Mahindra & Mahindra Financial Services Ltd. · NSE:M&MFIN
Mahindra & Mahindra Financial Services — Q1 FY27 Earnings Presentation
51 slides from Mahindra & Mahindra Financial Services's earnings presentation, Jul 21, 2026
Slide 1: Earnings presentation cover letter to stock exchanges
21st July 2026 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'26 (Q1FY27)
Mahindra & Mahindra Financial Services Limited Result Update Quarter ended Jun’26 (Q1FY27) 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
Executive Summary Performance Highlights: Growth, Risk, Margins & Subsidiaries MMFSL Franchise Flywheel: How we win in Bharat Financial statement details: Standalone & Consolidated Other Company Information
Slide 5: Profitable & Disciplined Growth (1/2)
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Profitable & Disciplined Growth (1/2) on standalone basis Continued step-up in Stable asset quality Pivoting to growth profitability PAT up 70% YoY; GS3 at 3.5% Core Business disbursals 20% Yo
Slide 6: Profitable & Disciplined Growth (2/2)
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Profitable & Disciplined Growth (2/2) on standalone basis Continued step-up in Stable asset quality Pivoting to growth profitability NIM* GS2+GS3 Disbursements 7.3% 8.3% ₹15,564 Cr v/s 6.7% in
Slide 7: Consolidated financial services franchise gaining momentum
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Consolidated financial services franchise gaining momentum on consolidated basis Total Lending AUM MRHFL ₹1,46,623 Cr ₹9,174 Cr 2.4% ₹30 Cr MMFSL + MRHFL AUM Loan Book GS-3 PAT 14x YoY Growth
Slide 8: Performance Highlights: 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
Slide 9: Growth: Performance Momentum Across Wheels & Emerging Businesses
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Growth: Performance Momentum Across Wheels & Emerging Businesses on standalone basis All figures in ₹ crore Product Wise Disbursals Q1 FY27 Q1 FY26 YoY FY26 PV 6,525 (42%) 5,254 (41%) 24% 24,6
Slide 10: Risk: Reducing seasonal volatility across key risk metrics
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Risk: Reducing seasonal volatility across key risk metrics on standalone basis GS2 GS3 +41 bps +11 bps +16 bps +4 bps 3.85% 5.44% 5.85% 4.76% 4.87% 3.69% 3.41% 3.45% Mar-25 Jun-25 Mar-26 Jun-2
Slide 11: Risk: Prudent coverage and adequately capitalized
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Risk: Prudent coverage and adequately capitalized on standalone basis Stage 3 - Coverage Ratio Capital Adequacy Liquidity Buffer 14,650 20.6% 58.6% 58.1% 10,400 10,100 18.8% 9,150 18.3% 18.5%
Slide 12: Margins: Steady RoA Expansion
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Margins: Steady RoA Expansion on standalone basis Particulars Q1FY27 Q4FY26^ Q1FY26 FY26*^ FY25 Total Income / Average Assets 13.1% 13.2% 13.0% 13.1% 12.8% - Loan Income 11.5% 11.8% 11.7% 11.6
Slide 13: Consolidated financials: Core led growth, broader franchise contributing
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Consolidated financials: Core led growth, broader franchise also contributing on consolidated basis Total Assets Total Income PAT 16% 14% 75% 1,67,922 5,725 927 5,013 1,45,234 529 Q1FY26 Q1FY2
Slide 14: 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
Slide 15: The Franchise Flywheel
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info The Franchise Flywheel Relevance: Where we participate Responsible: How we safely compound RE Mobility CE Risk Discipline SP AN ON RELEV ASPIRATION SIBLE Enterprise Financial Resilience Most T
Slide 16: Relevance: Where we participate
