M&MFINNSE22 July 2025

Mahindra & Mahindra Financial Services Limited has informed the Exchange about Investor Presentation

Mahindra & Mahindra Financial Services Limited

22nd July 2025

To,

BSE Limited (Scrip Code: 532720) Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai - 400 001

National Stock Exchange of India Ltd. (Symbol: M&MFIN) Exchange Plaza, 5th Floor, Plot No. C/1, "G" Block, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 051

Dear Sir/ Madam,

Sub: Earnings Presentation for the first quarter ended 30th June 2025 - Regulation 30 of SEBI (Listing

Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”)

Ref: Our letter dated 16th July 2025 intimating about earnings conference call

In compliance with Regulation 30, Schedule III, Part A, Para A (15)(a) and other applicable provisions of the Listing Regulations, please find enclosed herewith an Earnings Presentation, to be made at earnings conference audio call scheduled to be held today i.e. on Tuesday, 22nd July 2025 at 6.30 p.m. (IST) encompassing, inter-alia, an overview of the unaudited standalone and consolidated financial results of the Company for the first quarter ended 30th June 2025 (subjected to limited review by the Joint Statutory Auditors of the Company), highlights of the quarter and business overview.

Please note that no Unpublished Price Sensitive Information would be shared by the Company during the said earnings conference call.

In compliance with Regulation 46(2)(o) of the Listing Regulations, the enclosed earnings presentation is also being uploaded on the Company’s website viz. https://www.mahindrafinance.com/investor- relations/financial-information#investor-presentation

Kindly take the same on record.

Thanking you,

For Mahindra & Mahindra Financial Services Limited

Brijbala Batwal Company Secretary FCS No.: 5220

Mahindra & Mahindra Financial Services Limited

Result Update Quarter ended Jun’25 (Q1FY26)

Regd. Office: Gateway Building, Apollo Bunder, Mumbai-400 001, India Tel: +91 22 6897 5500 Fax:+91 22 2287 5485 www.mahindrafinance.com CIN - L65921MH1991PLC059642

Corporate Office: Mahindra Towers, 3rd Floor, Dr. G. M. Bhosale Marg, Worli, Mumbai-400 018, India Tel: +91 22 6652 6000 Email: investorhelpline_mmfsl@mahindra.com

Safe Harbor

Certain statements in the Financial Results Update presentation describing the Company's objectives, and predictions may be ‘forward-looking statements’ within the meaning of applicable laws and regulations. Actual results may vary significantly from the forward-looking statements contained in this document due to various risks and uncertainties. These risks and uncertainties include the effect of economic and political conditions in India, volatility in interest rates, new regulations and Government policies that may impact the Company’s business as well as its ability to implement the strategy. The Company does not undertake to update these statements.

Providing Financial Solutions to Emerging India

Executive Summary

Financial Information

Subsidiary Financials

Company Overview

ESG & CSR

Key Priorities

Defend and grow wheels leadership

Steady progress on growth and margins

Sustain risk levels (asset quality, credit costs)

Grow SME, leasing, and fee income (insurance)

Turnaround MRHFL & then grow affordable housing

Continue to build a resilient operating model

Efficiency gains – Sales, underwriting, collections

Data, Digital, AI in Business and Controls

Achieve stronger RoA and RoE outcomes

Q1FY26 Results – Highlights

Q1 Disbursement Rs 12,808 crores v/s Rs 12,741 crores YoY 1%

AUM (Business Assets) Rs 1,22,008 crores v/s Rs 1,06,339 crores YoY 15%

Total Income Rs 4,438 crores v/s Rs 3,760 crores YoY 18%

PAT Rs 530 crores v/s Rs 513 crores YoY 3%

* % of Avg. Total Assets

on standalone basis

Asset quality: GS2+GS3 <10%

10.0

8.4

9.7

10.2

9.1

9.7

Q2 F24 Q3 F24 Q4 F24 Q1 F25 Q2 F25 Q3 F25 Q4 F25 Q1 F26

Stage-3 @3.8% (v/s. 3.6% in Jun-2024)

4.3

4.0

3.4

3.6

3.8

3.9

3.7

3.8

Q2 F24 Q3 F24 Q4 F24 Q1 F25 Q2 F25 Q3 F25 Q4 F25 Q1 F26

Credit Costs* YoY 1.9% v/s 1.5%

Augmented Tier-1 Capital to 17.9% Raised core capital of ~Rs. 3,000 crores through Rights Issue

Key Business Indicators Q1FY26 vs Q1FY25

Disbursements

Business AUM

Total Income*

15%

12,741

12,808

1,06,339

1,22,008

3,760

18%

4,438

Figs. In Rs. Cr

Growth %

NIM*

18%

2,285

1,932

Q1FY25

Q1FY26

Q1FY25

Q1FY26

Q1FY25 12.9%

Q1FY26 13.0%

Q1FY25 6.6%

Q1FY26 6.7%

Total Opex

PPOP*

Credit Cost

17%

932

797

19%

1,353

1,135

47%

660

448

PAT*

513

530

Q1FY25 2.7%

Q1FY26 2.7%

Q1FY25 3.9%

Q1FY26 4.0%

Q1FY25 1.5%

Q1FY26 1.9%

Q1FY25 1.8%

Q1FY26 1.6%

% of Avg. Total Assets

*Q1F26 includes Rs. 46crs of dividend income from MIBL (14 bps)

