Mahindra & Mahindra Ltd

Meeting Details

• Date/time: 12 October 2026; concluded 6:00 p.m. EDT (3:30 a.m. IST 13 Oct).
• Event: Non-Deal Roadshow in New York with funds and institutional investors.
• Presenter deck: Q1F27 Analyst Meet deck presented; submitted 30 July 2026.
• Availability: presentation deck on the company website.
• Disclosure: no unpublished price sensitive information shared.

Meeting Details

• Event: Non-Deal Roadshow for analyst and institutional meetings.
• Date: 8 Oct 2026 in New York, 9:00 a.m.–3:30 p.m. EDT; one-on-one, physical.
• Date: 9 Oct 2026 in Boston, 2:30 p.m.–5:00 p.m. EDT; one-on-one, physical.
• Date: 12 Oct 2026 in New York, 9:00 a.m.–6:00 p.m. EDT; one-on-one, physical.
• Organizer: Non-Deal Roadshow.
• Company management will participate in one-on-one investor meetings.
• Purpose: investor interaction with management.

Rating action and instruments

• NCD programme Rs 500 crore: [ICRA]AAA (Stable); reaffirmed.
• Long-term Non-fund-based facilities Rs 6.25 crore: [ICRA]AAA (Stable); reaffirmed.
• Short-term Non-fund-based facilities Rs 643.75 crore: [ICRA]A1+; reaffirmed.
• Total rated: Rs 1,150 crore; rating reaffirmed.

Rationale and outlook

• Healthy free cash flows support superior liquidity and debt protection.
• Diversified business with leadership in tractors and UV markets.
• Tractor market share 44.3%, UV share 20.3% in FY2027 / Q1 FY2027.
• Capex plan Rs 20,000-25,000 crore in FY2027-28; funded by internal accruals.
• Net debt-free at standalone and consolidated levels as of 31 Mar 2026.
• SML Mahindra acquisition strengthens >3.5T CV segment; expected synergies.
• EV portfolio ~12% of PV volumes; BE 6, XEV 9s, XEV 9e; PLI benefits.
• EV profitability EBIT-positive pre-PLI in Q1 FY2027.
• Funding support required for some overseas loss-making subsidiaries; tight capital norms.
• Liquidity remains superior; large cash and liquid investments.
• Consolidated view excludes MMFSL for debt service assessment.
• Outlook: Stable.

Rating sensitivities

• Negative: debt-protection metrics deteriorate due to debt-funded capex/investments.
• Negative: significant market-position deterioration in core automotive and FES.

Transfer details

• Transfer of ESOP equity shares from the Trust to grantees.
• Total shares transferred: 62,542.
• Transfer executed on 22 September 2026.
• Annexure I lists stock option grantees and shares per recipient.
• ISIN of transferred shares: USY541641194.
• Filing made to NSE and BSE; CC to Luxembourg and London Stock Exchange.
• Sign-off by Company Secretary Sailesh Kumar Daga.
• Compliance with listing undertaking; no new approvals indicated.
• No material impact on operations or capital structure disclosed.

CEO share sale for ESOP tax funding

• Dr. Anish Shah, Group CEO and MD, sold 76,357 equity shares of Mahindra & Mahindra Limited.
• Proceeds will be used to fund tax payable on ESOPs vested or vesting in FY2026-27.

Meeting Details

• Date: 22 September 2026; meeting ended at 10:30 a.m. IST (1:00 p.m. HKT).
• Type: group investor conference; mode: in-person event in Hong Kong.
• Event: BOFA Securities 2026 Asia Pacific Conference.
• Company participants: management representatives.
• Purpose: investor interaction and discussion of business update.
• Deck: Q1F27 Analyst Meet deck (30 July 2026) presented; available on company website.

Meeting Details

• Type: group investor meeting (analyst/institutional).
• 21 Sep 2026, CLSA Investor Forum, Hong Kong; concluded 3:30 p.m. IST.
• 21 Sep 2026, JP Morgan India Conference, Mumbai; concluded 5:00 p.m. IST.

Participants

• Senior management representatives engaged with funds and investors.

Purpose

• Investor interaction for updates with analysts and institutional investors.

Additional Notes

• Presentation deck from 30 July 2026 presented; available on company website.
• No unpublished price sensitive information disclosed during the events.

Rating Action

• CRISIL reaffirmed ratings: Bank facilities A1+; NCDs AAA/Stable; CP A1+; outlook Stable.
• Instruments rated: Bank facilities 1,087.5 crore; NCDs 475 crore and 500 crore; CP 500 crore.

Rationale & Financials

• Leadership in tractors and strong UV/LCV presence underpin credit profile.
• FY2026 standalone revenue rose 24.5% to Rs 147,765 crore; EBITDA Rs 20,977 crore.
• Ebit margin 11.5% in FY2026; auto margin -9.3%, tractor margin -20%.
• Debt metrics robust; standalone debt around Rs 1,056 crore; liquidity ample with Rs 35,270 crore surplus.
• Cash accruals expected Rs 13–15k crore annually 2027–29; capex funded by accruals.
• Capex for Nagpur plant; capacity 68k by H1 FY2027 and 82k by end FY2027.
• Outlook Stable; competitive UV market and cyclicality in auto/tractor exert pressure.
• Downward risk: large debt-funded investments or sustained decline in core market share.
• No material change; rating reaffirmed with Stable outlook.

Meeting Details

• J.P. Morgan India Conference, 21 Sep 2026, Mumbai, 09:00–17:00 IST, One-on-One & Group, physical
• CLSA 33rd Investor’s Forum 2026, 21 Sep 2026, Hong Kong, 08:30–18:00 HKT (IST 06:00–15:30), One-on-One & Group, physical
• BOFA Securities 2026 Asia Pacific Conference, 22 Sep 2026, Hong Kong, 10:00–13:00 HKT, One-on-One & Group, physical

Participants

• Key company participants: management (roles not specified).

Purpose

• Purpose: Analyst/institutional investor meetings with company management.

Additional Notes

• Note: schedule may change due to exigencies on investors/analysts/company.