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mahindra FINANCE Mahindra & Mahindra Financial Services Limited Result Update Quarter ended Sep’26 (Q2FY27) 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 66526023 Email: INVESTOR.RELATIONS@mahindrafinance.com
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mahindra FINANCE 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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mahindra FINANCE 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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mahindra FINANCE / 4 Stable asset quality GS3 at 3.4% GS2+GS3 at 8.1% Continued step-up in profitability PAT up 55% YoY; ROA at 2.2% Pivoting to growth Core Business disbursals 21% YoY^; New Growth engines 38% YoY* Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info ^Includes Wheels, Gensets and Implements; *Includes SME, PL & Prime Housing disbursements All figures pertain to Q2FY27 Profitable & Disciplined Growth (1/2) on standalone basis
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mahindra FINANCE non 4v. K_ 1 5 *% of Avg. Total Assets ₹882 Cr v/s ₹569 Cr in Q2FY26, 55% YoY PAT 8.1% v/s 9.7% in Q2FY26 GS2+GS3 7.0% v/s 7.0% in Q2FY26 NIM* Continued step-up in profitability Stable asset quality Pivoting to growth ₹1,46,512 Cr 15% YoY Growth AUM ₹16,499 Cr 22% YoY Growth Disbursements 1.6% v/s 2.2% in Q2FY26 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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mahindra FINANCE 6 Consolidated financial services franchise gaining momentum Total Lending AUM ₹1,56,311 Cr MMFSL + MRHFL AUM 80% 20% Wheels AUM Non-Wheels AUM* 21% 52% Q2FY27 Wheels Disbursal YoY Growth Q2FY27 Non-Wheels Disbursal YoY Growth Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info MRHFL ₹9,799 Cr 2.3% ₹35 Cr Loan Book GS-3 PAT MIBL ₹1,272 Cr ₹488 Cr ₹49 Cr Net Premium Total Income PAT MMIMPL ₹38,140 Cr ₹41 Cr ₹11 Cr Avg AUM Total Income PAT *Includes Trade Advance and does not include MIFL & MFUSA, as they are overseas subsidiaries / JVs. on consolidated basis 2.2x YoY Growth 1.4x YoY Growth All figures pertain to Q2F27
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mahindra FINANCE 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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IF mahindra FINANCE 8 * Others include Personal Loans, Farm implements, Gensets and Prime Housing All figures in ₹ crore on standalone basis Growth: Holistic momentum Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Product Wise Disbursals Q2 FY27 Q2 FY26 YoY H1 FY27 H1 FY26 YoY FY26 PV 6,826 (41%) 5,348 (40%) 28% 13,351 (42%) 10,602 (40%) 26% 24,614 (40%) Pre-Owned Vehicle 2,834 (17%) 2,473 (18%) 15% 5,360 (17%) 4,649 (18%) 15% 10,151 (17%) CV & CE 2,657 (16%) 2,293 (17%) 16% 4,948 (15%) 4,647 (18%) 6% 10,665 (17%) Tractor 1,979 (12%) 1,746 (13%) 13% 4,459 (14%) 3,457 (13%) 29% 8,732 (14%) 3-Wheeler 664 (4%) 503 (4%) 32% 1,203 (4%) 999 (4%) 20% 1,976 (3%) SME 831 (5%) 736 (5%) 13% 1,514 (5%) 1,260 (5%) 20% 3,057 (5%) Others* 708 (4%) 415 (3%) 71% 1,228 (4%) 709 (3%) 73% 1,922 (3%) Total 16,499 (100%) 13,514 (100%) 22% 32,063 (100%) 26,323 (100%) 22% 61,118 (100%)
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IF mahindra FINANCE 9 1.91% 1.89% 1.48% 1.51% Jun-25 Sep-25 Jun-26 Sep-26 Stable Asset Quality and Credit Cost Net GS-3 Credit Cost GS3 GS2 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info on standalone basis 5.85% 5.78% 4.87% 4.70% Jun-25 Sep-25 Jun-26 Sep-26 -7 bps - 17 bps 3.85% 3.94% 3.45% 3.42% Jun-25 Sep-25 Jun-26 Sep-26 +9 bps -3 bps -2 bps +3 bps 1.94% 2.17% 1.50% 1.55% Q1FY26 Q2FY26 Q1FY27 Q2FY27 +23 bps +5 bps
