Mahindra & Mahindra Financial Services Ltd. · NSE:M&MFIN
Mahindra & Mahindra Financial Services — Q1 FY2026 Earnings Presentation
51 slides from Mahindra & Mahindra Financial Services's earnings presentation, Jul 22, 2025
Slide 1: Exchange filing cover letter for earnings presentation
22nd July 2025 To, 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:
Slide 2: Result Update, Quarter ended Jun'25 (Q1FY26)
Mahindra & Mahindra Financial Services Limited Result Update Quarter ended Jun’25 (Q1FY26) 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 548
Slide 3: Safe Harbor
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 contai
Slide 4: Executive Summary
Providing Financial Solutions to Emerging India Executive Summary Financial Information Subsidiary Financials Company Overview ESG & CSR
Slide 5: Key Priorities
Key Priorities Defend and grow Steady progress Sustain risk levels Grow SME, Turnaround wheels on growth and (asset quality, leasing, and fee MRHFL & then leadership margins credit costs) income grow affordable (insurance) housing Continue to build a resilient operating model Efficiency gains – Data
Slide 6: Q1FY26 Results – Highlights
Q1FY26 Results – Highlights on standalone basis Q1 Disbursement Asset quality: GS2+GS3 <10% Rs 12,808 crores v/s Rs 12,741 crores 10.0 10.0 10.2 10.2 8.4 9.7 9.1 9.7 YoY 1% Q2 F24 Q3 F24 Q4 F24 Q1 F25 Q2 F25 Q3 F25 Q4 F25 Q1 F26 AUM (Business Assets) Rs 1,22,008 crores v/s Rs 1,06,339 crores Stage-
Slide 7: Key Business Indicators Q1FY26 vs Q1FY25
Key Business Indicators Q1FY26 vs Q1FY25 Figs. In Rs. Cr Growth % Disbursements Business AUM Total Income* NIM* 1% 15% 18% 18% 2,285 4,438 1,932 1,22,008 3,760 12,741 12,808 1,06,339 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 12.9% 13.0% 6.6% 6.7% Total Opex PPOP* Credit Cost PAT* 17% 9
Slide 8: Overall Disbursements
Overall Disbursements Figs. In Rs. Cr Product Wise Q1 FY26 Q1 FY25 YoY FY25 Tractor 1,711 1,418 21% 5,871 Pre-Owned Vehicle 2,176 2,117 3% 9,468 Passenger Vehicle 5,254 5,142 2% 23,527 3-Wheeler 496 521 (5%) 2,445 CV & CE 2,354 2,670 (12%) 12,290 SME 524 644 (19%) 3,010 Others 294 229 28% 1,288 Tota
Slide 9: Spread & RoA Tree
Spread & RoA Tree on standalone basis Particulars Q1FY26 Q4FY25 Q1FY25 FY25 FY24 Total Income / Average Assets 13.0% 12.9% 12.9% 12.8% 12.8% - Loan Income 11.7% 11.6% 11.9% 11.7% 11.8% - Fee, Investment & Other Income 1.4% 1.3% 1.0% 1.1% 1.1% Interest cost / Average Assets 6.3% 6.3% 6.3% 6.3% 6.1% G
Slide 10: GS2 + GS3: Within range
GS2 + GS3: Within range Figs. In Rs. Cr GS3 Trendline GS2 Trendline 8.03% 11.72% 3.85% 6.10% 5.85% 3.69% 5.44% 4.35% 3.40% 3.56% 6.37% 5.03% 5,436 3,770 3,491 3,790 4,414 4,697 7,934 5,527 5,160 6,487 6,512 7,139 Jun-22 Jun-23 Mar-24 Jun-24 Mar-25 Jun-25 Jun-22 Jun-23 Mar-24 Jun-24 Mar-25 Jun-25 GS2
Slide 11: Credit Cost: Break down
Credit Cost: Break down on standalone basis Particulars FY23 FY24 Q1FY25 FY25 Q1FY26 GS-3 (%) 4.5% 3.4% 3.6% 3.7% 3.8% Credit Cost (%) 1.2% 1.7% 1.5% 1.3% 1.9% Provision (%) (1.4%) 0.1% 0.4% 0.0% 0.7% GS-3 Coverage (%) 59.5% 63.2% 59.8% 51.2% 51.4% Provision (Rs Cr) (1,214) 108 126 59 243 End Losses
