Share price at the NSE close on 23 Oct 2026. Previous close ₹287.60.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹38,494 Cr203rd largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. The filing of 21 Oct 2026
- 10.7
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. The filing of 21 Oct 2026
- 1.4
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 2.71%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it. The filing of 21 Oct 2026
- 13.8%
- NIMNet interest margin. Net interest income ÷ the average assets that earn interest × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. For the year to Mar 2026.
- 6.76%
- Cost of fundsCost of funds. Interest paid ÷ the average of what the company pays interest on × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. For the year to Mar 2026.
- 7.22%
- Credit costCredit cost. What was set aside for loans that may not be repaid ÷ average loans given × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. For the year to Mar 2026.
- 1.89%
- ROAReturn on assets. Profit after tax ÷ average total assets × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. It equals net interest income + other income − operating expenses − provisions + exceptional items − tax + the lines below tax, each on the same base. For the year to Mar 2026.
- 1.89%
- LeverageAssets per rupee of net worth. Average total assets ÷ average net worth: rupees of assets for each rupee of net worth; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. For the year to Mar 2026.
- 6.27times net worth
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 28,79,07552.4% delivered
Mahindra & Mahindra Financial Services board of directors
At the end of the quarter to Jun 2026, as the company filed it; changes since are in its announcements.Their trades in its shares
- ChairpersonAnish D ShahRelated to the promoter
- Managing director and CEORaul Ignatius Rebello
- Company Secretary and Compliance OfficerBrijbala Batwal
10 directors5 independent1 executive4 non-executive
- Anish D Shah · ChairpersonNon-executive · joined Mar 2016 · 6 listed boards
- Milind Shripad SarwateIndependent · joined Apr 2019 · reappointed Apr 2024 · 87 months as independent · 5 listed boards · 5 as independent · 7 committee seats, 4 as chair
- Rebecca NugentIndependent · joined Mar 2021 · reappointed Mar 2026 · 63 months as independent · 1 listed board · 1 as independent
- Diwakar GuptaIndependent · joined Jan 2023 · reappointed Jan 2023 · 42 months as independent · 4 listed boards · 4 as independent · 6 committee seats, 4 as chair
- Raul Ignatius Rebello · Managing director and CEOExecutive · joined May 2023 · 1 listed board · 2 committee seats
- Amarjyoti BaruaNon-executive · joined Jul 2023 · 1 listed board · 6 committee seats, 1 as chair
- Vijay Kumar SharmaIndependent · joined May 2024 · reappointed May 2024 · 25 months as independent · 4 listed boards · 4 as independent · 4 committee seats, 2 as chair
- Padmaja ChunduruIndependent · joined Nov 2025 · reappointed Nov 2025 · 7 months as independent · 3 listed boards · 3 as independent · 9 committee seats, 1 as chair
- Parag RaoNon-executive · joined Dec 2025 · 1 listed board · 1 committee seat
- Krishna Kumar Sukumaran NairNon-executive · joined Jun 2026 · 1 listed board
An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.
2 directors who left
- Ashwani Ghai, left 22 Jun 2026: Others
- Chandrashekhar Bhaskar Bhave, left 2 Feb 2025: Tenure Completion
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 24 Apr 202610 of 10 present5 independent · 23 days in between
- 31 Mar 202610 of 10 present5 independent · 61 days in between
- 28 Jan 20269 of 10 present4 independent
Audit Committee
Chair Diwakar Gupta
Milind Shripad Sarwate, Vijay Kumar Sharma, Amarjyoti Barua, Padmaja Chunduru
- 24 Apr 20265 of 5 present4 independent · 44 days in between
- 10 Mar 20265 of 5 present4 independent · 40 days in between
- 28 Jan 20264 of 4 present3 independent
Nomination and remuneration committee
Chair Diwakar Gupta
Milind Shripad Sarwate, Vijay Kumar Sharma, Anish D Shah
- 24 Apr 20264 of 4 present3 independent · 85 days in between
- 28 Jan 20264 of 4 present3 independent
Stakeholders Relationship Committee
Chair Vijay Kumar Sharma
Raul Ignatius Rebello, Parag Rao
- 21 Apr 20264 of 4 present1 independent
Risk Management Committee
Chair Milind Shripad Sarwate
Diwakar Gupta, Raul Ignatius Rebello, Amarjyoti Barua
- 9 May 20262 of 4 present2 independent · 15 days in between
- 23 Apr 20264 of 4 present2 independent · 85 days in between
- 27 Jan 20264 of 4 present2 independent
Corporate Social Responsibility Committee
Chair Padmaja Chunduru
Diwakar Gupta, Vijay Kumar Sharma, Raul Ignatius Rebello
- 21 Apr 20264 of 4 present3 independent · 87 days in between
- 23 Jan 20263 of 3 present2 independent
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditors
Named in the results for the quarter to Sep 2026.
