457 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 Defence Systems Limited............................................................................................................................................................. India 100.00% 100.00% Mahindra Emirates Vehicle Armouring FZ-LLC...................................................................................................................................... U.A.E. 88.00% 88.00% Mahindra Armored Vehicles Jordan, LLC................................................................................................................................................... Jordan 88.00% 88.00% Mahindra Telephonics Integrated Systems Limited............................................................................................................................ India 100.00% 100.00% Mahindra Advanced Technologies Limited (w.e.f. 7th April, 2025)............................................................................................ India 100.00% — Mahindra Aerospace Private Limited............................................................................................................................................................ India 100.00% 100.00% Mahindra Aerostructures Private Limited................................................................................................................................................. India 100.00% 100.00% Mahindra Airways Limited.................................................................................................................................................................................... India 100.00% 100.00% Mahindra Holdings Limited.................................................................................................................................................................................. India 100.00% 100.00% Mahindra Automotive Mauritius Limited.................................................................................................................................................... Mauritius 100.00% 100.00% Mahindra Overseas Investment Company (Mauritius) Limited................................................................................................... Mauritius 100.00% 100.00% Mahindra Investment Company Mauritius Limited (Formerly known as Mahindra-BT Investment Company (Mauritius) Limited ) (w.e.f. 19th December, 2025) .... Mauritius 100.00% — Mahindra Integrated Business Solutions Private Limited.............................................................................................................. India 100.00% 100.00% Mahindra eMarket Limited................................................................................................................................................................................... India 100.00% 83.47% Mahindra Construction Company Limited................................................................................................................................................. India 65.88% 65.19% Officemartindia.com Limited............................................................................................................................................................................... India 50.00% 50.00% Mahindra and Mahindra Contech Limited @........................................................................................................................................... India 99.99% 46.66% Mahindra Sustainable Energy Private Limited....................................................................................................................................... India 100.00% 100.00% PSL Media & Communications Limited (w.e.f. 16th September, 2025).................................................................................. India 71.99% — New Democratic Electoral Trust @............................................................................................................................................................... India 58.27% 33.35% Sunrise Initiatives Trust......................................................................................................................................................................................... India 100.00% 100.00% Mumbai Mantra Media Limited......................................................................................................................................................................... India 100.00% 100.00% Mahindra & Mahindra Benefit Trust.............................................................................................................................................................. India 100.00% 100.00% Mahindra & Mahindra Employees’ Stock Option Trust.................................................................................................................... India 100.00% 100.00% * excluding shares issued to ESOP Trusts of the respective entities / their holding companies but not allotted to employees. @ entities have been treated as subsidiaries even though the Group holds less than half of the voting power in these entities as it has unilateral control over the investees due to other factors that give power like control over composition of board, management control etc. $ In addition to JPY750 million Common Stock (which represents 33.33% of the Common stock), the Company owns the entire JPY2250 million “Class A” shares (shares with no voting rights); “Class A” shares have rights over dividend and liquidation on an equal basis with Common Stock. $$ Voting power in the company is different from the ownership interests. ** 200 shares are held by investors. # Entity ceased to be a subsidiary of the Group with effect from 9th June 2025. Subsequently, the Group repurchased its stake on 17th November 2025. 43. Disclosure of interest in Subsidiaries and interest of Non Controlling Interest (Continued)
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