Integrated Annual Report 2025-26 390 Directors: Shikha Sharma Nisaba Godrej Muthiah Murugappan Ranjan Pant Sat Pal Bhanoo M. P. Vijay Kumar Samina Hamied (DIN - 00043265) (DIN - 00591503) (DIN - 07858587) (DIN - 00005410) (DIN - 10482731) (DIN - 05170323) (DIN - 00027923) In terms of our report attached. For B S R & Co. LLP Chartered Accountants Firm’s Registration No: 101248W/W-100022 Venkataramanan Vishwanath Partner Membership No: 113156 Mumbai, 5th May, 2026 Anand G. Mahindra Chairman (DIN - 00004695) Anish Shah Group CEO and Managing Director (DIN - 02719429) Rajesh Jejurikar Executive Director and CEO (Auto and Farm Sectors) (DIN - 00046823) Amarjyoti Barua Group Chief Financial Officer Sailesh Kumar Daga Company Secretary (FCS No.4146) Mumbai, 5th May, 2026 For Mahindra & Mahindra Limited Consolidated Statement of Profit and Loss | for the year ended 31st March, 2026 Rupees crores Note No. 2026 2025 INCOME Revenue from operations............................................................................................................................................................................................................... 25 1,97,792.78 1,58,749.75 Income from investments related to subsidiaries, associates and joint ventures ................................................................................ 26 845.77 461.07 Income from Operations .............................................................................................................................................................................................................. 1,98,638.55 1,59,210.82 Other income ......................................................................................................................................................................................................................................... 27 3,445.79 2,181.05 Total Income.......................................................................................................................................................................................................................................... 2,02,084.34 1,61,391.87 EXPENSES Cost of materials consumed......................................................................................................................................................................................................... 28 1,13,553.14 88,111.05 Purchases of stock-in-trade.......................................................................................................................................................................................................... 8,670.45 7,643.85 Changes in inventories of finished goods, stock-in-trade and work-in-progress...................................................................................... 29 698.79 (12.18) Employee benefits expense........................................................................................................................................................................................................... 30 12,730.62 11,126.17 Finance costs........................................................................................................................................................................................................................................... 31 9,590.85 9,083.39 Depreciation, amortisation and impairment expense.................................................................................................................................................. 32 7,322.02 6,073.65 Loss from investments related to subsidiaries, associates and joint ventures........................................................................................ 33 581.54 30.84 Other expenses...................................................................................................................................................................................................................................... 34 25,424.14 21,792.90 Total expenses..................................................................................................................................................................................................................................... 1,78,571.55 1,43,849.67 Profit Before Exceptional Items, share of profit of associates and joint ventures and tax............................................ 23,512.79 17,542.20 Exceptional items 35 (292.94) — Profit Before share of profit of associates and joint ventures and tax............................................................................................ 23,219.85 17,542.20 Share of profit of associates and joint ventures, (net).............................................................................................................................................. 1,964.91 1,537.42 Profit Before Tax............................................................................................................................................................................................................................... 25,184.76 19,079.62 Tax Expense 13 Current tax (6,769.35) (4,851.93) Deferred tax............................................................................................................................................................................................................................... 206.30 (154.52) Profit for the year............................................................................................................................................................................................................................ 18,621.71 14,073.17 Other Comprehensive Income/(Loss) A. (i) Items that will not be reclassified to profit or loss (a) Remeasurements of the defined benefit plans.................................................................................................................... (74.47) (87.52) (b) Equity instruments through other comprehensive income......................................................................................... 55.69 (46.73) (c) Share of other comprehensive income / (loss) of equity accounted investees............................................ 6.04 1.30 (ii) Income tax relating to items that will not be reclassified to profit or loss.................................................................. 22.25 21.90 B. (i) Items that will be reclassified to profit or loss (a) Exchange differences in translating the financial statements of foreign operations............................... 256.43 151.60 (b) Debt instruments through other comprehensive income............................................................................................ (33.46) 111.84 (c) Effective portion of gains / (losses) on designated portion of hedging instruments in a cash flow hedge (net)...................................................................................................................................................................................................... 83.18 (68.83) (d) Share of other comprehensive income / (loss) of equity accounted investees............................................ 517.10 116.27 (ii) Income tax relating to items that will be reclassified to profit or loss............................................................................ (29.71) (19.75) Total other comprehensive income/(loss).................................................................................................................................................................... 803.05 180.08 Total Comprehensive Income for the year.................................................................................................................................................................. 19,424.76 14,253.25 Profit for the year attributable to:.................................................................................................................................................................................... Owners of the company.................................................................................................................................................................................................................. 17,098.85 12,929.10 Non-controlling interests................................................................................................................................................................................................................. 1,522.86 1,144.07 18,621.71 14,073.17 Other Comprehensive Income/(loss) for the year attributable to: Owners of the company.................................................................................................................................................................................................................. 719.03 150.86 Non-controlling interests................................................................................................................................................................................................................. 84.02 29.22 803.05 180.08 Total Comprehensive Income for the year attributable to: Owners of the company.................................................................................................................................................................................................................. 17,817.88 13,079.96 Non-controlling interests................................................................................................................................................................................................................. 1,606.88 1,173.29 19,424.76 14,253.25 Earnings per equity share 36 (Face value Rs. 5/- per share) (Rupees) Basic............................................................................................................................................................................................................................................................... 153.10 115.91 Diluted.......................................................................................................................................................................................................................................................... 152.18 115.06 The accompanying notes 1 to 50 are an integral part of the Consolidated Financial Statements.
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