MAHINDRA & MAHINDRA LTD. Standalone Accounts 327 (f) Fair Value Disclosures (i) Financial Instruments regularly measured using Fair Value - recurring items Rupees crores Particulars Financial assets / financial liabilities Fair Value Category Fair Value Fair value hierarchy Valuation technique(s) Key inputs (for level 2 and level 3) Significant unobservable input(s) for level 3 hierarchy Relationship of unobservable inputs to fair value and sensitivity 2025 2024 1) F oreign currency forwards & commodity derivatives Financial Assets Financial instruments measured at FVTPL / FVTOCICurrent 35.77 19.13 Level 2 Discounted cash flow approach Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contracted forward rates, discounted at a rate that reflects the credit risk of counter parties. — — 2) F oreign currency forwards & commodity derivatives Financial Assets Financial instruments measured at FVTPL / FVTOCINon Current 13.20 — Level 2 Discounted cash flow approach Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contracted forward rates, discounted at a rate that reflects the credit risk of counter parties. — — 3) F oreign currency forwards & commodity derivatives Financial Liabilities Financial instruments measured at FVTPL / FVTOCICurrent 89.59 8.44 Level 2 Discounted cash flow approach Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contracted forward rates, discounted at a rate that reflects the credit risk of counter parties. — — 4) D erivatives on interest in subsidiaries, associates and joint ventures Financial Assets Financial instruments measured at FVTPL-Non Current — 14.69 Level 3 Comparable Companies Method / Discounted Cash Flow / Price of Recent Transaction / Comparable Companies Quoted multiples For Comparable Companies Method / Comparable Companies Quoted Multiples - compares the price for which comparable companies are traded on the capital market. For Discounted cash flow - Companies Financial projections. These include forecasts of Balance Sheet, Statement of profit and loss along with underlying assumptions. Interest Rates to discount future cash flow, market multiple used for comparable companies. Any change (increase / decrease) in the discount factor, financial projections etc. would entail corresponding change in the valuation of derivatives on interest in subsidiaries and associates and joint ventures. 5) D erivatives on interest in subsidiaries, associates and joint ventures Financial Liabilities Financial instruments measured at FVTPL-Non Current 82.32 24.94 Level 3 Comparable Companies Method / Discounted Cash Flow / Price of Recent Transaction / Comparable Companies Quoted multiples For Comparable Companies Method / Comparable Companies Quoted multiples - compares the price for which comparable companies are traded on the capital market. For Discounted Cash Flow - Companies Financial projections. These include forecasts of Balance Sheet, Statement of Profit and Loss along with underlying assumptions. Interest Rates to discount future cash flow , Financial Projections Any change (increase / decrease) in the discount factor, financial projections etc. would entail corresponding change in the valuation of derivatives on interest in subsidiaries and associates and joint ventures. 6) I nvestment in market linked debentures Financial Assets Financial instruments measured at FVTPL -Current — 28.34 Level 1 Quoted market price — — — 7) I nvestment in mutual funds Financial Assets Financial instruments measured at FVTPL -Current 10,756.43 5,625.12 Level 1 Net asset value — — — 8) I nvestment in alternate investment fund Financial Assets Financial instruments measured at FVTPL -Non current 27.40 27.05 Level 1 Net asset value — — — 9) I nvestment in equity instruments -Quoted Financial Assets Financial instruments designated at FVTOCI-Non current 2.25 8.33 Level 1 Quoted market price — — — 39. Financial instruments (contd.)
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