M_MFIN

21st July 2026 To, BSE Limited (Scrip Code: 532720) National Stock Exchange of India Ltd. (Symbol: M&MFIN) Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1, "G" Block, Dalal Street, Fort, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 001 Mumbai - 400 051 Dear Sir/ Madam, Sub: Earnings Presentation for the first quarter ended 30th June 2026 - Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) Ref: Our letter dated 14th July 2026 regarding 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 call scheduled to be held today i.e. on Tuesday, 21st July 2026 at 6:30 p.m. (IST) encompassing, inter-alia, an overview of the unaudited standalone and consolidated financial results of the Company for the first quarter ended 30th June 2026 (subjected to limited review by the Joint Statutory Auditors of the Company), highlights of the quarter and business overview. Please note that no Unpublished Price Sensitive Information will be shared by the Company during the said earnings conference call. In compliance with Regulation 46(2)(o) of the Listing Regulations, the enclosed earnings presentation is also being uploaded on the Company’s website viz. https://www.mahindrafinance.com/investor- relations/financial-information#investor-presentation Kindly take the same on record. Thanking you, For Mahindra & Mahindra Financial Services Limited Brijbala Batwal Company Secretary FCS No.: 5220 Mahindra & Mahindra Financial Services Limited Result Update Quarter ended Jun’26 (Q1FY27) Regd. Office: Corporate Office: Gateway Building, Apollo Bunder, Mahindra Towers, 3rd Floor, Mumbai-400 001, India Dr. G. M. Bhosale Marg, Worli, Tel: +91 22 6897 5500 Mumbai-400 018, India Fax:+91 22 2287 5485 Tel: +91 22 6652 6000 www.mahindrafinance.com Email: corporate.communications@mahindrafinance.com CIN - L65921MH1991PLC059642 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. 2 Executive Summary Performance Highlights: Growth, Risk, Margins & Subsidiaries MMFSL Franchise Flywheel: How we win in Bharat Financial statement details: Standalone & Consolidated Other Company Information Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Profitable & Disciplined Growth (1/2) on standalone basis Continued step-up in Stable asset quality Pivoting to growth profitability PAT up 70% YoY; GS3 at 3.5% Core Business disbursals 20% YoY; ROA at 2.4% GS2+GS3 at 8.3% New Growth engines 46% YoY* 4 *Includes SME & PL disbursements Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Profitable & Disciplined Growth (2/2) on standalone basis Continued step-up in Stable asset quality Pivoting to growth profitability NIM* GS2+GS3 Disbursements 7.3% 8.3% ₹15,564 Cr v/s 6.7% in Q1FY26 v/s 9.7% in Q1FY26 22% YoY Growth Credit cost* AUM PAT ₹899 Cr 1.5% ₹1,37,449 Cr v/s ₹530 Cr, 70% YoY v/s 1.9% in Q1FY26 13% YoY Growth 5 *% of Avg. Total Assets Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Consolidated financial services franchise gaining momentum on consolidated basis Total Lending AUM MRHFL ₹1,46,623 Cr ₹9,174 Cr 2.4% ₹30 Cr MMFSL + MRHFL AUM Loan Book GS-3 PAT 14x YoY Growth Wheels AUM MIBL Non-Wheels AUM* 17% ₹1,161 Cr ₹463 Cr ₹38 Cr Net Premium Total Income PAT 83% YoY Growth 83% MMIMPL ₹34,786 Cr ₹38 Cr ₹10 Cr 20% 79% Avg AUM Income PAT Wheels Disbursal Non-Wheels Disbursal YoY Growth YoY Growth 4.3x YoY Growth 6 *MIFL & MFUSA not included as they are overseas subsidiaries / JVs Executive Summary Performance Highlights: Growth, Risk, Margins & Subsidiaries MMFSL Franchise Flywheel: How we win in Bharat Financial statement details: Standalone & Consolidated Other Company Information Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Growth: Performance Momentum Across Wheels & Emerging Businesses on standalone basis All figures in ₹ crore Product Wise Disbursals Q1 FY27 Q1 FY26 YoY FY26 PV 6,525 (42%) 5,254 (41%) 24% 24,614 (40%) Pre-Owned Vehicle 2,526 (16%) 2,176 (17%) 16% 10,151 (17%) CV & CE 2,292 (15%) 2,354 (18%) -3% 10,665 (17%) Tractor 2,480 (16%) 1,711 (13%) 45% 8,732 (14%) 3-Wheeler 539 (3%) 496 (4%) 9% 1,976 (3%) SME 683 (4%) 524 (4%) 30% 3,057 (5%) Others* 520 (3%) 294 (2%) 77% 1,922 (3%) Total 15,564 (100%) 12,808 (100%) 22% 61,118 (100%) * Others include Farm implements, Gensets, and Personal Loans 8 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Risk: Reducing seasonal volatility across key risk metrics on standalone basis GS2 GS3 +41 bps +11 bps +16 bps +4 bps 3.85% 5.85% 5.44% 3.69% 4.76% 4.87% 3.45% 3.41% Mar-25 Jun-25 Mar-26 Jun-26 Mar-25 Jun-25 Mar-26 Jun-26 Net GS-3 Credit Cost +7 bps +3 bps +55 bps -4 bps 1.84% 1.91% 1.94% 1.44% 1.48% 1.54% 1.50% 1.39% Mar-25 Jun-25 Mar-26 Jun-26 Q4FY25 Q1FY26 Q4FY26 Q1FY27 9 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Risk: Prudent coverage and adequately capitalized on standalone basis Stage 3 - Coverage Ratio Capital Adequacy Liquidity Buffer 14,650 20.6% 58.6% 58.1% 10,400 10,100 18.8% 9,150 18.5% 51.2% 51.4% 18.3% (15.2%) (17.9%) (16.7%) (16.5%) Mar-25 Jun-25 Mar-26 Jun-26 Mar-25 Jun-25 Mar-26 Jun-26 Mar-25 Jun-25 Mar-26 Jun-26 (Tier I- %) (₹ Crore) Prudent Adequately capitalized Robust liquidity 10 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Margins: Steady RoA Expansion on standalone basis Particulars Q1FY27 Q4FY26^ Q1FY26 FY26*^ FY25 Total Income / Average Assets 13.1% 13.2% 13.0% 13.1% 12.8% - Loan Income 11.5% 11.8% 11.7% 11.6% 11.7% - Fee, Investment & Other Income 1.5% 1.5% 1.4% 1.4% 1.1% Interest cost / Average Assets 5.8% 5.7% 6.3% 5.9% 6.3% Gross Spread 7.3% 7.5% 6.7% 7.1% 6.5% Overheads / Average Assets 2.7% 2.8% 2.7% 2.7% 2.7% End Losses & provisions / Average Assets 1.5% 1.5% 1.9% 1.7% 1.3% - End Losses 1.3% 1.4% 1.2% 1.4% 1.2% - Provisions 0.2% 0.2% 0.7% 0.3% 0.0% Net Spread before Tax 3.1% 3.2% 2.0% 2.6% 2.5% Net Spread after Tax 2.4% 2.4% 1.6% 2.0% 1.9% Average Assets is computed based on Net Total Assets i.e., Total Assets less ECL Provisions 11 *PAT post exceptional item on account of labour code impact ^Credit Cost and PAT is after additional provisioning (management overlay) of Rs 217 Cr in Q4F26 and Rs 635 Cr in Q3F26 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Consolidated financials: Core led growth, broader franchise also contributing on consolidated basis Total Assets Total Income PAT 16% 14% 75% 1,67,922 5,725 927 5,013 1,45,234 529 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 12 Figs. In Rs. Cr Growth % Executive Summary Performance Highlights: Growth, Risk, Margins & Subsidiaries MMFSL Franchise Flywheel: How we win in Bharat Financial statement details: Standalone & Consolidated Other Company Information Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info The Franchise Flywheel Relevance: Where we participate Responsible: How we safely compound E R C E N S Mobility Risk Discipline P A O V N E L ASPIRATION S Enterprise Financial Resilience E I B R L Most Trusted Financial E Services Partner for Trust & Governance Household Bharat REACH Reach: How we serve Physical Reach Phygital Digital Reach 14 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Relevance: Where we participate Expanding from Mobility finance to → Bharat’s broader financial needs Expand into Adjacent financial needs Strengthen Leadership Enterprise Household Mobility Enable Entrepreneur Strengthen Household Strengthen Leadership in Growth Financial Resilience Bharat Mobility Finance v v v Tractor, Auto, LAP, Supply Chain Mortgages, CV, 3W, Financing, Protection, Savings, Pre-owned Leasing Investments 15 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Reach: How we serve Expanding deep local presence → to Phygital and Digital customer convenience AI Powered Physical Phygital Digital Reach Reach • Expanded • India’s deepest Rural & • Scale Rural customer functionalities in Semi-urban Franchise digital adoption Customer App & Web • Transform workflows • Last Mile customer • Improved Call centre