M&MNSE20 November 2025

Mahindra & Mahindra Limited has informed the Exchange about Investor Presentation

Mahindra & Mahindra Limited

Mahindra & Mahindra Ltd. Mahindra Towers, Dr. G. M. Bhosale Marg, Worli, Mumbai 400 018 India

Tel: +91 22 2490 1441 Fax: +91 22 2490 0833 www.mahindra.com

20th November 2025

National Stock Exchange of India Limited "Exchange Plaza", 5th Floor, Plot No.C/1, G Block Bandra-Kurla Complex Bandra (East), Mumbai 400051.

BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai 400001.

The Luxembourg Stock Exchange 35A Boulevard Joseph II, L-1840 Luxembourg.

London Stock Exchange Plc 10 Paternoster Square London EC4M 7LS.

Sub: SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 Additional Presentation to be made at the Analyst/Institutional Investor Meeting

This is further to our letter dated 11th August, 2025 wherein we had given you an advance intimation of the Schedule of Analyst or Institutional Investor Meeting(s) with the Company in terms of Regulation 30(6) read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In this regard, a Presentation, which is enclosed, would also be made during the aforesaid Mahindra Group Investor Day scheduled to be held today in Mumbai.

The same is also being uploaded on the Company’s website at https://www.mahindra.com

Please note that no unpublished price sensitive information is proposed to be shared by the Company during the aforesaid event.

Kindly take the same on record.

Yours sincerely, For MAHINDRA & MAHINDRA LIMITED

SAILESH KUMAR DAGA COMPANY SECRETARY

Encl.: as above

“Certain statements in this meeting with regard to our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.”

Bold By Design….

…Accelerating Growth

Agenda

OUR JOURNEY

STRATEGIC IMPERATIVES

GROWTH VECTORS

Our Journey

PURPOSE LED

PERFORMANCE DRIVEN PERFORMANCE DRIVEN

FUTURE READY

RISE

Philosophy

Drive positive change in the lives of our communities.

Only when we enable others to rise will we rise.

#Together we rise

PURPOSE :

Education & Employment

S U P P O R T E D

1,79,175

Girls in FY25

S U P P O R T E D

2,44,485

Women in FY25

PURPOSE : Journey Commenced in 2008

Planet Positive

GREENING

DECARBONISING

REJUVENATING

100% EP (Energy) | 100% WP (Water)

11% Green Revenue

Biodiversity | >25M Trees

RECOGNITION

PURPOSE :

Governance

VALUES

GOLDEN PEACOCK GLOBAL AWARD

▪Controllership dashboards to monitor risks

▪Improved technology: mCompliance 2.0,

proactively

ACTIONS RPT monitoring, consolidation, intercompany reconciliations

Recognized in Leadership Category for 4 consecutive years

for Excellence In Corporate Governance for 5 consecutive years

National Award for Excellence in Corporate Governance for 3 yrs in a row

PERFORMANCE :

Our Journey

FY21

FY22 – FY24

PIVOT TO GROWTH

Entities with clear path to 18% RoE

Quantifiable Strategic Impact

Unclear Path to Profitability…Exit

Market Leadership | Auto, Farm

FY25 – FY30

DELIVER SCALE

Audacity

Operating Excellence

Achieve Full Potential | Finance, TechM

Courage to say No

Growth Gems | 5x in 5-7 years

Industry & Tech Leadership

PERFORMANCE :

EPS

EPS (INR/share)

48.7

FY19

14%

ROE

1.0

FY20

16.2

FY21

58.8

FY22

15%

CAGR 63%

11.22 80.7

80.7

FY23

20%2

115.7

100.7

FY24

18%

FY25

18%

1 Considering continuing and discontinued operations; 2 Driven by gains from SEL and Susten, offset by Trucks and Buses impairment Note: Data relates to Mahindra & Mahindra Limited

PERFORMANCE : Post Capex and Investments FY21

PAT & Net Cash G - 25

enerated

PAT 1

36% Services

25% Auto

39% Farm

CASH GENERATED

39% Services

29% Auto

32% Farm

1. PAT numbers excl. the transaction amount from the Ssangyong sale

PERFORMANCE :

Impact Of Growth Gems

Market Cap (INR K Cr)

Mar’20

M&M Share

1. F26 includes Market Cap for SML

Mar’22

Mar’24

561

Nov’25

~48

PERFORMANCE :

Shareholder Returns

Indexed Share Price1,2

Apr’20 – Nov’25

14x M&M 59%

Nifty 50 23%

Apr-20

Apr-21

Apr-22

Apr-23

Apr-24

Apr-25

Nov-253

Capital Allocation

Pivot to Growth

Deliver Scale

Share Price & Indices as of Apr‘20 (start of FY21) indexed to 100 ; 2. For each month, the share price is taken as of the 1st trading day ; 3. For November 2025, the price is considered as of November 19, 2025 | Source – CapIQ, NSE Website

FUTURE READY :

Talent

VALUES LED

CARING

PERFORMANCE DRIVEN

FUTURE READY :

Talent

LEADERSHIP DEVELOPMENT

TOP TALENT FROM LEADING COMPANIES

DIVERSITY, EQUITY AND INCLUSION

105 Future shapers over last 4 yrs

22 Women in top 100 leaders

131 Mahindra Accelerated Leadership Track

54% Leaders hired at Corporate in 5 yrs are women

87 Mahindra Leadership Program

5-year Maternity Policy

17 New CEOs (94% Internal)

Day 0 Employer In Top 6 MBA Campuses

Building An Inclusive Culture

FUTURE READY : Customer and Employee experience AI

Technology

Efficiency.ai

• Contact center • Loan verification

• 15% more emails handled by agents • 500+ free up of resources

Experience.ai

• Vehicle GPT • Hyper personalized campaigns

• 6000+ customer queries answered • 15% reduction in cost

Enterprise.ai

• mGENAI for M&M employees •

IT Co-pilot

• 11K+ interactions on platform • 50% improvement in code quality

FUTURE READY : Manufacturing AI

Technology

Agility.ai

AI-Enabled Digital Twin for Dynamic Debottlenecking

10% increase in productivity

Quality.ai

AI-based weld spot integrity prediction

Enhances vehicle safety

Uptime.ai

Energy.ai

Gen-AI based maintenance assistant for shopfloor executives

15-20% reduction in MTTR1

IIOT & AI to optimize energy efficiency across plants

~30% energy efficiency improvement

Connected.ai

End to end machine connectivity across manufacturing value chain

Improved machine availability from 82% to 99%

1. MTTR – Mean Time to Repair

FUTURE READY :

Our Culture

Agenda

OUR JOURNEY

STRATEGIC IMPERATIVES

GROWTH VECTORS

World Around Us

INDIA OPPORTUNITY

GEOPOLITICS

CLIMATE CHANGE

SUPPLY CHAIN

TECH

Anchored to India, Ready for the World

We Play in 70% of Indian GDP Growth

SECTORS

Consumer, lifestyle and e-commerce

Agriculture solutions

Manufacturing and capital goods

Financial services

Logistics and mobility

Green energy

Technology solutions

Health and wellness

Infrastructure Development (Construction, Utilities, etc.)

Others (Information & communication, Education, etc.)

