Credit Rating

Mahindra & Mahindra Ltd. R,SG mahindra 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 Ref.: M&M/SEC/2026-27/124 18th September 2026 National Stock Exchange of India Limited BSE Limited Scrip Code: M&M Scrip Code: 500520 Dear Sir/Ma’am, Sub: Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Crisil Ratings Limited has reaffirmed its 'Crisil AAA/Stable/Crisil A1+' ratings on the bank facilities and debt instruments of the Company as under:- Total Bank Loan Facilities Rated Rs. 1087.5 Crore Regulator Of Instrument Short Term Rating Crisil A1+ (Reaffirmed) RBI Rs. 475 Crore Non Convertible Crisil AAA/Stable (Reaffirmed) SEBI Debentures Rs. 500 Crore Non Convertible Crisil AAA/Stable (Reaffirmed) SEBI Debentures Rs. 500 Crore Commercial Paper Crisil A1+ (Reaffirmed) RBI Please find enclosed a Press Release issued by CRISIL Ratings Limited in this regard which was intimated to the Company on 18th September 2026 at 05:20 p.m. Further, as per Regulation 55 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and as amended from time to time, read with SEBI Master Circular bearing reference No. SEBI/HO/DDHS/DDHS-PoD-1/P/CIR/2025/0000000103 dated 11th July 2025 and read with SEBI Master Circular bearing reference No. SEBI/HO/DDHS-PoD-1/P/CIR/2025/117 dated 13th August 2025, please find below details in respect of Credit Rating obtained for Non-Convertible Debentures (‘NCD’) issued by the Company from CRISIL Ratings Limited: Details of credit rating Current rating details Rating Outlook Action Verification (Stable/ (New/ Specify Name of the Date of status of Sr. Credit Rating Positive/ Upgrade/ other Date of ISIN Credit Rating Credit Credit No. Assigned Negative/ Downgr- rating Verification Agency rating Rating No ade/ Re- action Agencies Outlook) Affirm/ Other) INE101A0 8070 CRISIL CRISIL 18-09- 18-09- 1 (Rs.500 Stable Re-Affirm - Verified Ratings Ltd. AAA/Stable 2026 2026 Crore NCD) INE101A0 8088 CRISIL CRISIL 18-09- 18-09- 2 (Rs.475 Stable Re-Affirm - Verified Ratings Ltd. AAA/Stable 2026 2026 Crore NCD) Kindly take the above on record. Yours sincerely, For MAHINDRA & MAHINDRA LIMITED Sailesh Kumar Daga Company Secretary FCS: 4164 Encl: as above CC: Luxembourg Stock Exchange London Stock Exchange Plc ISIN: USY541641194 Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001, India | Tel: +91 22 6897 5500 | Fax: +91 22 22875485 | Email: group.communication@mahindramail.com | mahindra.com | CIN No. L65990MH1945PLC004558 9/18/26, 8:42 PM Rating Rationale Crisil Ratings Rating Rationale September 18, 2026 | Mumbai Mahindra and Mahindra Limited Ratings reaffirmed at 'Crisil AAA / Stable / Crisil A1+ ' Rating Action Regulator Of Total Bank Loan Facilities Rated Rs.1087.5 Crore Instrument Short Term Rating Crisil A1+ (Reaffirmed) RBI Rs.475 Crore Non Convertible Crisil AAA/Stable (Reaffirmed) SEBI Debentures Rs.500 Crore Non Convertible Crisil AAA/Stable (Reaffirmed) SEBI Debentures Rs.500 Crore Commercial Paper Crisil A1+ (Reaffirmed) RBI Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. 1 crore -10 million Refer to Annexure for Details of Instruments & Bank Facilities Detailed Rationale Crisil Ratings has reaffirmed its 'Crisil AAA/Stable/Crisil A1+' ratings on the bank facilities and debt instruments of Mahindra and Mahindra Limited (M&M). The ratings continue to reflect the leadership position of M&M in the tractor industry in India, its strong presence in the light commercial vehicles (LCVs) segment and the benefits of a diversified business portfolio. The company has also substantially strengthened its position in the passenger vehicle segment, supported by sustained increase in market share of its utility vehicle portfolio including electric vehicles in fiscal 2026. The ratings also factor in the company’s strong financial risk profile, supported by a robust balance