- M M NISSIM & CO LLPPeer-review certificate valid to Mar 2028
- M.P.CHITALE & CO.Peer-review certificate valid to Jul 2028
2 earlier auditors
- M/s. M M Nissim & Co LLP , Chartered AccountantsNamed in filings from Mar 2025 to Jun 2025
- M/s. M P Chitale & Co., Chartered AccountantsNamed in filings from Mar 2025 to Jun 2025
A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.
Mahindra & Mahindra Financial Services AGM and shareholder votes
Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Mahindra & Mahindra Financial Services dividend history
Annual general meeting, 21 Jul 2026
2,43,119 shareholders on the register on 13 Jul 2026; present: 3 promoters and 64 others; votes counted by Keyur Mirani / Mota & Mirani Associates.The company's voting result (opens in a new tab)
Consideration and adoption of the Audited Standalone Financial Statements of the Company for the financial year ended 31st March 2026 and the reports of the Board of Directors and joint Statutory Auditors thereonMoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 89.86% · promoters 100.00% · institutions 89.99% · other public 36.69%
- Consideration and adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March 2026 and the report of the joint Statutory Auditors thereonOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 89.86% · promoters 100.00% · institutions 89.99% · other public 36.69%
- Declaration of dividend on the equity shares of the Company for the financial year ended 31st March 2026Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 89.91% · promoters 100.00% · institutions 90.11% · other public 36.69%
- Re-appointment of Mr. Amarjyoti Barua (DIN: 09202472) as a Director liable to retire by rotationOrdinary99.59% for0.41% against
Against: promoters 0.00% · institutions 1.10% · other public 0.01%
Turnout: all 89.89% · promoters 100.00% · institutions 90.07% · other public 36.69%
- Appointment of Mr. Krishna Kumar Sukumaran Nair (DIN: 11673376) as a Non-Executive Director of the CompanyOrdinary99.88% for0.12% against
Against: promoters 0.00% · institutions 0.31% · other public 0.01%
Turnout: all 89.89% · promoters 100.00% · institutions 90.07% · other public 36.69%
- Approval for Material Related Party Transactions between the Company and Life Insurance Corporation of India, shareholder of the CompanyOrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 27.14% · promoters 0.00% · institutions 62.72% · other public 36.42%
- Increase in the borrowing limits of the CompanySpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 89.89% · promoters 100.00% · institutions 90.07% · other public 36.69%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 7 Feb 2026, 4 resolutions
2,48,727 shareholders on the register on 2 Jan 2026; votes counted by Keyur H Mirani / Keyur H Mirani.The company's voting result (opens in a new tab)
Appointment of Ms. Padmaja Chunduru (DIN: 08058663) as an Independent Director of the Company for a first term of five consecutive years commencing from 10th November 2025 to 9th November 2030 (both days inclusive), not liable to retire by rotation.MoreLess
Special99.96% for0.04% againstAgainst: promoters 0.00% · institutions 0.09% · other public 0.52%
Turnout: all 90.72% · promoters 100.00% · institutions 92.12% · other public 2.39%
- Appointment of Mr. Parag Rao (DIN: 02436612) as a Non-Executive Director of the Company with effect from 10th December 2025, liable to retire by rotation.Ordinary99.93% for0.07% against
Against: promoters 0.00% · institutions 0.16% · other public 0.51%
Turnout: all 90.72% · promoters 100.00% · institutions 92.12% · other public 2.39%
- Introduction and implementation of ‘Mahindra & Mahindra Financial Services Limited - Subsidiary Companies Restricted Stock Units Plan 2026.Special93.30% for6.70% against
Against: promoters 0.00% · institutions 15.96% · other public 0.83%
Turnout: all 90.72% · promoters 100.00% · institutions 92.12% · other public 2.39%
Provision of money by the Company to Mahindra & Mahindra Financial Services Limited Employees’ Stock Option Trust to fund the subscription of equity shares in terms of Mahindra & Mahindra Financial Services Limited- Subsidiaries Restricted Stock Units Plan 2026.MoreLess
