M&MFINNSE28 October 2025

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

Mahindra & Mahindra Financial Services Limited

28th October 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 second quarter and half year ended 30th September 2025 - Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”)

Ref: Our letter dated 23rd October 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, 28th October 2025 at 6.00 p.m. (IST) encompassing, inter-alia, an overview of the standalone and consolidated financial results of the Company for the second quarter and half year ended 30th September 2025, 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Please note that no Unpublished Price Sensitive Information would be shared by the Company during the said earnings conference call.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 Sep’25 (Q2FY26)

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

Overall Disbursements

Figs. In ₹ Cr

Product Wise

Q2 FY26

Q2 FY25

Tractor

Pre-Owned Vehicle

CV & CE

3-Wheeler

SME

Others*

Total

1,746

2,473

5,348

2,293

503

736

415

1,237

2,384

5,315

2,633

642

659

293

13,514

13,162

YoY

41%

(13%)

(22%)

12%

41%

Q1 FY26

1,711

2,176

5,254

2,354

496

524

294

12,808

QoQ

14%

(3%)

40%

41%

*Others include Farm implements, Gensets, and Personal Loans

Q2FY26 Results – Highlights

Q2 Disbursement Rs 13,514 crores v/s Rs 13,162 crores YoY 3%

AUM (Business Assets) Rs 1,27,246 crores v/s Rs 1,12,454 crores YoY 13%

Total Income Rs 4,489 crores v/s Rs 3,925 crores YoY 14%

PAT Rs 569 crores v/s Rs 369 crores YoY 54%

* % of Avg. Total Assets

on standalone basis

Asset quality: GS2+GS3 <10%

10.0

8.4

9.7

10.2

9.1

9.7

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

Stage-3 @3.9% (v/s. 3.8% in Sep-2024)

4.0

3.4

3.6

3.8

3.9

3.7

3.8

3.9

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

Credit Costs* YoY 2.2% v/s 2.3%

Capital Adequacy Comfortable at 19.5% with Tier I capital at 16.9% & Tier II capital at 2.6%

Key Business Indicators Q2FY26 vs Q2FY25

Disbursements

Business AUM

Total Income*

13%

13,162

13,514

1,12,454

1,27,246

3,925

14%

4,489

Figs. In Rs. Cr

Growth %

NIM*

22%

2,423

1,991

Q2FY25

Q2FY26

Q2FY25

Q2FY26

Q2FY25 12.9%

Q2FY26 13.0%

Q2FY25 6.5%

Q2FY26 7.0%

Total Opex

16%

924

795

PPOP*

25%

1,499

1,196

Credit Cost

751

703

PAT*

54%

569

369

Q2FY25 2.6%

Q2FY26 2.7%

Q2FY25 3.9%

Q2FY26 4.3%

Q2FY25 2.3%

Q2FY26 2.2%

Q2FY25 1.2%

Q2FY26 1.6%

% of Avg. Total Assets

*Q2F25 & Q2F26 include Rs.15cr (5bps) & Rs.54cr (15bps) of dividend income from MIBL respectively

Spread & RoA Tree

on standalone basis

Particulars

Q2FY26

Q1FY26

Q2FY25

H1FY26

H1FY25

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%

11.6%

1.4%

6.0%

7.0%

2.7%

2.2%

1.2%

1.0%

2.2%

1.6%

13.0%

11.7%

1.4%

6.3%

6.7%

2.7%

1.9%

1.2%

0.7%

2.0%

1.6%

12.9%

11.7%

1.1%

6.3%

6.5%

2.6%

2.3%

1.0%

1.3%

1.6%

1.2%

13.0%

11.6%

1.4%

6.1%

6.8%

2.7%

2.0%

1.2%

0.8%

2.1%

1.6%

12.8%

11.7%

1.1%

6.3%

6.5%

2.6%

1.9%

1.0%

0.9%

2.0%

1.5%

FY25

12.8%

11.7%

1.1%

6.3%

6.5%

2.7%

1.3%

1.2%

0.0%

2.5%

1.9%

Average Assets is computed based on Net Total Assets i.e., Total Assets less ECL Provisions

