Mahindra

Mahindra & Mahindra Ltd.

Mahindra Towers,
Dr. G. M. Bhosale Marg, Worli,
Mumbai 400 018 India
Tel: +91 22 24901441
Fax: +91 22 24975081

REF:NS:SEC:
11th August, 2022

National Stock Exchange of India Limited BSE Limited

"Exchange Plaza", 5th Floor, Phiroze Jeejeebhoy Towers,
Plot No. C/1, G Block Dalal Street, Fort,
Bandra-Kurla Complex Mumbai 400001.
Bandra (East), Mumbai 400051.

Bourse de Luxembourg London Stock Exchange Plc

Societe de la Bourse de Luxembourg 10 Paternoster Square
Societe Anonyme/R.C.B. 6222, London EC4M 7LS.
B.P. 165, L-2011 Luxembourg.

Dear Sirs,

Sub: Mahindra & Mahindra Limited: Ratings reaffirmed for BLR, NCD; reaffirmed and withdrawn
for Commercial Paper

Previous Rated Current Rated

Instrument Amount Amount Rating Action
(Rs. crore) (Rs. crore)
Non-convertible Debenture Programme [ICRA]AAA (Stable);
1,500.0 1,500.0
reaffirmed
Fund Based Term Loan [ICRA]AAA (Stable);
1,800.0 800.0
reaffirmed
Long-term, Non-fund Based Facilities [ICRA]AAA (Stable);
42.50 42.50
reaffirmed
Short-term, Non-fund Based Facilities [ICRA]A1+;
400.0 400.0
reaffirmed
[ICRA]A1+;
Commercial Paper 1,000.0 - reaffirmed and
withdrawn*
Total 4,742.50 2,742.50
*The rating outstanding on the Rs. 1,000-crore commercial paper (CP) programme stands reaffirmed and
withdrawn as there are no obligations outstanding against the rated instrument. This is in line with ICRA’s
policy on withdrawal and suspension of credit ratings.

Please find enclosed a Press Release issued by ICRA Limited in this regard.
This Press Release has been issued by ICRA Limited today on 11 th August, 2022.
Cont…2

Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001, India
Tel: +91 22 22021031|Fax: +91 22 22875485
Email : group.communications@mahindra.com
mahindra.com
CIN No. L65990MH1945PLC004558
 Mahindra
Mahindra & Mahindra Ltd.
Mahindra Towers,
Dr. G. M. Bhosale Marg, Worli,
Mumbai 400 018 India
Tel: +91 22 24901441
Fax: +91 22 24975081

-:2:-

Further, as per Regulation 55 of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. SEBI/HO/DDHS/DDHS_Div1/
P/CIR/2022/0000000103 dated 29th July, 2022, please find below details in respect of Credit Rating
obtained for Non-Convertible Debentures issued by the Company from ICRA Limited:

Details of credit rating

Current rating details

Sr. ISIN Name of Credit Outlook Rating Specify Date of Verification Date of
No. the Credit Rating (Stable/ Action other Credit status of Verification
Rating Assigned Positive/ (New/ rating rating Credit
Agency Negative/ Upgrade/ action Rating
No Downgrade/ Agencies
Outlook) Re-Affirm/
Other)
[ICRA] - 11th 11th August
ICRA
1. INE101A08070 AAA Stable Reaffirmed August Verified 2022
Limited
(Stable) 2022
[ICRA] - 11th 11th August
ICRA
2. INE101A08096 AAA Stable Reaffirmed August Verified 2022
Limited
(Stable) 2022

Kindly take the above on record.

