Analysts/Institutional Investor Meet/Con. Call Updates

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/2026-27/091 4th August 2026 National Stock Exchange of India Limited BSE Limited Scrip Symbol: M&M Scrip Code: 500520 Sub: Transcript of the Analyst/Institutional Investor Meet Ref: • Pursuant to Regulation 30 (read with Para 15(b)(iii) of Part-A to Schedule III) and 46 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 Q1FY27 dated 10th July 2026 • Submission of Presentation for M&M Analyst/Institutional Investor Meet Q1F27 vide letter dated 30th July 2026 • Submission of Audio-Video recording of M&M Analyst/Institutional Investor Meet Q1FY27 vide letter dated 30th July 2026 Dear Sir/ Ma’am, In continuation of our letters referred above, we hereby submit the Transcript of the M&M Q1 FY27 Earnings Conference Call held in hybrid mode in Mumbai on 30th July 2026 with Several Funds, Investors and Analysts, with respect to the Unaudited Standalone and Consolidated Financial Results for the first quarter ended 30th June 2026. The aforesaid Transcript is also available on the Company’s website and can be accessed at the following Link: M&M Q1F27 Analyst Meet - Transcript Please note that only publicly available documents were referred to during the discussion and that no unpublished price sensitive information was shared during the aforesaid Earnings Call. 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 “Mahindra & Mahindra Limited Q1 FY27 Analyst Meet” July 30, 2026 MANAGEMENT: DR. ANISH SHAH – GROUP CEO & MD, MAHINDRA & MAHINDRA LIMITED MR. RAJESH JEJURIKAR - ED AND CEO, AUTO AND FARM SECTOR, MAHINDRA & MAHINDRA LIMITED MR. AMARJYOTI BARUA - GROUP CFO, MAHINDRA & MAHINDRA LIMITED Mahindra & Mahindra Limited July 30, 2026, Ms. Divya Gulati: Welcome to the quarter 1 FY27 analyst meet of Mahindra & Mahindra Limited. For the main presentation today, we have with us our Group CEO and MD - Dr. Dr. Anish Shah, ED and CEO of our Auto and Farm Business - Mr. Rajesh Jejurikar, and our Group CFO - Mr. Amarjyoti Barua. Once the presentation concludes, we will start with the Q&A session. I would just like to read this disclaimer. Certain statements in this meeting with regard to our future growth prospects are forward-looking statements which involve a number of risks and uncertainties that could cause the actual results to differ materially from those in such forward- looking statements. With that, I now hand over to Dr. Shah for the group overview. Thank you. Dr. Anish Shah: Hi, good evening everyone. And for those joining online, good afternoon, good morning, depending on where you are. Pleasure having you here today to discuss our results. As you have seen, a quarter marked by various uncertainties across the world translating into a number of challenges in India, but despite that, happy to say that our team has actually delivered some very strong results and across multiple businesses. So, the key messages for this quarter are consolidated profit up 34%, ROE at 23%. Auto and Farm resilience in a strong quarter despite commodity price impact of 400 to 500 basis points. Auto profits up 21%, Farm up 15%. Rajesh will talk more about the margins as well. Some impact on that but not as much as could have been the case. A lot of good actions taken by the team. Mahindra Finance and Tech Mahindra, on a very strong journey now. We have been talking about both saying that they have been turning around, they are on a good track. What you can see from results is we can show proof around the turnaround now. Mahindra Finance has had 2 or 3 very good quarters. This time profits up 78% and driven by a lot of things that we wanted to have in place, especially around asset quality, a lot of work done on technology and data and we are starting to see results being delivered. Tech Mahindra up 28%, again a very strong quarter on track for all the commitments that the business has made. And our Growth Gems, we have been talking about them. They are starting to deliver meaningful results, profits up 3x for Growth Gems. So, as we look at all of these businesses together, we got multiple growth engines delivering value in tough times. As we look at the overall results, revenue up 28%, PAT is up 34% and the key drivers, the summary of a few points I said earlier, growth gems driven by Real Estate, Accelo and Logistics. Mahindra Finance driven by NIMS, driven by asset quality and growth. The growth part is new. We talked about pivoting to growth last quarter and that pivot to growth is starting to drive asset under management being higher as well as maintaining GS3 at a reasonable level. Tech Mahindra driven by margin expansion, EBIT margins up to 14.4% and the promise has been to get to 15% by the end of this fiscal year. On track for that. Auto volumes offset by commodity prices. Farm volume again offset by commodities in Turkey. And investments we had a gain on sale from CIE that have contributed to investments. So, overall as we look across everything we do, very, very strong numbers. Let's look at each business and this time we have added an element of future growth drivers. So, not just talking about what's happened for performance, but also what are we seeing for this business going forward. And as we look at Auto, well Rajesh will cover the details. The key highlights are SUV volume up 15% despite some challenges from a production standpoint. Penetration for electric is at 12% now and that's a fairly significant number, on a good track there. Inflation I talked about. But more exciting is the future growth drivers. The NU_IQ platform will start delivering models fairly soon and we will have a number of new models coming out from there. That gives us a much stronger foothold into a segment we really haven't played in in a big way. Accelerating EV volume growth and for that we will need more capacity because as you know, we are strapped for capacity right now and there is a plan to double capacity from where we stand today. And Rajesh will walk through details of what that means when, in terms of specific questions that you may have. So, I am fairly hopeful we can answer all your specific questions on what capacity comes on board, at what point in time, over the next few years. Farm, not just domestic volume, but exports up 15% as well. Again, commodity inflation slightly Mahindra & Mahindra Limited July 30, 2026, lower impact here. Erkunt Foundry problem that we had, we have now solved for and exited. And there the future growth drivers are around product launches, accelerating exports further and internationally we still have a certain set of weak spots. So, fixing those that gets Farm overall on a much better trajectory. Mahindra Finance, the growth pivot is very clear now. So, AUM and disbursement growth is what you see as driving performance in Q1, along with the credit discipline and NIM expansion. As we look forward continuing on the same path that we have been talking about, technology and data, fixed asset quality in good place, need to continue maintaining that. Diversification have started, need to accelerate diversification into mortgage and SME and add more from a fee- based income standpoint. So, that is going to build a very strong stable business with good returns and something that [Showing first 8,000 characters — download PDF for full document]