Mahindra & Mahindra Limited Integrated Annual Report 2025-2026 Acceleration in Uncertainty
INTEGRATED ANNUAL REPORT 2025-26 MAHINDRA & MAHINDRA LIMITED
01 MESSAGE FROM THE LEADERS CHAIRMAN’S MESSAGE Dear Shareholders, In my letter to you last year, I had described the prevailing global situation as a Samudra Manthan – a churning. I acknowledged that every country and every company was inescapably going to have to swallow some of the poison churned up by the Manthan. However, I had also urged that instead of focusing on mere mitigation of the effects of the poison, we could proactively view the Manthan as an opportunity to garner some of the amrit for ourselves. Because be it a country or a business, the winners would be the ones who were resilient enough to navigate the uncertainty and ambiguity thrown up by the Manthan and gain some advantage from it. It makes me very happy to note that both your country and your company have demonstrated excellent navigational skills. In a world that is rebalancing and moving from globalisation to selective partnerships, India’s relevance has grown. Its ability to combine scale with strategic flexibility is positioning it as an increasingly important pillar of a distributed global economy. It is being seen as a credible and stable alternative for investment, manufacturing, and talent (today, approximately 25% of all iPhones are manufactured in India!). Politically, it has quietly protected its own interests while dealing with other nations with diplomacy and tact. Economically, it is the fastest-growing major economy in the world. In an unpredictable world, India is holding its own. Your company too has extracted some amrit from the Manthan. The results for the year gone by are outstanding and have hit historical highs. We are rewriting the rules of mobility and comfort with the revolutionary NU_IQ platform. The number of patents granted has jumped from 56 to 1,300+ in the last one decade, showcasing our capacity to innovate, despite the tsunami swirling around us. The Mahindra Group has, during this volatile period, announced one of the largest prospective investments in its history in Nagpur (₹15,000 crore over 10 years), demonstrating our confidence in our ability to navigate the future. These achievements have been recognised by several external entities. We have been named Outstanding Company of the Year at the India Business Leadership Awards and as one of the world’s Top 50 Companies by TIME magazine. All this is very heartening. However, as recent events, particularly in West Asia are showing, the Manthan is far from over. We have navigated the first churning. We must now brace ourselves for Manthan 2.0. Uncertainty is no longer the exception; it is the rule. Black swan events have become obsolete because the pond is full of black swans. Situations that were previously seen as temporary disruptions are now proving to be a more long-term reset of supply chains, geopolitical alignments, and technologies. There is a shift from episodic shocks to continuous earthquakes, where anticipating change is increasingly difficult, and the imperative is to build the agility and resilience to navigate a constantly shifting landscape. Manthan 2.0 is, indeed, upon us. Anand G. Mahindra Chairman
02 Integrated Annual Report 2025-26 The next global order may be built by ‘connectors’ in a fragmented world. This opens up an opportunity for India to be a ‘connector economy’. Can we continue to reap the amrit in this new Manthan? For India, the stars are favourable. India’s rise today is being increasingly aligned with the way the world is being reconfigured. Mark Carney and many other global leaders have called for the world to move beyond rigid trading blocs towards multiple coalitions, and this is happening as we speak. The next global order may well be built by those who can become ‘connectors’ in a fragmented world. This opens up an opportunity for India to be a ‘connector economy’ that works across divides. It is already beginning to establish this reputation with its low-key ‘goodwill towards all’ approach over the past year. Add to that India’s democracy and political stability, its geographical position as a political and economic buffer against China, its large internal market, and the trust which it generates across ideological blocs, and you have the definition of a perfect ‘connector economy’. We were the first to implement the concept of non-alignment; this is the ideal time to move from being ‘non-aligned’ to being a ‘multi-aligned’ force and a trusted partner. The question for India is no longer whether it will rise, but how fully will it translate this moment into an enduring advantage. For M&M, the opportunities are even more significant than the last Manthan. This is not a time to stand still or to rest on our laurels. It is time to move from navigation to acceleration. As the mist of uncertainty billows around us, we will look for enduring advantage by going into Attack Mode. Attack Mode is a strategy adopted in Formula E racing, where a racing driver makes a deliberate choice to accelerate at the right moment, in imperfect conditions. In ideal conditions, overtaking is difficult, because everyone is at speed. It is when conditions are rainy or hazy that calculated acceleration can propel you to victory. This is not reactive speed; it is strategic acceleration, backed by preparation and conviction. As the cover symbolises, we are accelerating through the fog, confident in the strength of our vision, the clarity of our strategy, and the effectiveness of our execution. Sincerely,
