M&MNSE4 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

4th 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: Presentation for Analyst / Institutional Investor Meeting

This is further to our letter dated 8th October 2025, wherein we had given an advance intimation of the Analyst / Institutional Investor Meeting scheduled to be held today i.e. Tuesday, 4th November 2025 at 03.30 p.m. (IST), in terms of Regulation 30(6) read with Para A (15) (a) of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

We are enclosing a presentation to be made at the Analyst / Institutional Investor Meeting today.

Please note that no unpublished price sensitive information is proposed to be shared by the Company during the aforesaid Analyst / Institutional Investor Meeting.

This intimation is also being uploaded on the Company’s website at http://www.mahindra.com

Kindly take the same on record.

Yours sincerely, For MAHINDRA & MAHINDRA LIMITED

Sailesh Kumar Daga Company Secretary

Encl.: as above

Bold by Design

Analyst & Press Meet

Dr Anish Shah | 04 November 2025

Key Messages

Continued strong performance across business

• Farm leading the way … PAT 54%*

• Auto impacted by GST transition … PAT 14%*

• Mahindra Finance delivers … PAT 45%

• TechM on track … PAT 35%#

• Growth Gems accelerating … PAT 22%$

Consolidated PAT28%*, annualized ROE 19.4%

* Excluding PY gains on land sale & prior period PLI benefit & taxes on SML Isuzu acquisition # Excluding PY gains on land sale $ Excluding one-time tax impact in MHRIL

Consolidated M&M results: Q2 F26

Rs cr.

Revenue

PAT

46,106

22 %

YTD 22%

37,924

3,673

28%*

YTD 29%*

3,171

304

Q2 F25

Q2 F26

Q2 F25

Q2 F26

Excluding - Q2’F25 gains of 304 cr. on land sale - Q2’F26 PLI benefit of 233 cr. in MEAL offset by tax of -219 cr. on acquisition of SML Isuzu

Consolidated PAT: Key Drivers

Rs cr. Rs cr.

Auto and Farm

TechM and MMFSL

Growth Gems

Capitalize on market leadership

Achieve full potential

5X challenge

2,699

28%*

35%#

49%

2,223

335

248

296

199

22%

121

One-off^

Q2 F25

Q2 F26

Q2 F25 Q2 F26

Q2 F25

Q2 F26

TechM

MMFSL

▪ Vol : Tractors  32%, Auto  13%

▪ TechM: Margin progress on track

▪ Real Estate: 1,700 cr. GDV acquisition

▪ Steady margin expansion

▪ MMFSL: AUM  13%, GS3 <4%

▪ Aero: Strong deal wins (AH125)

▪ Completed SML acquisition

▪ Accelo: Continued growth momentum

*Excluding PY gains on sale of land & CY gains on PLI benefit offset by tax impact on SML Isuzu acquisition

# Excl gain on land sale ^MHRIL tax impact

Capitalize on market leadership

Auto

Farm

▪ Auto revenue 25% … EV/ICE mix

▪ Premium segment growth … >40 HP 38%

▪ e-SUV penetration 8.7% … 90bps QoQ

▪ Strong operational execution … PAT, Cash

▪ Export momentum … volume 40%

▪ Completed sale of SAMPO in Finland

Q2 F26

VPY

Q2 F26

VPY

SUV rev. market share

25.7%

390 bps

Market share

43.0%

50 bps

LCV (<3.5T) market share

53.2%$

100 bps

FM# Revenue (Rs cr.)

330

30%

PAT (Rs cr.)

1,536

14%*

PAT (Rs cr.)

1,163

54%*

* Excluding PY Gains on land sale & prior period PLI benefit & taxes on SML Isuzu acquisition $ Bolero Max Pickup 2T classified under LCV 2-3.5T, includes Jeeto sold by LMM # Includes MITRA

Achieve full potential

MMFSL

Tech Mahindra

▪ Tractor disbursements 41%

▪ NIM improvement of 47bps

▪ BFSI 6%, Mfg 5%, Retail 7%

▪ Accelerated AI effort … launch of TechM Orion

▪ Digital transformation … UDAAN stack go-live

▪ Margin progression on track

Q2 F26

VPY

GS3%

3.9%

(10) bps

TCV ($ Mn)

Q2 F26

816

VPY

35%

AUM (Rs cr.)

127.2k

13%

EBIT%

12.1%

250 bps

PAT (Rs cr.)*

M&M share

564

296

45%

PAT (Rs cr.)

