Integrated Annual Report 2025-26 328 7. Intangible assets under development Rupees crores Particulars 2026 2025 Balance at the beginning of the year ............................................................................................................................................................................... 2,141.40 1,910.44 Additions during the year.................................................................................................................................................................................................................. 2,399.34 1,815.22 Interest capitalisation........................................................................................................................................................................................................................... 62.92 45.97 Transfer to Intangible assets ......................................................................................................................................................................................................... (975.03) (1,447.90) Deletions during the year.................................................................................................................................................................................................................. (8.98) (0.96) Impairment losses during the year............................................................................................................................................................................................. (0.78) (181.37) Balance at the end of the year .............................................................................................................................................................................................. 3,618.87 2,141.40 Ageing of intangible assets under development Rupees crores Particulars Amount in Intangible assets under development for a period of Less than 1 year 1-2 years 2-3 years More than 3 years Total As at 31st March, 2026 Projects in progress ................................................................................................................................... 2,571.44 355.79 257.92 433.72 3,618.87 Total ..................................................................................................................................................................... 2,571.44 355.79 257.92 433.72 3,618.87 As at 31st March, 2025 Projects in progress ................................................................................................................................... 1,186.54 404.78 252.32 297.76 2,141.40 Total ..................................................................................................................................................................... 1,186.54 404.78 252.32 297.76 2,141.40 8. Investments A. Non-current investments Particulars Face Value Per Unit (Rupees) 2026 2025 Number Rupees crores Number Rupees crores Investments in Equity Instruments (fully paid-up, unless stated otherwise) Quoted (A) At Cost (i) In Subsidiary Companies Equity shares Mahindra & Mahindra Financial Services Limited.................. 2 72,95,82,599 4,499.41 64,43,99,987 2,846.87 Mahindra EPC Irrigation Limited.......................................................... 10 1,51,44,433 77.75 1,51,44,433 77.75 Mahindra Holidays & Resorts India Limited......................... 10 13,48,35,922 24.72 13,48,35,922 24.72 Mahindra Lifespace Developers Limited.................................. 10 11,18,05,708 1,275.18 7,93,19,550 440.28 Mahindra Logistics Limited.................................................................... 10 5,91,12,927 521.04 4,18,12,257 41.81 Swaraj Engines Limited............................................................................. 10 63,31,141 322.29 63,31,141 322.29 SML Mahindra Limited (Formerly known as SML Isuzu Limited) 10 85,33,726 564.77 — — 7,285.16 3,753.72 (ii) In Associate Companies Equity shares Tech Mahindra Limited..................................................................... 5 24,80,22,598 971.75 24,80,22,598 971.75 Brainbees Solutions Limited ....................................................... 2 4,50,41,821 351.13 5,02,33,661 391.61 1,322.88 1,363.36 (B) Designated and measured at FVTPL In Other Companies KG Mobility Co. Ltd. (listed on stock exchange outside India) .................................................................................................................... KRW 5,000 — — 1,17,92,665 254.67 RBL Bank Limited ........................................................................................ 10 — — 2,11,43,000 367.57 — 622.24
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