Please refer enclosed file

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 M&M/SEC/2026-27/128 22nd September 2026 National Stock Exchange of India Ltd BSE Limited Scrip Code: M&M Scrip Code: 500520 Sub: Transfer of Equity Shares by Mahindra & Mahindra Employees’ Stock Option Trust to the Stock Option Grantees Dear Sir/Ma’am, In compliance with the undertaking given to the Exchanges at the time of listing of shares that were allotted to Mahindra & Mahindra Employees’ Stock Option Trust (“the Trust”), we are enclosing the details of the Stock Option Grantees to whom the shares have been transferred by the Trust on 22nd September 2026, pursuant to the exercise of the Stock Options granted under the Company’s Employees’ Stock Option Scheme. The same is marked as Annexure I. Kindly acknowledge receipt. 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 ANNEXURE – I MAHINDRA & MAHINDRA EMPLOYEES STOCK OPTION TRUST LIST OF STOCK OPTION GRANTEES TO WHOM THE SHARES HAVE BEEN TRANSFERRED Sr No Name Total No. of Equity Shares 1 Datta Jagdale 9 2 Lucy Varghese 4 3 Sanjeev Yaligar 8 4 Ravindra Joshi 11 5 Arun Kakad 9 6 Tanaji More 9 7 Ramakant Patil 9 8 Murlidharan B 10 9 Lavesh Bhuravane 9 10 Balasaheb Khalkar 9 11 Khandu Sanap 9 12 Rajendra Patil 9 13 Sham Jagtap 9 14 Deepak Salian 9 15 Pandharinath Ambekar 9 16 Ghanshyam Bidwai 9 17 Nitin Chalke 9 18 Uday Pejavar 9 19 Devis C 9 20 Rafique Shaikh 9 21 Sanjay Bagul 9 22 Rajendra Khairnar 9 23 Pandurang Khachane 9 24 Anant Walzade 9 25 Mukund Dogmane 9 26 Jeejo Manavalan 9 27 Vishnu Jagtap 9 28 Rangnath Kadam 9 29 Sharad Thorat 9 30 Bhausaheb Harak 9 31 Mangesh Achat 9 32 Prashant Pagare 9 33 Jailal Jaiswal 9 34 Arvindkumar Pathak 9 35 Dashrath Mohite 9 36 Joy Mathew 9 37 Macchindra Hajare 9 38 Nana Tope 9 39 Ajay Carvalho 9 40 Mohandas Rane 9 41 Bharat Sawant 9 42 Jose Olakkengil 9 43 Ashok Adsare 9 44 Arun Pawar 9 45 Rajupuri Bawa 9 46 Sandeep Chaudhari 9 47 Rajesh Papal 9 48 Atul Sukenkar 9 49 Dilip Gavali 9 50 Nitin Kedare 9 51 Narayan Wadile 9 52 Moreshwar Bairagi 9 53 Krishna Kangane 9 54 Chandrakant Wani 9 55 Kishor Ohol 9 56 Satish Naphade 9 57 Madan Mandlik 9 58 Nanaji Patil 9 59 Eknath Mali 9 60 Kailas Nikam 9 61 Sanjay Wani 9 62 Krishnamurari Yadav 9 63 Sunil Tidke 9 64 Sanjay Patil 9 65 Hiralal Bhagat 9 66 Vijay Kapase 9 67 Mangesh Kulkarni 9 68 Vidhyadhar Shewale 9 69 Satish Deshmukh 9 70 Atul Sonar 9 71 Nitin Bhangale 9 72 Nandalal Raundal 9 73 Sanjay Pagare 9 74 Ramakant Mandalik 9 75 Sanjay Sonawane 9 76 Tulshiram Gaikwad 9 77 Rajendra