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Mahindra & Mahindra Ltd. — Capital/Financing Update 2025
Aug 4, 2025
60223_rns_2025-08-04_d31729cd-803e-4711-bcbc-e9e03fe05d7b.pdf
Capital/Financing Update
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Mahindra & Mahindra Ltd . Mahindra Towers, Dr. G. M. Bhosale Marg, Worli, Mumbai 400 018 India
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Tel: +91 22 2490 1441 Fax: +91 22 2490 0833 www.mahindra.com
4[th] August 2025
National Stock Exchange of India Limited "Exchange Plaza", 5[th] Floor, Plot No. C/1, G Block Bandra-Kurla Complex Bandra (East), Mumbai 400051.
BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai 400001.
The Luxembourg Stock Exchange 35A Boulevard Joseph II, L-1840 Luxembourg.
10 Paternoster Square London EC4M 7LS.
Dear Sirs,
Sub: Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure – Requirements) Regulations, 2015 ICRA Limited reaffirms its ratings of the Company
| Instrument | Previous rated amount (Rs. crore) |
Current rated amount (Rs. crore) |
Rating Action |
|---|---|---|---|
| Non-Convertible Debenture Programme |
500.00 | 500.00 | [ICRA]AAA (Stable); reaffirmed |
| Long Term – Non-fund based facilities |
42.50 | 42.50 | [ICRA]AAA (Stable); reaffirmed |
| Short Term – Non-fund based facilities |
400.00 | 400.00 | [ICRA]A1+; reaffirmed |
| Total | 942.50 | 942.50 |
Please find enclosed a Press Release issued by ICRA Limited in this regard which was intimated to the Company today on 4[th] August 2025 at 03:22 PM.
Further, as per Regulation 55 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Master Circular bearing reference No. SEBI/HO/DDHS/DDHS-PoD-1/P/CIR/2025/0000000103 dated 11[th] July 2025, please find below details in respect of Credit Rating obtained for Non-Convertible Debentures (“NCD”) issued by the Company from ICRA Limited:
Cont..2
Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001, India | Tel: +91 22 6897 5500 | Fax: +91 22 22875485 | Email: [email protected] | mahindra.com | CIN No. L65990MH1945PLC004558
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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
-:2:-
| Details ofcreditrating | Details ofcreditrating | Details ofcreditrating | Details ofcreditrating | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Current rating details | |||||||||
| Sr. No. |
ISIN |
Name of the Credit Rating Agency |
Credit Rating Assigned |
Outlook (Stable/ Positive/ Negative/ No Outlook) |
Rating Action (New/ Upgrade / Downgrade / Re- Affirm/ Other) |
Specify other rating action |
Date of Credit rating |
Verification status of Credit Rating Agencies |
Date of Verification |
| 1 | INE101A08070 (Rs.500 Crore NCD) |
ICRA Limited |
[ICRA]AAA | Stable | Re- Affirm |
- | 04-08- 2025 |
Verified | 04-08-2025 |
Kindly take the above on record.
Yours sincerely, For MAHINDRA & MAHINDRA LIMITED
Digitally signed by Sailesh Sailesh Kumar Daga Kumar Daga Date: 2025.08.04 18:09:59 +05'30'
SAILESH KUMAR DAGA COMPANY SECRETARY Encl: as above
Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001, India | Tel: +91 22 6897 5500 | Fax: +91 22 22875485 | Email: [email protected] | mahindra.com | CIN No. L65990MH1945PLC004558
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August 04, 2025
Mahindra & Mahindra Limited: Ratings reaffirmed
Summary of rating action
| Instrument* | Previous rated amount (Rs. crore) |
Current rated amount (Rs. crore) |
Rating action |
|---|---|---|---|
| Non Convertible Debenture Programme |
500.00 | 500.00 | [ICRA]AAA (Stable); reaffirmed |
| Long Term – Non-fund based facilities |
42.50 | 42.50 | [ICRA]AAA (Stable); reaffirmed |
| Short Term – Non-fund based facilities |
400.00 | 400.00 | [ICRA]A1+; reaffirmed |
| Total | 942.50 | 942.50 |
*Instrument details are provided in Annexure I
Rationale
The ratings reaffirmation reflects the strong financial profile of Mahindra & Mahindra Limited (M&M), characterised by healthy free cash flows on the back of its diversified business across varied sectors, healthy profitability in its core automotive and tractor businesses and superior liquidity with sizeable cash and bank balances along with liquid investments. The ratings favourably factor in the performance of the farm equipment (FES) and automotive (auto) segments, which provided stability to the overall profitability over the years, despite cyclical performances in the respective segments. Additionally, M&M has a large investment portfolio of its Group entities, some of which are also listed in the stock markets. The high market value of these investments additionally provide cushion to M&M’s overall financial flexibility.
