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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 Ref No.: M&M/SEC/2026-27/152 5th November 2026 National Stock Exchange of India Limited BSE Limited Scrip Symbol: M&M Scrip Code: 500520 Sub: Outcome of Board Meeting of Mahindra & Mahindra Limited held on 5th November 2026 Ref: ▪ Regulations 30 (read with schedule III Part A & B), 33, 51 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations”) ▪ SEBI Master Circular No. HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated 30th January 2026 (“SEBI Master Circular”) ▪ Intimation of Board Meeting dated 24th September 2026 Dear Sir/ Ma’am, 1. This is to inform you that the Board of Directors of Mahindra & Mahindra Limited (“the Company”), at its Meeting held on 5th November 2026, has inter-alia approved the Unaudited Standalone and Consolidated Financial Results of the Company for the Second Quarter and Half year ended 30th September 2026. We are enclosing the Unaudited Standalone and Consolidated Financial Results of the Company for the Second Quarter and Half year ended 30th September 2026, along with the Limited Review Report thereon, issued by the Statutory Auditors, B S R & Co. LLP, Chartered Accountants as Annexure-1. 2. Pursuant to Regulation 30 of the SEBI LODR Regulations, we also hereby inform you that Ms. Shuchi Suri, Executive Vice-President, Mahindra Experiences, Senior Management Personnel of the Company shall transition to the role of the Chief Sales & Marketing Officer - Automotive Business of the Company with effect from 1st April 2027. Consequent to this transition, she will cease to be a Senior Management Personnel of the Company. The details as required under Regulation 30 of SEBI LODR Regulations read with SEBI Master Circular are given hereunder as Annexure-2. The aforesaid meeting commenced at 11:00 a.m. and concluded at 12:47 p.m. This intimation is also being uploaded on the Company’s website at https://www.mahindra.com 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-1 MAHINDRA & MAHINDRA LIMITED Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001 Tel: +91 22 22021031, Fax: +91 22 22875485, Website: www.mahindra.com, Email: group.communication@mahindramail.com CIN L65990MH1945PLC004558 STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2026 Rs. in Crores Quarter Ended Half Year Ended Year Ended Particulars 30th Sep 2026 30th Jun 2026 30th Sep 2025 30th Sep 2026 30th Sep 2025 31st Mar 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1. Income a.Revenue from operations 57,514.98 57,533.44 45,885.40 1 ,15,048.42 91,321.28 1 ,97,792.78 b.Income from investments related to subsidiaries, associates and joint ventures 38.15 654.13 220.27 692.28 242.61 845.77 Income from operations 57,553.13 58,187.57 46,105.67 1 ,15,740.70 91,563.89 1 ,98,638.55 c. Other income 1,187.02 1,016.03 675.51 2,203.05 1,592.43 3,445.79 Total income 5 8,740.15 5 9,203.60 4 6,781.18 1 ,17,943.75 9 3,156.32 2 ,02,084.34 2. Expenses a. Cost of materials consumed 36,908.96 33,229.35 27,886.65 70,138.31 54,597.29 1 ,13,553.14 b. Purchases of stock-in-trade 2,235.06 2,378.32 2,044.50 4,613.38 4,111.40 8,670.45 c. Changes in inventories of finished goods, stock-in-trade and work-in-progress ( 1,945.36) 7 24.30 ( 1,821.67) ( 1,221.06) ( 2,264.31) 6 98.79 d. Employee benefits expense 3,303.26 3,388.33 3,111.99 6,691.59 6,156.51 12,730.62 e. Finance costs 2,681.93 2,559.91 2,347.03 5,241.84 4,778.22 9,590.85 f. Depreciation, amortisation and impairment expense 1,831.88 1,760.47 1,668.89 3,592.35 3,216.45 7,322.02 g. Loss from investments related to subsidiaries, associates and joint ventures 55.15 262.19 10.82 317.34 124.51 581.54 h. Other expenses 6,774.60 7,640.13 