Investor Presentation

21st July 2026 BSE Limited (Scrip Code: 532720) National Stock Exchange of India Ltd. (Symbol: M&MFIN) Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1, "G" Block, Dalal Street, Fort, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 001 Mumbai - 400 051 Dear Sir/ Madam, Sub: Earnings Presentation for the first quarter ended 30th June 2026 - Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) Ref: Our letter dated 14th July 2026 regarding earnings conference call In compliance with Regulation 30, Schedule III, Part A, Para A (15)(a) and other applicable provisions of the Listing Regulations, please find enclosed herewith an Earnings Presentation, to be made at earnings conference call scheduled to be held today i.e. on Tuesday, 21st July 2026 at 6:30 p.m. (IST) encompassing, inter-alia, an overview of the unaudited standalone and consolidated financial results of the Company for the first quarter ended 30th June 2026 (subjected to limited review by the Joint Statutory Auditors of the Company), highlights of the quarter and business overview. Please note that no Unpublished Price Sensitive Information will be shared by the Company during the said earnings conference call. In compliance with Regulation 46(2)(o) of the Listing Regulations, the enclosed earnings presentation is also being uploaded on the Company’s website viz. https://www.mahindrafinance.com/investor- relations/financial-information#investor-presentation Kindly take the same on record. Thanking you, For Mahindra & Mahindra Financial Services Limited Brijbala Batwal Company Secretary FCS No.: 5220 Mahindra & Mahindra Financial Services Limited Result Update Quarter ended Jun’26 (Q1FY27) Regd. Office: Corporate Office: Gateway Building, Apollo Bunder, Mahindra Towers, 3rd Floor, Mumbai-400 001, India Dr. G. M. Bhosale Marg, Worli, Tel: +91 22 6897 5500 Mumbai-400 018, India Fax:+91 22 2287 5485 Tel: +91 22 6652 6000 www.mahindrafinance.com Email: corporate.communications@mahindrafinance.com CIN - L65921MH1991PLC059642 Safe Harbor Certain statements in the Financial Results Update presentation describing the Company's objectives, and predictions may be ‘forward-looking statements’ within the meaning of applicable laws and regulations. Actual results may vary significantly from the forward-looking statements contained in this document due to various risks and uncertainties. These risks and uncertainties include the effect of economic and political conditions in India, volatility in interest rates, new regulations and Government policies that may impact the Company’s business as well as its ability to implement the strategy. The Company does not undertake to update these statements. Executive Summary Performance Highlights: Growth, Risk, Margins & Subsidiaries MMFSL Franchise Flywheel: How we win in Bharat Financial statement details: Standalone & Consolidated Other Company Information Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Profitable & Disciplined Growth (1/2) on standalone basis Continued step-up in Stable asset quality Pivoting to growth profitability PAT up 70% YoY; GS3 at 3.5% Core Business disbursals 20% YoY; ROA at 2.4% GS2+GS3 at 8.3% New Growth engines 46% YoY* *Includes SME & PL disbursements Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Profitable & Disciplined Growth (2/2) on standalone basis Continued step-up in Stable asset quality Pivoting to growth profitability NIM* GS2+GS3 Disbursements 7.3% 8.3% ₹15,564 Cr v/s 6.7% in Q1FY26 v/s 9.7% in Q1FY26 22% YoY Growth Credit cost* AUM ₹899 Cr 1.5% ₹1,37,449 Cr v/s ₹530 Cr, 70% YoY v/s 1.9% in Q1FY26 13% YoY Growth *% of Avg. Total Assets Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Consolidated financial services franchise gaining momentum