Mahindra & Mahindra Limited has completed the transfer of equity shares from its Employees' Stock Option Trust to eligible employees under the company's Employee Stock Option Plan (ESOP) scheme. The transfer, executed on February 23, 2026, involved 17,903 equity shares distributed among 42 stock option grantees.

ESOP Share Transfer Details

The Mahindra & Mahindra Employees' Stock Option Trust transferred the shares following the exercise of stock options by eligible employees. The company has formally notified multiple stock exchanges about this transaction, including the National Stock Exchange of India, BSE Limited, The Luxembourg Stock Exchange, and London Stock Exchange Plc.

Employee Participation and Allocation

The share allocation varied significantly among the 42 employees, reflecting different levels of participation in the ESOP scheme. The largest individual allocation went to Nalinikanth Gollagunta with 2,500 shares, followed by Abhay Kulkarni with 2,000 shares and Ritesh Agrawal with 1,700 shares.

Key Allocations

• Highest allocation: Nalinikanth Gollagunta received 2,500 shares
• Second largest: Abhay Kulkarni was allocated 2,000 shares
• Third largest: Ritesh Agrawal received 1,700 shares
• Minimum allocation: Several employees received 50 shares each

Compliance and Regulatory Notification

Company Secretary Sailesh Kumar Daga signed the notification letter, ensuring compliance with the undertaking given to exchanges at the time of listing shares that were allotted to the Mahindra & Mahindra Employees' Stock Option Trust. The comprehensive list of all 42 beneficiaries and their respective share allocations has been provided to the exchanges as Annexure I.

ESOP Scheme Implementation

This transfer represents the practical implementation of Mahindra & Mahindra's employee incentive program, allowing eligible staff members to convert their stock options into actual equity shares. The exercise of options by 42 employees demonstrates active participation in the company's long-term incentive structure, with allocations ranging from 50 shares to 2,500 shares per individual.

Embraer and mahindra & mahindra Group have announced plans to establish Maintenance, Repair and Overhaul (MRO) capability in India for the C-390 Millennium aircraft, marking a significant advancement in their localization strategy for the Indian defense sector.

Strategic Partnership for Defense Manufacturing

The announcement builds on the strategic partnership between Embraer and Mahindra Group established in October 2025 to produce the C-390 Millennium multi-mission military transport aircraft in India. This collaboration specifically targets the Indian Air Force's Medium Transport Aircraft (MTA) program, with the proposed MRO facility contingent upon the aircraft's selection for the program.

C-390 Millennium Aircraft Capabilities

The C-390 Millennium represents the most modern military transport aircraft in its class, offering superior operational capabilities for diverse mission requirements. The aircraft demonstrates exceptional reliability with its in-service fleet achieving a mission completion rate above 99 percent.

The aircraft supports multiple mission types including cargo and troop transport, airdrop operations, medical evacuation, search and rescue, firefighting, and humanitarian missions.

Comprehensive MRO Services

The proposed MRO facility will deliver a full spectrum of maintenance and support services designed to ensure high aircraft availability and operational autonomy for the Indian Air Force throughout the aircraft's lifecycle.

Key MRO services will include:

• Base and heavy maintenance
• Structural inspections and testing
• Component repair and overhaul
• Avionics support
• Training programs

Bosco da Costa Junior, President and CEO of Embraer Defense & Security, stated: "Embraer is committed to delivering not only a world-class aircraft, but also a robust, long-term support ecosystem tailored to India's operational and industrial requirements."

Industry Impact and Employment Generation

The initiative extends beyond fleet support to encompass broader industrial collaboration with Indian aerospace companies. Carlos Naufel, President and CEO of Embraer Services & Support, emphasized the commitment to expanding collaboration with Indian aerospace companies to drive higher localization of the C-390 Millennium and support MRO activities.

The facility is expected to create high-skill employment opportunities while contributing to the integration of Indian companies into Embraer's global supply chain, reinforcing the Government of India's 'Make in India' initiative and 'Atmanirbhar Bharat' vision.

Vinod Sahay, Member of the Group Executive Board, Mahindra Group, noted: "A state-of-the-art C-390 Millennium MRO capability in India would ensure high aircraft availability, enhanced operational autonomy and a comprehensive local sustainment solution for the Indian Air Force throughout the aircraft's lifecycle."

Global Presence and Regional Hub Potential

The C-390 Millennium has gained international recognition with selection by multiple air forces including Brazil, Portugal, Hungary, the Netherlands, Austria, South Korea, Uzbekistan, the Czech Republic, Sweden, Slovakia and Lithuania. While the primary objective focuses on supporting the Indian Air Force fleet, Embraer is evaluating India's potential as a regional MRO hub for other C-390 Millennium operators.

Embraer maintains a longstanding presence in India with nearly 50 aircraft across 11 different types currently operating in commercial, defense, and business aviation roles. In the defense segment, the ERJ145 platform serves as the basis for the Indian Air Force's 'Netra' AEW&C aircraft, while the Legacy 600 operates with the Indian Air Force and Border Security Force for government and VIP transportation.