Mahindra & Mahindra Financial Services Ltd. · NSE:M&MFIN
Mahindra & Mahindra Financial Services — Q2 FY2027 Earnings Presentation
54 slides from Mahindra & Mahindra Financial Services's earnings presentation, Oct 21, 2026
Slide 1: Earnings Presentation Cover Letter to Stock Exchanges
mahinclra FINANCE Mahindra & Mahindra Financial Services Ltd. Mahindra Towers, 3 rd Floor, Dr. G. M. Bhosale Marg, Worli, Mumbai - 400 018, India. Tel: +91 22 66526000 21st October 2026 To, BSE Limited (Scrip Code: 532720) National Stock Exchange of India Ltd. (Symbol: M&MFIN) Phiroze Jeejeebhoy Tow
Slide 2: Result Update Quarter ended Sep'26 (Q2FY27)
Mahindra & Mahindra Financial Services Limited Result Update Quarter ended Sep’26 (Q2FY27) 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 54
Slide 3: Safe Harbor
mahindra FINANCE 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
Slide 4: Growth, Risk, Margins & Subsidiaries
Executive Summary Performance Highlights: Growth, Risk, Margins & Subsidiaries MMFSL Franchise Flywheel: How we win in Bharat Financial statement details: Standalone & Consolidated Other Company Information mahindra FINANCE
Slide 5: Profitable & Disciplined Growth (1/2)
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info mahindra FINANCE Profitable & Disciplined Growth (1/2) on standalone basis / Continued step-up in Stable asset quality Pivoting to growth profitability PAT up 55% YoY; GS3 at 3.4% Core Busines
Slide 6: Profitable & Disciplined Growth (2/2)
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info mahindra FINANCE Profitable & Disciplined Growth (2/2) on standalone basis Continued step-up in Stable asset quality Pivoting to growth profitability non 4v. NIM* GS2+GS3 Disbursements 7.0% 8.
Slide 7: Consolidated financial services franchise gaining momentum
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info mahindra FINANCE Consolidated financial services franchise gaining momentum on consolidated basis Total Lending AUM MRHFL ₹1,56,311 Cr ₹9,799 Cr 2.3% ₹35 Cr MMFSL + MRHFL AUM Loan Book GS-3 PA
Slide 8: Growth, Risk, Margins & Subsidiaries
Executive Summary Performance Highlights: Growth, Risk, Margins & Subsidiaries MMFSL Franchise Flywheel: How we win in Bharat Financial statement details: Standalone & Consolidated Other Company Information mahindra FINANCE
Slide 9: Growth: Holistic momentum
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials IF Other Info mahindra FINANCE Growth: Holistic momentum on standalone basis All figures in ₹ crore Product Wise Disbursals Q2 FY27 Q2 FY26 YoY H1 FY27 H1 FY26 YoY FY26 PV 6,826 (41%) 5,348 (40%) 28% 13,
Slide 10: Stable Asset Quality and Credit Cost
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials IF Other Info mahindra FINANCE Stable Asset Quality and Credit Cost on standalone basis GS2 GS3 -7 bps - 17 bps +9 bps -3 bps 3.85% 3.94% 5.85% 5.78% 4.87% 4.70% 3.45% 3.42% Jun-25 Sep-25 Jun-26 Sep-26 J
Slide 11: Reducing seasonal volatility across key risk metrics: H1'27 vs H1'26
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials IF Other Info mahindra FINANCE Reducing seasonal volatility across key risk metrics: H1’27 vs H1’26 on standalone basis GS2 GS3 +34 bps -6 bps +25 bps +1 bps 3.94% 5.44% 5.78% 4.76% 3.69% 4.70% 3.41% 3.4
Slide 12: Risk: Prudent coverage and adequately capitalized
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials IF Other Info mahindra FINANCE Risk: Prudent coverage and adequately capitalized on standalone basis Stage 3 - Coverage Ratio Capital Adequacy Liquidity Buffer 16,150 20.6% 14,650 58.1% 19.5% 56.6% 53.0%
Slide 13: ROA: Q2 at 2.2%, H1 at 2.3%
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info mahindra FINANCE ROA: Q2 at 2.2%, H1 at 2.3% on standalone basis / Particulars Q2FY27 Q1FY27 Q2FY26 H1FY27 H1FY26 FY26*^ FY25 Total Income / Average Assets 12.7% 13.1% 13.0% 12.8% 13.0% 13.1%
Slide 14: Consolidated financials: Core led growth, broader franchise contributing