M&M share

1,195

335

35%#

* For MMFSL Consolidated

# Excl gain on land sale

Scalable Growth Gems

Logistics

Hospitality

Real estate

▪ Express … 1st positive GM quarter

▪ 73% occupancy … adverse weather

▪ Continued GDV acquisition

▪ White space reduction on track

▪ Average unit realization … 85%

▪ Higher realization in IC business

▪ Growth in E-commerce segment

▪ HCRO … Geopolitical headwinds

▪ Healthy launch pipeline

Q2 F26

VPY

Q2 F26

VPY

Q2 F26

VPY

Revenue

1,685

11%

Room inventory

5,742

EBITDA

5.0%

70 bps

Total members

304K+

Residential presales

752

89%

GDV acquired

1.7K

Consistent delivery on commitments

RoE (%)

EPS (Rs)

2.2*

17.7

18.4

18.1

19.4#

14.8

13.8

0.3

4.4

30.3

11.4

0.3

21.0

52.4

57.6

44.5

69.0

F19

F20

F21^

F22

F23

F24

F25 H1 F26

H1 F19 H1 F20 H1 F21 H1 F22 H1 F23 H1 F24 H1 F25 H1 F26

# Annualised ROE ^ Considering continuing & discontinued operations * F23 includes gains on SEL and Susten net of Trucks impairment

Q2 F26 ANALYST AND INVESTOR CONFERENCE AUTOMOTIVE & FARM SECTORS

RAJESH JEJURIKAR EXECUTIVE DIRECTOR & CEO, AUTO & FARM SECTORS

4th Nov 2025

FARM EQUIPMENT

TRANSFORM FARMING, ENRICH LIVES

Q2: FARM

VOLUMES

123K

32% YoY

MARKET LEADERSHIP

43.0%

50 bps YoY

Volume & Market Share includes Gromax

DOMESTIC FORTRESS

Market Share

40.0%

41.2%

41.6%

43.3%

44.1%

F22

F23

F24

F25

H1 F26

▪ Highest ever Q2 F26 MS at 43.0%

▪ Highest ever H1 F26 MS at 44.1%

Market Share includes Gromax

70 LAKH+ TRACTORS ROLL OUT

2025

25,00,000 TRACTORS till August’25 Production milestone

2025till Sep'25 Production milestone45,00,000TRACTORSFARM MACHINERY

Revenue (Rs cr.)*

330

30%

253

223

14%

Q2 F24

Q2 F25

Q2 F26

▪ Highest ever quarterly revenue

▪ Rotavator Market Share: 21.4% for H1 F26

* Including MITRA

FARM MARGINS

Farm Standalone PBIT%

Core Tractor# PBIT%

3.7%

3.1%

16.0%

17.5%

19.7%

17.5%

18.7%

20.6%

Q2 F24

Q2 F25

Q2 F26

Q2 F24

Q2 F25

Q2 F26

Farm standalone segment includes Powerol business #Core Tractor comprises of Tractor business (incl exports) and excludes Powerol & Farm Machinery business

STABILITY IN VOLATILITY

Industry Growth %

Core Tractor PBIT %

26.9%

23.4%

19.8% 19.7%

8.0%

19.0%

17.4%

12.2%

18.6%

* 17.5% 16.9%

17.6%

30.7%

19.7%

19.5%

18.7%

20.8% 20.7% 20.6%

17.3%

13.5%

9.2%

-9.9%

-6.4%

-1.9%

-5.6%

0.5%

-4.9%

0.7%

-18.9%

F19

F20

F21

F22

F23 Q1F24 Q2F24 Q3F24 Q4F24 Q1F25 Q2F25 Q3F25 Q4 F25 Q1 F26 Q2 F26

* 0.7% one-time impact of World Cup sponsorship in Q3 F24 Core Tractor comprises of Tractor business (incl exports) and excludes Powerol & Farm Machinery business

FARM CONSO FINANCIALS Q2 F26

Rs cr.

