Mahindra & Mahindra Limited stock analysis

Two years into execution, the plan is delivering steady and measurable progress. This is reflected in ten consecutive quarters of margin expansion, a five‐year high in quarterly deal wins, and consistent progress towards achieving revenue growth above the peer average. This progress has been driven by disciplined large deals execution, deeper client relationships, and differentiated AI-led capabilities.

• The vehicle launches across SUVs, both ICE and electric, and LCVs over recent years exemplify our product and technology leadership. Capacity: Building for Growth • With a robust demand for our models and new products in the pipeline, we continue to expand capacity in a deliberate and phased manner. • In FY26, we added capacity for ICE and electric SUVs taking the total operational exit capacity to 64.5k units per

• Under the group captive structure, Susten commenced construction for two projects — one of Maharashtra’s first co-located solar plus wind projects and one of Punjab’s largest group captive solar projects. FY26 Achievements 560 MWp Commissioned capacity of solar projects • MHRIL’s premiumisation strategy has started showing results as the newly launched Keystone received strong response, leading to robust growth in u

The business continues to invest in capacity expansion and has a strong launch pipeline of ICE and electric vehicles, which includes 10 ICE SUVs, 6 E-SUVs and 10 LCVs by 2031. The Farm business leverages its over four-decade leadership, the Mahindra–Swaraj dual brand strategy, deep rural distribution and higher operating leverage. Product upgrades and platforms, such as OJA and Target, further strengthen differentiat

• Phase 2 — Pivot to Growth (FY22–FY24) This phase was marked by laying out a clear strategic roadmap for the 3 sets of businesses. ▪ Capitalize on market leadership in Auto and Farm ▪ Achieve full potential for Mahindra Finance and Tech Mahindra ▪ Scale up the Growth Gems rapidly • Phase 3 — Deliver Scale (FY25 onwards) This three-pronged approach set the stage for bold, innovation-led growth, designed to build resi

Growth Vectors • Electrification: A compelling total cost of ownership, aided by strong policy support in E-3Ws, reinforces LMM’s ability to consolidate its category leadership. • Product Category Expansion: LMM continues to build differentiated products and offerings backed by deep understanding of customer requirements. • Scale Exports: LMM plans to scale up export potential and grow to 10+ global markets.

Transparency remains the cornerstone of every transaction, and business ethics continue to be prioritized as fundamental to the Company’s identity and success. Your Company continued to feature in the ‘Leadership’ category in the Corporate Governance Scorecard 2025 which is developed by Institutional Investor Advisory Services India Limited (‘IiAS’) with support from International Finance Corporation (‘IFC’) and BSE

A strong balance sheet ensures sufficient capital to fund these expansions and pursue disciplined cash deployment for capacity expansion. RISK MANAGEMENT 38 Integrated Annual Report 2025-26 37 RISE TO CREATE VALUE | Risk Management International Markets – Demand Cycles, Currency Exposure & Portfolio Risk Prolonged weakness or slower recovery in key international markets may impact volumes, margins and the viability o