Special93.62% for6.38% againstAgainst: promoters 0.00% · institutions 15.20% · other public 0.84%
Turnout: all 90.72% · promoters 100.00% · institutions 92.12% · other public 2.39%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 22 Jul 2025, 8 resolutions
2,37,693 shareholders on the register on 15 Jul 2025; present: 3 promoters and 80 others; votes counted by Mitesh Dhabliwala / Parikh & Associates.The company's voting result (opens in a new tab)
Consideration and adoption of the Audited Standalone Financial Statements of the Company for the financial year ended 31st March 2025 and the reports of the Board of Directors and joint Statutory Auditors thereonMoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 90.77% · promoters 100.00% · institutions 91.09% · other public 38.55%
- Consideration and adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March 2025 and the reports of the joint Statutory Auditors thereonOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 90.77% · promoters 100.00% · institutions 91.09% · other public 38.55%
- Declaration of final dividend on the equity shares of the Company for the financial year ended March 31, 2025Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 90.92% · promoters 100.00% · institutions 91.51% · other public 38.56%
- Re-appointment of Mr. Ashwani Ghai as a Director liable to retire by rotationOrdinary99.74% for0.26% against
Against: promoters 0.00% · institutions 0.67% · other public 0.02%
Turnout: all 90.91% · promoters 100.00% · institutions 91.48% · other public 38.55%
- Re-appointment of Dr. Rebecca Nugent as an Independent Director of the Company.Special99.81% for0.19% against
Against: promoters 0.00% · institutions 0.50% · other public 0.01%
Turnout: all 90.91% · promoters 100.00% · institutions 91.48% · other public 38.55%
- Appointment of M/s. Makarand M. Joshi & Co., Company Secretaries as the Secretarial Auditor of the CompanyOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 90.91% · promoters 100.00% · institutions 91.48% · other public 38.55%
- Approval for Material Related Party Transactions between the Company and Life Insurance Corporation of India, shareholder of the Company.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 28.16% · promoters 0.00% · institutions 64.52% · other public 38.35%
- Increase in the borrowing limits of the CompanySpecial99.67% for0.33% against
Against: promoters 0.00% · institutions 0.85% · other public 0.10%
Turnout: all 90.91% · promoters 100.00% · institutions 91.48% · other public 38.55%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 23 Jul 2024, 8 resolutions
Present: 2 promoters and 66 others.The company's voting result (opens in a new tab)
Consideration and adoption of the Audited Standalone Financial Statements of the Company for the financial year ended 31st March 2024 and the reports of the Board of Directors and joint Statutory Auditors thereonMoreLess
Ordinary99.96% for0.04% againstAgainst: promoters 0.00% · institutions 0.09% · other public 0.02%
Turnout: all 89.80% · promoters 100.00% · institutions 90.82% · other public 34.89%
- Consideration and adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March 2024 and the reports of the joint Statutory Auditors thereonOrdinary99.96% for0.04% against
Against: promoters 0.00% · institutions 0.09% · other public 0.02%
Turnout: all 89.80% · promoters 100.00% · institutions 90.82% · other public 34.89%
- Declaration of dividend on the equity shares of the Company for the financial year ended 31st March 2024Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.09%
Turnout: all 89.84% · promoters 100.00% · institutions 90.91% · other public 34.89%
- Re-appointment of Dr. Anish Shah as a Director liable to retire by rotationOrdinary99.17% for0.83% against
Against: promoters 0.00% · institutions 2.18% · other public 0.11%
Turnout: all 89.84% · promoters 100.00% · institutions 90.91% · other public 34.89%
- Appointment of M/s. M M Nissim & Co LLP, Chartered Accountants as one of the Joint Statutory Auditors of the CompanyOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 89.84% · promoters 100.00% · institutions 90.91% · other public 34.89%
