Board Meeting Details

The Board meeting commenced at 3:05 p.m. (IST) and concluded at 5:35 p.m. (IST) on 21st October 2026.

Financial Results Overview

The Board approved both standalone and consolidated financial results for Q2 and H1 FY27:

Standalone Financial Highlights (Q2 FY27 vs Q2 FY26):

  • Total Revenue from operations: Rs 5,163.51 crore (vs Rs 4,472.67 crore)
  • Total Income: Rs 5,174.79 crore (vs Rs 4,489.24 crore)
  • Profit before tax: Rs 1,161.88 crore (vs Rs 747.53 crore)
  • Profit after tax: Rs 881.52 crore (vs Rs 569.31 crore)
  • Earnings per share (Basic): Rs 6.34 (vs Rs 4.10)
  • Earnings per share (Diluted): Rs 6.34 (vs Rs 4.10)

Standalone Financial Highlights (H1 FY27 vs H1 FY26):

  • Total Revenue from operations: Rs 10,135.63 crore (vs Rs 8,892.04 crore)
  • Total Income: Rs 10,148.74 crore (vs Rs 8,926.99 crore)
  • Profit before tax: Rs 2,348.10 crore (vs Rs 1,440.86 crore)
  • Profit after tax: Rs 1,780.17 crore (vs Rs 1,098.81 crore)
  • Earnings per share (Basic): Rs 12.81 (vs Rs 8.17)
  • Earnings per share (Diluted): Rs 12.80 (vs Rs 8.16)

Consolidated Financial Highlights (Q2 FY27 vs Q2 FY26):

  • Total Revenue from operations: Rs 5,935.66 crore (vs Rs 5,026.19 crore)
  • Total Income: Rs 5,962.10 crore (vs Rs 5,049.45 crore)
  • Profit before tax: Rs 1,223.34 crore (vs Rs 758.73 crore)
  • Profit after tax: Rs 910.73 crore (vs Rs 566.07 crore)
  • Earnings per share (Basic): Rs 6.54 (vs Rs 4.06)
  • Earnings per share (Diluted): Rs 6.54 (vs Rs 4.06)

Consolidated Financial Highlights (H1 FY27 vs H1 FY26):

  • Total Revenue from operations: Rs 11,653.57 crore (vs Rs 10,016.80 crore)
  • Total Income: Rs 11,686.91 crore (vs Rs 10,062.89 crore)
  • Profit before tax: Rs 2,465.56 crore (vs Rs 1,462.31 crore)
  • Profit after tax: Rs 1,838.21 crore (vs Rs 1,095.03 crore)
  • Earnings per share (Basic): Rs 13.21 (vs Rs 8.12)
  • Earnings per share (Diluted): Rs 13.20 (vs Rs 8.12)

Key Financial Components

Revenue Breakdown (Standalone Q2 FY27):

  • Interest income: Rs 4,732.46 crore
  • Dividend income: Rs 79.89 crore
  • Rental income: Rs 48.68 crore
  • Fees, charges and commission income: Rs 275.09 crore (includes Rs 159.59 crore from insurance agency business)
  • Net gain on fair value changes: Rs 27.39 crore
  • Other income: Rs 11.28 crore

Expense Breakdown (Standalone Q2 FY27):

  • Finance costs: Rs 2,341.04 crore
  • Fees and commission expense: Rs 26.01 crore
  • Impairment on financial instruments: Rs 629.51 crore
  • Employee benefits expenses: Rs 556.87 crore
  • Depreciation, amortization and impairment: Rs 99.73 crore
  • Other expenses: Rs 359.75 crore

Asset Quality Metrics (Standalone)

  • Gross Stage 3 Assets %: 3.42% (vs 3.94% in Q2 FY26)
  • Net Stage 3 Assets %: 1.51% (vs 1.89% in Q2 FY26)
  • Provision Coverage Ratio for Stage 3 assets: 56.64% (vs 53.00% in Q2 FY26)
  • Capital Adequacy Ratio: 17.98% (vs 19.50% in Q2 FY26)
  • Liquidity Coverage Ratio: 287% (vs 346% in Q2 FY26)

Balance Sheet Position (Standalone as of September 30, 2026)

  • Total Assets: Rs 1,68,187.47 crore (vs Rs 1,47,905.27 crore as of March 31, 2026)
  • Loans: Rs 1,42,361.56 crore (vs Rs 1,30,160.14 crore)
  • Investments: Rs 10,708.63 crore (vs Rs 6,820.37 crore)
  • Cash and cash equivalents: Rs 5,148.33 crore (vs Rs 391.22 crore)
  • Debt Securities: Rs 30,133.79 crore (vs Rs 26,539.06 crore)
  • Borrowings (Other than Debt Securities): Rs 90,764.86 crore (vs Rs 74,240.03 crore)
  • Deposits: Rs 14,830.96 crore (vs Rs 14,196.03 crore)
  • Net Worth: Rs 25,533.76 crore (vs Rs 24,758.70 crore)

ESOP Transactions

During the quarter ended September 30, 2026:

  • The Company allotted 2,20,000 equity shares to Mahindra & Mahindra Financial Services Limited Employees' Stock Option Trust for implementation of employee benefit schemes
  • The ESOP Trust transferred 1,06,977 equity shares to eligible employees on exercise of stock options
  • This resulted in an increase in equity share capital by Rs 0.02 crore and securities premium by Rs 0.03 crore

Merger Announcement

The Board of Directors approved a Scheme of Merger by Absorption of Mahindra Rural Housing Finance Limited (MRHFL) with Mahindra & Mahindra Financial Services Limited (MMFSL). Key details:

  • Appointed date: April 1, 2027 (or as directed by NCLT)
  • Entire assets and liabilities of MRHFL to be transferred at carrying values
  • NCDs of MRHFL will become NCDs of MMFSL at same terms
  • Applications filed with Stock Exchanges and RBI for No Objection Certificate
  • Scheme subject to approval by RBI and National Company Law Tribunal, Mumbai Bench

Exceptional Items

The previous year ended March 31, 2026 included an exceptional item of Rs 117.33 crore (standalone) and Rs 132.95 crore (consolidated) relating to the impact of implementing New Labour Codes, resulting in a one-time material increase in provision for employee benefit expenses.

COVID-19 Resolution Plans

Disclosures provided regarding exposure to accounts classified as Standard consequent to implementation of resolution plans under RBI guidelines dated August 6, 2020 and May 5, 2021.

Publication and Availability

The financial results will be published in print and electronic editions of newspapers with Quick Response code and webpage details. The results are also available on the Company's website at https://www.mahindrafinance.com/investorrelations/financial-information#financial-results and on stock exchange websites.