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Relevance: Where we participate Expanding from Mobility finance to → Bharat’s broader financial needs Strengthen Leadership Expand into Adjacent financial needs Mobility Enterprise Household S
Slide 17: Reach: How we serve
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Reach: How we serve Expanding deep local presence → to Phygital and Digital customer convenience AI Powered Physical Phygital Digital Reach Reach • Expanded • India’s deepest Rural & • Scale R
Slide 18: Digital + AI powered reach
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Digital + AI powered reach Udaan Stack Customer Acquisition Resilient Efficient Delta Operations Collections Digital transformation AI-enabled operation AI augmented collections Digital/ AI-le
Slide 19: Responsible: How we safely compound
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Responsible: How we safely compound Delivering responsible and consistent outcomes Risk Financial Trust & Governance Discipline Resilience Asset Quality & Sustainable Returns Transparency & Cr
Slide 20: Key Priorities
Key Priorities 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 Achieve stronger Sales, underwri
Slide 21: 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
Slide 22: Breakdown of Business Assets
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Growth Breakdown of Business Assets on standalone basis Asset Class Q1 FY27 Q1 FY26 FY26 Passenger vehicles 41.5% 40.8% 41.3% Commercial vehicles and construction equipments 19.2% 21.7% 20.0%
Slide 23: Disbursements & Collections Trends
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Growth Disbursements & Collections Trends on standalone basis Historical Disbursements (Rs. in crore) Q1 Q2 Q3 Q4 FY 15,564 FY 2027 - - - - (22% yoy) FY 2026 12,808 13,514 17,612 17,184 61,118
Slide 24: Disbursement and AUM mix by Geography
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Growth Disbursement and AUM mix by Geography on standalone basis 10% 14% Delhi 10% 14% Jaipur 12% 12% ₹15,564 Cr Lucknow 15% Disbursals 15% Thane 12% 13% ₹1,37,449 Cr AUM Chennai 19% 17% Hyder
Slide 25: Credit Cost: Break down
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Risk Credit Cost: Break down on standalone basis Particulars FY25 FY26 Q4FY25 Q1FY26 Q4FY26 Q1FY27 GS-3 (%) 3.7% 3.4% 3.7% 3.8% 3.4% 3.5% Credit Cost (%) 1.3% 1.7% 1.4% 1.9% 1.5% 1.5% Provisio
Slide 26: Stagewise Provisioning
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Risk Stagewise Provisioning on standalone basis Stage-Wise Assets and Provisioning As on 30th June 2026* As on 31st Mar 2026* As on 30th June 2025 Rs. in crore Business Assets Provisions & Bus
Slide 27: Financial Performance (1/2)
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone Financial Performance (1/2) on standalone basis Loan Book (1) (Rs. crore) Revenues (Rs. crore) 1,30,160 13% 1,33,419 18,500 1,16,214 1,18,308 16,075 99,195 13,562 4,438 12%
Slide 28: Financial Performance (2/2)
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone Financial Performance (2/2) on standalone basis Cost to income ratio (1) (%) Return on Assets (ROA) (2) (%) 41.7% 2.4% 41.4% 40.8% 38.4% 36.5% 1.9% 2.0% 1.7% 1.6% FY24 FY25
Slide 29: Standalone Profit and Loss
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone Standalone Profit and Loss on standalone basis Particulars (Rs. in crores) Q1FY27 Q4FY26 Q-o-Q Q1FY26 Y-o-Y FY26 Revenue from operations (A) 4,972 4,800 4% 4,419 13% 18,446
Slide 30: Standalone Balance Sheet
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone Standalone Balance Sheet on standalone basis Particulars (Rs. in crore) As on Jun 30, 2026 As on Jun 30, 2025 As on Mar 31, 2026 ASSETS Financial Asset a) Cash and cash equi
Slide 31: Standalone Balance Sheet (Contd.)
