Integrated Annual Report 2025-26 454 43. Disclosure of interest in Subsidiaries and interest of Non Controlling Interest (a) Details of the Group’s subsidiaries at the end of the reporting period are as follows: Name of the Subsidiary Place of Incorporation and Place of Operation Proportion of effective ownership interest* As at 31st March, 2026 2025 NBS International Limited.................................................................................................................................................................................... India 100.00% 100.00% Mahindra Automotive Australia Pty. Limited........................................................................................................................................... Australia 100.00% 100.00% Mahindra Europe s.r.l. ............................................................................................................................................................................................. Italy 100.00% 100.00% Mahindra and Mahindra South Africa (Proprietary) Limited........................................................................................................ South Africa 100.00% 100.00% Automobili Pininfarina GmbH............................................................................................................................................................................ Germany 100.00% 100.00% Automobili Pininfarina Americas Inc............................................................................................................................................................. U.S.A. 100.00% 100.00% Mahindra Electric Automobile Limited **................................................................................................................................................... India 100.00% 100.00% Mahindra Last Mile Mobility Limited $$.................................................................................................................................................... India 78.11% 100.00% SML Mahindra Limited (Formerly known as SML Isuzu Limited) (w.e.f. 1st August, 2025) ................................... India 58.97% — Mahindra Racing UK Limited #......................................................................................................................................................................... U.K. 100.00% 100.00% Gromax Agri Equipment Limited..................................................................................................................................................................... India 60.00% 60.00% Mahindra USA Inc....................................................................................................................................................................................................... U.S.A. 100.00% 100.00% Mitsubishi Mahindra Agricultural Machinery Co., Ltd $................................................................................................................... Japan 66.67% 66.67% Mitsubishi Agricultural Machinery Sales Co., Ltd.................................................................................................................................. Japan 66.67% 66.67% Ryono Factory Co., Ltd........................................................................................................................................................................................... Japan 66.67% 66.67% Ryono Engineering Co., Ltd................................................................................................................................................................................. Japan 66.67% 66.67% Ryono Asset Management Co., Ltd................................................................................................................................................................ Japan 66.67% 66.67% Mahindra do Brasil Industrial Ltda................................................................................................................................................................. Brazil 100.00% 100.00% Erkunt Traktor Sanayii Anonim Şirketi........................................................................................................................................................ Turkey 100.00% 100.00% Erkunt Sanayi Anonim Şirketi........................................................................................................................................................................... Turkey 99.06% 98.69% Sampo Rosenlew Oy (upto 30th September, 2025).......................................................................................................................... Finland — 100.00% Swaraj Engines Limited.......................................................................................................................................................................................... India 52.11% 52.12% M.I.T.R.A Agro Equipments Private Limited............................................................................................................................................... India 100.00% 100.00% Mahindra Automotive North America Inc.................................................................................................................................................. U.S.A. 100.00% 100.00% Mahindra Vehicle Sales and Service Inc..................................................................................................................................................... U.S.A. 100.00% 100.00% Mahindra Solarize Private Limited................................................................................................................................................................. India 100.00% 100.00% Resurgence Solarize Urja Private Limited................................................................................................................................................ India 100.00% 100.00% Mahindra South East Asia Limited................................................................................................................................................................. Thailand 100.00% 100.00% Kota Farm Services Limited @......................................................................................................................................................................... India 51.02% 47.81% Mahindra Agri Solutions Limited..................................................................................................................................................................... India 99.06% 99.06% Mahindra EPC Irrigation Limited...................................................................................................................................................................... India 54.20% 54.21% Mahindra HZPC Private Limited...................................................................................................................................................................... India 59.39% 59.39% Mahindra Fruits Private Limited...................................................................................................................................................................... India 99.06% 99.06% Mahindra First Choice Wheels Limited........................................................................................................................................................ India 56.46% 56.46% Mahindra First Choice Wheels Limited ESOP Trust........................................................................................................................... India 56.46% 56.46% Mahindra & Mahindra Financial Services Limited................................................................................................................................ India 52.51% 52.18%
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