- Appointment of M/s. M P Chitale & Co., Chartered Accountants as one of the Joint Statutory Auditors of the CompanyOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 89.84% · promoters 100.00% · institutions 90.91% · other public 34.89%
- Appointment of Mr. Vijay Kumar Sharma as an Independent Director of the CompanySpecial94.07% for5.93% against
Against: promoters 0.00% · institutions 15.63% · other public 0.11%
Turnout: all 89.88% · promoters 100.00% · institutions 91.02% · other public 34.89%
- Increase in the borrowing limits of the CompanySpecial99.73% for0.27% against
Against: promoters 0.00% · institutions 0.71% · other public 0.10%
Turnout: all 89.84% · promoters 100.00% · institutions 90.91% · other public 34.89%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 19 Jan 2024, 1 resolution
The company's voting result (opens in a new tab)
- Alteration to the Memorandum of Association of the CompanySpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 1.29%
Turnout: all 87.18% · promoters 100.00% · institutions 87.09% · other public 3.28%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 28 Jul 2023, 15 resolutions
Present: 3 promoters and 96 others.The company's voting result (opens in a new tab)
Consideration and adoption of the Audited Standalone Financial Statements of the Company for the financial year ended 31st March 2023 and the reports of the Board of Directors and joint Statutory Auditors thereonMoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.14%
Turnout: all 89.19% · promoters 100.00% · institutions 89.75% · other public 5.92%
- Consideration and adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March 2023 and the reports of the joint Statutory Auditors thereonOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.14%
Turnout: all 89.19% · promoters 100.00% · institutions 89.75% · other public 5.92%
- Declaration of dividend on the equity shares of the Company for the financial year ended 31st March 2023Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.04%
Turnout: all 89.25% · promoters 100.00% · institutions 89.89% · other public 5.92%
- To resolve not to re-appoint Mr. Amit Kumar Sinha and not to fill the vacancy so createdOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.14%
Turnout: all 89.25% · promoters 100.00% · institutions 89.89% · other public 5.92%
- Appointment of Mr. Raul Rebello as a Director of the CompanyOrdinary99.33% for0.67% against
Against: promoters 0.00% · institutions 1.62% · other public 0.14%
Turnout: all 89.25% · promoters 100.00% · institutions 89.89% · other public 5.92%
Appointment of Mr. Raul Rebello as Whole-time Director designated as “Executive Director and MD & CEO - Designate” from 1st May 2023 to 29th April 2024 and as the Managing Director of the Company designated as “Managing Director & CEO” from 30th April 2024 to 30th April 2028MoreLess
Special99.54% for0.46% againstAgainst: promoters 0.00% · institutions 1.12% · other public 0.14%
Turnout: all 89.25% · promoters 100.00% · institutions 89.89% · other public 5.92%
- Appointment of Mr. Amarjyoti Barua as a Non-Executive, Non-Independent Director of the CompanyOrdinary96.25% for3.75% against
Against: promoters 0.00% · institutions 9.13% · other public 0.14%
Turnout: all 89.25% · promoters 100.00% · institutions 89.89% · other public 5.92%
- Appointment of Mr. Ashwani Ghai as a Non-Executive, Non-Independent Director of the CompanyOrdinary96.24% for3.76% against
Against: promoters 0.00% · institutions 9.15% · other public 0.14%
Turnout: all 89.25% · promoters 100.00% · institutions 89.89% · other public 5.92%
- Re-appointment of Mr. Milind Sarwate as an Independent Director of the CompanySpecial97.20% for2.80% against
Against: promoters 0.00% · institutions 6.82% · other public 0.15%
Turnout: all 89.25% · promoters 100.00% · institutions 89.89% · other public 5.92%
- Approval for introduction and implementation of ‘Mahindra and Mahindra Financial Services Limited - Restricted Stock Units Plan 2023’Special94.68% for5.32% against
Against: promoters 0.00% · institutions 12.94% · other public 0.14%
Turnout: all 89.25% · promoters 100.00% · institutions 89.89% · other public 5.92%
