M&MFIN

- Mahindra & Mahindra Financial Services Limited received credit rating reaffirmations from CRISIL Ratings, CARE Ratings, and India Ratings & Research. - CRISIL reaffirmed CRISIL A1+ for Commercial Paper and CRISIL AAA/Stable for Non-Convertible Debentures and Subordinated Debt. - CARE Ratings reaffirmed CARE AAA; Stable / CARE A1+ for various bank facilities and debt instruments. - India Ratings reaffirmed 'IND AAA'/Stable and 'IND A1+' ratings across its debt instruments, bank loans, and fixed deposits.

- Mahindra & Mahindra Financial Services Limited has informed the stock exchanges about the change in the corporate office address of its Registrar and Share Transfer Agent (RTA), KFin Technologies Limited. - The new corporate office will be effective from 1st December 2026, shifting to South Tower, Kokapet, Hyderabad. - All future correspondence for the RTA's corporate office should be directed to the new address.

Current scenario - Management is encouraged by the Q2 FY2027 performance, reflecting operating diligence across growth, margins, and risk. - AUM grew by 15% YoY to INR 1,56,000 crores, with core wheels business growing at 21% and non-wheels business at 52%. - Asset quality improved with GS2+GS3 at an all-time low of 8.1%. - PAT grew by 55% YoY to INR 882 crores. Changes in trends - Inter-quarter asset quality volatility has reduced significantly; GS3 fell sequentially by 17 bps. - Liquidity buffers have doubled compared to last year as an extra-conservative measure against macro headwinds. - Cost-to-income ratio reduced to under 37%. Management Guidance & Outlook - Medium to long-term AUM growth guidance maintained at 16% to 18%. - Credit cost guidance maintained between 1.3% to 1.7%; Q2 credit cost stood at 1.6%. - ROA aspiration remains in the 2.2% to 2.5% range. - Watching out for headwinds like the proposed insurance regulations and drought-like situations in 282 districts. Capex & Technology - AI toolkits are being integrated into revenue generation, operations (75% back office coverage), and collections (vernacular AI bots). - Headcounts are seeing modest additions to support renewed growth in PV, SME, and mortgage segments. Growth Drivers - Holistic secular growth across asset categories with passenger vehicles up 28% and used vehicles up 15%. - Diversification into SME, mortgage, and trade advances acting as key growth levers. - Planned merger of housing finance subsidiary (MRHFL) targeted for completion around June/July 2027 with an appointed date of 1st April 2027.

- Mahindra & Mahindra Financial Services Limited has informed the exchanges about the audio recording of the earnings conference call for Q2 and half year ended September 30, 2026. - The call was held on October 21, 2026, and the audio recording has been made available on the company website.

- Q2 FY27 Consolidated PAT surged 61% YoY to ₹911 Cr; Total Income rose 18% YoY to ₹5,962 Cr. - Standalone disbursements grew 22% YoY to ₹16,499 Cr; Business AUM grew 15% to ₹1,46,512 Cr. - Asset quality improved with Stage 3 assets declining to 3.4% vs 3.9% YoY.

- Q2 FY27 standalone PAT surged 55% YoY to ₹882 Cr with RoA at 2.2%. - Total disbursements grew 22% YoY to ₹16,499 Cr; AUM expanded 15% YoY to ₹1,46,512 Cr. - Asset quality improved with GS-3 at 3.4% and credit cost declining to 1.6%.

Q2 FY27 Consolidated Revenue ₹5,936Cr vs ₹5,026Cr (▲18% YoY) EBITDA ₹3,829Cr vs ₹3,025Cr (▲27% YoY) PAT ₹911Cr vs ₹566Cr (▲61% YoY) EBITDA Margin 65% vs 60% (▲432bps)

Concall Schedule Concall Date: Wednesday, 21st October 2026 Concall Time: 6:30 p.m. (IST)

- Mahindra & Mahindra Financial Services Limited received credit rating reaffirmations from CRISIL Ratings, India Ratings & Research, and CARE Ratings on 7th October 2026. - CRISIL reaffirmed CRISIL AAA/Stable for Non-Convertible Debentures and Subordinated Debt, and CRISIL A1+ for Commercial Paper. - India Ratings reaffirmed IND AAA/Stable for Bank Loans, Fixed Deposits, and various Debentures/Sub Debt, alongside IND A1+ for Commercial Paper. - CARE Ratings reaffirmed CARE AAA/Stable for Bank Facilities, NCDs, Subordinated Debt, and Long-term debt programmes.