SECTOR CONTRIBUTION TO GDP GROWTH ($ BN)

903

669

529

1020

912

243

350

810

879

1,644

221

180

401

178

133

311

117

197

327

246

573

471

330 727

767

489

1,217

2024

2030 (Incremental)

Mahindra Presence

Power of a Federation

Governance

Talent

Empowerment

Technology

Scale & Access

Trust

Enables Market-leading Returns

Our Businesses

AUTO

FARM

SERVICES

Our Businesses

AUTO & FARM

FINANCE & TECH M

GROWTH GEMS

Market Leadership In India

AUTO & FARM

FINANCE & TECH M

GROWTH GEMS

#1 EV SUVs

#1 SUVs

#1 LCVs

#1 Tractors (Globally by Volume)

Top 3 Farm Machinery

#1 NBFC

Rural & Semi-urban

Top 5 IT Services

#1 Electric 3W

#1 Vacation Ownership

#1 Auto Recycling

#1 Used Car Services

#1 3PL Provider

Net Zero Residential Project

(Industry First)

Accelerating Momentum What We Delivered since July’24

AUTO & FARM

FINANCE & TECH M

GROWTH GEMS

30,000 EVs on Indian roads

Market share up 390 bps for ICE SUVs

OJA launched capturing 8.5% share of the US market

Farm machinery revenue up 30%

Achieved <4% GNPA consistently for last 1 year

EBIT margin accretion of 600 bps since July’24

$1.1 Bn backlog for Aero

EV 3Wh growth of ~48%

Added 968 keys and 6 new managed resorts

GDV addition of 27.6K Crs

First positive gross margin Qtr for Express business

Completed SML acquisition

Announced new Life Insurance JV with Manulife

30% topline growth

1.3 GWp wins at Susten

Drivers of Growth

ORGANIC GROWTH

LEADERSHIP IN CURRENT FOOTPRINT

NEW AREA

Our Organic Trajectory

Organic growth of ~25% during F22-F251

F26E – F30E with 15- 40% organic growth across businesses

1 Includes Auto Consolidated (including CLPL), Farm Consolidated (including Farm Machinery), and Growth Gems: Hospitality, Real Estate, Logistics, Susten, Accelo, Aero & Defence, LMM and Car & Bike

Strategic Imperatives Audacity and Operating Excellence to

Deliver Scale

CAPITALIZE ON MARKET LEADERSHIP

ACHIEVE FULL POTENTIAL

SCALABLE GROWTH GEMS

EMERGING GROWTH GEMS

• Product Leadership

• Service “Fortress”

• International Growth

Lagging → Above Average

Ambitious Yet Realistic

$2+ bn each by 2030

Establish Right to Win

One New Opportunity

Strong Right to Win

Meaningful Potential

Market-leading Returns

Ability to Execute

Agenda

OUR JOURNEY

STRATEGIC IMPERATIVES

GROWTH VECTORS

Automotive Business

: SUVs

ASPIRATION

To be world’s fastest growing SUV brand

GROWTH VECTORS

Authentic ‘Adventure Ready’ Products

4G, Monocoque NU_IQ, INGLO Democratising Tech (MAIA, Adrenox)

Build on Brand DNA

Go Global

Spirit of Exploration Head-turning Design Unmissable Presence

NU_IQ, INGLO, Global Pik Up RHD (UK, ANZ, SA), LHD (EU)

* Auto Consolidated Revenue Growth from FY20 to FY30

8X Growth in Revenue in this decade*

Automotive Business

: LCVs

ASPIRATION

To be the #1 Trusted Brand for LCVs1 across segments & applications

GROWTH VECTORS

Best-in-class TCO

LCV for every application

Higher earnings capability2 Better resale value

Full market coverage3 in <3.5T to enable category growth Next-gen multi-energy platforms

Customer Centricity

>80% rural penetration Lowest Downtime

* Auto Consolidated Revenue Growth from FY20 to FY30

1. Light commercial vehicles <3.5T 2. Higher earnings capability due to better fuel efficiency, high payload capacity, superior comfort & safety features 3. Full market coverage in terms of tonnage and size

8X Growth in Revenue in this decade*

Farm Equipment Business

ASPIRATION

Transform Lives Of Farmers Globally By Democratising Technology

GROWTH VECTORS

Domestic Tractors

Fortify

International

Building Momentum

Farm Machinery

Continue to scale

Technology

Next Growth Horizon

* Farm Consolidated Revenue Growth from FY20 to FY30

3X Growth in Revenue in this decade*

Mahindra Finance

ASPIRATION

Most Trusted Financial Services provider for Bharat

GROWTH VECTORS

Relevance

Reach

Reputation

5X Growth in AUM in this decade

Tech Mahindra

ASPIRATION

Turnaround to be completed by FY27

Long-term aspiration is to drive profitable and sustainable growth higher than peer average

GROWTH VECTORS

Growth Strategy

Operations Strategy

Organization Strategy

~1.3x Growth in Revenue during FY20 to FY27

Truck & Bus Business

ASPIRATION

Top 3 in India’s ILCV Trucks & Buses Focused play in HCVs

GROWTH VECTORS

New & Differentiated Products

New Opportunities Unlock

Synergy Benefits

Portfolio depth powered by wide range of aggregates, advanced telematics, industry- best FE, next-gen cabins and in-house Bus Body facility

Combined network → New Markets Platform and aggregate sharing → New Segments

Combining efforts of R&D, Sourcing & Production → Unlocking capital to invest

6X Growth in Revenue in this decade

Mahindra Holidays

ASPIRATION

India’s #1 leisure hospitality player

GROWTH VECTORS

Scaling the core

Building the new

Enhancing member experience

Creating a luxury leisure hospitality brand

3X Keys, 3X Revenue & 4X PAT in this decade

Numbers are for India Business

Mahindra

Lifespaces

ASPIRATION

Top 5 across our priority markets

GROWTH VECTORS

Strong BD Engine

Superior Designs

Best-in-class Customer Experience

Preferred Industrial Master Developer

Robust Financial Discipline

>14X Growth in Sales in this decade

Mahindra Aerostructures

ASPIRATION

Amongst the Top 10 Global Suppliers with exceptional delivery, quality & operational excellence

Market Demand Outruns Aircraft Supply

8-year order books in backlog → Opportunity for suppliers to optimize and enhance capacity

GROWTH VECTORS

Operational Excellence & Robustness

OEMs’ emphasis on supply chain resilience: delivery, quality, & operational excellence

Long Industry Lifecycles

Extended contracts & deep engagements create growth opportunities

12X Growth in Revenue in this decade

Mahindra Last Mile Mobility

ASPIRATION

To electrify India’s last mile and be the #1 e-CV company with a million EVs on road by 2031

GROWTH VECTORS

Electrification

Product Category Expansion

Scale Exports

50% Electrification by FY30

2X Industry Growth (E - 3W + 4W) FY23 to FY30

Expand to 10+ markets

6X Revenue Growth in this decade

Renewable Energy Business

ASPIRATION

Be a leading developer and manager of high quality RE assets

GROWTH VECTORS

High quality solar / hybrid

Connectivity and land

Efficient structure

5.1GWp (exec. + new wins)

7GWp (++ BESS, peak/RTC)

