STATUTORY REPORTS | Business Responsibility and Sustainability Report 295 Statement Number: DNV-2026-ASR-873681 Page 1 of 4 '19 +HDGTXDUWHUV 9HULWDVYHLHQ 3 2 %R[ +¡YLN 1RUZD\ 7HO ZZZ GQY FRP '19 %XVLQHVV $VVXUDQFH ,QGLD 3ULYDWH /LPLWHG INDEPENDENT ASSURANCE STATEMENT to the Board of Directors of Mahindra & Mahindra Limited, Mumbai. Mahindra & Mahindra Limited (Corporate Identity Number L65990MH1945PLC004558, hereafter referred to as ‘M&M Ltd or ‘the Company’) has commissioned DNV Business Assurance India Private Limited (‘DNV’, ‘us’ or ‘we’) to undertake an independent assurance of the Company’s disclosures in its Business Responsibility and Sustainability Report (hereafter referred to as ‘BRSR’). The disclosures include BRSR Core as per Annexure 17A of SEBI’s Master Circular for BRSR (Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026, dated January 30, 2026). Scope of Work and Boundary The scope of our engagement includes independent assurance of ‘BRSR Core’ – Reasonable level of assurance for Financial Year (FY) 2025-26. Boundary for the assessment covers the performance of M&M Ltd’s operations in India that fall under the direct operational control of the Company’s Legal structure. Based on the agreed scope with the Company, the boundary of reasonable assurance covers the operations of M&M Ltd across all locations in India for BRSR core attributes 5-9. For BRSR core attributes 1-4, the boundary is 27 manufacturing plants located India, 1 corporate office & 13 area offices. Reporting Criteria and Standards The disclosures have been prepared by M&M Ltd in reference to: • Industry Standard on Reporting of BRSR Core, Circular No.: SEBI/HO/CFD/CFDPoD-1/P/CIR/2024/177 dated Dec 20, 2024. • BRSR Core (Annexure 17A) as per Master Circular No. HO/49/14/14(7)2025-CFD POD2/I/3762/2026, “Master circular for compliance with the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 by listed entities”, dated January 30, 2026. • Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard. Assurance Methodology/Standard and Level of Assurance This assurance engagement has been carried out in accordance with DNV’s VeriSustainTM protocol, V6.0, which is based on our professional experience and international assurance practice, and the international standard in Assurance Engagements, ISAE 3000 (revised) - Assurance Engagements other than Audits or Reviews of Historical Financial Information. DNV’s VeriSustainTM Protocol, V6.0 has been developed in accordance with the most widely accepted reporting and assurance standards. Apart from DNV’s VeriSustainTM protocol (V6.0), DNV team has also followed ISO 14064-3 - Specification with guidance for the verification and validation of greenhouse gas statements to evaluate disclosures wrt. Greenhouse gases. Basis of our conclusion As part of our independent assurance engagement, we have evaluated the reported environmental, social, and governance (ESG) information against the agreed criteria. Throughout the engagement, we exercised rigorous professional judgment and maintained a high level of professional skepticism to ensure the integrity and reliability of our conclusions. As part of the assurance process, a multi-disciplinary team of assurance specialists performed assurance work for selected sites of M&M Ltd. We carried out the following activities: • Reviewed the disclosures under BRSR Core, encompassing the framework for assurance consisting of a set of Key Performance Indicators (KPIs) under 9 ESG attributes. The Industry Standard on Reporting of BRSR Core used a basis of reasonable level of assurance. • Evaluation of the design and implementation of key systems, processes and controls for collecting, managing and reporting the BRSR Core indicators. Assessment of operational control and reporting boundaries. Our competence, and Independence Our Conclusion: Based on our review and procedures followed for reasonable level of assurance, DNV is of the opinion that, in all material aspects, the BRSR Core Key Performance Indicators (KPIs) under 9 ESG attributes (as listed in Annexure I of this statement) for FY 2025-26 are reported in accordance with reporting requirements outlined in Industry Standard on Reporting of BRSR Core.
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