Mahindra & Mahindra Financial Services Ltd

Meeting Details

• Date and time: Tuesday, 18 August 2026, 12:00 PM to 5:00 PM IST.
• Mode: in-person; One-on-One and Group meetings.
• Event: Motilal Oswal 22nd Annual Global Investor Conference.
• Venue: Mumbai.

Participants

• Company Officials (management) to participate.

Purpose

• Discuss business updates and Q1 FY2027 earnings presentation.
• Provide general business overview to investors.

Audience

• Audience includes several funds/investors.

Meeting Details

• Event: Emkay Confluence 2026 investor conference on 13 August 2026, 10:00 AM–1:00 PM IST, in-person.
• Mode/meeting type: One-on-one and group meeting.
• Venue: Mumbai.
• Audience: Several funds/investors.

Participants

• Attendees: Company officials (management) to attend.
• No personal names disclosed.

Purpose

• Purpose: Discuss business updates and Q1 FY2027 earnings presentation.
• Discussions may include Q1 FY2027 earnings updates.
• Earnings presentation materials hosted on company website.

Meeting Details

• Event: Emkay Confluence 2026 investor conference; Thu, 13 August 2026, 10:00 AM–1:00 PM IST.
• Mode: In-person; Nature: One-on-One and Group meetings.
• Venue: Mumbai.
• Organizer: Emkay Confluence 2026.
• Key participants: Company officials attending.
• Audience: Several Funds/Investors.
• Purpose: Discuss Q1 FY2027 updates and earnings presentation.
• Materials: Q1 FY2027 updates and earnings presentation hosted on the company website.

CRISIL Ratings

• Bank loan: INR 20,000 cr; CRISIL AAA/Stable.
• Commercial Paper: INR 20,000 cr; CRISIL A1+.
• Fixed Deposit: INR 20,000 cr; CRISIL AAA/Stable.
• Non-convertible Debentures: INR 30,980 cr; CRISIL AAA/Stable.
• Subordinated Debt: INR 6,000.5 cr; CRISIL AAA/Stable.

India Ratings & Research

• Bank Loans: INR 800,000 mn; IND AAA/Stable; IND A1+.
• Fixed Deposits: INR 200,000 mn; IND AAA/Stable.
• Non-convertible Debentures: INR 490 bn; IND AAA; Outlook Stable.
• Retail NCDs: INR 80 bn; IND AAA; Outlook Stable.
• Private Sub Debt: INR 104.5 bn; IND AAA; Outlook Stable.
• Principal Protected MLD: INR 15 bn; IND PP-MLD AAA/Stable.
• Retail Sub Debt: INR 30 bn; IND AAA; Outlook Stable.
• Commercial Paper: INR 200,000 mn; IND A1+.

CARE Rating Limited

• Bank facilities: INR 50,000 cr; CARE AAA; Stable; CARE A1+.
• Secured NCD (privately placed): INR 11,686.50 cr; CARE AAA; Stable.
• Unsecured NCD (privately placed): INR 1,000 cr; CARE AAA; Stable.
• Subordinated debt (privately placed): INR 2,385 cr; CARE AAA; Stable.
• Public debt programme (NCD/sub debt): INR 4,059.03 cr; CARE AAA; Stable.

Change since last rating

• Ratings reaffirmed across all instruments; no outlook change.

ESG Rating Update

• ESG Risk AI assigned 76 (Excellent) ESG Rating for FY2026, though the company says it did not engage.
• Rating improved year-on-year to 76 from 73.8 in FY2025.
• Intimation dated 28 July 2026, 4:06 p.m. IST; disclosure uploaded on the investor site.

ESG rating update

• ESG Rating: ESG Risk Assessments and Insights Limited assigned 76 (Excellent) for FY2026.
• Rating shows year-on-year improvement from 73.8 in FY2025.
• Company clarifies it did not engage ESG Risk AI; report prepared independently from publicly available information.
• Regulatory filing: intimation under SEBI LODR Regulation 30; date 28 July 2026.
• Intimation uploaded on company website for investor records.
• No direct financial implications disclosed from the ESG rating.

Financial Performance

• Consolidated PAT rose 75% YoY to INR 927 crores.
• Core PAT grew 70% YoY.
• AUM rose 13% YoY.
• ROA expanded to 2.4%; ROE near 15%.
• GS3 at 3.45%; GS2+GS3 at 8.3% (8-year low).
• Credit cost for the quarter at 1.50%.
• NIM near 7%+, target 7.0–7.1% in the medium term.
• PCR for Q1 stood at 58.1%.
• Disbursements on the new digital stack were around INR 15,000 crores in Q1.
• Udaan stack now enables 100% of wheels disbursements.
• Samur.AI covers 45% of CPC operations; AI collections coverage at 20%.
• Housing arm posted INR 30 crores PAT in Q1.
• Insurance broking PAT growth up 83% YoY.

Operating Update and Asset Mix

• Wheels growth registered 20% in Q1.
• Non-wheels growth was 79% across SME, mortgage, and PL.
• Diversified asset base with rising non-wheels contribution.
• Tractor leadership is expanding; FADA data cited as tailwind.
• Rural PV growth outpaced urban PV; rural disbursement momentum supported.

Balance Sheet and Liquidity

• Liquidity buffers increased to about INR 5,500 crores.
• Cost of funds rose by about 10 bps QoQ.
• Debt-to-equity ratio stood at 5:1; Tier 1 capital around 16.5%.
• Board discussions ongoing on housing structure; decision expected by Q2 FY27.
• Overlays on liquidity and stress monitoring maintained to guard monsoon risk.

Strategy, Capex and Guidance

• Long-term CAGR target reaffirmed: 16–18% from FY26–FY31; non-wheels ~30%+ and wheels ~12%.
• Co-lending shifted to system-to-system; PV bank live in this quarter; AB testing planned.
• Housing business to be reviewed by boards; potential standalone merger by Q2.
• Digital initiatives driving efficiency; CAC down around 25% from channels.

Q&A Highlights

• Guidance bridges: AUM CAGR 16–18%; wheels 11–12% and non-wheels 28–30% growth embedded.
• Credit-cost band 1.3–1.7%; overlays used for downside risk; Q1 at 1.5%.
• Liquidity buffer stands ~INR 5,000–5,500 crores; cost of funds may fluctuate modestly.
• Housing strategy: mortgage growth strong; ROA impact planned to be neutral over time.
• Tractor underwriting accounts for El Nino risk with location-specific stress testing.

Meeting Details

• Date/time: 21 July 2026; ended 7:52 p.m. IST.
• Type/mode: group earnings conference call; virtual.
• Organizer: 360 ONE Capital Markets Private Limited.

Participants

• Management: MD & CEO; CFO.

Purpose

• Discuss Q1 FY27 results and outlook.

Additional Notes

• Transcript available; posted on company website (no links).