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IF mahindra FINANCE 10 2.05% 1.52% H1 F26 H1 F27 5.44% 5.78% 4.76% 4.70% Mar-25 Sep-25 Mar-26 Sep-26 Reducing seasonal volatility across key risk metrics: H1’27 vs H1’26 3.69% 3.94% 3.41% 3.42% Mar-25 Sep-25 Mar-26 Sep-26 +25 bps +1 bps 1.84% 1.89% 1.44% 1.51% Mar-25 Sep-25 Mar-26 Sep-26 +34 bps -6 bps +5 bps +7 bps -53 bps Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info GS2 Net GS-3 Credit Cost GS3 on standalone basis
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IF mahindra FINANCE Liquidity Buffer Stage 3 - Coverage Ratio 10,100 8,550 14,650 16,150 Jun-25 Sep-25 Jun-26 Sep-26 Prudent Coverage Capital Adequacy Adequately capitalized (16.7%) (16.5%)(17.9%)(15.2%) (Tier I- %) on standalone basis Risk: Prudent coverage and adequately capitalized Comfortable liquidity position 11 (₹ Crore) 51.4% 53.0% 58.1% 56.6% Jun-25 Sep-25 Jun-26 Sep-26 20.6% 19.5% 18.5% 18.0% Jun-25 Sep-25 Jun-26 Sep-26 (16.5%) (16.2%)(16.9%)(17.9%) Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info
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mahindra FINANCE / (-----) II on standalone basis ROA: Q2 at 2.2%, H1 at 2.3% Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Particulars Q2FY27 Q1FY27 Q2FY26 H1FY27 H1FY26 FY26*^ FY25 Total Income / Average Assets 12.7% 13.1% 13.0% 12.8% 13.0% 13.1% 12.8% - Loan Income 11.1% 11.5% 11.6% 11.3% 11.6% 11.6% 11.7% - Fee, Investment & Other Income 1.6% 1.5% 1.4% 1.6% 1.4% 1.4% 1.1% Interest cost / Average Assets 5.8% 5.8% 6.0% 5.8% 6.1% 5.9% 6.3% Gross Spread 7.0% 7.3% 7.0% 7.1% 6.8% 7.1% 6.5% Overheads / Average Assets 2.6% 2.7% 2.7% 2.6% 2.7% 2.7% 2.7% End Losses & provisions / Average Assets 1.6% 1.5% 2.2% 1.5% 2.0% 1.7% 1.3% - End Losses 1.2% 1.3% 1.2% 1.2% 1.2% 1.4% 1.2% -Provisions 0.3% 0.2% 1.0% 0.3% 0.8% 0.3% 0.0% Net Spread before Tax 2.9% 3.1% 2.2% 3.0% 2.1% 2.6% 2.5% Net Spread after Tax 2.2% 2.4% 1.6% 2.3% 1.6% 2.0% 1.9% Average 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 12
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IF mahindra FINANCE / Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info 1,095 1,838 H1FY26 H1FY27 PAT 68% 1,49,086 1,80,292 H1FY26 H1FY27 Total Assets 21% 10,063 11,687 H1FY26 H1FY27 Total Income 16% Figs. In Rs. Cr Growth % on consolidated basis Consolidated financials: Core led growth, broader franchise also contributing 13
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mahindra FINANCE 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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mahindra FINANCE ft* OC REACH Jig 0 AIL 15 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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rn ahindra FINANCE 1 ( 0 0 0 0 0 n ( 16 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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IF mahindra FINANCE 0 ( \\, 0 U4) 17 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 • Launched WhatsApp based Dealer lead generation – PVs; Tractors v Digital Reach • Expanded functionalities in Customer App & Web • Improved Call centre & bot functionalities • Native app and web journeys • Launched WhatsApp journey - PL AI Powered