5,944.29 14,414.73 11,681.60 25,424.14 Total expenses 5 1,845.48 5 1,943.00 4 1,192.50 1 ,03,788.48 8 2,401.67 1 ,78,571.55 3. Profit/(loss) before exceptional items, share of profit/(loss) of associates, joint ventures and tax (1 - 2) 6 ,894.67 7 ,260.60 5 ,588.68 1 4,155.27 1 0,754.65 2 3,512.79 4. Exceptional items - - - - - ( 292.94) 5. Profit/(loss) before share of profit/(loss) of associates, joint ventures and tax (3 + 4) 6 ,894.67 7 ,260.60 5 ,588.68 1 4,155.27 1 0,754.65 2 3,219.85 6. Share of profit of associates and joint ventures (net) 4 70.03 367.49 469.25 837.52 947.39 1 ,964.91 7. Profit/(loss) before tax (5 + 6) 7 ,364.70 7 ,628.09 6 ,057.93 1 4,992.79 1 1,702.04 2 5,184.76 8. Tax expense a. Current tax ( 2,115.98) ( 1,597.80) ( 2,062.97) ( 3,713.78) ( 3,334.86) ( 6,769.35) b. Deferred tax ( 81.95) ( 32.73) ( 31.21) ( 114.68) ( 26.85) 2 06.30 9. Profit/(loss) after tax (7 + 8) 5 ,166.77 5 ,997.56 3 ,963.75 1 1,164.33 8 ,340.33 1 8,621.71 10. Other comprehensive income/(loss) a. (i) Items that will not be reclassified to profit or loss 0 .71 (19.93) ( 3.96) ( 19.22) 2 2.68 ( 12.74) (ii) Income tax relating to items that will not be reclassified to profit or loss 0 .50 6.38 2 .48 6 .88 5 .38 2 2.25 b. (i) Items that will be reclassified to profit or loss 4 6.31 83.64 ( 31.28) 1 29.95 2 10.13 8 23.25 (ii) Income tax relating to items that will be reclassified to profit or loss ( 4.30) (6.71) 2 4.09 ( 11.01) 8 .04 ( 29.71) 11. Total comprehensive income/(loss) for the period (9 + 10) 5 ,209.99 6 ,060.94 3 ,955.08 1 1,270.93 8 ,586.56 1 9,424.76 12. Profit/(loss) for the period attributable to: a) Owners of the company 4,587.88 5,454.54 3 ,673.32 1 0,042.42 7 ,756.64 17,098.85 b) Non-controlling interest 578.89 5 43.02 2 90.43 1 ,121.91 5 83.69 1,522.86 13. Other comprehensive income/(loss) for the period attributable to: a) Owners of the company 2 9.74 5 7.62 ( 29.26) 8 7.36 2 17.18 7 19.03 b) Non-controlling interest 1 3.48 5 .76 2 0.59 1 9.24 2 9.05 8 4.02 14. Total comprehensive income/(loss) for the period attributable to: a) Owners of the company 4 ,617.62 5 ,512.16 3 ,644.06 1 0,129.78 7 ,973.82 1 7,817.88 b) Non-controlling interest 5 92.37 5 48.78 3 11.02 1 ,141.15 6 12.74 1 ,606.88 15. Earnings per share (not annualised): a. Basic earnings per share (Rs.) 4 1.04 4 8.80 3 2.90 8 9.84 6 9.47 1 53.10 b. Diluted earnings per share (Rs.) 4 0.90 4 8.59 3 2.51 8 9.48 6 8.97 1 52.18 16. Paid-up equity share capital (Face value Rs. 5 per share) 5 59.12 558.95 558.42 559.12 558.42 558.78 17. Other equity 92,537.57 MAHINDRA & MAHINDRA LIMITED CONSOLIDATED SEGMENT INFORMATION FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2026 Rs. in Crores Quarter Ended Half Year Ended Year Ended Particulars 30th Sep 2026 30th Jun 2026 30th Sep 2025 30th Sep 2026 30th Sep 2025 31st Mar 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) A. Segment revenue: Automotive 37,756.35 34,387.25 2 7,170.87 7 2,143.60 5 3,169.58 1,17,834.13 Farm Equipment 9,571.58 12,500.77 1 0,225.01 2 2,072.35 2 1,045.60 42,568.39 Services: Financial Services 5,905.96 5,697.83 5 ,015.65 1 1,603.79 9 ,988.88 20,949.32 Industrial Businesses and Consumer Services 5,914.82 7,200.72 5 ,032.57 1 3,115.54 9 ,933.13 22,748.93 Total segment revenue 5 9,148.71 5 9,786.57 4 7,444.10 1 ,18,935.28 9 4,137.19 2 ,04,100.77 Less: Inter-segment revenue 1 ,595.58 1 ,599.00 1 ,338.43 3 ,194.58 2 ,573.30 5 ,462.22 Income from operations 5 7,553.13 5 8,187.57 4 6,105.67 1 ,15,740.70 9 1,563.89 1 ,98,638.55 B. Segment results after exceptional items and before share of profit/(loss) of associates and joint ventures: Automotive 3 ,330.89 2 ,649.67 2 ,58 [Showing first 8,000 characters — download PDF for full document]