 644 633 654 c) Property, plant and equipment 940 890 941 d) Intangible assets 239 253 254 e) Other non-financial assets 586 668 586 Non-Financial Assets 2,836 2,890 2,873 Total Assets 1,56,621 1,36,633 1,47,905 Figures re-grouped and rounded where found relevant on standalone basisStandalone Balance Sheet Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone
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30 Particulars (Rs. in crore) As on Jun 30, 2026 As on Jun 30, 2025 As on Mar 31, 2026 LIABILITIES AND EQUITY Financial Liabilities a) Derivative financial instruments 10 366 7 b) Payables i) Trade payables 694 778 856 ii) Other payables 14 26 40 c) Debt Securities 27,237 22,719 26,539 d) Borrowings (Other than Debt Securities) 82,112 69,552 74,240 e) Deposits 14,674 13,184 14,196 f) Subordinated Liabilities 4,282 5,415 5,360 g) Other financial liabilities 1,126 834 1,128 Financial Liabilities 1,30,150 1,12,873 1,22,365 Non-Financial liabilities a) Current tax liabilities (Net) 281 103 159 b) Provisions 410 219 407 c) Other non-financial liabilities 106 93 216 Non-Financial Liabilities 796 415 782 Equity a) Equity Share capital 278 278 278 b) Other Equity 25,397 23,068 24,481 Equity 25,675 23,346 24,759 Total Equities and Liabilities 1,56,621 1,36,633 1,47,905 Figures re-grouped and rounded where found relevant on standalone basisStandalone Balance Sheet (Contd.) Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone
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31 Particulars Quarter ended Jun-26 Quarter ended Jun-25 Year ended FY26 RONW (Avg. Net Worth) - annualised 14.3% 9.8% 12.5% Debt / Equity 5.00:1 4.75:1 4.86:1 Capital Adequacy 18.5% 20.6% 18.8% Tier I 16.5% 17.9% 16.7% Tier II 2.1% 2.7% 2.2% EPS (Basic) (Rs.) 6.47 4.07 20.35 Book Value (Rs.) 184.7 168.0 178.1 Dividend % - - 375% No. of employees 22,662 23,589 22,637 Figures restated where found relevant on standalone basis Summary and Key Ratios Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone
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32 All figures in INR crores Investor Type Jun’26 Mar’ 26 Jun’25 Amount % Share % Share % Share Banks / Financial Institutions 84,630 67.2% 64.5% 63.9% Mutual Funds 8,287 6.6% 6.5% 3.5% Insurance & Pension Funds 13,668 10.8% 12.0% 13.8% FIIs & Corporates 11,947 9.5% 10.6% 11.4% Others 7,447 5.9% 6.4% 7.4% Total 1,25,979 100.0% 100.0% 100.0% Instrument Type Jun’26 Mar’ 26 Jun’25 Amount % Share % Share % Share NCDs 24,817 19.7% 18.1% 21.4% Retail NCDs 2,297 1.8% 2.7% 3.0% Bank / FI Loans 64,346 51.1% 47.2% 47.7% Offshore Borrowings 5,141 4.1% 4.4% 6.2% Fixed Deposits 13,719 10.9% 11.4% 11.5% CP , ICD, TREPS 3,725 3.0% 5.3% 0.5% Securitisation/ Assignment 11,934 9.5% 10.9% 9.7% Total 1,25,979 100.0% 100.0% 100.0% Computed based on FV/ Principal value Funding Mix by Investor Category Funding Mix by type of Instrument on standalone basis 44% of the overall borrowing is at floating rate as of Jun’26 ^ Based on holding as at respective period ends Broad Based Liability Mix Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Treasury
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33 Based on provisional ALM as on Jun 30, 2026 22,089 28,167 32,502 45,682 68,452 1,28,151 1,51,974 4,941 8,629 14,730 30,613 65,435 1,23,128 1,28,085 0% 100% 200% 300% 400% - 20,000 40,000 60,000 80,000 1,00,000 1,20,000 1,40,000 1,60,000 Upto 1 Month Upto 2 Month Upto 3 Month Upto 6 Month Upto 1 Year Upto 3 Year Upto 5 Year Cumulative Inflow Cumulative Outflow Cumulative Mismatch% Liability Maturity^ Jul-26 Aug-26 Sep-26 Q2 FY27 Oct-26 Nov-26 Dec-26 Q3 FY27 Next 6 months Bank Loans 2,232 2,017 4,283 8,532 4,302 2,604 4,204 11,110 19,642 Market Instruments (NCD/ CP etc.) - - 345 345 325 - 1,050 1,375 1,720 Others (FD/ ICD) 321 693 728 1,742 740 339 649 1,729 3,470 Total 2,552 2,710 5,356 10,619 5,367 2,943 5,904 14,214 24,832 In addition to undrawn sanctioned lines, the Company held Cash/ Liquid investments of over INR 14 ,650 crores ^ excl. Securitisation as on Jun 30, 2026 All figures in ₹ crore ALM Position and Liability Maturity on standalone basis Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Treasury
