Mahindra & Mahindra Limited has recommended a dividend of Rs 33 per share for the financial year ended March 31, 2026. The payout, amounting to 660% of the face value of Rs 5 each, is subject to shareholder approval at the 80th Annual General Meeting scheduled for July 30, 2026. The company has communicated the applicable Tax Deducted at Source (TDS) provisions to shareholders, detailing the documentation required to claim exemptions or lower withholding rates.

The Board of Directors approved the dividend recommendation at its meeting held on May 5, 2026. The dividend will be paid after July 30, 2026, contingent upon approval by the members. In accordance with the Income Tax Act, 2025, dividends are taxable in the hands of shareholders, and the company is required to deduct TDS at the time of payment. The Register of Members will close from July 4, 2026, to July 30, 2026, for the purpose of dividend payment and the AGM.

TDS Provisions for Resident Shareholders

For resident shareholders with a valid Permanent Account Number (PAN), TDS will be deducted at 10% on the dividend amount. If the PAN is invalid, not registered, or not linked with Aadhaar, the TDS rate increases to 20%. Resident individuals are exempt from TDS if the total dividend received during the Tax Year 2026-27 does not exceed Rs 10,000 or if they submit valid exemption forms such as Form 121.

Resident non-individual entities, including insurance companies, mutual funds, and Alternative Investment Funds (AIFs), can claim exemption by submitting specific self-declarations and registration certificates. Government shareholders are not subject to TDS. Shareholders may also provide a certificate under Section 197 or 395(1) of the Income-tax Act for lower or nil withholding.

TDS Provisions for Non-Resident Shareholders

Non-resident shareholders are subject to a withholding tax rate of 20%, plus applicable surcharge and cess, under domestic tax laws. For tax residents of Notified Jurisdictional Areas, the rate is 30%. Shareholders have the option to be governed by the Double Tax Avoidance Agreement (DTAA) if more beneficial, provided they submit a Tax Residency Certificate (TRC), PAN, and electronically filed Form 41 by the stipulated deadlines.

The company has clarified that it is not obligated to apply beneficial DTAA rates at the time of tax deduction if the documentation is incomplete or unsatisfactory. Non-resident shareholders, including Foreign Portfolio Investors (FPIs), must submit a self-declaration confirming treaty eligibility and beneficial ownership.

Key Deadlines and Compliance Requirements

Shareholders must ensure their PAN, residential status, and category details are updated in their demat accounts. The records available as of July 3, 2026, will determine entitlement and tax compliance. Documents for tax exemption or lower TDS must be submitted by June 26, 2026. Failure to provide valid documentation will result in TDS deduction at the applicable higher rate, and the company will not entertain requests for revision of the TDS return post-payment.

Shareholders holding shares in physical mode must contact the company's Registrar and Share Transfer Agent, KFin Technologies Limited, to update details. The company emphasized that any income tax demand arising from misrepresentation or omission of information by shareholders will be their responsibility.

Mahindra & Mahindra has scheduled a series of meetings with analysts and institutional investors in Mumbai and Singapore for June 2026. The company will engage with funds and investors through one-on-one and group meets, covering events such as the BOFA 2026 India Conference, Morgan Stanley India Investment Forum 2026, and Nomura Investment Forum Asia 2026. The disclosure was made under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The meetings are scheduled for June 2 and 3, 2026, with the first day dedicated to events in Mumbai and the second day extending to Singapore. The company clarified that no unpublished price sensitive information would be shared during these interactions. The schedule is subject to change due to exigencies on the part of investors, analysts, or the company.

Schedule of Meetings

The meetings will be conducted in physical mode, and participation is open to funds and investors. The company secretary, Sailesh Kumar Daga, signed the intimation on May 25, 2026.