Overall Disbursements

Product Wise

Tractor

Pre-Owned Vehicle

Passenger Vehicle

3-Wheeler

CV & CE

SME

Others

Total

Q1 FY26

Q1 FY25

1,711

2,176

5,254

496

2,354

524

294

1,418

2,117

5,142

521

2,670

644

229

12,808

12,741

YoY

21%

(5%)

(12%)

(19%)

28%

Figs. In Rs. Cr

FY25

5,871

9,468

23,527

2,445

12,290

3,010

1,288

57,900

Others include Farm implements, Gensets, and Personal Loans

Spread & RoA Tree

Particulars

Q1FY26

Q4FY25

Q1FY25

Total Income / Average Assets

- Loan Income

- Fee, Investment & Other Income

Interest cost / Average Assets

Gross Spread

Overheads / Average Assets

End Losses & provisions / Average Assets

- End Losses

- Provisions

Net Spread before Tax

Net Spread after Tax

13.0%

11.7%

1.4%

6.3%

6.7%

2.7%

1.9%

1.2%

0.7%

2.0%

1.6%

12.9%

11.6%

1.3%

6.3%

6.5%

2.9%

1.4%

1.5%

-0.1%

2.3%

1.7%

12.9%

11.9%

1.0%

6.3%

6.6%

2.7%

1.5%

1.1%

0.4%

2.4%

1.8%

FY25

12.8%

11.7%

1.1%

6.3%

6.5%

2.7%

1.3%

1.2%

0.0%

2.5%

1.9%

on standalone basis

FY24

12.8%

11.8%

1.1%

6.1%

6.8%

2.8%

1.7%

1.6%

0.1%

2.2%

1.7%

Average Assets is computed based on Net Total Assets i.e., Total Assets less ECL Provisions Q1F26 includes Rs. 46crs of dividend income from MIBL (14 bps)

GS2 + GS3: Within range

GS3 Trendline

GS2 Trendline

8.03%

4.35%

3.40%

3.56%

3.69%

3.85%

11.72%

6.37%

5.03%

6.10%

5.44%

5.85%

Figs. In Rs. Cr

5,436

3,770

3,491

3,790

4,414

4,697

7,934

5,527

5,160

6,487

6,512

7,139

Jun-22

Jun-23 Mar-24

Jun-24 Mar-25

Jun-25

Jun-22

Jun-23 Mar-24

Jun-24 Mar-25

Jun-25

GS2 + GS3 Trendline

19.75%

123 bps

10.72%

8.43%

9.66%

57 bps

9.13%

9.70%

Rs. Cr

% AUM

13,370

9,297

8,651

10,277

10,926

11,836

Jun-22

Jun-23

Mar-24

Jun-24

Mar-25

Jun-25

Credit Cost: Break down

Particulars

GS-3 (%)

Credit Cost (%)

Provision (%)

GS-3 Coverage (%)

Provision (Rs Cr)

End Losses (%)

End Losses (Rs Cr)

2.4%

2.1%

FY23

4.5%

1.2%

(1.4%)

59.5%

(1,214)

2.6%

2,213

FY24

3.4%

1.7%

0.1%

63.2%

108

1.6%

1,715

Q1FY25

3.6%

1.5%

0.4%

59.8%

126

1.1%

322

Credit Cost*

2.3%

1.2%

1.5%

on standalone basis

FY25

3.7%

1.3%

0.0%

51.2%

1.2%

1,559

1.4%

Q1FY26

3.8%

1.9%

0.7%

51.4%

243

1.2%

417

1.9%

Q1F24

Q2F24

Q3F24

Q4F24

Q1F25

Q2F25

* % of Avg. Total Assets

0.0%

Q3F25

Q4F25

Q1F26

Providing Financial Solutions to Emerging India

Executive Summary

Financial Information - Standalone

Subsidiary Financials

Company Overview

ESG & CSR

Distribution of Disbursements

Product Wise

Q1 FY26

Q1 FY25

Passenger Vehicles

5,254 (41%)

5,142 (40%)

Commercial Vehicles & Construction Equipments

2,354 (18%)

2,670 (21%)

Pre-Owned Vehicle

2,176 (17%)

2,117 (17%)

Tractors

3-Wheeler

SME

Others

Total

1,711 (13%)

1,418 (11%)

496 (4%)

521 (4%)

524 (4%)

644 (5%)

294 (2%)

229 (2%)

on standalone basis

FY25

23,527 (41%)

12,290 (21%)

9,468 (16%)

5,871 (10%)

2,445 (4%)

3,010 (5%)

1,288 (2%)

YoY

-12%

21%

-5%

-19%

28%

12,808 (100%)

12,741 (100%)

57,900 (100%)

* Others include Farm implements, Gensets, and Personal Loans Figures re-grouped and rounded where found relevant