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IF mahindra FINANCE A g i IL a imil ../ 18 Digital + AI powered reach Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Udaan Stack Customer Acquisition Delta Resilient Operations Efficient Collections Digital/ AI-led AI-enabled operation workflows AI augmented collections workflows 75% Samur AI coverage 28% BoT Coverage through 12+ AI vernacular bots 20% 45% 75% Q4'F26 Q1'F27 Q2'F27 100% Wheels Disbursals through Udaan ₹ 1,663 Cr Disbursement through Digital/AI orchestrated channel 10% 20% 28% Q4'F26 Q1'F27 Q2'F27 990 1,291 1,663 Q4'F26 Q1'F27 Q2'F27
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rn ahindra FINANCE O 1 19 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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mahindra FINANCE it n.0 ! 20 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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mahindra FINANCE 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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mahindra FINANCE 22 * Others include Trade Advances, Personal Loans, Finance Lease Receivables, Implements, Prime Housing etc. on standalone basis Figures re-grouped and rounded where found relevant Asset Class H1 FY27 H1 FY26 FY26 Passenger vehicles 40.1% 39.8% 41.3% Commercial vehicles and construction equipments 18.0% 20.6% 20.0% Pre-owned vehicles 12.0% 12.3% 12.5% Tractors 12.2% 10.8% 12.2% SME 6.6% 5.4% 6.0% 3 Wheelers 3.0% 3.4% 3.2% Others* 8.2% 7.5% 4.8% Contribution of M&M assets in Business Assets 45% 43% 46% Breakdown of Business Assets Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Growth
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mahindra FINANCE / 23 ^ 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) 16,499 (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% 97% - - - 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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mahindra FINANCE V ■ ■ 24 14% 15% 18% 18% 13% 12% 10% 14% 15% 18% 20% 12% 12% 9% Delhi Jaipur Lucknow Thane Chennai Hyderabad Kolkata • Figures re-grouped and rounded where found relevant • All figures pertain to Q2 FY27 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 Growth ₹16,499 Cr Disbursals ₹1,46,512 Cr AUM
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mahindra FINANCE / r L i L i L 25 Credit Cost: Break down * % of Avg. Total Assets Credit Cost* on standalone basis 1.5% 2.3% 0.0% 1.4% 1.9% 2.2% 1.3% 1.5% 1.5% 1.6% Q1F25 Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 Q3F26 Q4F26 Q1F27 Q2F27 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Particulars FY25 FY26 Q1FY26 Q2FY26 Q1FY27 Q2FY27 GS-3 (%) 3.7% 3.4% 3.8% 3.9% 3.5% 3.4% Credit Cost (%) 1.3% 1.7% 1.9% 2.2% 1.5% 1.6% Provision (%) 0.0% 0.3% 0.7% 1.0% 0.2% 0.3% End Losses (%) 1.2% 1.4% 1.2% 1.2% 1.3% 1.2% Provision (Rs Cr) 59 482 243 337 89 123 End Losses (Rs Cr) 1,559 1,959 417 415 481 506 GS-3 Coverage (%) 51.2% 58.6% 51.4% 53.0% 58.1% 56.6% Risk
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mahindra FINANCE / I I I I I I I I 26 Rs. in crore As on 30th Sep 2026 As on 30th June 2026 As on 31st Mar 2026 Business Assets (Amount and %) Provisions & Coverage Business Assets (Amount and %) Provisions & Coverage Business Assets (Amount and %) Provisions & Coverage Stage - 1 Assets 1,34,619 91.9% 778 0.6% 1,26,017 91.7% 751 0.6% 1,23,128 91.8% 742 0.6% Stage 1A 1,34,237 91.6% 775 0.6% 1,25,742 91.5% 749 0.6% 1,22,816 91.6% 739 0.6% Stage 1B^ 382 0.3% 3 0.8% 275 0.2% 2 0.8% 