Date: 4th July 2026

KMP / Board / Auditor Changes

  • Mr. M. P. Vijay Kumar and Ms. Samina Hamied were appointed as Independent Directors with effect from 7th October 2025
  • Mr. T. N. Manoharan ceased to hold office as an Independent Director with effect from 30th July 2025 due to demise
  • Mr. Narayan Shankar, Company Secretary and Key Management Personnel, retired with effect from 1st April 2025
  • Ms. Divya Mascarenhas was appointed as Interim Company Secretary and Key Management Personnel with effect from 2nd April 2025 and ceased on 15th July 2025
  • Mr. Sailesh Kumar Daga was appointed as Company Secretary and Key Management Personnel with effect from 16th July 2025
  • Board composition: 11 directors with 4 females (36.36% representation)
  • Key Management Personnel: 4 members with 0 females

Operational Disclosures

General Information

  • Corporate Identity Number: L65990MH1945PLC004558
  • Year of incorporation: 1945
  • Corporate address: Mahindra Towers, Dr. G. M. Bhosale Marg, Worli, Mumbai - 400018
  • Financial Year: 01-04-2025 to 31-03-2026
  • Paid-up Capital: Rs. 6,21,76,44,155
  • Turnover: Rs. 1,45,575.77 crore
  • Net worth: Rs. 73,994.77 crore

Business Activities

  • Manufacturing of motor vehicles, trailers, semi-trailers and other transport vehicles (100% of turnover)
  • Automotive products: 75.01% of total turnover (NIC Codes: 29101, 29102, 29103, 29104, 29109, 28243)
  • Farm Equipment: 24.99% of total turnover (NIC Codes: 28211, 28212)

Operations

  • Number of locations: 182 national (55 plants + 127 offices) and 43 international (24 plants + 19 offices)
  • Markets served: 28 States and 6 Union Territories nationally, 46 countries internationally
  • Exports contribution: 4.11% of total turnover

Workforce Details (as at end of FY 2025-26)

  • Total employees: 17,083 (86.30% male, 13.70% female)
  • Permanent employees: 16,642 (86.98% male, 13.02% female)
  • Other than permanent: 441 (60.32% male, 39.68% female)
  • Total workers: 74,810 (88.97% male, 11.03% female)
  • Permanent workers: 10,123 (99.38% male, 0.62% female)
  • Other than permanent: 64,687 (87.35% male, 12.65% female)
  • Turnover rates: Permanent employees 10.6%, Permanent workers 5.9%

Subsidiaries Mentioned

13 subsidiaries participated in Business Responsibility initiatives including Mahindra Steel Service Centre Ltd (61.00%), Mahindra Agri Solutions Ltd (99.06%), Mahindra Accelo Ltd (100.00%), Mahindra Holidays & Resorts India Ltd (66.74%), Mahindra & Mahindra Financial Services Ltd (52.49%), and others

ESG Performance Metrics

Principle 1 - Governance & Ethics

  • 100% coverage of training on principles for Board, KMPs, employees and workers
  • Zero fines/penalties paid in proceedings with regulators/law enforcement agencies
  • Anti-corruption policy in place with zero disciplinary actions for bribery/corruption
  • Accounts payable days: 81 days (FY 2024-25: 99 days)
  • Concentration of purchases: 0.07% from trading houses, 96.2% sales to dealers
  • Related party transactions: 9.8% of purchases, 13.2% of sales, 108% of loans & advances, 16.7% of investments

Principle 2 - Sustainable Products

  • R&D investment in environmental/social improvements: 32% of total R&D
  • Capex investment in environmental/social improvements: 39% of total capex
  • Sustainable sourcing: 95% of suppliers by purchase value signed Supplier Code of Conduct
  • Extended Producer Responsibility implemented with 100% plastic recycling compliance
  • Life Cycle Assessment conducted for monocoque SUV (45% of turnover)
  • Recycled input materials: Steel 5%, Aluminium 22-25%
  • Plastic recycling: 6,642.0 metric tonnes

Principle 3 - Employee Wellbeing

  • Spending on wellbeing measures: 0.51% of total revenue (FY 2024-25: 0.34%)
  • 100% coverage of retirement benefits (PF, Gratuity, ESI) for eligible employees/workers
  • 100% workplace accessibility for differently abled employees
  • Equal Opportunity Policy in place
  • 100% return to work rate after parental leave for employees
  • Health & safety management: All plants ISO 45001:2018 certified
  • Safety incidents: Zero employee injuries, 6 worker injuries, zero fatalities
  • LTIFR: Employees 0, Workers 0.07 per million hours

Principle 4 - Stakeholder Engagement

  • Stakeholder groups: Shareholders, Employees, Community, Suppliers, Dealers, Customers
  • Engagement channels: Website, email, newsletters, community meetings, general meetings
  • Frequency: Quarterly/regular engagement