Break down of Business Assets

on Standalone Basis

Asset Class

Q1 FY26

Q1 FY25

Passenger vehicles

Commercial vehicles and construction equipments

Pre-owned vehicles

Tractors

SME

3 Wheelers

Others*

40%

22%

13%

11%

Contribution of M&M assets in Business Assets

44%

40%

22%

13%

11%

43%

FY25

40%

22%

13%

11%

44%

* Others include Trade Advances, Personal and Consumer Loans, Finance Lease Receivables, Implements etc. Figures re-grouped and rounded where found relevant

Distribution by Geography

on standalone basis

Circle HQ

Disbursement*

Business Assets

Q1 FY26

Q1 FY25

Q1 FY26

Q1 FY25

Delhi

13.6%

14.6%

13.8%

Jaipur

15.3%

14.9%

14.8%

Lucknow

18.6%

18.0%

17.7%

13.3%

14.2%

17.8%

Thane

18.0%

18.3%

18.9%

18.6%

Chennai

12.4%

Hyderabad

12.6%

12.4%

12.8%

Kolkata

9.6%

9.1%

12.0%

12.6%

10.2%

12.0%

12.9%

11.3%

* Prepared on Finance Amount

DELHI: Chandigarh, Delhi, Haryana, Himachal Pradesh, Jammu & Kashmir, Ladakh, Punjab, Uttarakhand JAIPUR: Rajasthan, Gujarat, Dadra & Nagar Haveli LUCKNOW: Uttar Pradesh, Bihar THANE: Maharashtra, Goa, Madhya Pradesh CHENNAI: Andaman & Nicobar Island, Karnataka, Kerala, Puducherry, Tamil Nadu HYDERABAD: Andhra Pradesh, Telangana, Orissa, Chhattisgarh 14 KOLKATA: Arunachal Pradesh, Assam, Meghalaya, Mizoram, Manipur, Sikkim, Tripura, West Bengal, Jharkhand

Disbursements → Steady YoY

Historical Disbursements (Rs. in crores)

FY 2026

FY 2025

FY 2024

Collection Efficiency^

FY 2026

FY 2025

FY 2024

12,808 (1% yoy)

12,741

12,165

95%

94%

on standalone basis

16,467

15,530

57,900

15,436

15,292

56,208

95%

97%

98%

95%

96%

13,162

13,315

96%

^ Computed as (Current month demand collected + Overdues collected)/(Current month demand due for the month) without considering restructured contracts

Asset Quality → Overall Range-Bound

on standalone basis

3.4%

3.7%

3.6%

Gross Stage-3

Net Stage-3

3.8%

5.0%

5.4%

6.1%

5.9%

1.3%

1.8%

1.5%

1.9%

FY24

FY25

FY25 Q1

FY26 Q1

FY24

FY25

FY25 Q1

FY26 Q1

Gross & Net Stage - 3

Gross Stage - 2

Balance Sheet → Adequately Capitalized

Capital Adequacy

Gross Stage-3

Stage 3 - Coverage Ratio

20.6%

3.6%

3.7%

3.4%

3.8%

63.2%

59.8%

18.9%

18.5%

18.3%

(16.4%)

(15.2%)

(17.9%)

51.2%

51.4%

Mar-24

Jun-24

Mar-25

Jun-25

Mar-24

Jun-24

Mar-25

Jun-25

Mar-24

Jun-24

Mar-25

Jun-25

(Tier I- %)

Adequately capitalized

Asset quality under control

Prudent

Growth Trajectory

Loan Book (1) (Rs. crores)

99,195

1,16,214

1,02,811

15%

1,18,308

79,455

Revenues (Rs. crores)

16,075

13,562

11,056

on standalone basis

18%

3,760

4,438

FY23

FY24

FY25

Q1 FY25

Q1 FY26

FY23

FY24

FY25

Q1 FY25

Q1 FY26

Pre-Provisioning Operating Profit (Rs. crores)

Profit after Tax (2) (Rs. crores)

3,752

4,178

4,765

1,984

1,760

2,345

19%

1,135

1,353

513

530

FY23

FY24

FY25

Q1 FY25

Q1 FY26

FY23

FY24

FY25

Q1 FY25

Q1 FY26

Note : (1) Loan Book net of provisions.

(2) PAT post exceptional items.

Financial Performance

on standalone basis

Cost to income ratio (1) (%)

Return on Assets (ROA) (2) (%)

42.1%

41.4%

41.7%

41.3%

40.8%

2.3%

1.7%

1.9%

1.8%

1.6%

FY23

FY24

FY25

Q1 FY25

Q1 FY26

FY23

FY24

FY25

Q1 FY25

Q1 FY26

Return on Net Worth (RONW) (2) (%)

Asset Quality (%)

12.1%

10.0%

12.4%

11.1%

9.8%

FY23

FY24

FY25

Q1 FY25

Q1 FY26

4.5%

Gross Stage-3

Net Stage-3

3.4%

3.7%

3.6%

3.8%

1.9%

1.3%

1.8%

1.5%

1.9%

FY23 59.5%

FY24 63.2%

FY25 51.2%

Q1 FY25 59.8%

Q1 FY26 51.4%

Provision Coverage Ratio: Stage-3 Provisions/ Stage-3 Assets

Note : (1) Cost to Income calculated as Operating Expenses (including depreciation)/(Net Interest Income + Other Income). (2) Annualised - Calculated based on average total assets/ average networth