Approval for provision of money by the Company to Mahindra & Mahindra Financial Services Limited Employees’ Stock Option Trust under the ‘Mahindra and Mahindra Financial Services Limited - Restricted Stock Units Plan 2023’ ( MMFSL RSU Plan 2023) to fund the subscription of equity shares in terms of MMFSL RSU Plan 2023.MoreLess
Special94.80% for5.20% againstAgainst: promoters 0.00% · institutions 12.64% · other public 0.14%
Turnout: all 89.25% · promoters 100.00% · institutions 89.89% · other public 5.92%
- To approve Material Related Party Transactions between the Company and Mahindra & Mahindra Limited, Promoter and Holding Company of the CompanyOrdinaryPromoters have an interest in it95.49% for4.51% against
Against: promoters 0.00% · institutions 4.54% · other public 0.25%
Turnout: all 36.91% · promoters 0.00% · institutions 89.89% · other public 3.36%
- Alteration to the Memorandum of Association of the CompanySpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.14%
Turnout: all 89.25% · promoters 100.00% · institutions 89.89% · other public 5.92%
- Increase in the borrowing limits of the CompanySpecial99.70% for0.30% against
Against: promoters 0.00% · institutions 0.73% · other public 0.15%
Turnout: all 89.25% · promoters 100.00% · institutions 89.89% · other public 5.92%
- Increase in limits for creation of security in connection with borrowing(s)Special99.70% for0.30% against
Against: promoters 0.00% · institutions 0.73% · other public 0.14%
Turnout: all 89.25% · promoters 100.00% · institutions 89.89% · other public 5.92%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 30 Dec 2022, 1 resolution
The company's voting result (opens in a new tab)
Appointment of Mr. Diwakar Gupta (DIN: 01274552) as an Independent Director of the Company for first term of five consecutive years commencing from 1st January 2023 to 31stDecember 2027 (both days inclusive).MoreLess
Special100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.16%
Turnout: all 83.53% · promoters 100.00% · institutions 78.85% · other public 4.81%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 28 Jul 2022, 7 resolutions
Present: 3 promoters and 81 others.The company's voting result (opens in a new tab)
Consideration and adoption of the Audited Standalone Financial Statements of the Company for the financial year ended 31st March 2022 and the reports of the Board of Directors and joint Statutory Auditors thereonMoreLess
Ordinary99.95% for0.05% againstAgainst: promoters 0.00% · institutions 0.20% · other public 0.01%
Turnout: all 83.32% · promoters 100.00% · institutions 72.90% · other public 53.69%
- Consideration and adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March 2022 and the reports of the joint Statutory Auditors thereonOrdinary99.95% for0.05% against
Against: promoters 0.00% · institutions 0.20% · other public 0.01%
Turnout: all 83.32% · promoters 100.00% · institutions 72.90% · other public 53.69%
- Declaration of dividend on the equity shares of the Company for the financial year ended 31st March 2022Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 83.37% · promoters 100.00% · institutions 73.07% · other public 53.70%
- Re-appointment of Dr. Anish Shah, as a Director liable to retire by rotationOrdinary94.16% for5.84% against
Against: promoters 0.00% · institutions 23.35% · other public 0.01%
Turnout: all 83.37% · promoters 100.00% · institutions 73.07% · other public 53.69%
- To resolve not to re-appoint Mr. Amit Raje and not to fill the vacancy so createdOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 83.37% · promoters 100.00% · institutions 73.07% · other public 53.69%
- Appointment of M/s. Deloitte Haskins Sells, Chartered Accountants as one of the Joint Statutory Auditor of the CompanyOrdinary99.98% for0.02% against
Against: promoters 0.00% · institutions 0.06% · other public 0.01%
Turnout: all 83.37% · promoters 100.00% · institutions 73.07% · other public 53.69%
- Appointment of M/s. Mukund M. Chitale Co., Chartered Accountants as one of the Joint Statutory Auditor of the CompanyOrdinary99.88% for0.12% against
Against: promoters 0.00% · institutions 0.48% · other public 0.01%