Slide 12: Financial Information - Standalone
Providing Financial Solutions to Emerging India Executive Summary Financial Information - Standalone Subsidiary Financials Company Overview ESG & CSR
Slide 13: Distribution of Disbursements
Distribution of Disbursements on standalone basis Product Wise Q1 FY26 Q1 FY25 YoY FY25 Passenger Vehicles 5,254 (41%) 5,142 (40%) 2% 23,527 (41%) Commercial Vehicles & Construction 2,354 (18%) 2,670 (21%) -12% 12,290 (21%) Equipments Pre-Owned Vehicle 2,176 (17%) 2,117 (17%) 3% 9,468 (16%) Tractors
Slide 14: Break down of Business Assets
Break down of Business Assets on Standalone Basis Asset Class Q1 FY26 Q1 FY25 FY25 Passenger vehicles 40% 40% 40% Commercial vehicles and construction 22% 22% 22% equipments Pre-owned vehicles 13% 13% 13% Tractors 11% 11% 11% SME 5% 5% 5% 3 Wheelers 4% 4% 4% Others* 5% 5% 5% Contribution of M&M asse
Slide 15: Distribution by Geography
Distribution by Geography on standalone basis Disbursement* Business Assets Circle HQ Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Delhi 13.6% 14.6% 13.8% 13.3% Jaipur 15.3% 14.9% 14.8% 14.2% Lucknow 18.6% 18.0% 17.7% 17.8% Thane 18.0% 18.3% 18.9% 18.6% Chennai 12.4% 12.4% 12.0% 12.0% Hyderabad 12.6% 12.8% 12.6%
Slide 16: Disbursements → Steady YoY
Disbursements → Steady YoY on standalone basis Historical Disbursements (Rs. in crores) Q1 Q2 Q3 Q4 FY 12,808 FY 2026 - - - - (1% yoy) FY 2025 12,741 13,162 16,467 15,530 57,900 FY 2024 12,165 13,315 15,436 15,292 56,208 Collection Efficiency^ Q1 Q2 Q3 Q4 FY FY 2026 95% - - - - FY 2025 94% 96% 95% 9
Slide 17: Asset Quality → Overall Range-Bound
Asset Quality → Overall Range-Bound on standalone basis Gross Stage-3 Net Stage-3 3.7% 3.8% 6.1% 3.4% 3.6% 5.9% 5.4% 5.0% 1.8% 1.9% 1.3% 1.5% FY24 FY25 FY25 Q1 FY26 Q1 FY24 FY25 FY25 Q1 FY26 Q1 Gross & Net Stage - 3 Gross Stage - 2 16
Slide 18: Balance Sheet → Adequately Capitalized
Balance Sheet → Adequately Capitalized Capital Adequacy Gross Stage-3 Stage 3 - Coverage Ratio 20.6% 3.8% 63.2% 3.6% 3.7% 59.8% 3.4% 18.9% 18.5% 18.3% 51.2% 51.4% (16.4%) (16.4%) (15.2%) (17.9%) Mar-24 Jun-24 Mar-25 Jun-25 Mar-24 Jun-24 Mar-25 Jun-25 Mar-24 Jun-24 Mar-25 Jun-25 (Tier I- %) Adequatel
Slide 19: Growth Trajectory
Growth Trajectory on standalone basis Loan Book (1) (Rs. crores) Revenues (Rs. crores) 15% 16,075 1,16,214 1,18,308 99,195 1,02,811 13,562 79,455 11,056 18% 3,760 4,438 FY23 FY24 FY25 Q1 FY25 Q1 FY26 FY23 FY24 FY25 Q1 FY25 Q1 FY26 Pre-Provisioning Operating Profit (Rs. crores) Profit after Tax (2) (
Slide 20: Financial Performance
Financial Performance on standalone basis Cost to income ratio (1) (%) Return on Assets (ROA) (2) (%) 42.1% 41.4% 41.7% 41.3% 40.8% 2.3% 1.9% 1.8% 1.7% 1.6% FY23 FY24 FY25 Q1 FY25 Q1 FY26 FY23 FY24 FY25 Q1 FY25 Q1 FY26 Return on Net Worth (RONW) (2) (%) Asset Quality (%) 4.5% Gross Stage-3 Net Stage
Slide 21: Standalone Profit & Loss Account
Standalone Profit & Loss Account Particulars (Rs. in crores) Q1FY26 Q4FY25 Q-o-Q Q1FY25 Y-o-Y FY25 Revenue from operations (A) 4,419 4,241 4% 3,722 19% 16,019 Less: Finance cost (B) 2,152 2,090 3% 1,829 18% 7,898 NII (C= A-B) 2,267 2,151 5% 1,894 20% 8,121 Other Income (D) 18 4 328% 38 (52%) 56 Tota
