Mahindra & Mahindra Financial Services Ltd. · NSE:M&MFIN
Mahindra & Mahindra Financial Services — Q2 FY2026 Earnings Presentation
54 slides from Mahindra & Mahindra Financial Services's earnings presentation, Oct 28, 2025
Slide 1: Exchange filing cover letter for earnings presentation
28th October 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, S
Slide 2: Result Update Quarter ended Sep'25 (Q2FY26)
Mahindra & Mahindra Financial Services Limited Result Update Quarter ended Sep’25 (Q2FY26) 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: Overall Disbursements
Overall Disbursements Figs. In ₹ Cr Product Wise Q2 FY26 Q2 FY25 YoY Q1 FY26 QoQ Tractor 1,746 1,237 41% 1,711 2% Pre-Owned Vehicle 2,473 2,384 4% 2,176 14% PV 5,348 5,315 1% 5,254 2% CV & CE 2,293 2,633 (13%) 2,354 (3%) 3-Wheeler 503 642 (22%) 496 1% SME 736 659 12% 524 40% Others* 415 293 41% 294
Slide 7: Q2FY26 Results – Highlights
Q2FY26 Results – Highlights on standalone basis Q2 Disbursement Asset quality: GS2+GS3 <10% Rs 13,514 crores v/s Rs 13,162 crores 10.0 10.2 10.2 8.4 9.7 9.1 9.7 9.7 YoY 3% Q3 F24 Q4 F24 Q1 F25 Q2 F25 Q3 F25 Q4 F25 Q1 F26 Q2 F26 AUM (Business Assets) Rs 1,27,246 crores v/s Rs 1,12,454 crores Stage-3
Slide 8: Key Business Indicators Q2FY26 vs Q2FY25
Key Business Indicators Q2FY26 vs Q2FY25 Figs. In Rs. Cr Growth % Disbursements Business AUM Total Income* NIM* 3% 13% 14% 22% 2,423 1,27,246 4,489 1,991 13,162 13,514 1,12,454 3,925 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 12.9% 13.0% 6.5% 7.0% Total Opex PPOP* Credit Cost PAT* 16% 2
Slide 9: Spread & RoA Tree
Spread & RoA Tree on standalone basis Particulars Q2FY26 Q1FY26 Q2FY25 H1FY26 H1FY25 FY25 Total Income / Average Assets 13.0% 13.0% 12.9% 13.0% 12.8% 12.8% - Loan Income 11.6% 11.7% 11.7% 11.6% 11.7% 11.7% - Fee, Investment & Other Income 1.4% 1.4% 1.1% 1.4% 1.1% 1.1% Interest cost / Average Assets
Slide 10: Key Business Indicators H1FY26 vs H1FY25
Key Business Indicators H1FY26 vs H1FY25 Figs. In Rs. Cr Growth % Disbursements Business AUM Total Income* NIM* 2% 13% 16% 20% 4,708 25,903 26,323 1,27,246 8,927 3,922 1,12,454 7,685 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 12.8% 13.0% 6.5% 6.8% Total Opex PPOP* Credit Cost PAT* 17% 2
Slide 11: GS2 + GS3: Within range
GS2 + GS3: Within range Figs. In ₹. Cr GS3 – 3 yrs Trendline GS2 – 3 yrs Trendline +9 bps +32 bps (7) bps +27 bps 4.35% 4.29% 3.94% 3.83% 3.85% 6.37% 5.75% 6.10% 6.42% 5.85% 5.78% 3.56% 3,770 4,024 3,790 4,309 4,697 5,007 5,527 5,390 6,487 7,225 7,139 7,356 Jun-23 Sep-23 Jun-24 Sep-24 Jun-25 Sep-25
Slide 12: Credit Cost: Break down
Credit Cost: Break down on standalone basis Particulars FY24 FY25 Q1FY25 Q2FY25 Q1FY26 Q2FY26 GS-3 (%) 3.4% 3.7% 3.6% 3.8% 3.8% 3.9% Credit Cost (%) 1.7% 1.3% 1.5% 2.3% 1.9% 2.2% Provision (%) 0.1% 0.0% 0.4% 1.3% 0.7% 1.0% GS-3 Coverage (%) 63.2% 51.2% 59.8% 59.5% 51.4% 53.0% Provision (Rs Cr) 108 5
Slide 13: Financial Information - Standalone
Providing Financial Solutions to Emerging India Executive Summary Financial Information - Standalone Subsidiary Financials Company Overview ESG & CSR
Slide 14: Distribution of Disbursements
Distribution of Disbursements on standalone basis Product Wise Q2 FY26 Q2 FY25 YoY H1 FY26 H1 FY25 YoY FY25 PV 5,348 (40%) 5,315 (40%) 1% 10,602 (40%) 10,457 (41%) 1% 23,527 (41%) Pre-Owned Vehicle 2,473 (18%) 2,384 (18%) 4% 4,649 (18%) 4,501 (17%) 3% 9,468 (17%) CV & CE 2,293 (17%) 2,633 (20%) (13%