M&M has maintained its dominant position in the domestic tractor industry, with a market share[1] of 45.1% in Q1 FY2026 (43.3% in FY2025). ICRA believes that the multi-brand strategy of Mahindra, Swaraj, Trakstar along with the new range of OJA is likely to help it sustain the market share over the medium term. In its global FES business, M&M is present in four out of the five largest tractor markets in the world. Some of these overseas entities, which had reported subdued performances before, have turned around over the past couple of years.
In the domestic utility vehicles (UV) business, despite increasing competition, M&M has emerged as the second largest player (in terms of volumes) with its market share improving to 22.7% in Q1 FY2026 from 19.7% in FY2025 and 18.2% in FY2024. This was supported by healthy demand for its new launches like XUV 3XO and Thar ROXX, among others. While the healthy demand for the new models is expected to support M&M’s overall volumes, going forward, a further improvement in its market share is challenging amid successful launches by its competitors. M&M also enjoys a strong position in the light commercial vehicle (LCV) goods market (especially 2-3.5 tonnes (T) segment), with a 50.7% share in Q1 FY2026 (48.9%% in FY2025). ICRA also notes that the board of directors of M&M has approved acquisition of around 58.9% stake in SML Isuzu Limited with a total expected investment of Rs. 554 crore. Additionally, it will make an open offer for acquire up to 26% stake from public shareholders for Rs. 584.9 crore. The proposed acquisition is a step towards establishing a strong presence in the > 3.5 T commercial vehicle (CV) segment.
M&M has capital expenditure (capex) plans of Rs. 20,000-25,000 towards auto and farm segment over FY2026 and FY2027, to be funded by internal accruals and existing cash and liquid investments. Although the planned investments are large, steady cash flow generation from its core business, along with the financial flexibility enjoyed by the Group and its comfortable credit profile partly mitigate the risk. M&M was net debt free at the standalone and consolidated levels (excluding Mahindra & Mahindra Financial Services Limited (MMFSL) as on March 31, 2025. ICRA expects its leverage to remain low in the medium
1 All market share details mentioned in this rationale are from Society of Indian Automobile Manufacturers (SIAM) or The Tractor and Mechanization Association (TMA) data
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term, despite sizeable capex and investment plans. The company’s liquidity position remains superior, supported by its large, free cash and bank balances as well as liquid investments as on March 31, 2025.
ICRA draws comfort from M&M’s track record of successfully managing its portfolio of businesses, however, its continued success while maintaining its strong credit profile would remain a key rating sensitivity. Sustained strengthening of M&M’s UV portfolio through new product launches amid increasing competition, achieving success on its electric vehicle (EV) launches and sustenance of its performance would remain critical for maintaining its credit profile.
The Stable outlook reflects ICRA’s expectations that M&M will maintain its healthy credit profile, supported by its leadership position in the domestic tractor industry and improving position in the domestic UV industry. While there could be short-term aberrations due to inherent cyclicality in the tractor as well as automotive segments, M&M’s overall credit profile is expected to remain robust because of healthy accruals and superior liquidity.
Key rating drivers and their description
Credit strengths
Strong position in domestic tractor industry with an established rural franchise; diversified automotive company – M&M has been the dominant market leader in the domestic tractor market, commanding a market share of 45.1% in Q1 FY2026 (43.3% in FY2025). With its offerings across different brands of Mahindra, Swaraj, Trakstar and OJA and its well-entrenched sales and service network, M&M is expected to maintain its leadership position, going forward. Additionally, it enjoys a strong position in the domestic UV market with a market share of 22.7% in Q1 FY2026 (19.7% in FY2025), and in the LCV goods market (especially 2-3.5 T segment), with a 50.7% share in Q1 FY2026 (48.9% in FY2025). It has also carved out a leadership position in the domestic electric three-wheeler (e-3W) market with a 42.9%[2] market share in FY2025. Further, the proposed acquisition of a 58.9% stake of SML Isuzu Limited is a step towards establishing a strong presence in the > 3.5 T CV segment.
– Healthy credit profile, supported by robust cash surplus resulting in superior liquidity The company enjoys a strong credit profile, characterised by robust cash accruals, comfortable credit metrics and a superior liquidity position. Despite investing regularly for capex and other requirements, M&M has continued to remain net debt negative over the past several years, supported by its healthy cash flow generation.
Inherent value in some of its businesses, with potential to generate cash flows through stake sale for the Group – M&M enjoys a large investment portfolio, consisting of its Group entities, some of which are listed in the stock markets. These businesses are spread across sectors such as financial services, information technology, infrastructure and hospitality. The significantly high market value of these quoted investments provide additional cushion to M&M’s overall financial flexibility.