with ULI/Digital stack Proximity v v & bot funvctionalities 1,300+ branches 100% frontline Native app and web fulfilling Customer Assisted journeys 6,000+ dealer coverage digital journeys 16 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Digital + AI powered reach Customer Acquisition Resilient Efficient Udaan Stack Delta Operations Collections Digital transformation AI-enabled operation AI augmented collections Digital/ AI-led program workflows workflows 100% 30% 20% → 45% 10% → 20% Wheels Disbursals Lower cost of acquisition for Samur AI coverage Coverage through through Udaan in Q1 F27 Digital/AI orchestrated channel (Q4’26 to Q1’27) 12+ AI vernacular bots (Q4’26 to Q1’27) 17 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Responsible: How we safely compound Delivering responsible and consistent outcomes Risk Financial Trust & Governance Discipline Resilience Asset Quality & Sustainable Returns Transparency & Credit cost & Capital Strength Customer centricity v v v CC: 1.3 - 1.7% RoA: 2.2 - 2.5% PPC: 3.2 - 3.5 GS2+GS3 <10% 18 Note: Numbers mentioned indicate F31 milestones Key Priorities Defend and grow Grow Mortgages, Steady progress Sustain risk levels wheels SME, leasing, and on growth and (asset quality, leadership fee income margins credit costs) Continue to build a resilient operating model Efficiency gains – Data, Digital, AI in Achieve stronger Sales, underwriting, Business and RoA and RoE collections Controls outcomes 19 Executive Summary Performance Highlights: Growth, Risk, Margins & Subsidiaries MMFSL Franchise Flywheel: How we win in Bharat Financial statement details: Standalone & Consolidated Other Company Information Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Growth Breakdown of Business Assets on standalone basis Asset Class Q1 FY27 Q1 FY26 FY26 Passenger vehicles 41.5% 40.8% 41.3% Commercial vehicles and construction equipments 19.2% 21.7% 20.0% Pre-owned vehicles 12.3% 12.5% 12.5% Tractors 12.4% 10.7% 12.2% SME 6.2% 5.3% 6.0% 3 Wheelers 3.1% 3.6% 3.2% Others* 5.3% 5.2% 4.8% Contribution of M&M assets in Business Assets 46% 44% 46% * Others include Trade Advances, Personal and Consumer Loans, Finance Lease Receivables, Implements etc. 21 Figures re-grouped and rounded where found relevant Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Growth Disbursements & Collections Trends on standalone basis Historical Disbursements (Rs. in crore) Q1 Q2 Q3 Q4 FY 15,564 FY 2027 - - - - (22% yoy) FY 2026 12,808 13,514 17,612 17,184 61,118 FY 2025 12,741 13,162 16,467 15,530 57,900 Collection Efficiency^ Q1 Q2 Q3 Q4 FY FY 2027 95% - - - - FY 2026 95% 96% 95% 98% 96% FY 2025 94% 96% 95% 97% 95% ^ Computed as (Current month demand collected + Overdues collected)/(Current month demand due for the month) without considering restructured contracts 22 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Growth Disbursement and AUM mix by Geography on standalone basis 10% 14% Delhi 10% 14% Jaipur 12% 12% ₹15,564 Cr Lucknow 15% Disbursals 15% Thane 13% 12% ₹1,37,449 Cr AUM Chennai 19% 17% Hyderabad 18% 20% Kolkata AUM Disbursement DELHI: Chandigarh, Delhi, Haryana, Himachal Pradesh, Jammu & Kashmir, Ladakh, Punjab, Uttarakhand CHENNAI: Andaman & Nicobar Island, Karnataka, Kerala, Puducherry, Tamil Nadu JAIPUR: Rajasthan, Gujarat, Dadra & Nagar Haveli HYDERABAD: Andhra Pradesh, Telangana, Orissa, Chhattisgarh LUCKNOW: Uttar Pradesh, Bihar KOLKATA: Arunachal Pradesh, Assam, Meghalaya, Mizoram, Manipur, Sikkim, THANE: Maharashtra, Goa, Madhya Pradesh 23 Tripura, West Bengal, Jharkhand • Figures re-grouped and rounded where found relevant Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Risk Credit Cost: Break down on standalone basis Particulars FY25 FY26 Q4FY25 Q1FY26 Q4FY26 Q1FY27 GS-3 (%) 3.7% 3.4% 3.7% 3.8% 3.4% 3.5% Credit Cost (%) 1.3% 1.7% 1.4% 1.9% 1.5% 1.5% Provision (%) 0.0% 0.3% -0.1% 0.7% 0.2% 0.2% GS-3 Coverage (%) 51.2% 58.6% 51.2% 51.4% 58.6% 58.1% Provision (Rs Cr) 59 482 -40 243 61 89 End Losses (%) 1.2% 1.4% 1.5% 1.2% 1.4% 1.3% End Losses (Rs Cr) 1,559 1,959 498 417 499 481 Credit Cost* 2.3% 2.2% 1.9% 1.5% 1.4% 1.5% 1.5% 1.3% 0.0% Q1F25 Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 Q3F26 Q4F26 Q1F27 * % of Avg. Total Assets 24 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Risk Stagewise Provisioning on standalone basis Stage-Wise Assets and Provisioning As on 30th June 2026* As on 31st Mar 2026* As on 30th June 2025 Rs. in crore Business Assets Provisions & Business Assets Provisions & Business Assets Provisions & (Amount and %) Coverage (Amount and %) Coverage (Amount and %) Coverage Stage - 1 Assets 1,26,017 91.7% 751 0.6% 1,23,128 91.8% 742 0.6% 1,10,172 90.3% 632 0.6% Stage 1A 1,25,742 91.5% 749 0.6% 1,22,816 91.6% 739 0.6% - - - - Stage 1B^ 275 0.2% 2 0.8% 312 0.2% 2 0.8% - - - - Stage - 2 Assets 6,689 4.9% 524 7.8% 6,390 4.8% 514 8.0% 7,139 5.9% 651 9.1% Stage 2A 5,100 3.7% 380 7.5% 4,566 3.4% 346 7.6% - - - - Stage 2B^ 1,590 1.2% 144 9.1% 1,824 1.4% 168 9.2% - - - - Stage - 3 Assets 4,743 3.5% 2,754* 58.1% 4,578 3.4% 2,681* 58.6% 4,697 3.8% 2,416 51.4% Total 1,37,449 4,030 2.9% 1,34,096 3,936 2.9% 1,22,008 3,699 3.0% Comparison of IRACP and IND-AS Provisioning requirement Rs. in crore IRACP (A) IND-AS (B) Difference (B-A) Stage 1 and Stage 2 520 1,276 755 Stage 3 1,924 2,754 831 Total 2,444 4,030 1,586 ^ cases which have ever been 90+ 25 * Includes management overlays of Rs 635 Cr (created in Q3 F26) & 217cr (created in Q4 F26) Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone Financial Performance (1/2) on standalone basis Loan Book (1) (Rs. crore) Revenues (Rs. crore) 1,30,160 13% 1,33,419 18,500 1,16,214 1,18,308 16,075 99,195 13,562 4,438 12% 4,974 FY24 FY25 FY26 Q1 FY26 Q1 FY27 FY24 FY25 FY26 Q1 FY26 Q1 FY27 Pre-Provisioning Operating Profit (Rs. crore) Profit after Tax (2) (Rs. crore) 6,231 2,782 4,765 2,345 4,178 1,760 30% 1,756 1,353 70% 899 530 FY24 FY25 FY26 Q1 FY26 Q1 FY27 FY24 FY25 FY26 Q1 FY26 Q1 FY27 26 Note : (1) Loan Book net of provisions. (2) PAT post exceptional items. Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone Financial Performance (2/2) on standalone basis Cost to income ratio (1) (%) Return on Assets (ROA) (2) (%) 2.4% 41.4% 41.7% 40.8% 38.4% 2.0% 36.5% 1.9% 1.7% 1.6% FY24 FY25 FY26 Q1 FY26 Q1 FY27 FY24 FY25 FY26 Q1 FY26 Q1 FY27 Return on Net Worth (RONW) (2) (%) Asset Quality (%) Gross Stage-3 Net Stage-3 3.7% 3.8% 14.3% 3.4% 3.4% 3.5% 12.4% 12.5% 10.0% 9.8% 1.8% 1.9% 1.4% 1.5% 1.3% FY24 FY25 FY26 Q1 FY26 Q1 FY27 63.2% 51.2% 58.6% 51.4% 58.1% FY24 FY25 FY26 Q1 FY26 Q1 FY27 Provision Coverage Ratio: Stage-3 Provisions/ Stage-3 Assets 27 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 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone Standalone Profit and Loss on standalone basis Particulars (Rs. in crores) Q1FY27 Q4FY26 Q-o-Q Q1FY26 Y-o-Y FY26 Revenue from operations (A) 4,972 4,800 4% 4,419 13% 18,446 Less: Finance cost (B) 2,208 2,071 7% 2,152 3% 8,392 NII (C= A-B) 2,764 2,729 1% 2,267 22% 10,054 Other Income (D) 2 10 -82% 18 -90% 55 Total Income (E=C+D) 2,766 2,739 1% 2,285 21% 10,108 Employee benefits expense (F) 560 520 8% 523 7% 2,054 Other expenses (G) 361 399 -10% 334 8% 1,480 Depreciation and amortization (H) 89 99 -10% 75 19% 343 Total Expenses (I=F+G+H) 1,010 1,018 -1% 932 8% 3,877 Pre-Provisioning Operating Profit (J=E-I) 1,756 1,722 2% 1,353 30% 6,231 Provisions and write-offs (K) 570 560 2% 660 -14% 2,441 Profit before Exceptional items (L=J-K) 1,186 1,161 2% 693 71% 3,790 Exceptional Items (M) - - - - - -117 Profit before Tax (N=L+M) 1,186 1,161 2% 693 71% 3,673 Tax expense (O) 288 288 0% 164 76% 890 Net Profit after Taxes (P=N-O) 899 873 3% 530 70% 2,782 Figures re-grouped and rounded where found relevant 28 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone Standalone Balance Sheet on standalone basis Particulars (Rs. in crore) As on