Please refer enclosed file.

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/2026-27/151 4th November 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 – CARE Ratings Limited Reaffirms Ratings for existing Bank Facilities of Mahindra & Mahindra Limited Name of Amount Rating Facilities/Instruments the (Rs. Rating Action Regulator crore) Long-term / Short-term RBI CARE AAA; Stable / 10.00 Reaffirmed bank facilities CARE A1+ Long-term bank facilities RBI 24. 11 CARE AAA; Stable Reaffirmed Short-term bank facilities RBI 2,139.06 CARE A1+ Reaffirmed Please find enclosed a Press Release issued by CARE Ratings Limited in this regard which was intimated to the Company on 4th November 2026 at 5:58 PM. Further, since there is no Credit Rating obtained from CARE Ratings Limited for the Non- Convertible Debentures issued by the Company, the requirement of providing details as per Regulations 30 and 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 along with SEBI Master Circular bearing reference No. HO/17/11/12(2)2026-DDHS- POD1/I/22420/2026 dated 28th September 2026 is not applicable. 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 tareEdge Press Release RATINGS Mahindra & Mahindra Limited November 04, 2026 Facilities/Instruments Name of the Regulator1 Amount (₹ crore) Rating2 Rating Action Long-term / Short-term bank CARE AAA; Stable / RBI 10.00 Reaffirmed facilities CARE A1+ Long-term bank facilities RBI 24.11 CARE AAA; Stable Reaffirmed Short-term bank facilities RBI 2,139.06 CARE A1+ Reaffirmed Details of instruments/facilities in Annexure-1. Rationale and key rating drivers Reaffirmation of ratings to bank facilities of Mahindra & Mahindra Limited (M&M) continues to factor in its strong market position, with leadership in the domestic tractor industry, the sub-3.5 tonne light commercial vehicle (LCV) segment, the sports utility vehicle (SUV) segment by revenue market share, and the electric three-wheeler segment. Ratings further derive strength from M&M’s diversified business profile, robust financial risk profile characterised by a strong capital structure and healthy debt coverage metrics, and substantial financial flexibility supported by sizeable cash and liquid investments. Ratings also take cognisance of the company’s investments in certain listed group entities, where the market value of investments exceeds their carrying value, providing additional financial flexibility. These strengths largely offset risks arising from the inherent cyclicality of the automobile industry, increasing competitive intensity in the utility vehicle (UV) segment, and exposure associated with investments in subsidiaries and joint ventures (JVs). Ratings continue to derive comfort from the management’s prudent capital allocation strategy across group entities. CARE Ratings Limited (CareEdge Ratings) expects M&M to sustain its growth momentum, supported by its strong market position, diversified revenue streams, and ongoing focus on operational efficiencies. However, profitability will remain susceptible to movements in commodity prices and competitive pressures across the automotive and farm equipment segments. Rating sensitivities: Factors likely to lead to rating actions Positive factors: Not applicable Negative factors • Large debt-funded capital expenditure, acquisitions, or investments resulting in overall gearing beyond 1.0x. • Significantly deteriorating volumes of core business segments impacting market position and deteriorating profitability and cashflows on a sustained basis. Analytical approach: CareEdge Ratings has considered the consolidated financial profile of M&M, excluding its non-banking financial company (NBFC) subsidiary, Mahindra & Mahindra Financial Services Limited (MMFSL; rated ‘CARE AAA; Stable/CARE A1+’), and its subsidiaries. However, the analysis factors in the likelihood of continued financial support from M&M to MMFSL, considering the strategic importance of the financial services business to the group. Subsidiaries consolidated are listed under Annexure-5. Outlook: Stable The Stable outlook reflects CareEdge Ratings’ expectation that M&M will continue to maintain its strong business risk profile, supported by its leadership position across key automotive and farm equipment segments, and a strong financial risk profile characterised by healthy cash accruals, strong liquidity, and substantial financial flexibility. The outlook also factors in the company's ability to sustain growth and maintain comfortable credit metrics despite industry cyclicality and competitive intensity. Detailed description of key rating drivers Key strengths Strong market position M&M operates primarily through two major business segments, namely Automotive and Farm Equipment (FE). In the FE segment, the company retained its leadership position in the domestic tractor industry for the 43rd consecutive year, with market share 1SEBI: Securities and Exchange Board of India; RBI: Reserve Bank of India; MCA: Ministry of Corporate Affairs; IRDAI: Insurance Regulatory and Development Authority of India; PFRDA: Pension Fund Regulatory and Development Authority 2Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd. tareEdge Press Release RATINGS improving to 43.6% in FY26 from 43.3% in FY25, and further to 44.9% in Q1FY27. The domestic tractor industry witnessed healthy growth in FY26, supported by favourable monsoon conditions, healthy reservoir levels, and improved farm sentiments. M&M’s domestic tractor volumes continued to outpace industry growth, while exports also recorded growth during the year. In the Automotive segment, the company continued to strengthen its position in the SUV market, supported by strong demand, a robust product portfolio and new launches. In FY26 and Q1FY27, key product introductions included the electric SUVs XEV 9s and ICE SUVs - XUV 7X0, Bolero Neo etc, alongside continued momentum in flagship models such as the Scorpio, Thar and XUV portfolios. The company maintained its leadership position in the domestic LCV (<3.5T) segment with a market share of 52.0% in Q1FY27, while its revenue market share in the UV segment stood at 25.0% in Q1FY27. M&M completed the acquisition of a 58.97% stake in SML Mahindra Limited (formerly SML Isuzu Limited) in FY26, strengthening its presence in the trucks and buses segment. Following the acquisition, the company's market share in the >3.5T commercial vehicle segment increased to ~6%, while the combined entity holds 22.9% market share in the intermediate light commercial vehicle (ILCV) bus segment. Strong market position across key business segments, supporting sustained growth in scale and profitability M&M’s consolidated total operating income (excluding MMFSL) increased by ~26% to ₹176,440 crore in FY26 from ₹140,579 crore in FY25 and ₹122,753 crore in FY24. Growth was primarily driven by sustained demand for the company’s SUVs, the first full year of commercialisation of its electric SUVs, including the XEV 9e and BE 6, and healthy traction across the three-wheeler business and M&M’s [Showing first 8,000 characters — download PDF for full document]