Please refer to the 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/2026-27/086 30th July 2026 National Stock Exchange of India Limited BSE Limited Scrip Symbol: M&M Scrip Code: 500520 Sub: Proposed fund raising by Mahindra Last Mile Mobility Limited, a subsidiary of the Company, at a valuation of Rs.10,822 crore Re: Intimation under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Letter dated 1st September 2025 Dear Sir/Madam, We wish to inform you that Mahindra Last Mile Mobility Limited ("MLMML"), a subsidiary of the Company, proposes to raise approximately Rs. 322 crore, through the issuance of equity shares to Lightrock Cayman Holdings Ltd. (including its affiliates) ("Lightrock"), a global investment platform focused on sustainable businesses, and its existing investors i.e. International Finance Corporation ("IFC") and India-Japan Fund ("IJF"), pursuant to the exercise of their pre-emptive rights under the existing Shareholders' Agreement. In furtherance of the proposed fund raise, MLMML has executed Share Subscription Agreement with Lightrock, IFC and IJF. The transaction is proposed to be undertaken at a post-money equity valuation of approximately Rs. 10,822 crore, in tranches, subject to regulatory approvals and in accordance with the terms and conditions as stipulated in the aforesaid Agreement. Further, the Company, MLMML, IFC, IJF and Lightrock have also executed an Amended and Restated Shareholders' Agreement to include the rights and obligations of Lightrock as a shareholder of MLMML. Lightrock will also have certain rights including transfer & exit related rights, pre-emptive rights etc. The parties completed the execution of the aforesaid agreements on 30th July 2026 at 07:53 p.m. Upon completion of the proposed issuance and allotment of equity shares by MLMML, the Company's shareholding in MLMML is expected to reduce from 78.11% to 75.79%. However, MLMML will continue to remain a subsidiary of the Company following consummation of the proposed transaction. Please also find enclosed a Press Release being issued in this regard. 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 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 You are requested to kindly take the same on record and treat the same as compliance with the applicable provisions of the Listing Regulations. Yours sincerely, For Mahindra & Mahindra Limited Sailesh Kumar Daga Company Secretary FCS: 4164 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 Mahindra Last Mile Mobility (MLMML) achieves Unicorn Status; now valued at INR 10,822 crore; Lightrock joins in new funding round  Funding highlights investorconfidence in electrifica(cid:415)on growth opportunity  Electric 3W penetra(cid:415)on grew from 12% to 40% in last two years  MLMML is the market leader with 40% market share in L5 3W category  Fresh round of funding to be led by Lightrock with par(cid:415)cipa(cid:415)on from exis(cid:415)ng investors - Interna(cid:415)onal Finance Corpora(cid:415)on (IFC) and India-Japan Fund (IJF) Mumbai, July 30, 2026: Mahindra & Mahindra Ltd., a leader in automo(cid:415)ve, farm, and services businesses has executed a binding agreement for raising approximately INR 322 crore into Mahindra Last Mile Mobility Limited (MLMML), Mahindra’s last mile mobility business, at a valua(cid:415)on of INR 10,822 crore. The last mile mobility business saw a 6X growth in sales of electric three-wheelers over the last four years. The company con(cid:415)nues to be the market leader in electric 3W category and demonstrated a volume growth of 85% YoY in Q1 FY27. MLMML also recorded a milestone of 100,000 electric 3- Wheelers in FY2026, a first for any electric commercial vehicle manufacturer in India. Lightrock, a global fund pioneering in sustainable investments, led the funding round, with par(cid:415)cipa(cid:415)on from exis(cid:415)ng partners Interna(cid:415)onal Finance Corpora(cid:415)on (IFC) and India-Japan Fund (IJF), a fund managed by Na(cid:415)onal Investment and Infrastructure Fund Limited (NIIF). With this investment, the valua(cid:415)on of MLMML has seen a significant jump to INR 10,822 crores. This jump not only highlights strong investor confidence in the electrifica(cid:415)on opportunity in 3W segment but also underscores the phenomenalgrowth demonstrated by Mahindra’s Last Mile Mobility Business. Dr. Anish Shah, Group CEO & MD, Mahindra Group, said,“We welcome Lightrock as a partner marking a pivotal milestone in our last mile mobility ini(cid:415)a(cid:415)ve, highligh(cid:415)ng the transforma(cid:415)ve poten(cid:415)al of our growth gems. Our robust business model con(cid:415)nues to draw top-(cid:415)er investors. With Lightrock joining alongside IFC and IJF, MLMML has now achieved unicorn status in the electric vehicle market. This investment brings us closer to our goal of deploying 1 million EVs on India roads by 2031 and solidifies our leadership in the electric commercial vehicle sector.” Rajesh Jejurikar, Executive Director and CEO-Auto & Farm Sector, Mahindra & Mahindra Ltd., said, “This investment from Lightrock reinforces Mahindra Last Mile Mobility’s leadership in the EV space. With ~40% market share in the L5 segment, it is at the forefront of a market that has rapidly scaled from 12% to 40% electrifica(cid:415)on in just two years. Weare proud to be India’s No.1 electric commercial vehicle manufacturer for the fourth consecu(cid:415)ve year. Crossing 1 lakh EV sales in FY26 and 6 billion e- kilometres cumula(cid:415)vely underscores the trust of our customers and our commitment to driving sustainable, inclusive growth.” Samir Abhyankar, Partner and Head of India at Lightrock, said,“It is a privilege to partner with the Mahindra Group through Lightrock’s investment in Mahindra Last Mile Mobility. The leadership team has done an excep(cid:415)onal job of building the company from the ground up into a market-leader in electric three-wheelers, underpinned by a focused strategy and outstanding execu(cid:415)on ability. Lightrock is excited to support the Group as it con(cid:415)nues to build sustainable, high-growth businesses capable of mee(cid:415)ng the evolving needs of tomorrow’s India.” About Mahindra Founded in 1945, the Mahindra Group is one of the largest and most admired mul(cid:415)na(cid:415)onal federa(cid:415)on of companies with 324000 employees in over 100 countries. It enjoys a leadership posi(cid:415)on in farm equipment, u(cid:415)lity vehicles, informa(cid:415)on technology and financial services in India and is the world’s largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logis(cid:415)cs, hospitality and real estate. The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity and enhancing urban living, with a goal to drive posi(cid:415)ve change in the lives of communi(cid:415)es and stakeholders to enable them to Rise. Learn more about Mahindra onh(cid:425)ps://www.mahindra.com/XandFacebook: @MahindraRise For updates subscribe toh(cid:425)ps://www.mahindra.com/newsroom/press-release About Lightrock Lightrock is a global investment pla(cid:414)orm suppor(cid:415)ng the growth of technology-enabled companies. Its strategies invest in public and private companies delivering proven solu(cid:415)ons to pressing global chall [Showing first 8,000 characters — download PDF for full document]