Slide 15: Break down of Business Assets
Break down of Business Assets on Standalone Basis Asset Class H1FY26 H1FY25 FY25 Passenger vehicles 41% 39% 40% Commercial vehicles and construction 21% 22% 22% equipments Pre-owned vehicles 12% 13% 13% Tractors 11% 11% 11% SME 5% 5% 5% 3 Wheelers 3% 4% 4% Others* 7% 7% 5% Contribution of M&M assets
Slide 16: Distribution by Geography
Distribution by Geography on standalone basis Disbursement* Business Assets Circle HQ Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Delhi 13.5% 12.8% 14.9% 13.5% Jaipur 15.0% 15.6% 14.9% 14.6% Lucknow 17.4% 17.3% 16.8% 17.9% Thane 17.9% 17.9% 19.3% 18.7% Chennai 12.7% 14.0% 11.8% 11.9% Hyderabad 13.2% 13.1% 12.3%
Slide 17: Disbursements → Steady YoY
Disbursements → Steady YoY on standalone basis Historical Disbursements (Rs. in crores) Q1 Q2 Q3 Q4 FY 12,808 13,514 FY 2026 - - - (1% yoy) (3% 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% 96% - - - FY 20
Slide 18: Asset Quality → Overall Range-Bound
Asset Quality → Overall Range-Bound on standalone basis Gross Stage-3 Net Stage-3 6.4% 3.8% 3.9% 3.7% 5.8% 3.4% 5.4% 5.0% 1.8% 1.9% 1.6% 1.3% FY24 FY25 FY25 Q2 FY26 Q2 FY24 FY25 FY25 Q2 FY26 Q2 Gross & Net Stage - 3 Gross Stage - 2 17
Slide 19: Balance Sheet → Adequately Capitalized
Balance Sheet → Adequately Capitalized Capital Adequacy Gross Stage-3 Stage 3 - Coverage Ratio 3.8% 3.9% 20.6% 3.8% 3.7% 59.5% 19.5% 53.0% 18.3% 51.2% 51.4% 16.7% (14.8%) (15.2%) (17.9%) (16.9%) Sep-24 Mar-25 Jun-25 Sep-25 Sep-24 Mar-25 Jun-25 Sep-25 Sep-24 Mar-25 Jun-25 Sep-25 (Tier I- %) Adequatel
Slide 20: Growth Trajectory
Growth Trajectory on standalone basis Loan Book (1) (Rs. crores) Revenues (Rs. crores) 14% 1,23,211 16,075 1,16,214 1,08,519 99,195 13,562 79,455 11,056 8,927 7,685 16% FY23 FY24 FY25 H1 FY25 H1 FY26 FY23 FY24 FY25 H1 FY25 H1 FY26 Pre-Provisioning Operating Profit (Rs. crores) Profit after Tax (2) (
Slide 21: Financial Performance
Financial Performance on standalone basis Cost to income ratio (1) (%) Return on Assets (ROA) (2) (%) 42.1% 41.4% 41.7% 40.6% 2.3% 39.4% 1.9% 1.7% 1.6% 1.5% FY23 FY24 FY25 H1 FY25 H1 FY26 FY23 FY24 FY25 H1 FY25 H1 FY26 Return on Net Worth (RONW) (2) (%) Asset Quality (%) 4.5% Gross Stage-3 Net Stage
Slide 22: Standalone Profit & Loss Account
Standalone Profit & Loss Account Particulars (Rs. in crores) Q2FY26 Q1FY26 Q-o-Q Q2FY25 Y-o-Y FY25 Revenue from operations (A) 4,473 4,419 1% 3,913 14% 16,019 Less: Finance cost (B) 2,066 2,152 (4%) 1,934 7% 7,898 NII (C= A-B) 2,406 2,267 6% 1,979 22% 8,121 Other Income (D) 17 18 (10%) 12 37% 56 Tot
Slide 23: Standalone Profit & Loss Account
Standalone Profit & Loss Account Particulars (Rs. in crores) H1FY26 H1FY25 Y-o-Y FY25 Revenue from operations (A) 8,892 7,635 16% 16,019 Less: Finance cost (B) 4,219 3,763 12% 7,898 NII (C= A-B) 4,673 3,872 21% 8,121 Other Income (D) 35 50 (30%) 56 Total Income (E=C+D) 4,708 3,922 20% 8,176 Employee
Slide 24: Standalone Balance Sheet
Standalone Balance Sheet Particulars (Rs. in crores) As on Sep 30, 2025 As on Sep 30, 2024 As on Mar 31, 2025 ASSETS Financial Asset a) Cash and cash equivalents 132 880 1,667 b) Bank balance other than (a) above 5,984 3,666 3,869 c) Derivative financial instruments 152 - 31 d) Trade Receivables 54
Slide 25: Standalone Balance Sheet (Contd.)