Standalone Profit & Loss Account

Particulars (Rs. in crores)

Revenue from operations (A)

Less: Finance cost (B)

NII (C= A-B)

Other Income (D)

Total Income (E=C+D)

Employee benefits expense (F)

Other expenses (G)

Depreciation and amortization (H)

Total Expenses (I=F+G+H)

Pre-Provisioning Operating Profit (J=E-I)

Provisions and write-offs (K)

Profit before Exceptional items (L=J-K)

Exceptional Items (M)

Profit before Tax (N=L+M)

Tax expense (O)

Net Profit after Taxes (P=N-O)

Figures re-grouped and rounded where found relevant

Q1FY26

Q4FY25

Q-o-Q

Q1FY25

Y-o-Y

4,419

2,152

2,267

2,285

523

334

932

1,353

660

693

164

530

4,241

2,090

2,151

328%

2,156

498

372

943

1,213

457

756

193

563

(10%)

(1%)

12%

44%

(8%)

(15%)

(6%)

3,722

1,829

1,894

1,932

470

263

797

1,135

448

686

173

513

19%

18%

20%

(52%)

18%

11%

27%

17%

19%

47%

(6%)

FY25

16,019

7,898

8,121

8,176

1,903

1,235

273

3,411

4,765

1,618

3,147

802

2,345

Standalone Balance Sheet

Particulars (Rs. in crores)

As on Jun 30, 2025

As on Jun 30, 2024

As on Mar 31, 2025

ASSETS

Financial Asset

a) Cash and cash equivalents

b) Bank balance other than (a) above

c) Derivative financial instruments

d) Trade Receivables

e) Loans

f) Investments

g) Other Financial Assets

Financial Asset

Non-Financial Asset

a) Current tax assets (Net)

b) Deferred tax assets (Net)

c) Property, plant and equipment

d) Intangible assets

e) Other non-financial assets

Non-Financial Assets

Total Assets

Figures re-grouped and rounded where found relevant

1,198

5,262

1,18,308

8,596

312

1,33,743

447

633

890

253

668

2,890

1,36,633

1,298

2,689

1,02,811

8,417

257

1,15,487

612

680

828

125

575

2,819

1,18,306

1,667

3,869

1,16,214

10,400

248

1,32,482

602

641

877

238

709

3,066

1,35,548

Standalone Balance Sheet (Contd.)

Particulars (Rs. in crores)

LIABILITIES AND EQUITY Financial Liabilities a) Derivative financial instruments b) Payables

i) Trade payables ii) Other payables

c) Debt Securities d) Borrowings (Other than Debt Securities) e) Deposits f) Subordinated Liabilities g) Other financial liabilities Financial Liabilities Non-Financial liabilities a) Current tax liabilities (Net) b) Provisions c) Other non-financial liabilities Non-Financial Liabilities Equity a) Equity Share capital b) Other Equity Equity Total Equities and Liabilities

Figures re-grouped and rounded where found relevant

As on Jun 30, 2025

As on Jun 30, 2024

As on Mar 31, 2025

366

778 26 22,719 69,552 13,184 5,415 834 1,12,873

103 219 93 415

278 23,068 23,346 1,36,633

368

1,088 21 27,821 56,048 8,954 4,151 729 99,179

112 244 86 442

247 18,438 18,685 1,18,306

390

1,209 20 26,205 69,735 11,404 5,530 791 1,15,283

70 217 166 453

247 19,565 19,812 1,35,548

Summary & Key Ratios

Particulars

RONW (Avg. Net Worth) - annualised

Debt / Equity

Capital Adequacy

Tier I

Tier II

EPS (Basic) (Rs.)

Book Value (Rs.)

Dividend %

No. of employees

Quarter ended Jun-25

Quarter ended Jun-24

Year ended FY25

on standalone basis

9.8%

4.75:1

20.6%

17.9%

2.7%

4.07

168.0

11.1%

5.19:1

18.5%

16.4%

2.1%

4.03

151.2

12.4%

5.70:1

18.3%

15.2%

3.1%

18.43

160.4

325%

23,589

26,717

25,261

Figures restated where found relevant

Stage 3 - Analysis

on standalone basis

Particulars (Rs. in crores) except figures in %

Jun 30, 2025

Jun 30, 2024

Mar 31, 2025

Mar 31, 2024

Business Assets (including Provisions)

1,22,008

1,06,339

1,19,673

1,02,597

Gross Stage 3

Less: Stage 3 ECL Provisions

Net Stage 3

Gross Stage 3 as % of Business Assets

Net Stage 3 as % of Business Assets

Coverage Ratio (%) – based on Stage 3 ECL

Stage 1 & 2 provision to Business Assets (%)