312 0.2% 2 0.8% Stage - 2 Assets 6,888 4.7% 537 7.8% 6,689 4.9% 524 7.8% 6,390 4.8% 514 8.0% Stage 2A 5,297 3.6% 394 7.4% 5,100 3.7% 380 7.5% 4,566 3.4% 346 7.6% Stage 2B^ 1,591 1.1% 143 9.0% 1,590 1.2% 144 9.1% 1,824 1.4% 168 9.2% Stage - 3 Assets 5,005 3.4% 2,835* 56.6% 4,743 3.5% 2,754* 58.1% 4,578 3.4% 2,681* 58.6% Total 1,46,512 4,150 2.8% 1,37,449 4,030 2.9% 1,34,096 3,936 2.9% Rs. in crore IRACP (A) IND-AS (B) Difference (B-A) Stage 1 and Stage 2 557 1,315 759 Stage 3 2,149 2,835 686 Total 2,705 4,150 1,445 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) & 217 Cr (created in Q4 F26) Stagewise Provisioning Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Risk
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mahindra FINANCE r I 1 1 / / i [ , 27 13,562 16,075 18,500 8,927 10,149 FY24 FY25 FY26 H1 FY26 H1 FY27 1,760 2,345 2,782 1,099 1,780 FY24 FY25 FY26 H1 FY26 H1 FY27 4,178 4,765 6,231 2,852 3,547 FY24 FY25 FY26 H1 FY26 H1 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 1,23,211 1,42,362 FY24 FY25 FY26 H1 FY26 H1 FY27 Loan Book (1) (Rs. crore) 16% 14% 24% 62% on standalone basis Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone Financial Performance (1/2)
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mahindra FINANCE 1 [ ) r [ . / ■ o 28 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% 2.3% FY24 FY25 FY26 H1 FY26 H1 FY27 10.0% 12.4% 12.5% 10.3% 14.2% FY24 FY25 FY26 H1 FY26 H1 FY27 41.4% 41.7% 38.4% 39.4% 36.7% FY24 FY25 FY26 H1 FY26 H1 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% 3.9% 3.4% 1.3% 1.8% 1.4% 1.9% 1.5% FY24 FY25 FY26 H1 FY26 H1 FY27 Gross Stage-3 Net Stage-3 53.0% 56.6% on standalone basisFinancial Performance (2/2) Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone
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mahindra FINANCE / 29 Particulars (Rs. in crores) Q2FY27 Q1FY27 Q-o-Q Q2FY26 Y-o-Y FY26 Revenue from operations (A) 5,164 4,972 4% 4,473 15% 18,446 Less: Finance cost (B) 2,341 2,208 6% 2,066 13% 8,392 NII (C= A-B) 2,822 2,764 2% 2,406 17% 10,054 Other Income (D) 11 2 NA 17 -32% 55 Total Income (E=C+D) 2,834 2,766 2% 2,423 17% 10,108 Employee benefits expense (F) 557 560 -1% 491 13% 2,054 Other expenses (G) 386 361 7% 350 10% 1,480 Depreciation and amortization (H) 100 89 12% 83 20% 343 Total Expenses (I=F+G+H) 1,042 1,010 3% 924 13% 3,877 Pre-Provisioning Operating Profit (J=E-I) 1,791 1,756 2% 1,499 20% 6,231 Provisions and write-offs (K) 630 570 10% 751 -16% 2,441 Profit before Exceptional items (L=J-K) 1,162 1,186 -2% 748 55% 3,790 Exceptional Items (M) - - - - - (117) Profit before Tax (N=L+M) 1,162 1,186 -2% 748 55% 3,673 Tax expense (O) 280 288 -3% 178 57% 890 Net Profit after Taxes (P=N-O) 882 899 -2% 569 55% 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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mahindra FINANCE / 30 Particulars (Rs. in crores) H1FY27 H1FY26 Y-o-Y FY26 Revenue from operations (A) 10,136 8,892 14% 18,446 Less: Finance cost (B) 4,549 4,219 8% 8,392 NII (C= A-B) 5,586 4,673 20% 10,054 Other Income (D) 13 35 -62% 55 Total Income (E=C+D) 5,600 4,708 19% 10,108 Employee benefits expense (F) 1,117 1,014 10% 2,054 Other expenses (G) 747 684 9% 1,480 Depreciation and amortization (H) 189 158 20% 343 Total Expenses (I=F+G+H) 2,052 1,856 11% 3,877 Pre-Provisioning Operating Profit (J=E-I) 3,547 2,852 24% 6,231 Provisions and write-offs (K) 1,199 1,411 -15% 2,441 Profit before Exceptional items (L=J-K) 2,348 1,441 