Disclosure of Transcript of the Analyst/ Institutional Investor Meeting

AI summary - Q2 FY26 consolidated revenue up 22% y-y; operating profit up 28% y-y - Farm profits surged 54% with 32% tractor volume growth; auto profits up 14% despite GST transition impact - Mahindra Finance operating profit grew 45%, asset quality stable with GNPA below 4% - Tech Mahindra profits up 35%, AI initiatives progressing; growth gems showing positive momentum - SUV electric penetration at 8.7%, exports growing 40%, LCV market share at 53.2% - GST rate cuts expected to boost demand across tractors, LCVs, and passenger vehicles - Tractor industry growth outlook raised to low double digits; LCV growth expected double digit - EV segment growth remains strong; PLI incentives expected to continue till FY28 - Margin for Mahindra Electric improving with localization and new product launches - Multiple analyst queries on GST impact, CAFE norms, and EV penetration addressed with management guidance