Last close ₹182.04down ₹3.23 (1.74%)BSE ₹182.00
Share price at the NSE close on 23 Oct 2026. Previous close ₹185.27.
52-week range of traded prices to 23 Oct 2026
₹128.10Low, 23 Jan 2026₹254.20High, 29 May 2026
- Next results date: the board meets on 23 Oct 2026 to consider: financial results.
- 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.
- ₹3,51,059 Cr23rd 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 22 Jul 2026
- 24.6
- 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 29 Apr 2026
- 5.4
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonein the last 12 months
- 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 22 Jul 2026
- 23.5%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet. The filing of 22 Jul 2026
- 14.5%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 0.81
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 4,61,37,37235.0% delivered
Adani Power 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
- ChairpersonGautam S. AdaniRelated to the promoter
- Managing directorAnil Kumar Sardana
- Chief executiveShersingh Khyalia
- Company Secretary and Compliance OfficerPuneet Bansal
8 directors4 independent2 executive2 non-executive
- Gautam S. Adani · ChairpersonNon-executive · joined Dec 2005 · 7 listed boards
- Rajesh S. AdaniNon-executive · joined Jun 2007 · 5 listed boards
- Anil Kumar Sardana · Managing directorExecutive · joined Jul 2020 · 2 listed boards · 1 committee seat
- Shersingh Khyalia · Chief executiveExecutive · joined May 2025 · 1 listed board · 1 committee seat
- Sangeeta SinghIndependent · joined May 2024 · 24 months as independent · 3 listed boards · 3 as independent · 1 committee seat, 2 as chair
- Manmohan SrivastavaIndependent · joined May 2025 · 13 months as independent · 2 listed boards · 2 as independent · 2 committee seats, 1 as chair
- Shailesh HaribhaktiIndependent · joined Nov 2025 · 8 months as independent · 5 listed boards · 5 as independent · 5 committee seats, 4 as chair
- Narendra Nath MisraIndependent · joined Dec 2025 · 7 months as independent · 2 listed boards · 2 as independent · 7 committee seats, 1 as chair
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
- Sushil Kumar Roongta, left 10 Nov 2025: Tenure Completion
- Chandra Iyengar, left 10 Nov 2025: Tenure Completion
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 29 Apr 20268 of 8 present4 independent · 42 days in between
- 17 Mar 20266 of 8 present4 independent · 46 days in between
- 29 Jan 20266 of 8 present4 independent
Audit Committee
Chair Shailesh Haribhakti
Sangeeta Singh, Manmohan Srivastava, Narendra Nath Misra
- 29 Apr 20264 of 4 present4 independent · no day in between
- 28 Apr 20264 of 4 present4 independent · 41 days in between
- 17 Mar 20264 of 4 present4 independent · 46 days in between
- 29 Jan 20264 of 4 present4 independent · no day in between
1 earlier meeting
- 28 Jan 20264 of 4 present4 independent
Nomination and remuneration committee
Chair Manmohan Srivastava
Sangeeta Singh, Narendra Nath Misra
- 29 Apr 20263 of 3 present3 independent · 42 days in between
- 17 Mar 20263 of 3 present3 independent
Stakeholders Relationship Committee
Chair Sangeeta Singh
Shersingh Khyalia, Manmohan Srivastava
- 28 Apr 20263 of 3 present2 independent · 89 days in between
- 28 Jan 20263 of 3 present2 independent
Risk Management Committee
Chair Manmohan Srivastava
Narendra Nath Misra, Anil Kumar Sardana, Shersingh Khyalia
- 28 Apr 20264 of 4 present3 independent · 89 days in between
- 28 Jan 20264 of 4 present3 independent
Corporate Social Responsibility Committee
Chair Narendra Nath Misra
Shersingh Khyalia, Anil Kumar Sardana
- 28 Apr 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 auditor
Named in the results for the quarter to Mar 2026.
- S R B C & CO LLPPeer-review certificate valid to Feb 2029
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.
