Mahindra & Mahindra Ltd. · NSE:M&M
Mahindra & Mahindra — Q2 FY2027 Earnings Presentation
65 slides from Mahindra & Mahindra's earnings presentation, Nov 5, 2026
Slide 1: Exchange filing cover letter: Presentation at Press/Analyst Meet
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/2026-27/153 5th November 2026 National Stock Exchange of India Limited BSE Limited Scrip Symbol: M&M Scrip Code: 500520 Sub: Presentation
Slide 2: Analyst & Press Meet
Acceleration in Analyst & Press Meet Uncertainty Dr Anish Shah | 05 November 2026 SAFE HARBOR STATEMENT: “Certain statements with regard to our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ material
Slide 3: Key Messages
Key Messages • Current quarter … strong performance ▪ Revenue 25%, PAT 25%, RoE at 21%* • Each business on a strong track … demonstrating resilience ▪ Proactive actions to address short term challenges • Continued momentum … accelerating growth ▪ Scaling businesses 5x – 25x this decade * Annualise
Slide 4: Q2 F27 Consolidated M&M Results
Q2 F27 Consolidated M&M Results Rs cr. Revenue PAT 57,553 25% 4,588 25% 46,106 3,673 Q2 F26 Q2 F27 Q2 F26 Q2 F27 YTD 91,564 1,15,741 26% 7,757 10,042 29% 3
Slide 5: Performance by business
Performance by business M&M Q2 F27 PAT Growth Growth % Key Drivers Consolidated 25% Growth Gems 3x Logistics 3x, Accelo 70% MMFSL 61% AUM growth 15%, GS3 3.42% Auto 55% Volume , PLI , commodity inflation TechM 33% Margin expansion … EBIT 14.8% Farm (9%) Volume , commodity inflation Investments
Slide 6: Consistent delivery on commitments
Consistent delivery on commitments EPS (Rs.) 89.5 What we said 57.6 21.0 15%-20% EPS growth H1 F22 H1 F25 H1 F27 18% RoE RoE (%) 21.0* 18.1 14.8 F22 F25 H1 F27 * Annualised RoE 5
Slide 7: Demonstrating Resilience
Demonstrating Resilience Challenges Actions Consolidated PAT (Rs cr.) 2,388 55% ▪ Pricing, hedging, product mix ▪ Commodity inflation 1,536 ▪ Diversified supplier base Auto ▪ Supply chain constraints ▪ Capacity 27% by F27 exit Q2 F26 Q2 F27 Strong volume growth, short term margin pressure Consolida
Slide 8: Proactive actions to address margin pressure
Proactive actions to address margin pressure Inflationary headwinds Outlook Q1/Q2 Q3 F28 Steel & Base Metals Rubber Precious metals Currency ? Oil Prices* Offset by actions already taken Price increase Auto (Jan–Jul 26) +5% + Price Increase Farm (Apr-Aug 26) +4% ? Cost acti
Slide 9: Demonstrating Resilience: TechM, Mahindra Finance, Growth Gems
Demonstrating Resilience Challenges Actions Consolidated PAT (Rs cr.) 33% 445 ▪ Muted industry growth ▪ Large deal wins + strong pipeline TechM 335 ▪ AI led disruption ▪ Accelerate AI adoption, Partnerships Q2 F26 Q2 F27 Consolidated PAT (Rs cr.) Mahindra Finance 477 61% ▪ Business mix ▪ Rising borr
Slide 10: Auto
