Mahindra & Mahindra Ltd

- The transcript does not explicitly mention any planned or ongoing fundraising through debt or equity for Mahindra & Mahindra Limited. - There is a mention of using existing cash reserves (INR 28,000 crores combined standalone plus certain subsidiaries) for investments in growth businesses, including rights issues for some subsidiaries. - Cash generation is strong (close to INR 10,000 crores during the year), providing ample ability to invest in growth without immediate mention of new fundraising. - No direct reference to fresh equity or debt issuance for corporate or expansion purposes in the disclosed statements. - Financing efforts seem focused on internal cash flows and rights issues in subsidiaries rather than primary equity or debt market fundraising by the parent company.

- Mahindra & Mahindra continues to focus on leveraging existing manufacturing assets and dealer networks to maintain cost efficiency rather than setting up entirely new factories (Page 22). - There are ongoing cost reduction programs for recently launched ICE products for improved margins (Pages 15-16). - Capacity expansions are planned but not one-to-one correlated with volume growth since some new capacities will replace existing products (Page 16). - The company is monitoring and negotiating CAFE norms, expecting about 25% of the portfolio needs to comply by 2027 (Page 26). - Mahindra is actively seeking strategic acquisitions that deliver scale, strong returns, customer value, and execution capability (Page 24). - Investments in software and software-defined vehicles are underway, including internal teams and partnerships with startups (Page 23). - Growth plans include potentially doubling/tripling hospitality assets and expanding scalable growth gems with $2-3 billion valuations by FY30 (Page 6).

- Auto segment expects mid to high teens growth, having already achieved 20% growth in SUV volumes with market share up 210 bps to 22.5%. - Farm segment targets further growth beyond current 43.3% market share, with a focus on margin improvements. - International business aims to finish fiscal 26 with 2X growth. - Electric vehicles (EVs) show steady strong booking momentum, anticipated volume growth with broader geographic availability (Tier 1, 2, 3 cities). - New product launches planned: In 2026, 3 ICE products (two mid-cycle refreshes), two born electric products, and two LCVs. - Capacity expansion planned at about 15% CAGR, but volume growth may not match capacity increase 1:1 due to product replacements. - Long-term, vehicle penetration in India expected to grow significantly from current low levels (10%-12%), driving incremental volume growth. - Last Mile Mobility aims for 2-3x growth, Real Estate and Susten targeting 5x growth in a decade.

- Mahindra & Mahindra has committed to 15% to 20% EPS growth, consistently maintaining an 18% ROE with a 63% annualized growth in ROE historically (Page 6). - Auto segment expects mid to high teens growth with margins improving; SUV volumes grew 20% with market share gains and margin improvement (Page 3). - Farm business shows strong margin expansion and market share growth with no one-off margin benefits, indicating a sustainable margin base (Page 24 & 7). - Tech Mahindra is on a strong trajectory with an 80%+ YoY profit growth and a clear path to margin expansion (Page 12, 5). - Mahindra Finance shows 17%-33% asset and profitability growth, with improved credit metrics, supporting profit growth (Page 12 & 5). - Growth Gems businesses (Aerostructures, CLPL, Accelo) are positioned for multi-fold growth and long-term scalable expansion (Page 24 & 23). - Cash generation strong at INR 10,000 crores yearly, enabling further investment into growth areas (Page 13).

- Booking momentum for the EV business is very steady and strong. - New bookings are ongoing, but there is an average waiting period of about four months currently. - There is some uncertainty in delivery timelines as committed delivery dates have not yet been shared with customers. - The company is cautious in ramping up production and deliveries to maintain customer experience quality. - Initial delivery phases saw skewed capacity toward BE6 variants, but demand skewed 60:40 in favor of the 9E variant. - Production adjustments initiated 5-6 months ago aim to meet this 9E demand mix by June or July. - Operating at a rate of about 5,000 vehicles per month in the initial ramp-up phase. - The delivery process is complex, requiring extensive customer support, app installations, and follow-ups, thus slowing delivery pace intentionally. Overall, the orderbook is strong with a four-month average waiting period, and production is ramping cautiously to ensure quality customer delivery.