03 MESSAGE FROM THE LEADERS GROUP CEO & MD’S MESSAGE Our Growth Gems have seen continued momentum, with Mahindra Lifespaces profit up 7x, Aerospace built a strong order book of over $1 billion, Logistics broke even after 11 quarters of losses, Advanced Technologies is on a strong growth path, and Trucks & Buses is well positioned after the SML acquisition. This breadth of performance reflects a portfolio that is both resilient and future ready. As we reflect on this progress, it is encouraging to see it recognised externally. Over a decade ago, Anand Mahindra set an aspiration for us…to be a globally ‘admired’ company. Today, it is heartening to see that the Mahindra Group is ranked #44 on TIME’s World’s Best Companies list and is the only Indian company in the Top 100. We were also honoured to receive CNBC’s Outstanding Company of the Year and the Golden Peacock Global Award for Governance for the fifth consecutive year. AI At Scale Artificial Intelligence is one of the most defining shifts shaping our world today. Its impact is redefining industries, decision-making, and the nature of work itself. Our approach is clear: we must act with courage and intent. This is not a moment for incremental experimentation at the margins, but for meaningful integration at scale. Across the Group, we are embedding AI into how we think, operate, and serve our customers. Dear Shareholders, In a world defined by volatility and disruption, the ability to create direction sets institutions apart. And it is the courage to accelerate through uncertainty that determines how far they go. Uncertainty today is no longer cyclical…it is structural. Geopolitical shifts, rapid technological change, climate imperatives, and evolving consumer expectations are reshaping industries at pace. In this environment, we have remained clear in our approach: to stay anchored to our values while accelerating growth, sharpening our portfolio while building future-ready businesses. Performance Through Conviction FY26 has been an exceptional year for the Mahindra Group, with broad-based performance across our businesses. Despite a challenging global environment we delivered our highest ever annual performance, with consolidated revenue of ₹1,98,639 crore, up 25% year-on-year. Consolidated Profit After Tax (PAT) grew 32% to ₹17,099 crore, the highest in the Group’s history. We strengthened our leadership positions both in Auto and Farm. SUVs grew 20%, while Tractor volumes crossed 5 lakh, and we continue to lead electric three-wheelers with a 40% market share. Our IT services arm Tech Mahindra improved its EBIT margin to 12.6 per cent, marking a steady recovery. Mahindra Finance delivered a strong recovery, with operational PAT up 60%, GS3 improving to 3.41%, and Project Udaan achieved full adoption, positioning the business well for growth. Dr. Anish Shah Group CEO & Managing Director
04 Integrated Annual Report 2025-26 Uncertainty will remain a constant. But we have never waited for certainty to act. This requires a commitment to continuous learning and a willingness to challenge established ways of working. Those who move early and decisively will lead. We are determined to be among them. Building a Global Talent Powerhouse At the heart of every enduring institution lie its people. Our aspiration is to build a global talent powerhouse — one that attracts exceptional individuals, nurtures their potential, and creates an environment where they choose to stay and grow. It means a culture that is vibrant and energising, where ideas are encouraged and diverse perspectives valued. It means building a caring meritocracy where performance is recognised and people feel supported to do their best work. Above all, it requires staying anchored in our values. Values that guide decisions, shape behaviours and give our people the confidence to act with clarity, especially in uncertain times. The Path Forward The progress we have made gives us confidence, but the environment ahead demands greater resolve. We are well positioned to accelerate in uncertainty. Across industries, uncertainty is no longer abstract, it is operational. Energy and infrastructure constraints, volatility in commodity prices, and rising logistics and forex costs are reshaping cost structures. The availability of critical inputs from metals such as aluminium to time-sensitive imports remain uneven. At the same time, supply chains are being tested by manpower shortages across partner ecosystems. In this context, our response is not to slow down, but to move forward with greater clarity and discipline. Across our businesses, we are setting our sights on global leadership. This marks a shift from strong performance to a more expansive ambition, one that demands we think bigger, act with conviction and move together as one organisation. Uncertainty will remain a constant. But we have never waited for certainty to act. We will continue to create direction, act with conviction, and build with purpose…guided by our values and strengthened by our people. Thank you for your continued trust and belief in Mahindra. Warm regards,
05 CONTENTS CONTENTS 01 CHAIRMAN’S MESSAGE 03 GROUP CEO & MD’S MESSAGE 07 PERFORMANCE HIGHLIGHTS 09 GROUP OVERVIEW THE MAHINDRA GROUP BOARD OF DIRECTORS GROUP EXECUTIVE BOARD AWARDS & ACCOLADES 21 RISE TO CREATE VALUE GROUP STRATEGIC OVERVIEW RISK MANAGEMENT OPPORTUNITIES & OUTLOOK 39 GROUP VALUE CREATION MODEL 41 RISE TO BE FUTURE-READY MANUFACTURING CAPABILITIES DIGITAL & AI CAPABILITIES NEW PRODUCTS & MILESTONES 69 RISE FOR A MORE EQUAL WORLD ESG STRATEGY PEOPLE & CULTURE SOCIAL IMPACT 93 CORPORATE INFORMATION 94 STATUTORY REPORTS BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT 302 FINANCIAL STATEMENTS STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS Announcement In FY17, Mahindra & Mahindra Ltd. embarked on the journey towards Integrated Reporting in keeping with the commitment to transparency and the highest standards of corporate governance. Since then, our reporting structure has continued to evolve. While staying true to the principles of the IFRS Foundation’s International Integrated Reporting <IR> Framework, we have enhanced the format, clarity, and accessibility of the report to offer a more reader-friendly and connected experience. Integrated Reporting takes corporate disclosures beyond financial performance. It recognises that sustainable value creation relies on multiple interconnected resources. This report outlines how Mahindra & Mahindra Ltd. and Mahindra Group create value by managing the interplay between these six capitals: Financial, Manufactured, Intellectual, Human, Social & Relationship, and Natural. This year’s report is shaped by the theme ‘Acceleration in Uncertainty’, which reflects our commitment to moving decisively and boldly even in a rapidly changing world, harnessing disruption as an opportunity and leading with resilience and purpose. For any other information, please visit www.mahindra.com