Revenue

PBIT

25%

44%

8,194

10,225

1,115

1,608

Q2 F25

Q2 F26

Q2 F25

Q2 F26

Nos are after hyper inflation accounting for Turkey companies Numbers are net of intercompany eliminations, stock reserve and after share of profit from JV/ Associates

AUTOMOTIVE BUSINESS

EXPLORE THE IMPOSSIBLE

Q2: AUTO

SUV

146K

7% YoY

LCV <3.5T2

70K 13% YoY

Volumes1

MS1

Revenue MS 25.7%

Volume MS 53.2%

390 bps YoY #1 in SUV Revenue MS

100 bps YoY

1. Numbers include sales made by MLMML & MEAL 2. Bolero Max Pickup 2T variant has been classified under LCV 2-3.5T. In SIAM it is classified under LCV 3.5 to 7.5T, since its GVW is slightly higher than 3.5T

MARKET LEADERSHIP IN SUV

VOLUMES (‘000s)

REVENUE MARKET SHARE

114.7

118.9

126.1

124.2

136.0

142.2

149.1

152.1

145.5

20.0% 21.0% 20.4%

21.6% 21.9%

27.3%

25.7%

23.0% 23.5%

Q2F24 Q3F24 Q4F24 Q1F25 Q2F25 Q3F25 Q4F25 Q1F26 Q2F26

#2 in Volume MS

#1 in Revenue MS

Numbers include sales made by MEAL

REDEFINED THAR

Mahindra BE 6 Batman Edition | World’s 1st commercially available Batman inspired SUV

999 UNITS GONE IN 135 SECONDS

E-SUV PENETRATION

E-SUV Penetration

E-SUV Volume MS

7.8%

5.7%

8.7%

7.4%

6.0%

4.4%

3.7%

1.0%

12.7%

5.5%

31.3%

27.2%

25.0%

Q3F25

Q4F25

Q1F26

Q2F26

M&M

Industry

Q2F25

Q3F25

Q4F25

Q1F26

Q2F26

2.1%

1.4%

Q2F25

All numbers including XUV 400

MARKET LEADERSHIP IN EV

M&M is #1 in EV Revenue Market Share in H1 F26 in E-SUV

E-SUV Revenue MS

OEM

Q2 F26

H1 F26

MAHINDRA OEM 1 OEM 2 OEM 3 OEM 4

33.1% 34.3% 24.7% 4.3% 3.4%

37.9% 29.0% 26.0% 2.5% 4.3%

Source: JATO

#1 IN LCV <3.5T

Q2 F26 MS 53.2%, gain of 1% YoY

LCV <3.5T Volumes (‘000s)

LCV <3.5T MS

65.4

62.9

63.4

59.1

61.7

67.5

67.7

69.6

61.4

49.7% 49.6%

47.5%

50.8%

52.2% 51.9% 52.3%

54.2% 53.2%

Q2F24 Q3F24 Q4F24 Q1F25 Q2F25 Q3F25 Q4F25 Q1F26 Q2F26

Q2F24 Q3F24 Q4F24 Q1F25 Q2F25 Q3 F25 Q4 F25 Q1 F26 Q2 F26

Bolero Max Pickup 2T variant has been classified under LCV 2-3.5T. In SIAM it is classified under LCV 3.5 to 7.5T, since its GVW is slightly higher than 3.5T

Numbers include Jeeto sold by MLMML

AUTO MARGINS

Auto Standalone excl eSUV Contract Mfg. PBIT%

2.2%

9.5%

10.3%

8.1%

Q2 F24

Q2 F25

Q2 F26

Auto standalone segment includes Spares business & manufacturing of Two wheelers * Q2 F24 Auto PBIT % excludes Rs 210 cr. on account of sale of business / assets to MLMML

Q2 F26 AUTO STANDALONE (EXCL BEV) MARGIN

Rs cr.

Auto Standalone*

eSUV Contract Mfg.

Auto Standalone as reported

Revenue

PBIT

PBIT%

22,018

2,271

10.3%

2,911

0.3%

24,929

2,281

9.2%

*Auto business excl eSUV Contract Mfg. for MEAL

eSUV Contract Mfg. for MEAL by Auto

Auto Standalone Results will reflect sales to MEAL

▪ Auto PBIT% is diluted to the extent of eSUV contract manufacturing for MEAL in the mix

BEV: 202 CR. EBITDA

MEAL Ltd as a Company

eSUV Contract Mfg. in Auto Standalone

Rs cr.

Particulars

Revenue

EBITDA

EBITDA %

PBIT

PBIT %

Q2 F26

3,287

173

5.3%

-44

-1.3%

Particulars

Revenue

EBITDA

EBITDA %

PBIT

PBIT %

Q2 F26

2,911

1.0%

0.3%

Auto Subsidiary; part of Auto Conso

Part of Auto Standalone

BEV = MEAL Ltd + eSUV Contract Mfg.