Slide 22: Standalone Balance Sheet
Standalone Balance Sheet Particulars (Rs. in crores) As on Jun 30, 2025 As on Jun 30, 2024 As on Mar 31, 2025 ASSETS Financial Asset a) Cash and cash equivalents 1,198 1,298 1,667 b) Bank balance other than (a) above 5,262 2,689 3,869 c) Derivative financial instruments 29 - 31 d) Trade Receivables
Slide 23: Standalone Balance Sheet (Contd.)
Standalone Balance Sheet (Contd.) Particulars (Rs. in crores) As on Jun 30, 2025 As on Jun 30, 2024 As on Mar 31, 2025 LIABILITIES AND EQUITY Financial Liabilities a) Derivative financial instruments 366 368 390 b) Payables i) Trade payables 778 1,088 1,209 ii) Other payables 26 21 20 c) Debt Securi
Slide 24: Summary & Key Ratios
Summary & Key Ratios on standalone basis Quarter ended Quarter ended Year ended Particulars Jun-25 Jun-24 FY25 RONW (Avg. Net Worth) - annualised 9.8% 11.1% 12.4% Debt / Equity 4.75:1 5.19:1 5.70:1 Capital Adequacy 20.6% 18.5% 18.3% Tier I 17.9% 16.4% 15.2% Tier II 2.7% 2.1% 3.1% EPS (Basic) (Rs.) 4
Slide 25: Stage 3 - Analysis
Stage 3 - Analysis on standalone basis Particulars (Rs. in crores) except figures in % Jun 30, 2025 Jun 30, 2024 Mar 31, 2025 Mar 31, 2024 Business Assets (including Provisions) 1,22,008 1,06,339 1,19,673 1,02,597 Gross Stage 3 4,697 3,790 4,414 3,491 Less: Stage 3 ECL Provisions 2,416 2,267 2,258 2
Slide 26: Credit Charge
Credit Charge on standalone basis Particulars (Rs. in crores) Q1FY26 Q1FY25 Q4FY25 FY25 FY24 Stage-1 Provisions 37 (25) 25 (7) 46 Stage-2 Provisions 49 89 (56) 12 67 Stage-3 Provisions 157 62 (9) 53 (5)* Provisions – P&L Charge 243 127 (40) 59 108 Write-Offs 417 322 498 1,559 1,715 Total 660 448 457
Slide 27: Stage Wise Provisioning
Stage Wise Provisioning on standalone basis Stage-Wise Assets and Provisioning As on 30th Jun 2025 As on 30th Jun 2024 As on 31st Mar 2025 Rs. in crores Business Assets Provisions & Business Assets Provisions & Business Assets Provisions & (Amount and %) Coverage (Amount and %) Coverage (Amount and
Slide 28: Broad Based Liability Mix
Broad Based Liability Mix on standalone basis Funding Mix by Investor Category Funding Mix by type of Instrument Jun’25 Mar’ 25 Jun’24 Jun’25 Mar’ 25 Jun’24 Investor Type Instrument Type Amount % Share % Share % Share Amount % Share % Share % Share Banks / Financial NCDs 23,367 21.4% 22.6% 25.2% 69,
Slide 29: ALM Position and Liability Maturity
ALM Position and Liability Maturity All figures in Rs. crores 1,60,000 440% Cumulative Inflow Cumulative Outflow Cumulative Mismatch% 1,40,000 1,33,728 400% 1,15,335 360% 1,20,000 1,10,302 320% 98,491 1,00,000 280% 240% 80,000 60,275 200% 60,000 160% 39,978 43,141 40,000 27,912 120% 24,368 11,820 19
Slide 30: Financial Information - Consolidated
Providing Financial Solutions to Emerging India Executive Summary Financial Information - Consolidated Subsidiary Financials Company Overview ESG & CSR
Slide 31: Key Financials