Yours faithfully,
For MAHINDRA & MAHINDRA LIMITED

NARAYAN SHANKAR
COMPANY SECRETARY

Encl: as above

Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001, India
Tel: +91 22 22021031|Fax: +91 22 22875485
Email : group.communications@mahindra.com
mahindra.com
CIN No. L65990MH1945PLC004558
WII ICRA

August 11, 2022

Mahindra & Mahindra Limited: Ratings reaffirmed for BLR, NCD; reaffirmed and
withdrawn for Commercial Paper
Summary of rating action

Previous Rated Amount Current Rated Amount

Instrument* Rating Action
(Rs. crore) (Rs. crore)
Non-convertible Debenture
1,500.0 1,500.0 [ICRA]AAA (Stable); reaffirmed
Programme
Fund based Term Loan 1,800.0 800.0 [ICRA]AAA (Stable); reaffirmed
Long-term, Non-fund Based
42.50 42.50 [ICRA]AAA (Stable); reaffirmed
Facilities
Short-term, Non-fund Based
400.0 400.0 [ICRA]A1+; reaffirmed
Facilities
Commercial Paper 1,000.0 - [ICRA]A1+; reaffirmed and withdrawn

Total 4,742.50 2,742.50

*Instrument details are provided in Annexure-1

Rationale
The ratings reflect 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, robust profitability in its core businesses and superior
liquidity with sizeable cash and bank balances and liquid investments. The ratings favourably factor in the complementary
performance of the farm equipment (FES) and automotive (auto) segments, which has provided stability to the overall
profitability despite cyclical performances in the respective segments over the last several years. M&M enjoys a large
investment portfolio of its Group entities, some of whom are also listed in the stock markets. The market values of these
quoted investments are significantly higher than the book value, providing additional cushion to M&M’s overall financial
flexibility.

M&M has maintained its dominant position in the domestic tractor industry, the market share 1 in Q1 FY2023 being 42.7%.
ICRA believes that the three-brand strategy of Mahindra, Swaraj and Trakstar, should help it to sustain its market share around
40% level 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 in the past, have turned around,
resulting in the global FES subsidiaries reporting their highest ever profit before interest and tax (PBIT) of Rs. 311 crore in
FY2022, against a loss of Rs. 36 crore in FY2021. Further, in Q1 FY2023, the PBIT was Rs. 71 crore, aiding M&M to achieve eight
consecutive quarters of positive PBIT since Q2 FY2021.
In the domestic utility vehicles (UV) business, despite increasing competition, M&M’s market share improved from 14.7% in
FY2021 to 16.2% in Q1 FY2023 with the highest revenue market share of 17.1% (Source: Company). This was supported by
new product launches of the ‘Thar’ and ‘XUV 7OO’ models during FY2021 and FY2022, respectively. ICRA notes that M&M has
new product launches in the pipeline and its recently launched ‘Scorpio-N’ model has received a favourable response from the
market. While the incremental sales volume from the new models will support M&M’s overall volumes, further improvement
in its market share is challenging amid successful launches by its competitors. A material reduction in M&M’s market position
in its core auto and FES segments, resulting in a significant deterioration in its profitability and cash flows, would be a credit
negative.

1
All the market share details mentioned in the rationale is as per SIAM or TMA data

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M&M is transferring the identified assets of the four-wheeler (4W) electric vehicle (EV) business to a subsidiary company (EV
Co), wherein M&M will invest Rs. 1,925 crore as equity and British International Investment Plc (BII) will invest a similar amount
as compulsorily convertible preference shares (CCPS) in two tranches of Rs. 1,200 crore and Rs. 725 crore. Over the medium
to long-term, the management envisages capex of ~Rs. 10,000 crore for the EV business, which would mainly create and market
M&M’s e-SUV portfolio.

Ssangyong Motor Company Limited (SYMC), where M&M had 74.65% stake as on March 31, 2020, is undergoing a court order
rehabilitation process since December 2020. ICRA notes that M&M has ceased consolidating SYMC from December 2020, and
reports it as discontinued operations.