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34 Particulars (Rs. in crore) Q1FY27 Q1FY26 FY26 FY25 Loans disbursed 1,143 501 3,171 2,023 Loans & Advances (net) 8,976 6,961 8,320 6,894 Total income 318 289 1,175 1,197 PBT 41 2 78 (305) PAT 30 2 58 (228) Net-worth 1,333 1,262 1,313 1,260 Gross Stage 3 % 2.41% 8.26% 2.39% 8.65% Net Stage 3 % 0.81% 1.47% 0.75% 1.41% No. of Employees# 4,096 5,065 4,319 5,442 ▪ Business Area: Provide loans for home construction, extension, purchase and improvement to customers in rural and Urban India ▪ Shareholding pattern: MMFSL – 98.43%; MRHFL Employee Welfare Trust and Employees – 1.57% ▪ Reach: Currently spread in 16 States & 3 Union Territory Figures re-grouped and rounded where found relevant #on roll employees Mahindra Rural Housing Finance Limited Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Subsidiary Financials
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35 Particulars (Rs. in crore) Q1FY27 Q1FY26 FY26 FY25 Net Premium 1,161 977 4,590 4,016 Total income 463 319 1,497 1,240 PBT 52 29 157 124 PAT 38 21 114 89 No. of employees (nos.) 406 563 432 589 * MIBL became wholly owned subsidiary of the company w.e.f. 22nd September 2023. ▪ Business Area: Licensed by IRDAI for undertaking insurance broking in Life, Non-Life and reinsurance businesses ▪ Shareholding pattern: MMFSL – 100%* Mahindra Insurance Brokers Limited Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Subsidiary Financials
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36 Particulars (in LKR Mn) Q1FY27 Q1FY26 FY26 FY25 Loans disbursed 9,423 11,228 57,608 29,473 Loans & Advances (net) 28,447 17,360 26,946 14,803 Total income 1,349 854 4,262 2,741 PBT* 251 209 1,093 433 PAT 98 90 478 146 Net-worth 3,659 3,173 3,561 3,083 Gross Stage 3 % (including Gold loans) 2.2% 1.8% 1.7% 1.9% Net Stage 3 % (including Gold loans) 1.5% 1.2% 1.2% 1.2% ▪ Business Area: Provide Gold loans and lease/ loan against vehicles in Sri-Lankan market ▪ Shareholding pattern: MMFSL holds 58.2% stake. ▪ Reach: 38 branches across Sri Lanka Figures re-grouped and rounded where found relevant * before VAT and Income Tax Mahindra Ideal Finance PLC Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Subsidiary Financials
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37 Consolidated Profit and Loss Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Consolidated Particulars (Rs. in crores) Q1 FY27 Q4 FY26 Q-o-Q Q1 FY26 Y-o-Y Revenue from operations (A) 5,718 5,539 3% 4,991 15% Less: Finance cost (B) 2,372 2,220 7% 2,280 4% NII (C= A-B) 3,346 3,319 1% 2,711 23% Other Income (D) 7 21 (67%) 23 (70%) Total Income (E=C+D) 3,353 3,340 0% 2,733 23% Employee benefits expense (F) 673 641 5% 634 6% Other expenses (G) 793 802 (1%) 635 25% Depreciation and amortization (H) 99 110 (10%) 86 15% Total Expenses (I=F+G+H) 1,565 1,553 1% 1,355 16% Pre-Provisioning Operating Profit (J=E-I) 1,787 1,787 0% 1,379 30% Provisions and write-offs (K) 567 543 4% 695 (18%) Profit before Exceptional items (L=J-K) 1,220 1,243 (2%) 683 79% Exceptional Items (M) - - NA - NA Share of Profit of Associates (N) 22 16 38% 20 10% Profit before taxes (O= L+M+N) 1,242 1,259 (1%) 704 77% Tax expense (P) 315 319 (1%) 175 80% Net Profit after Taxes (Q=O-P) 927 940 (1%) 529 75% Figures re-grouped and rounded where found relevant on consolidated basis
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38 Consolidated Balance Sheet Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Consolidated on consolidated basis Particulars (Rs. in crore) As on Jun 30, 2026 As on Jun 30, 2025 As on Mar 31, 2026 ASSETS Financial Asset a) Cash and cash equivalents 1,246 1,237 465 b) Bank balance other than (a) above 6,625 5,422 7,103 c) Derivative financial instruments 368 29 403 d) Trade Receivables 337 214 326 e) Loans 1,43,176 1,25,743 1,39,265 f) Investments 12,611 8,806 7,407 g) Other Financial Assets 247 328 238 Financial Asset 1,64,610 1,41,779 1,55,207 Non-Financial Asset a) Current tax assets (Net) 527 603 623 b) Deferred tax Assets (Net) 808 819 826 c) Property, plant and equipment (includes CWIP) 1,070 1,035 1,077 d) Intangible assets (includes under development) 244 260 258 e) Other non-financial assets 663 738 653 Non-Financial Assets 3,312 3,455 3,437 Total Assets 1,67,922 1,45,234 1,58,644 Figures re-grouped and rounded where found relevant