Auto Momentum for scale Growth Vectors Proof Points Revenue (cr.) ❑ Strengthen SUV presence ❑ #1 … Revenue market share 24.4% ❑ NU_IQ for leadership in < 4 meters 8x+ ❑ EV leadership ❑ #1 … eSUV revenue market share 32.3% 4x ❑ Operational margin with scale ❑ Go Global ❑ H1 F27 exports 50% … Indon
Slide 11: Farm
Farm Momentum for scale Growth Vectors Proof Points Revenue (cr.) ❑ Fortify Domestic leadership ❑ #1 … Volume market share 43.4% ❑ H1 refresh & ‘Naya Swaraj’ launched 3x+ ❑ Build International momentum ❑ H1 F27 Exports 16% 2x ❑ Improved margins 21k ❑ Scale Farm machinery ❑ 25% CAGR F24-26 ❑ Rotavat
Slide 12: Financial Services
Financial Services Momentum for scale Growth Vectors Proof Points AUM (cr.) ❑ Grow AUM ❑ AUM 15%, H1 F27 Disbursements 22% ❑ H1 F27 PAT 68% 4-5x ^ ❑ Diversify ❑ Unified mortgage platform (MRHFL merger) 2x^ ❑ Insurance JV with Manulife ❑ Tech and AI ❑ 100% wheels disbursals through ‘Udaan’ 65k ❑ 7
Slide 13: Trucks & Buses
Trucks & Buses Momentum for scale Growth Vectors Proof Points Market share % ❑ New & differentiated products ❑ BLAZO i-TRK launched ❑ ILCV variants, Electric powertrain in pipeline 10-12% 6% ❑ New opportunities unlock ❑ H1 F27 market share 6.7% ❑ Cross badging/aggregate sharing: new products 2%^ F21
Slide 14: Last Mile Mobility
Last Mile Mobility Momentum for scale Growth Vectors Proof Points Electric vehicle volumes ❑ 6x Revenue growth by F30 ❑ E-3W market share at 37.6% ❑ H1 F27 E-3W volume 57.5% 25x 7.5x ❑ 2x Industry growth ❑ 26k+ UDO delivered in H1 F27 ❑ Doubling capacity by F29 14k F20 F26 F30 ❑ 50% Electrification
Slide 15: Lifespaces
Lifespaces Momentum for scale Growth Vectors Proof Points Resi Pre-sales (cr.) ❑ Scale GDV pipeline ❑ 50k+ cr. cumulative GDV ❑ Multi year launch pipeline 14x 5x ❑ 10k cr. Pre-sales by F30 ❑ H1 F27 Pre-sales 2k cr. 66% ❑ Scaled projects … Rainforest, BeaconHill 0.7k F20 F26 F30 ❑ Unlock value – IC
Slide 16: Aerospace
Aerospace Momentum for scale Growth Vectors Proof Points Deal wins (cr.) ❑ 12x organic revenue growth by F30 ❑ Cumulative order book 11,500 cr. ❑ H125 & H130: Industrialization on track 50x ❑ Build new capabilities ❑ Tripling capacity 28x ❑ Skins, Roll forming industrialization 200 ❑ Diversify custo
Slide 17: Momentum for scale
Momentum for scale Aspiration Business Measure On Track F20 – F30 Auto Revenue 8x+ Farm Revenue 3x+ Financial Services AUM 4-5x Trucks & Buses Market share 5-6x Last Mile Mobility Electric 3W volumes 25x Lifespaces Resi Pre-sales 14x Aerospace Deal wins 50x 16
Slide 18: One New Opportunity
One New Opportunity Strong Right to Win Meaningful Potential Market-leading Returns Ability to Execute 17
Slide 19: Key Messages