Capital light

5X Growth in Portfolio this decade

What The Future Of Mahindra Will Be

SUVs : To be world’s fastest growing SUV brand LCVs : #1 Trusted Brand for LCVs

Transform Lives Of Farmers Globally By Democratising Technology

Most Trusted Financial Services provider for Bharat

India’s #1 leisure hospitality player

Top 5 across our priority markets

14X

To be in top 10 Global Suppliers with exceptional delivery, quality & operational excellence

12X

To drive profitable and sustainable growth higher than peer average

~1.3X*

To electrify India’s last mile and be the #1 e-CV company with a million EVs on road by 2031

Top 3 in India’s ILCV Trucks & Buses Focused play in HCVs

Be a leading developer and manager of high quality RE assets

*FY20 to FY27

… Accelerating Growth

AUTOMOTIVE BUSINESS

Consolidated Auto Sector Strong Market Performance

QUARTERS #1 SUV Revenue Market Share1

QUARTERS #2 PV Revenue Market Share2

QUARTERS >50% LCV (<3.5T) Volume Market Share3

1. Since Q3 FY24 2. Since Q3 FY24 3. Since Q1 FY25

Source: JATO Dynamics, SIAM

Robust Growth with Industry Leading Margins

Auto Standalone Volume

Auto Conso. Revenue

Auto Conso. PBIT

928k units

90,825 Cr

3.2X

7,797 Cr

FY20

FY25

FY20

FY25

FY20

FY25

Volume is for Auto standalone including MLMML

Automotive Business

: LCVs

ASPIRATION

To be the #1 Trusted Brand for LCVs1 across segments & applications

GROWTH VECTORS

Best-in-class TCO

LCV for every application

Higher earnings capability2 Better resale value

Full market coverage3 in <3.5T to enable category growth Next-gen multi-energy platforms

Customer Centricity

>80% rural penetration Lowest Downtime

* Auto Consolidated Revenue Growth from FY20 to FY30

8X Growth in Revenue in this decade*

Automotive Business

: SUVs

ASPIRATION

To be world’s fastest growing SUV brand

GROWTH VECTORS

Authentic ‘Adventure Ready’ Products

4G, Monocoque NU_IQ, INGLO Democratising Tech (MAIA, Adrenox)

Build on Brand DNA

Go Global

Spirit of Exploration Head-turning Design Unmissable Presence

NU_IQ, INGLO, Global Pik Up RHD (UK, ANZ, SA), LHD (EU)

* Auto Consolidated Revenue Growth from FY20 to FY30

8X Growth in Revenue in this decade*

LIGHT COMMERCIAL

VEHICLES

SPORTS UTILITY VEHICLES

LIGHT COMMERCIAL VEHICLES

LCV <3.5T Growing 1.7X faster than the industry

– All

- weather Superstar

45.7%

4.11

FY20

41.5%

3.66

FY21

Source: SIAM 1. Market share as of H1FY26 2. P = Projected

45.5%

5.25 FY23

40.3%

4.23

FY22

51.7%

4.95

FY25

49.0%

5.09

FY24

54.1%1

5.28 FY26P2

M&M Market Share

Industry Volume (lakhs)

Turning White Spaces into Growth Engines

50% M.S.

1 in Small Pikup

~60% M.S.

1 in CNG 2

- 3.5T

1. Market share as of YTD Oct’25

VEERO | Sept 2024

VEERO CNG | Jan 2025

MAXX HD 1.9T CNG | Jan 2025

Harnessing the Winds of Transformation

1.6X M&M Growth in LCV<3.5T (FY25 to FY30)

Post GST 2.0 replacement cycle

Preference shift towards comfort, safety & tech features

Growing share of organized trade

Accelerated infrastructure build-out

Source: FY25 SIAM, FY30 M&M Analysis

LCVs for

Every Journey!

Lifestyle

Global Pik Up Z121

Double Cabin

Usage

Dual

Camper Gold 2WD,4WD

Commercial

Industry Segment

Large (1.7-2T PL)

MaXX range

Compact Pikup 1.7T, 2T

Classic Pikup 2WD,4WD

Single Cabin

Medium (1.3-1.5T PL)

Veero range G2

Compact City 1.3T, 1.5T

Small (1T PL)

Intra-City

Supro range

Maxi

N/A

Inter-City

Haulage

Fuel Option (planned): • Diesel • CNG • Electric

PL: Payload

Global Pik Up

Global Pik Up Video

Automotive Business

: LCVs

ASPIRATION

To be the #1 Trusted Brand for LCVs1 across segments & applications

GROWTH VECTORS

Best-in-class TCO

LCV for every application

Higher earnings capability2 Better resale value

Full market coverage3 in <3.5T to enable category growth Next-gen multi-energy platforms

Customer Centricity

>80% rural penetration Lowest Downtime

* Auto Consolidated Revenue Growth from FY20 to FY30

8X Growth in Revenue in this decade*

SPORTS UTILITY VEHICLES

Unmissable P The most loved SUV brand portfolio

resence

in the SUV Space

17.6%

9.5 FY20

Source: SIAM 1. Market share as of H1FY26 2. P = Projected

13.6%

10.6 FY21

15.4%

14.9

FY22

19.2%

20.0

FY23

22.7%

28.0 FY25

20.4%

25.2

FY24

26.4%1

30.0

FY26P2

M&M Revenue Share

Industry SUV Volume (lakhs)

Head Turners to Headlines

Blockbuster Launches

Impactful Refreshes

Special Editions

THAR ROXX

XUV 3XO

BE 6 Batman Edition

15 car of the year awards including the ICOTY award

Fastest Mahindra vehicle 1 Lakh

to cross

volumes

999 vehicles gone in

135

seconds

Turning Tailwinds into Head Room for Growth

Indian PV Market FY25

Others 70%

Core SUV 30%

70% of market white space YET

TO BE TAPPED INTO

Core SUV = Total UV – Hatchback Crossovers - MPVs

The 5% Club

– Time to Open the Gates

Global SUV Market FY25

Mainstream SUV 95%

Premium SUV 5%

GLOBAL MAINSTREAM SUV MARKET

waiting to be disr upted

WORLD

- BEATING PRODUCTS

STARTING 2027

Teasers

Automotive Business:

SUVs

ASPIRATION

To be world’s fastest growing SUV brand

GROWTH VECTORS

Authentic ‘Adventure Ready’ Products

4G, Monocoque NU_IQ, INGLO Democratising Tech (MAIA, Adrenox)

Build on Brand DNA

Go Global

Spirit of Exploration Head-turning Design Unmissable Presence

NU_IQ, INGLO, Global Pik Up RHD (UK, ANZ, SA), LHD (EU)

* Auto Consolidated Revenue Growth from FY20 to FY30

8X Growth in Revenue in this decade*

FARM EQUIPMENT BUSINESS

We are the World’s

Largest

Farm Tractor Manufacturer

Series 1

Mahindra FY25 433,000 tractors

Robust Growth with Industry Leading Margins

Global Tractor Volume

Dom. Market Share

Farm Conso. Revenue

Farm Conso. PBIT

433k units

1.4X

43.3%

+2.2pp

35,375 Cr

1.7X

4,947 Cr

2.6X

FY20

FY25

FY20

FY25

FY20

FY25

FY20

FY25

Farm Equipment Business

ASPIRATION

Transform Lives Of Farmers Globally By Democratising Technology.