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39 Consolidated Balance Sheet (Contd.) Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Consolidated on consolidated basis Figures re-grouped and rounded where found relevant Particulars (Rs. in crore) As on Jun 30, 2026 As on Jun 30, 2025 As on Mar 31, 2026 LIABILITIES AND EQUITY Financial Liabilities a) Derivative financial instruments 10 366 7 b) Payables i) Trade payables 1,007 1,017 1,142 ii) Other payables 15 26 40 c) Debt Securities 32,457 26,193 30,728 d) Borrowings (Other than Debt Securities) 85,283 71,971 77,612 e) Deposits 14,509 13,043 14,130 f) Subordinated Liabilities 4,739 5,960 5,901 g) Other financial liabilities 1,364 1,060 1,492 Financial Liabilities 1,39,384 1,19,636 1,31,052 Non-Financial liabilities a) Current tax liabilities (Net) 292 116 169 b) Provisions 464 249 465 c) Other non-financial liabilities 158 129 266 Non-Financial Liabilities 914 494 900 Equity a) Equity Share capital 278 278 278 b) Other Equity 27,308 24,783 26,361 c) Non-controlling interests 38 44 53 Equity (incl. attributable to minority investors) 27,624 25,105 26,692 Total Equities and Liabilities 1,67,922 1,45,234 1,58,644
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Executive Summary Performance Highlights: Growth, Risk, Margins & Subsidiaries MMFSL Franchise Flywheel: How we win in Bharat Financial statement details: Standalone & Consolidated Other Company Information
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41 MMFSL Group Structure Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info 52.49% Mahindra & Mahindra Financial Services Limited Mahindra & Mahindra Limited Note: 1. MIBL became wholly owned subsidiary of the company w.e.f 22nd September 2023. 2. Balance 1.57% held by MRHFL Employee Welfare Trust and employees 3. Manulife Investment Management (Singapore) Pte. Ltd. holds 49% of the shareholding of MMIMPL and MMTPL. 4. Mahindra Ideal Finance PLC w.e.f. 8th July 2021 is a subsidiary of the Company 5. Mahindra Finance CSR Foundation is a wholly-owned subsidiary of MMFSL w.e.f 2nd April 2019, involved in engaging and promoting CSR projects and CSR activities of the Company and its group Companies Mahindra Insurance Brokers Limited (“MIBL”) Mahindra Rural Housing Finance Limited (“MRHFL”) Mahindra Finance USA LLC (Joint venture with Rabobank group subsidiary) Mahindra Manulife Investment Management Pvt. Ltd (“MMIMPL”) Mahindra Manulife Trustee Pvt. Ltd (“MMTPL”) Mahindra Ideal Finance PLC (“MIFL”), Sri Lanka 100%(1) 98.43%(2) 49% 51%(3) 51%(3) 58.2%(4)
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42 MMFSL – At a Glance Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Wheels SME LAP/HL FD Mutual Fund InsurancePL 1,300+ Branches 12M+ Customers 10+ OEMs 6,000+ Dealers 137K Cr AUM Scale Our Prominence Our Strong Foundation AAA Part of the Mahindra Group Upper Layer Deposit taking NBFC 30+ Years of Legacy Highest Credit Ratings ‘AAA’ 448 Bn Mcap* Product Offerings *Source: Market capitalization as of July 20, 2026, from BSE website
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43 Our Journey Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Completed IPO, Subscribed ~ 27 times Commenced Housing Finance business through MRHFL Raised Rs. 414 crore through Private Equity Equity participation of 12.5%by NHB in MRHFL Recommenced Fixed Deposit Program QIP Issue of Rs. 426 crore JV with Rabobank subsidiary for tractor financing in USA Stake sale in MIBL to Inclusion Resources Pvt. Ltd. QIP Issue of Rs. 867 crore Long term debt rating upgraded to AAA by India Ratings and Brickwork. CARE Ratings assigned AAA rating to long term debt Certificate of Registration received from SEBI by Mahindra Mutual Fund Maiden Retail NCD Issue of Rs. 1000 crore Oversubscribed over 7x of base issue size of Rs. 250 crore Sale of 5% of MIBL at a valuation of Rs. 1,300 crore. QIP Issuance : Rs. 1,056 crore; Preferential Issue to M&M : Rs. 1,055 crore Partnered with Manulife for Mutual Fund business Invested in Ideal Finance for providing financial services in Sri Lanka Long term debt rating upgraded to AAA by CRISIL Crossed 9 million cumulative customer contracts AUM crosses 1 Lakh Crore Rights Issue of Rs. 2,996 crore FY 06 FY 08 FY 09 FY 11 FY 13 FY 15 FY 16 FY 17 FY 18 FY 20 FY 21 FY 23 FY 24 FY 25 FY 26 Rights Issue of Rs. 3,089 crore Received Corporate Agency License from IRDAI C