Key Financials on consolidated basis Disbursements Total Income PAT 2% 15% 6% 13,380 13,623 5,013 529 4,355 497 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Figs. In Rs. Cr 30 Growth %
Slide 32: Consolidated Profit & Loss Account
Consolidated Profit & Loss Account Particulars (Rs. in crores) Q1 FY26 Q4 FY25 Q-o-Q Q1 FY25 Y-o-Y FY25 Revenue from operations (A) 4,991 4,886 2% 4,316 16% 18,463 Less: Finance cost (B) 2,280 2,218 3% 1,960 16% 8,415 NII (C= A-B) 2,711 2,668 2% 2,355 15% 10,048 Other Income (D) 23 11 104% 39 (42%)
Slide 33: Consolidated Balance Sheet
Consolidated Balance Sheet Particulars (Rs. in crores) As on Jun 30, 2025 As on Jun 30, 2024 As on Mar 31, 2025 ASSETS Financial Asset a) Cash and cash equivalents 1,237 1,564 1,830 b) Bank balance other than (a) above 5,422 2,834 4,017 c) Derivative financial instruments 29 - 31 d) Trade Receivable
Slide 34: Consolidated Balance Sheet (Contd.)
Consolidated Balance Sheet (Contd.) Particulars (Rs. in crores) As on Jun 30, 2025 As on Jun 30, 2024 As on Mar 31, 2025 LIABILITIES AND EQUITY Financial Liabilities a) Derivative financial instruments 366 368 392 b) Payables i) Trade payables 1,017 1,298 1,441 ii) Other payables 26 21 21 c) Debt Se
Slide 35: Subsidiary Financials
Providing Financial Solutions to Emerging India Executive Summary Financial Information Subsidiary Financials Company Overview ESG & CSR
Slide 36: Mahindra Rural Housing Finance Limited
Mahindra Rural Housing Finance Limited Particulars (Rs. in crores) Q1FY26 Q1FY25 FY25 FY24 Loans disbursed 494 488 2,022 2,071 Loans & Advances (net) 6,961 6,912 6,894 6,933 Total income 289 303 1,197 1,294 PBT 2 (75) (305) 5 PAT 2 (57) (228) 4 Net-worth 1,262 1,432 1,260 1,488 Gross Stage 3 % 8.26%
Slide 37: Mahindra Insurance Brokers Limited
Mahindra Insurance Brokers Limited Particulars (Rs. in crores) Q1FY26 Q1FY25 FY25 FY24 Gross Premium 1,154 1,127 4,739 4,556 Total income 319 287 1,240 1,095 PBT 29 30 124 168 PAT 21 21 89 124 No. of employees (nos.) 563 685 589 725 ▪ Business Area: Licensed by IRDAI for undertaking insurance brokin
Slide 38: Mahindra Ideal Finance Limited
Mahindra Ideal Finance Limited Particulars (in LKR Mn) Q1FY26 Q1FY25 FY25 FY24 Loans disbursed 11,228 5,465 29,473 13,941 Loans & Advances (net) 17,360 9,322 14,803 8,543 Total income 854 591 2,741 2,309 PBT* 209 40 433 334 PAT / (loss after tax) 90 (1) 146 103 Net-worth 3,173 2,931 3,083 2,932 Gros
Slide 39: Company Overview
Providing Financial Solutions to Emerging India Executive Summary Financial Information Subsidiary Financials Company Overview ESG & CSR
Slide 40: Company Background
Company Background Parentage Mahindra & Mahindra Financial Services Limited (“MMFSL”) is a subsidiary of Mahindra and Mahindra Limited (M.Cap: Rs 3.97 trillion)* About MMFSL MMFSL (M.Cap: Rs 365 billion)*, one of India’s leading non-banking finance companies focused in the rural and semi-urban secto
Slide 41: Vision, Our DNA and Customer Offerings
Vision “Leading and Responsible Financial Solutions Partner of Choice for Emerging India” Our DNA Our Mantra 1,350+ Branches 6,000+ Dealers Bharat ke PAAS Bharat ke SAATH Scale 10+ OEMs 11M+ Customers Accessible Right Offering 120K Cr AUM Timely Trust Customer Customer Offerings Wheels MSME LAP