Jun 30, 2026 As on Jun 30, 2025 As on Mar 31, 2026 ASSETS Financial Asset a) Cash and cash equivalents 1,213 1,198 391 b) Bank balance other than (a) above 6,452 5,262 6,949 c) Derivative financial instruments 367 29 403 d) Trade Receivables 92 38 86 e) Loans 1,33,419 1,18,308 1,30,160 f) Investments 12,012 8,596 6,820 g) Other Financial Assets 230 312 222 Financial Asset 1,53,785 1,33,743 1,45,032 Non-Financial Asset a) Current tax assets (Net) 426 447 439 b) Deferred tax assets (Net) 644 633 654 c) Property, plant and equipment 940 890 941 d) Intangible assets 239 253 254 e) Other non-financial assets 586 668 586 Non-Financial Assets 2,836 2,890 2,873 Total Assets 1,56,621 1,36,633 1,47,905 29 Figures re-grouped and rounded where found relevant Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone Standalone Balance Sheet (Contd.) on standalone basis Particulars (Rs. in crore) As on Jun 30, 2026 As on Jun 30, 2025 As on Mar 31, 2026 LIABILITIES AND EQUITY Financial Liabilities a) Derivative financial instruments 10 366 7 b) Payables i) Trade payables 694 778 856 ii) Other payables 14 26 40 c) Debt Securities 27,237 22,719 26,539 d) Borrowings (Other than Debt Securities) 82,112 69,552 74,240 e) Deposits 14,674 13,184 14,196 f) Subordinated Liabilities 4,282 5,415 5,360 g) Other financial liabilities 1,126 834 1,128 Financial Liabilities 1,30,150 1,12,873 1,22,365 Non-Financial liabilities a) Current tax liabilities (Net) 281 103 159 b) Provisions 410 219 407 c) Other non-financial liabilities 106 93 216 Non-Financial Liabilities 796 415 782 Equity a) Equity Share capital 278 278 278 b) Other Equity 25,397 23,068 24,481 Equity 25,675 23,346 24,759 Total Equities and Liabilities 1,56,621 1,36,633 1,47,905 30 Figures re-grouped and rounded where found relevant Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone Summary and Key Ratios on standalone basis Quarter ended Quarter ended Year ended Particulars Jun-26 Jun-25 FY26 RONW (Avg. Net Worth) - annualised 14.3% 9.8% 12.5% Debt / Equity 5.00:1 4.75:1 4.86:1 Capital Adequacy 18.5% 20.6% 18.8% Tier I 16.5% 17.9% 16.7% Tier II 2.1% 2.7% 2.2% EPS (Basic) (Rs.) 6.47 4.07 20.35 Book Value (Rs.) 184.7 168.0 178.1 Dividend % - - 375% No. of employees 22,662 23,589 22,637 Figures restated where found relevant 31 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Treasury Broad Based Liability Mix on standalone basis Funding Mix by Investor Category Funding Mix by type of Instrument Jun’26 Mar’ 26 Jun’25 Jun’26 Mar’ 26 Jun’25 Investor Type Instrument Type Amount % Share % Share % Share Amount % Share % Share % Share NCDs 24,817 19.7% 18.1% 21.4% Banks / Financial Institutions 84,630 67.2% 64.5% 63.9% Retail NCDs 2,297 1.8% 2.7% 3.0% Mutual Funds 8,287 6.6% 6.5% 3.5% Bank / FI Loans 64,346 51.1% 47.2% 47.7% Insurance & Pension Funds 13,668 10.8% 12.0% 13.8% Offshore Borrowings 5,141 4.1% 4.4% 6.2% Fixed Deposits 13,719 10.9% 11.4% 11.5% FIIs & Corporates 11,947 9.5% 10.6% 11.4% CP, ICD, TREPS 3,725 3.0% 5.3% 0.5% Others 7,447 5.9% 6.4% 7.4% Securitisation/ Assignment 11,934 9.5% 10.9% 9.7% Total 1,25,979 100.0% 100.0% 100.0% Total 1,25,979 100.0% 100.0% 100.0% Computed based on FV/ Principal value All figures in INR crores 44% of the overall borrowing is at floating rate as of Jun’26 32 ^ Based on holding as at respective period ends Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Treasury ALM Position and Liability Maturity on standalone basis All figures in ₹ crore 1,60,000 1,51,974 Cumulative Inflow Cumulative Outflow Cumulative Mismatch% 1,40,000 400% 1,28,151 1,28,085 1,23,128 1,20,000 300% 1,00,000 80,000 68,452 65,435 200% 60,000 45,682 32,502 40,000 28,167 30,613 100% 22,089 14,730 20,000 8,629 4,941 - 0% Upto 1 Month Upto 2 Month Upto 3 Month Upto 6 Month Upto 1 Year Upto 3 Year Upto 5 Year Next 6 Liability Maturity^ Jul-26 Aug-26 Sep-26 Q2 FY27 Oct-26 Nov-26 Dec-26 Q3 FY27 months Bank Loans 2,232 2,017 4,283 8,532 4,302 2,604 4,204 