Turnout: all 83.37% · promoters 100.00% · institutions 73.07% · other public 53.69%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
How mutual funds voted
Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it
Mutual fund votes, meeting of 31 Aug 2026, 1 fund house so far (houses' deadline to file 15 Oct 2026)
- Scheme of Merger by Absorption of Mahindra Rural Housing Finance Ltd (MRHFL) into MMFSL1 for0 against
Mutual fund votes, meeting of 21 Jul 2026, 13 fund houses so far (houses' deadline to file 15 Oct 2026)
Consideration and adoption of the Audited Standalone Financial Statements of the Company for the financial year ended 31st March 2026 and the reports of the Board of Directors and joint Statutory Auditors thereonMoreLess
13 for0 against- Consideration and adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March 2026 and the report of the joint Statutory Auditors thereon13 for0 against
- Declaration of dividend on the equity shares of the Company for the financial year ended 31st March 202613 for0 against
- Re-appointment of Mr. Amarjyoti Barua (DIN: 09202472) as a Director liable to retire by rotation13 for0 against
- Appointment of Mr. Krishna Kumar Sukumaran Nair (DIN: 11673376) as a Non-Executive Director of the Company13 for0 against
- Approval for Material Related Party Transactions between the Company and Life Insurance Corporation of India, shareholder of the Company13 for0 against
- Increase in the borrowing limits of the Company13 for0 against
6 earlier meetings
Mutual fund votes, meeting of 7 Feb 2026, 27 fund houses
Appointment of Ms. Padmaja Chunduru (DIN: 08058663) as an Independent Director of the Company for a first term of five consecutive years commencing from 10th November 2025 to 9th November 2030 (both days inclusive), not liable to retire by rotation.MoreLess
27 for0 against- Appointment of Mr. Parag Rao (DIN: 02436612) as a Non-Executive Director of the Company with effect from 10th December 2025, liable to retire by rotation.27 for0 against
- Introduction and implementation of ‘Mahindra & Mahindra Financial Services Limited - Subsidiary Companies Restricted Stock Units Plan 2026.
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund
- Angel One Mutual FundCompliance Concern: The Company has not fixed the Maximum Vesting Period on an absolute basis. The Nomination & Remuneration Committee has discretion to alter / increase the Maximum Vesting Period, thereby disregarding any numeric value disclosed under the said component.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliance Concern: Non-Disclosure of “Maximum Vesting Period” as per SEBI (SBEB & SE) Regulations – The Company has not fixed the “Maximum Vesting Period on an absolute basis. The NRC has discretion to alter / increase the Maximum Vesting Period, thereby disregarding any numeric value disclosed under the said component.
- HDFC Mutual FundESOPs/RSUs have been granted at a deep discount to market price. The ESOPs/ RSUs are not broad based in nature. We do not support the resolution.
21 for6 against Provision of money by the Company to Mahindra & Mahindra Financial Services Limited Employees’ Stock Option Trust to fund the subscription of equity shares in terms of Mahindra & Mahindra Financial Services Limited- Subsidiaries Restricted Stock Units Plan 2026.MoreLess
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund
- Angel One Mutual FundCompliance Concern: The Company has not fixed the Maximum Vesting Period on an absolute basis. The Nomination & Remuneration Committee has discretion to alter / increase the Maximum Vesting Period, thereby disregarding any numeric value disclosed under the said component.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliance Concern: Non-Disclosure of “Maximum Vesting Period” as per SEBI (SBEB & SE) Regulations – The Company has not fixed the “Maximum Vesting Period on an absolute basis. The NRC has discretion to alter / increase the Maximum Vesting Period, thereby disregarding any numeric value disclosed under the said component.
- HDFC Mutual FundESOPs/RSUs have been granted at a deep discount to market price. The ESOPs/ RSUs are not broad based in nature. We do not support the resolution.
