Mahindra & Mahindra Limited | Integrated Annual Report 2025-26

481 FINANCIAL STATEMENTS | Consolidated Accounts 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 @ ## 44 Mahindra Lifespace Developers Limited 30/03/2007 INR 1.0000 213.34 2,847.56 6,921.20 3,860.30 1,082.39 860.32 88.01 15.91 72.10 74.67 52.41% 45 Mahindra Infrastructure Developers Limited 14/12/2001 INR 1.0000 18.00 3.15 21.55 0.40 16.88 — 11.90 0.51 11.39 — 52.41% 46 Mahindra World City (Maharashtra) Limited 21/09/2005 INR 1.0000 25.42 (10.17) 17.07 1.82 17.07 — (0.03) — (0.03) — 52.41% 47 Knowledge Township Limited 16/08/2007 INR 1.0000 49.07 5.82 144.89 90.00 1.27 — (0.01) — (0.01) — 52.41% 48 Industrial Township (Maharashtra) Limited 02/07/2008 INR 1.0000 5.00 (2.16) 2.84 * — — 0.04 — 0.04 — 52.41% 49 Anthurium Developers Limited 02/06/2010 INR 1.0000 0.05 (2.64) 914.64 917.23 — — (3.71) (0.94) (2.77) — 52.41% 50 Mahindra Industrial Park Private Limited 29/03/2013 INR 1.0000 0.05 15.83 166.60 150.72 — — 52.15 12.72 39.43 — 52.41% 51 Mahindra Water Utilities Limited 27/07/2015 INR 1.0000 0.10 10.24 15.77 5.43 4.59 22.54 5.10 1.30 3.80 — 51.88% 52 Mahindra World City Developers Limited 22/09/2004 INR 1.0000 20.00 435.81 693.38 237.57 291.58 532.48 249.83 76.73 173.10 40.00 46.64% 53 Mahindra World City Jaipur Limited 26/08/2005 INR 1.0000 150.00 335.80 644.43 158.63 80.86 327.30 268.52 68.79 199.73 — 38.78% 54 Mahindra Bloomdale Developers Limited 03/06/2008 INR 1.0000 0.05 11.02 192.23 181.16 7.12 295.46 50.23 12.99 37.24 — 52.41% 55 Mahindra Industrial Park Chennai Limited 22/12/2014 INR 1.0000 395.00 71.07 569.19 103.12 250.53 265.58 74.90 18.50 56.40 49.77 31.44% 56 Mahindra Homes Private Limited 30/03/2017 INR 1.0000 0.84 113.13 715.52 601.55 — — 9.05 0.53 8.52 — 52.41% 57 Mahindra Happinest Developers Limited 06/09/2017 INR 1.0000 0.10 (19.87) 124.07 143.84 — 109.42 1.02 — 1.02 — 26.73% 58 Mahindra Knowledge Park Mohali Limited 07/05/2018 INR 1.0000 * (1.18) 0.01 1.19 — — 0.03 — 0.03 — 24.19% 59 Deep Mangal Developers Private Limited 28/11/2017 INR 1.0000 6.42 (1.02) 5.48 0.08 * — 0.09 0.02 0.07 — 52.41% 60 Moonshine Construction Private Limited 28/11/2017 INR 1.0000 * (0.32) * 0.32 * — (0.01) — (0.01) — 52.41% 61 Shreyas Stones Private Limited ** 27/06/2025 INR 1.0000 0.01 134.90 218.65 83.74 — — (3.09) (0.75) (2.34) — 52.41% 62 Mahindra Blossom Developers Limited $$ 02/01/2026 INR 1.0000 232.80 (1.72) 706.51 475.43 — — (2.30) (0.58) (1.72) — 26.73% 63 Mahindra Holidays & Resorts India Limited 28/03/2000 INR 1.0000 201.68 1,016.12 8,323.38 7,105.58 826.56 1,469.23 89.22 84.67 4.55 — 66.87% 64 Mahindra Hotels & Residences India Limited 26/04/2007 INR 1.0000 45.00 (25.54) 188.95 169.49 — 16.82 (10.19) — (10.19) — 66.87% 65 Gables Promoters Private Limited 24/08/2012 INR 1.0000 65.00 8.83 143.13 69.30 — 24.62 (0.91) — (0.91) — 66.87% 66 Heritage Bird (M) Sdn Bhd 03/03/2008 MYR 23.3125 0.69 1.99 7.42 4.74 — 1.68 0.79 0.25 0.54 — 66.87% 67 Infinity Hospitality Group Company Limited 05/11/2012 THB 2.8609 42.91 (38.09) 57.24 52.42 — 13.37 0.18 — 0.18 — 49.48%

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