Credit challenges
Stiff competition in core automotive business may put pressure on market share and margins – The domestic UV market has seen intense competition in recent times, with the foray of multiple players and the expanding product portfolio of existing players. Along with limited presence in the fast-growing compact UV segment, M&M lost sizeable market share from 25.4% in FY2018 to 15.0% in FY2022. However, it has been able to claw back its market share to 22.7% in Q1 FY2026 on the back of success of its new launches such as XUV 3XO, Thar ROXX, XUV 700, Scorpio N, Bolero Neo. Nevertheless, its ability to maintain and improve the market share remains critical. Competition also remains high in the other automotive segments like commercial vehicles (both LCVs, and medium and heavy commercial vehicles [M&HCVs]) and three-wheelers (3Ws).
Significant medium-term investment requirements, ability to maintain sound capital structure remains crucial – M&M has capex plans of ~Rs. 20,000-25,000 crore towards auto and farm segment over FY2026 and FY2027. Although the planned investments are large, steady cash flow generation from its core business, along with the financial flexibility enjoyed by the Group and its comfortable credit profile partly mitigate the risk. Additionally, the company has also been able to induct some
2 Source: FY2025 annual report
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strategic partners like British International Investment (BII), Temasek Holdings and International Finance Corporation (IFC), especially for technologies like EVs. However, no further investment from any strategic partners is required, going forward.
– Funding support required by some loss-making businesses/ subsidiaries While most of M&M’s investee companies are selfsustaining in nature, certain entities, especially those overseas, may require some funding support over the near-to-medium term. While these would require certain cash outflow from M&M, comfort is drawn from the tighter capital allocation norms laid out by the company. The company will continue to support only those with a clear path to 18% RoE. ICRA also notes that the overseas FES entities, which had been loss making, have turned around and reported a positive PBIT since FY2022.
Environmental and Social Risks
Environmental considerations – OEMs remain exposed to climate transition risks emanating from a likelihood of tightening emission control requirements across its key operating markets, given the increasing focus on reducing the adverse impact of automobile emissions. Accordingly, they may need to invest materially to develop products to cater to the regulatory thresholds or expected transition to alternative fuel vehicles, which may have a moderating impact on their return and credit metrics.
Social considerations – Automotive OEMs have a healthy dependence on human capital, thus retaining human capital, maintaining healthy relationships with employees as well as the supplier ecosystem remains essential for disruption free operations. Another social risk that automotive OEMs like M&M face pertains to product safety and quality, wherein instances of product recalls and high warranty costs may not only lead to a financial implication but could also harm the reputation and create a more long lasting adverse impact on demand. M&M is also exposed to any major shift in consumer preferences/demographics, which are a key demand driver and, accordingly, may need to make material investments to realign its product portfolio.
Liquidity position: Superior
M&M’s liquidity position is superior, driven by healthy operating profit margins and a negative working capital cycle. The company had sizeable, free cash and bank balances as well as liquid investments of more than Rs. 37,000 crore as on March 31, 2025 at the consolidated level (excluding MMFSL). Additionally, at the standalone level, M&M has unutilised fund-based working capital limits of Rs. 1,027 crore (as on March 31, 2025), which lend further support to its liquidity profile. M&M also benefits from a large investment portfolio of Group entities, some of which are publicly listed. The significantly high market value of these quoted investments also supports M&M’s financial flexibility. Overall, ICRA expects the company to maintain its superior liquidity profile despite the sizeable capex and investment outlay over the medium term, supported by steady cash flow generation from its core business and the financial flexibility enjoyed by the Group.
Rating sensitivities
Positive factors – Not applicable
Negative factors –Pressure on the ratings could arise in case of any significant deterioration in M&M’s capital structure as well as debt coverage indicators because of debt-funded capex and investments, or any large inorganic acquisition. A material decline in M&M’s market position in its core automotive and FES segments on a sustained basis, resulting in a significant deterioration in its profitability and cash flows, would also be a negative rating trigger.