21 for6 against
Mutual fund votes, meeting of 22 Jul 2025, 28 fund houses
Consideration and adoption of the Audited Standalone Financial Statements of the Company for the financial year ended 31st March 2025 and the reports of the Board of Directors and joint Statutory Auditors thereonMoreLess
28 for0 against- Consideration and adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March 2025 and the reports of the joint Statutory Auditors thereon28 for0 against
- Declaration of final dividend on the equity shares of the Company for the financial year ended March 31, 202528 for0 against
- Re-appointment of Mr. Ashwani Ghai as a Director liable to retire by rotation28 for0 against
- Re-appointment of Dr. Rebecca Nugent as an Independent Director of the Company.28 for0 against
- Appointment of M/s. Makarand M. Joshi & Co., Company Secretaries as the Secretarial Auditor of the Company28 for0 against
- Approval for Material Related Party Transactions between the Company and Life Insurance Corporation of India, shareholder of the Company.28 for0 against
- Increase in the borrowing limits of the Company28 for0 against
Mutual fund votes, meeting of 23 Jul 2024, 21 fund houses
Consideration and adoption of the Audited Standalone Financial Statements of the Company for the financial year ended 31st March 2024 and the reports of the Board of Directors and joint Statutory Auditors thereonMoreLess
21 for0 against- Consideration and adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March 2024 and the reports of the joint Statutory Auditors thereon21 for0 against
- Declaration of dividend on the equity shares of the Company for the financial year ended 31st March 202421 for0 against
- Re-appointment of Dr. Anish Shah as a Director liable to retire by rotation21 for0 against
- Appointment of M/s. M M Nissim & Co LLP, Chartered Accountants as one of the Joint Statutory Auditors of the Company21 for0 against
- Appointment of M/s. M P Chitale & Co., Chartered Accountants as one of the Joint Statutory Auditors of the Company21 for0 against
- Appointment of Mr. Vijay Kumar Sharma as an Independent Director of the Company
Against Bandhan Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund, Zerodha Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundAppointment Complaint with Law. Governance Concern: Past Association with Group Company. Minimum Cooling off period of 3 years not served. Proposed term would result in prolonged Association.
- HSBC Mutual FundA vote AGAINST the following nominee is warranted because: After including Vijay Kumar Sharma's association with the promoter group, his tenure during proposed term of appointment, will exceed 10 years. Since, he is proposed to be appointed as an independent director, and that his association will exceed ten years, support is not warranted.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
- Nippon India Mutual FundProlonged association
- Sundaram Mutual FundVijay Kumar Sharma, 65, is the former Managing Director of Life Insurance Corporation (LIC) of India and he superannuated as the Chairperson from LIC in December 2018. His appointment as Independent Director is in line with statutory requirements. Vijay Kumar Sharma was on the board of Mahindra & Mahindra Ltd: parent company, between 14 November 2018 and 20 December 2023 and we consider his overall association with the group while computing his tenure. We note that with the proposed tenure, his association with the group crosses 10 years. We do not support appointment of independent directors if their aggregate tenure with the company or the group exceeds 10 years anytime during the proposed tenure as we believe that this is not in line with the spirit of the regulations.
- Zerodha Mutual FundProlonged Association, cooling off period not served.
13 for8 against - Increase in the borrowing limits of the Company21 for0 against
Mutual fund votes, meeting of 19 Jan 2024, 19 fund houses
- Alteration to the Memorandum of Association of the Company19 for0 against
Mutual fund votes, meeting of 28 Jul 2023, 19 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
Consideration and adoption of the Audited Standalone Financial Statements of the Company for the financial year ended 31st March 2023 and the reports of the Board of Directors and joint Statutory Auditors thereonMoreLess
19 for0 against- Consideration and adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March 2023 and the reports of the joint Statutory Auditors thereon19 for0 against
- Declaration of dividend on the equity shares of the Company for the financial year ended 31st March 202319 for0 against
- To resolve not to re-appoint Mr. Amit Kumar Sinha and not to fill the vacancy so created19 for0 against
- Appointment of Mr. Raul Rebello as a Director of the Company19 for0 against
Appointment of Mr. Raul Rebello as Whole-time Director designated as “Executive Director and MD & CEO - Designate” from 1st May 2023 to 29th April 2024 and as the Managing Director of the Company designated as “Managing Director & CEO” from 30th April 2024 to 30th April 2028MoreLess
19 for0 against- Appointment of Mr. Amarjyoti Barua as a Non-Executive, Non-Independent Director of the Company
Against HSBC Mutual Fund
- HSBC Mutual FundWe have concerns about insufficient independence on the board.