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44 Diversified Product Portfolio Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Passenger Vehicle Loan 3- Wheeler Loan Supply Chain Financing Loan Against Property Vehicle Leasing Commercial Vehicle Loan Tractor Loan Used Vehicle Loan Business Loans Personal Loans Fixed Deposits Life and Motor Insurance Distribution Housing Finance (MRHFL) Vehicle Loan Gold Loan Asset Management (MMIMPL) ₹ Insurance Broking (MIBL) (MIFL) (MIFL) Mahindra Finance Product Offerings Subsidiaries Product Offerings
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45 Our Geographic Presence Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info 14% 12% 12% 14%18% 17% 13% A deep-rooted commitment to empoweringBharat 27 States and 7 Union territories 95%+ Pin codes served 1300+ Branches/offices 5,00,000+ Villages served 6,000+ Dealer Delhi Jaipur Lucknow KolkataThane HyderabadChennai 1 21 32 26 26 14 38 2 110 160 136 78 1 107 64 1 57 2 49 63 46 3 1 3 66 31 36 49 22 65 7 4 46 1 Mahindra Finance Coverage (Circle HQ) on standalone basis
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46 Shareholding Pattern Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Shareholding Pattern as on 30th June 2026 . Mahindra & Mahindra Limited holds a stake of 52.49% in the Company 52.49% 0.03% 9.53% 31.49% 6.46% Promoter Esop Trust FII Mutual Funds and DIIs Non-Institutions ▪ Life Insurance Corporation of India ▪ HDFC Mutual Fund ▪ SBI Mutual Fund ▪ HDFC Life Insurance Company Limited ▪ SBI Life Insurance Co. LTD ▪ Bandhan Mutual Fund ▪ Ashish Dhawan ▪ Sundaram Mutual Fund ▪ Nippon Life India Mutual Fund ▪ Government Pension Fund Global Shareholding Pattern Top 10 Public Shareholders
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47 Credit Rating Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Our strong credit rating and brand equity enables us to borrow funds at competitive rates India Ratings Outlook CRISIL Outlook CARE Ratings Outlook Long term Issuer Rating; Bank Facility; Non-Convertible Debenture (incl. MLD) and Subordinated debt; Fixed Deposit Short term Bank Facility & Commercial Paper IND AAA IND PP-MLD AAA Short term Bank Facility & Commercial Paper Stable -IND A1+ StableCRISIL AAA -CRISIL A1+ CARE AAA Stable Brickwork Outlook BWR AAA Stable Long term Bank Facility; Non-Convertible Debenture and Subordinated debt; Fixed Deposit Long term Non-Convertible Debenture and Subordinated debt Long term Subordinated debt
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48 FY27 CSR Initiatives Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Female students and women to be equipped with essential skills to enhance their employability and career prospects. Liters of rainwater to be conserved annually, benefiting approximately 6,000 villagers and fostering sustainable development Mahindra Pride Nanhi Kali >2,40,000 Mahindra finance Flagship Program to train underprivileged communities on financial planning, online banking, safeguard from digital frauds. Dhan Samvaad Saksham Scholarship Water Conservation Project >1,14,000 >26,500 >5,900 >3.74 Cr Underprivileged students to be provided financial assistance, enabling them to continue their education Underprivileged girl students educated under the Nanhi Kali Program Initiated employee volunteering initiatives by conducting blood donation camps and tree plantation drives to promote social responsibility and community engagement
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49 Q1 FY27 Recognitions Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Received the “Silver Award in Community Skilling & Societal Impact” ET Future Skills Awards 2026 Won the "Best Digital Transformation in Tractor Finance" Indian Tractor of the Year (ITOTY) 2026 Received “The Great Indian BFSI Fintech Supporting Rural /Bharat Adoption of the Year 2026” 6th Edition The Great Indian BFSI & Fintech Awards 2026 Won the “Operational Excellence & Improvement in Bureau Disputes” TransUnion CIBIL Excellence in Community Skilling & Societal Impact Recognizing its technology-led initiatives in Tractor Financing Recognizing its technology-led financial inclusion for Rural/Bharat Strengthening operational excellence and robust resolution mechanism
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Thank You