GROWTH VECTORS

Domestic Tractors

Fortify

International

Building Momentum

Farm Machinery

Continue to scale

Technology

Next Growth Horizon

* Farm Consolidated Revenue Growth from FY20 to FY30

3X Growth in Revenue in this decade*

Farm Equipment Business

GROWTH VECTORS

Domestic Tractors

Fortify

International

Building Momentum

Farm Machinery

Continue to scale

Technology

Next Growth Horizon

Domestic Tractors

International

Farm Machinery

Technology

Tractor Industry Outlook

Domestic Tractors

International

Farm Machinery

Technology

Industry to grow faster

Penetration Upside

Shift to Bigger Tractors

FY25-FY30 CAGR

24.0Mn

17.0Mn

11Mn

12.2Mn

Earlier

Current

FY30 earlier estimate

FY30 current estimate

Tractor Req. @ 4 HP/ha

Tractor Req. @ 6 HP/ha

>50HP

40-50HP

<40HP

2.3%

64.3%

33.4%

FY25

FY30

• Profitability of Cash & Horticulture crops

• Tractor Price Index

↑ by 5.6%

↓ by 7.1%

Tractor Population

• 40-50HP contribution : 49% (FY20) to 64% (FY25)

• GST reduction accelerates trend

Farm Equipment Business

To Gain in 40

- 50HP Segment

Domestic Tractors

International

Farm Machinery

Technology

#1 & #2 Brands

Widest & Leading Products

Strongest Brands

+1.4% MS in last 3 years*

Yuvo Tech +

Naya Swaraj

Swaraj Protek

NextGen Portfolio

Average Endorsement in 40-50HP segment

Swaraj Mahindra

36 40

e c n a t r o p m

I d e e N

Reliability

Tough and strong

Gets job done faster

Low cost of ownership

Comfort and convenience

Carry heavy load equipment

*FY22-FY25

Total Sample size 1,463 – owners and intenders

International

Domestic Tractors

International

Farm Machinery

Technology

Substantial Global Footprint

Domestic Tractors

International

Farm Machinery

Technology

Product Development

Manufacturing Facilities

On-Ground Presence

USA

BRAZIL

TURKEY

NEPAL

JAPAN

INDIA

SRI LANKA

BANGLADESH THAILAND

S. AFRICA

AUSTRALIA

Brazil:

8% MS <120HP; ~20% MS <50HP

Domestic Tractors

International

Farm Machinery

Technology

• Upcoming launches - OJA, NOVO and new High HP platform

• Established manufacturing plant with 40%+ localisation

• New manufacturing facility planned

• 87 dealers - Growing Sales & Service network

Brazil <120HP market ~40k tractors

North America:

10.4% MS <20HP in Q4

- FY25

Domestic Tractors

International

Farm Machinery

Technology

•

Launched 1100 Sub Compact & 2100 Compact series in Q4 FY25

Future launches - OJA Small Utility, OJA Large Utility, High HP platform

440+ dealers & scaling up

North America <110HP market ~2L tractors

TV commercials

North America Video 1

Domestic Tractors

International

Farm Machinery

Technology

North America Video 2

Domestic Tractors

International

Farm Machinery

Technology

Domestic Tractors

International

Farm Machinery

Technology

ASEAN

: Promising Prospects

• Entered Thailand in Q4 FY25

• ~16% Geographical Coverage

• Q2 FY26 retail MS ~4% in covered geographies

ASEAN market 50k+ tractors

Farm Machinery

Domestic Tractors

International

Farm Machinery

Technology

Farm Machinery 1000 Cr+ Business with Substantial Upside

Domestic Tractors

International

Farm Machinery

Technology

Mechanisation Level (%) in India

On track to scale-up

Seedbed Preparation

Sowing/ Transplanting

Crop Care

Harvesting & Threshing

Overall Average

70%

38%

32%

34%

47%

Strong Product Portfolio

Mahindra & Swaraj Brands

Leveraging 2,300+ Tractor Dealers

Capacity Expansion

Technology:

Next Growth Horizon

Domestic Tractors

International

Farm Machinery

Technology

Technology:

Tractors & Farm Machinery

Domestic Tractors

International

Farm Machinery

Technology

Electrification

• Mahindra OJA

Electric Tractors

Autonomy

Alternative fuels

• Level 2 Autonomy for

Precision, Productivity & Comfort

• Diesel-Biodiesel blends

• CNG

• Ethanol (Flex-Fuel)

Technology:

Precision Ag & Technology as a Service

Domestic Tractors

International

Farm Machinery

Technology

Telematics

Satellite Imagery

Drones

Pay as you use services

An Abundance of Opportunities

433k Tractors

Rs 35,375 Cr Revenue

Rs 3,792 Cr PAT

FY25 Consolidated

Domestic Industry growth

40-50HP market share gain

International

Farm Machinery

Tech as a Service

Potential

Farm Equipment Business

ASPIRATION

Transform Lives Of Farmers Globally By Democratising Technology.

GROWTH VECTORS

Domestic Tractors

Fortify

International

Building Momentum

Farm Machinery

Continue to scale

Technology

Next Growth Horizon

* Farm Consolidated Revenue Growth from FY20 to FY30

3X Growth in Revenue in this decade*

TECH MAHINDRA

Tech Mahindra

ASPIRATION

Turnaround to be completed by FY27

Long-term aspiration is to drive profitable and sustainable growth higher than peer average

GROWTH VECTORS

Growth Strategy

Operations Strategy

Organization Strategy

~1.3x Growth in Revenue during FY20 to FY27

FY27 Goals :

Recap

Revenue Growth

Topline growth > Peer

average

EBIT Margin

15%

ROCE

> 30%

Capital Return

> 85% of FCF

100

3 - Year Roadmap :

Stabilization Phase Underway

Q4 FY24 Q4 FY24

FY25 FY25

FY26 FY26

FY27 FY27

The Beginning The Beginning

Turnaround Phase Turnaround Phase

Stabilization Phase Stabilization Phase

Reaping Returns Reaping Returns

Structure and Structure and strategy definition strategy definition

Ground the new org Ground the new org

Investment in Investment in accounts, key markets, accounts, key markets, service lines service lines

Front-end integration Front-end integration of portfolio companies of portfolio companies

Turbocharge program Turbocharge program for key account growth for key account growth

Project Fortius for cost Project Fortius for cost

Continue above Continue above normal investments normal investments

Full integration of Full integration of portfolio companies portfolio companies

Project Fortius – Project Fortius – further progress on further progress on cost savings cost savings

Improved long term Improved long term structural mix structural mix

Continuous Continuous improvement in improvement in pyramid pyramid

Accelerate Revenue Growth Margin Expansion

101

Tech Mahindra :

Growth Strategy

Revenue y-o-y (in CC)

Vectors

Key Metrics

Actuals

Stated Goal

FY24

FY25

FY26

FY27

Peer Average

-4.7%

• Prioritized Markets

• Balanced Industry Mix / Focussed Verticals

• Turbocharge Program

• Large Deal Program

• Narrowing growth gap with peers

• NPS Score –Top Quartile

• Built verticalized sales team within regions

• BFSI, Retail, Logistics & Transport, Healthcare – Faster growth

• Broad-based large deal wins – up 57% on LTM y-o-y

• $20 million+ accounts growth > company’s average

• Must Have Accounts

102

AI Delivered Right

Right Foundation

Right Strategy

Right Acceleration

One of the first SIs to launch Comprehensive platform for Agentic AI development–TechM Orion - July 2025