63% 3,790 Exceptional Items (M) - - NA (117) Profit before Tax (N=L+M) 2,348 1,441 63% 3,673 Tax expense (O) 568 342 66% 890 Net Profit after Taxes (P=N-O) 1,780 1,099 62% 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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mahindra FINANCE / 31 Particulars (Rs. in crore) As on Sep 30, 2026 As on Sep 30, 2025 As on Mar 31, 2026 ASSETS Financial Asset a) Cash and cash equivalents 5,148 132 391 b) Bank balance other than (a) above 6,442 5,984 6,949 c) Derivative financial instruments 470 152 403 d) Trade Receivables 77 54 86 e) Loans 1,42,362 1,23,211 1,30,160 f) Investments 10,709 7,430 6,820 g) Other Financial Assets 231 197 222 Financial Asset 1,65,438 1,37,161 1,45,032 Non-Financial Asset a) Current tax assets (Net) 367 466 439 b) Deferred tax assets (Net) 654 711 654 c) Property, plant and equipment 938 891 941 d) Intangible assets 217 256 254 e) Other non-financial assets 574 644 586 Non-Financial Assets 2,749 2,968 2,873 Total Assets 1,68,187 1,40,129 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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mahindra FINANCE / 32 Particulars (Rs. in crore) As on Sep 30, 2026 As on Sep 30, 2025 As on Mar 31, 2026 LIABILITIES AND EQUITY Financial Liabilities a) Derivative financial instruments 3 289 7 b) Payables i) Trade payables 595 758 856 ii) Other payables 15 21 40 c) Debt Securities 30,134 25,725 26,539 d) Borrowings (Other than Debt Securities) 90,765 69,815 74,240 e) Deposits 14,831 13,816 14,196 f) Subordinated Liabilities 4,341 5,430 5,360 g) Other financial liabilities 1,254 823 1,128 Financial Liabilities 1,41,937 1,16,678 1,22,365 Non-Financial liabilities a) Current tax liabilities (Net) 252 127 159 b) Provisions 354 216 407 c) Other non-financial liabilities 111 92 216 Non-Financial Liabilities 716 436 782 Equity a) Equity Share capital 278 278 278 b) Other Equity 25,256 22,738 24,481 Equity 25,534 23,016 24,759 Total Equities and Liabilities 1,68,187 1,40,129 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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mahindra FINANCE / 33 Particulars H1 FY27 H1 FY26 FY26 RONW (Avg. Net Worth) - annualised 14.2% 10.3% 12.5% Debt / Equity 5.49:1 4.99:1 4.86:1 Capital Adequacy 18.0% 19.5% 18.8% Tier I 16.2% 16.9% 16.7% Tier II 1.8% 2.6% 2.2% EPS (Basic) (Rs.) 12.81 8.17 20.35 Book Value (Rs.) 183.7 165.6 178.1 Dividend % - - 375% No. of employees 23,817 23,285 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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mahindra FINANCE 34 Investor Type Sep’26 Jun’ 26 Sep’25 Amount % Share % Share % Share Banks / Financial Institutions 95,004 69.0% 67.2% 63.6% Mutual Funds 8,057 5.9% 6.6% 4.5% Insurance & Pension Funds 13,813 10.0% 10.8% 13.2% FIIs & Corporates 13,136 9.5% 9.5% 11.8% Others 7,633 5.5% 5.9% 6.9% Total 1,37,643 100.0% 100.0% 100.0% Instrument Type Sep’26 Jun’ 26 Sep’25 Amount % Share % Share % Share NCDs 25,722 18.7% 19.7% 20.0% Retail NCDs 2,297 1.7% 1.8% 2.9% Bank / FI Loans 70,884 51.5% 51.1% 45.8% Offshore Borrowings 5,141 3.7% 4.1% 6.0% Fixed Deposits 13,845 10.1% 10.9% 11.6% CP , ICD, TREPS 5,685 4.1% 3.0% 3.9% Securitisation/ Assignment 14,069 10.2% 9.5% 9.8% Total 1,37,643 100.0% 100.0% 100.0% All figures in INR crores; Computed based on FV/ Principal value Funding Mix by Investor Category Funding Mix by type of Instrument on standalone basis 48% of the overall borrowing is at floating rate as of