Integrated Annual Report 2025-26 480 Part “A” Subsidiaries [as per section 2(87) of the Companies Act, 2013] (Continued) Rupees crores Sr. No. Name of Subsidiary The date since when subsidiary was acquired Reporting currency Exchange rate Share Capital Reserves & Surplus Total Assets Total Liabilities Investments Gross Turnover^ Profit/(Loss) before Tax Provision for Tax Profit/ (Loss) after Tax Proposed Dividend Proportion of ownership interest @ ## 21 Mahindra Vehicle Sales and Service Inc. 06/06/2017 USD 94.1950 849.70 (860.43) 0.49 11.22 — — * 0.01 (0.01) — 100.00% 22 Mahindra do Brasil Industrial Ltda 14/10/2016 BRL 17.9330 109.35 171.81 463.58 182.42 — 616.43 31.26 9.51 21.75 — 100.00% 23 Erkunt Traktor Sanayii A.S. # 01/12/2017 TRY 2.1179 368.51 166.75 864.27 329.01 79.69 891.23 (443.32) (14.03) (429.29) — 100.00% 24 Erkunt Sanayi A.S. # 01/12/2017 TRY 2.1179 335.86 (111.63) 711.32 487.09 64.54 824.02 (484.36) (1.87) (482.49) — 99.06% 25 Swaraj Engines Limited 28/09/2022 INR 1.0000 12.15 476.77 778.82 289.90 19.26 2,007.13 263.57 67.27 196.30 133.65 52.11% 26 Carnot Technologies Private Limited 17/03/2022 INR 1.0000 0.17 5.82 11.58 5.59 2.15 19.80 1.11 (0.06) 1.17 — 73.00% 27 M.I.T.R.A Agro Equipments Private Limited 17/03/2023 INR 1.0000 0.26 50.86 82.17 31.05 — 110.02 20.41 4.68 15.73 — 100.00% 28 Mahindra Solarize Private Limited 06/04/2020 INR 1.0000 40.21 3.34 128.99 85.44 33.70 359.05 0.92 0.12 0.80 — 100.00% 29 Resurgence Solarize Urja Private Limited 29/08/2022 INR 1.0000 16.50 (0.08) 19.22 2.80 — 3.51 0.32 0.08 0.24 — 100.00% 30 Kota Farm Services Limited 16/09/2025 INR 1.0000 0.61 (0.91) * 0.31 — — * — * — 51.02% 31 Mahindra Agri Solutions Limited 16/08/2000 INR 1.0000 128.65 (66.41) 321.40 259.16 57.17 371.13 21.03 — 21.03 — 99.06% 32 Mahindra Summit Agriscience Limited 09/10/2018 INR 1.0000 188.11 (152.18) 198.12 162.19 — 236.08 (8.02) — (8.02) — 59.44% 33 Mahindra EPC Irrigation Limited 08/09/2011 INR 1.0000 27.94 157.11 351.67 166.62 — 312.09 16.99 4.30 12.69 — 54.20% 34 Mahindra Top Greenhouses Private Limited 16/11/2018 INR 1.0000 3.00 (2.97) 0.03 * — — (0.02) — (0.02) — 32.52% 35 Mahindra HZPC Private Limited 25/04/2013 INR 1.0000 49.64 (22.64) 118.36 91.36 — 93.68 6.59 0.04 6.55 — 59.39% 36 Mahindra Fruits Private Limited 09/07/2014 INR 1.0000 12.33 (12.19) 0.62 0.48 — 0.90 0.02 — 0.02 — 99.06% 37 Mahindra & Mahindra Financial Services Limited 30/09/1998 INR 1.0000 277.91 24,480.79 1,47,905.27 1,23,146.57 6,820.37 18,445.59 3,672.63 890.40 2,782.23 1,042.48 52.51% 38 Mahindra Insurance Brokers Limited 07/04/2004 INR 1.0000 10.31 653.07 1,016.73 353.35 448.96 1,455.69 157.03 43.44 113.59 79.90 52.51% 39 Mahindra Rural Housing Finance Limited 09/04/2007 INR 1.0000 122.63 1,190.58 9,312.60 7,999.39 512.02 1,154.03 77.68 19.67 58.01 — 51.79% 40 Mahindra Manulife Investment Management Private Limited 20/06/2013 INR 1.0000 382.94 (200.82) 244.79 62.67 171.47 101.86 6.50 2.32 4.18 — 26.41% 41 Mahindra Manulife Trustee Private Limited 25/04/2013 INR 1.0000 0.98 1.47 2.78 0.33 2.42 0.64 0.23 0.04 0.19 — 26.41% 42 Mahindra Ideal Finance Limited 08/07/2021 LKR 0.2993 57.11 49.47 927.22 820.64 68.67 127.56 24.50 10.19 14.31 — 30.56% 43 Mahindra Finance CSR foundation 02/04/2019 INR 1.0000 * (0.01) * 0.01 — 0.02 * * (0.01) — 52.51%
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