11,110 19,642 Market Instruments - - 345 345 325 - 1,050 1,375 1,720 (NCD/ CP etc.) Others (FD/ ICD) 321 693 728 1,742 740 339 649 1,729 3,470 Total 2,552 2,710 5,356 10,619 5,367 2,943 5,904 14,214 24,832 In addition to undrawn sanctioned lines, the Company held Cash/ Liquid investments of over INR 14,650 crores 33 Based on provisional ALM as on Jun 30, 2026 ^ excl. Securitisation as on Jun 30, 2026 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Subsidiary Financials Mahindra Rural Housing Finance Limited Particulars (Rs. in crore) Q1FY27 Q1FY26 FY26 FY25 Loans disbursed 1,143 501 3,171 2,023 Loans & Advances (net) 8,976 6,961 8,320 6,894 Total income 318 289 1,175 1,197 PBT 41 2 78 (305) PAT 30 2 58 (228) Net-worth 1,333 1,262 1,313 1,260 Gross Stage 3 % 2.41% 8.26% 2.39% 8.65% Net Stage 3 % 0.81% 1.47% 0.75% 1.41% No. of Employees# 4,096 5,065 4,319 5,442 ▪ Business Area: Provide loans for home construction, extension, purchase and improvement to customers in rural and 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 34 #on roll employees Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Subsidiary Financials Mahindra Insurance Brokers Limited Particulars (Rs. in crore) Q1FY27 Q1FY26 FY26 FY25 Net Premium 1,161 977 4,590 4,016 Total income 463 319 1,497 1,240 PBT 52 29 157 124 PAT 38 21 114 89 No. of employees (nos.) 406 563 432 589 ▪ 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. 35 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Subsidiary Financials Mahindra Ideal Finance PLC Particulars (in LKR Mn) Q1FY27 Q1FY26 FY26 FY25 Loans disbursed 9,423 11,228 57,608 29,473 Loans & Advances (net) 28,447 17,360 26,946 14,803 Total income 1,349 854 4,262 2,741 PBT* 251 209 1,093 433 PAT 98 90 478 146 Net-worth 3,659 3,173 3,561 3,083 Gross Stage 3 % (including Gold loans) 2.2% 1.8% 1.7% 1.9% Net Stage 3 % (including Gold loans) 1.5% 1.2% 1.2% 1.2% ▪ Business Area: Provide Gold loans and lease/ loan against vehicles in Sri-Lankan market ▪ Shareholding pattern: MMFSL holds 58.2% stake. ▪ Reach: 38 branches across Sri Lanka * before VAT and Income Tax Figures re-grouped and rounded where found relevant 36 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Consolidated Consolidated Profit and Loss on consolidated basis Particulars (Rs. in crores) Q1 FY27 Q4 FY26 Q-o-Q Q1 FY26 Y-o-Y Revenue from operations (A) 5,718 5,539 3% 4,991 15% Less: Finance cost (B) 2,372 2,220 7% 2,280 4% NII (C= A-B) 3,346 3,319 1% 2,711 23% Other Income (D) 7 21 (67%) 23 (70%) Total Income (E=C+D) 3,353 3,340 0% 2,733 23% Employee benefits expense (F) 673 641 5% 634 6% Other expenses (G) 793 802 (1%) 635 25% Depreciation and amortization (H) 99 110 (10%) 86 15% Total Expenses (I=F+G+H) 1,565 1,553 1% 1,355 16% Pre-Provisioning Operating Profit (J=E-I) 1,787 1,787 0% 1,379 30% Provisions and write-offs (K) 567 543 4% 695 (18%) Profit before Exceptional items (L=J-K) 1,220 1,243 (2%) 683 79% Exceptional Items (M) - - NA - NA Share of Profit of Associates (N) 22 16 38% 20 10% Profit before taxes (O= L+M+N) 1,242 1,259 (1%) 704 77% Tax expense (P) 315 319 (1%) 175 80% Net Profit after Taxes (Q=O-P) 927 940 (1%) 529 75% Figures re-grouped and rounded where found relevant 37 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Consolidated Consolidated Balance Sheet on consolidated basis Particulars (Rs. in crore) As on Jun 30, 2026 As on Jun 30, 2025 As on Mar 31, 2026 ASSETS Financial Asset a) Cash and cash equivalents 1,246 1,237 465 b) Bank balance other than (a) above 6,625 5,422 7,103 c) Derivative financial instruments 368 29 403 d) Trade Receivables 337 214 326 e) Loans 1,43,176 1,25,743 1,39,265 f) Investments 12,611 8,806 7,407 g) Other Financial Assets 247 328 238 Financial Asset 1,64,610 1,41,779 1,55,207 Non-Financial Asset a) Current tax assets (Net) 527 603 623 b) Deferred tax Assets (Net) 808 819 826 c) Property, plant and equipment (includes CWIP) 1,070 1,035 1,077 d) Intangible