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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 M&M/SEC/2026-27/093 7th August 2026 National Stock Exchange of India Limited BSE Limited Scrip Symbol: M&M Scrip Code: 500520 Sub: Sustainability Report for the Financial Year 2025-26 Dear Sir/ Madam, Please find enclosed the Mahindra Group’s Sustainability Report for the Financial Year 2025-26. The Report encompasses Mahindra & Mahindra Limited and its group subsidiaries and provides a comprehensive overview of the Group's sustainability strategy, initiatives, performance and progress across environmental, social and governance (ESG) parameters during the reporting period. The Report is also available on the Company’s website at https://www.mahindra.com/investor- relations/sustainability. Kindly take the same 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 Planet Positive MAHINDRA & MAHINDRA LTD. Sustainability Report - Planet Positive In times of uncertainty, what guides decisions matters more than the decisions themselves. For Mahindra, the importance of sustainability does not change with changing circumstances; it is a mindset that endures through them. Rooted in care, it shapes how we innovate, manufacture, grow and create value, ensuring that progress remains responsible regardless of the road ahead. Planet Positive reflects our belief that business resilience and planetary resilience Guided by our Rise philosophy are deeply interconnected. Investments in clean energy, electrification, resource and driven by the conviction efficiency and inclusive growth, while helping combat climate change, also strengthen that doing good business and competitiveness, build adaptability and prepare us for the future. Sustainability has evolved from being a responsibility to becoming a strategic advantage that creates doing good must always go enduring value for businesses, communities and the planet alike. hand in hand, we remain This philosophy extends beyond reducing our environmental footprint. It guides how committed to creating a we create opportunities, strengthen supply chains, foster innovation and collaborate future that is more resilient, across ecosystems. Every initiative is designed to create lasting value that benefits more inclusive and our business, our stakeholders and the world we operate in, ensuring that growth today contributes meaningfully to the resilience of tomorrow. unmistakably Planet Positive. CONTENTS EXECUTIVE MESSAGES Message from the Chairman 01 Message from MD & CEO 03 ABOUT THE GROUP Report Boundary 05 About the Group 07 Company Profile 09 Product and Services 22 Economic Performance 56 GOVERNANCE Corporate Governance 62 Sustainability Strategy 75 Stakeholder Engagement 91 Materiality Assessment 94 Thought Leadership 103 Risk Management 113 ENVIRONMENT Overview 136 Energy & Emissions 143 Water Security 153 Waste To Wealth 157 Circularity 159 Biodiversity 162 SOCIAL Responsible Workplace - People, 168 Culture & Policies Human Capital and Inclusion 186 Health and Safety 205 Sustainable Supply Chain 218 Community 231 ANNEXURES Performance Tables 253 Reporting Framework Index & Disclosures 274 Independent Assurance Statement 278 GRI Index 283 MESSAGE FROM THE CHAIRMAN Dear Stakeholders, Sustainable & equitable development is a The organizations that move powerful concept that catalyzes growth for all decisively, integrate sustainability stakeholders in a manner that brings long across their businesses, value term, sustained value. Having already proven chains, and culture, and act with that financial business success and environmental & social stewardship can strive clarity of purpose will be the together while paving way for innovation and ones who earn the right to lead. long-term resilience, our focus continues to be on further improving each year and this year is At Mahindra, that is no different. The imperative, for any precisely the path we have organization, is to always act with intent. chosen to take to fulfill our responsibility and core purpose: “Together we Rise”. Across every Group company, sustainability is integrated into We have set ambitious sustainability targets, including how we make decisions, build products, minimize our achieving carbon neutrality by 2040 (Scope 1 & 2), environmental impact, support the communities around us, continuously increasing energy productivity, transitioning to and think about long-term value creation. That commitment is 100% renewable energy & ensuring zero waste to landfill. showing up in the way the world sees us. This year, Mahindra This commitment has also driven the development of a was ranked #44 on TIME's World's Best Companies 2025, the diverse portfolio of green offerings, such as electric vehicles only Indian company in the top 100 - the ranking is based on across commercial & passenger segments, green buildings, & ESG performance as one of the important criteria besides renewable energy solutions, all contributing to a greener, employee satisfaction, and financial performance. more sustainable future. Furthermore, the Group was conferred the Special Jury Award M&M emerged as a leader in EV market share (by revenue) & at India Today Group's 'India's most sustainable companies 2nd in volumes within its first year, with 55,000 e-SUVs sold 2026' by the Hon'ble Union Minister for Environment, Forest, (~10% of its portfolio). Mahindra Last Mile Mobility, India's and Climate Change. Mahindra was also recognized in the top leading electric commercial vehicle manufacturer, 1% of S&P Global's 2025 Sustainability Yearbook in the maintained market leadership in F26 for 4th consecutive automobile ecosystem. We are humbled by these recognitions, year, surpassing 1 lakh EV sales in one financial year. but our focus remains on a group-wide effort to set the bar We continue to advance our energy transition measures higher each year, pursued with intention, across every with initiatives like Swaraj Tractors and Mahindra Susten's business we run. collaboration to develop Punjab's largest solar group captive As the impact of climate change intensifies around the world project (26 MW), boosting Swaraj Tractors' renewable energy and particularly in India, we are taking active steps to build share to ~50%. resilience, to adapt, and to protect the natural systems that Tech Mahindra continues to stand out as the only Indian protect and sustain life and livelihoods. India, is both uniquely IT company to secure a Double A position on the Carbon vulnerable and blessed! Its forests, rivers, coastlines, and Disclosure Project (CDP) ratings for climate change and farmlands are most extraordinary, sustaining millions of water. people and with biodiversity that is irreplaceable. As we look ahead, Mahindra's commitment is to meet the challenges of Mahindra Group companies are building green revenue climate adaptation, especially with respect to physical climate footprint by expanding initiatives across operations, risk such as heat stress, flooding, etc. and those that affect our including Lifespaces and Holidays in existing and upcoming farmers, with the same conviction we have on our climate residential spaces and resorts. The Group is also progressing mitigation efforts by investing in nature, infra. and building on supply chain sustainability by advancing ELV recycling resilient supply chains. with Cero and tackling varying weather patterns with climate-resilient seed varieties with M Farm. Timely, sustainable, pragmatic & economically viable strategies & policies are critical for b [Showing first 8,000 characters — download PDF for full document]