Key Messages • Current quarter … strong performance ▪ Revenue 25%, PAT 25%, RoE at 21%* • Each business on a strong track … demonstrating resilience ▪ Proactive actions to address short term challenges • Continued momentum … accelerating growth ▪ Scaling businesses 5x – 25x this decade Consistent
Slide 20: Q2 F27 Analyst and Investor Conference: Automotive & Farm Sectors
Q2 F27 ANALYST AND INVESTOR CONFERENCE AUTOMOTIVE & FARM SECTORS RAJESH JEJURIKAR EXECUTIVE DIRECTOR & CEO, AUTO & FARM SECTORS 5th Nov 2026
Slide 21: Farm Equipment
FARM EQUIPMENT TRANSFORM FARMING, ENRICH LIVES
Slide 22: Farm Highlights
FARM HIGHLIGHTS Q2 H1 F27 116k 274k VOLUMES 6% YoY 7% YoY 41.5% 43.4% MARKET SHARE 150 bps YoY 70 bps YoY 21 Volume and Market Share includes Gromax
Slide 23: Domestic Fortress
DOMESTIC FORTRESS Market Share 43.6% 43.4% 43.3% 41.6% 41.2% 40.0% F22 F23 F24 F25 F26 H1 F27 22 Market Share includes Gromax
Slide 24: Farm Machinery
FARM MACHINERY Revenue (Rs cr.)* 345 330 5% 30% 253 Q2 F25 Q2 F26 Q2 F27 23 * Including MITRA
Slide 25: Farm Conso Margin Up 20 bps QoQ
FARM CONSO MARGIN UP 20 bps QoQ Rs cr. Core Tractor1 + International Subsidiaries2 + Others3 = Farm Conso Q2 F27 Q2 F26 Q1 F27 Q2 F27 Q2 F26 Q2 F27 Q2 F26 Q2 F27 Q2 F26 Q1 F27 Revenue 7,652 7,645 9,964 1,259 2,003 1,899 1,713 9,572# 10,225# 12,501# PBIT 1,345 1,574 1,917 -130 -164 161 197 1,376 1,60
Slide 26: Q2 F27: Core Tractor PBIT% Margins
Q2 F27: CORE TRACTOR PBIT% MARGINS 20.6% 18.7% 17.6% Q2 F25 Q2 F26 Q2 F27 Sustained a robust 17.6% margin in the core tractor business amid commodity price hikes * Core (Tractors) comprises of Tractor business (incl exports from India) and excludes Powerol & Farm Machinery business 25
Slide 27: Stability in Volatility
STABILITY IN VOLATILITY Industry Growth % Core Tractor PBIT % 34.8% 30.7% 26.9% 23.4% 23.2% 19.8% 19.7% 19.7% 20.8% 20.7% 20.6% 20.4% 19.0% 18.7% 19.5% 19.2% 17.4% 17.7% 21.2% 17.6% 17.3% 13.5% 18.6% 12.2% 8.0% 9.2% 0.5% 0.7% -3.1% -6.4% -7.4% -9.9% F19 F20 F21 F22 F23 F24 Q1F25 Q2F25 Q3F25 Q4 F25 Q
Slide 28: Q2: Farm Conso Financials
Q2: FARM CONSO FINANCIALS Rs cr. Revenue PBIT -6% -14% 10,225 9,572 1,608 1,376 Q2 F26 Q2 F27 Q2 F26 Q2 F27 PAT 1,163 1,053 -9% 27
Slide 29: Restructuring of Subsidiaries to Cut Losses
RESTRUCTURING OF SUBSIDIARIES TO CUT LOSSES Sampo Erkunt Foundry MAM Finland Turkey Japan Concluded exit Concluded exit Restructuring on plan Capital allocation actions, via divestment and restructuring, to counter multiple headwinds; expected to reduce losses in F27 vs F26. 28
Slide 30: Farm Global Subsidiaries
FARM GLOBAL SUBSIDIARIES MAgNA Brazil Turkey (Erkunt) Market share, <110 HP segment Market share, <120 HP segment Market share 6.8% 5.7% 6.0% 6.7% 6.7% 8.2% 6.3% 6.0% 5.8% H1 F25 H1 F26 H1 F27 H1 F25 H1 F26 H1 F27 H1 F25 H1 F26 H1 F27 −15% Industry decline in H1 F27 −18% Industry decline in H1 F27 −