assets (includes under development) 244 260 258 e) Other non-financial assets 663 738 653 Non-Financial Assets 3,312 3,455 3,437 Total Assets 1,67,922 1,45,234 1,58,644 Figures re-grouped and rounded where found relevant 38 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Consolidated Consolidated Balance Sheet (Contd.) on consolidated basis Particulars (Rs. in crore) As on Jun 30, 2026 As on Jun 30, 2025 As on Mar 31, 2026 LIABILITIES AND EQUITY Financial Liabilities a) Derivative financial instruments 10 366 7 b) Payables i) Trade payables 1,007 1,017 1,142 ii) Other payables 15 26 40 c) Debt Securities 32,457 26,193 30,728 d) Borrowings (Other than Debt Securities) 85,283 71,971 77,612 e) Deposits 14,509 13,043 14,130 f) Subordinated Liabilities 4,739 5,960 5,901 g) Other financial liabilities 1,364 1,060 1,492 Financial Liabilities 1,39,384 1,19,636 1,31,052 Non-Financial liabilities a) Current tax liabilities (Net) 292 116 169 b) Provisions 464 249 465 c) Other non-financial liabilities 158 129 266 Non-Financial Liabilities 914 494 900 Equity a) Equity Share capital 278 278 278 b) Other Equity 27,308 24,783 26,361 c) Non-controlling interests 38 44 53 Equity (incl. attributable to minority investors) 27,624 25,105 26,692 Total Equities and Liabilities 1,67,922 1,45,234 1,58,644 Figures re-grouped and rounded where found relevant 39 Executive Summary Performance Highlights: Growth, Risk, Margins & Subsidiaries MMFSL Franchise Flywheel: How we win in Bharat Financial statement details: Standalone & Consolidated Other Company Information Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info MMFSL Group Structure Mahindra & Mahindra Limited 52.49% Mahindra & Mahindra Financial Services Limited 100%(1) 98.43%(2) 49% 51%(3) 51%(3) 58.2%(4) Mahindra Insurance Mahindra Rural Mahindra Finance USA Mahindra Manulife Mahindra Manulife Mahindra Ideal Finance Brokers Limited Housing Finance LLC Investment Trustee Pvt. Ltd PLC (“MIFL”), Sri Lanka (“MIBL”) Limited (“MRHFL”) (Joint venture with Management Pvt. Ltd (“MMTPL”) Rabobank group subsidiary) (“MMIMPL”) 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. Mahindra Ideal Finance PLC 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 41 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info MMFSL – At a Glance Our Strong Foundation Our Prominence Upper Layer Deposit taking NBFC 137K Cr 10+ AUM OEMs 30+ Years of Legacy e 6,000+ 1,300+ l Dealers a Branches c S  Part of the Mahindra Group 448 Bn 12M+ Mcap* Customers Highest Credit Ratings ‘AAA’ AAA Product Offerings Wheels SME LAP/HL PL Insurance FD Mutual Fund 42 *Source: Market capitalization as of July 20, 2026, from BSE website Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Our Journey Equity Sale of 5% of participation of MIBL at a 12.5%by NHB in valuation of Rs. MRHFL Stake sale in MIBL Certificate of to Inclusion Registration 1,300 crore. Rights Issue of Recommenced Resources Pvt. Ltd. received from SEBI Rights Issue of Rs. 2,996 crore QIP Issuance : Fixed Deposit by Mahindra Rs. 3,089 crore Rs. 1,056 crore; Program QIP Issue of Rs. Mutual Fund Completed IPO, 867 crore Preferential Issue Subscribed ~ 27 to M&M : Rs. AUM crosses 1 Lakh times 1,055 crore 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 QIP Issue of Maiden Retail Long term debt rating Rs. 426 crore NCD Issue of upgraded to AAA by Commenced Long term debt Rs. 1000 crore Partnered with CRISIL Received Corporate Housing Finance JV with rating upgraded to Oversubscribed Manulife for Mutual Agency LicCense from business through Rabobank AAA by India over 7x of base Fund business Crossed 9 million IRDAI MRHFL subsidiary for Ratings and issue size of Rs. cumulative customer tractor Brickwork. 