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Analytical approach
| Analytical approach | Comments |
|---|---|
| Corporate Credit Rating Methodology | |
| Applicable rating methodologies | Rating Methodology for Passenger Cars Rating Methodology for Commercial Vehicles Rating Methodology for Tractors |
| Parent/Group support | Not Applicable |
| For arriving at the ratings, ICRA has considered the consolidated financials of M&M | |
| Consolidation/Standalone | excluding the financial services business under Mahindra & Mahindra Financial Services Limited (MMFSL). However, the analysis considers the ordinary and extraordinary funding |
| support likelyto be extended byM&M to MMFSL. |
About the company
Incorporated in 1945 by Mr. Ghulam Mohammad and the two Mahindra brothers (KC Mahindra and JC Mahindra) as a private limited company, Mahindra & Mohammad, the company was renamed as Mahindra & Mahindra in 1948 and was subsequently converted into a public limited company in 1955. The Scheme of Merger by Absorption of Mahindra Vehicle Manufacturers Limited (MVML) was approved by the Mumbai Bench of the National Company Law Tribunal (NCLT) on April 26, 2021, and the scheme became effective from the appointed date of April 1, 2019. M&M is the most diversified automobile company in India with presence across two-wheelers, three-wheelers, PVs, CVs, tractors and farm equipment. M&M has a strong position in the domestic large UV and tractor markets, with a market share of 19.7% and 45.1%, respectively in FY2025. In terms of volumes, M&M is the world’s largest tractor manufacturer and among the top four PV manufacturers in India. Through its subsidiaries and Group companies, M&M is present in financial services, auto components, hospitality, infrastructure, retail, logistics, steel trading and processing, IT businesses, agri businesses, aerospace, consulting services, defence, energy and industrial equipment, etc.
Key financial indicators (audited)
| M&M - Standalone (Amount in Rs. crore) | FY2024 | FY2025 |
|---|---|---|
| Operating income | 99,097.7 | 116,483.7 |
| PAT | 10,642.3 | 11,855.0 |
| OPBDIT/OI | 13.3% | 14.7% |
| PAT/OI | 10.7% | 10.2% |
| Total outside liabilities/Tangible net worth (times) | 0.6 | 0.6 |
| Total debt/OPBDIT (times) | 0.2 | 0.1 |
| Interest coverage (times) | 93.6 | 68.4 |
Source: Company, ICRA Research; All ratios as per ICRA’s calculations; Amount in Rs. crore PAT: Profit after tax; OPBDIT: Operating profit before depreciation, interest, taxes and amortisation
Status of non-cooperation with previous CRA: Not applicable
Any other information: None
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Rating history for past three years
| Current rating (FY2026) | Current rating (FY2026) | Current rating (FY2026) | Chronology of rating | Chronology of rating | history for the past 3 | history for the past 3 | history for the past 3 | years | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY2025 | FY2024 | FY2023 | ||||||||||
| Amount | ||||||||||||
| Instrument | Type | rated | August 4, 2025 | Date | Rating | Date | Rating | Date |
Rating |
|||
| (Rs. crore) | ||||||||||||
| Non- | ||||||||||||
| Convertible Debenture |
Long- term |
500.00 | [ICRA]AAA (Stable) | Aug-06- 2024 |
[ICRA]AAA (Stable) |
Aug-07- 2023 |
[ICRA]AAA (Stable) |
Aug-11- 2022 |
[ICRA]AAA (Stable) |
|||
| Programme | ||||||||||||
| Non- Convertible Debenture Programme |
Long- term |
- | - | - | - | Aug-07- 2023 |
[ICRA]AAA (Stable) withdrawn |
Aug-11- 2022 |
[ICRA]AAA (Stable) |
|||
| Fund-based | Long- | |||||||||||
| Facilities | term | - | - | - | - | - | - | - | - | |||
| Non-fund Based Facilities |
Long- term |
42.50 | [ICRA]AAA (Stable) | Aug-06- 2024 |
[ICRA]AAA (Stable) |
Aug-07- 2023 |
[ICRA]AAA (Stable) |
Aug-11- 2022 |
[ICRA]AAA (Stable) |
|||
| Non-fund Based Facilities |
Short- term |
400.00 | [ICRA]A1+ | Aug-06- 2024 |
[ICRA]A1+ | Aug-07- 2023 |
[ICRA]A1+ | Aug-11- 2022 |
[ICRA]A1+ | |||
| Term Loan | Long- term |
- | - | - | - | - | - | Aug-11- 2022 |
[ICRA]AAA (Stable) |
|||
| Commercial Paper Programme |
Short- term |
- | - | - | - | - | - | Aug-11- 2022 |
[ICRA]A1+ withdrawn |
Complexity level of the rated instruments
| Instrument | Complexity indicator |
|---|---|
| Non Convertible Debenture Programme | Simple |
| Long Term – Non-Fund based facilities | Simple |