Key Business Indicators H1FY26 vs H1FY25

Disbursements

Business AUM

Total Income*

25,903

26,323

13%

16%

1,12,454

1,27,246

7,685

8,927

3,922

Figs. In Rs. Cr

Growth %

NIM*

20%

4,708

H1FY25

H1FY26

H1FY25

H1FY26

H1FY25 12.8%

H1FY26 13.0%

H1FY25 6.5%

H1FY26 6.8%

Total Opex

17%

1,856

1,592

PPOP*

22%

2,331

2,852

Credit Cost

23%

1,152

1,411

882

PAT*

25%

1,099

H1FY25 2.6%

H1FY26 2.7%

H1FY25 3.9%

H1FY26 4.1%

H1FY25 1.9%

H1FY26 2.0%

H1FY25 1.5%

H1FY26 1.6%

9 9

% of Avg. Total Assets *H1F25 & H1F26 include Rs.15cr (3bps) & Rs.100cr (15bps) of dividend income from MIBL respectively

GS2 + GS3: Within range

GS3 – 3 yrs Trendline

4.35%

4.29%

+27 bps 3.56% 3.83%

+9 bps

3.85% 3.94%

GS2 – 3 yrs Trendline

+32 bps

(7) bps

6.37%

5.75% 6.10%

6.42%

5.85% 5.78%

Figs. In ₹. Cr

3,770

4,024

3,790

4,309

4,697

5,007

5,527

5,390

6,487

7,225

7,139

7,356

Jun-23

Sep-23

Jun-24

Sep-24

Jun-25

Sep-25

Jun-23

Sep-23

Jun-24

Sep-24

Jun-25

Sep-25

GS2 + GS3 – 3 yrs Trendline

10.72%

10.04%

+2 bps

10.26%

9.70% 9.72%

+60 bps

9.66%

9,298

9,413

10,277

11,534

11,836

12,363

Jun-23

Sep-23

Jun-24

Sep-24

Jun-25

Sep-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%

on standalone basis

FY24

3.4%

1.7%

0.1%

63.2%

108

1.6%

1,715

FY25

3.7%

1.3%

0.0%

51.2%

1.2%

1,559

Q1FY25

Q2FY25

Q1FY26

Q2FY26

3.6%

1.5%

0.4%

59.8%

126

1.1%

322

3.8%

2.3%

1.3%

59.5%

407

1.0%

296

3.8%

1.9%

0.7%

51.4%

243

1.2%

417

3.9%

2.2%

1.0%

53.0%

337

1.2%

415

Credit Cost*

2.3%

2.2%

1.9%

1.2%

1.5%

1.4%

Q1F24

Q2F24

Q3F24

Q4F24

Q1F25

Q2F25

Q3F25

Q4F25

Q1F26

Q2F26

* % of Avg. Total Assets

0.0%

Providing Financial Solutions to Emerging India

Executive Summary

Financial Information - Standalone

Subsidiary Financials

Company Overview

ESG & CSR

Distribution of Disbursements

on standalone basis

Product Wise

Q2 FY26

Q2 FY25

YoY

H1 FY26

H1 FY25

YoY

FY25

5,348 (40%)

5,315 (40%)

Pre-Owned Vehicle

2,473 (18%)

2,384 (18%)

10,602 (40%)

10,457 (41%)

4,649 (18%)

4,501 (17%)

23,527 (41%)

9,468 (17%)

CV & CE

Tractor

2,293 (17%)

2,633 (20%)

(13%)

4,647 (17%)

5,303 (21%)

(12%)

12,290 (21%)

1,746 (13%)

1,237 (10%)

41%

3,457 (13%)

