Mahindra & Mahindra Financial Services Limited — Quarter ended March 31, 2026 and year ended March 31, 2026 (reported on 24 April 2026)
| Particulars | Quarter ended March 31, 2026 (Audited) | Quarter ended December 31, 2025 (Unaudited) | Quarter ended March 31, 2025 (Audited) | Year ended March 31, 2026 (Audited) | Year ended March 31, 2025 (Audited) |
|---|---|---|---|---|---|
| Revenue from operations | |||||
| i) Interest income | 4,462.06 | 4,407.12 | 4,017.23 | 17,211.69 | 15,331.41 |
| ii) Dividend income | 30.93 | 46.39 | – | 177.32 | 15.46 |
| iii) Rental income | 49.58 | 45.15 | 44.36 | 174.86 | 153.45 |
| iv) Fees, charges and commission income | 249.91 | 248.39 | 173.16 | 854.39 | 510.59 |
| v) Net gain / (loss) on fair value changes | 7.48 | 6.54 | 4.15 | 27.33 | 6.14 |
| vi) Net gain on derecognition of financial instruments under amortized cost category | – | – | 1.90 | – | 1.90 |
| Total Revenue from operations | 4,799.96 | 4,753.59 | 4,240.80 | 18,445.59 | 16,018.95 |
| II. Other income | 10.11 | 9.63 | 4.29 | 54.69 | 55.74 |
| III. Total income (I+II) | 4,810.07 | 4,763.22 | 4,245.09 | 18,500.28 | 16,074.69 |
| Expenses | |||||
| i) Finance costs | 2,070.73 | 2,102.62 | 2,089.59 | 8,392.05 | 7,898.30 |
| ii) Fees and commission expense | 31.74 | 45.65 | 27.15 | 139.87 | 97.84 |
| iii) Impairment on financial instruments (refer notes 6 and 7) | 560.29 | 469.88 | 457.10 | 2,441.22 | 1,617.86 |
| iv) Employee benefits expenses | 519.76 | 520.34 | 497.58 | 2,054.17 | 1,903.13 |
| v) Depreciation, amortization and impairment | 99.09 | 85.50 | 72.67 | 342.68 | 273.42 |
| vi) Other expenses | 367.12 | 351.47 | 345.34 | 1,340.33 | 1,136.87 |
| IV. Total expenses | 3,648.73 | 3,575.46 | 3,489.43 | 14,710.32 | 12,927.42 |
| V. Profit / (Loss) before exceptional items and tax (III-IV) | 1,161.34 | 1,187.76 | 755.66 | 3,789.96 | 3,147.27 |
| VI. Exceptional item (refer note no. 14) | – | (117.33) | – | (117.33) | – |
| VII. Profit / (Loss) before tax (V+VI) | 1,161.34 | 1,070.43 | 755.66 | 3,672.63 | 3,147.27 |
| VIII. Tax expense: | |||||
| i) Current tax | 298.90 | 209.82 | 186.46 | 923.02 | 779.45 |
| ii) Deferred tax | (10.54) | 50.01 | 6.06 | (34.89) | 22.78 |
| iii) (Excess) / Short provision for Income Tax – earlier years | – | 0.16 | – | 2.27 | – |
| 288.36 | 259.99 | 192.52 | 890.40 | 802.23 | |
| IX. Profit / (Loss) for the period / year (VII-VIII) | 872.98 | 810.44 | 563.14 | 2,782.23 | 2,345.04 |
| X. Other Comprehensive Income (OCI) | |||||
| A) (i) Items that will not be reclassified to profit or loss | |||||
| – Remeasurement gain / (loss) on defined benefit plans | (4.14) | (8.21) | (9.08) | (22.34) | (9.99) |
| – Net gain / (loss) on equity instruments through OCI | 28.58 | – | 84.26 | 28.58 | 84.26 |
| (ii) Income tax relating to the above items | (6.15) | 2.07 | (18.92) | (1.57) | (18.69) |
| Subtotal (A) | 18.29 | (6.14) | 56.26 | 4.67 | 55.58 |
| B) (i) Items that will be reclassified to profit or loss | |||||
| – Net gain / (loss) on debt instruments through OCI | (40.63) | (3.42) | 34.62 | * | 96.49 |
| – Effective portion of gain/(loss) on designated portion of hedging instruments in a cash flow hedge | 86.37 | 8.94 | (73.13) | 102.74 | (62.23) |
| (ii) Income tax relating to the above items | (11.51) | (1.39) | 9.70 | (20.19) | (8.62) |
| Subtotal (B) | 34.23 | 4.13 | (28.81) | 60.03 | 25.64 |
| Other Comprehensive Income (A + B) | 52.52 | (2.01) | 27.45 | 64.70 | 81.22 |
| XI. Total Comprehensive Income for the period / year (IX+X) | 925.50 | 808.43 | 590.59 | 2,846.93 | 2,426.26 |