Slide 42: MMFSL Group Structure
MMFSL Group Structure Mahindra & Mahindra Limited 52.49% Mahindra & Mahindra Financial Services Limited 100%(1) 98.43%(2) 49% 51%(3) 51%(3) 58.2%(4) Mahindra Insurance Mahindra Rural Mahindra Finance USA Mahindra Manulife Mahindra Manulife Mahindra Ideal Finance Brokers Limited Housing Finance LLC I
Slide 43: Our Journey
Our Journey Equity Sale of 5% of participation of MIBL at a 12.5%by NHB in valuation of Rs. MRHFL Stake sale in MIBL Certificate of to Inclusion 1,300 crores. Rights Issue of Registration Resources Pvt. Ltd. received from SEBI Rs. 2,996 crores Recommenced QIP Issuance : Rights Issue of Fixed Deposit
Slide 44: Shareholding Pattern (as on June 30, 2025)
Shareholding Pattern (as on June 30, 2025) Shareholding Pattern Top 10 Public Shareholders 5.79% ▪ Life Insurance Corporation of India ▪ HDFC Mutual Fund ▪ SBI Mutual Fund 32.33% ▪ HDFC Life Insurance Company Limited 52.49% ▪ Sundaram Mutual Fund ▪ Ashish Dhawan ▪ Bandhan Mutual Fund 9.34% 0.05% ▪ N
Slide 45: Extensive Branch Network
Extensive Branch Network ▪ Extensive branch network with presence in 27 states and 7 union Coverage (Circle HQ) territories in India through 1,352 offices ▪ Branches have authority to approve loans within prescribed Delhi Jaipur Lucknow guidelines 21 1 Thane Kolkata 26 32 Chennai Hyderabad Branch Ne
Slide 46: Diversified Product Portfolio
Diversified Product Portfolio Vehicle Financing Pre-Owned Vehicles SME Financing Loans for auto and utility vehicles, tractors, cars, Loans for pre-owned cars, multi-utility vehicles, Loans for varied purposes like project finance, commercial vehicles and construction tractors and commercial vehicle
Slide 47: Credit Rating
Credit Rating India Ratings Outlook Long term Issuer Rating; Bank Facility; Non-Convertible IND AAA Stable Debenture (incl. MLD) and Subordinated debt; Fixed Deposit IND PP-MLD AAA Short term Bank Facility & Commercial Paper IND A1+ - CRISIL Outlook Long term Bank Facility; Non-Convertible Debenture
Slide 48: ESG & CSR
Providing Financial Solutions to Emerging India Executive Summary Financial Information Subsidiary Financials Company Overview ESG & CSR
Slide 49: “Dhan Samvaad” - CSR Flagship Program
“Dhan Samvaad” - CSR Flagship Program >2,07,000 76% 66% 37% Individuals Trained Adoption of Digi Locker Linkages with Social Securities Women participants Application schemes o Launched Dhan Samvaad for “Financial & Digital Literacy”, to impact 1 Mn individuals by 2030 o To train underprivileged com
Slide 50: CSR Impact
CSR Impact 550 >48,000 ~2900 >14,600 Women trained in driving Women Skilled through Mahindra Underprivileged students assisted Girls assisted for elementary E-Rickshaw to enhance livelihood Pride program on domains such as with educational scholarship education - Nanhi Kali Program opportunities Agr
Slide 51: Thank You
Providing Financial Solutions to Emerging India Thank You
Mahindra & Mahindra Financial Services — Q1 FY2026 Earnings Presentation on 6ix