Mahindra & Mahindra Limited | Integrated Annual Report 2025-26

Integrated Annual Report 2025-26 430 29. Changes in inventories of finished goods, work-in-progress and stock-in-trade Rupees crores Particulars 2026 2025 Opening inventories Finished goods produced................................................................................................................................................................................................................... 5,837.50 6,060.46 Work-in-progress...................................................................................................................................................................................................................................... 448.29 527.11 Stock-in-trade............................................................................................................................................................................................................................................ 1,504.56 1,291.56 Manufactured components.............................................................................................................................................................................................................. 734.61 540.92 8,524.96 8,420.05 Inventories on business combination/(disposal) of subsidiaries (net) Finished goods produced................................................................................................................................................................................................................... 269.64 — Work-in-progress...................................................................................................................................................................................................................................... 101.80 — Stock-in-trade............................................................................................................................................................................................................................................ (18.74) — 352.70 — Hyperinflation adjustment Finished goods produced................................................................................................................................................................................................................... 17.57 58.38 Work-in-progress...................................................................................................................................................................................................................................... 0.10 12.91 17.67 71.29 Foreign currency translation difference 256.77 21.44 Less: Closing Inventories Finished goods produced................................................................................................................................................................................................................... 5,514.02 5,837.50 Work-in-progress...................................................................................................................................................................................................................................... 761.82 448.29 Stock-in-trade............................................................................................................................................................................................................................................ 1,472.32 1,504.56 Manufactured components.............................................................................................................................................................................................................. 705.15 734.61 8,453.31 8,524.96 Net decrease/(increase) in inventories............................................................................................................................................................................. 698.79 (12.18) 30. Employee benefits expense Rupees crores Particulars 2026 2025 Salaries and wages, including bonus......................................................................................................................................................................................... 10,941.99 9,735.31 Contribution to provident and other funds......................................................................................................................................................................... 767.49 642.17 Share based payment expenses * (Refer note 38)........................................................................................................................................................ 346.19 121.91 Staff welfare expenses....................................................................................................................................................................................................................... 674.95 626.78 Total................................................................................................................................................................................................................................................................ 12,730.62 11,126.17 * Share based payment expenses include equity settled share based payments and cash settled share based payments

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