06 Integrated Annual Report 2025-26 ABOUT THE REPORT Integrated Report <IR> We believe value creation is not limited to financial performance but is about delivering sustained outcomes for all stakeholders. This Integrated Report outlines how we generate, preserve, and grow value by strategically managing financial and non-financial capital. We remain committed to the principles of integrated reporting, mapping the relationships between inputs, value-creating activities, outputs, and outcomes across six capitals: Financial, Manufactured, Intellectual, Human, Social and Relationship, and Natural. The detailed Statutory Statements and Financial Reports are also part of this document and are in line with the requirements of the Companies Act, 2013 (including the Rules made thereunder), Indian Accounting Standards, Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the applicable Secretarial Standards. This report draws reference from internationally recognised frameworks such as the Integrated Reporting <IR> Framework, GRI Standards, and SEBI BRSR guidelines. The Business Responsibility and Sustainability Report which forms a part of this Integrated Report is aligned with the nine principles of the National Guidelines on Responsible Business Conduct (NGRBC), as articulated by the Ministry of Corporate Affairs. Please note that certain statements in this report with regard to our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. Throughout the Report, the terms ‘Mahindra’, ‘Mahindra & Mahindra’, ‘M&M’, and ‘M&M Ltd.’ are used interchangeably to refer to Mahindra & Mahindra Limited. Scope of the Report The reporting period of the Integrated Report is from 1st April 2025 to 31st March 2026. The scope covers Mahindra & Mahindra Ltd.’s Automotive and Farm Equipment Sectors. In addition, this report includes performance highlights and strategic insights from Mahindra Group businesses — a diversified portfolio spanning multiple industries and geographies. Together, they reflect the scale and depth of the Mahindra Group. Through an integrated lens, this report offers a holistic view of how the Group creates and sustains value — for its businesses, its stakeholders, and the wider communities it serves. It presents a cohesive and balanced account of our performance, strategic priorities, and our ability to create long-term value across six interconnected capitals. A visual value creation model, backed by key performance indicators (KPIs), brings these connections to life. Financial Manufactured Intellectual Human Social & Relationship Natural
07 PERFORMANCE HIGHLIGHTS PERFORMANCE HIGHLIGHTS FINANCIAL | FY26 M&M CONSOLIDATED Income from operations ₹1,98,639 crore 25% increase over FY25 PAT ₹17,099 crore 32% increase over FY25 Return on Equity (%) Earnings Per Share (₹) FY19 FY20 FY22 FY23 FY24 FY25 FY26 FY21^ FY19 FY20 FY22 FY23 FY24 FY25 FY26 FY21^ 16 152 4% 20% 57% CAGR ^Considering continuing and discontinued operations M&M STANDALONE Income from operations ₹1,47,765 crore 25% increase over FY25 PAT ₹15,639 crore 32% increase over FY25
08 Integrated Annual Report 2025-26 Tractor Market share 43.6% 30 bps increase YoY E-SUV Revenue market share 37.4% Penetration at 9.6% (Q4 FY26) Mahindra Finance AUM (₹ crore) 1,34,096 12% increase YoY Mahindra Logistics Revenue (₹ crore) 6,999 15% increase YoY SUV Revenue market share 25.3% 260 bps increase YoY Electric 3 Wheelers Market share# 40.0% 1 lakh+ EV volume (3W + 4W) Tech Mahindra EBIT Margin 12.6% 290 bps increase YoY Mahindra Holidays Gross Addition of Keys ~900 81% occupancy LCV (<3.5T*) Market share 52.3% 60 bps increase YoY Trucks & Buses MTB Division + SML market share 6.0% SML acquisition completed Mahindra Lifespaces GDV Addition (₹ crore) 18,060 Cumulative GDV > ₹45k crore Mahindra Susten Commissioned Capacity (MWp) 560 ~6.4 GWp of total connectivity secured *Bolero Max Pickup 2T is classified under LCV 2-3.5T; includes Jeeto sold by MLMML #As per SIAM KEY ACHIEVEMENTS | FY26
09 GROUP OVERVIEW | The Mahindra Group THE MAHINDRA GROUP Beginning its journey in steel trading over eight decades ago, the Mahindra Group has evolved into a dynamic federation of companies, marking its presence across the world. It offers a wide range of products, services and solutions across industries under three key segments — Auto, Farm and Services. The Mahindra Group is one of India’s largest and most admired multinational organisations. The Group’s businesses span sectors that cover 70% of India’s GDP with leadership positions in auto and farm, growing salience in IT and financial services, and a meaningful presence in renewable energy, hospitality, logistics and real estate. In FY26, the Group expanded its commercial vehicle portfolio with the acquisition of SML Isuzu Ltd., leading to a broader product range of buses and trucks. It also entered the life insurance segment through a 50:50 joint venture with Manulife in November 2025. Over the years, the Group has realigned its strategy by keeping sustainability at the heart of its businesses. The Group has been at the forefront of India’s shift to electric mobility in three-wheelers and four-wheelers. Across renewable energy plants (solar and hybrid), hospitality, logistics and sustainable living, Mahindra Group continues to reinvent itself for a changing world while staying rooted in its core values and purpose. Guided by its Rise philosophy, the Group works to make a positive difference to the communities it serves and plays a leadership role in climate change, women’s empowerment, and education. A reflection of Mahindra Group’s vision Chairman, Mr. Anand G. Mahindra, spelt out his vision for the Group back in 2011, to be one among the ‘Top 50 most admired brands in the world’. Today, this vision stands validated, powered by its people and driven by collective purpose — Mahindra Group ranked #44 in TIME World’s top 50 Best Companies 2026 and was also named the Outstanding Company of The Year at the CNBC-TV18’s India Business Leadership Awards 2026. GROUP OVERVIEW
10 Integrated Annual Report 2025-26 MAHINDRA & MAHINDRA LTD. Mahindra & Mahindra Ltd. is the flagship Company of the Mahindra Group. Our core business is mobility products and farm solutions. Since assembling our first vehicle in 1947, we have grown rapidly. Today, we offer a wide range of products and solutions ranging from SUVs, pick-ups, commercial vehicles and tractors to farm machinery, gensets and construction equipment. The Company holds a leadership position in SUVs by revenue market share, tractors and light commercial vehicles (<3.5T) in India. Over the past decade, our patent portfolio grew 20x — from 56 patents granted in FY16 to 1,334 in FY26. Conversion ratio of applications to patents stood at 8% in FY16 and has improved to 65%+ for the applications filed over this period. The growing patent portfolio reflects the Company’s focus on innovation and R&D capabilities, and reaffirms its unwavering commitment to the ‘Make in India’ initiative.
