Integrated Annual Report 2025-26 486 Part “B” Details of Associates / Joint Ventures [as per Section 2(6) of the Companies Act, 2013] Rupees crores Name of Associates /Joint Ventures Audited Balance Sheet Date Date of Acquisition No. of Equity shares held †† Proportion of ownership interest Cost of Investments Networth attributable to Shareholding as per latest audited Balance Sheet Profit/(Loss) for the year Considered in Consolidation Not considered in consolidation Tech Mahindra Limited 31/03/2026 31/08/2012 24,84,63,703 28.06% 1,010.42 8,310.08 1,349.94 3,460.96 Officemartindia.com Limited 31/03/2026 31/03/2002 7,49,997 50.00% — (0.13) * * Mitsubishi Mahindra Agricultural Machinery co., Ltd.§ 01/10/2015 446 66.67% 549.05 66.81 (293.89) (146.95) P.F. holding BV $ 27/05/2016 2,63,36,050 40.00% 254.05 82.87 (20.70) (31.05) Smartshift Logistics Solutions Private Limited 31/03/202628/03/2018 8,32,11,840 22.84% 218.51 263.74 52.29 176.68 ReNew Sunlight Energy Private Limited 06/07/2021 1,60,74,000 37.21% 16.07 14.28 0.14 0.24 Brainbees Solutions Limited 29/04/2022 4,50,41,821 9.29% 351.13 440.23 (18.24) (91.67) Tech Mahindra Foundation ** 09/01/2026 — 0.00% — — — — Notes There are no associates or joint ventures which are yet to commence operations. * denotes amount less than Rs. 50,000 †† Including equity/preferred shares to be issued on conversion of participating Compulsorily Convertible Preference Shares $ Based on unaudited financial statements as audit is not required as per their local laws § In addition to JPY750 million Common Stock (which represents 33.33% of the Common stock), the Company owns the entire JPY 2,250 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. ** Classified as Joint Venture in accordance with the provisions of the shareholders’ agreement List of associates/joint ventures which ceased to exist during the year on account of sale or status change to subsidiary : (a) Mahindra & Mahindra Contech Limited (b) Kota Farm Services Limited (c) Mahindra Ideal Lanka Private Limited (d) Blue Planet Integrated Waste Solutions Limited Directors: Shikha Sharma Nisaba Godrej Muthiah Murugappan Ranjan Pant Sat Pal Bhanoo M. P. Vijay Kumar Samina Hamied (DIN - 00043265) (DIN - 00591503) (DIN - 07858587) (DIN - 00005410) (DIN - 10482731) (DIN - 05170323) (DIN - 00027923) Anand G. Mahindra Chairman (DIN - 00004695) Anish Shah Group CEO and Managing Director (DIN - 02719429) Rajesh Jejurikar Executive Director and CEO (Auto and Farm Sectors) (DIN - 00046823) Amarjyoti Barua Group Chief Financial Officer Sailesh Kumar Daga Company Secretary (FCS No.4146) Mumbai, 5th May, 2026 For Mahindra & Mahindra Limited
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