Coverage Ratio (%) – including Stage 1 & 2 provision

4,697

2,416

2,281

3.85%

1.91%

51.4%

1.1%

78.8%

3,790

2,267

1,524

3.56%

1.46%

59.8%

1.2%

93.1%

4,414

2,258

2,156

3.69%

1.84%

51.2%

1.0%

78.4%

3,491

2,205

1,286

3.40%

1.28%

63.2%

1.2%

97.4%

Figures restated, re-grouped and rounded where found relevant

Credit Charge

on standalone basis

Particulars (Rs. in crores)

Q1FY26

Q1FY25

Q4FY25

FY25

FY24

Stage-1 Provisions

Stage-2 Provisions

Stage-3 Provisions

Provisions – P&L Charge

Write-Offs

Total

157

243

417

660

(25)

127

322

448

(56)

(9)

(40)

498

457

(7)

(5)*

108

1,559

1,715

1,618

1,823

* Stage 3 Provisions include one time impact of Rs. 136 crores pertaining to the fraud at its branch in Mizoram

Figures re-grouped and rounded where found relevant

Stage Wise Provisioning

Stage-Wise Assets and Provisioning

on standalone basis

As on 30th Jun 2025

As on 30th Jun 2024

As on 31st Mar 2025

Rs. in crores

Business Assets (Amount and %)

Provisions & Coverage

Business Assets (Amount and %)

Provisions & Coverage

Business Assets (Amount and %)

Provisions & Coverage

Stage - 1 Assets

1,10,172

90.3%

632

0.6%

96,062

90.3%

Stage - 2 Assets

7,139

5.9%

651

9.1%

6,487

6.1%

582

680

0.6% 1,08,747

90.9%

598

0.6%

10.5%

6,512

5.4%

602

9.3%

Stage - 3 Assets

4,697

3.8%

2,416

51.4%

3,790

3.6%

2,266

59.8%

4,414

3.7%

2,258

51.2%

Total

1,22,008

3,699

3.0%

1,06,339

3,528

3.3%

1,19,673

3,459

2.9%

Comparison of IRACP and IND-AS Provisioning requirement

Rs. in crores

Stage 1 and Stage 2

Stage 3

Total

IRACP (A)*

IND-AS (B)

Difference (B-A)

460

1,620

2,080

1,284

2,416

3,699

824

796

1,620

*GNPA as per IRACP norm is Rs 6,414 cr v/s stage 3 assets as per IND-AS norm of Rs 4,697 cr Figures re-grouped and rounded where found relevant

Broad Based Liability Mix

on standalone basis

Funding Mix by Investor Category

Funding Mix by type of Instrument

Investor Type

Banks / Financial Institutions

Jun’25

Mar’ 25

Jun’24

Amount % Share % Share % Share

Instrument Type

Jun’25

Mar’ 25

Jun’24

Amount % Share % Share % Share

69,752

63.9%

63.4%

61.5%

NCDs

23,367

21.4%

22.6%

25.2%

Mutual Funds

3,848

3.5%

3.9%

5.0%

Retail NCDs

3,230

3.0%

2.9%

3.4%

Bank / FI Loans

52,045

47.7%

47.6%

47.9%

Insurance & Pension Funds

15,079

13.8%

14.5%

16.5%

Offshore Borrowings

6,795

6.2%

6.3%

4.0%

FIIs & Corporates

12,461

11.4%

10.5%

8.7%

Fixed Deposits

12,609

11.5%

9.8%

8.9%

CP, ICD, TREPS

600

0.5%

2.9%

4.6%

Others

Total

8,043

7.4%

7.7%

8.3%

Securitisation/ Assignment

10,539

9.7%

7.9%

6.1%

1,09,184

100.0%

Total

1,09,184

100.0%

44% of the overall borrowing is at floating rate as of Jun’25 ^ Based on holding as at respective period ends

Computed based on FV/ Principal value

All figures in INR crores

ALM Position and Liability Maturity

All figures in Rs. crores

1,60,000

1,40,000

1,20,000

1,00,000

80,000

60,000

40,000

20,000

Cumulative Inflow

Cumulative Outflow

Cumulative Mismatch%

1,15,335

98,491

1,33,728

1,10,302

19,914

24,368

4,043

6,250

27,912

11,820

39,978

20,260

60,275

43,141

Upto 1 Month

Upto 2 Month

Upto 3 Month

Upto 6 Month

Upto 1 Year

Upto 3 Year

Upto 5 Year

Liability Maturity^

Jul-25

Aug-25

Sep-25

Q2 FY26

Oct-25

Nov-25

Dec-25

Q3 FY26

440% 400% 360% 320% 280% 240% 200% 160% 120% 80% 40% 0%

Next 6 months

Bank Loans

1,040

1,149

3,443

5,632

1,479

1,004

2,875

5,358

10,735

Market Instruments (NCD/ CP etc.)