11 GROUP OVERVIEW | The Mahindra Group *Including revenue of Tech Mahindra World’s Largest Tractor Company by Volume India’s No. 1 Tractor Company India’s No. 1 SUV Company by Revenue Market Share India’s No. 1 E-SUV and E-PV Company by Revenue Market Share India’s No. 1 < 3.5T Light Commercial Vehicles Company India’s No. 1 Electric 3 Wheeler Company India’s 3rd Largest ILCV Buses Player Leading Global IT Services Provider Leading Financial Services Provider in Rural & Semi-urban Markets India’s No. 1 Vacation Ownership Brand India’s No. 1 3PL Provider India’s No. 1 Organised Auto Recycler India’s No. 1 Used Car Enterprise Services India’s No. 2 Genset Provider GROUP SNAPSHOT 81 Years of excellence 100+ Countries 327k+ Number of Employees 2.6 lakh Group Turnover* (₹ crore)
12 Integrated Annual Report 2025-26 Over eighty years ago, the Mahindra Group was built on guiding Values and Behaviours that shaped its journey into one of India’s most admired companies. These Values and Behaviours continue to define our culture through the choices we make and actions we take every day. As the world evolves, these principles remain relevant, and in 2026, they were rephrased to better align with the changing ecosystem. Our Values Our Behaviours CULTURE = VALUES X BEHAVIOURS... SEEN IN EVERY CHOICE, EVERY ACTION, EVERY DAY. BEHAVIOURS - Collaborative | Agile | Bold VALUES - Integrity | Quality | Care PURPOSE Drive positive change in the lives of our communities. Only when we enable others to rise will we rise. #TogetherWeRise RISE FOR A MORE EQUAL WORLD Climate Change Inclusion Ethics RISE TO BE FUTUREREADY Customer Focused Technology Innovation RISE TO CREATE VALUE Entrepreneurship Scale Impact COLLABORATIVE Collaborative is helping each other and working as one team, always placing company ahead of self. AGILE Agile is to prioritize with clarity and act with speed. BOLD Bold is to think big, set ambitious yet achievable goals and deliver what we promise. INTEGRITY Is the steadfast commitment to do what is right. It is the courage to uphold principles when no one is watching, and the conviction to choose honesty over convenience. QUALITY Is the pursuit of excellence in every detail. It is about ensuring that every action, every product, and every experience reflects our promise to do things well. CARE Is the heart of who we are. It begins with dignity of our people, extends to respect for our customers, and finds its purpose in serving our communities.
13 GROUP OVERVIEW | The Mahindra Group 20+ INDUSTRIES Mahindra Group operates in key industries that form the foundation of every modern economy. The industries in which we are transforming lives and shaping the contemporary world through our presence have been outlined below: Auto Farm Services SUVs LCVs Last Mile Mobility Iconic Motorcycles Trucks & Buses Tractors Farm Machinery Financial Services Aerospace Hospitality Renewable Energy Real Estate Auto & Energy Components Pre-Owned Cars Auto Recycling Logistics Technology For more information about our Core Values, please refer to our corporate website: https://www.mahindra.com/about-mahindra-company Genset Manufacturing Agri Services Supply Chain Solutions Advanced Technologies
14 Integrated Annual Report 2025-26 As of 5th May 2026 THE BOARD OF DIRECTORS Top Row (L to R) MR. RANJAN PANT Non-Executive Non-Independent Director Middle Row (L to R) DR. ANISH SHAH Group CEO & Managing Director Bottom Row (L to R) MS. SHIKHA SHARMA Lead Independent Director MR. ANAND G. MAHINDRA Chairman MR. RAJESH JEJURIKAR Executive Director & CEO (Auto and Farm Sector) MS. PADMASREE WARRIOR Independent Director MR. SAT PAL BHANOO Non-Executive Non-Independent Director (Nominee of LIC of India) MR. M.P. VIJAY KUMAR Independent Director MR. MUTHIAH MURUGAPPAN Independent Director MS. SAMINA HAMIED Independent Director MS. NISABA GODREJ Independent Director
15 GROUP OVERVIEW | Group Executive Board MR. PUNEET RENJHEN Group Chief Partnerships & Alliances Officer MR. HARISH CHAVAN Chief Purchase Officer, Auto and Farm Sector MR. VINOD SAHAY President, Mahindra Aerospace, Advanced Technologies, and Trucks & Buses MR. PARAG RAO Growth Leader for Financial Services MR. AMIT KUMAR SINHA MD & CEO, Mahindra Lifespaces MR. MOHIT JOSHI MD & CEO, Tech Mahindra DR. ANISH SHAH Group CEO & Managing Director MR. R. VELUSAMY President, Automotive Business MR. MOHIT KAPOOR Group Chief Technology Officer MR. MANOJ BHAT MD & CEO, Mahindra Holidays Top Row (L to R) Middle Row (L to R) Bottom Row (L to R) GROUP EXECUTIVE BOARD
16 Integrated Annual Report 2025-26 MR. VEEJAY RAM NAKRA President, Farm Equipment Business MS. ABANTI SANKARANARAYANAN Group Chief Public Affairs Officer MR. AMARJYOTI BARUA Group Chief Financial Officer MR. RAJESH JEJURIKAR Executive Director & CEO (Auto and Farm Sector) MR. ANAND G. MAHINDRA Chairman MR. HEMANT SIKKA MD & CEO, Mahindra Logistics MR. ROHIT THAKUR Group Chief Human Resources Officer MR. RAUL REBELLO MD & CEO, Mahindra Finance MR. NAVEEN RAJU Group General Counsel MR. RAJEEV GOYAL CEO, Agri & New Energy Businesses MR. LAKSHMANAN CHIDAMBARAM MD & CEO, Bristlecone As of 5th May 2026
17 GROUP OVERVIEW | Awards & Accolades AWARDS & ACCOLADES In 2011, Mahindra & Mahindra backed its belief with an ambition to be one among the top 50 most ‘admired brands’ in the world. Today, that belief stands validated. Powered by our people and driven by purpose, we are proud to announce that M&M is ranked #44 in TIME World’s top 50 Best Companies. Mahindra also ranked #5 on the TIME–Statista Asia-Pacific Best Companies 2026 list and was recognised in TIME’s World's Most Sustainable Companies List 2025, second time running. • Named the Outstanding Company of The Year at the India Business Leadership Awards 2026. • Recognised in the Leadership Category by Institutional Investor Advisory Services for its strong corporate governance practices. • Received the Golden Peacock Global Award for Excellence in Corporate Governance 2025. • Dun & Bradstreet honoured Mahindra as India’s Value Creator 2025 in the Automobiles sector, emphasising the company’s significant contributions to market value. • Business Today further lauded Mahindra with two prestigious awards: Best Auto OEM and Best Disclosures & Transparency Leader of the Year. Employee Satisfaction | Financial Performance | Sustainability (ESG) #44 TIME World’s top 50 Best Companies #5 TIME–Statista Asia-Pacific Best Companies 2026