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials IF Other Info mahindra FINANCE Consolidated financials: Core led growth, broader franchise also contributing on consolidated basis / Total Assets Total Income PAT 21% 16% 68% 11,687 1,838 1,80,292 10,063
Slide 15: MMFSL Franchise Flywheel: How we win in Bharat
Executive Summary Performance Highlights: Growth, Risk, Margins & Subsidiaries MMFSL Franchise Flywheel: How we win in Bharat Financial statement details: Standalone & Consolidated Other Company Information mahindra FINANCE
Slide 16: The Franchise Flywheel
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info mahindra FINANCE The Franchise Flywheel Relevance: Where we participate Responsible: How we safely compound RE Mobility CE 0 Risk Discipline SP AN ON RELEV ASPIRATION SIBLE Enterprise ft* Fina
Slide 17: Relevance: Where we participate
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info rnahindra FINANCE Relevance: Where we participate Expanding from Mobility finance to → Bharat’s broader financial needs 1 Strengthen Leadership Expand into Adjacent financial needs 00 0 00 n M
Slide 18: Reach: How we serve
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials IF Other Info mahindra FINANCE Reach: How we serve Expanding deep local presence → to Phygital and Digital customer convenience AI Powered 0 0 U4) Physical Phygital Digital Reach Reach ( • • India’s deep
Slide 19: Digital + AI powered reach
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials IF Other Info mahindra FINANCE Digital + AI powered reach Customer Acquisition Resilient Efficient Delta Operations Collections g i ILA a ../ Udaan Stack imil Digital/ AI-led AI-enabled operation AI augm
Slide 20: Responsible: How we safely compound
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info rnahindra FINANCE Responsible: How we safely compound Delivering responsible and consistent outcomes O Risk Financial Trust & Governance Discipline Resilience 1 Asset Quality & Sustainable Ret
Slide 21: Key Priorities
mahindra FINANCE Key Priorities it n.0 ! Defend and grow Grow Mortgages, Steady progress Sustain risk levels wheels SME, leasing, and on growth and (asset quality, leadership fee income margins credit costs) Continue to build a resilient operating model Efficiency gains – Data, Digital, AI in Achiev
Slide 22: Financial statement details: Standalone & Consolidated
Executive Summary Performance Highlights: Growth, Risk, Margins & Subsidiaries MMFSL Franchise Flywheel: How we win in Bharat Financial statement details: Standalone & Consolidated Other Company Information mahindra FINANCE
Slide 23: Breakdown of Business Assets
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Growth mahindra FINANCE Breakdown of Business Assets on standalone basis Asset Class H1 FY27 H1 FY26 FY26 Passenger vehicles 40.1% 39.8% 41.3% Commercial vehicles and construction equipments 1
Slide 24: Disbursements & Collections Trends
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Growth mahindra FINANCE Disbursements & Collections Trends / on standalone basis Historical Disbursements (Rs. in crore) Q1 Q2 Q3 Q4 FY 15,564 16,499 FY 2027 - - - (22% yoy) (22% yoy) FY 2026
Slide 25: Disbursement and AUM mix by Geography
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Growth mahindra FINANCE Disbursement and AUM mix by Geography on standalone basis 9% 14% Delhi 10% 14% Jaipur 12% 12% Lucknow ₹16,499 Cr 15% Disbursals 15% ■ Thane 12% V 13% ₹1,46,512 Cr Chenn
Slide 26: Credit Cost: Break down
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Risk mahindra FINANCE Credit Cost: Break down / on standalone basis Particulars FY25 FY26 Q1FY26 Q2FY26 Q1FY27 Q2FY27 GS-3 (%) 3.7% 3.4% 3.8% 3.9% 3.5% 3.4% Credit Cost (%) 1.3% 1.7% 1.9% 2.2%
Slide 27: Stagewise Provisioning
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Risk mahindra FINANCE Stagewise Provisioning Stage-Wise Assets and Provisioning / on standalone basis As on 30th Sep 2026 As on 30th June 2026 As on 31st Mar 2026 I Rs. in crore I Business Ass
Slide 28: Financial Performance (1/2)