sheet, with low leverage and high financial flexibility. In fiscal 2026, the company’s standalone operating income rose 24.5% on-year to Rs 147,765 crore, with strong growth in both farm segment (24.5%) and automotive segments (25.1%). Earnings before interest, taxes, depreciation and amortisation (Ebitda) grew to Rs 20,977 crore in fiscal 2026, from Rs 17,123 crore in fiscal 2025. Overall earnings before interest and taxes (Ebit) margin rose to 11.5% in fiscal 2026 (fiscal 2025: 11.1%). Furthermore, the Ebit margin for the automotive (auto) segment remained healthy at -9.3% in fiscal 2026 (fiscal 2025: 9.5%) while for the tractor segment it increased to -20% from -18.4% in fiscal 2025, supported by structured cost reduction programmes and better operating leverage. M&M’s tractor volume grew 24% on-year in fiscal 2026 due to strong retail sales across the country and decline in dealer channel inventory. Tractor sales were further supported by a favourable monsoon, adequate reservoir levels and robust rabi outlook. Moreover, the company continued to be the market leader in tractors, with a 43.6% market share. In the LCV<3.5T subsegment that M&M is present in, its market share progressively improved to 52.3% in fiscal 2026 (fiscal 2025: 51.7%, fiscal 2024: 49%). Furthermore, sales volume of utility vehicles (UV) segment grew around 20% in fiscal 2026 supported by sustained demand for key models such as Scorpio, Thar, Thar Roxx, XUV 700/7X0 and XUV 3XO, successful new product launches, continued premiumisation of the portfolio, strong brand franchise and capacity expansion that aided execution of a strong order book. The market share of M&M in the UV segment improved to 21.3% in fiscal 2026 (fiscal 2025: 19.7%, fiscal 2024: 17.2%). M&M strengthened its position as India's No.1 SUV player by revenue market share (25.3%), No.1 E-SUV player by revenue market share (37.4%) and the second-largest passenger vehicle player by volume in fiscal 2026. The company has outlined healthy product pipeline of new/upgraded launches till 2031 comprising of ten ICE SUVs, six Electric vehicles and ten LCVs (<3.5T) which is expected to support volume growth in the medium term. To support demand growth, the company continues to expand capacity across SUV and EV portfolios. During fiscal 2026, M&M increased its operational exit capacity to 64,500 units per month, comprising 56,500 units/month of ICE SUV capacity and 8,000 units/month of BEV capacity. Further capacity is expected to increase to 68,000 units by the first half of 2027 and to 82,000 units by end of fiscal 2027. Additionally, capacity for the new NUJQ platform is being created at Chakan and will be commissioned in phases by fiscal 2028. https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/MahindraandMahindraLimited_September 18_ 2026_RR_404981.html 1/10 9/18/26, 8:42 PM Rating Rationale The company is expected to incur Rs 15,000 crore to fund its capex for Nagpur plant to fund its capacity expansion and would also incur capex for capacity expansion in Chakan plant. . Further, M&M is expected to continue investing in its growth gems. As per Crisil’s estimates, the group's strong operating cash flows along with net accrual over Rs 14,000 crore in medium term are expected to adequately support its growth capex requirements, with investments in group entities while maintaining a strong financial risk profile. The financial risk profile of the entity is indicated by its strong debt protection metrics, with limited standalone debt at Rs 1,056 crore in fiscal 2026 as against estimated accrual of Rs 16,785 crore in fiscal 2026. Adjusted net gearing continues to remain healthy. Any major debt-funded acquisition exerting pressure on debt metrics will be monitorable. These strengths are parti [Showing first 8,000 characters — download PDF for full document]