M&M has provided a capex and investment guidance of ~Rs. 15,075 crore over FY2022 to FY2024, reduced from the previous
guidance of Rs. 17,000 crore. The reduction in the capex guidance has been on the back of Rs. 1,925 crore proposed to be
infused by BII in EVCo. 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 as on March 31, 2022, and ICRA expects its leverage to remain low in the medium term, despite sizable capex and
investment plans. The company’s liquidity position remains superior, supported by its large (Rs. 12,049 crore) free cash and
bank balances and liquid investments as on March 31, 2022. ICRA notes the tighter capital allocation norms laid out by the
company such that it will continue to support those entities, which have a clear path to 18% return on equity (RoE) and those
that have a delayed or unclear path to profitability, but a quantifiable strategic impact. ICRA also notes that M&M will exit
those with an unclear path to profitability.

While ICRA draws comfort from M&M’s track record of successfully managing its portfolio of businesses, its continued success
while maintaining its credit profile, would remain a key rating sensitivity. Strengthening M&M’s UV portfolio through new
product launches amid increasing competition, achieving success on its EV launches and turning around its loss-making
businesses would remain critical for maintaining its credit profile.
The rating outstanding on the Rs. 1,000-crore commercial paper (CP) programme stands reaffirmed and withdrawn as there
are no obligations outstanding against the rated instrument. This is in line with ICRA’s policy on withdrawal and suspension of
credit ratings.

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 42.7% in Q1 FY2023.
With its offerings across different brands of Mahindra, Swaraj and Trakstar, and its well-entrenched sales and service network,
it is expected to maintain its leadership position going forward as well. Additionally, it enjoys a strong position in the domestic
UV market, and in the light commercial vehicle (LCV) market (especially 2-3.5T segment), with 41.9% share in Q1 FY2023 in the
latter. It has also carved out a leadership position in the domestic electric three-wheeler market with 73.4% market share in
FY2022 through its 98.98% subsidiary, Mahindra Electric Mobility Limited.

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
market values of these quoted investments are significantly higher than the book value, providing additional cushion to M&M’s
overall financial flexibility.

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Credit challenges

Stiff competition in core automotive business may pressurise market share and margins – The domestic UV market has seen
high competitive intensity in recent times, with the foray of multiple players and the expanding product portfolio of existing
players. Coupled with limited presence in the fast-growing compact UV segment, M&M lost sizeable market share from 25.4%
in FY2018 to 14.7% in FY2021. However, it has been able to claw back to 16.2% share in Q1 FY2023 on the back of the success
of its recent launches such as Thar and XUV700. Nevertheless, its ability to maintain and improve the bookings remains critical.
Competitive intensity also remains high in its other automotive segments like commercial vehicles (both LCVs, and medium
and heavy commercial vehicles or M&HCVs) and three-wheelers.

Significant medium term investment requirements; ability to maintain sound capital structure remains crucial – M&M has
provided a capex and investment guidance of ~Rs. 15,075 crore over FY2022 to FY2024, reduced from the previous guidance
of Rs. 17,000 crore. The reduction in the capex guidance has been on the back of Rs. 1,925 crore proposed to be infused by BII
in EVCo. 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.

Funding support required by some loss-making businesses/ subsidiaries – While the majority of M&M’s investee companies
are self-sustaining in nature, certain entities, especially those overseas, 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 such that it will continue to support only those entities, which have a clear path to 18% return on
equity (RoE) or those that have a delayed or unclear path to profitability, but a quantifiable strategic impact. ICRA also notes
that the overseas FES entities, which had been loss-making, have turned around and reported a positive PBIT in FY2022.

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 and liquid investments of Rs. 12,049 crore as on March 31, 2022 at the
standalone level, and unutilised fund based working capital limits of Rs. 2,561 crore lent 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
higher market value of these quoted investments vis-à-vis the book value also supports M&M’s financial flexibility. 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 core business and the financial flexibility enjoyed by the Group.

Rating sensitivities

Positive factors – Not applicable.

Negative factors – Negative 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.
Material decline in M&M’s market position in its core automotive and FES segments, resulting in a significant deterioration in
its profitability and cash flows, would also be a negative rating trigger.