Standalone Balance Sheet (Contd.) Particulars (Rs. in crores) As on Sep 30, 2025 As on Sep 30, 2024 As on Mar 31, 2025 LIABILITIES AND EQUITY Financial Liabilities a) Derivative financial instruments 289 274 390 b) Payables i) Trade payables 758 940 1,209 ii) Other payables 21 38 20 c) Debt Securiti
Slide 26: Summary & Key Ratios
Summary & Key Ratios on standalone basis Particulars H1FY26 H1FY25 FY25 RONW (Avg. Net Worth) - annualised 10.3% 9.7% 12.4% Debt / Equity 4.99:1 5.74:1 5.70:1 Capital Adequacy 19.5% 16.7% 18.3% Tier I 16.9% 14.8% 15.2% Tier II 2.6% 1.9% 3.1% EPS (Basic) (Rs.) 8.17 6.94 18.43 Book Value (Rs.) 165.6 1
Slide 27: Stage 3 - Analysis
Stage 3 - Analysis on standalone basis Particulars (Rs. in crores) except figures in % Sep 30, 2025 Jun 30, 2025 Sep 30, 2024 Mar 31, 2025 Mar 31, 2024 Business Assets (including Provisions) 1,27,246 1,22,008 1,12,454 1,19,673 1,02,597 Gross Stage 3 5,007 4,697 4,309 4,414 3,491 Less: Stage 3 ECL Pr
Slide 28: Credit Charge
Credit Charge on standalone basis Particulars (Rs. in crores) Q2FY26 Q1FY26 Q2FY25 H1FY26 H1FY25 FY25 FY24 Stage-1 Provisions 57 37 25 94 0 (7) 46 Stage-2 Provisions 41 49 86 90 175 12 67 Stage-3 Provisions 238 157 297 396 358 53 (5)* Provisions – P&L Charge 337 243 407 580 534 59 108 Write-Offs 415
Slide 29: Stage Wise Provisioning
Stage Wise Provisioning on standalone basis Stage-Wise Assets and Provisioning As on 30th Sep 2025 As on 30th Jun 2025 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 30: Broad Based Liability Mix
Broad Based Liability Mix on standalone basis Funding Mix by Investor Category Funding Mix by type of Instrument Sep’25 Jun’25 Sep’24 Sep’25 Jun’25 Sep’24 Investor Type Instrument Type Amount % Share % Share % Share Amount % Share % Share % Share Banks / Financial NCDs 22,607 20.0% 21.4% 24.1% 71,72
Slide 31: ALM Position and Liability Maturity
ALM Position and Liability Maturity All figures in Rs. crores 1,60,000 Cumulative Inflow Cumulative Outflow Cumulative Mismatch% 1,40,625 1,40,000 400% 1,19,360 1,18,296 1,20,000 1,07,352 300% 1,00,000 80,000 62,279 200% 60,000 52,643 41,432 40,000 30,532 21,644 25,952 17,173 27,087 100% 20,000 6,13
Slide 32: Financial Information - Consolidated
Providing Financial Solutions to Emerging India Executive Summary Financial Information - Consolidated Subsidiary Financials Company Overview ESG & CSR
Slide 33: Key Financials
Key Financials on consolidated basis Disbursements Total Income PAT 4% 13% 45% 14,491 566 13,873 5,049 4,479 390 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 3% 14% 23% 27,253 28,114 10,063 1,095 8,834 887 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 32 Figs. In Rs. Cr Growth %
Slide 34: Consolidated Profit & Loss Account
Consolidated Profit & Loss Account Particulars (Rs. in crores) Q2 FY26 Q1 FY26 Q-o-Q Q2 FY25 Y-o-Y FY25 Revenue from operations (A) 5,026 4,991 1% 4,465 13% 18,463 Less: Finance cost (B) 2,198 2,280 -4% 2,062 7% 8,415 NII (C= A-B) 2,829 2,711 4% 2,403 18% 10,048 Other Income (D) 23 23 2% 14 65% 67 T
Slide 35: Consolidated Profit & Loss Account
Consolidated Profit & Loss Account Particulars (Rs. in crores) H1 FY26 H1 FY25 Y-o-Y FY25 Revenue from operations (A) 10,017 8,781 14% 18,463 Less: Finance cost (B) 4,478 4,023 11% 8,415 NII (C= A-B) 5,539 4,758 16% 10,048 Other Income (D) 46 54 -14% 67 Total Income (E=C+D) 5,585 4,811 16% 10,115 Em
Slide 36: Consolidated Balance Sheet
Consolidated Balance Sheet Particulars (Rs. in crores) As on Sep 30, 2025 As on Sep 30, 2024 As on Mar 31, 2025 ASSETS Financial Asset a) Cash and cash equivalents 158 951 1,830 b) Bank balance other than (a) above 6,132 3,786 4,017 c) Derivative financial instruments 154 - 31 d) Trade Receivables 2
Slide 37: Consolidated Balance Sheet (Contd.)