| XII. Earnings per equity share (face value of Rs.2/- each) # (refer note 12) | |||||
| Basic (Rupees) | 6.28 | 5.83 | 4.43 | 20.35 | 18.43 |
| Diluted (Rupees) | 6.28 | 5.83 | 4.42 | 20.33 | 18 |
| Particulars | As at March 31, 2026 (Audited) | As at March 31, 2025 (Audited) |
|---|---|---|
| ASSETS | ||
| 1) Financial Assets | ||
| a) Cash and cash equivalents | 391.22 | 1,666.56 |
| b) Bank balance other than (a) above | 6,949.26 | 3,869.31 |
| c) Derivative financial instruments | 402.60 | 30.95 |
| d) Receivables | ||
| – Trade receivables | 86.12 | 53.02 |
| e) Loans | 1,30,160.14 | 1,16,214.02 |
| f) Investments | 6,820.37 | 10,400.48 |
| g) Other financial assets | 222.10 | 247.53 |
| Total Financial Assets | 1,45,031.81 | 1,32,481.87 |
| 2) Non-financial Assets | ||
| a) Current tax assets (Net) | 438.64 | 601.68 |
| b) Deferred tax Assets (Net) | 654.12 | 640.99 |
| c) Property, plant and equipment | 939.31 | 876.38 |
| d) Capital work-in-progress | 1.65 | 0.52 |
| e) Intangible assets under development | 5.42 | 65.10 |
| f) Other intangible assets | 248.37 | 172.89 |
| g) Other non-financial assets | 585.95 | 708.75 |
| Total Non-financial Assets | 2,873.46 | 3,066.31 |
| Total Assets | 1,47,905.27 | 1,35,548.18 |
| Particulars | As at March 31, 2026 (Audited) | As at March 31, 2025 (Audited) |
|---|---|---|
| LIABILITIES AND EQUITY | ||
| 1) LIABILITIES | ||
| Financial Liabilities | ||
| a) Derivative financial instruments | 6.85 | 390.05 |
| b) Payables | ||
| i) Trade Payables | ||
| – total outstanding dues of micro enterprises and small enterprises | – | – |
| – total outstanding dues of creditors other than micro enterprises and small enterprises | 855.51 | 1,208.56 |
| ii) Other Payables | ||
| – total outstanding dues of micro enterprises and small enterprises | 5.72 | 2.71 |
| – total outstanding dues of creditors other than micro enterprises and small enterprises | 34.00 | 17.62 |
| c) Debt Securities | 26,539.06 | 26,204.83 |
| d) Borrowings (Other than Debt Securities) | 74,240.03 | 69,734.92 |
| e) Deposits | 14,196.03 | 11,404.15 |
| f) Subordinated Liabilities | 5,359.74 | 5,529.57 |
| g) Other financial liabilities | 1,128.02 | 790.60 |
| Total Financial Liabilities | 1,22,364.96 | 1,15,283.01 |
| 2) Non-Financial Liabilities | ||
| a) Current tax liabilities (Net) | 158.87 | 69.73 |
| b) Provisions | 407.22 | 217.04 |
| c) Other non-financial liabilities | 215.52 | 166.17 |
| Total Non-Financial Liabilities | 781.61 | 452.94 |
| 3) EQUITY | ||
| a) Equity Share capital | 277.91 | 246.98 |
| b) Other Equity | 24,480.79 | 19,565.25 |
| Total Equity | 24,758.70 | 19,812.23 |
| Total Liabilities and Equity | 1,47,905.27 | 1,35,548.18 |
| Particulars | For the year ended March 31, 2026 (Audited) | For the year ended March 31, 2025 (Audited) |
|---|---|---|
| A) CASH FLOW FROM OPERATING ACTIVITIES | ||
| Profit / (Loss) before exceptional items and taxes | 3,789.96 | 3,147.27 |
| Adjustments for: | ||
| – Depreciation, amortization and impairment | 342.68 | 273.42 |
| – Impairment on financial instruments (excluding bad debts and write offs) | 482.05 | 58.95 |
| – Bad debts and write offs | 1,959.17 | 1,558.91 |
| – Interest expense | 8,360.34 | 7,978.79 |
| – Interest income from loans | (16,318.73) | (14,500.50) |
| – Interest income from other deposits with banks | (430.43) | (318.80) |
| – Net (Gain) / loss on fair value of derivative financial instruments | – | (107.25) |