Others (FD/ ICD)

300

281

290

1,110

390

1,460

961

350

275

407

326

276

813

3,543

878

1,908

Total

1,621

1,489

4,943

8,053

2,104

1,737

3,208

7,049

16,185

Based on provisional ALM as on Jun 30, 2025

^ excl. Securitisation and as on Jun 30, 2025

In addition to undrawn sanctioned lines, the Company held Cash/ Liquid investments of over INR 10,100 crores

Providing Financial Solutions to Emerging India

Executive Summary

Financial Information - Consolidated

Subsidiary Financials

Company Overview

ESG & CSR

Key Financials

Disbursements

13,380

13,623

Total Income

15%

on consolidated basis

PAT

4,355

5,013

497

529

Q1FY25

Q1FY26

Q1FY25

Q1FY26

Q1FY25

Q1FY26

Figs. In Rs. Cr

Growth %

Consolidated Profit & Loss Account

Particulars (Rs. in crores)

Revenue from operations (A)

Less: Finance cost (B)

NII (C= A-B)

Other Income (D)

Total Income (E=C+D)

Employee benefits expense (F)

Other expenses (G)

Depreciation and amortization (H)

Total Expenses (I=F+G+H)

Pre-Provisioning Operating Profit (J=E-I)

Provisions and write-offs (K)

Profit before Exceptional items (L=J-K)

Exceptional Items (M)

Share of Profit of Associates (N)

Profit before taxes (O= L+M+N)

Tax expense (P)

Net Profit after Taxes (Q=O-P)

Figures re-grouped and rounded where found relevant

Q1 FY26

Q4 FY25

Q-o-Q

Q1 FY25

Y-o-Y

4,991

2,280

2,711

2,733

634

635

1,355

1,379

695

683

704

175

529

4,886

2,218

2,668

2,679

608

696

1,389

1,290

697

594

609

153

456

104%

(9%)

(2%)

(0%)

15%

27%

15%

14%

16%

4,316

1,960

2,355

2,395

592

530

1,198

1,197

555

642

661

164

497

16%

15%

(42%)

14%

20%

13%

15%

25%

FY25

18,463

8,415

10,048

10,115

2,355

2,392

321

5,068

5,047

2,085

2,962

3,027

766

2,261

Consolidated Balance Sheet

Particulars (Rs. in crores)

ASSETS

Financial Asset

a) Cash and cash equivalents

b) Bank balance other than (a) above

c) Derivative financial instruments

d) Trade Receivables

e) Loans

f) Investments

g) Other Financial Assets

Financial Asset

Non-Financial Asset

a) Current tax assets (Net)

b) Deferred tax Assets (Net)

c) Property, plant and equipment (includes CWIP)

d) Intangible assets (includes under development)

e) Other non-financial assets

Non-Financial Assets

Total Assets

As on Jun 30, 2025

As on Jun 30, 2024

As on Mar 31, 2025

1,237

5,422

214

1,25,743

8,806

328

1,41,779

603

819

1,035

260

738

3,455

1,45,234

1,564

2,834

166

1,09,956

8,298

283

1,23,102

721

808

998

135

641

3,303

1,26,405

1,830

4,017

247

1,23,514

10,590

263

1,40,491

736

829

1,028

245

776

3,614

1,44,105

Figures re-grouped and rounded where found relevant

Consolidated Balance Sheet (Contd.)

Particulars (Rs. in crores)

LIABILITIES AND EQUITY Financial Liabilities a) Derivative financial instruments b) Payables

i) Trade payables ii) Other payables

c) Debt Securities d) Borrowings (Other than Debt Securities) e) Deposits f) Subordinated Liabilities g) Other financial liabilities Financial Liabilities

Non-Financial liabilities

a) Current tax liabilities (Net) b) Provisions c) Other non-financial liabilities Non-Financial Liabilities Equity a) Equity Share capital b) Other Equity c) Non-controlling interests Equity (incl. attributable to minority investors) Total Equities and Liabilities

Figures re-grouped and rounded where found relevant

As on Jun 30, 2025

As on Jun 30, 2024

As on Mar 31, 2025

366

1,017 26 26,193 71,971 13,043 5,960 1,060 1,19,636

116 249 129 494

278 24,783 44 25,105 1,45,234

368

1,298 21 30,827 58,401 8,946 4,618 916 1,05,395

121 284 119 524

247 20,199 41 20,486 1,26,405

392

1,441 21 29,862 71,754 11,374 6,104 1,042 1,21,989

82 257 205 544

247 21,282 44 21,573 1,44,105

Providing Financial Solutions to Emerging India

Executive Summary

Financial Information

Subsidiary Financials

Company Overview

ESG & CSR

Mahindra Rural Housing Finance Limited

Particulars (Rs. in crores)

Q1FY26

Q1FY25

FY25

FY24

Loans disbursed

Loans & Advances (net)

Total income

PBT

PAT

Net-worth

Gross Stage 3 %

Net Stage 3 %

No. of Employees

494

6,961

289

1,262

8.26%

1.47%

5,065

488

6,912

303

(75)

(57)

1,432

8.84%

5.87%

7,265

2,022

6,894

1,197

(305)

(228)

1,260

8.65%

1.41%

5,442

2,071

6,933

1,294

1,488

9.03%

6.29%

8,435

▪ Business Area:

Provide loans for home construction, extension, purchase and improvement to customers in rural and semi-urban India

▪ Shareholding pattern:

MMFSL – 98.43%; MRHFL Employee Welfare Trust and Employees – 1.57%

▪ Reach:

Currently spread in 16 States & 3 Union Territory

Figures re-grouped and rounded where found relevant

Mahindra Insurance Brokers Limited

Particulars (Rs. in crores)

Q1FY26

Q1FY25

FY25

FY24

Gross Premium

Total income

PBT

PAT

No. of employees (nos.)