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone mahindra FINANCE Financial Performance (1/2) / on standalone basis r Loan Book (1) (Rs. crore) 1 i Revenues (Rs. crore) I 1 [ , 1,42,362 18,500 1,30,160 1,23,211 16,075 1,16
Slide 29: Financial Performance (2/2)
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone mahindra FINANCE Financial Performance (2/2) / on standalone basis 1 Cost to income ratio (1) (%) [ r Return on Assets (ROA) (2) (%) [ . 41.4% 41.7% 2.3% 38.4% 39.4% 2.0% 36
Slide 30: Standalone Profit and Loss
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone mahindra FINANCE Standalone Profit and Loss / on standalone basis Particulars (Rs. in crores) Q2FY27 Q1FY27 Q-o-Q Q2FY26 Y-o-Y FY26 Revenue from operations (A) 5,164 4,972 4
Slide 31: Standalone Profit and Loss
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone mahindra FINANCE Standalone Profit and Loss / on standalone basis Particulars (Rs. in crores) H1FY27 H1FY26 Y-o-Y FY26 Revenue from operations (A) 10,136 8,892 14% 18,446 Le
Slide 32: Standalone Balance Sheet
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone mahindra FINANCE Standalone Balance Sheet / on standalone basis Particulars (Rs. in crore) As on Sep 30, 2026 As on Sep 30, 2025 As on Mar 31, 2026 ASSETS Financial Asset a)
Slide 33: Standalone Balance Sheet (Contd.)
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone mahindra FINANCE Standalone Balance Sheet (Contd.) / on standalone basis Particulars (Rs. in crore) As on Sep 30, 2026 As on Sep 30, 2025 As on Mar 31, 2026 LIABILITIES AND
Slide 34: Summary and Key Ratios
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone mahindra FINANCE Summary and Key Ratios / on standalone basis Particulars H1 FY27 H1 FY26 FY26 RONW (Avg. Net Worth) - annualised 14.2% 10.3% 12.5% Debt / Equity 5.49:1 4.99
Slide 35: Broad Based Liability Mix
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Treasury mahindra FINANCE Broad Based Liability Mix on standalone basis Funding Mix by Investor Category Funding Mix by type of Instrument Sep’26 Jun’ 26 Sep’25 Sep’26 Jun’ 26 Sep’25 Investor
Slide 36: ALM Position and Liability Maturity
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Treasury mahindra FINANCE ALM Position and Liability Maturity L on standalone basis All figures in ₹ crore 1,80,000 1,67,708 300% Cumulative Inflow Cumulative Outflow Cumulative Mismatch% 1,60
Slide 37: Mahindra Rural Housing Finance Limited
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Subsidiary Financials mahindra FINANCE Mahindra Rural Housing Finance Limited (Rs. In Crores) Particulars (Rs. in crore) Q2FY27 Q2FY26 H1FY27 H1FY26 FY26 Loans disbursed 1,126 598 2,269 1,099
Slide 38: Mahindra Insurance Brokers Limited
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Subsidiary Financials mahindra FINANCE Mahindra Insurance Brokers Limited Particulars (Rs. in crore) Q2FY27 Q2FY26 H1FY27 H1FY26 FY26 Net Premium 1,272 940 2,433 1,918 4,590 Total income 488 3
Slide 39: Mahindra Ideal Finance PLC
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Subsidiary Financials mahindra FINANCE Mahindra Ideal Finance PLC Particulars (in LKR Mn) Q2FY27 Q2FY26 H1FY27 H1FY26 FY26 Loans disbursed 7,215 13,129 16,638 24,357 57,608 Loans & Advances (n
Slide 40: Consolidated Profit and Loss
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Consolidated mahindra FINANCE Consolidated Profit and Loss on consolidated basis z Particulars (Rs. in crores) Q2 FY27 Q1 FY27 Q-o-Q Q2 FY26 Y-o-Y FY26 Revenue from operations (A) 5,93
Slide 41: Consolidated Profit and Loss
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Consolidated mahindra FINANCE Consolidated Profit and Loss on consolidated basis z Particulars (Rs. in crores) H1 FY27 H1 FY26 Y-o-Y FY26 Revenue from operations (A) 11,654 10,017 16%
Slide 42: Consolidated Balance Sheet
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Consolidated mahindra FINANCE Consolidated Balance Sheet on consolidated basis z Particulars (Rs. in crore) As on Sep 30, 2026 As on Sep 30, 2025 As on Mar 31, 2026 ASSETS Financial As
Slide 43: Consolidated Balance Sheet (Contd.)