Analytical approach

Analytical Approach Comments

Corporate Credit Rating Methodology
Rating Methodology for Passenger Vehicle Manufacturers
Applicable Rating Methodologies Rating Methodology for Tractor Industry
Rating Methodology for Commercial Vehicle Manufacturers
Withdrawal Policy
Parent/Group Support Not Applicable

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For arriving at the ratings, ICRA has considered the consolidated financials of Mahindra &
Mahindra Limited, excluding its financial services business, Mahindra & Mahindra Financial
Consolidation/Standalone Services Limited (MMFSL). However, the analysis does consider the ordinary and
extraordinary funding support likely to be extended to MMFSL. The list of entities
consolidated is mentioned in Annexure 2.

About the company

Incorporated in 1945 by Mr. Ghulam Mohammad and the two Mahindra brothers (KC and JC Mahindra) as a private limited
company, Mahindra & Mohammad, the company was renamed as Mahindra & Mahindra in 1948 and was subsequently
converted to 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 earthmovers. M&M has a strong position in the
domestic large UV and tractor markets, with a market share of ~43% in the latter. 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, agribusinesses, aerospace, consulting services, defence, energy and industrial equipment.
On a consolidated basis, in FY2022, its automotive and farm equipment businesses accounted for around 41% and 30%,
respectively, of M&M’s business—the other major business drivers being financial services (16%), hospitality (2%) and real
estate (0.4%).

Key financial indicators (audited)

M&M (Standalone) FY2021 FY2022

Operating income 44,629.9 57,446.0
PAT 984.2 4,935.2
OPBDIT/OI 15.5% 12.1%
PAT/OI 2.2% 8.6%
Total outside liabilities/Tangible net worth (times) 0.8 0.7
Total debt/OPBDIT (times) 1.1 1.0
Interest coverage (times) 17.5 31.2
PAT: Profit after tax; OPBDIT: Operating profit before depreciation, interest, taxes and amortisation; Amount in Rs crore

Status of non-cooperation with previous CRA: Not applicable

Any other information: None

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0 ICRA

Rating history for past three years

Current Rating (FY2023) Chronology of Rating History for the past 3 years

Amount
Instrument Amount Outstanding Date & Rating
Date & Rating in FY2022 Date & Rating in FY2021 Date & Rating in FY2020
Rated as of Mar 31, on
Type
2022

(Rs. crore) (Rs. crore) 11-Aug-22 12-Aug-21 14-Jun-21 21-Dec-2020 10-Dec-2020 31-Aug-2020 13-Apr-2020 07-Oct-2019 29-Jul-2019

Non-Convertible
[ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA
1 Debenture Long-term 1,500.00 3,467.38 [ICRA]AAA
(Stable) (Stable) (Stable) (Stable) (Stable) (Stable) (Stable) (Stable)
Programme (Stable)

Fund-based [ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA

2 Long-term - - -
Facilities - (Stable) (Stable) (Stable) (Stable) (Stable) (Stable) (Stable)

[ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA [ICRA]AAA

Non-fund Based
3 Long-term 42.50 -- (Stable) (Stable) (Stable) (Stable) (Stable) (Stable) (Stable) (Stable) (Stable)
Facilities

Non-fund Based
4 Short-term 400.00 -- [ICRA]A1+ [ICRA]A1+ [ICRA]A1+ [ICRA]A1+ [ICRA]A1+ [ICRA]A1+ [ICRA]A1+ [ICRA]A1+ [ICRA]A1+
Facilities

[ICRA]AAA [ICRA]AAA [ICRA]AAA

5 Term Loan Long-term 800.00 2,050.00 [ICRA]AAA [ICRA]AAA - - - -
(Stable) (Stable) (Stable)
(Stable) (Stable)

Commercial [ICRA]A1+
6 Short-term 1,000.00 -- [ICRA]A1+ [ICRA]A1+ - - - - - -
Paper Programme withdrawn