Consolidated Balance Sheet (Contd.) Particulars (Rs. in crores) As on Sep 30, 2025 As on Sep 30, 2024 As on Mar 31, 2025 LIABILITIES AND EQUITY Financial Liabilities a) Derivative financial instruments 289 274 392 b) Payables i) Trade payables 1,000 1,175 1,441 ii) Other payables 21 38 21 c) Debt Se
Slide 38: Subsidiary Financials
Providing Financial Solutions to Emerging India Executive Summary Financial Information Subsidiary Financials Company Overview ESG & CSR
Slide 39: Mahindra Rural Housing Finance Limited
Mahindra Rural Housing Finance Limited Particulars (Rs. in crores) Q2FY26 Q2FY25 H1 FY26 H1FY25 FY25 Loans disbursed 598 509 1,093 996 2,022 Loans & Advances (net) 7,106 7,010 7,106 7,010 6,894 Total income 283 302 572 604 1,197 PBT 15 9 17 (66) (305) PAT 11 7 13 (49) (228) Net-worth 1,272 1,441 1,2
Slide 40: Mahindra Insurance Brokers Limited
Mahindra Insurance Brokers Limited Particulars (Rs. in crores) Q2FY26 Q2FY25 H1FY26 H1FY25 FY25 Gross Premium 1,109 974 2,263 1,983 4,739 Total income 308 261 628 547 1,240 PBT 28 19 57 49 124 PAT 20 13 41 34 89 No. of employees (nos.) 572 619 572 619 589 ▪ Business Area: Licensed by IRDAI for under
Slide 41: Mahindra Ideal Finance Limited
Mahindra Ideal Finance Limited Particulars (in LKR Mn) Q2FY26 Q2FY25 H1 FY26 H1FY25 FY25 Loans disbursed 13,129 7,253 24,357 12,718 29,473 Loans & Advances (net) 20,376 11,072 20,376 11,072 14,803 Total income 993 664 1,847 1,256 2,741 PBT* 267 117 477 157 433 PAT 119 45 209 44 146 Net-worth 3,292 2
Slide 42: Company Overview
Providing Financial Solutions to Emerging India Executive Summary Financial Information Subsidiary Financials Company Overview ESG & CSR
Slide 43: Company Background
Company Background Parentage Mahindra & Mahindra Financial Services Limited (“MMFSL”) is a subsidiary of Mahindra and Mahindra Limited (M.Cap: Rs 4.49 trillion)* About MMFSL MMFSL (M.Cap: Rs 416 billion)*, one of India’s leading non-banking finance companies focused in the rural and semi-urban secto
Slide 44: Vision, Scale and Customer Offerings
Vision “Leading and Responsible Financial Solutions Partner of Choice for Emerging India” Our DNA Our Mantra 1,300+ 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 45: 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 46: 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 47: Shareholding Pattern (as on September 30, 2025)
Shareholding Pattern (as on September 30, 2025) Shareholding Pattern Top 10 Public Shareholders 5.59% ▪ Life Insurance Corporation of India ▪ SBI Mutual Fund ▪ HDFC Mutual Fund 32.29% ▪ HDFC Life Insurance Company Limited 52.49% ▪ Sundaram Mutual Fund ▪ Bandhan Mutual Fund ▪ SBI Life Insurance Co. L
Slide 48: Extensive Branch Network
Extensive Branch Network ▪ Extensive branch network with presence in 27 states and 7 union Coverage (Circle HQ) territories in India through 1,346 offices ▪ Branches have authority to approve loans within prescribed Delhi Jaipur Lucknow guidelines 21 1 Thane Kolkata 26 32 Chennai Hyderabad Branch Ne
Slide 49: 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 50: 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 51: ESG & CSR
Providing Financial Solutions to Emerging India Executive Summary Financial Information Subsidiary Financials Company Overview ESG & CSR
Slide 52: "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 53: 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 54: Thank You
Providing Financial Solutions to Emerging India Thank You
Mahindra & Mahindra Financial Services — Q2 FY2026 Earnings Presentation on 6ix