First GSI to develop LLM from scratch–2024

First to launch a comprehensive GenAI Studio–Apr 2023

Productivity

Tech Mahindra AI

Transformation

Tech Mahindra named Emerging Leader in Gartner® GenAI Services Magic Quadrant

Innovation

Assurance

DELIVERED RIGHT

IndiaAI Mission: Govt selects 8 players including Tech Mahindra

Tech Mahindra and NVIDIA to deliver Agentic AI Innovation to customers

Selected as part of the WEF’s MINDS Program

Tech Mahindra launches AI model in 38 Indian languages and dialects

103

Tech Mahindra :

Operations Strategy

Earnings Before Interest & Taxes (EBIT%)

Vectors

Key Metrics

• Deepen Capabilities

• Consistent margin expansion towards FY27 target

• Delivery Excellence

• Delivery led growth

• Productivity Gains

• Operational rigor → high FCF and dividend expansion

• High-margin Service Lines

• Analyst ratings improvement

• Savings delivered through Project Fortius

• Strengthening TechM Consulting

• Key Service Line Contribution – up 1% (FY25)

104

. . . . . . Transforming Tech Mahindra into a Learning Organization

High-Impact Learning Interventions in FY26: Future Leadership

Future Skilling

Impact

Zenith : Immersive, Personalized Leadership Program at INSEAD, France Velocity : Sales Leadership at INSEAD, ISB ELITE : Academy for PMs, PGMs, Large Deal Team Women Leadership Program

AI Skilling Hyperscalers Domain Certification

Fulfilment : Accelerated ‘re-purposing’ of talent Future-proofing : Right-skilling associates for sustained growth Succession : Build leadership muscle to Scale at Speed Diversity : Developing women leadership strength

Key Focus Areas for FY27:

New-Age Competency Framework

Career- architecture-led learning journey

Super-agile demand fulfilment

Hyper-Contextualized Learning, LXP

Create ‘Grassroot Innovation Mindset’

105

Tech Mahindra :

Organization Strategy

Talent Management & Culture Building

Group Synergy

ESG Leadership

• Stable Leadership team

• TechM x Mahindra University – R&D Facility/ Makers

• Only Indian IT company to receive the highest "A" rating

Lab/ Research Projects/ Latest Technology

across all three CDP categories

• Hired leadership across service lines –

Consulting, Design Services, CTO

• Inclusive, Innovation-focused, Performance-

• Synergy with group to enhance wallet share and win

• First Indian company to be awarded the Sustainable Markets

new logos

Initiative’s Terra Carta Seal

based culture

• Innovation and Co-creation in key next gen areas

• Only Indian company included in the Top 5% in the IT Services

sector and a member of S&P Global Yearbook 2025

106

Comprehensive Brand Refresh : Uniquely Tech Mahindra

Unmistakably Mahindra,

Brand Architecture

Orbit Model

Master Brand Sub Brands Endorsed Brands Independent Brands

EVP Limitless Together

Brand Platform

Purpose Promise – Scale at SpeedTM Mission Values

Visual Identity

Symbol Color palette Typography Art direction

Patterns Illustrations Iconography Gradients

Verbal Identity The Ascending Force

Bold Human Straightforward

A Bold Evolution Designed for Tomorrow • Reinforce positioning as a future-ready

transformation partner

• Inspire a renewed sense of pride and

belonging among associates worldwide • Create a unified, modern identity across

portfolio companies and markets

Impact • Positive feedback from clients & analysts • 52K+ new followers, 1.3Mn+ Impressions,

30% jump in user engagement on social media

107

Next months journey …

Deepening Client Relationships to expand wallet share

Drive automation and Delivery excellence for continued margin expansion

Consistent policy of returning cash to shareholders > 85% of FCF

Consulting and Gen AI are the significant areas of investment

Scaling High-Growth Service Lines: Engineering Services, Cloud, Data & AI, Consulting

108

Tech Mahindra

ASPIRATION

Turnaround to be completed by FY27

Long-term aspiration is to drive profitable and sustainable growth higher than peer average

GROWTH VECTORS

Growth Strategy

Operations Strategy

Organization Strategy

~1.3x Growth in Revenue during FY20 to FY27

MAHINDRA FINANCE

Mahindra Finance

ASPIRATION

Most Trusted Financial Services provider for Bharat

Relevance

Reach

Reputation

5X Growth in AUM in this decade

Our Journey (1/2)

FY 2005 – 2015 RUSU Leadership: Strong and Differentiated

FY 2015 – 2022 Challenges: Technology and Risk

FY 2022 – 2025 Rebuild: Asset Quality, Ops, Tech, Controls

• Rural and semi-urban acumen

• Volatility in asset quality

• Pan India distribution

• Technology lag

• Strengthened asset quality

• Enhanced fee income

• Augmented Talent and Technology

Our Journey (2/2)

FY 2005 – 2015 Legacy: Strong and Differentiated

AUM CAGR: 27%

18.8

14.8

14.2

15.7

15.1

90+ DPD (%)

Business Assets (Rs. K Cr)

10.7

6.5

FY05

FY 2015 – 2022 Challenges: Technology and Risk

AUM CAGR: 9%

FY 2022 – 2025 Rebuild: Asset Quality, Ops, Tech, Controls

AUM CAGR: 23%

14.0

13.8

12.7

10.7

6.5

5.3

7.6

6.4

8.4

9.0

7.7

35 FY15

103

120

FY22

4.5

103

3.4

119

3.7

FY25

Note: The numbers are as per Ind AS guidance of 90+ reporting , prior to March 2019 the numbers are approximated for comparative purpose.

Today

Leadership

Stabilized Asset Quality

Revamped CX

Strong Management

95%+

Pin codes served

2.5M+

Live customers

7.7

GS-3 %

8.0 7.5 7.0 6.5 6.0 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0

3.7

Digital onboarding

Straight through processing

FY22

FY23

FY24

FY25

Pivot to Profitable and Stable Growth

– Priorities

Capitalize on leadership in tractor financing

Balance growth and margins for Auto and CV

Diversify into Mortgages and SME

Cross-sell with focus on fee income

Enhance Ops excellence with AI

Capitalize on Leadership in Tractor Financing

Grow leaderboard dominance

Plan: Expand share profitably

Leverage ecosystem synergies

Grow used / refinance

Expand geography coverage

Improve implements/agri machinery lending

Balance Growth and Margins for Auto and CV

Auto & CV* leadership

Plan: Balance growth and margins

Top 4

Top 3

Grow profitable customer segments

Leverage distribution for Co-lending

ease Used/Refinance

U, servicing capabilities

Increase Used/Refinance

Improved U/W, servicing capabilities

* CV includes LCV and SCV

Scale Affordable housing

Diversify into Mortgage and SME

Mortgages [H1F26 AUM: ~INR 7K cr]

SME Lending [H1F26 AUM: ~INR 7K cr]