Slide 31: Industry Outlook Reduced to Flattish in F27
INDUSTRY OUTLOOK REDUCED TO FLATTISH IN F27 • Monsoon deficit widened and reservoir level deteriorated between July and Oct Indicator May-26 Jul-26 Current (Oct-2026) Southwest Monsoon Forecast for entire season (Jun- 92% of LPA 90% of LPA 87% of LPA Sept) as on (Below Normal) (Reduced further) (Low
Slide 32: Automotive Business
AUTOMOTIVE BUSINESS EXPLORE THE IMPOSSIBLE
Slide 33: Q2: Auto
Q2: AUTO SUV LCV <3.5T2 183K 83K Volumes 1 26% YoY 19% YoY Revenue MS 24.3% Volume MS 52.3% MS1 #1 in SUV Revenue MS 30 bps QoQ 50 bps QoQ 110 bps YoY 90 bps YoY 1. Numbers include sales made by MLMML & MEAL 32 2. Bolero Max Pickup 2T variant has been classified under LCV 2-3.5T. In SIAM it is class
Slide 34: H1: Auto
H1: AUTO SUV LCV <3.5T2 358K 157K Volumes 1 20% YoY 20% YoY Revenue MS 24.4% Volume MS 52.5% MS1 #1 in SUV Revenue MS 180 bps YoY 110 bps YoY 1. Numbers include sales made by MLMML & MEAL 33 2. Bolero Max Pickup 2T variant has been classified under LCV 2-3.5T. In SIAM it is classified under LCV 3.5
Slide 35: Market Leadership in SUV
MARKET LEADERSHIP IN SUV VOLUMES (‘000s) REVENUE MARKET SHARE 178.9 183.8 183.4 174.7 149.1 152.1 145.5 136.0 142.2 27.1% 25.4% 23.2% 23.5% 24.1% 24.5% 24.6% 24.3% 21.9% Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 Q3F26 Q4 F26 Q1 F27 Q2 F27 Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 Q3F26 Q4 F26 Q1 F27 Q2 F27 #2 in Volume MS
Slide 36: E-SUV Penetration
E-SUV PENETRATION E-SUV Penetration E-SUV Volume MS 12.7% 12.0% 31.4% 9.6% 9.3% 11.0% 27.2% 25.7% 8.7% 7.8% 6.9% 29.9% 6.0% 6.3% 26.3% 24.0% 23.2% 3.7% 7.7% 12.7% 2.1% 5.9% 5.6% 4.4% 5.5% 1.4% 1.0% Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 Q3F26 Q4 F26 Q1 F27 Q2 F27 M&M Industry Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 Q3
Slide 37: Revenue Market Share EV-UV
REVENUE MARKET SHARE EV-UV M&M is #2 in EV UV Revenue Market Share in Q2 F27 Q2 F27 H1 F27 OEM E-SUV Revenue MS1 E-SUV Revenue MS1 MAHINDRA 30.1% 32.3% OEM 1 32.7% 30.6% OEM 2 13.7% 14.0% OEM 3 6.4% 6.4% OEM 4 5.3% 6.0% OEM 5 4.0% 4.6% OEM 6 3.6% 2.8% OEM 7 3.2% 2.4% 36 1. Source: JATO
Slide 38: Ultrafast charging stations operational in India
• 59 ultrafast charging stations operational in India • These cover ~12k Kms of national highway corridors • On covered highways, a charging station every ~200 Kms • ~4 Million Units (kWh) of power dispensed, enabling customers to drive ~2.5 Cr Kms • 250 ultrafast charging stations planned by end of
Slide 39: EV Highlights
EV HIGHLIGHTS 1. Steady performance: Billing of 23,345 units, capturing 23.2% eSUV Volume market share in Q2 2. #2 player by revenue market share: #2 in eSUV RMS (30.1%) in Q2 F27 3. Leading EV penetration: M&M eSUV penetration stands at 12.7% ahead of the industry average of 11.0% 4. India’s highes