Adani Power 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.Adani Power share news and announcements
Extraordinary general meeting, 14 Aug 2026
22,10,170 shareholders on the register on 7 Aug 2026; present: 11 promoters and 87 others; votes counted by Chirag Shah / Chirag Shah & Associates.The company's voting result (opens in a new tab)
- Increase in borrowing limits of the Company under section 180(1)(c) of the Companies Act, 2013Special99.89% for0.11% against
Against: promoters 0.00% · institutions 0.67% · other public 0.09%
Turnout: all 89.04% · promoters 100.00% · institutions 73.49% · other public 10.08%
- Creation of mortgage / charge on the properties / undertakings of the Company under section 180(1)(a) of the Companies Act, 2013Special99.62% for0.38% against
Against: promoters 0.00% · institutions 2.41% · other public 0.10%
Turnout: all 89.04% · promoters 100.00% · institutions 73.49% · other public 10.08%
- Approval for conversion of loan into equity under section 62(3) of the Companies Act 2013Special99.69% for0.31% against
Against: promoters 0.00% · institutions 1.96% · other public 0.19%
Turnout: all 89.04% · promoters 100.00% · institutions 73.49% · other public 10.08%
- Approval for raising capital from eligible investors through an issuance of equity shares and / or other eligible securitiesSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.05%
Turnout: all 89.04% · promoters 100.00% · institutions 73.49% · other public 10.08%
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, 25 Jun 2026, 9 resolutions
21,67,958 shareholders on the register on 18 Jun 2026; present: 8 promoters and 106 others; votes counted by Chirag Shah / Chirag Shah & Associates.The company's voting result (opens in a new tab)
To receive, consider and adopt the audited standalone financial statement of the Company for the financial year ended March 31, 2026, together with the reports of the Board of Directors and Statutory Auditors thereonMoreLess
Ordinary99.92% for0.08% againstAgainst: promoters 0.00% · institutions 0.38% · other public 0.17%
Turnout: all 93.38% · promoters 100.00% · institutions 95.01% · other public 0.17%
- To receive, consider and adopt the audited consolidated financial statement of the Company for the financial year ended March 31, 2026, together with the report of Statutory Auditors thereonOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.04% · other public 0.22%
Turnout: all 93.38% · promoters 100.00% · institutions 95.01% · other public 0.17%
To confirm the payment of dividend @ 0.01% for the financial year 2025-26, aggregating to Rs. 4,15,862.07 on the total 41586207 Compulsorily Redeemable Preference Shares of the Company of Rs. 100/- each fully paid upMoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 4.47%
Turnout: all 93.38% · promoters 100.00% · institutions 95.02% · other public 0.17%
- To appoint a Director in place of Mr. Gautam S. Adani (DIN: 00006273), who retires by rotation and being eligible offers himself for re-appointmentOrdinary97.79% for2.21% against
Against: promoters 0.00% · institutions 11.19% · other public 0.81%
Turnout: all 93.38% · promoters 100.00% · institutions 95.02% · other public 0.17%
- To consider and if thought fit, to re-appoint Mr. Anil Sardana, (DIN: 00006867) as the Managing Director of the Company for a period of 1 (one) year w.e.f July 11, 2026Special97.34% for2.66% against
Against: promoters 0.00% · institutions 13.50% · other public 9.87%
Turnout: all 93.38% · promoters 100.00% · institutions 95.02% · other public 0.17%
- To consider and, if thought fit, to ratify the remuneration of the Cost Auditors for the financial year ending March 31, 2027Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 1.90%
Turnout: all 93.38% · promoters 100.00% · institutions 95.02% · other public 0.17%
- To consider, and, if thought fit, to approve the material related party transaction(s) proposed to be entered into by the Company with Powerpulse Trading Solutions Limited (‘PTSL’)OrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 1.25%
Turnout: all 18.42% · promoters 0.00% · institutions 95.02% · other public 0.17%