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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
Term Loans Simple
Commercial Paper 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, is
available on ICRA’s website: www.icra.in

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Annexure-1: Instrument details

Date of
Coupon Maturity Amount Rated Current Rating and
ISIN No Instrument Name Issuance /
Rate Date (Rs. Crore) Outlook
Sanction
Non-Convertible
INE101A08096 Debenture Apr-2020 6.65% Apr-2023 1000.00 [ICRA]AAA (Stable)
Programme
Non-convertible
INE101A08070 Debenture Jul-2013 9.55% Jul-2063 500.00 [ICRA]AAA (Stable)
Programme
NA Term Loan May-2020 6.35% May-2025 800.00 [ICRA]AAA (Stable)
Non-fund Based
NA NA NA NA 6.25 [ICRA]AAA (Stable)
Facility 1
Non-fund Based
NA NA NA NA 6.25 [ICRA]AAA (Stable)
Facility 2
Non-fund Based
NA NA NA NA 30.00 [ICRA]AAA (Stable)
Facility 3
Non-fund Based
NA NA NA NA 400.00 [ICRA]A1+
Facility 4
Commercial Paper
INE101A14136 NA NA NA 500.00 [ICRA]A1+ withdrawn
Programme
Commercial Paper
INE101A14144 NA NA NA 500.00 [ICRA]A1+ withdrawn
Programme
Source: Company

Please click here to view details of lender-wise facilities rated by ICRA

Annexure-2: List of entities considered for consolidated analysis

Company Name M&M Ownership Consolidation approach
Mahindra Heavy Engines Limited 100.00% Full Consolidation
Mahindra Electric Mobility Limited 98.98% Full Consolidation
NBS International Limited 100.00% Full Consolidation
Mahindra Automotive Australia Pty Limited 100.00% Full Consolidation
Mahindra Europe srl 100.00% Full Consolidation
I
Mahindra and Mahindra South Africa (Proprietary) Limited 100.00% Full Consolidation
Mahindra West Africa Limited 100.00% Full Consolidation
Gromax Agri Equipment Limited 60.00% Full Consolidation
Kota Farm Services Limited 47.81% Full Consolidation
Trringocom Limited 100.00% Full Consolidation
Mahindra USA Inc 100.00% Full Consolidation
I
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
Dia Computer Service Co, Ltd 66.67% Full Consolidation
Ryono Asset Management Co, Ltd 66.67% Full Consolidation
- I- Mexico S de R L
Mahindra 100.00% Full Consolidation
Mahindra do Brasil Industrial Ltd 100.00% Full Consolidation
MRHFL Employee Welfare Trust (ESOP) 51.87% Full Consolidation
Mahindra Lifespace Developers Limited 51.33% Full Consolidation
Mahindra Infrastructure Developers Limited 51.33% Full Consolidation
Mahindra World City (Maharashtra) Limited 51.33% Full Consolidation
- I- Integrated Township Limited
Mahindra 37.98% Full Consolidation
Knowledge Township Limited 51.33% Full Consolidation
Mahindra Residential Developers Limited 37.98% Full Consolidation
Industrial Township (Maharashtra) Limited 51.33% Full Consolidation

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Company Name M&M Ownership Consolidation approach

