72 Integrated Annual Report 2025-26 Stakeholder Engagement Mahindra Group maintains structured engagement with those who depend on its operations and those whose decisions shape its operating environment, ensuring that material issues inform long-term planning and strategic alignment. Through regular consultations, feedback loops and a rigorous materiality process, the Group seeks to ensure that its commitments remain grounded in stakeholder expectations and emerging systemic developments. The Mahindra Group engages with key stakeholder groups across its value chain, including employees, shareholders and institutional investors, customers, suppliers, dealers, government and advocacy organisations, and communities. Stakeholder identification is guided by two core criteria — dependence, referring to groups whose decisions influence the organisation’s ability to create long-term value, and impact, referring to groups significantly affected by its operations, products or services. Material issues identified through the Group’s materiality assessment further inform this process, ensuring that stakeholders with the closest connection to the Group’s most significant sustainability risks and opportunities are prioritised for structured and meaningful engagement. Engagement is undertaken through a mix of formal and informal channels, including employee surveys, townhalls and training programmes; annual reports, earnings calls, general meetings and investor meets; customer feedback and materiality surveys; supplier conferences, third-party ESG and fire safety audits, and capability-building programmes; dealer meets, audits and product trainings; and participation in policy consultations, stakeholder roundtables and industry platforms such as CII, FICCI, ASSOCHAM and SIAM. These processes support transparent communication and help address material themes such as climate risk, supply chain integrity, rural livelihoods and technology governance. Within this overarching approach, M&M Ltd. and other Group businesses implement stakeholder engagement practices that are aligned with common Group principles while remaining responsive to their specific operating contexts and stakeholder priorities. The Mahindra Group’s digital platforms further extend engagement beyond formal channels by enabling real-time feedback, strengthening community connections and communicating sustainability initiatives. Materiality Assessment Mahindra Group’s materiality approach has evolved from traditional stakeholder-priority assessments towards a double materiality framework embedded within enterprise strategy and risk governance processes. This approach evaluates both impact materiality, considering the Group’s actual and potential effects on the environment, and society and financial materiality, assessing how sustainability-related risks and opportunities may affect business performance and enterprise value over the short, medium and long term. Aligned with GRI Standards and globally recognised frameworks, standards and ESG ratings, the Group’s materiality methodology follows a structured multi-step process. Given the diverse nature of the Mahindra Group’s businesses, materiality assessments are designed to reflect the specific operating contexts, sectoral priorities and stakeholder ecosystems of individual businesses, while aligning with the Group’s broader framework. This balanced approach enables each business to identify its most critical sustainability priorities while preserving Group-wide alignment to responsible business practices and stakeholder value creation. The final list of material topics is integrated into strategy, enterprise risk management, resource allocation and disclosure planning. High-priority topics form the basis for sustainability roadmaps, performance monitoring and target-setting, ensuring that material ESG issues are not only reported but actively embedded into business planning and oversight. Further details on the stakeholder engagement and materiality assessment are provided in the latest Sustainability Report available at: https://www.mahindra.com/investor-relations/sustainability
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