- To consider, and, if thought fit, to approve the material related party transaction(s) proposed to be entered into by a Mahan Energen Limited (‘MEL’, a subsidiary of the Company) with PTSLOrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 1.37%
Turnout: all 18.42% · promoters 0.00% · institutions 95.02% · other public 0.17%
- To consider, and, if thought fit, to approve the material related party transaction(s) proposed to be entered into by the Company with MELOrdinaryPromoters have an interest in it99.04% for0.96% against
Against: promoters 0.00% · institutions 0.96% · other public 1.40%
Turnout: all 18.42% · promoters 0.00% · institutions 95.02% · other public 0.17%
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, 28 Dec 2025, 2 resolutions
21,87,198 shareholders on the register on 21 Nov 2025; votes counted by Chirag Shah / Chirag Shah & Associates.The company's voting result (opens in a new tab)
- To approve material modification(s) to material related party transaction(s) which were approved earlier and proposed to be entered into by the CompanyOrdinaryPromoters have an interest in it99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 1.53%
Turnout: all 17.99% · promoters 0.00% · institutions 95.91% · other public 0.32%
- To approve the appointment of Mr. Narendra Nath Misra (DIN: 00575501)as an Independent Director of the Company for a period of three (3) years w.e.f. December 4, 2025Special99.96% for0.04% against
Against: promoters 0.00% · institutions 0.18% · other public 1.66%
Turnout: all 92.95% · promoters 100.00% · institutions 95.91% · other public 0.32%
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, 8 Nov 2025, 1 resolution
20,54,463 shareholders on the register on 3 Oct 2025; votes counted by Chirag Shah / Chirag Shah and Associates.The company's voting result (opens in a new tab)
- To approve additional amount for an already approved Material Related Party Transaction(s)OrdinaryPromoters have an interest in it99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 5.65%
Turnout: all 18.00% · promoters 0.00% · institutions 95.12% · other public 0.28%
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.
Postal ballot, 4 Sep 2025, 2 resolutions
18,20,291 shareholders on the register on 1 Aug 2025; votes counted by Chirag Shah / Chirag Shah and Associates.The company's voting result (opens in a new tab)
- To approve Sub-Division/Split of Equity Shares of the CompanyOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 1.99%
Turnout: all 93.22% · promoters 100.00% · institutions 96.36% · other public 0.55%
- To approve the alteration of the Capital Clause of the Memorandum of Association of the CompanyOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 3.85%
Turnout: all 93.22% · promoters 100.00% · institutions 96.36% · other public 0.54%
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, 25 Jun 2025, 16 resolutions
18,64,840 shareholders on the register on 18 Jun 2025; present: 8 promoters and 85 others; votes counted by Raimeen Maradiya / Chirag Shah and Associates.The company's voting result (opens in a new tab)
To receive, consider and adopt the – a. audited financial statements of the Company for the financial year ended on March 31, 2025, together with the Reports of the Board of Directors and Auditors thereon; and b. audited consolidated financial statements of the Company for the financial year ended on March 31, 2025, together with the report of Auditors thereon.MoreLess
Ordinary99.91% for0.09% againstAgainst: promoters 0.00% · institutions 0.46% · other public 0.57%
Turnout: all 93.19% · promoters 100.00% · institutions 96.40% · other public 0.12%
To confirm the payment of dividend @ 0.01% for the financial year 2024-25, aggregating to Rs. 4,15,862.07 on the total 41586207 Compulsorily Redeemable Preference Shares of the Company of Rs. 100/- each fully paid up.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 1.92%
Turnout: all 93.20% · promoters 100.00% · institutions 96.41% · other public 0.12%
- To appoint a director in place of Mr. Rajesh S. Adani (DIN: 00006322), who retires by rotation and being eligible, offers himself for re-appointment.OrdinaryPromoters have an interest in it99.24% for0.76% against