Anthurium Developers Limited 51.33% Full Consolidation
Mahindra Water Utilities Limited 50.82% Full Consolidation
Rathna Bhoomi Enterprises Private Limited 51.33% Full Consolidation
Deep Mangal Developers Private Limited 51.33% Full Consolidation
Moonshine Construction Private Limited 51.33% Full Consolidation
Mahindra Consulting Engineers Limited 88.35% Full Consolidation
Mahindra Bloomdale Developers Limited 51.33% Full Consolidation
Mahindra Holidays & Resorts India Limited 67.47% Full Consolidation
Mahindra Hotels and Residences India Limited 67.47% Full Consolidation
Gables Promoters Private Limited 67.47% Full Consolidation
Heritage Bird (M) Sdn Bhd 67.47% Full Consolidation
Infinity Hospitality Group Company Limited 49.92% Full Consolidation
MH Boutique Hospitality Limited 33.06% Full Consolidation
MHR Holdings (Mauritius) Limited 67.47% Full Consolidation
Covington Sarl 67.47% Full Consolidation
HCR Management Oy 67.47% Full Consolidation
Holiday Club Resorts Oy 67.47% Full Consolidation
Kiinteistö Oy Himos Gardens 67.47% Full Consolidation
Kiinteistö Oy Vanha Ykköstii 67.47% Full Consolidation
Kiinteistö Oy Katinnurkka 67.47% Full Consolidation
Kiinteistö Oy Tenetinlahti 67.47% Full Consolidation
Kiinteistö Oy Mällösniemi 67.47% Full Consolidation
Kiinteistö Oy Rauhan Ranta 1 67.47% Full Consolidation
Kiinteistö Oy Rauhan Ranta 2 67.47% Full Consolidation
Kiinteistö Oy Tiurunniemi 67.47% Full Consolidation
Kiinteistö Oy Rauhan Liikekiinteistöt 1 67.47% Full Consolidation
Supermarket Capri Oy 67.47% Full Consolidation
Kiinteistö Oy Kylpyläntorni 1 67.47% Full Consolidation
Kiinteistö Oy Spa Lofts 2 67.47% Full Consolidation
Kiinteistö Oy Spa Lofts 3 67.47% Full Consolidation
Kiinteistö Oy Kuusamon Pulkkajärvi 1 67.47% Full Consolidation
Ownership Services Sweden Ab 67.47% Full Consolidation
Are Villa 3 AB 67.47% Full Consolidation
Holiday Club Sweden Ab Åre 67.47% Full Consolidation
Holiday Club Sport and Spahotels AB 67.47% Full Consolidation
Holiday Club Resorts Rus LLC 67.47% Full Consolidation
Holiday Club Canarias Investments SLU 67.47% Full Consolidation
Holiday Club Canarias Sales & Marketing SLU 67.47% Full Consolidation
Holiday Club Canarias Resort Management SLU 67.47% Full Consolidation
Holiday Club Canarias Vacation Club SLU 67.47% Full Consolidation
Arabian Dreams Hotel Apartments LLC 33.06% Full Consolidation
Mahindra Two Wheelers Limited 100.00% Full Consolidation
Mahindra Two Wheelers Europe Holdings Sarl 100.00% Full Consolidation
Peugeot Motocycles SAS 100.00% Full Consolidation
Peugeot Motocycles Deutschland GmbH 100.00% Full Consolidation
Peugeot Motocycles Italia SpA 100.00% Full Consolidation
PMTC Engineering SpA 100.00% Full Consolidation
Mahindra Tractor Assembly, Inc 100.00% Full Consolidation
Mahindra Agri Solutions Limited 98.79% Full Consolidation
Mahindra Automotive Mauritius Limited 100.00% Full Consolidation
Automobili Pininfarina GmbH 100.00% Full Consolidation
Automobili Pininfarina Americas Inc 100.00% Full Consolidation
Mahindra EPC Irrigation Limited 54.40% Full Consolidation
Mahindra HZPC Private Limited 59.22% Full Consolidation
Mahindra Fruits Private Limited (formerly known as Mahindra Full Consolidation
98.79%
Greenyard Private Limited)
OFD Holding BV 82.09% Full Consolidation
Origin Direct Asia Ltd 49.25% Full Consolidation
Origin Fruit Direct BV 82.09% Full Consolidation
Origin Fruit Services South America SpA 82.09% Full Consolidation
Origin Direct Asia (Shanghai) Trading Co Ltd 82.09% Full Consolidation
Bristlecone Limited 97.06% Full Consolidation
Bristlecone Consulting Limited 97.06% Full Consolidation
Bristlecone (Malaysia) Sdn Bhd 97.06% Full Consolidation
Bristlecone International AG 97.06% Full Consolidation
Bristlecone UK Limited 97.06% Full Consolidation
Bristlecone Inc 97.06% Full Consolidation