18 Integrated Annual Report 2025-26 Sustainability Awards — Corporate • The company secured the Industry Leadership position in the DJSI World Index 2025 as the top-scoring global leaders in the Automobile and IT industry respectively (Top 1% globally); received 'A' ratings (highest) by CDP (Carbon Disclosure Project) in Climate (Top 5% globally) (M&M and TechM). • Mahindra Group selected as part of World Economic Forum’s (WEF’s) global strategic advisory body on sustainability (12 companies globally out of 200+ large MNCs in WEF). • Received multiple APAC climate and sustainability leadership recognitions, including Financial Times, Deloitte–Rainmatter, GlobeScan–ERM, Business World, Business Today, Times of India, and global showcases & collaborations with WBCSD, World Economic Forum, Economist Impact, COP30, Business for Nature. CSR Awards — Corporate • Received the ET Now Champions of CSR Award for outstanding contribution; Golden Peacock Award for Corporate Social Responsibility and The Brandon Hall Silver Award for Best Corporate Outreach to Promote DEI and Belonging in Communities Category to Mahindra ITI Auto Skills. • SIAM CSR Award in Road Safety and Education Category and the SIAM CSR Award 2026 in Skill Development and Employability Category. • Project Nanhi Kali received the Grassroots Sports Initiative of the Year, 2025 by the 3rd CII Sports Business Awards and the Sports for Social Good at the Sportstar Aces Awards. Auto • With 26 distinguished awards for its eSUV duo — XEV 9e and BE 6, this year has been spectacular for Mahindra Electric Automobile Limited — the XEV 9e alone garnered 19 awards, including the esteemed Green Car of the Year award from India Car of the Year 2026. The BE 6 secured 7 awards in various categories such as Design of the Year, Enthusiast EV of the Year. • Mahindra Auto was also honoured with 8 ‘Manufacturer of the Year’ titles. Additionally, the Mahindra Veero CNG was recognised as the Debutant CV of the Year at the Apollo CV Awards 2025, further adding to the company's growing list of accolades.
19 GROUP OVERVIEW | Awards & Accolades Farm • The Novo 605PS and Novo 655 DI PP won the ITOTY Best 4WD tractor of the year and ITOTY Best tractor above 50 HP respectively while Mahindra OJA took home the ITOTY Orchard Tractor of the year. • Mahindra Tractors was named the ITOTY Tractor Manufacturer of the Year. • The Naya Swaraj series received the ITOTY Launch of the year. Trakstar 525 won the Best tractor between 21-30 HP; Mahindra Dhartimitra the Straw Reaper of the Year and Mitra Airotec Turbo Alpha 600L the Sprayer of the Year at the ITOTY Awards. Tech Mahindra • Tech Mahindra was recognised as the Best Organisations to Work for 2025 and Most Innovative Organisations for 2025 respectively by ET NOW Best Organisations to Work 2025 and ET NOW Most Innovative Organisations 2025. • Recognised as India’s Most Sustainable Company in the IT category and ranked 2nd overall among the Top 60 companies in India by BW Sustainability World at the 8th Sustainable World Conclave. • Placed amongst India’s Most Trusted Companies 2025 by VAR India and ET NOW’s Best Brands 2025. Mahindra Finance • Won the Best Data Quality Award by TransUnion CIBIL. • Received the Excellence in Financial Reporting at the ICAI Awards. Mahindra Lifespaces • Mahindra Lifespaces won the ET Now Best Realty Brands 2025 South Edition. • Further, Mahindra Eden won the Green Project of the Year — Residential by Construction Week India Awards 2025 and Mahindra World City, Jaipur won the FICCI Sustainable Development Leadership - Jury Award at the Swachh Industrial Park Awards 2025. Mahindra Last Mile Mobility • Won the 3W of the Year at the Apollo CV Awards held by CV Magazine, and Excellence in 3W EV by Entrepreneur India. Mahindra Holidays • 3 resorts — Club Mahindra Madikeri, Club Mahindra Derby Green, Ooty and Club Mahindra Assonora received the Indian Green Building Council Platinum Certification. • 18 Club Mahindra resorts received the Trip Advisor Travellers’ Choice Award and 32 resorts received the RCI Gold Crown Award 2025.
20 Integrated Annual Report 2025-26 Mahindra Accelo • Mahindra MSTC Recycling Pvt. Ltd. received the Top Performer — Vehicle Dismantling Volume at the International Material Recycling Conference 2026 and was named India’s Top Recycling Champions in ELV segment at the Bharat Recycling Show 2025 for automotive recycling. Mahindra Susten • Received the Pioneer in Energy Transformation — Energy Brand at the ET Edge Global Sustainability Alliance. Mahindra Truck and Bus • At the Apollo CV Awards this year, Mahindra Group’s Truck & Bus business secured three accolades. Mahindra Truck and Bus Division won the Construction CV Application of the Year for the Blazo 28T Transit Mixer; SML Mahindra received the Staff Bus of the Year for the Hiroi Bus and GS Ambulance won the Special Application Vehicle of the Year. Classic Legends • Received Bike Design of the Year 2026 at the Car&Bike Awards 2026. Named Best 350CC motorcycle at Zee Auto Summit 2025. Mahindra Logistics • Received industry recognition from Renault Group and Amazon for Outstanding peak-season performance CY’26 and Best Quality Delivery Service Partner in North India respectively. • Also, secured First place for East and South during Flipkart’s Big Billion Day sale for strong execution, operational excellence, and scale. Mahindra Aerostructures • Mahindra Aerostructures was named one of the top four most advanced manufacturing sites globally under the Aero Excellence International programme. It is the only company in India and best outside of Europe to receive this honour. • The company also retained Airbus’ SQIP ‘Accredited’ ratings and started its third cycle of collaborative improvements.