Scale affordable housing

Secured led product growth

Build profitable prime mortgage

Loan against property (LAP) dominant in mix

Leverage M&M and MMFSL ecosystem

Leverage M&M ecosystem for supply chain financing

Cross

- sell with Focus on Fee Income

Insurance

Life

Motor

Health

Investments

Fixed Deposits

Mutual funds

Personal Loan

Live base

Mature base

Propensity models

D2C journey

Branch, Call center

Partnerships

Enhance Ops Excellence with AI

Deepening.AI

CPC.AI

Collections.AI

8 vernacular voice agents

Deploy Vision AI toolkits

AI assisted allocation and outreach strategy

Hyper personalized offer discovery

Agentic pre / post selection workflows

AI led document classification, extraction & validation

11 vernacular voice agents for reminders

Agentic AI onboarding

Hybrid agentic ai & field squads

Pivot to Profitable and Stable Growth

18% - 20% AUM Growth

1.3% - 1.7% Credit Cost

2.2% - 2.5% RoA

Capitalize on leadership in tractor financing

Balance growth and margins for Auto and CV

Diversify into Mortgages and SME

Cross-sell with focus on fee income

Enhance Ops excellence with AI

Seasoned Leadership

MAHESH RAJARAMAN Chief Risk Officer

PRADEEP AGRAWAL CFO

SANDEEP MANDREKAR CBO– Wheels

DEEPA RANJEET Chief Digital Officer

MANISH SINHA CHRO

MOD NARAYAN SINGH Chief Compliance Officer

KETAKI SUKLIKAR Chief Legal Officer

ANTHONY HEREDIA CEO MMIMPL

JASPREET CHADHA CEO MRHFL

SURESH AGARWAL CEO MIBL

Group Expertise

PARAG RAO Growth Leader

MOHIT KAPOOR Group CTO

BHUWAN LODHA CEO AI Division M&M

Mahindra Finance

ASPIRATION

Most Trusted Financial Services provider for Bharat

Relevance

Reach

Reputation

5X Growth in AUM in this decade

MAHINDRA LIFESPACES

Mahindra

Lifespaces

ASPIRATION

Top 5 across our priority markets

GROWTH VECTORS

Strong BD Engine

Superior Designs

Best-in-class Customer Experience

Preferred Industrial Master Developer

Robust Financial Discipline

>14X Growth in Sales in this decade

About Mahindra

Lifespaces

Industrial business

Residential business

Industrial Developer since 1994 (2 World Cities, 3 Industrial parks)

Resi: 50+ projects since1996 (53.3 million sqft); 21K+ satisfied customers

Industrial: Strategic partnerships with TIDCO, RIICO, IFC, Sumitomo

Resi: Cumulative GDV of 46K Cr (YTD addition: 9.5K Cr)

Industrial: 268 clients from 15+ countries

Resi: CDP A rating; Industry-first 3 Net zero projects

Our Journey So Far (Last 5 years)

Total Sales

Gross Development Value

Free Cash Flow1

Net Debt2

3,299

4.2x

18,100

18.3x

832

5.1x

610

INR Cr

734

778

FY20

FY25

991

FY20

FY25

163

FY20

FY25

FY20

FY25

1 Free Cash flow excluding cash outflow towards land acquisitions. 2 Net Debt (consolidated) across all entities (Resi and IC)

Aggressive Scale INR ~10K Cr by FY30

- up Planned (Resi 14x in 10 years);

INR Cr

10,000

3,299

859

FY20

FY25

FY30

• Plan to achieve INR 10K Cr of sales by FY30

• Operating plans will be calibrated based on market conditions

We have a Strong Right to Win

Strong BD Engine

Superior Designs

Best-in-class Customer Experience

Preferred Industrial Master Developer

Robust Financial Discipline

Supersize deals Premium play Sharp investment thesis

Contemporary Pragmatic Sustainable

First-time right On-time delivery Frictionless engagement Connected community

Full potential from MWC-C/J OC2, OA, OP launches

Rigorous IRR tracking Prudent capital allocation Strategic funding

Key Highlights S ince

we met last time in June 2024

1. ~28K Cr of GDV additions including our largest project (Bhandup) including 6 society redevelopment wins against stiff competition

2. Significantly augmented our CX initiatives - Re-launch of new brand

identity (HOPE), along with augmented apps (Mlife, Mliving)

3. Highest realization across portfolio in our IC&IC business; Extended

Sumitomo partnership for Origins Chennai

We have Bottom

- up Execution Plan (by project, by year)

INR Cr

9,500

Sustenance

New Launches

2,804 35% 65%

50%

FY25

FY26

59%

41%

FY27

65%

67%

75%

35%

33%

FY28

FY29

25%

FY30

Major contributors

FY25

FY26

FY27

FY28

FY29

FY30

New Launches

Sustenance

✓Ivy Lush ✓Vista Ph2 ✓Zen ✓Green Estates ✓Tathawade (T-A)

✓NewHaven ✓Marina64 •Hopefarm Ph1 •Mahalaxmi •Bhandup Ph1.1

•Vista Ph1 •Citadel Ph2 •Tathawade •Nestalgia •Alcove

•Vista Ph2 •IvyLush •Tathawade •Nestalgia •Citadel

•Bhandup Ph 1.2 •Hopefarm Ph2 •Lokhandwala 1 •SaiBaba Ph1 •Navrat 1+ 2

•Bhandup Ph 1.1 •Hopefarm Ph 1 •Mahalaxmi •Marina64 •Citadel

•Thane Ph1.1 •Lokhandwala 2 •SaiBaba Ph2 •New project 1 (Mulund) •New project 2 (Mahalunge)

•Bhandup Ph2 •Thane Ph1.2 •New project 3 (Chembur) •New project 4 (Navy 2)

•Thane Ph2 •Bhandup Ph3 •New project 5 •New Project 6

•Bhandup Ph 1.2 •Navrat 1 + 2 •Citadel •Hopefarm Ph2 •Santacruz

•Thane Ph1.1 •Bhandup Ph1 •Lokhandwala 1 •New project 1 (Mulund) •New project 2 (Mahalunge)

•Thane Ph1.1 & 1.2 •Bhandup Ph1 & 2 •Lokhandwala 2 •SaiBaba Ph2 •New project 3 (Chembur)

The above numbers are for illustrative purposes

Our IC Business Continues to Provide Steady Profits We are looking to bring More IC Assets to Market Soon

IC&IC Locations

MWC Jaipur

MWC Chennai

Origins Chennai 1

Origins Chennai 2A & 2B

Origins Ahmedabad

Origins Pune*

Total

Gross area (acres) (A)

Net Leasable area (acres) (B)

Net Leased area (acres) (C)

Available for lease net (acres) (D = B-C)

2,946

1,594

307

240

338

411

5,824

1,917

1,216

229

163

243

271

4,039

1,142

1,122

161

775

163

243

271

2,449

1,580

Expected revenues of 5,000 - 6,000 Cr and PAT of ~1,500 Cr (MLDL share)

*Origins Pune is currently in land acquisition stage.