Tawate 9 78 Umesh Pagare 9 79 Gajendra Mulay 9 80 Anil Bhamre 9 81 Bhausaheb Shinde 9 82 Pradip Sonawane 9 83 Rajendra Jadhav 9 84 Raosaheb Parande 9 85 Sanjay Jadhav 9 86 Pratik Puntambekar 9 87 Vilas Patil 9 88 Sunil Sali 9 89 Shivaji Wable 9 90 Abhay Nerkar 9 91 Anil Amrutkar 9 92 Chandrakant Patil 9 93 Ilyas Pathan 9 94 Balasaheb Ghete 9 95 Shailendra Naik 9 96 Anil Deore 9 97 Bhagwan Borse 9 98 Vivek Pathak 9 99 Sudhir Pohare 9 100 Shyam Vishwakarma 8 101 Rakesh Yalis 8 102 Nandkishor Ahire 8 103 Sanjay Bandiwadekar 8 104 Haridas Bodkhe 8 105 Bhausaheb Nikam 8 106 Bhaskar Pawar 8 107 Machhindra Vyavahare 8 108 Prakash Wagh 8 109 Santosh Wagh 8 110 Shashikant Sanap 8 111 Gaurav Kulkarni 8 112 Kalpesh Salunke 8 113 Tejas Phalak 8 114 Mahaindrasing Nikumbha 8 115 Rahul Lone 8 116 Yogesh Thakre 8 117 Pradip Katare 8 118 Rahul Chaudhari 8 119 Balasaheb Warule 8 120 Swapnil Sarode 8 121 Sachin More 8 122 Yogesh Gavande 8 123 Umesh Pund 8 124 Dattatray Pawar 8 125 Anand Joshi 8 126 Mahendra Badgujar 8 127 Nitin Deore 8 128 Vilas Kaple 8 129 Mahesh Jagtap 8 130 Yogesh Wagh 8 131 Amol Patil 8 132 Sanjog Pansare 8 133 Sameer Jadhav 8 134 Dattatray Hande 8 135 Sandip Jawanjal 8 136 Rajendra Sonawane 8 137 Vishal Kumbhar 8 138 Ritesh Sardar 8 139 Sanjay Yadav 8 140 Nilesh Patil 8 141 Rajesh Gondhalekar 8 142 Tushar More 8 143 Sachin Gavali 8 144 Shaikh Sha Sha Valli 8 145 Raviraj Dokhe 8 146 Sandip Pawar 8 147 Yogesh Gangurde 8 148 Gopesh Songirkar 8 149 Nilesh Gholap 8 150 Raosaheb Shinde 8 151 Suraj Ahire 8 152 Nilesh Jagtap 8 153 Atul Thube 8 154 Sachin Kapadnis 8 155 Premlal Bhumarkar 8 156 Chhotu Kuwar 8 157 Sanjay Khandalkar 8 158 Sachin Mhaske 8 159 Snehakant Magar 8 160 Vilas Patil 8 161 Suresh Wagh 8 162 Sudhir Mhaske 8 163 Pramod Kadu 8 164 Sonyabapu Kashid 8 165 Santosh Satpute 8 166 Manoj Surse 8 167 Akhil Pidiaar 4 168 Balasaheb Abdagire 8 169 Sanjay Devde 8 170 Yogesh Dongare 8 171 Maroti Ghorband 8 172 Umakant Jagtap 8 173 Sanjay Shinde 8 174 Dattatray Wagh 8 175 Karuneshwar Palaye 8 176 Bhushan Pawar 8 177 Sachin Patil 8 178 Sachin Kopnar 8 179 Chetan Gaikwad 8 180 Mahendra Patil 8 181 Deepak Katore 8 182 Pradeep Kale 8 183 Hemant Bachhav 8 184 Chetan Dhokrat 8 185 Pradeep Godge 8 186 Ganesh Bahirat 8 187 Sandeep Mogale 8 188 Pramod Tokade 8 189 Sunil Shukla 8 190 Santosh Nikam 8 191 Kishor Shirsat 8 192 Bholanath Bendkule 8 193 Sachin Bagul 8 194 Rajesh Chaudhari 8 195 Dnyaneshwar Gajare 8 196 Sachin Gujar 8 197 Shivaji Jadhav 8 198 Jitendra Kardile 8 199 Deoram Pawar 8 200 Sandip Patankar 8 201 