2,655 (10%)

30%

5,871 (10%)

3-Wheeler

503 (4%)

642 (5%)

(22%)

999 (4%)

1,163 (4%)

(14%)

2,445 (4%)

SME

Others

Total

736 (5%)

659 (5%)

415 (3%)

293 (2%)

12%

41%

1,260 (5%)

1,302 (5%)

(3%)

3,010 (5%)

709 (3%)

522 (2%)

36%

1,288 (2%)

13,514 (100%)

13,162 (100%)

26,323 (100%)

25,903 (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

Asset Class

Passenger vehicles

Commercial vehicles and construction equipments

Pre-owned vehicles

Tractors

SME

3 Wheelers

Others*

41%

21%

12%

11%

Contribution of M&M assets in Business Assets

43%

H1FY26

H1FY25

FY25

on Standalone Basis

39%

22%

13%

11%

43%

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

Circle HQ

Disbursement*

Business Assets

Q2 FY26

Q2 FY25

Q2 FY26

Q2 FY25

Delhi

13.5%

12.8%

14.9%

13.5%

on standalone basis

Jaipur

15.0%

15.6%

14.9%

14.6%

Lucknow

17.4%

Thane

17.9%

17.3%

17.9%

16.8%

19.3%

Chennai

12.7%

14.0%

11.8%

17.9%

18.7%

11.9%

Hyderabad

13.2%

Kolkata

10.4%

13.1%

9.4%

12.3%

12.6%

9.9%

10.8%

* 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 15 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)

13,514 (3% yoy)

12,741

12,165

95%

94%

13,162

13,315

96%

on standalone basis

16,467

15,530

57,900

15,436

15,292

56,208

95%

97%

98%

95%

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

3.4%

3.7%

Gross Stage-3

Net Stage-3

3.8%

3.9%

5.0%

5.4%

1.8%

1.6%

1.9%

1.3%

on standalone basis

6.4%

5.8%

FY24

FY25

FY25 Q2

FY26 Q2

FY24

FY25

FY25 Q2

FY26 Q2

Gross & Net Stage - 3

Gross Stage - 2

Balance Sheet → Adequately Capitalized

Capital Adequacy

Gross Stage-3

Stage 3 - Coverage Ratio

20.6%

19.5%

3.8%

3.7%

3.8%

3.9%

59.5%

18.3%

16.7%

(14.8%)

(15.2%)

(17.9%)

(16.9%)

51.2%

51.4%

53.0%

Sep-24

Mar-25

Jun-25

Sep-25

Sep-24

Mar-25

Jun-25

Sep-25

Sep-24

Mar-25

Jun-25

Sep-25

(Tier I- %)

Adequately capitalized

Asset quality under control

Prudent

Growth Trajectory

Loan Book (1) (Rs. crores)

99,195

1,16,214

1,08,519

14%

1,23,211

79,455

Revenues (Rs. crores)

16,075

13,562

11,056

on standalone basis

7,685

16%

8,927

FY23

FY24

FY25

H1 FY25

H1 FY26

FY23

FY24

FY25

H1 FY25

H1 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

2,331

22%

2,852

882

25%

1,099

FY23

FY24

FY25

H1 FY25

H1 FY26

FY23

FY24

FY25

H1 FY25

H1 FY26

Note : (1) Loan Book net of provisions.

(2) PAT post exceptional items.

