Integrated Annual Report 2025-26 386 Place: Mumbai Date: 05 May, 2026 For B S R & Co. LLP Chartered Accountants Firm’s Registration No.: 101248W/W-100022 Venkataramanan Vishwanath Partner Membership No.: 113156 ICAI UDIN: 26113156LLGHBN5814 (xxi) In our opinion and according to the information and explanations given to us, following companies incorporated in India and included in the consolidated financial statements, have adverse remarks given by its respective auditors in their reports under the Companies (Auditor’s Report) Order, 2020 (CARO): Sr. No. Name of the entities CIN Holding Company/ Subsidiary/ Joint Venture/ Associate Clause number of the CARO report which is adverse 1 Kota Farm Services Limited U02005MH2001PLC131699 Subsidiary 3(xvii) & 3(xix) 2 Mahindra Construction Company Limited U45200MH1992PLC068846 Subsidiary 3(xvii) & 3(xix) 3 Mahindra Holidays and Resorts India Limited L55101MH1996PLC405715 Subsidiary 3(vii)(a) 4 Mahindra Accelo Limited U51900MH1978PLC020222 Subsidiary 3(vii)(a) & 3(xvii) 5 Mahindra Fruits Private Limited U01403MH2014PTC255946 Subsidiary 3(xvii) & 3(xix) 6 Tech Mahindra Limited L64200MH1986PLC041370 Associate 3(xi)(b) 7 Mahindra eMarket Limited U72900MH2000PLC129103 Subsidiary 3(xvii) & 3(xix) 8 Carnot Technologies Private Limited U72300MH2015PTC267700 Joint Venture 3(vii)(a) In addition to the above, there are certain companies in the Group whose auditors have reported cash losses in the financial year under clause 3(xvii) of the CARO report. Based on information and explanations provided to us, in our opinion, these observations are not considered adverse in nature and hence not reported under this clause. The above does not include comments, if any, in respect of the following entities as the CARO report relating to them has not been issued by its auditor till the date of principal auditor’s report. Name of the entities CIN Subsidiary/ Joint Venture/ Associate Aquasail Distribution Company Private Limited U93090MH2006PTC164021 Joint Venture Brainbees Solutions Limited L51100PN2010PLC136340 Associate ReNew Sunlight Energy Private Limited U40300DL2020PTC374527 Associate Annexure A to the Independent Auditor’s Report on the Consolidated Financial Statements of Mahindra & Mahindra Limited for the year ended 31 March 2026 (Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
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