Integrated Annual Report 2025-26 484 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 @ ## 113 Hazel Hybren Private Limited ** 02/06/2023 INR 1.0000 0.20 (0.59) 431.10 431.49 — — (0.06) — (0.06) — 60.01% 114 Illuminate Hybren Private Limited ** 30/05/2023 INR 1.0000 0.20 (1.13) 44.70 45.63 — — (0.04) — (0.04) — 60.01% 115 Neon Hybren Private Limited ** 03/05/2024 INR 1.0000 5.19 22.81 162.77 134.77 — — (0.13) — (0.13) — 60.01% 116 Orion Hybren Private Limited ** 03/05/2024 INR 1.0000 0.20 (5.07) 23.51 28.38 — — (5.04) — (5.04) — 60.01% 117 Pulse Hybren Private Limited ** 03/05/2024 INR 1.0000 0.20 (0.05) 19.25 19.10 — — (0.02) — (0.02) — 60.01% 118 Quest Hybren Private Limited ** 03/05/2024 INR 1.0000 0.20 (0.05) 18.74 18.59 — — (0.02) — (0.02) — 60.01% 119 Rhyme Hybren Private Limited ** 13/12/2024 INR 1.0000 0.15 (0.02) 0.14 0.01 — — (0.01) — (0.01) — 60.01% 120 Steer Hybren Private Limited ** 29/11/2024 INR 1.0000 0.15 (0.02) 0.14 0.01 — — (0.01) — (0.01) — 60.01% 121 Target Hybren Private Limited ** 06/12/2024 INR 1.0000 0.15 (0.02) 0.14 0.01 — — (0.01) — (0.01) — 60.01% 122 Ultrogen Hybren Private Limited ** 29/12/2024 INR 1.0000 0.15 (0.02) 0.14 0.01 — — (0.01) — (0.01) — 60.01% 123 Velos Hybren Private Limited ** 09/12/2024 INR 1.0000 0.15 (0.02) 0.14 0.01 — — (0.01) — (0.01) — 60.01% 124 Martial Solren Private Limited 27/08/2020 INR 1.0000 6.91 126.43 2,065.08 1,931.74 — 117.76 (25.29) (8.17) (17.12) — 60.01% 125 Mahindra Teqo Private Limited 05/01/2016 INR 1.0000 0.13 88.25 200.91 112.53 — 260.77 9.11 1.27 7.84 — 80.00% 126 Marvel Solren Private Limited 10/10/2015 INR 1.0000 27.82 28.39 107.28 51.07 — 19.18 1.68 0.53 1.15 — 100.00% 127 Mahindra Advanced Technologies Limited 07/04/2025 INR 1.0000 1,361.16 (679.92) 681.34 0.10 680.31 — (2.89) — (2.89) — 100.00% 128 Mahindra Defence Systems Limited 30/07/2012 INR 1.0000 18.11 647.42 1,607.47 941.94 85.94 805.59 44.29 8.33 35.96 28.98 100.00% 129 Mahindra Telephonics Integrated Systems Limited 22/04/2013 INR 1.0000 50.78 (40.07) 106.80 96.09 1.23 45.04 6.20 — 6.20 — 100.00% 130 Mahindra Emirates Vehicle Armouring FZ-LLC 05/08/2010 AED 25.6485 25.65 23.37 110.86 61.84 0.07 123.44 10.34 1.18 9.16 — 88.00% 131 Mahindra Armored Vehicles Jordan, LLC 31/03/2019 JOD 132.8565 0.06 2.09 3.60 1.45 — 21.35 0.09 — 0.09 — 88.00% 132 Mahindra First Choice Wheels Limited 24/03/2008 INR 1.0000 91.11 (2.32) 250.78 161.99 35.24 353.27 (3.87) — (3.87) — 56.46% 133 Mahindra Integrated Business Solutions Private Limited 18/01/2011 INR 1.0000 9.78 210.25 317.70 97.67 36.74 672.55 32.34 8.14 24.20 9.78 100.00% 134 Mahindra eMarket Limited 11/08/2014 INR 1.0000 0.80 (1.97) 0.74 1.91 — — (0.03) — (0.03) — 100.00% 135 Mahindra Airways Limited 27/07/2016 INR 1.0000 183.00 (10.65) 212.86 40.51 0.23 26.93 (1.87) — (1.87) — 100.00%
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