Financial Performance

Cost to income ratio (1) (%)

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

on standalone basis

42.1%

41.4%

41.7%

40.6%

39.4%

2.3%

1.7%

1.9%

1.5%

1.6%

FY23

FY24

FY25

H1 FY25

H1 FY26

FY23

FY24

FY25

H1 FY25

H1 FY26

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

Asset Quality (%)

4.5%

3.4%

3.7%

Gross Stage-3

Net Stage-3

3.8%

3.9%

12.1%

12.4%

10.0%

9.7%

10.3%

1.9%

1.3%

1.8%

1.6%

1.9%

FY23

FY24

FY25

H1 FY25

H1 FY26

FY23 59.5%

FY24 63.2%

FY25 51.2%

H1 FY25 59.5%

H1 FY26 53.0%

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

Q2FY26

Q1FY26

Q-o-Q

Q2FY25

Y-o-Y

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)

4,473

2,066

2,406

2,423

491

350

924

4,419

2,152

2,267

2,285

523

334

932

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

1,499

1,353

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

751

748

178

569

660

693

164

530

(4%)

(10%)

(6%)

11%

(1%)

11%

14%

3,913

1,934

1,979

1,991

446

282

795

1,196

703

493

123

369

14%

22%

37%

22%

10%

24%

25%

16%

25%

52%

45%

54%

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 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

H1FY26

H1FY25

Y-o-Y

8,892

4,219

4,673

4,708

1,014

684

158

1,856

2,852

1,411

1,441

342

1,099

7,635

3,763

3,872

3,922

916

545

130

1,592

2,331

1,152

1,179

297

882

16%

12%

21%

(30%)

20%

11%

26%

21%

17%

22%

23%

22%

15%

25%

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 Sep 30, 2025

As on Sep 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

132

5,984

152

1,23,211

7,430

197

1,37,161

466

711

891

256

644

2,968

1,40,129

880

3,666

1,08,519

9,187

275

1,22,541

602

731

818

169

634

2,955

1,25,496

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 Sep 30, 2025

As on Sep 30, 2024

As on Mar 31, 2025

289

274

390

758 21 25,725 69,815 13,816 5,430 823 1,16,678

127 216 92 436

278 22,738 23,016 1,40,129

940 38 33,147 58,268 9,388 4,114 715 1,06,884

77 174 78 329

247 18,036 18,283 1,25,496

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

H1FY26

H1FY25

RONW (Avg. Net Worth) - annualised

Debt / Equity

Capital Adequacy

Tier I

Tier II

EPS (Basic) (Rs.)

Book Value (Rs.)

Dividend %

No. of employees

10.3%

4.99:1

19.5%

16.9%

2.6%

8.17

165.6

9.7%

5.74:1

16.7%

14.8%

1.9%

6.94

148.0

on standalone basis

FY25

12.4%

5.70:1

18.3%

15.2%

3.1%

18.43

160.4

325%

23,285

26,749

25,261

Figures restated where found relevant

Stage 3 - Analysis

on standalone basis

Particulars (Rs. in crores) except figures in %

Sep 30, 2025

Jun 30, 2025

Sep 30, 2024 Mar 31, 2025

Mar 31, 2024

Business Assets (including Provisions)

1,27,246

1,22,008

1,12,454

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 (%)

5,007

2,654

2,353

3.94%

1.89%

53.0%

1.1%

4,697

2,416

2,281

3.85%

1.91%

51.4%

1.1%

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

80.6%

78.8%

4,309

2,563

1,746

3.83%

1.59%

59.5%

1.2%

91.3%

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)

Q2FY26

Q1FY26

Q2FY25

H1FY26

H1FY25

FY25

FY24

Stage-1 Provisions

Stage-2 Provisions

Stage-3 Provisions

Provisions – P&L Charge

238

337

157

243

297

407

396

580

175

358

534

(7)

(5)*

108

Write-Offs

415

417

296

831

618

1,559

1,715

Total

751

660

703

1,411

1,152

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 Sep 2025

As on 30th Jun 2025

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

1,14,882

90.3%

688

0.6%

1,10,172

90.3%

632

0.6% 1,08,747

90.9%

598

0.6%

Stage - 2 Assets

7,356

5.8%

693

9.4%

7,139

5.9%

651

9.1%

6,512

5.4%

602

9.3%

Stage - 3 Assets

5,007

3.9%

2,654

53.0%

4,697

3.8%

2,416

51.4%

4,414

3.7%

2,258

51.2%

Total

1,27,246

4,034

3.2%

1,22,008

3,699

3.0%

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)