21 RISE TO CREATE VALUE | Group Strategic Overview RISE TO CREATE VALUE As geopolitical uncertainties rise and global trade dynamics evolve, India continues to demonstrate remarkable economic resilience and momentum. According to the latest provisional estimates from MoSPI, Real GDP is estimated to reach ₹323 lakh crore in FY26, growing at 7.7% compared to 7.1% in FY25. Nominal GDP is estimated at ₹346 lakh crore, reflecting an annual growth of 8.9%. This trajectory is underpinned by three powerful and interconnected pillars. First is India’s young, consumption-driven demography. With a median age of just 28.8 years#, India has one of the youngest and most dynamic workforces in the world. This workforce will continue to expand until 2055. India's per capita GDP has grown 1.7x since 2016 and is expected to continue its rapid growth. Affluent and elite households are projected to exceed 90 million by 2030##. The recent GST rationalisation has further boosted domestic demand as a powerful engine of sustained economic expansion. Second is a significant step up in physical and digital infrastructure. Over the last 12 years, the number of airports has more than doubled, port handling capacity has grown 1.8x, electrified rail network has tripled, and high-speed corridors have expanded tenfold. India accounts for nearly half of all real-time payment transactions globally. This is enabling financial inclusion at scale, supported by over 1.4 billion Aadhaar-linked identities. Third is a robust reform agenda. Landmark policy reforms such as GST, the Insolvency and Bankruptcy Code and a sustained privatisation programme have raised the quality and confidence of India’s business environment. The accelerating pace of Free Trade Agreements is a significant dimension of the growth opportunity. The agreements with the EU and the UK will sharpen the cost and quality proposition for Indian businesses while opening preferential access to some of the world's largest consumer markets. India's Viksit Bharat ambition, to become a fully developed nation by 2047, provides the multi-decadal policy anchor that gives businesses the confidence to invest, innovate, and scale. Together, these forces place India’s economy on a strong footing. Despite near-term pressures, the momentum is firm and the opportunity ahead is significant and growing. Mahindra is present in sectors driving 70% of India’s growth. GROUP STRATEGIC OVERVIEW GDP of India Annual GDP Estimates (in ₹ lakh crore) and Growth Rates (%) at Constant Prices 2022-23 340 320 300 280 260 240 220 200 180 160 140 2023-24 2024-25* 2025-26** 7.2% 7.1% 7.7% *First revised estimates and **Provisional estimates Source: Ministry of Statistics & Programme Implementation (MoSPI) #Source: UN Economic and Social Commission for Asia and the Pacific ##Source: BCG Analysis on CCI Income Database; Household income more than ₹9 lakh per annum
22 Integrated Annual Report 2025-26 Mahindra Group’s businesses play at the core of India's growth story. Built on strong fundamentals and powered by structural tailwinds, they are well-positioned to accelerate and deliver sustained value. The Group's journey over the past 6 years has been shaped by three distinct phases of evolution. • Phase 1 — Disciplined Capital Allocation (FY21) We adopted an objective approach to evaluate our portfolio, identifying businesses with a clear right to win and a credible path to long-term value creation. Businesses that did not meet the bar were exited. The Group refocused its strategy on three sets of businesses — strong market leaders in Auto and Farm, large businesses like Mahindra Finance and Tech Mahindra that needed to lift their operating performance, and a set of high-potential businesses, called the Growth Gems. Our core businesses in Automotive and Farm sectors are well-established market leaders, backed by scale and consistently strong execution. We aim to consolidate this leadership through customer centric brands anchored in innovation and guided by a bold global vision. We are building a high-quality, long-term value creation engine that delivers compelling growth at scale. • Phase 2 — Pivot to Growth (FY22–FY24) This phase was marked by laying out a clear strategic roadmap for the 3 sets of businesses. ▪ Capitalize on market leadership in Auto and Farm ▪ Achieve full potential for Mahindra Finance and Tech Mahindra ▪ Scale up the Growth Gems rapidly • Phase 3 — Deliver Scale (FY25 onwards) This three-pronged approach set the stage for bold, innovation-led growth, designed to build resilient businesses. FY26 was marked by strong execution and breakthrough performance across Group businesses. We reported 25% revenue growth over FY25, 20% ROE, and an EPS of ₹152 (57% CAGR since FY21), despite geopolitical headwinds & disruptions. In February 2026, we announced our largest ever integrated manufacturing facility in Nagpur with an investment of ₹15,000 crore over ten years. This is a significant step forward in our manufacturing journey, reinforcing our commitment to ‘Make in India for the World’. Once fully operational, the facility will have an annual production capacity of over 5 lakh vehicles and 1 lakh tractors. Capitalize on Market Leadership Achieve Full Potential Capitalize on Market Leadership SUVs E-SUVs LCVs Tractors Scale Up Growth Gems
23 RISE TO CREATE VALUE | Group Strategic Overview Auto The automobile industry is a vital engine of India’s economic growth, contributing 7-7.5% to national GDP and a key pillar of the Viksit Bharat 2047 mission. The industry is raising its standards continuously across performance, safety and customer experience. • In FY26, passenger vehicle sales in India grew by 7.9%. The structural migration of passenger vehicles towards SUVs is one of the most defining trends of this decade. Indian consumers increasingly favour SUVs for their commanding road presence, higher seating positions, and robust performance. Mahindra is at the forefront of this shift. We consistently deliver category-creating products that are bold, authentic, and stand out on technology, performance, and safety. We remain the largest SUV player by revenue and have become the second-largest PV player in India by volume in FY26. • Mahindra is spearheading the shift to cleaner and more sustainable mobility, as India’s EV transition continues to gather pace. Our E-SUVs are built from the ground up to be electric, a testament to the home-grown innovation built to compete on a global stage. They are more than just cars; they are lifestyle vehicles, offering the best in design, technology, and performance. In FY26, Mahindra emerged as India’s No. 1 E-SUV player by revenue market share. We are also strengthening India’s public EV charging infrastructure through the Charge_iN ultrafast charging network, to accelerate EV adoption. • After muted growth over FY24 and FY25, India’s LCV (<3.5T) industry grew by 9% in FY26. The industry is poised to grow further, driven by four converging tailwinds — replacement cycle boosted by GST rationalisation, a preference shift towards comfort, safety and technology features, a growing share of organised trade, and accelerated infrastructure build-out across the country. Mahindra has led the <3.5T segment for over a decade with FY26 reinforcing that position. Growth Vectors SUVs • Authentic, Adventure-Ready Products: We continue to build category-defining SUVs anchored in Mahindra's core DNA, across 4G and monocoque platforms, powered by NU_IQ and INGLO, and democratised through MAIA and Adrenox technology. • Build on Brand DNA: We are doubling down on the spirit of exploration, head-turning designs, and an unmissable presence that has made Mahindra SUVs a distinct, aspirational choice in the market. • Go Global: Calibrated, phased global expansion is a key driver of our growth aspirations. LCVs • Best-in-Class TCO: Superior payloads, fuel efficiency and resale value make a compelling ownership proposition for customers. • LCV for Every Application: We are meeting diverse customer needs with a full-spectrum portfolio across logistics, agriculture, MSMEs and last-mile delivery, future-proofed by multi-energy platforms. • Customer Centricity: 80%+ rural penetration and a deep service network ensure minimal downtime and a trusted operating experience for customers. New Product Launches • In FY26, we unveiled NU_IQ — an all-new, modular, multi-energy platform for the next generation of products. The platform offers flexibility to innovate across multiple top hats and powertrains while staying true to our SUV DNA. • FY26 had a series of high-impact launches — XUV 7XO, XEV 9S, refreshed Bolero and Bolero Neo, and BE 6 Special Editions. The LCV portfolio added Bolero Camper and Bolero Pikup refreshes. • The vehicle launches across SUVs, both ICE and electric, and LCVs over recent years exemplify our product and technology leadership. Capacity: Building for Growth • With a robust demand for our models and new products in the pipeline, we continue to expand capacity in a deliberate and phased manner.
