Mahindra & Mahindra Limited has received an ESG rating of 69 (Strong) from ESG Risk Assessments & Insights Limited, a SEBI-registered ESG Rating Provider. The rating, which represents the highest score in the industry, was communicated to the company on January 8, 2026, at 22:51 hours and formally disclosed to stock exchanges on January 9, 2026.

ESG Rating Details

The comprehensive ESG assessment was conducted independently by ESG Risk Assessments & Insights Limited as part of their annual ESG evaluation process. The rating provider utilized publicly available company data to conduct their analysis without direct engagement from Mahindra & Mahindra Limited.

Regulatory Compliance and Disclosure

The company has fulfilled its regulatory obligations by informing multiple stock exchanges about this development under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was made to the National Stock Exchange of India Limited, BSE Limited, The Luxembourg Stock Exchange, and London Stock Exchange Plc.

Company Secretary Sailesh Kumar Daga signed the official communication, emphasizing that the rating was assigned independently without any direct engagement between the company and the rating provider. The assessment was based entirely on information available in the public domain.

Transparency and Public Access

In line with transparency practices, Mahindra & Mahindra Limited has also uploaded this intimation on the company's official website at www.mahindra.com , ensuring stakeholders have access to this important ESG development. The strong ESG rating reflects the company's commitment to environmental, social, and governance practices as evaluated through publicly available data and industry benchmarks.

Mahindra & Mahindra Ltd. delivered robust operational performance in the third quarter, reporting significant growth in both production and sales as the benefits of GST 2.0 reforms continued to drive demand beyond the festive season.

Strong Operational Performance

The company's provisional business updates disclosed to stock exchanges on Friday revealed impressive year-on-year growth across key metrics:

The strong domestic performance was offset by a decline in export volumes, which fell 9% to 2,849 units during the October-December quarter.

GST 2.0 Impact Drives Sustained Demand

The government's implementation of revised GST rates in September under the GST 2.0 reforms significantly reduced tax burden on cars, creating sustained demand momentum. Mahindra had announced it would pass on the full GST benefits to customers across its entire ICE SUV portfolio.

The revised GST structure brought notable changes across several Mahindra models:

Premium Models Benefit from Rate Rationalization

Other premium models previously subject to 48% GST plus cess also transitioned to a lower consolidated rate of 40% under the updated GST framework. These models include:

• Scorpio Classic
• Scorpio-N
• Thar Roxx
• XUV700

The uniform rate structure has simplified the tax framework while providing meaningful cost benefits to customers across Mahindra's SUV lineup.

Industry Outlook and Market Performance

Brokerage firm Motilal Oswal expects aggregate auto demand across its coverage universe to grow 17% year-on-year in the third quarter, with healthy performance across all segments. The Federation of Automobile Dealers Associations noted that India's auto retail industry enters 2025 on firm footing, backed by rural demand, affordability gains from GST 2.0, and steady consumer sentiment.

Shares of Mahindra & Mahindra settled 1.30% lower at ₹3,677.00 on the BSE ahead of the announcement, compared to a 0.70% decline in the benchmark Sensex. Despite the day's decline, the stock has gained 18% on a 12-month basis. The company is scheduled to announce its third quarter earnings on February 11.