478

1,824

2,302

1,380

2,654

4,034

902

830

1,732

*GNPA as per IRACP norm is Rs 7,019 cr v/s stage 3 assets as per IND-AS norm of Rs 5,007 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

Sep’25

Jun’25

Sep’24

Amount % Share % Share % Share

Instrument Type

Sep’25

Jun’25

Sep’24

Amount % Share % Share % Share

71,722

63.6%

63.9%

57.6%

NCDs

22,607

20.0%

21.4%

24.1%

Mutual Funds

5,056

4.5%

3.5%

9.0%

Retail NCDs

3,230

2.9%

3.0%

3.1%

Bank / FI Loans

51,571

45.8%

47.7%

46.0%

Insurance & Pension Funds

14,919

13.2%

13.8%

15.0%

Offshore Borrowings

6,795

6.0%

6.2%

FIIs & Corporates

13,271

11.8%

11.4%

10.3%

Fixed Deposits

13,124

11.6%

11.5%

CP, ICD, TREPS

4,400

3.9%

0.5%

3.7%

8.6%

8.8%

Others

Total

7,836

6.9%

7.4%

8.1%

Securitisation/ Assignment

11,077

9.8%

9.7%

5.6%

1,12,805

100.0%

Total

1,12,805

100.0%

41% of the overall borrowing is at floating rate as of Sep’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%

1,40,625

1,18,296

1,19,360

1,07,352

21,644

6,136

25,952

11,670

30,532

17,173

41,432

27,087

62,279

52,643

Upto 1 Month

Upto 2 Month

Upto 3 Month

Upto 6 Month

Upto 1 Year

Upto 3 Year

Upto 5 Year

Liability Maturity^

Oct-25

Nov-25

Dec-25

Q3 FY26

Jan-26

Feb-26

Mar-26

Q4 FY26

400%

300%

200%

100%

Next 6 months

Bank Loans

2,249

1,403

3,853

7,505

664

2,801

2,109

5,574

10,031

Market Instruments (NCD/ CP etc.)

1,250

3,157

806

5,213

117 -

1,410

1,527

2,361

Others (FD/ ICD)

274

326

275

875

244

357

295

896

2,821

Total

3,773

4,886

4,934

13,593

1,024

3,158

3,814

7,997

15,213

Based on provisional ALM as on Sep 30, 2025

^ excl. Securitisation and as on Sep 30, 2025

In addition to undrawn sanctioned lines, the Company held Cash/ Liquid investments of over INR 8,550 crores

Providing Financial Solutions to Emerging India

Executive Summary

Financial Information - Consolidated

Subsidiary Financials

Company Overview

ESG & CSR

Key Financials

Disbursements

14,491

13,873

Total Income

13%

4,479

5,049

on consolidated basis

PAT

45%

566

390

Q2FY25

Q2FY26

Q2FY25

Q2FY26

Q2FY25

Q2FY26

27,253

28,114

14%

8,834

10,063

23%

1,095

887

H1FY25

H1FY26

H1FY25

H1FY26

H1FY25

H1FY26

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

Q2 FY26

Q1 FY26

Q-o-Q

Q2 FY25

Y-o-Y

5,026

2,198

2,829

2,852

603

644

1,340

1,511

768

743

759

193

566

4,991

2,280

2,711

2,733

634

635

1,355

1,379

695

683

704

175

529

-4%

-5%

-1%

10%

-23%

10%

4,465

2,062

2,403

2,417

558

533

1,170

1,247

738

509

523

133

390

13%

18%

65%

18%

21%

19%

15%

21%

46%

45%

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 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