Our value proposition

Accessible locations

Clear Land Title

Best in class infrastructure

Ease of doing business

Strong asset management

100% compliance

Across our Scale Returns and On

- up Plan, Our Focus is on Financial

- ground Execution

By Vintage (25 projects)

By Type (25 projects)

Year (no. of proj.) / Sales

IRR

Segment (no. of proj.) / Sales

IRR

Upto FY18 (6) | ~3K Cr

Affordable (6) | ~2.5K Cr

FY19 – FY22 (9) | ~3.5K Cr

10%

Premium (19) | ~14.2KCr

19%

FY23 – FY26 (10) | ~10.2K Cr

23%

Post Rights Issue, we have a Stronger Balance sheet

Net Debt / Average Equity

0.34

0.39

Net Debt (Cr)

FY20

610

FY25

734

-0.17

Sep'25

-445

• Net debt to Equity maintained under 0.5x over the last 5 years

• Rights issue proceeds used for – Long term debt repayment – Future acquisitions

• Gives the foundation to manage the cycle and scale-up based on project pipeline / market context

Strong Leadership Team driving Execution Strong second

- in - line team in Place

Amit Kumar Sinha, MD & CEO

• Strategy consulting, Industrial, Financial Services and Technology

• Times top-100 Climate

leader

Vimalendra Singh, Chief Business Officer – Residential Banking & Real estate

Vikram Goel, Chief Business Officer – IC&IC Banking & New Business

Anshu Shukla, Chief Design Officer RE experience (more than 100 projects)

Sriram Kumar, Chief Financial Officer Investment Banking, Private Equity & Real Estate

Sudharshan KR, Chief Project Officer

Led 38 msft of resi & commercial development

Ankur Parmar, Chief Marketing Officer Real Estate & FMCG

Parijat Dey, Chief Technology Officer

Parveen Mahtani, Chief Legal Officer

Tanmoy Roy, Chief People Officer

Digital Transformation and Enterprise Technology

“Top 25 General Counsels in India” in 2018 by ICCA London

Auto, Industrial & Real Estate

Stay Tuned for our Launches in Mumbai, Pune, and Bangalore soon!

Whitefield

Mahalaxmi

Bhandup

Borivali

Bengaluru

Mahindra Citadel Ph3

Mumbai

Navrat

Mumbai

Lokhandwala

Mumbai

Santacruz

Pune

North Bengaluru

Mumbai

Mahindra

Lifespaces

ASPIRATION

Top 5 across our priority markets

GROWTH VECTORS

Strong BD Engine

Superior Designs

Best-in-class Customer Experience

Preferred Industrial Master Developer

Robust Financial Discipline

>14X Growth in Sales in this decade

MAHINDRA HOLIDAYS

Mahindra Holidays

ASPIRATION

India’s #1 leisure hospitality player

GROWTH VECTORS

Scaling the core

Building the new

Enhancing member experience

Creating a luxury leisure hospitality brand

3X Keys, 3X Revenue & 4X PAT in this decade

Numbers are for India Business

Scaling the Core : Experience

Enhancing Member

Wider Network

Accelerated Inventory Addition

Resort Transformation

New Product: Keystone

Portfolio of Premium Resorts

Revamped with enhanced privileges

Refreshed identity Club Mahindra → Club M

10k keys by FY30

Scaling the Core : Privileged Access Program

Key tenets of Keystone:

Simplicity

Plans: 23 → 12 Seasons: 4 → 3

Privileges

Concierge Services Complimentary Breakfast

Flexibility

Booking Buyback

The Opportunity :

$4 Billion Branded Leisure by FY30

Leisure Segments

Growing Demand & Low Branded Penetration

Emerging Trends

92%

CAGR ^ ~13%

Increasing affluence: Growth in Luxury & Up-upscale

56% book a week before travel

Leisure CAGR 2X vs in-city; Only 14% branded keys

~80% preferred experiential travel

50 New Tourism Destinations with better connectivity

Weddings & MICE: Fastest growing segments

MHRIL share

Membership 85%

Non-Membership

^FY19-FY24 References - Booking.com, MMT, Horwath HTL, Grand View Research

Building the New :

Luxury Leisure Hospitality Brand

Family & Tribe

A Sense of Place

Build meaningful connections & moments that matter

Inspired by local character & narratives

Experience-led

Authentic & Immersive discoveries

New Brand

Mahindra Signature Resorts

2k keys by FY30

Video : Mahindra Signature Resorts

Mahindra Holidays

ASPIRATION

India’s #1 leisure hospitality player

GROWTH VECTORS

Scaling the core

Building the new

Enhancing member experience

Creating a luxury leisure hospitality brand

3X Keys, 3X Revenue & 4X PAT in this decade

Numbers are for India Business

MAHINDRA LAST MILE MOBILITY

Mahindra Last Mile Mobility

ASPIRATION

To electrify India’s last mile and be the #1 e-CV company with a million EVs on road by 2031

GROWTH VECTORS

Electrification

Product Category Expansion

Scale Exports

50% Electrification by FY30

2X Industry Growth (E - 3W + 4W) FY23 to FY30

Expand to 10+ markets

6X Revenue Growth in this decade

Our Journey to Scale

EV Volumes

78678

66190

43693

16945

FY22

FY23

FY24

FY25

FY 25

REVENUE ₹ 3783 CR

PAT ₹ 247 CR

Purpose Drives Progress

Covered more than 5 Billion+ e-KMs (Cumulative)

Saved more than 300 Mn+ Liters of fuel

Equivalent to planting 4.9 Million + Trees

Saved more than 185 kilo MT of CO2

Scaling Up Delivery

Product Development

Manufacturing

Pan India Reach

Advanced testing facilities

400+ product development team

New state of the art plant in Telangana

2X Production capacity

Covering 92% TIV

Innovative formats

Democratizing Technology

Proprietary Technology

#1 Selling eAuto in India Best Space & Performance

140 KMS+ Range Best in class power and gradeability

Best in class range (160 kms+) Fast Charging

Deep Expertise in battery, motor & embedded system

Custom Telematics Platform

Sneak Peek : Pushing The Boundaries

Mahindra Last Mile Mobility

ASPIRATION

To electrify India’s last mile and be the #1 e-CV company with a million EVs on road by 2031

GROWTH VECTORS

Electrification

Product Category Expansion

Scale Exports

50% Electrification by FY30

2X Industry Growth (E - 3W + 4W) FY23 to FY30

Expand to 10+ markets

6X Revenue Growth in this decade

RENEWABLE ENERGY BUSINESS

Renewable Energy Business

ASPIRATION

Be a leading developer and manager of high quality RE assets

GROWTH VECTORS

High quality solar / hybrid

Connectivity and land

Efficient structure

5.1GWp (exec. + new wins)

7GWp (++ BESS, peak/RTC)

Capital light

5X Growth in Portfolio this decade

160

Sustainable Business Model

BUILD

MANAGE

FOR SCALABLE GROWTH

RECYCLE

TRANSFER

Right to Win

‘SUSTEN - 5X GROWTH AMBITION BY 2030’

IPP

O&M, ADVISORY

CAPITAL RECYCLING – InvIT

EXECUTION EXPERTISE

OPERATIONAL EXCELLENCE

CAPITAL LIGHT

•

In-house EPC expertise

•

India’s largest, world’s 6th largest Solar O&M ISP

Marquee equity partner - OTPP (40%)