| Short Term – Non-Fund based facilities | Very Simple |
The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated. It does not indicate the risk related to the timely payments on the instrument, which is rather indicated by the instrument's credit rating. It also does not indicate the complexity associated with analysing an entity's financial, business, industry risks or complexity related to the structural, transactional or legal aspects. Details on the complexity levels of the instruments are available on ICRA’s website: Click Here
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Annexure I: Instrument details
| ISIN | Instrument Name |
Date of Issuance | Coupon Rate |
Maturity | Amount Rated (Rs. crore) |
Current Rating and Outlook |
|---|---|---|---|---|---|---|
| Non-convertible | ||||||
| INE101A08070 | Debenture |
Jul-2013 | 9.55% | Jul-2063 | 500.00 | [ICRA]AAA (Stable) |
| Programme | ||||||
| NA | Non-fund Based Facility 1 |
NA |
NA | NA | 6.25 | [ICRA]AAA (Stable) |
| NA | Non-fund Based Facility 2 |
NA |
NA | NA | 6.25 | [ICRA]AAA (Stable) |
| NA | Non-fund Based Facility 3 |
NA |
NA | NA | 30.00 | [ICRA]AAA (Stable) |
| NA | Non-fund Based Facility 4 |
NA |
NA | NA | 400.00 | [ICRA]A1+ |
Source: Company
- Please click here to view details of lender wise facilities rated by ICRA
Annexure II: List of entities considered for consolidated analysis
| Name of the Subsidiary | M&M Ownership Consolidation approach Interest* |
|---|---|
| NBS International Limited | 100.00% Full Consolidation |
| Mahindra Automotive Australia Pty Limited | 100.00% Full Consolidation |
| Mahindra Europe srl | 100.00% Full Consolidation |
| Mahindra and Mahindra South Africa (Proprietary) Limited | 100.00% Full Consolidation |
| Automobili Pininfarina GmbH | 100.00% Full Consolidation |
| Automobili Pininfarina Americas Inc | 100.00% Full Consolidation |
| Mahindra Electric Automobile Limited ** | 100.00% Full Consolidation |
| Mahindra Last Mile Mobility Limited $$ | 100.00% Full Consolidation |
| Mahindra Racing UK Limited | 100.00% Full Consolidation |
| Gromax Agri Equipment Limited | 60.00% Full Consolidation |
| Mahindra USA Inc | 100.00% Full Consolidation |
| Mitsubishi Mahindra Agricultural Machinery Co, Ltd $ | 66.67% Full Consolidation |
| Mitsubishi Agricultural Machinery Sales Co, Ltd | 66.67% Full Consolidation |
| Ryono Factory Co, Ltd | 66.67% Full Consolidation |
| Ryono Engineering Co, Ltd | 66.67% Full Consolidation |
| Ryono Asset Management Co, Ltd | 66.67% Full Consolidation |
| Mahindra do Brasil Industrial Ltda | 100.00% Full Consolidation |
| Erkunt Traktor Sanayii Anonim Şirketi | 100.00% Full Consolidation |
| Erkunt Sanayi Anonim Şirketi | 98.69% Full Consolidation |
| Sampo Rosenlew Oy | 100.00% Full Consolidation |
| Swaraj Engines Limited | 52.12% Full Consolidation |
| MITRA Agro Equipments Private Limited | 100.00% Full Consolidation |
| Mahindra Automotive North America Inc | 100.00% Full Consolidation |
| Mahindra Vehicle Sales and Service Inc | 100.00% Full Consolidation |
| Mahindra Solarize Private Limited | 100.00% Full Consolidation |
| Resurgence Solarize Urja Private Limited | 100.00% Full Consolidation |
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| Name of the Subsidiary | M&M Ownership Consolidation approach Interest* |
|---|---|
| Mahindra South East Asia Limited (wef 8th October 2024) | 100.00% Full Consolidation |
| Kota Farm Services Limited @ | 47.81% Full Consolidation |
| Mahindra Agri Solutions Limited | 99.06% Full Consolidation |
| Mahindra EPC Irrigation Limited | 54.21% Full Consolidation |
| Mahindra HZPC Private Limited | 59.39% Full Consolidation |
| Mahindra Fruits Private Limited | 99.06% Full Consolidation |
| Mahindra First Choice Wheels Limited | 56.46% Full Consolidation |
| Mahindra First Choice Wheels Limited ESOP Trust | 56.46% Full Consolidation |
| Mahindra & Mahindra Financial Services Limited | 52.18% Full Consolidation |
| Mahindra Insurance Brokers Limited | 52.18% Full Consolidation |
| Mahindra Rural Housing Finance Limited | 51.54% Full Consolidation |
| Mahindra Finance CSR Foundation | 52.18% Full Consolidation |
| Mahindra Rural Housing Finance Limited Employee Welfare Trust | 51.54% Full Consolidation |
| Mahindra & Mahindra Financial Services Limited Employees' Stock Option Trust | 52.18% Full Consolidation |