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Consolidated mahindra FINANCE Consolidated Balance Sheet (Contd.) on consolidated basis z Particulars (Rs. in crore) As on Sep 30, 2026 As on Sep 30, 2025 As on Mar 31, 2026 LIABILITIE
Slide 44: Other Company Information
Executive Summary Performance Highlights: Growth, Risk, Margins & Subsidiaries MMFSL Franchise Flywheel: How we win in Bharat Financial statement details: Standalone & Consolidated Other Company Information mahindra FINANCE
Slide 45: MMFSL Group Structure
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info mahindra FINANCE MMFSL Group Structure Rise mahindra Mahindra & Mahindra Limited 52.48% mahindra FINANCE Mahindra & Mahindra Financial Services Limited rrrrrr Note: 100%(1) Mahindra Insurance
Slide 46: MMFSL – At a Glance
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info mahindra FINANCE MMFSL – At a Glance Our Strong Foundation Our Prominence 0441 Upper Layer Deposit taking NBFC 0I 146K+ Cr AUM 10+ OEMs 30+ Years of Legacy 6,000+ Dealers Scale 1,300+ Branch
Slide 47: Our Journey
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info mahindra FINANCE Our Journey Equity Sale of 5% of participation of MIBL at a 12.5%by NHB in ( valuation of Rs. J MRHFL Stake sale in MIBL Certificate of to Inclusion 1,300 crore. Rights Issue
Slide 48: Diversified Product Portfolio
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info rnahirld ra FINANCE Diversified Product Portfolio Mahindra Finance Product Offerings Passenger Commercial Tractor Used Vehicle Vehicle 3- Wheeler Loan Against Supply Chain Vehicle Loan Vehicle
Slide 49: Our Geographic Presence
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info rnahindra FINANCE Our Geographic Presence A deep-rooted commitment to empowering Bharat 5 on standalone basis Mahindra Finance Coverage (Circle HQ) 4 21 1 ceo 32 2 26 3 27 States and 7 Union t
Slide 50: Shareholding Pattern
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info mahindra FINANCE Shareholding Pattern Shareholding Pattern Top 10 Public Shareholders 5.97% ▪ Life Insurance Corporation of India ▪ HDFC Mutual Fund ▪ SBI Mutual Fund 31.56% ▪ HDFC Life Insura
Slide 51: Credit Rating
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info mahindra FINANCE Credit Rating India Ratings Outlook Long term Issuer Rating; Bank Facility; Non-Convertible Debenture (incl. IND AAA MLD) and Subordinated debt; Fixed Deposit Stable IND PP-ML
Slide 52: FY27 CSR Initiatives
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info mahindra FINANCE FY27 CSR Initiatives Dhan Samvaad Mahindra Pride Nanhi Kali Saksham Scholarship Water Conservation Project >2,22,000 >1,01,000 >26,500 >7,000 >3.74 Cr Mahindra finance Flagshi
Slide 53: Q2 FY27 Recognitions
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info mahindra FINANCE Q2 FY27 Recognitions CNBC-TV18 India Risk Management Finnoviti Awards 2026 Awards Season 12 O 'sr n U U IS at . . Deloitte. 4 •• " • • The..4 I e VI emu •••• rewardz 6 II EX1
Slide 54: Thank You
_— Thank You
Mahindra & Mahindra Financial Services — Q2 FY2027 Earnings Presentation on 6ix