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/2026-27/131 28th 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 - ICRA Limited – Ratings reaffirmed Previous rated Current rated Financial Sector Instrument amount amount Rating Action Regulator (Rs. crore) (Rs. crore) Non-convertible [ICRA]AAA (Stable); 500.00 500.00 SEBI debenture programme reaffirmed Long term – Non-fund [ICRA]AAA (Stable); 6.25 6.25 RBI based facilities reaffirmed Short term – Non-fund 643.75 643.75 [ICRA]A1+; reaffirmed RBI based facilities Total 1,150.00 1,150.00 Please find enclosed a Press Release issued by ICRA Limited in this regard which was intimated to the Company on 28th September 2026 at 10:50 AM. 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 ICRA 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 28-09- 28-09- 1 (Rs.500 ICRA Limited [ICRA]AAA Stable Re-Affirm - Verified 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 ICRA Insights that empower September 28, 2026 Mahindra & Mahindra Limited: Ratings reaffirmed Summary of rating action Previous rated Current rated Financial sector Instrument* amount amount Rating action regulator# (Rs. crore) (Rs. crore) Non-convertible debenture 500.00 500.00 [ICRA]AAA (Stable); reaffirmed SEBI programme Long term Non-fund based facilities 6.25 6.25 [ICRA]AAA (Stable); reaffirmed RBI Short term Non-fund based 643.75 643.75 [ICRA]A1+; reaffirmed RBI facilities Total 1,150.00 1,150.00 *Instrument details are provided in AnnexureI #SEBI's grievance redressal/dispute resolution and SEBI investor protection mechanisms such as SCORES and ODR shall not be available for activities and instruments which fall under the regulatory purview of financial sector regulators other than SEBI. Rationale The ratings reaffirmation reflects the strong financial profile of Mahindra & Mahindra Limited (M&M), characterised by healthy free cash flows,driven by the robustgrowth in its diversified business across varied sectors, profitability in its core automotive and tractor businesses and superior liquidity with sizeable cash and bank balances along with liquid investments. The ratings favourably factor in the performance of the farm equipment (FES) and automotive (auto) segments, which provided stability to overall profitability over the years, despite cyclical performances in the respective segments. Additionally, M&M has a large investment portfolio of Group entities, some of which are also listed in the stock markets. The high market value of these investments additionally provide cushion to M&M's overall financial flexibility.M&M has maintained its dominant position in the domestic tractor industry, with a market share1of 44.3% in 4MFY2027(43.6% in FY2026). ICRA believes that the multi- brand strategy of Mahindra, Swaraj, Trakstar andOJA,is likely to help sustain itsmarket share over the medium term. In its global FES business, M&M is present in four out of the five largest tractor markets in the world. While certain international farm operations continue to face challenges, the companyhas undertaken restructuring measures,including liquidation of the agricultural machinery business in Japan and disposal of select operations in Turkey and Europe. These actions are expected to reduce losses and improve the profitability profile of the international farm business over the medium term. In the domestic utility vehicles (UV) business, despite increasing competition, M&M has emerged as the second-largest player (in terms of volumes),with its market share standing at 20.3% in Q1 FY2027 (21.3% in FY2026 and 19.7% in FY2025). This was supported by healthy demand for its new launches like XUV 7XO and Bolero Neo, among others.While the new models are expected to support M&M's overall volumes, going forward, a further improvement in its market share is challenging amid successful launches by its competitors. It also enjoys a strong position in the light commercial vehicle (LCV) goods market (especially 2.0-3.5 tonnes (T) segment), with a 52.0% share in Q1 FY2027 (52.3% in FY2026). ICRA also notes that M&Macquired a controlling stake in SML Mahindra Limited (erstwhile SML Isuzu Limited) inFY2026 and held a 58.97% equity stake as on June 30, 2026. The acquisition was a strategic step towards strengthening the company's presence in the >3.5-tonne commercial vehicle (CV) segment and is expected to support scale benefits and operational synergies over the medium term. Further, the expected forthcomingintegration of M&M's trucks and buses business with SML Mahindra willsupport operating synergies, improve market presence across the commercial vehicle segment and provide scale benefits over the medium term. 1All market share details mentioned in this rationale are from Society of Indian Automobile Manufacturers (SIAM) or The Tractor and Mechanization Association (TMA) data www.icra.in Sensitivity Label : Public Page ICRA Insights that empower As per ICRA's estimates, M&M'scapital expenditure (capex) plans of Rs. 20,000-25,000 crore towards auto and farm segments over FY2027 and FY2028, willbe funded by internal accruals and existing cash and liquid investments. The capex programme is primarily directed towards product development, expansion in the electric vehicle (EV) segment and overall capacity expansion, including the proposed greenfield facility at Nagpur, which is expected to support M&M's long-term growth plans. Although the planned investments are large, steady cash flow generation from its core business, along with the financial flexibility enjoyed by the Group and its comfortable credit profile partly mitigate the risksrelated to the incremental fund deployment. M&M was net debt-free at the standalone and consolidated levels [excluding Mahindra & Mahindra Financial Services Limited (MMFSL)]as on March 31, 2026. ICRA expects its leverage to remain low in the medium term, despite sizeable capex and investment plans. The company's liquidity positioncontinues to besuperior, supported by its large, free cash and bank balances as well as liquid investments as on March 31, 2026. ICRA draws comfort from M&M's track record of successfully managing its portfolio of businesses.However, its continued success while maintaining its strong credit profile would remain a key rating sensitivity. Sustained strengthening of M&M's UV portfolio through new product launches amid increasing competition, achieving success on its EV launches and sustenance of its performance would be critical for maintaining its credit [Showing first 8,000 characters — download PDF for full document]