• ~11 GWp+ O&M; ~26GWp Advisory

~600MWp commissioning in F26

• Marquee equity partner - OTPP (20%)

Build – flip model

• Tech. based interventions

• Co-sponsored by Mahindra and OTPP entities

•

India’s largest pureplay Clean Energy listed on the NSE (AUM – ~INR 6,900 Crores*)

1.5GWp flipped by Susten

• ROFO on assets built by Susten

STRONG PARTNERSHIP WITH MARQUEE PENSION FUND-OTPP

OTPP-Ontario Teachers’ Pension Plan

Growth Trajectory

7.0 GWp

4.9 GWp

3.2 GWp

2.1 GWp

1.5 GWp

Susten

2025

2026

2027

2028

2029

5x growth in this decade

Continue dominating India’s asset management market

Renewable Energy Business

ASPIRATION

Be a leading developer and manager of high quality RE assets

GROWTH VECTORS

High quality solar / hybrid

Connectivity and land

Efficient structure

5.1GWp (exec. + new wins)

7GWp (++ BESS, peak/RTC)

Capital light

5X Growth in Portfolio this decade

164

TRUCK & BUS BUSINESS

Truck & Bus Business

ASPIRATION

Top 3 in India’s ILCV Trucks & Buses Focused play in HCVs

GROWTH VECTORS

New & Differentiated Products

New Opportunities Unlock

Synergy Benefits

Portfolio depth powered by wide range of aggregates, advanced telematics, industry- best FE, next-gen cabins and in-house Bus Body facility

Combined network → New Markets Platform and aggregate sharing → New Segments

Combining efforts of R&D, Sourcing & Production → Unlocking capital to invest

6X Growth in Revenue in this decade

CV Market in India Growing, fuelled by structural long

- term drivers

Europe

China

India

CV Market in India:

~1,50,000 Cr in FY25 ~2,00,000 Cr by FY31

Growth drivers in India

Infrastructure development

Government policies, GST 2.0

E-comm, logistics boom & fleet modernization

Electrification, sustainability & technological advancements

Institutional demand and improved vehicle financing

CV Market in India Large Opportunity; Evolving Industry Dynamics

CV Industry & M&M Play

Industry Volume %

53%

47%

Industry Revenue Pool %

Industry EBITDA Pool %

30%

70%

FY25 TOTAL

~9.6 Lakh

~INR 1,50,000 Cr

~INR 15,000 Cr

M&M Volume Share %

52%

* 6%

2,82,598 Nos.*

74%

<3.5T

>3.5T

Opportunity for M&M

Competitive Landscape (>3.5T CV)

Legacy dominance of the Top 2 players declining

Player 2

Player 1

66%

*Including SML volume

F22 Player #1

Player #2

F25 Player #3

Others

F30E MTB+SML

Creating

INR 15,000 Cr.

Business by FY31

Where are we today

Where do we want to be

Outcome

13% market share

7% market share

ILCV Buses (<12T)

LCV Trucks (5-7.5T)

ICV Trucks (7.5-18.5T)

HCV Trucks (28-55T)

23%

15%

30%+ share; Top 2 player

20%+ share

10%+ share

10%+ share in focused sub-segments

As on FY26 YTD Sept

20%+

10-12%

FY26

FY31

FY36

Our right to win :

1+1 > 2

• Common leadership • Cultural Alignment

Talent

Differentiated Products

• Wide range of In-house aggregates • 4 Cargo and 3 Passenger Platforms • Delivering on uptime & lowest TCO

• Sourcing and aggregate synergies • Optimized manufacturing footprints

Unlocking Capital

Technology

• Connected vehicle tech – iMAXX • Digital remote prognostics and analytics

• ~600+ touchpoints • Micro market strategy •

Improved financing options

Network

Brand

• Retaining the core of SML • Two brands and different positioning to continue

Truck & Bus Business

ASPIRATION

Top 3 in India’s ILCV Trucks & Buses Focused play in HCVs

GROWTH VECTORS

New & Differentiated Products

New Opportunities Unlock

Synergy Benefits

Portfolio depth powered by wide range of aggregates, advanced telematics, industry- best FE, next-gen cabins and in-house Bus Body facility

Combined network → New Markets Platform and aggregate sharing → New Segments

Combining efforts of R&D, Sourcing & Production → Unlocking capital to invest

6X Growth in Revenue in this decade

MAHINDRA AEROSTRUCTURES

Mahindra Aerostructures

ASPIRATION

Amongst the Top 10 Global Suppliers with exceptional delivery, quality & operational excellence

Market Demand Outruns Aircraft Supply

8-year order books in backlog → Opportunity for suppliers to optimize and enhance capacity

GROWTH VECTORS

Operational Excellence & Robustness

OEMs’ emphasis on supply chain resilience: delivery, quality, & operational excellence

Long Industry Lifecycles

Extended contracts & deep engagements create growth opportunities

12X Growth in Revenue in this decade

Industry Overview

Global Aerospace Market $ 370 Bn (2024e)

Global Aerostructure Market $ 80 Bn (2024e)

Long product life cycle and industry timelines

Commercial Aircraft

Business Jets

Helicopters

Levers of success

Military

Aero Engines

Fuselage ~45%

Wings ~25%

Nacelle ~15%

Empennage ~15%

Delivery, quality & operational excellence

Long-term investment appetite

Ability to adapt new technologies

Development

Production Run

Still in Service

15Y

45Y

65Y

Our Journey

Our Right to Win

10 Years of Growth

Blue Chip Clientele

Delivery ( >98% )

Quality ( <450ppm )

Operational Excellence

Balanced Across Categories

Balanced Across Platforms

Balanced Across OEMs

Moving from Small Parts to Aerostructures

H130 Helicopter Main fuselage Assembly Falcon cockpit side-consoles

Aluminum, Steel, Titanium parts & sub-assemblies

A321 door skin assembly Tier 1 to Airbus, Boeing

GE Engine Inconel assemblies B737 Engine nacelle sub-assemblies

Beyond 2026

2025-26

H125 Helicopter Main fuselage Embraer Bulkhead Assy, and more

Avg Value

$20k – 200k

Volumes

100s

2023-24

2017-19

2015-16

2020-22

$20 – 40

Millions

Deepening Capabilities

Strengthen existing (Organic)

• Sheet metals ++ • Detailed components and sub-

assemblies

Outcome: Deepen presence in existing work packages across OEMs

Acquire step change (Inorganic)

• Expand to long bed machining, larger

assemblies & aerostructures • Acquire composites capability • Acquire design capabilities

Outcome: Access to much larger share of wallet of OEM; become a strategic supplier

Build new (Organic + Inorganic)

• Build machining capabilities

• More complex work packages

• World-class facility

Outcome: Build new capabilities in India & deeper engagement with OEMs

Mahindra Aerostructures

ASPIRATION

Amongst the Top 10 Global Suppliers with exceptional delivery, quality & operational excellence

Market Demand Outruns Aircraft Supply

8-year order books in backlog → Opportunity for suppliers to optimize and enhance capacity

GROWTH VECTORS

Operational Excellence & Robustness

OEMs’ emphasis on supply chain resilience: delivery, quality, & operational excellence

Long Industry Lifecycles

Extended contracts & deep engagements create growth opportunities

12X Growth in Revenue in this decade

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