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Company Name M&M Ownership Consolidation approach

Bristlecone Middle East DMCC 97.06% Full Consolidation
Bristlecone India Limited 97.06% Full Consolidation
Bristlecone GmbH 97.06% Full Consolidation
Bristlecone (Singapore) Pte Limited 97.06% Full Consolidation
Bristlecone Internacional Costa Rica Limited (wef 4th January, Full Consolidation
97.06%
2022)
Mahindra Intertrade 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 51.00% 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 Holdings Limited 100.00% Full Consolidation
Mahindra Overseas Investment Company (Mauritius) Limited 100.00% Full Consolidation
Mahindra Racing UK Limited 100.00% Full Consolidation
Mahindra Susten Private Limited 100.00% Full Consolidation
Mahindra Renewables Private Limited 100.00% Full Consolidation
Mahindra Teqo Private Limited 100.00% Full Consolidation
Neo Solren Private Limited 100.00% Full Consolidation
Astra Solren Private Limited 100.00% Full Consolidation
Mega Suryaurja Private Limited 100.00% Full Consolidation
Mahindra Defence Systems Limited 100.00% Full Consolidation
Mahindra First Choice Wheels Limited 50.60% Full Consolidation
Fifth Gear Ventures Limited 50.60% Full Consolidation
Mahindra Namaste Limited 88.35% Full Consolidation
Mahindra Integrated Business Solutions Private Limited 100.00% Full Consolidation
Mahindra eMarket Limited 83.47% Full Consolidation
Mahindra Construction Company Limited 65.30% Full Consolidation
Officemartindiacom Limited 50.00% Full Consolidation
Mahindra & Mahindra Contech Limited 46.66% Full Consolidation
Mumbai Mantra Media Limited 100.00% Full Consolidation
Mahindra Airways Limited 100.00% Full Consolidation
Mahindra Marine Private Limited 81.58% Full Consolidation
Mahindra & Mahindra Financial Services Limited ESOP Trust 52.26% Full Consolidation
Mahindra Holidays & Resorts India Limited ESOP Trust 67.47% Full Consolidation
Mahindra & Mahindra Benefit Trust 100.00% Full Consolidation
Mahindra & Mahindra ESOP Trust 100.00% Full Consolidation
Sunrise Initiatives Trust 100.00% Full Consolidation
Mahindra First Choice Wheels Limited ESOP Trust 50.60% Full Consolidation
Mahindra Consulting Engineers Limited ESOP Trust 88.35% Full Consolidation
Mahindra Waste To Energy Solutions Limited 87.39% Full Consolidation
Mahindra Telecom Energy Management Services Private Full Consolidation
Limited (formerly known as Mahindra Telecom Energy
Management Services Limited) 100.00%
Mahindra Fresh Fruits Distribution Holding Company (Europe) Full Consolidation
98.79%
BV
Mahindra Automotive North America Inc 100.00% Full Consolidation
Mahindra Vehicle Sales and Service Inc 100.00% Full Consolidation
Mahindra North American Technical Center, Inc 100.00% Full Consolidation
Erkunt Traktor Sanayii Anonim Şirketi 100.00% Full Consolidation
Erkunt Sanayi Anonim Şirketi 98.69% Full Consolidation
Mahindra Logistics Limited 58.18% Full Consolidation
Lords Freight (India) Private Limited 57.63% Full Consolidation
2 x 2 Logistics Private Limited 32.00% Full Consolidation
Mahindra Emirates Vehicle Armouring FZ-LLC 88.00% Full Consolidation
Mahindra Armored Vehicles Jordan, LLC 88.00% Full Consolidation
New Democratic Electoral Trust 33.37% Full Consolidation
Meru Travel Solutions Private Limited 100.00% Full Consolidation
Meru Mobility Tech Private Limited 100.00% Full Consolidation
V-Link Fleet Solutions Private Limited 100.00% Full Consolidation
V-Link Automotive Services Private Limited 100.00% Full Consolidation
Mahindra Bangladesh Private Limited 100.00% Full Consolidation
MSPL International DMCC 100.00% Full Consolidation
Mahindra Solarize Private Limited (wef 6th April, 2021) 100.00% Full Consolidation
Brightsolar Renewable Energy Private Limited (wef 19th August, Full Consolidation
100.00%
2021)

