Mahindra & Mahindra Limited filed its disclosure of Related Party Transactions for the half year ended 31 March 2026 with stock exchanges on 5 May 2026, pursuant to Regulation 23(9) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the SEBI Master Circular dated 30 January 2026. The disclosure was signed by Company Secretary Sailesh Kumar Daga and covers transactions undertaken by the company and its subsidiaries across a broad range of counterparties.

Key Highlights of the Disclosure

The filing encompasses over 1,800 line items of related party transactions across multiple entities within the Mahindra group. Transaction types include sale and purchase of goods or services, sale and purchase of fixed assets, investments, inter-corporate deposits (ICDs), loans, interest received and paid, remuneration, and other miscellaneous transactions. Counterparties span subsidiaries, associates, joint ventures, promoter group entities, key managerial personnel (KMP), welfare funds, and post-employment benefit plans.

Significant Transactions — Mahindra and Mahindra Limited

The following table highlights select high-value transactions reported by Mahindra and Mahindra Limited during the half year ended 31 March 2026:

Significant Transactions — Key Subsidiaries

Several subsidiaries also reported material related party transactions during the period. The table below presents select notable items:

Inter-Corporate Deposit Details

For inter-corporate deposits given by Mahindra and Mahindra Limited, the disclosure provides additional details on interest rates, tenure, and end-use. Key ICDs are summarised below:

Compliance and Regulatory Context

All transactions disclosed were either approved by the respective audit committees or marked as "Not Applicable" in accordance with the prescribed regulatory format. The disclosure also covers balance details including opening and closing balances for ICDs, trade receivables, trade payables, guarantees, and fixed deposits payable, as applicable. The filing has been uploaded on the company's website at www.mahindra.com and copies have been sent to the Luxembourg Stock Exchange and London Stock Exchange Plc.

Mahindra & Mahindra has confirmed through a company executive that it plans to add operational capacity of 68,000 units by the end of FY27. Alongside this near-term target, the company has also outlined plans to establish 14,000 units of capacity dedicated to its FY28 launches, reflecting a phased approach to scaling its manufacturing footprint.

Capacity Expansion Roadmap

The company's capacity targets reflect a two-pronged strategy — building near-term operational scale while simultaneously preparing infrastructure for the next generation of product launches. The key capacity milestones are outlined below:

Strategic Significance

The dual capacity targets underline Mahindra & Mahindra's intent to strengthen its production capabilities ahead of its planned FY28 vehicle introductions. By adding 68,000 units of operational capacity by the end of FY27, the company aims to ensure manufacturing readiness well in advance of its next product cycle. The additional 14,000 units earmarked for FY28 launches further demonstrates a forward-looking approach to aligning production capacity with its product launch calendar.