24 Integrated Annual Report 2025-26 • In FY26, we added capacity for ICE and electric SUVs taking the total operational exit capacity to 64.5k units per month. This is being scaled up further as part of debottlenecking and adding capacity for new products. • Additionally, NU_IQ capacity is being created at Chakan, which will be operational in phases by FY28. • Production at the greenfield plant at Nagpur is planned to start in 2028. Key Highlights E-SUVs • We made substantial progress on the electric SUV roadmap in FY26, establishing Mahindra as India’s No. 1 E-SUV player by revenue market share. • EV penetration within our SUV portfolio reached 9.6% in Q4 FY26. • E-SUVs achieved positive margins in their first full year of operations, with an end-to-end (including contract manufacturing) EBITDA margin of 9.1% and EBIT margin of 2.0%. International operations: • We consolidated our position as a Top 10 automotive OEM in South Africa. The Australia business recorded strong growth supported by the successful introduction of the XUV3XO. • We won our largest ever export order — 35,000 units of Scorpio Pikup to an Indonesian state-owned enterprise. • We became India’s 5th largest auto exporter (PV + CV). FY26 Achievements 25.3% No. 1 in SUVs by revenue market share, up 260 bps NU_IQ: One Platform. Many Possibilities. The new NU_IQ architecture ushers in the next chapter of intelligent mobility, blending innovation, global design and advanced technology. With its modular, multi-energy architecture, it gives flexibility to innovate across multiple powertrains. This bold engineering furthers Mahindra’s vision of delivering class-leading SUVs to a larger audience in India, while redefining the premium SUV experience in global markets. 52.3% No. 1 in LCV <3.5T, up 60 bps 37.4% No. 1 in E-SUVs by revenue market share 10.4% EBIT % excluding E-SUV contract manufacturing, up 70 bps
25 RISE TO CREATE VALUE | Group Strategic Overview Farm India's tractor industry anchors the rural economy and remains central to the country's agricultural transformation. With nearly half of India's workforce dependent on agriculture, mechanisation has become essential for improving productivity and unlocking rural prosperity. India’s growing focus on achieving food self-sufficiency and strengthening agricultural output provides significant headroom for the industry to grow. In FY26, industry volume grew 23%, supported by one of the most robust demand environments in recent years. This was enabled by a favourable monsoon, healthy reservoir levels, positive terms of trade, minimum support prices and GST rationalisation. FY26 was a significant year for our Farm business, marked by robust volume growth and best-in-class operating performance. We achieved our highest ever domestic market share of 43.6%, reinforcing our leadership through sustained strength of our core brands — Mahindra and Swaraj. We are further strengthening our leadership through product innovation, capacity enhancements, superior service quality and disciplined supply chain optimisation. Our strategy is defined by the aspiration to transform farmers' lives globally by democratising technology, anchored in four growth vectors. Growth Vectors • Fortifying domestic leadership through a strong portfolio of products, channel expansion and a continued focus on industry-leading profitability. In FY27, we have planned 7 new product launches and 12 feature upgrades. • Scaling international operations with a sharp focus on priority markets where we see a clear path to sustainable, profitable growth. • Growing Farm Machinery through investments in product development, channel efficiency and brand building. Farm Machinery revenues grew 32% in FY26 to ₹1,354 crore and is an important growth engine for the business. • Shaping the future of farm technology through investments in advanced systems, digital solutions and collaborative platforms that enhance precision, productivity and comfort. This ensures we remain at the forefront of agricultural innovation and deliver next-generation solutions to farmers. Key Highlights • In line with our capital allocation discipline, we undertook three decisive actions across our international farm portfolio in FY26. These were targeted at markets with structural weaknesses and an unclear path to profitability. ▪ The sale of Sampo Rosenlew (Finland) was concluded in FY26. ▪ Liquidation was announced for MAM Japan under Japanese law, with wind-down planned over FY27. ▪ The sale of Erkunt Foundry (Turkey) has been announced with completion expected in FY27.