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Company Name M&M Ownership Consolidation approach

Merakisan Private Limited (wef 5th January, 2022) 90.48% Full Consolidation
Martial Solren Private Limited 100.00% Full Consolidation
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 72.51% Equity Method
Mahindra Inframan Water Utilities Private Limited 50.00% Equity Method
Mahindra Sanyo Special Steel Private Limited 22.81% Equity Method
Mahindra Aerospace Private Limited 91.59% Equity Method
Mahindra Telephonics Integrated Systems Limited 51.00% Equity Method
Jinan Qingqi Peugeot Motocycles Co Ltd 50.00% Equity Method
Mahindra-BT Investment Company (Mauritius) Limited 57.00% Equity Method
Mahindra Industrial Park Private Limited 100.00% Equity Method
Kiinteistö Oy Vierumäen Kaari (wef 27th July, 2021) 100.00% Equity Method
Classic Legends Private Limited 60.00% Equity Method
Mahindra Happinest Developers Limited 51.00% Equity Method
MITRA Agro Equipments Private Limited 49.00% Equity Method
Zoomcar Inc 16.83% Equity Method
Transtech Logistics Private Limited 39.79% Equity Method
Mahindra Top Greenhouses Private Limited 60.00% Equity Method
Smartshift Logistics Solutions Private Limited 26.28% Equity Method
Carnot Technologies Private Limited 73.00% Equity Method
Sampo Rosenlew Oy 79.13% Equity Method
Mahindra Ideal Lanka (Private) Limited 35.00% Equity Method
Tropiikin Rantasauna Oy 50.00% Equity Method
New Delhi Centre for Sight Limited 30.83% Equity Method
Marvel Solren Private Limited 51.00% Equity Method
Mahindra Summit Agriscience Limited 60.00% Equity Method
Aquasail Distribution Company Private Limited 17.65% Equity Method
Kumsan Dokum Mazelmeri AS 25.10% Equity Method
Mahindra Knowledge Park Mohali Limited 46.15% Equity Method
Swaraj Engines Limited 34.72% Equity Method
Tech Mahindra Limited 28.28% Equity Method
Resson Aerospace Corporation 11.65% Equity Method
Mahindra CIE Automotive Limited 11.44% Equity Method
CIE Automotive SA 7.83% Equity Method
PSL Media & Communications Limited 40.00% Equity Method
The East India Company Group Limited BVI 18.62% Equity Method
Kiinteistö Oy Seniori-Saimaa 31.15% 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 21.25% Equity Method
Joban Ryono Co, Ltd 20.00% Equity Method
FukuryoKiki Hanbai Co, Ltd 20.00% Equity Method
Ibaraki Ryono Co, Ltd 21.64% Equity Method
Kotobuki Noki Co, Ltd 33.33% Equity Method
Honda Seisakusyo, Inc 25.00% Equity Method
Yamaichi Honten Co, Ltd 42.85% Equity Method
PF Holdings BV 40.00% Equity Method
Brainbees Solutions Private Limited # 12.42% Equity Method
Medwell Ventures Private Limited 31.45% Equity Method
HDG-Asia Ltd 50.00% Equity Method
ReNew Sunlight Energy Private Limited (wef 1st November, Equity Method
37.21%
2021)
Source: FY2022 Annual Report

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