1,154

319

563

1,127

287

685

4,739

4,556

1,240

1,095

124

589

168

124

725

▪ Business Area:

Licensed by IRDAI for undertaking insurance broking in Life, Non-Life and reinsurance businesses

▪ Shareholding pattern:

MMFSL – 100%*

* MIBL became wholly owned subsidiary of the company w.e.f 22nd September 2023.

Mahindra Ideal Finance Limited

Particulars (in LKR Mn)

Loans disbursed

Loans & Advances (net)

Total income

PBT*

PAT / (loss after tax)

Net-worth

Gross Stage 3 % (including Gold loans)

Net Stage 3 % (including Gold loans)

Q1FY26

Q1FY25

FY25

FY24

11,228

17,360

854

209

3,173

1.8%

1.2%

5,465

9,322

591

(1)

2,931

4.3%

3.2%

29,473

14,803

2,741

433

146

3,083

1.9%

1.2%

13,941

8,543

2,309

334

103

2,932

5.3%

4.2%

▪ Business Area:

Provide Gold loans and lease/ loan against vehicles in Sri-Lankan market

▪ Shareholding pattern:

MMFSL holds 58.2% stake.

▪ Reach:

36 branches across Sri Lanka

* before VAT and Income Tax

Figures re-grouped and rounded where found relevant

Providing Financial Solutions to Emerging India

Executive Summary

Financial Information

Subsidiary Financials

Company Overview

ESG & CSR

Company Background

Parentage

Mahindra & Mahindra Financial Services Limited (“MMFSL”) is a subsidiary of Mahindra and Mahindra Limited (M.Cap: Rs 3.97 trillion)*

About MMFSL

MMFSL (M.Cap: Rs 365 billion)*, one of India’s leading non-banking finance companies focused in the rural and semi-urban sector

Key Business Area

Primarily operates in the business of financing purchase of new and pre-owned auto and utility vehicles, tractors, cars, CV/ CE and SME Financing

Vision

MMFSL’s vision is to be a Leading and responsible financial solutions partner of choice for Emerging India

Reach

Has 1,352 offices covering 27 states and 7 union territories in India, with over 11 million customer contracts since inception

Credit Ratings

All rating agencies – CRISIL, India Ratings, CARE and Brickwork has assigned AAA/Stable rating to the Company’s long term and subordinated debt

*Source: Market capitalisation as of July 21, 2025, from BSE website

Vision

“Leading and Responsible Financial Solutions Partner of Choice for Emerging India”

Our DNA

Our Mantra

1,350+ Branches

10+ OEMs

120K Cr AUM

6,000+ Dealers

11M+ Customers

Bharat ke PAAS

Bharat ke SAATH

Accessible

Right Offering

Timely

Trust

e l a c S 

r e m o t s u C 

 Customer Offerings

Wheels

MSME

LAP/HL

Insurance

Mutual Fund

MMFSL Group Structure

Mahindra & Mahindra Limited

52.49%

Mahindra & Mahindra Financial Services Limited

100%(1)

98.43%(2)

49%

51%(3)

58.2%(4)

Mahindra Insurance Brokers Limited (“MIBL”)

Mahindra Rural Housing Finance Limited (“MRHFL”)

Mahindra Finance USA LLC (Joint venture with Rabobank group subsidiary)

Mahindra Manulife Investment Management Pvt. Ltd (“MMIMPL”)

Mahindra Manulife Trustee Pvt. Ltd (“MMTPL”)

Mahindra Ideal Finance Ltd (“MIFL”), Sri Lanka

Note:

1. MIBL became wholly owned subsidiary of the company w.e.f 22nd September 2023. 2. Balance 1.57% held by MRHFL Employee Welfare Trust and employees 3. Manulife Investment Management (Singapore) Pte. Ltd. holds 49% of the shareholding of MMIMPL and MMTPL. 4. MIFL w.e.f. 8th July 2021 is a subsidiary of the Company 5. Mahindra Finance CSR Foundation is a wholly-owned subsidiary of MMFSL w.e.f 2nd April 2019, involved in engaging and promoting CSR projects and CSR activities of the

Company and its group Companies

Our Journey

Equity participation of 12.5%by NHB in MRHFL

Recommenced Fixed Deposit Program

Stake sale in MIBL to Inclusion Resources Pvt. Ltd.

QIP Issue of Rs. 867 crores

Certificate of Registration received from SEBI by Mahindra Mutual Fund

Sale of 5% of MIBL at a valuation of Rs. 1,300 crores.

