Integrated Annual Report 2025-26 100 Your Directors, considering the good performance and a strong cash flow, decided to recommend a Dividend of Rs. 33 (660%) per Ordinary (Equity) Share of the face value of Rs. 5 each, out of the Profits for the Financial Year ended 31st March 2026. The Equity Dividend Outgo for the FY26 would absorb a sum of Rs. 4,103.65 crore resulting in a payout of 26.2% of the standalone net profit of the Company for the FY26 [as against Rs. 3,146.13 crore comprising the dividend of Rs. 25.3 per Ordinary (Equity) Share of the face value of Rs. 5 each resulting in a payout of 26.5% for the previous year]. Dividend will be payable subject to the approval of Shareholders at the ensuing Annual General Meeting and deduction of tax at source to those Shareholders whose names appear in the Register of Members as on the Record Date / Book Closure. The Board of your Company decided not to transfer any amount to the General Reserve for the year under review. Dividend Distribution Policy The Dividend Distribution Policy containing the requirements mentioned in Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is attached as Annexure I and forms part of this Annual Report. The Dividend Distribution Policy of the Company is also uploaded on the Company’s website and can be accessed at the Web-link: https://www.mahindra.com/DividendDistribution-Policy.pdf B. CONSOLIDATED FINANCIAL STATEMENTS The Consolidated Financial Statements of the Company, its subsidiaries, associates and joint ventures prepared in accordance with the Companies Act, 2013 and applicable Indian Accounting Standards along with all relevant documents and the Auditors’ Report forms part of this Annual Report. The Consolidated Financial Statements presented by the Company include the financial results of its subsidiary companies, associates and joint ventures. The Consolidated Income from operations is Rs. 1,98,639 crore for the year as compared to Rs. 1,59,211 crore in the previous year, registering an increase of 24.8%. The Consolidated Profit before exceptional items, share of profit of associates and joint ventures and tax for the year is Rs. 23,513 crore as compared to Rs. 17,542 crore in the previous year, registering an increase of 34.0%. The consolidated profit after tax after non-controlling interest and exceptional items for the year is Rs. 17,099 crore as compared to Rs. 12,929 crore in the previous year, registering an increase of 32.3%. The Financial Statements as stated above are also available on the Company’s website and can be accessed at the Web-link: https://www.mahindra.com/Annual-Report-FY26 Subsidiary, Joint Venture and Associate Companies The Mahindra Group entities continue to play a pivotal role in driving the overall revenue growth and performance of your Company. Tech Mahindra Limited, flagship company of the Mahindra Group in the IT Sector, reported a consolidated operating revenue of Rs. 56,815 crore in the current year as compared to Rs. 52,988 crore in the previous year, registering an increase of 7.2% (not consolidated in the Company’s revenue). Its consolidated profit after tax after non-controlling interests is Rs. 4,811 crore as compared to Rs. 4,252 crore in the previous year, registering an increase of 13.1%. The Group’s financial services company, Mahindra & Mahindra Financial Services Limited (‘Mahindra Finance’), a listed subsidiary of the Company, reported a consolidated operating revenue of Rs. 21,005 crore during the year as compared to Rs. 18,463 crore in the previous year, registering an increase of 13.8%. The consolidated profit after tax after non-controlling interests for the year is Rs. 2,855 crore as compared to Rs. 2,262 crore in the previous year, registering an increase of 26.2%. Mahindra Finance customer base has crossed 12 million customers and currently has a network of over 1,348 offices. Mahindra Finance reported closing business AUM of Rs. 1,34,096 crore as of 31st March 2026, a growth of 12.1%. Mahindra Lifespace Developers Limited, the listed subsidiary in the business of real estate and infrastructure, reported a consolidated operating revenue of Rs. 1,178 crore as compared to Rs. 372 crore in the previous year, registering an increase of 216.7%. The consolidated profit after tax after non-controlling interest for the year is Rs. 298 crore as compared to Rs. 61 crore in the previous year, registering an increase of 388.5%. Mahindra Holidays & Resorts India Limited, the listed subsidiary in the business of selling vacation ownership and providing holiday facilities, registered a consolidated operating revenue of Rs. 2,992 crore as compared to Rs. 2,781 crore in the previous year, registering an increase of 7.6%. The consolidated profit after tax after non-controlling interests for the year is Rs. 70 crore as compared to Rs. 128 crore in
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