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/2026-27/155 5th November 2026 National Stock Exchange of India Limited BSE Limited Scrip Symbol: M&M Scrip Code: 500520 Sub: Presentation for Press/ Analyst /Institutional Investor Meet Ref: • Pursuant to Regulation 30 (read with Para 15(a)(ii) of Part-A to Schedule III) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations”) • Intimation of M&M Analyst/Institutional Investor Meet Q2F27 dated 15th October 2026 Dear Sir/ Ma’am, We enclose herewith a presentation to be delivered at the M&M Analyst Meet Q2F27 scheduled for today i.e. 5th November 2026, in connection with Unaudited Standalone and Consolidated Financial results for the Second quarter and Half year ended 30th September 2026. Please note that no unpublished price sensitive information is proposed to be shared by the Company during the aforesaid meet. The said presentation is also being uploaded at the Company’s website at https://www.mahindra.com You are requested to kindly take the same on record and treat it as compliance with the applicable provisions of the SEBI LODR Regulations. 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 Acceleration in Analyst & Press Meet Uncertainty Dr Anish Shah | 05 November 2026 SAFE HARBOR STATEMENT: “Certain statements with regard to our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.” Key Messages Current quarter … strong performance Revenue 25%, PAT 25%, RoE at 21%* Each business on a strong track … demonstrating resilience Proactive actions to address short term challenges Continued momentum … accelerating growth Scaling businesses 5x – 25x this decade * Annualised RoE (H1) 2 Q2 F27 Consolidated M&M Results Rs cr. Revenue PAT 57,553 25% 25% 4,588 46,106 3,673 Q2 F26 Q2 F27 Q2 F26 Q2 F27 YTD 91,564 1,15,741 26% 7,757 10,042 29% Performance by business M&M Q2 F27 PAT Growth Growth % Key Drivers Consolidated Growth Gems 3x Logistics 3x, Accelo 70% MMFSL 61% AUM growth 15%, GS3 3.42% Auto 55% Volume , PLI , commodity inflation TechM 33% Margin expansion … EBIT 14.8% Farm (9%) Volume , commodity inflation Investments (80%) Monetization in prior year Consistent delivery on commitments EPS (Rs.) 89.5 What we said 57.6 21.0 15%-20% EPS growth H1 F22 H1 F25 H1 F27 18% RoE RoE (%) 21.0* 18.1 14.8 F22 F25 H1 F27 * Annualised RoE 5 Demonstrating Resilience Challenges Actions Consolidated PAT (Rs cr.) 2,388 55% ▪ Pricing, hedging, product mix ▪ Commodity inflation 1,536 ▪ Diversified supplier base ▪ Supply chain constraints A ▪ Capacity 27% by F27 exit Q2 F26 Q2 F27 Strong volume growth, short term margin pressure Consolidated PAT (Rs cr.) (9%) ▪ Commodity inflation ▪ Pricing, product refresh 1,163 1,053 ▪ Monsoon deficit ▪ Accelerated exports a ▪ International demand ▪ Completed International exits Q2 F26 Q2 F27 Maintaining market share, short term margin pressure Proactive actions to address margin pressure Inflationary headwinds Outlook Q1/Q2 Q3 F28 Steel & Base Metals    Rubber    Precious metals    Currency  ? Oil Prices*    Offset by actions already taken Price increase Auto (Jan–Jul 26) +5% + Price Increase Farm (Apr-Aug 26) +4% ? Cost actions and Operating leverage ++ ++ Consolidated Auto & Farm margins to remain strong Core Tractor to see some pressure in Q3, Improvement in Q4, Normalcy in F28 *Impact Paints, Chemicals, Gas Demonstrating Resilience Challenges Actions Consolidated PAT (Rs cr.) M ▪ Muted industry growth ▪ Large deal wins + strong pipeline e ▪ AI led disruption ▪ Accelerate AI adoption, Partnerships Q2 F26 Q2 F27 Consolidated PAT (Rs cr.) n 477 61% ▪ Business mix n ▪ Rising borrowing cost ▪ Expanded ROA … 2.3% 70 bps d ▪ Potential rural slowdown ih ▪ ‘Digital first’ channels Q2 F26 Q2 F27 Consolidated PAT (Rs cr.) s 3x m ▪ Potential rural slowdown e ▪ Focus on execution ▪ Labour shortage w ▪ Disciplined capital deployment ▪ Commodity inflation Q2 F26 Q2 F27 Auto Momentum for scale Growth Vectors Proof Points Revenue (cr.) Strengthen SUV presence #1 … Revenue market share 24.4% NU_IQ for leadership in < 4 meters EV leadership #1 … eSUV revenue market share 32.3% Operational margin  with scale 4x ❑ Go Global H1 F27 exports 50% … Indonesia Global Pik Up launch by Q1 F28 29k* ❑ F20 F26 F30 64.5k 82k 92k 132k Capacity (SUV+EV) F26 exit F27 exit F28 exit F31 exit Aspiration: “World’s fastest growing SUV brand” *Excludes SYMC due to discontinued operations Market share H1 F27 9 Farm Momentum for scale Growth Vectors Proof Points Revenue (cr.) Fortify Domestic leadership #1 … Volume market share 43.4% H1 refresh & ‘Naya Swaraj’ launched Build International momentum H1 F27 Exports 16% Improved margins 21k ❑ Scale Farm machinery ❑ 25% CAGR F24-26 Rotavator market share 21.1% F20 F26 F30 Build technology ecosystem 50k+ Telematics kits deployed Expanding DigiSense, Autosteer, Krish-e Aspiration: Transform lives of farmers globally by democratizing technology Market share H1 F27 10 Financial Services Momentum for scale Growth Vectors Proof Points AUM (cr.) Grow AUM AUM 15%, H1 F27 Disbursements 22% H1 F27 PAT 68% 4-5x ^ Diversify Unified mortgage platform (MRHFL merger) Insurance JV with Manulife Tech and AI 100% wheels disbursals through ‘Udaan’ 65k ❑ ❑ 75% loan files processed by Samur.AI F20 F26 F30 Asset quality GS3 3.42% 52 bps Aspiration: “Most trusted financial services provider for Bharat” ^includes mortgage business 11 Trucks & Buses Momentum for scale Growth Vectors Proof Points Market share % New & differentiated products BLAZO i-TRK launched ILCV variants, Electric powertrain in pipeline 10-12% New opportunities unlock H1 F27 market share 6.7% Cross badging/aggregate sharing: new products Synergy benefits 1+1>2, SML-MTB merger announced F21 F26 F31 Identified savings 100 cr.+ Aspiration: “Top 3 in India’s ILCV trucks & buses; Focused play in HCVs” ^F20 does not include SML 12 Last Mile Mobility Momentum for scale Growth Vectors Proof Points Electric vehicle volumes 6x Revenue growth by F30 E-3W market share at 37.6% H1 F27 E-3W volume 57.5% 7.5x 2x Industry growth 26k+ UDO delivered in H1 F27 Doubling capacity by F29 50% Electrification by FY30 41% Electrification achieved F20 F26 F30 Launch pipeline of 8 products Aspiration: “To electrify India’s last mile and be the #1 e-CV company” Market share H1 F27 13 Lifespaces Momentum for scale Growth Vectors Proof Points Resi Pre-sales (cr.) Scale GDV pipeline 50k+ cr. cumulative GDV Multi year launch pipeline 5x 10k cr. Pre-sales by F30 H1 F27 Pre-sales 2k cr. 66% Scaled projects … Rainforest, BeaconHill 0.7k Unlock value – IC business Strong pipeline, Origins Chennai 2 launched F20 F26 F30 Healthy margins, realisation per acre 10% Aspiration: “Top 5 across our priority markets” Aerospace Momentum for scale Growth Vectors Proof Points Deal wins (cr.) 12x organic revenue growth by F30 Cumulative order book 11,500 cr. H125 & H130: Industrialization on track Build new capabilities Tripling capacity 28x Skins, Roll forming industrialization Diversify customer base Embraer partnership announced  Customer mix: GE, SAAB, Hamble F20 F26 F30 ❑ Inorganic ❑ Exploring opportunities Aspiration: “Among the top 10 global Aerostructures suppliers” Momentum for scale Aspiration Business Measure On Track F20 – F30 Auto Revenue 8x [Showing first 8,000 characters — download PDF for full document]