STATUTORY REPORTS | Board’s Report 99 strong foreign exchange reserves of around USD 700 billion provided an effective buffer against disorderly movements. The RBI remained active in managing excessive volatility, ensuring stability in the foreign exchange market despite challenging global conditions. The RBI has projected CPI inflation to average around 4.6% for FY27. However, the inflation outlook remains uncertain due to volatility in global commodity and energy prices which could intermittently exert pressure on headline inflation. Banks continue to regard your Company as a highly valued and esteemed client and have consistently extended facilities at preferential rates. Your Company continues to follow a prudent financial strategy, ensuring that overall leverage remains at optimal levels. The Company’s Gross Debt to Equity ratio at 0.01 as at 31st March 2026 continues to remain low, reflecting a strong balance sheet position. Your Company continues to maintain a disciplined approach to cash and liquidity management, ensuring adequate financial flexibility and risk resilience. The banking facilities of your Company continues to be rated by CRISIL Ratings Limited (‘CRISIL’), ICRA Limited (‘ICRA’), India Ratings and Research Private Limited (‘IND’) and CARE Ratings Limited (‘CARE’). All rating agencies have reaffirmed the highest ratings for the Company’s Short‑Term facilities. For Long‑Term facilities and Non‑Convertible Debentures, the respective ratings of CRISIL AAA/Stable, [ICRA] AAA (Stable), CARE AAA; Stable and IND AAA/Stable have been reaffirmed. These AAA ratings reflect the highest degree of safety with respect to timely servicing of financial obligations and represent a strong vote of confidence by the rating agencies in the Company’s management, financial discipline and long‑term credit profile. The ratings also underscore the Company’s resilience across economic cycles, robust financial flexibility and prudent capital management. Your Company is a ‘Large Corporate’ as per the criteria specified under the SEBI Regulations and relevant SEBI Master Circular. The Company has complied with the provisions and has made requisite disclosures in this regard. Investor Relations (IR) During the year, your Company continued to strengthen its Investor Relations, with a focus on fostering trust, transparency, and consistent engagement with the investor community, adhering to global best practices. The Company emphasised high-quality, thematic investor interactions, centred on strategic priorities, capital allocation discipline, and business-level performance drivers. During the year, your Company engaged with a diverse base of domestic and global investors and analysts through roadshows, conferences, and targeted interactions, complemented by strong participation in earnings calls, analyst meets, and product-led engagements. Senior management continued to actively engage with the investment community, with discussions centred around: ● Capital allocation as a strategic lever, with emphasis on return thresholds, and disciplined growth investments. ● Sharpening competitive positioning across core businesses, particularly in Auto and Farm Businesses, with a focus on premiumisation and technology. ● Execution-led turnaround in Mahindra Finance and Tech Mahindra. ● Scaling of Growth Gems of the Company with articulation of ‘Right to Win’ and aspiration. ● Progress on ESG commitments. During the year, the Company emphasised experience-led investor engagement through the Group Investor Day, which enabled deeper interaction with senior leadership and a first-hand understanding of its technology, innovation, and product capabilities. The event provided a comprehensive view of the Company’s strategic direction, including a longterm, decadal perspective on key businesses, outlining growth vectors. It also featured key product showcases across the business, reinforcing confidence in the Group’s future readiness. Your Company ensures critical information remains readily accessible to investors through timely updates on the Company’s website. Dividend As per the Dividend Distribution Policy, dividend payout is determined based on available financial resources, investment requirements and taking into account optimal shareholder returns. Within these parameters, the Company has maintained a total dividend payout ratio in the range of 20% to 35% of the annual standalone Profits after Tax (PAT) of the Company.
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