Anil Nale 8 202 Manoj More 8 203 Kishor Kirve 8 204 Kumarnaresh Sonawane 8 205 Kishor Rathod 8 206 Machhindra Raut 8 207 Kailas Sutar 8 208 Raju Sonar 8 209 Tushar Vispute 4 210 Sanjiv Shelar 8 211 Kadu Patil 8 212 Deepak Pawar 8 213 Chandrakant Talele 8 214 Arjun Jadhav 8 215 Aniket Patil 8 216 Mukesh Gorade 8 217 Suresh Darade 8 218 Kiran Shitole 8 219 Ulhas Muley 8 220 Jalindar Vidhate 8 221 Manoj Sonawane 8 222 Sachin Gosavi 8 223 Sanjay Patil 8 224 Harshal Bharti 8 225 Uddhav Deshmukh 8 226 Sandeep Taru 8 227 Sandip Agrawal 8 228 Anil Bankar 8 229 Balkrushna Jadhav 8 230 Ramakant Patil 8 231 Sandip Gangodak 8 232 Pramod Kolate 8 233 Dhiraj Naikwade 8 234 Dnyandeo Narkhede 8 235 Sanjay Narkhede 8 236 Kamalakar Chaudhari 8 237 Vivek Jahagirdar 8 238 Sanjay Mali 8 239 Abhijit Koli 8 240 Dashrath Shewale 8 241 Sandip Vatare 8 242 Sanjay Raundale 8 243 Anil Patil 8 244 Vinod Pawar 8 245 Balasaheb Sonawane 8 246 Dnyaneshwar Shinde 8 247 Hemant Bhamare 8 248 Rajendra Mahale 8 249 Kumar Bhole 8 250 Chandrakant Khairnar 8 251 Sandeep Pawar 8 252 Sunil Tile 8 253 Ulhas Gajare 8 254 Chandrashekhar Loharkar 8 255 Prakash Bhosale 8 256 Govind Suryawanshi 8 257 Bapusaheb Kadam 8 258 Dhanraj Patil 8 259 Ankush Patil 8 260 Kailas Shinde 8 261 Nitin Dandagaval 8 262 Pradip Ahire 8 263 Dnyaneshwar Avhad 8 264 Sameer Attar 8 265 Pravin Kulkarni 4 266 Pravin Dhake 8 267 Kailas Joshi 8 268 Rajesh Patil 8 269 Mahesh Rajhans 8 270 Rajendra Nale 8 271 Appa Khairnar 8 272 Yogesh Jadhav 8 273 Pravin Patil 8 274 Rajendra Sonawane 8 275 Arun Nimbolkar 8 276 Gajanan Patil 8 277 Iranna Wani 8 278 Ajay Sarbhukan 8 279 Anil Changale 8 280 Madhukar Gaikwad 8 281 Ganesh Warikar 8 282 Parvez Shaikh 8 283 Pravin Warade 8 284 Sudhakar Randale 8 285 Purushottam Khairnar 8 286 Mahesh Lolage 8 287 Sunil Hire 8 288 Awez Shaikh 8 289 Vivek Jadhav 8 290 Nagendra Vishwakarma 8 291 Sanjay Jadhav 8 292 Yogesh Gaikwad 8 293 Sandeep Patil 8 294 Rajesh Nemade 8 295 Imran Shaikh 8 296 Vaijnath Lingayat 8 297 Govind Rajgure 8 298 Manoj Jadhav 8 299 Nandu Khairnar 8 300 Sanjay Borse 8 301 Ramnath Dusane 8 302 Narendra Chaudhari 8 303 Manish Salve 8 304 Siddharam Lachyane 8 305 Satish Parre 8 306 Amol Salunke 8 307 Sandip Dake 8 308 Pramod Tekale 8 309 Ranjit Bhadange 8 310 Sakharam Motmal 8 311 Rajendra Kakad 8 312 Ashok Datir 8 313 Mahendra Gunjal 8 314 Lalit Kaushik 8 315 Subhash Birajadar 8 316 Santosh Bhagwat 8 317 Mahadeo Bade 8 318 Siddheshwar Sonwane 8 319 Durgadas Chavan 8 32 [Showing first 8,000 characters — download PDF for full document]