Slide 40: One Lakh Electric SUVs Sold
One Lakh Electric SUVs Sold Since Launch
Slide 41: #1 in LCV <3.5T
#1 IN LCV <3.5T Q2 F27 MS 52.3%, down by 90 bps YoY LCV <3.5T Volumes (‘000s) LCV <3.5T MS 81.4 83.0 77.2 73.6 69.6 54.1% 67.5 67.7 53.2% 61.7 61.4 52.8% 52.3% 52.2% 51.8% 52.2% 51.9% 50.5% Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 Q3F26 Q4 F26 Q1 F27 Q2 F27 Q2F25 Q3 F25 Q4 F25 Q1 F26 Q2 F26 Q3F26 Q4 F26 Q1 F27
Slide 42: MTB+SML: Volumes
MTB+SML : VOLUMES 37% YoY 8,416 6,088 6,139 3,902 3,248 3,219 4,514 2,840 2,920 Q2 F25 Q2 F26 Q2 F27 MTB SML 41 Volumes include exports
Slide 43: Strong market reception for new Blazo trucks
New standards for Profitable & Intelligent Trucking Extensive nationwide activation: 1 major launch, 10+ city-level launches, and 100+ customer meets Earn More. Run More. Control More. 350+ media articles and 65M+ social media views 42 Strong market reception, performing to expectations – driving ga
Slide 44: Truck & Bus: Market Share Growth Across All Segments
TRUCK & BUS: MARKET SHARE GROWTH ACROSS ALL SEGMENTS MS Trend 5.9% 5.6% 5.8% Q2 F25 Q2 F26 Q2 F27 HCV capacity completely utilised to meet higher new Blazo demand; Capacity expansion being planned 43 Mahindra’s Trucks & Buses business comprises of Mahindra Trucks & Buses division (MTBD) and SML Mahi
Slide 45: Last Mile Mobility
LAST MILE MOBILITY Achieved Unicorn Status now valued at INR 10,822 crore E-3W Market Share – 36.2% Sales Volume2 52,869 7,582 ▪ E-3W: YoY growth of 41% 42,276 38,684 35,785 36,845 6,735 ▪ 3W L53 Electrification is at 41.4% in Q2 F27 6,660 8,439 8,725 ▪ Current capacity fully utilized; expansion bei
Slide 46: India's No. 1 commercial EV brand
India’s No. 1 commercial EV brand with 400,000 EVs on the road 45
Slide 47: Earthshot Prize Finalist: Last Mile Mobility
THE EARTHSHOT ’ PRIZE mahindra LAST MILE MOBILITY From India’s last mile to the world stage Proud to benameda 2026 Earthshot Prize Finalist. Clean Our Air
Slide 48: Q2: Auto (SUV & LCV) Margins
Q2: AUTO (SUV & LCV) MARGINS Auto (SUV & LCV)# PBIT% 10.2% 11.0% 9.8% Q2 F25 Q2 F26 Q2 F27 Margin of 9.8% despite steep commodity inflation 47 #Auto (SUV & LCV) includes Exports
Slide 49: Auto Consolidated Margin Up 110 bps QoQ
AUTO CONSOLIDATED MARGIN UP 110 bps QoQ Rs cr. Auto (SUV &LCV)1 + BEV (eSUV)2 + Others3 = Auto Conso Q2 F27 Q2 F26 Q1 F27 Q2 F27 Q2 F26 Q2 F27 Q2 F26 Q2 F27 Q2 F26 Q1 F27 Revenue 26,881 20,909 25,167 6,831 3,599 5,385 3,990 37,756# 27,171# 34,387# PBIT 2,621 2,306 2,243 624 279 75 -47 3,319 2,538 2,
Slide 50: Q2: Auto Conso Financials
Q2: AUTO CONSO FINANCIALS Rs cr. Revenue PBIT 39% 31% 37,756 27,171 3,319 2,538 Q2 F26 Q2 F27 Q2 F26 Q2 F27 PAT 1,536 2,388 55% 49 Numbers are net of intercompany eliminations, stock reserve and after share of profit from JV/ Associates