26 Integrated Annual Report 2025-26 Farm Product Highlights In FY26, the business launched two significant product upgrades — strengthening Mahindra's core portfolio and bringing a new modular transmission line to the Swaraj PRO-TEK range. Mahindra — New Tractor Range Mahindra is upgrading nearly half of its 31–50 HP portfolio with a new range built for harder work and improved operator comfort. The range is characterised by a tough, muscular design, enhanced ergonomics and an upgraded engine that delivers best-in-class backup torque. Farmers also get more choice across multiple configurations. During FY26, the 41-50 HP range was launched across seven states, pan-India coverage will follow in 2026. Swaraj – PRO-TEK Swaraj PRO-TEK raises the bar on performance by delivering higher productivity and unmatched comfort. At its heart is a new modular transmission line, designed to boost productivity with best-in-class load-carrying capability, gear shifting comfort, and better ergonomics. Successfully launched in Punjab, Haryana and Rajasthan, PRO-TEK will roll out pan-India in FY27. These actions are aimed at improving profitability of our international operations going forward. • We continue to stay invested and steadily build market share in strategic markets. ▪ North America: Market share in <110 HP segment grew to 6.3% in FY26, up from 6.0% in FY25 despite slowdown in the industry. We are ranked No. 3 with a strong brand in hobby farming. ▪ Brazil: Our market share in FY26 was at 6.6% in <120 HP segment. We have a strong <50 HP portfolio with growing acceptance in 70-90 HP. ▪ Turkey: Market share improved to 5.8% in FY26 from 5.5% in FY25 despite industry contracting due to hyperinflation and financing constraints. We are the No. 5 player with a strong product suite. FY26 Achievements 43.6% Highest ever market share and remained the market leader for the 43rd consecutive year. 20.8% Core tractor EBIT margins, up 110 bps. Tractors including exports and excluding Powerol, Farm Machinery 19.8% Standalone EBIT margins, up 140 bps. 1,354 crore Farm machinery revenue, up 32%
27 RISE TO CREATE VALUE | Group Strategic Overview Mahindra Finance and Tech Mahindra are advancing through their disciplined transformation paths. Mahindra Finance has successfully completed the first phase of its turnaround, while Tech Mahindra is steadily progressing towards its FY27 ambitions. Both businesses have sharpened their focus, rebuilt execution rigour and strengthened organisational structures, laying a strong foundation for disciplined growth. Mahindra Finance Mahindra Finance (Mahindra & Mahindra Financial Services Limited or MMFSL) has reinforced its position as one of India’s leading NBFCs with a deep presence established across rural and semi-urban India. As part of its turnaround journey, the business has rebuilt its operating model with a sharper customer segmentation, greater underwriting discipline and stronger credit practices. Investments in data, digital, and AI have transformed how MMFSL sources, underwrites, disburses, and collects, giving the organisation confidence in the long-term strength of its model. These efforts have resulted in a sustained improvement in asset quality with GS3 maintained below 4% throughout the past two years, while delivering steady growth. In FY26, AUM grew 12% YoY and RoA reached 2.0%. With a strong foundation built upon controls and technology, MMFSL aspires to grow its AUM 5x this decade. Growth Vectors • Maintain risk discipline to ensure asset quality stays resilient across cycles. Strengthen collection capabilities with digital tools, predictive analytics, and early warning systems. • Defend and grow leadership in vehicle financing. MMFSL is deepening relationships with OEMs to anchor this leadership over the long term. • Diversify by scaling mortgages, SME lending, leasing by leveraging ecosystem partnerships / cross-selling to drive fee income. • Build a resilient operating model which is efficient and digitalised with future-fit controls. Strengthen balance sheet resilience to support the next phase of expansion. Key Highlights • Tractor disbursements up 49% YoY. • Cross-sell strategy improved Products Per Customer to 2.4. • ₹31,500 crore disbursed through Udaan digital stack in FY26. • The ‘SamurAI’ agent has been deployed on 20% of the business, achieving 80% faster post-sanction turnaround time (TAT). FY26 Achievements 1,34,096 crore AUM, up 12% 3.4% GS3 GS2 + GS3 stood at 8.2%, lowest in 8 years 100% Onboarding and collections through Digital & AI Achieve Full Potential
28 Integrated Annual Report 2025-26 Tech Mahindra Tech Mahindra (Tech Mahindra Limited or TechM) is a global consulting service and system integrator with a transformation footprint across a wide range of industries. It is a preferred technology provider for clients and partners due to its ability to integrate diverse competencies with next-generation technologies across multiple service lines. In April 2024, TechM unveiled a structured three‐year transformation plan aimed at accelerating growth, improving margins, and strengthening its market position. Two years into execution, the plan is delivering steady and measurable progress. This is reflected in ten consecutive quarters of margin expansion, a five‐year high in quarterly deal wins, and consistent progress towards achieving revenue growth above the peer average. This progress has been driven by disciplined large deals execution, deeper client relationships, and differentiated AI-led capabilities. By the end of FY27, TechM targets revenue growth ahead of the peer average, an EBIT margin of 15%, ROCE exceeding 30%, and maintaining capital returns to shareholders at over 85% of FCF. Growth Vectors • Growth Strategy – Topline Acceleration The focus is on building a balanced and future-ready portfolio across industries, services, and markets. TechM has strengthened its core verticals of Communications, Manufacturing and BFSI, while expanding into high-growth areas through new client wins and differentiated offerings. This is driven by a focused go-to-market approach, disciplined large deals scale-up, and deepening relationships with top clients using targeted programmes like Turbocharge. • Operations Strategy – Margin Improvement & Delivery Excellence TechM is leveraging AI and automation to enhance productivity and margins, supported by disciplined execution. A focus on high‐margin service lines and robust capabilities unlock margin performance and improved delivery outcomes. • Organisation Strategy TechM leverages partnerships within the Mahindra Group to drive co-creation and unlock expansion opportunities. It continues to invest in strengthening the talent pipeline and leadership capabilities, while fostering a people-first culture. A refreshed brand positioning, an integrated marketing engine, and robust ESG practices further support these efforts to enable enhanced differentiation and sustainable growth. Beyond FY27, TechM aspires to leverage this turnaround and deliver profitable and sustainable growth that consistently exceeds the peer average. Key Highlights • TechM added 182 clients during the year and deepened client relationships with 29 clients in the $50+ million bracket. • Achieved the highest Net Promoter Score (NPS) in industry, marking a turnaround from the near-median NPS two years ago. • TechM unveiled a brand refresh during the year, presenting a unified identity across all its portfolio companies. • The business returned 91% of FCF as dividends to shareholders in FY26. FY26 Achievements $3,794 million Highest ever deal wins in the last five years 12.6% EBIT margins with expansion of ~290 bps YoY $616 million Free cash flow (115% FCF to PAT)
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