Mahindra & Mahindra Limited

Anish Shah

GROUP CEO & MD, MAHINDRA & MAHINDRA LIMITED

Rajesh Jejurikar

ED AND CEO, AUTO AND FARM SECTOR, MAHINDRA & MAHINDRA LIMITED

Amarjyoti Barua

GROUP CFO, MAHINDRA & MAHINDRA LIMITED

rs,

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

42%

ith our usual chart around numbers for the quarter and for the year. Profit after tax for Q4 is up 42%. And profit after tax for this fiscal year is up 35%. I will say that these are numbers far higher

35%

d for the year. Profit after tax for Q4 is up 42%. And profit after tax for this fiscal year is up 35%. I will say that these are numbers far higher than what we had expected going into the year as wel

33%

numbers. And if at some point in time I would have mentioned to you that if Auto profit growth is 33% and Farm profit growth is 13% for the year, what number would you say for the Mahindra Group? I do

13%

in time I would have mentioned to you that if Auto profit growth is 33% and Farm profit growth is 13% for the year, what number would you say for the Mahindra Group? I don't think any of us would have

19%

ry strong performance from both Auto and Farm, both in terms of volume and margins. Auto volume up 19%, margin up 80 basis points. Farm even better, volume up 24%, margins up 150 basis points. But yes,

80 basis point

rmance from both Auto and Farm, both in terms of volume and margins. Auto volume up 19%, margin up 80 basis points. Farm even better, volume up 24%, margins up 150 basis points. But yes, Farm was dragged down by

24%

of volume and margins. Auto volume up 19%, margin up 80 basis points. Farm even better, volume up 24%, margins up 150 basis points. But yes, Farm was dragged down by the international subsidiaries and

150 basis point

argins. Auto volume up 19%, margin up 80 basis points. Farm even better, volume up 24%, margins up 150 basis points. But yes, Farm was dragged down by the international subsidiaries and we exited three of them. So

60%

formational year for multiple businesses. Mahindra Finance has been on a very strong trajectory. A 60% profit growth year-over-year, if we exclude the provision release they had in the prior year. But

3.41%

ve talked about. And even with uncertainty in the 4th Quarter, we closed the 4th Quarter at GS3 of 3.41%. Beyond asset quality, we have been talking about technology and data for some time. A large pro

50%

hindra Finance while maintaining stability. Our Growth Gems collectively have increased profit by 50% year-over-year. And these are not small numbers now. They have to be larger. So if you look at the

“L65990MH1945PLC004558 “Mahindra & Mahindra Limited Q4 FY26 Analyst Meet” May 5, 2026 MANAGEMENT: DR.”

“A large project called Udaan was not just completed but fully adopted in this fiscal year.”

“We have, but that's behind us now, and that will be a tailwind for the Farm businesses as we go forward.”

“In a year where we started pivoting to growth late in the year, and we now hope to be able to drive that further, diversify further into mortgage, into SME, have fee income play a bigger role, and really create a stronger business where in rural and semi-urban we want to be the financial provider of choice.”

“But I'll make the same comments I've always made on this, which is our target is 18.”

“Don't expect 57% for the next five years annualized EPS growth, but it's been a good path that we've had so far.”

“So looking ahead, and these are the pages we've sort of added to the presentation to just give a better picture of where we are and what you could expect going forward.”

“And while I will joke that you shouldn't expect a 57% year-over-year growth, you should expect a strong year-over-year growth as we get into the next 5 years or the next decade as well.”

“So we don't expect uncertainty to go away, but we are best poised to take advantage of uncertainty.”

“Again, not completely where we need to be, hopefully there will be more as we go forward.”

Mr. Rajesh Jejurikar

20

Ms. Divya Gulati

9

Dr. Anish Shah

8

Mr. Kapil

6

Mr. Nitij

5

Mr. Amarjyoti Barua

3

Mr. Jay

3

Mr. Binay

3

Mr. Chandru

2

Ms. Gunjan

2

Ref

• Pursuant to Regulation 30 (read with Para 15(b)(iii) of Part-A to Schedule III) and 46 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations”) Intimation of M&M Analyst/Institutional Investor Meet Q4FY26 dated 14th April 2026 • • Submission of Presentation for M&M Analyst/Institutional Investor Meet Q4F26 vide letter dated 5th May 2026 • Submission of Audio-Video recording of M&M Analyst/Institutional Investor Meet Q4FY26 vide letter dated 5th May 2026 Dear Sir/ Ma’am, In continuation of our letters referred above, we hereby submit the Transcript of the M&M Q4 FY26 Earnings Conference Call held in hybrid mode in Mumbai on 5th May 2026 with Several Funds, Investors and Analysts, with respect to the Audited Standalone and Consolidated Financial Results for the fourth quarter and financial year ended 31st March 2026. The aforesaid Transcript is also available on the Company’s website and can be accessed