Sep’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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mahindra FINANCE L 35 22,877 31,421 43,216 55,570 79,305 1,42,254 1,67,708 9,025 12,893 19,866 37,781 72,829 1,38,331 1,44,395 0% 100% 200% 300% - 20,000 40,000 60,000 80,000 1,00,000 1,20,000 1,40,000 1,60,000 1,80,000 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% All figures in ₹ crore ALM Position and Liability Maturity on standalone basis Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Treasury Based on provisional ALM as on Sep 30, 2026 Liability Maturity^ Oct-26 Nov-26 Dec-26 Q3 FY27 Jan-27 Feb-27 Mar-27 Q4 FY27 Next 6 months Bank Loans 5,143 2,699 4,567 12,409 1,251 2,412 3,224 6,887 19,510 Market Instruments (NCD/ CP etc.) 325 - 1,050 1,375 1,229 2,925 2,893 7,047 3,326 Others (FD/ ICD) 738 338 649 1,724 416 607 710 1,733 4,162 Total 6,206 3,037 6,265 15,509 2,896 5,944 6,827 15,667 26,998 In addition to undrawn sanctioned lines, the Company held Cash/ Liquid investments of over INR 16 ,150 crores ^ excl. Securitisation as on Sep 30, 2026
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mahindra FINANCE i i I I I I I I I I I I I I I I I I I I i i 36 Particulars (Rs. in crore) Q2FY27 Q2FY26 H1FY27 H1FY26 FY26 Loans disbursed 1,126 598 2,269 1,099 3,171 Loans & Advances (net) 9,602 7,106 9,602 7,106 8,320 Total income 346 283 665 572 1,175 PBT 47 15 88 17 78* PAT 35 11 66 13 58 Net-worth 1,364 1,272 1,364 1,272 1,313 Gross Stage 3 % 2.28% 2.86% 2.28% 2.86% 2.39% Net Stage 3 % 0.78% 1.01% 0.78% 1.01% 0.75% No. of Employees# 3,628 4,780 3,628 4,780 4,319 ▪ 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 (Rs. In Crores)
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mahindra FINANCE I I I I I I I I I I I I I I I I I I I I 37 Particulars (Rs. in crore) Q2FY27 Q2FY26 H1FY27 H1FY26 FY26 Net Premium 1,272 940 2,433 1,918 4,590 Total income 488 308 952 628 1,497 PBT 66 28 119 57 157 PAT 49 20 87 41 114 No. of employees (nos.) 410 572 410 572 432 * 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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mahindra FINANCE I I I I I I I I I I I I I I I I I I 38 Particulars (in LKR Mn) Q2FY27 Q2FY26 H1FY27 H1FY26 FY26 Loans disbursed 7,215 13,129 16,638 24,357 57,608 Loans & Advances (net) 28,532 20,376 28,532 20,376 26,946 Total income 1,400 993 2,749 1,847 4,262 PBT* 258 267 509 477 1,093 PAT 102 119 201 209 478 Net-worth 3,762 3,292 3,762 3,292 3,561 Gross Stage 3 % (including Gold loans) 3.9% 1.7% 3.9% 1.7% 1.7% Net Stage 3 % (including Gold loans) 3.2% 1.2% 3.2% 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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mahindra FINANCE z 39 Consolidated Profit and Loss Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Consolidated Particulars (Rs. in crores) Q2 FY27 Q1 FY27 Q-o-Q Q2 FY26 Y-o-Y FY26 Revenue from operations (A) 5,936 5,718 4% 5,026 18% 21,005 Less: Finance cost (B) 2,523 2,372 6% 2,198 15% 8,934 NII (C= A-B) 3,413 3,346 2% 2,829 21% 12,072 Other Income (D) 26 7 283% 23 14% 81 Total Income (E=C+D) 3,439 3,353 3% 2,852 21% 12,153 Employee benefits expense (F) 666 673 -1% 603 11% 2,510 Other expenses (G) 833 793 5% 644 29% 2,885 Depreciation and amortization (H) 109 99 10% 94 16% 386 Total Expenses (I=F+G+H) 1,609 1,565 3% 1,340 20% 5,781 Pre-Provisioning Operating Profit (J=E-I) 1,830 1,787 2% 1,511 21% 6,372 Provisions and write-offs (K) 629 567 11% 768 -18% 2,483 Profit before Exceptional items (L=J-K) 1,202 1,220 -2% 743 62% 3,889 Exceptional Items (M) - - NA - NA (133) Share of Profit of Associates (N) 22 22 -2% 15 41% 70 Profit before taxes (O= L+M+N) 1,223 1,242 -2% 759 61% 3,826 Tax expense (P) 313 315 -1% 193 62% 965 Net Profit after Taxes (Q=O-P) 911 927 -2% 566 61% 2,861 Figures re-grouped and rounded where found relevant on consolidated basis