| Mahindra Ideal Finance Limited | 30.37% Full Consolidation |
| Mahindra Lifespace Developers Limited | 51.14% Full Consolidation |
| Mahindra Infrastructure Developers Limited | 51.14% Full Consolidation |
| Mahindra World City (Maharashtra) Limited | 51.14% Full Consolidation |
| Knowledge Township Limited | 51.14% Full Consolidation |
| Industrial Township (Maharashtra) Limited | 51.14% Full Consolidation |
| Anthurium Developers Limited | 51.14% Full Consolidation |
| Mahindra Water Utilities Limited | 50.63% Full Consolidation |
| Rathna Bhoomi Enterprises Private Limited | 51.14% Full Consolidation |
| Deep Mangal Developers Private Limited | 51.14% Full Consolidation |
| Moonshine Construction Private Limited | 51.14% Full Consolidation |
| Mahindra Bloomdale Developers Limited | 51.14% Full Consolidation |
| Mahindra Holidays & Resorts India Limited | 66.87% Full Consolidation |
| Mahindra Hotels & Residences India Limited | 66.87% Full Consolidation |
| Gables Promoters Private Limited | 66.87% Full Consolidation |
| Heritage Bird (M) Sdn Bhd | 66.87% Full Consolidation |
| Infinity Hospitality Group Company Limited | 49.48% Full Consolidation |
| Boutique Hospitality Limited @ | 32.77% Full Consolidation |
| MHR Holdings (Mauritius) Limited | 66.87% Full Consolidation |
| Covington Sarl | 66.87% Full Consolidation |
| Holiday Club Resorts Oy | 66.87% Full Consolidation |
| Kiinteistö Oy Rauhan Liikekiinteistöt 1 | 66.87% Full Consolidation |
| Ownership Services Sweden Ab | 66.87% Full Consolidation |
| Villa 3 Ab | 66.87% Full Consolidation |
| Holiday Club Sweden Ab Åre | 66.87% Full Consolidation |
| Holiday Club Sport and Spa Hotels AB | 66.87% Full Consolidation |
| Holiday Club Canarias Investments SL | 66.87% Full Consolidation |
| Holiday Club Canarias Sales & Marketing SL | 66.87% Full Consolidation |
| Holiday Club Canarias Resort Management SL | 66.87% Full Consolidation |
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| Name of the Subsidiary | M&M Ownership Consolidation approach Interest* |
|---|---|
| Holiday Club Canarias Vacation Club SLU | 66.87% Full Consolidation |
| Arabian Dreams Hotels Apartments LLC @ | 32.77% Full Consolidation |
| Mahindra Holidays & Resorts India Limited Employee Stock Option Trust | 66.87% Full Consolidation |
| Mahindra Holidays & Resorts Harihareshwar Limited | 66.87% Full Consolidation |
| Guestline Hospitality Management and Development Service Limited | 66.51% Full Consolidation |
| Mahindra Logistics Limited | 57.97% Full Consolidation |
| Lords Freight (India) Private Limited | 57.42% Full Consolidation |
| 2 x 2 Logistics Private Limited | 31.88% Full Consolidation |
| MLL Express Services Private Limited | 57.97% Full Consolidation |
| MLL Mobility Private Limited | 57.97% Full Consolidation |
| V-Link Freight Services Private Limited | 57.97% Full Consolidation |
| ZipZap Logistics Private Limited | 37.16% Full Consolidation |
| Mahindra Two Wheelers Europe Holdings Sarl | 100.00% Full Consolidation |
| Bristlecone Worldwide, Inc | 95.08% Full Consolidation |
| Bristlecone Consulting Limited | 95.08% Full Consolidation |
| Bristlecone (Malaysia) Sdn Bhd | 95.08% Full Consolidation |
| Bristlecone International AG | 95.08% Full Consolidation |
| Bristlecone UK Limited | 95.08% Full Consolidation |
| Bristlecone Inc | 95.08% Full Consolidation |
| Bristlecone Middle East DMCC | 95.08% Full Consolidation |
| Bristlecone India Limited | 95.08% Full Consolidation |
| Bristlecone GmbH | 95.08% Full Consolidation |
| Bristlecone (Singapore) Pte Limited | 95.08% Full Consolidation |
| Bristlecone Internacional Costa Rica Limited | 95.08% Full Consolidation |
| Marvel Solren Private Limited | 100.00% Full Consolidation |
| Mahindra Accelo Limited | 100.00% Full Consolidation |
| Mahindra Steel Service Centre Limited | 61.00% Full Consolidation |
| Mahindra Electrical Steel Private Limited | 100.00% Full Consolidation |
| Mahindra Auto Steel Private Limited | 75.50% Full Consolidation |
| Mahindra MiddleEast Electrical Steel Service Centre (FZC) | 90.00% Full Consolidation |
| Mahindra MSTC Recycling Private Limited | 50.00% Full Consolidation |
| PT Mahindra Accelo Steel Indonesia | 99.98% Full Consolidation |
| Mahindra Defence Systems Limited | 100.00% Full Consolidation |
| Mahindra Emirates Vehicle Armouring FZ-LLC | 88.00% Full Consolidation |