250 crore Invested in Ideal contracts Raised Rs. 414 financing in CARE Ratings Finance for crore through USA assigned AAA providing financial Private Equity rating to long term services in debt Sri Lanka 43 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Diversified Product Portfolio Mahindra Finance Product Offerings Passenger Commercial Tractor Used Vehicle Vehicle 3- Wheeler Loan Against Supply Chain Vehicle Loan Vehicle Loan Loan Loan Leasing Loan Property Financing Business Personal Life and Motor Fixed Loans Loans Insurance Distribution Deposits Subsidiaries Product Offerings ₹ Housing Insurance Asset Gold Vehicle Finance Broking Loan Loan Management (MRHFL) (MIBL) (MMIMPL) (MIFL) (MIFL) 44 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Our Geographic Presence A deep-rooted commitment to empoweringBharat on standalone basis Mahindra Finance Coverage (Circle HQ) 21 1 26 32 27 States and 7 2 Union territories 26 38 14 3 3 110 160 46 1 6,000+ Dealer 66 4 7 22 78 136 31 65 95%+ Pin codes served 1 49 36 107 46 1300+ 1 Branches/offices 63 49 2 1 5,00,000+ Villages served 13% 14% 64 57 12% 17% 12% 18% 14% Delhi Jaipur Lucknow Thane Kolkata Chennai Hyderabad 45 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Shareholding Pattern Shareholding Pattern Top 10 Public Shareholders 6.46% ▪ Life Insurance Corporation of India ▪ HDFC Mutual Fund ▪ SBI Mutual Fund 31.49% ▪ HDFC Life Insurance Company Limited 52.49% ▪ SBI Life Insurance Co. LTD ▪ Bandhan Mutual Fund ▪ Ashish Dhawan 9.53% ▪ Sundaram Mutual Fund 0.03% ▪ Nippon Life India Mutual Fund Promoter Esop Trust FII Mutual Funds and DIIs Non-Institutions ▪ Government Pension Fund Global Shareholding Pattern as on 30th June 2026 . Mahindra & Mahindra Limited holds a stake of 52.49% in the Company 46 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Credit Rating India Ratings Outlook Long term Issuer Rating; Bank Facility; Non-Convertible Debenture (incl. IND AAA Stable MLD) and Subordinated debt; Fixed Deposit IND PP-MLD AAA Short term Bank Facility & Commercial Paper IND A1+ - CRISIL Outlook Long term Bank Facility; Non-Convertible Debenture and Subordinated CRISIL AAA Stable debt; Fixed Deposit Short term Bank Facility & Commercial Paper CRISIL A1+ - CARE Ratings Outlook Long term Non-Convertible Debenture and Subordinated debt CARE AAA Stable Brickwork Outlook Long term Subordinated debt BWR AAA Stable Our strong credit rating and brand equity enables us to borrow funds at competitive rates 47 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info FY27 CSR Initiatives Dhan Samvaad Mahindra Pride Nanhi Kali Saksham Scholarship Water Conservation Project >2,40,000 >1,14,000 >26,500 >5,900 >3.74 Cr Mahindra finance Flagship Female students and Underprivileged girl Underprivileged students Liters of rainwater to be Program to train women to be equipped students educated under to be provided financial conserved annually, underprivileged communities with essential skills to the Nanhi Kali Program assistance, enabling them benefiting approximately on financial planning, online enhance their to continue their education 6,000 villagers and banking, safeguard from employability and career fostering sustainable digital frauds. prospects. development Initiated employee volunteering initiatives by conducting blood donation camps and tree plantation drives to promote social responsibility and community engagement 48 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Q1 FY27 Recognitions Indian Tractor of the Year (ITOTY) 6th Edition The Great Indian BFSI & ET Future Skills Awards 2026 TransUnion CIBIL 2026 FintechAwards2026 Received the Won the "Best Digital Received “The Great Indian Won the “Operational “Silver Award in Transformation in BFSI Fintech Supporting Excellence & Community Skilling & Tractor Finance" Rural /Bharat Adoption of Improvement in Bureau Societal Impact” the Year 2026” Disputes” Excellence in Community Recognizing its technology-led Recognizing its technology-led Strengthening operational Skilling & Societal Impact initiatives in Tractor Financing financial inclusion for excellence and robust resolution Rural/Bharat mechanism 49