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mahindra FINANCE z 40 Consolidated Profit and Loss Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Consolidated Particulars (Rs. in crores) H1 FY27 H1 FY26 Y-o-Y FY26 Revenue from operations (A) 11,654 10,017 16% 21,005 Less: Finance cost (B) 4,895 4,478 9% 8,934 NII (C= A-B) 6,759 5,539 22% 12,072 Other Income (D) 33 46 -28% 81 Total Income (E=C+D) 6,792 5,585 22% 12,153 Employee benefits expense (F) 1,339 1,237 8% 2,510 Other expenses (G) 1,627 1,279 27% 2,885 Depreciation and amortization (H) 208 180 16% 386 Total Expenses (I=F+G+H) 3,174 2,695 18% 5,781 Pre-Provisioning Operating Profit (J=E-I) 3,617 2,890 25% 6,372 Provisions and write-offs (K) 1,196 1,463 -18% 2,483 Profit before Exceptional items (L=J-K) 2,422 1,427 70% 3,889 Exceptional Items (M) - - NA (133) Share of Profit of Associates (N) 44 36 24% 70 Profit before taxes (O= L+M+N) 2,466 1,462 69% 3,826 Tax expense (P) 627 367 71% 965 Net Profit after Taxes (Q=O-P) 1,838 1,095 68% 2,861 Figures re-grouped and rounded where found relevant on consolidated basis
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mahindra FINANCE z 41 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 Sep 30, 2026 As on Sep 30, 2025 As on Mar 31, 2026 ASSETS Financial Asset a) Cash and cash equivalents 5,252 158 465 b) Bank balance other than (a) above 6,628 6,132 7,103 c) Derivative financial instruments 470 154 403 d) Trade Receivables 334 235 326 e) Loans 1,52,771 1,30,893 1,39,265 f) Investments 11,340 7,759 7,407 g) Other Financial Assets 249 216 238 Financial Asset 1,77,044 1,45,548 1,55,207 Non-Financial Asset a) Current tax assets (Net) 508 638 623 b) Deferred tax Assets (Net) 809 893 826 c) Property, plant and equipment (includes CWIP) 1,061 1,035 1,077 d) Intangible assets (includes under development) 221 261 258 e) Other non-financial assets 648 710 653 Non-Financial Assets 3,248 3,539 3,437 Total Assets 1,80,292 1,49,086 1,58,644 Figures re-grouped and rounded where found relevant
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mahindra FINANCE z 42 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 Sep 30, 2026 As on Sep 30, 2025 As on Mar 31, 2026 LIABILITIES AND EQUITY Financial Liabilities a) Derivative financial instruments 3 289 7 b) Payables i) Trade payables 917 1,000 1,142 ii) Other payables 14 21 40 c) Debt Securities 35,584 29,628 30,728 d) Borrowings (Other than Debt Securities) 94,518 72,031 77,612 e) Deposits 14,700 13,748 14,130 f) Subordinated Liabilities 4,776 5,982 5,901 g) Other financial liabilities 1,436 1,069 1,492 Financial Liabilities 1,51,949 1,23,769 1,31,052 Non-Financial liabilities a) Current tax liabilities (Net) 259 136 169 b) Provisions 401 249 465 c) Other non-financial liabilities 157 126 266 Non-Financial Liabilities 817 511 900 Equity a) Equity Share capital 278 278 278 b) Other Equity 27,209 24,482 26,361 c) Non-controlling interests 39 47 53 Equity (incl. attributable to minority investors) 27,526 24,807 26,692 Total Equities and Liabilities 1,80,292 1,49,086 1,58,644