H1 FY26

H1 FY25

Y-o-Y

10,017

4,478

5,539

5,585

1,237

1,279

180

2,695

2,890

1,463

1,427

1,462

367

1,095

8,781

4,023

4,758

4,811

1,150

1,063

154

2,368

2,444

1,293

1,151

1,184

297

887

14%

11%

16%

-14%

16%

20%

16%

14%

18%

13%

24%

23%

24%

23%

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 Sep 30, 2025

As on Sep 30, 2024

As on Mar 31, 2025

158

6,132

154

235

1,30,893

7,759

216

1,45,548

638

893

1,035

261

710

3,539

1,49,086

951

3,786

180

1,15,819

9,183

291

1,30,210

740

857

983

178

694

3,451

1,33,661

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 Sep 30, 2025

As on Sep 30, 2024

As on Mar 31, 2025

289

1,000 21 29,628 72,031 13,748 5,982 1,069 1,23,769

136 249 126 511

278 24,482 47 24,807 1,49,086

274

1,175 38 36,365 60,418 9,389 4,586 889 1,13,135

100 206 107 413

247 19,824 43 20,113 1,33,661

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)

Q2FY26

Q2FY25

H1 FY26

H1FY25

FY25

Loans disbursed

Loans & Advances (net)

Total income

PBT

PAT

Net-worth

Gross Stage 3 %

Net Stage 3 %

No. of Employees

598

7,106

283

1,272

2.86%

1.01%

4,780

509

7,010

302

1,441

9.14%

5.89%

6,312

1,093

7,106

572

1,272

2.86%

1.01%

4,780

996

7,010

604

(66)

(49)

1,441

9.14%

5.89%

6,312

2,022

6,894

1,197

(305)

(228)

1,260

8.65%

1.41%

5,442

▪ 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)

Q2FY26

Q2FY25

H1FY26

H1FY25

FY25

Gross Premium

Total income

PBT

PAT

No. of employees (nos.)

1,109

308

572

974

261

619

2,263

1,983

4,739

628

572

547

619

1,240

124

589

▪ 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)

Q2FY26

Q2FY25

H1 FY26

H1FY25

FY25

Loans disbursed

Loans & Advances (net)

Total income

PBT*

PAT

Net-worth

Gross Stage 3 % (including Gold loans)

Net Stage 3 % (including Gold loans)

13,129

20,376

993

267

119

3,292

1.7%

1.2%

7,253

11,072

664

117

2,976

3.4%

2.7%

24,357

20,376

1,847

477

209

3,292

1.7%

1.2%

12,718

11,072

1,256

157

2,976

3.4%

2.7%

29,473

14,803

2,741

433

146

3,083

1.9%

1.2%

▪ Business Area:

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

▪ Shareholding pattern:

MMFSL holds 58.2% stake.

▪ Reach:

37 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 4.49 trillion)*

About MMFSL

MMFSL (M.Cap: Rs 416 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 1,346 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 October 27, 2025, from BSE website

Vision

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

Our DNA

Our Mantra

1,300+ 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 September 30, 2025)

Shareholding Pattern

Top 10 Public Shareholders

5.59%

32.29%

52.49%

▪

Life Insurance Corporation of India

SBI Mutual Fund

HDFC Mutual Fund

HDFC Life Insurance Company Limited

Sundaram Mutual Fund

Bandhan Mutual Fund

SBI Life Insurance Co. LTD

Ashish Dhawan

9.59%

0.04%

Promoter

FII

Non-Institutions

Esop Trust

Mutual Funds and DIIs

▪ Government Pension Fund Global

▪

ICICI Prudential Mutual Fund

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 1,346 offices

Coverage (Circle HQ)

Branches have authority to approve loans within prescribed guidelines

▪

1,322

1,386

1,365

1,346

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 Sep'25

Delhi

Jaipur

Lucknow

Thane

Kolkata

Chennai

Hyderabad

136

13%

14%

17%

12%

18%

14%

106

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

52 52

Providing Financial Solutions to Emerging India

Thank You

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