455 FINANCIAL STATEMENTS | Consolidated Accounts Name of the Subsidiary Place of Incorporation and Place of Operation Proportion of effective ownership interest* As at 31st March, 2026 2025 Mahindra Insurance Brokers Limited............................................................................................................................................................ India 52.51% 52.18% Mahindra Rural Housing Finance Limited................................................................................................................................................. India 51.79% 51.54% Mahindra Finance CSR Foundation................................................................................................................................................................ India 52.51% 52.18% Mahindra Rural Housing Finance Limited Employee Welfare Trust........................................................................................ India 51.86% 51.54% Mahindra & Mahindra Financial Services Limited Employees' Stock Option Trust...................................................... India 52.51% 52.18% Mahindra Ideal Finance Limited....................................................................................................................................................................... Sri Lanka 30.56% 30.37% Mahindra Lifespace Developers Limited.................................................................................................................................................... India 52.41% 51.14% Mahindra Infrastructure Developers Limited.......................................................................................................................................... India 52.41% 51.14% Mahindra World City (Maharashtra) Limited........................................................................................................................................... India 52.41% 51.14% Knowledge Township Limited............................................................................................................................................................................ India 52.41% 51.14% Industrial Township (Maharashtra) Limited.............................................................................................................................................. India 52.41% 51.14% Anthurium Developers Limited......................................................................................................................................................................... India 52.41% 51.14% Mahindra Water Utilities Limited..................................................................................................................................................................... India 51.88% 50.63% Rathna Bhoomi Enterprises Private Limited.......................................................................................................................................... India 52.41% 51.14% Deep Mangal Developers Private Limited................................................................................................................................................ India 52.41% 51.14% Moonshine Construction Private Limited.................................................................................................................................................. India 52.41% 51.14% Mahindra Bloomdale Developers Limited................................................................................................................................................. India 52.41% 51.14% Shreyas Stones Private Limited (w.e.f. 27th June, 2025)............................................................................................................... India 52.41% — Mahindra Homes Private Limited (w.e.f. 28th November, 2025)................................................................................................ India 52.41% — Mahindra Holidays & Resorts India Limited............................................................................................................................................ India 66.87% 66.87% Mahindra Hotels & Residences India Limited......................................................................................................................................... India 66.87% 66.87% Gables Promoters Private Limited................................................................................................................................................................. India 66.87% 66.87% Heritage Bird (M) Sdn Bhd.................................................................................................................................................................................. Malaysia 66.87% 66.87% Infinity Hospitality Group Company Limited........................................................................................................................................... Thailand 49.48% 49.48% MH Boutique Hospitality Limited @.............................................................................................................................................................. Thailand 32.77% 32.77% MHR Holdings (Mauritius) Limited................................................................................................................................................................. Mauritius 66.87% 66.87% Covington S.a.r.l........................................................................................................................................................................................................... Luxembourg 66.87% 66.87% Holiday Club Resorts Oy...................................................................................................................................................................................... Finland 66.87% 66.87% Kiinteistö Oy Rauhan Liikekiinteistöt 1...................................................................................................................................................... Finland 66.87% 66.87% Keskinäinen Kiinteistö Oy Salla Star (w.e.f. 3rd July, 2025).......................................................................................................... Finland 66.87% — Ownership Services Sweden Ab...................................................................................................................................................................... Sweden 66.87% 66.87% Are Villa 3 Ab................................................................................................................................................................................................................ Sweden 66.87% 66.87% Holiday Club Sweden Ab Åre............................................................................................................................................................................. Sweden 66.87% 66.87% Holiday Club Sport and Spa Hotels AB...................................................................................................................................................... Sweden 66.87% 66.87% Holiday Club Canarias Investments S.L...................................................................................................................................................... Spain 66.87% 66.87% 43. Disclosure of interest in Subsidiaries and interest of Non Controlling Interest (Continued)
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