Dr. Anish Shah

Welcome to the Quarter 4 analyst meet of Mahindra and Mahindra Limited. For the main presentation today, we have with us: • Dr. Anish Shah – Group CEO & MD • Mr. Rajesh Jejurikar - ED and CEO, Auto and Farm Business, • Mr. Amarjyoti Barua – Group CFO. We will take your questions after the presentation concludes. For the purpose of completeness, I do wish to read this out. Certain statements in this meeting with regard to our future growth projects are forward-looking statements, which involve a number of risks and uncertainties that could cause the actual results to differ materially from those in these forward-looking statements. With that, I now hand over to Dr. Shah for his opening remarks. Good afternoon. It's a pleasure having everyone here. Normally, I follow the principle that the better the results, the shorter the presentation, and you've seen that in the past. This time, we're actually going to go away from that principle. The results are, what I would at least consider as am

Mr. Rajesh Jejurikar

now. And 1,354 is a good number, which is setting us up well for the future. The farm margins, you've already taken a look at this. So, this is Quarter 4. Quarter 4 margins for core tractors were very strong at 20.4%. When you look at for the year, it was 20.8% core tractor margins. So again, as Anish said, very strong performance on margins on the tractor side. We show this chart to kind of say that our margins in tractors will operate within a band. There will be volatility on industry growth. And we do manage our margins within a band, typically of 18 to 21%, depending on what's happening to industry growth. So even when growths have been bad, we keep our margins at a level which is, you know, about 17.5, 18%. So, this is kind of giving you a historic view of that, and that's very relevant, I'm guessing, in the context of some of the questions or doubts you may have in your mind. We have two major product upgrades on the tractor side. You know, those of you who follow tractors close

Mr. Amarjyoti Barua

lot of questions on that, which we'll take. On the SUV side, we are expecting mid-to-high teens. For us, that's not for the industry. And on the LCV, less than 3.5 ton, it's high single digits. So, that's broadly our outlook. With that over to you, Amar. Thank you. Thank you, Rajesh. So, to sum up, for the 4th quarter, that was our revenue grew 29%. That was contributed, 32% of that came from auto, 32% growth in auto revenue. 26% in farm. We also had the Growth Gems grow 30%. And Mahindra Finance grew 14%. That translated to a PAT growth of, as you know, pretty strong PAT growth during the quarter. We've got a very large increase in PAT from auto of 49%. Farm grew 1%. That was basically weighed down by the exit of the foundry, where we have taken a 400-crore charge. So, that's a one-time charge that completes our exit of foundry. And that should be the last you'll hear of any foundry-related costs. We also had very strong performance from TechM, 20% up in PAT. And the Growth Gems were

Mr. Chandru

Sure, thanks. Thanks for taking my question. I have 3 questions. So, the first one is just around SUV growth guidance. So, this is the 3rd successive year that we are guiding to mid-to-high teens SUV growth. This is a different year. Back half of the year will be up against a pretty heavy base. Also, there could be the risk of fuel price increases. There could be the risk of further product price increases the way commodity prices are moving. So just want to understand what the building blocks are of the SUV growth guidance expectation for this year? The second one is just specific to supply chain, more specific on gas supplies and DRAMs. So, I think last quarter you'd mentioned that DRAMs, there was 3 to 4 months of visibility. I just want to understand how that's progressed through the quarter. And also, on gas, given that it's also a critical part of manufacturing, paint shops and so on, how sourcing on gas looks like for you? And the last bit just is around commodity price inflatio

Mr. Rajesh Jejurikar

openness to possibly pass some of that on in future quarters? I'll just pause there, thanks. Okay, so I'll just start with the first one at a higher level, and then Rajesh will take that and the other two as well. The confidence comes from the demand that we've seen for our products. The fact that our capacity also hasn't been at the level we wanted to, even in the last couple of years, there were times we could have actually grown a little faster. We have put capacity in place, as we've shared earlier, we're putting more capacity in place right now as well. And it's a combination of all of that that gives us a high degree of confidence around that same mid-to- high teen number. But I'll let Rajesh sort of go through some of the more detailed aspects of it. Yeah, let me try and bring this alive for you by talking a little bit more around product. So, I just mentioned that we are selling XUV7XO at around 7,000 a month. We're clearly seeing that supply constraint at 9.5, and it can go up