| Mahindra Armored Vehicles Jordan, LLC | 88.00% Full Consolidation |
| Mahindra Telephonics Integrated Systems Limited | 100.00% Full Consolidation |
| Mahindra Aerospace Private Limited | 100.00% Full Consolidation |
| Mahindra Aerostructures Private Limited | 100.00% Full Consolidation |
| Mahindra Airways Limited | 100.00% Full Consolidation |
| Mahindra Automotive Mauritius Limited | 100.00% Full Consolidation |
| Mahindra Holdings Limited | 100.00% Full Consolidation |
| Mahindra Overseas Investment Company (Mauritius) Limited | 100.00% Full Consolidation |
| Mahindra Integrated Business Solutions Private Limited | 100.00% Full Consolidation |
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| Name of the Subsidiary | M&M Ownership Consolidation approach Interest* |
|---|---|
| Mahindra eMarket Limited | 83.47% Full Consolidation |
| Mahindra Construction Company Limited | 65.19% Full Consolidation |
| Officemartindiacom Limited | 50.00% Full Consolidation |
| Mahindra & Mahindra Contech Limited @ | 46.66% Full Consolidation |
| Mahindra Sustainable Energy Private Limited | 100.00% Full Consolidation |
| New Democratic Electoral Trust @ | 33.35% Full Consolidation |
| Sunrise Initiatives Trust | 100.00% Full Consolidation |
| Mumbai Mantra Media Limited | 100.00% Full Consolidation |
| Mahindra & Mahindra Benefit Trust | 100.00% Full Consolidation |
| Mahindra & Mahindra ESOP Trust | 100.00% Full Consolidation |
| Mahindra Ideal Lanka (Private) Limited | 35.00% Equity Method# |
| Carnot Technologies Private Limited ## | 73.00% Equity Method# |
| Sampo Algeria SpA | 38.00% Equity Method# |
| Mahindra Top Greenhouses Private Limited ## | 60.00% Equity Method# |
| Mahindra Summit Agriscience Limited ## | 60.00% Equity Method# |
| Mahindra Manulife Investment Management Private Limited ## | 51.00% Equity Method# |
| Mahindra Manulife Trustee Private Limited ## | 51.00% Equity Method# |
| Mahindra World City (Jaipur) Limited ## | 74.00% Equity Method# |
| Mahindra World City Developers Limited ## | 89.00% Equity Method# |
| Mahindra Industrial Park Chennai Limited ## | 60.00% Equity Method# |
| Mahindra Homes Private Limited ## | 74.35% Equity Method# |
| Mahindra Inframan Water Utilities Private Limited | 50.00% Equity Method# |
| Mahindra Industrial Park Private Limited ^^ | 100.00% Equity Method# |
| Mahindra Happinest Developers Limited ## | 51.00% Equity Method# |
| Tropiikin Rantasauna Oy | 50.00% Equity Method# |
| Classic Legends Private Limited ## | 60.00% Equity Method# |
| Mahindra-BT Investment Company (Mauritius) Limited ## | 57.00% Equity Method# |
| Mahindra Susten Private Limited ## | 60.01% Equity Method# |
| Mahindra Teqo Private Limited ## | 80.00% Equity Method# |
| Smartshift Logistics Solutions Private Limited | 25.93% Equity Method# |
| Aquasail Distribution Company Private Limited | 17.65% Equity Method# |
| Seino MLL Logistics Private Limited (wef 23rd October, 2024) | 50.00% Equity Method# |
| Tech Mahindra Limited | 28.06% Equity Method# |
| PF Holdings BV | 40.00% Equity Method# |
| Shiga Mitsubishi Agricultural Machinery Sales Co, Ltd | 22.40% Equity Method# |
| Kagawa Mitsubishi Agricultural Machinery Sales Co, Ltd | 33.33% Equity Method# |
| Okanetsu Industry Co, Ltd | 33.77% Equity Method# |
| Kitaiwate Ryono Co, Ltd | 25.00% Equity Method# |
| Aizu Ryono Co, Ltd (under liquidation) | 21.25% Equity Method# |
| Joban Ryono Co, Ltd | 20.00% Equity Method# |
| Fukuryo Kiki Hanbai Co, Ltd | 20.00% Equity Method# |
| Ibaraki Ryono Co, Ltd | 21.64% Equity Method# |
| Kotobuki Noki Co, Ltd | 33.33% Equity Method# |
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| Name of the Subsidiary | M&M Ownership Consolidation approach Interest* |
|---|---|
| Honda Seisakusyo, Inc | 25.00% Equity Method# |
| Yamaichi Honten Co, Ltd | 42.85% Equity Method# |
| Kumsan Dokum Mazelmeri AS | 25.10% Equity Method# |
| Mahindra Finance USA, LLC | 49.00% Equity Method# |
| CIE Automotive SA ^ | 8.01% Equity Method# |
| Mahindra Knowledge Park (Mohali) Limited | 46.15% Equity Method# |
| Ample Parks And Logistics Private Limited | 26.00% Equity Method# |
| Ample Parks Project 1 Private Limited | 33.00% Equity Method# |
| Ample Parks Project 2 Private Limited | 33.00% Equity Method# |
| Ample Parks MMR Private Limited (formerly known as AMIP Project 1 Private Limited)(wef 7th November, 2024) |