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mahindra FINANCE 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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mahindra FINANCE Rise mahindra mahindra FINANCE rrrrrr 44 MMFSL Group Structure Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info 52.48% 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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mahindra FINANCE 0 441 0 dot5\ -t ."- 0I 4qt C 45 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 146K+ 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’ 423 Bn Mcap* Product Offerings *Source: Market capitalization as of Oct 19, 2026, from BSE website
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mahindra FINANCE O O ( ( ol O O 1 O 0 O J O J J O 1 1 1 46 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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rnahirld ra FINANCE BB 0 47 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 / Housing loan 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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rnahindra FINANCE 5 ceo 4 0 3 6 6 48 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 1,300+ Branches/offices 5,00,000+ Villages served 6,000+ Dealers Delhi Jaipur Lucknow KolkataThane HyderabadChennai 1 21 32 26 26 17 40 2 110 162 136 78 1 115 64 1 57 2 49 67 51 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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mahindra FINANCE 49 Shareholding Pattern Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Shareholding Pattern as on 30th September 2026 . Mahindra & Mahindra Limited holds a stake of 52.48% in the Company 52.48% 0.04% 9.96% 31.56% 5.97% 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 ▪ HSBC Mutual Fund ▪ SBI Life Insurance Co. LTD ▪ Nippon Life India Mutual Fund ▪ Bandhan Mutual Fund ▪ Sundaram Mutual Fund ▪ Ashish Dhawan Shareholding Pattern Top 10 Public Shareholders
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mahindra FINANCE I , -, 50 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 Bank Facility; Non-Convertible Debenture and Subordinated debt Long term Subordinated debt Short term Bank Facility CARE A1+
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mahindra FINANCE *,^ • DHAN SAMVAAD ti Mahincira PRIDE CLASSROOM A6,44 fizake0 for the girl child lap SAKSHAMD SCHOLARSHIP Mahinclra FINANCE - WATER CONSERVATION PROJECT - 5 51 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 >2,22,000 Mahindra finance Flagship Program to train underprivileged communities on financial planning, online banking, safeguard from digital frauds. Dhan Samvaad Saksham Scholarship Water Conservation Project >1,01,000 >26,500 >7,000 >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 5000 Relief kits distributed across ~28 villages in Assam as part of Relief and Rehabilitation
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mahindra FINANCE O • 'sr n U U IS at . . • The..4 emu •••• rewardz EX1 ra .svE Deloitte. 4 •• " VI I e 6 II Q2 FY27 Recognitions Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info “Winner of Large Cap- Masters of Risk in NBFC” CNBC-TV18 India Risk Management Awards Season 12 “Won the Best RCU Team of the Financial Year 2026” Finnoviti Awards 2026 Recognizes excellence in risk management, underwriting and governance Recognized for our contribution to digitization, innovation and excellence in Risk Containment 52
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Thank You