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone Standalone Balance Sheet (Contd.) on standalone basis Particulars (Rs. in crore) As on Jun 30, 2026 As on Jun 30, 2025 As on Mar 31, 2026 LIABILITIES AND EQUITY Financial Li
Slide 32: Summary and Key Ratios
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Standalone Summary and Key Ratios on standalone basis Quarter ended Quarter ended Year ended Particulars Jun-26 Jun-25 FY26 RONW (Avg. Net Worth) - annualised 14.3% 9.8% 12.5% Debt / E
Slide 33: Broad Based Liability Mix
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Treasury Broad Based Liability Mix on standalone basis Funding Mix by Investor Category Funding Mix by type of Instrument Jun’26 Mar’ 26 Jun’25 Jun’26 Mar’ 26 Jun’25 Investor Type Instrument T
Slide 34: ALM Position and Liability Maturity
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Treasury ALM Position and Liability Maturity on standalone basis All figures in ₹ crore 1,60,000 1,51,974 Cumulative Inflow Cumulative Outflow Cumulative Mismatch% 1,40,000 1,28,151 400% 1,23,
Slide 35: Mahindra Rural Housing Finance Limited
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Subsidiary Financials Mahindra Rural Housing Finance Limited Particulars (Rs. in crore) Q1FY27 Q1FY26 FY26 FY25 Loans disbursed 1,143 501 3,171 2,023 Loans & Advances (net) 8,976 6,961 8,320 6
Slide 36: Mahindra Insurance Brokers Limited
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Subsidiary Financials Mahindra Insurance Brokers Limited Particulars (Rs. in crore) Q1FY27 Q1FY26 FY26 FY25 Net Premium 1,161 977 4,590 4,016 Total income 463 319 1,497 1,240 PBT 52 29 157 124
Slide 37: Mahindra Ideal Finance PLC
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Subsidiary Financials Mahindra Ideal Finance PLC Particulars (in LKR Mn) Q1FY27 Q1FY26 FY26 FY25 Loans disbursed 9,423 11,228 57,608 29,473 Loans & Advances (net) 28,447 17,360 26,946 14,803 T
Slide 38: Consolidated Profit and Loss
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Consolidated Consolidated Profit and Loss on consolidated basis Particulars (Rs. in crores) Q1 FY27 Q4 FY26 Q-o-Q Q1 FY26 Y-o-Y Revenue from operations (A) 5,718 5,539 3% 4,991 15% Les
Slide 39: Consolidated Balance Sheet
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Consolidated Consolidated Balance Sheet on consolidated basis Particulars (Rs. in crore) As on Jun 30, 2026 As on Jun 30, 2025 As on Mar 31, 2026 ASSETS Financial Asset a) Cash and cas
Slide 40: Consolidated Balance Sheet (Contd.)
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Overall Consolidated Consolidated Balance Sheet (Contd.) on consolidated basis Particulars (Rs. in crore) As on Jun 30, 2026 As on Jun 30, 2025 As on Mar 31, 2026 LIABILITIES AND EQUITY Financ
Slide 41: 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
Slide 42: MMFSL Group Structure
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info 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
Slide 43: MMFSL – At a Glance
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info MMFSL – At a Glance Our Strong Foundation Our Prominence Upper Layer Deposit taking NBFC 137K Cr AUM 10+ OEMs 30+ Years of Legacy 6,000+ Dealers Scale 1,300+ Branches Part of the Mahindra Gr
Slide 44: Our Journey
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info 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 crore. Rights Issue of Registration Resou
Slide 45: Diversified Product Portfolio
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Diversified Product Portfolio Mahindra Finance Product Offerings Passenger Commercial Tractor Used Vehicle Vehicle 3- Wheeler Loan Against Supply Chain Vehicle Loan Vehicle Loan Loan Loan Leas
Slide 46: Our Geographic Presence
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Our Geographic Presence A deep-rooted commitment to empowering Bharat on standalone basis Mahindra Finance Coverage (Circle HQ) 21 1 26 32 27 States and 7 2 Union territories 26 38 14 3 3 110
Slide 47: Shareholding Pattern
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Shareholding Pattern Shareholding Pattern Top 10 Public Shareholders 6.46% ▪ Life Insurance Corporation of India ▪ HDFC Mutual Fund ▪ SBI Mutual Fund 31.49% ▪ HDFC Life Insurance Company Limit
Slide 48: Credit Rating
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info 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-MLD AAA Short term
Slide 49: FY27 CSR Initiatives
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info FY27 CSR Initiatives Dhan Samvaad Mahindra Pride Nanhi Kali Saksham Scholarship Water Conservation Project >2,40,000 >1,14,000 >26,500 >5,900 >3.74 Cr Mahindra finance Flagship Female students
Slide 50: Q1 FY27 Recognitions
Executive Summary Performance Highlights Franchise Flywheel Standalone & Consolidated Financials Other Info Q1 FY27 Recognitions Indian Tractor of the Year (ITOTY) 6th Edition The Great Indian BFSI & ET Future Skills Awards 2026 TransUnion CIBIL 2026 Fintech Awards 2026 Received the Won the "Best Di
Slide 51: Thank You
_— Thank You
Mahindra & Mahindra Financial Services — Q1 FY27 Earnings Presentation on 6ix