on consolidated basis Total Lending AUM MRHFL ₹1,46,623 Cr ₹9,174 Cr 2.4% ₹30 Cr MMFSL + MRHFL AUM Loan Book GS-3 PAT 14x YoY Growth Wheels AUM MIBL Non-Wheels AUM* ₹1,161 Cr ₹463 Cr ₹38 Cr Net Premium Total Income PAT 83% YoY Growth MMIMPL ₹34,786 Cr ₹38 Cr ₹10 Cr 20% 79% Avg AUM Income PAT Wheels Disbursal Non-Wheels Disbursal YoY Growth YoY Growth 4.3x YoY Growth *MIFL & MFUSA not included as they are overseas subsidiaries / JVs Executive Summary Performance Highlights: Growth, Risk, Margins & Subsidiaries MMFSL Franchise Flywheel: How we win in Bharat Financial statement details: Standalone & Consolidated Other Company Information Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Growth: Performance Momentum Across Wheels & Emerging Businesses on standalone basis All figures in ₹ crore Product Wise Disbursals Q1 FY27 Q1 FY26 YoY FY26 PV 6,525 (42%) 5,254 (41%) 24% 24,614 (40%) Pre-Owned Vehicle 2,526 (16%) 2,176 (17%) 16% 10,151 (17%) CV & CE 2,292 (15%) 2,354 (18%) -3% 10,665 (17%) Tractor 2,480 (16%) 1,711 (13%) 45% 8,732 (14%) 3-Wheeler 539 (3%) 496 (4%) 9% 1,976 (3%) SME 683 (4%) 524 (4%) 30% 3,057 (5%) Others* 520 (3%) 294 (2%) 77% 1,922 (3%) Total 15,564 (100%) 12,808 (100%) 22% 61,118 (100%) * Others include Farm implements, Gensets, and Personal Loans Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Risk: Reducing seasonal volatility across key risk metrics on standalone basis GS2 GS3 +41 bps +11 bps +16 bps +4 bps 3.85% 5.85% 5.44% 3.69% 4.76% 4.87% 3.45% 3.41% Mar-25 Jun-25 Mar-26 Jun-26 Mar-25 Jun-25 Mar-26 Jun-26 Net GS-3 Credit Cost +7 bps +3 bps +55 bps -4 bps 1.84% 1.91% 1.94% 1.44% 1.48% 1.54% 1.50% 1.39% Mar-25 Jun-25 Mar-26 Jun-26 Q4FY25 Q1FY26 Q4FY26 Q1FY27 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Risk: Prudent coverage and adequately capitalized on standalone basis Stage 3 - Coverage Ratio Capital Adequacy Liquidity Buffer 14,650 20.6% 58.6% 58.1% 10,400 10,100 18.8% 9,150 18.5% 51.2% 51.4% 18.3% (15.2%) (17.9%) (16.7%) (16.5%) Mar-25 Jun-25 Mar-26 Jun-26 Mar-25 Jun-25 Mar-26 Jun-26 Mar-25 Jun-25 Mar-26 Jun-26 (Tier I- %) (₹ Crore) Prudent Adequately capitalized Robust liquidity Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Margins: Steady RoA Expansion on standalone basis Particulars Q1FY27 Q4FY26^ Q1FY26 FY26*^ FY25 Total Income / Average Assets 13.1% 13.2% 13.0% 13.1% 12.8% - Loan Income 11.5% 11.8% 11.7% 11.6% 11.7% - Fee, Investment & Other Income 1.5% 1.5% 1.4% 1.4% 1.1% Interest cost / Average Assets 5.8% 5.7% 6.3% 5.9% 6.3% Gross Spread 7.3% 7.5% 6.7% 7.1% 6.5% Overheads / Average Assets 2.7% 2.8% 2.7% 2.7% 2.7% End Losses & provisions / Average Assets 1.5% 1.5% 1.9% 1.7% 1.3% - End Losses 1.3% 1.4% 1.2% 1.4% 1.2% - Provisions 0.2% 0.2% 0.7% 0.3% 0.0% Net Spread before Tax 3.1% 3.2% 2.0% 2.6% 2.5% Net Spread after Tax 2.4% 2.4% 1.6% 2.0% 1.9% Average Assets is computed based on Net Total Assets i.e., Total Assets less ECL Provisions 11 *PAT post exceptional item on account of labour code impact ^Credit Cost and PAT is after additional provisioning (management overlay) of Rs 217 Cr in Q4F26 and Rs 635 Cr in Q3F26 Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Consolidated financials: Core led growth, broader franchise also contributing on consolidated basis Total Assets Total Income PAT 16% 14% 75% 1,67,922 5,725 927 5,013 1,45,234 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Figs. In Rs. Cr Growth % Executive Summary Performance Highlights: Growth, Risk, Margins & Subsidiaries MMFSL Franchise Flywheel: How we win in Bharat Financial statement details: Standalone & Consolidated Other Company Information Executive Summary Performance Highlights Franchise Flywheel Standalone & Consoli [Showing first 8,000 characters — download PDF for full document]