| – Unrealized foreign exchange (Gain)/loss | 544.37 | 37.74 |
| – Share based payments to employees | 15.82 | 7.25 |
| – Net (Gain)/loss on fair value changes | (16.38) | 0.85 |
| – Interest income on investments | (462.53) | (512.11) |
| – Net (gain) / loss on derecognition of property, plant and equipment | (0.59) | (4.10) |
| – Net (gain) / loss on sale of investments | (23.41) | (1.31) |
| Operating profit / (loss) before working capital changes | (1,757.68) | (2,380.89) |
| Adjustments for changes in working capital – | ||
| – Loans | (15,020.80) | (17,514.42) |
| – Trade receivables | (33.37) | (28.42) |
| – Other financial assets | 23.06 | (18.70) |
| – Other financial liabilities | 455.05 | 31.26 |
| – Other non-financial assets | 102.72 | (150.41) |
| – Trade Payables | (333.66) | (296.00) |
| – Other non-financial liabilities | 49.35 | 15.50 |
| – Derivative financial instruments | (754.85) | 131.08 |
| – Provisions | 46.43 | 1.25 |
| Cash generated from / (used in) operations before adjustments for interest received and interest paid | (17,223.75) | (20,209.75) |
| Interest paid | (8,265.96) | (7,630.56) |
| Interest received from loans | 14,957.32 | 13,379.76 |
| Cash generated from / (used in) operations | (10,532.39) | (14,460.55) |
| Income taxes paid (net of refunds) | (673.11) | (820.88) |
| NET CASH GENERATED FROM / (USED IN) OPERATING ACTIVITIES (A) | (11,205.50) | (15,281.43) |
| B) CASH FLOW FROM INVESTING ACTIVITIES | ||
| Purchase of Property, plant and equipment and intangible assets | (390.85) | (425.10) |
| Proceeds from sale of Property, plant and equipment | 61.15 | 64.49 |
| Purchase of investments measured at amortized cost | – | – |
| Proceeds from sale of investments measured at amortized cost | 283.00 | 35.25 |
| (Increase) / decrease in Investment in Triparty Repo Dealing System (TREPS) (net) | – | 124.98 |
| Purchase of investments measured at FVOCI | (638.70) | – |
| Proceeds from sale of investments measured at FVOCI | 1,746.25 | 476.40 |
| Purchase of investments measured at FVTPL | (44,453.60) | (17,823.01) |
| Proceeds from sale of investments measured at FVTPL | 46,651.24 | 16,604.91 |
| Proceeds from term deposits with banks (including margin account with banks) | 2,772.38 | 2,492.13 |
| Investments in term deposits with banks (including margin account with banks) | (5,789.07) | (3,406.55) |
| Interest received from other deposits with banks | 367.06 | 319.99 |
| Interest income received on investments measured at amortized cost, FVOCI, FVTPL and at cost | 500.31 | 525.11 |
| Change in Earmarked balances with banks | 0.11 | (0.09) |
| NET CASH GENERATED FROM / (USED IN) INVESTING ACTIVITIES (B) | 1,109.28 | (1,011.49) |
| Particulars | For the year ended March 31 2026 (Audited) | For the year ended March 31 2025 (Audited) |
|---|---|---|
| C) CASH FLOW FROM FINANCING ACTIVITIES | ||
| Proceeds from issue of Equity shares, including securities premium (net of issue expenses) | 2,988.56 | – |
| Proceeds from borrowings through Debt Securities | 18,082.82 | 27,048.97 |
| Repayment of borrowings through Debt Securities | (17,577.67) | (28,613.08) |
| Proceeds from Borrowings (Other than Debt Securities) | 46,314.61 | 42,239.22 |
| Repayment of Borrowings (Other than Debt Securities) | (42,287.57) | (27,105.20) |
| Proceeds from borrowings through Subordinated Liabilities | – | 1,500.00 |
| Repayment of borrowings through Subordinated Liabilities | (174.82) | (274.04) |
| Increase / (decrease) in Public deposits (net) | 2,485 |