Particulars

Revenue

EBITDA

EBITDA %

PBIT

PBIT %

Q2 F26

3,287

202

6.2%

-34

-1.0%

Numbers are net of elimination Numbers exclude prior period PLI

LAST MILE MOBILITY

Market Leadership in E-3W with 42.3%3 MS in Q2 F26

Sales Volume1

28,209

7,061

29,394

7,463

27,922

8,060

25,111

5,857

38,684

6,660

32,024

▪ Highest ever quarterly volumes

▪ L52 Electrification for Q2 stands at 30.5% (SIAM)

21,148

21,931

19,862

19,254

▪ E-3W: YoY growth of 47.6%

Q2 F25

Q3 F25

Q4 F25

Q1 F26

Q2 F26

EV (3W + 4W)

ICE (3W + 4W)

1Domestic Sales volume 2 L5 Category: As per CMVR 3 As per SIAM

AUTO CONSO FINANCIALS

Revenue

PBIT

25%

Rs cr.

14%*

21,755

27,171

2,538

1,952

Q2 F25

Q2 F26

Q2 F25

Q2 F26

Numbers are net of intercompany eliminations, , stock reserve and after share of profit from JV/ Associates * Excluding prior period PLI benefit

SCREAM ELECTRIC TEASER

NAME REVEAL TEASER

XEV 9S TEASER

SNEAK PEEK

Financials

Analyst & Press Meet

Amarjyoti Barua | 4 November 2025

Financial Results: Q2 F26

CONSOLIDATED M&M

Rs cr.

Revenue

PAT

46,106

22 %

YTD 22%

37,924

3,673

28%*

YTD 29%*

3,171

304

Q2 F25

Q2 F26

Q2 F25

Q2 F26

Excluding - Q2’F25 gains of 304 cr. on land sale - Q2’F26 PLI benefit of 233 cr. in MEAL offset by tax of -219 cr. on acquisition of SML Isuzu

PAT: Q2 F26

CONSOLIDATED M&M

Q2 F25

Q2 F26

Q2 F25 to Q2 F26

Auto*

1,338

1,522

Farm*

755

1,163

Services*

TechM

MMFSL

774

248

199

Growth Gems & Invt.

326

One-off adjustments*

304

975

335

296

343

Total

3,171

3,673

408

201

3673 14

3171

304

183

PAT Q2 F25

Auto

Farm

Services

PAT Q2 F26

*One-Off adjustments - Q2’F25 304 cr. – 304 cr. gain on land sale : Auto 85 cr., Farm 45 cr., Tech M 103 cr. and Invt. 71 cr - Q2’F26 14 cr. – PLI benefit of 233 cr. offset by tax of -219 cr. on acquisition of SML Isuzu

Rs cr.

28%*

Financial Results: Q2 F26

STANDALONE M&M

Rs cr.

Revenue

PAT

35,080

21 %

YTD 23%

28,919

4,521

(219)

30%*

YTD 31%*

3,841

201

Q2 F25

Q2 F26

Q2 F25

Q2 F26

Excluding - F25 gains of 201 cr. on land sale - CY Tax of -219 cr. on acquisition of SML Isuzu

H1F26 Cash Flow

STANDALONE M&M + MEAL + LMM Co

Auto

Farm

Services

Total

Rs cr. Rs cr.

Rs Cr.

Opening Balance@

+ Inflow (incl. monetization, dividend)

- Capex

- EV: MEAL + LMM Co

Investments

- SML consideration

Net cash generation

ICDs / funding for group cos$

- Borrowings and finance cost

- Dividend payout

Closing Balance@

5,193

(2,086)

(278)

(398)

(555)

1,876

3,604

(386)

1,584

(2,613)

3,272

(1,029)

27,389

10,381

(2,472)

(278)

(2,957)

(555)

4,119

(29)

(214)

(3,142)

28,123

# EV MEAL + LMM Co net denotes capex and operating cash at MEAL and LMM Co. @ Includes cash, cash equivalents, unutilized escrow balances 585 Cr and treasury investments held by M&M, MEAL and LMM Co. $ denotes ICDs / funding of MOICML and Susten Investments includes MTM adjustments for treasury investments

Thank You

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Mahindra & Mahindra Limited has informed the Exchange about Investor Presentation

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