Slide 51: Way Forward: Capacity Unlock
Way Forward Capacity Unlock mahindra’
Slide 52: Auto Capacity - H1 targets met, on-track for F27 plan
AUTO CAPACITY- H1 targets met, on-track for F27 plan Per month capacity F25 exit capacity F26 exit capacity F27 H1 exit capacity F27 H2 exit capacity 70k 60k SUV ICE Capacity 54k 56.5k (10K for new Launches in F28) Completed On track 12K Operational 5k Operational 8k Operational 8k Operational (4k f
Slide 53: Way Forward: Portfolio Expansion
Way Forward Portfolio Expansion
Slide 54: Scorpio Lifestyler
SCORPIO LIFESTYLER Pa = BUILT FOR A BIGGER WORLD. Rh
Slide 55: Refreshes to Power Growth
REFRESHES TO POWER GROWTH BEG SPORTEQ Same Heart. New Pulse WS Maddala! £ =, ab ; ae ee = EAUNCAED ON
Slide 56: Refreshes to Power Growth
REFRESHES TO POWER GROWTH be HE OG OF ADVENTURE 9 SCORPIO-N REFRESH MIGHTY JUST GOTMIGHTIER -¥ | s% a LAUNCHED IN <a x" ~ > 55
Slide 57: Launched on 7th September
LAUNCHED ON 7TH SEPTEMBER 2028 VEE 'SOCH SE AAGE_
Slide 58: Product Portfolio – big launches by end of Jun'27
PRODUCT PORTFOLIO – 5 big launches by end of Jun’27 SUVs 1 Product on new 1 All new BEV Lifestyler 1 Refresh already announced NU_IQ platform LCVs 1 new LCV launch 57
Slide 59: FY27 Outlook
FY27 Outlook Tractors Industry expected to remain flattish in FY27 Mid to high teen growth for M&M in FY27 SUVs Manufacturing capacity ramp up on-track to meet volume growth plan LCV (<3.5T) Double digit Industry growth expected for FY27 58
Slide 60: Financials
Financials Analyst & Press Meet Amarjyoti Barua | 05 November 2026
Slide 61: Financial Results: Q2 F27 Consolidated
Financial Results: Q2 F27 CONSOLIDATED M&M Rs cr. Revenue PAT 57,553 25% 4,588 25% 46,106 3,673 Q2 F26 Q2 F27 Q2 F26 Q2 F27 YTD 91,564 1,15,741 26% 7,757 10,042 29% 60
Slide 62: Q2 F27 PAT
Q2 F27 PAT CONSOLIDATED M&M Rs cr. Q2 F26 Q2 F27 VPY Q2 F26 to Q2 F27 Auto 1,536 2,388 55% 181 107 226 4,588 852 110 110 (-) Monetisation Farm 1,163 1,053 (9%) 3,673 TechM 335 445 33% MMFSL 296 477 61% Growth Gems 61 168 3x PAT Auto Farm TechM MMFSL Growth Investments PAT Q2 F26 Gems Q2 F27 Investme
Slide 63: Financial Results: Q2 F27 Standalone
Financial Results: Q2 F27 STANDALONE M&M Rs cr. Revenue PAT 44,282 26 % 5,102 13% 35,080 4,521 Q2 F26 Q2 F27 Q2 F26 Q2 F27 YTD 69,223 86,241 25% 7,970 8,787 10% 62
Slide 64: H1'F27 Cash Flow
H1’F27 Cash Flow STANDALONE M&M + MEAL + LMM Co Rs cr. Auto Farm Services Total Rscr. Rs cr. Opening Balance@ 41,159 + Inflow (incl. monetization, dividend) 9,523 1,799 1,766 13,089 - Capex (4,694) (563) 61 (5,196) - EV: MEAL + LMM Co# (155) 0 0 (155) - Investments (75) (43) (174) (292) Net cash gen
Slide 65: Thank You
. Ri: mahindra~
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