- Mahindra & Mahindra Financial Services Limited reported an estimated overall disbursement of approximately Rs. 16,490 crore for Q2 FY27, registering a YoY growth of ~22%. - Total disbursement for H1 FY27 is estimated at approximately Rs. 32,050 crore, marking a ~22% YoY growth (excluding finance lease). - Business Assets stood at approximately Rs. 1,46,300 crore, reflecting a ~15% YoY growth over September 2025. - Collection Efficiency (CE) improved to 97% for Q2 FY27 compared to 96% in Q2 FY26. - Asset quality showed improvement with Stage-3 estimated between 3.35% and 3.45% and Stage-2 between 4.7% and 4.8% as of September 30, 2026. - The company maintained a comfortable liquidity position with a chest of over Rs. 16,200 crore.

- Mahindra & Mahindra Financial Services Limited has allotted 125,000 Secured, Rated, Listed Redeemable NCDs aggregating to ₹1,250 Crore on a private placement basis. - The allotment comprises a base issue size of ₹1,000 Crore and a green shoe option of ₹250 Crore. - The NCDs carry a fixed coupon of 7.95% p.a. and are proposed to be listed on the Wholesale Debt Market Segment of BSE Limited.

- Board meeting scheduled on 21st October 2026 to consider and approve unaudited standalone and consolidated financial results for Q2/H1 FY27. - Trading window to remain closed from 1st October 2026 to 23rd October 2026.

- Mahindra & Mahindra Financial Services Limited Employees' Stock Option Trust transferred 17,933 equity shares on 25th September 2026. - Shares transferred pursuant to the exercise of vested stock options under the RSU Plan 2023. - Shares transferred to Raul Rebello.

- Mahindra & Mahindra Financial Services Limited has approved the issuance of Secured, Rated, Listed, Redeemable Non-convertible Debentures (NCDs) on a private placement basis. - Total issue size is up to ₹2,000 crore (Base issue of ₹1,000 crore with a green shoe option of ₹1,000 crore). - Tenure of the instrument is 2 years and 364 days with a fixed coupon rate of 7.95% p.a. - Deemed date of allotment is 29th September 2026 and maturity date is 28th September 2029.

- Mahindra & Mahindra Financial Services Ltd. received an independent ESG Rating of 80 (Leader Category) for FY2026 from Niche Ninety Nine Rating under the NBFC sector. - The rating was based on publicly available information and re-submitted on September 21, 2026.

- On September 21, 2026, Mahindra & Mahindra Financial Services Limited Employees' Stock Option Trust transferred 48,549 equity shares to eligible persons who exercised their vested stock options under the ESOP 2010 and RSU Plan 2023.

- Concall Schedule - Concall Date: 22nd September 2026, Tuesday - Concall Time: 1:00 P.M to 4:00 P.M IST - Event: J.P. Morgan India Conference - Mode: In-person, One on One and Group Meeting with Several Funds/Investors

- Analyst Visit Schedule - Visit Dates: 18th and 21st September 2026 - Venue: Mumbai / Pune - Mode of Meeting: In-person Group Meeting - Participants: Analysts - Discussions will include general business and operational updates. No Unpublished Price Sensitive Information (UPSI) will be shared.

- Mahindra & Mahindra Financial Services Ltd. announced the reaffirmation of its credit ratings from CRISIL Ratings, India Ratings & Research, and CARE Rating on September 07, 2026. - Various instruments received high ratings such as 'CRISIL AAA'/Stable, 'IND AAA'/Stable, and 'CARE AAA'/Stable, indicating a strong financial position.

- Allotment of 2,20,000 equity shares of face value ₹2/- each to Mahindra & Mahindra Financial Services Limited Employees' Stock Option Trust for employee benefit schemes (ESOPs/RSUs). - Post-allotment, equity shares held by the Trust increased from 3,46,965 to 5,66,965 (0.04%).

- NSE Sustainability Rating assigned an ESG Rating of 76 (Leader Category) for FY2026 to Mahindra & Mahindra Financial Services Ltd. - This rating remains unchanged from FY2025. - The rating was independently prepared by NSE based on publicly available information.

- On August 28, 2026, Mahindra & Mahindra Financial Services Limited Employees' Stock Option Trust transferred 40,495 equity shares to eligible persons upon exercise of vested Stock Options under the ESOP 2010 and Restricted Stock Units Plan 2023.

- Concall Schedule - Concall Date: 1st September 2026 - Concall Time: 10:00 A.M to 1:00 P.M (IST)

- Concall Schedule - Event: Motilal Oswal 22nd Annual Global Investor Conference - Concall Date: 18th August 2026 - Concall Time: 12:00 P.M to 5:00 P.M (IST)

- Concall Schedule: Emkay Confluence 2026 - Concall Date: 13th August 2026 - Concall Time: 10:00 A.M to 1:00 P.M (IST)