26.00% Equity Method# |
| Kiinteistö Oy Seniori-Saimaa | 31.15% Equity Method# |
| Great Rocksport Private Limited | 23.42% Equity Method# |
| Renew Sunlight Energy Private Limited | 37.21% Equity Method# |
| Sustainable Energy Infra Investment Managers Private Limited | 40.00% Equity Method# |
| Green Energy Infra Project Managers Private Limited | 40.00% Equity Method# |
| Brainbees Solutions Limited ^ | 10.49% Equity Method# |
| PSL Media & Communications Limited | 40.00% Equity Method# |
| The East India Company Group Limited BVI ^ | 18.62% Equity Method# |
| Blue Planet Integrated Waste Solutions Limited | 20.00% Equity Method# |
Source: Annual report FY2025
*excluding shares issued to ESOP Trusts of the respective entities / their holding companies but not allotted to employees.
@entities have been treated as subsidiaries even though the Group holds less than half of the voting power in these entities as it has unilateral control over the investees due to other factors that give power like control over composition of board, management control etc.
$In addition to JPY750 million Common Stock (which represents 33.33% of the Common stock), the Company owns the entire JPY2250 million “Class A” shares (shares with no voting rights); “Class A” shares have rights over dividend and liquidation on an equal basis with Common Stock.
$$Voting power in the company is different from the ownership interests.
**200 shares are held by investors.
##Entities have been treated as Joint Ventures even though the Group holds more than half of the voting power in these entities as it does not have unilateral control over the investee, primarily due to existence of agreements that give substantive rights to other investors.
^^As per agreement with other shareholders, the economic interest of Mahindra Lifespace Developers Limited (MLDL) is 50%.
^Entities have been treated as Associate even though the Group holds less than 20% of the voting power in these entities as it has influence over the entity due to the board representation.
#Proportion of ownership interest held by the Company or any of its subsidiary directly
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ANALYST CONTACTS
Jitin Makkar +91 124 4545 368 [email protected]
Kinjal Shah +91 22-6114 3442 [email protected]
Sakshi Suneja +91 22-6169 3349 [email protected]
Karan Gupta +91 22 6114 3457 [email protected]
RELATIONSHIP CONTACT
L. Shivakumar
+91 22 6114 3406 [email protected]
MEDIA AND PUBLIC RELATIONS CONTACT
Ms. Naznin Prodhani
Tel: +91 124 4545 860 [email protected]
HELPLINE FOR BUSINESS QUERIES
+91-9354738909 (open Monday to Friday, from 9:30 am to 6 pm)
ABOUT ICRA LIMITED
ICRA Limited was set up in 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional investment Information and Credit Rating Agency.
Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public Limited Company, with its shares listed on the Bombay Stock Exchange and the National Stock Exchange. The international Credit Rating Agency Moody’s Investors Service is ICRA’s largest shareholder.
For more information, visit www.icra.in
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ICRA Limited
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Registered Office
B-710, Statesman House, 148 Barakhamba Road, New Delhi-110001 Tel: +91 11 23357940-45
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Branches
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© Copyright, 2025 ICRA Limited. All Rights Reserved.
Contents may be used freely with due acknowledgement to ICRA.
ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA rating is a symbolic indicator of ICRA’s current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icra.in or contact any ICRA office for the latest information on ICRA ratings outstanding. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable, including the rated issuer. ICRA however has not conducted any audit of the rated issuer or of the information provided by it. While reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. Also, ICRA or any of its group companies may have provided services other than rating to the issuer rated. All information contained herein must be construed solely as statements of opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication or its contents.
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