QIP Issuance : Rs. 1,056 crores; Preferential Issue to M&M : Rs. 1,055 crores

Completed IPO, Subscribed ~ 27 times

Rights Issue of Rs. 3,089 crores

Rights Issue of Rs. 2,996 crores

AUM crosses 1 Lakh Crore

FY 06

FY 08

FY 09

FY 11

FY 13

FY 15

FY 16

FY 17

FY 18

FY 20

FY 21

FY 23

FY 24

FY 25

FY 26

Commenced Housing Finance business through MRHFL

Raised Rs. 414 crores through Private Equity

QIP Issue of Rs. 426 crores

JV with Rabobank subsidiary for tractor financing in USA

Maiden Retail NCD Issue of Rs. 1000 crores Oversubscribed over 7x of base issue size of Rs. 250 crores

Long term debt rating upgraded to AAA by India Ratings and Brickwork. CARE Ratings assigned AAA rating to long term debt

Partnered with Manulife for Mutual Fund business

Invested in Ideal Finance for providing financial services in Sri Lanka

Long term debt rating upgraded to AAA by CRISIL

Crossed 9 million cumulative customer contracts

Received Corporate C Agency License from IRDAI

Shareholding Pattern (as on June 30, 2025)

Shareholding Pattern

Top 10 Public Shareholders

5.79%

32.33%

52.49%

9.34%

0.05%

Promoter

FII

Non-Institutions

Esop Trust

Mutual Funds and DIIs

▪

Life Insurance Corporation of India

HDFC Mutual Fund

SBI Mutual Fund

HDFC Life Insurance Company Limited

Sundaram Mutual Fund

Ashish Dhawan

Bandhan Mutual Fund

Nippon Life India Mutual Fund

SBI Life Insurance Co. LTD

Government Pension Fund Global

Mahindra & Mahindra Limited holds a stake of 52.49% in the Company

Extensive Branch Network

Extensive branch network with presence in 27 states and 7 union territories in India through 1,352 offices

Coverage (Circle HQ)

Branches have authority to approve loans within prescribed guidelines

▪

1,322

1,386

1,365

1,352

110

160

Branch Network as of

1,182

893

547

436

256

Mar'06 Mar'08 Mar'11 Mar'14 Mar'17 Mar'20 Mar'23 Mar'25 June'25

Delhi

Jaipur

Lucknow

Thane

Kolkata

Chennai

Hyderabad

137

106

13%

14%

17%

12%

18%

14%

Diversified Product Portfolio

Vehicle Financing Loans for auto and utility vehicles, tractors, cars, commercial vehicles and construction equipments

Pre-Owned Vehicles Loans for pre-owned cars, multi-utility vehicles, tractors and commercial vehicles

SME Financing Loans for varied purposes like project finance, equipment finance and working capital finance

Personal Loans Offers personal loans typically for weddings, children’s education, medical treatment and working capital

Mutual Fund Distribution Advises clients on investing money through AMFI certified professionals

Insurance Distribution Insurance solutions to our retail customers through Corporate Agency License

Housing Finance Loans for buying, renovating, extending and improving homes in rural and semi-urban India through our subsidiary MRHFL

Mutual Fund & AMC Asset Management Company/ Investment Manager to ‘Mahindra Manulife Mutual Fund’,

Insurance Broking Insurance solutions to retail customers as well as corporations through our subsidiary MIBL

Credit Rating

India Ratings

Outlook

Long term Issuer Rating; Bank Facility; Non-Convertible Debenture (incl. MLD) and Subordinated debt; Fixed Deposit

IND AAA IND PP-MLD AAA

Short term Bank Facility & Commercial Paper

Long term Bank Facility; Non-Convertible Debenture and Subordinated debt; Fixed Deposit

Short term Bank Facility & Commercial Paper

IND A1+

CRISIL

CRISIL AAA

CRISIL A1+

CARE Ratings

Long term Non-Convertible Debenture and Subordinated debt

CARE AAA

Long term Subordinated debt

Brickwork

BWR AAA

Stable

Outlook

Stable

Outlook

Stable

Outlook

Stable

Our strong credit rating and brand equity enables us to borrow funds at competitive rates

Providing Financial Solutions to Emerging India

Executive Summary

Financial Information

Subsidiary Financials

Company Overview

ESG & CSR

“Dhan Samvaad” - CSR Flagship Program

>2,07,000

76%

66%

37%

Individuals Trained

Adoption of Digi Locker Application

Linkages with Social Securities schemes

Women participants

o Launched Dhan Samvaad for “Financial & Digital Literacy”, to impact 1 Mn individuals by 2030

o To train underprivileged communities on financial planning, importance of saving, investment, insurance, online banking, safeguard from digital

frauds, borrow responsibly and enroll them for DigiLocker app & various social welfare schemes.

CSR Impact

550

>48,000

~2900

>14,600

Women trained in driving E-Rickshaw to enhance livelihood opportunities

Women Skilled through Mahindra Pride program on domains such as Agriculture, Tally, Coding etc.

Underprivileged students assisted with educational scholarship through Saksham

Girls assisted for elementary education - Nanhi Kali Program

Potential created for ~3 Crs litres of water through 11 Rain-Water Harvesting Structures, 3 check dams repaired and 1 lake distilled. 2,800+ beneficiaries impacted

77,000 trees planted on 570 farmers land in 30 villages to improve agricultural productivity through agroforestry practices

49 49

Providing Financial Solutions to Emerging India

Thank You

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