Principle 5 - Human Rights

  • Human rights training coverage: Employees 99.00%, Workers 69.47%
  • 100% of employees and workers paid at or above minimum wage
  • Median remuneration: BoD ₹1.04 Cr, KMP ₹17.99 Cr, other employees ₹0.19Cr (male), ₹0.13Cr (female)
  • Gross wages paid to females: 8.46% of total wages
  • POSH complaints: 29 reported, 16 upheld, 0.27% of female employees/workers
  • Zero complaints on child labour, forced labour, discrimination

Principle 6 - Environmental Protection

Energy Consumption
  • Total energy consumed: 32,94,221 GJ
  • Renewable energy: 6,51,116 GJ (19.77%)
  • Non-renewable energy: 26,43,105 GJ
  • Energy intensity: 22.63 GJ/₹Cr turnover
Water Management
  • Total water withdrawal: 30,50,611 KL
  • Water consumption: 30,50,611 KL
  • Water intensity: 20.96 KL/₹Cr turnover
  • Zero liquid discharge implemented at select plants
  • 34% freshwater requirement met through recycled water
  • Water positivity: 100.001%
Air Emissions
  • NOx: 156.9 MT
  • SOx: 37.1 MT
  • Particulate Matter: 125.52 MT
Greenhouse Gas Emissions
  • Scope 1 emissions: 2,41,210 tCO2e
  • Scope 2 emissions: 3,21,529 tCO2e
  • Total Scope 1+2 intensity: 2.21 tCO2e/₹Cr turnover
  • Carbon neutrality commitment by 2040
Waste Management
  • Total waste generated: 2,12,113 MT
  • Waste recovered: 1,91,105 MT (90.1% recovery rate)
  • Recycled: 1,34,946 MT
  • Re-used: 53,575 MT
  • Other recovery: 2,584 MT
  • Waste disposed: 21,008 MT (2,582 MT incineration, 18,426 MT landfilling)
  • Waste intensity: 1.46 MT/₹Cr turnover
  • Zero Waste to Landfill target by 2030 (83% sites certified)

Principle 7 - Policy Influence

  • Affiliations with 5 trade/industry chambers: ASSOCHAM, BCCI, CII, FICCI, SIAM
  • No anti-competitive conduct issues

Principle 8 - Inclusive Growth

  • CSR applicable under Section 135 of Companies Act, 2013
  • CSR spending: 2% of average net profit of last three financial years
  • CSR focus areas: Empowering girls through education, women economic empowerment, water conservation, maternity/newborn healthcare
  • Input sourcing: 9.7% from MSMEs/small producers, 90.4% from within India
  • Job creation: Rural 0.7%, Semi-urban 14.8%, Urban 9.7%, Metropolitan 74.8% of wage cost
  • CSR beneficiaries: Women Empowerment 307,499 persons, Water Management 41,244 persons, Education 18,652 persons

Principle 9 - Consumer Responsibility

  • Consumer complaint mechanisms through Mahindra Relationships Center (toll free, social media, email)
  • 100% products carry environmental/social information, safe usage guidance, and recycling/disposal information
  • Consumer complaints: 99,195 received, 2,016 pending resolution
  • Zero product recalls (voluntary or forced)
  • Cyber security and data privacy policy in place
  • Zero data breaches

Assurance & Compliance

Independent Assurance

  • Assurance provider: DNV Business Assurance India Private Limited
  • Assurance type: Reasonable Assurance on BRSR Core KPIs
  • Assurance standard: ISAE 3000, ISO 14064-3, DNV VeriSustainTM protocol V6.0
  • Conclusion: BRSR Core KPIs reported in accordance with reporting requirements
  • Boundary: 27 manufacturing plants, 1 corporate office, 13 area offices in India

Material Issues Identified

1. Product Stewardship (Opportunity)

2. Resource Circularity including EPR & Waste Management (Risk)

3. Water Management (Risk)

4. Carbon Emissions (Risk & Opportunity)

5. Corporate Social Responsibility (Opportunity)

6. Health & Safety (Risk)

7. Sustainable Supply Chain (Risk)

Policies Implemented

Multiple policies covering all 9 NGRBC principles including Anti-Corruption & Anti-Bribery Policy, Suppliers Code of Conduct, Safety Policy, Human Rights Policy, Environment Policy, Code of Conduct & Ethics, and others available at https://www.mahindra.com/investor-relations/policies-and-documents

Certifications & Standards

ISO 14001, ISO 45001, ISO 9001, ISO 27001, ISO 50001, GRI Standards, UN Global Compact, Sustainable Development Goals, CDP, S&P Global CSA, SBTi, TCFD, WEF Stakeholder Capitalism Metrics, EU ELV Directive