18 for1 against - Appointment of Mr. Ashwani Ghai as a Non-Executive, Non-Independent Director of the Company
Against HSBC Mutual Fund
- HSBC Mutual FundWe have concerns about insufficient independence on the board.
18 for1 against - Re-appointment of Mr. Milind Sarwate as an Independent Director of the Company
Against Bandhan Mutual Fund, JM Financial Mutual Fund
- Bandhan Mutual Fund, JM Financial Mutual FundCompliant with Law. Governance Concern: Excessive Time Commitments.
17 for2 against - Approval for introduction and implementation of ‘Mahindra and Mahindra Financial Services Limited - Restricted Stock Units Plan 2023’
Against HDFC Mutual Fund
- HDFC Mutual FundESOPs are being granted at a significant discount to market price
18 for1 against Approval for provision of money by the Company to Mahindra & Mahindra Financial Services Limited Employees’ Stock Option Trust under the ‘Mahindra and Mahindra Financial Services Limited - Restricted Stock Units Plan 2023’ ( MMFSL RSU Plan 2023) to fund the subscription of equity shares in terms of MMFSL RSU Plan 2023.MoreLess
Against HDFC Mutual Fund
- HDFC Mutual FundESOPs are being granted at a significant discount to market price
18 for1 against- To approve Material Related Party Transactions between the Company and Mahindra & Mahindra Limited, Promoter and Holding Company of the Company
Against Bandhan Mutual Fund, JM Financial Mutual Fund, Nippon India Mutual Fund
- Bandhan Mutual Fund, JM Financial Mutual FundNon-Compliant with SEBI LODR Regulations: Omnibus approval sought for more than 1 year.
- Nippon India Mutual FundOmnibus approval for more than one year
16 for3 against - Alteration to the Memorandum of Association of the Company19 for0 against
- Increase in the borrowing limits of the Company7 for0 against
- Increase in limits for creation of security in connection with borrowing(s)17 for0 against
2 proposals not matched to one resolution
- Approve Pledging of Assets for Debt2 for0 against
To borrow, from time to time, for the purpose of the business of the Company, the aggregate of the paid up share capital, free reserves and securities premium, provided that the total amount borrowed by the Company and outstanding at any point of time, shall not exceed Rs.1,10,000 crores.MoreLess
12 for0 against
Mutual fund votes, meeting of 30 Dec 2022, 15 fund houses
Appointment of Mr. Diwakar Gupta (DIN: 01274552) as an Independent Director of the Company for first term of five consecutive years commencing from 1st January 2023 to 31stDecember 2027 (both days inclusive).MoreLess
15 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Fines
Reported in the filing for the quarter to Jun 2026.
- Fine or penaltyAdditional Labour Commissioner, Uttar Pradesh, Varanasi RegionSince 17 Apr 2026
Payment of compounding amount of Rs.250 in relation to provisions of the Minimum Wages Act, 1948 and related rules
Provisions of the Minimum Wages Act, 1948
In the company's own words, from its latest governance filing.
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
- The board is made up as the listing rules require
- Yes
- The board has a regular chairperson
- Yes
- The company has a risk management committee
- Yes
- The chair is related to the managing director
- No
- The filing has a part on fines and penalties
- Yes
- The filing has a part on tax disputes
- No
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.
How money raised was used
Reported for the quarter to Sep 2026.
| Raised | Amount raised | For | Set aside | Spent | Spent elsewhere |
|---|---|---|---|---|---|
| OthersSep 2026 | 1,250.00 | The Company shall utilise the monies received from the subscription of the Debentures solely towards the Purpose viz., for refinancing of loans for Battery Electric Vehicles (BEV) to the exclusion of hybrid electric vehicles and/ or onward lending towards financing of BEV, to the exclusion of hybrid electric vehicles. It is also confirmed that none of the proceeds raised from issuance of Debentures under this Key Information Document shall be used towards (a) refinancing of existing exposure of any other bank in India; (b) general corporate purpose; or (c) any NBFC activity not eligible for bank credit as per applicable RBI circulars. | 1,250.00 | 1,250.00 | No |