Against: promoters 0.00% · institutions 3.89% · other public 2.03%
Turnout: all 93.20% · promoters 100.00% · institutions 96.41% · other public 0.12%
- To consider and if thought fit, to approve the appointment of M/s. Chirag Shah & Associates, Practicing Company Secretary as Secretarial Auditor of the Company for a first term of five years.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.85%
Turnout: all 93.20% · promoters 100.00% · institutions 96.41% · other public 0.12%
- To consider and, if thought fit, to ratify the remuneration of the Cost Auditors appointed by the Board of Directors of the Company, for the financial year ending March 31, 2026.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.89%
Turnout: all 93.20% · promoters 100.00% · institutions 96.41% · other public 0.12%
To consider, and, if thought fit, to approve the material related party transaction(s) proposed to be entered into by the Company with Powerpulse Trading Solutions Limited, a related party of the Company.MoreLess
Ordinary99.94% for0.06% againstAgainst: promoters 0.00% · institutions 0.06% · other public 1.49%
Turnout: all 18.24% · promoters 0.00% · institutions 96.41% · other public 0.12%
- To consider, and, if thought fit, to approve the material related party transaction(s) proposed to be entered into by the Company with Mahan Energen Limited, a subsidiary of the Company.Ordinary99.58% for0.42% against
Against: promoters 0.00% · institutions 0.42% · other public 1.82%
Turnout: all 18.24% · promoters 0.00% · institutions 96.41% · other public 0.12%
- To consider, and, if thought fit, to approve the material related party transaction(s) proposed to be entered into by the Company with Adani Electricity Mumbai Limited, a related party of the Company.Ordinary99.94% for0.06% against
Against: promoters 0.00% · institutions 0.06% · other public 1.88%
Turnout: all 18.24% · promoters 0.00% · institutions 96.41% · other public 0.12%
- To consider, and, if thought fit, to approve the material related party transaction(s) proposed to be entered into by the Company with Adani Energy Solutions Limited, a related party of the Company.Ordinary99.94% for0.06% against
Against: promoters 0.00% · institutions 0.06% · other public 1.88%
Turnout: all 18.24% · promoters 0.00% · institutions 96.41% · other public 0.12%
- To consider, and, if thought fit, to approve the material related party transaction(s) proposed to be entered into by the Company with Adani Infra (India) Limited, a related party of the Company.Ordinary99.94% for0.06% against
Against: promoters 0.00% · institutions 0.06% · other public 1.89%
Turnout: all 18.24% · promoters 0.00% · institutions 96.41% · other public 0.12%
To consider, and, if thought fit, to approve the material related party transaction(s) proposed to be entered into by Mahan Energen Limited, a subsidiary of the Company with Powerpulse Trading Solutions Limited, a related party of the Company.MoreLess
Ordinary99.57% for0.43% againstAgainst: promoters 0.00% · institutions 0.43% · other public 1.87%
Turnout: all 18.24% · promoters 0.00% · institutions 96.41% · other public 0.12%
To consider, and, if thought fit, to approve the material related party transaction(s) proposed to be entered into by Moxie Power Generation Limited, a subsidiary of the Company with Powerpulse Trading Solutions Limited, a related party of the Company.MoreLess
Ordinary99.94% for0.06% againstAgainst: promoters 0.00% · institutions 0.06% · other public 1.88%
Turnout: all 18.24% · promoters 0.00% · institutions 96.41% · other public 0.12%
- To consider, and, if thought fit, to approve the appointment of Mr. Manmohan Srivastava (DIN: 02190050) as an Independent Director of the Company for a period of 3 (three) years w.e.f. May 31, 2025.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 1.75%
Turnout: all 93.20% · promoters 100.00% · institutions 96.41% · other public 0.12%
To consider, and, if thought fit, to approve the appointment of Mr. Shailesh Haribhakti (DIN: 00007347) as an Independent Director of the Company for a period of 3 (three) years w.e.f. November 4, 2025.MoreLess
Special99.87% for0.13% againstAgainst: promoters 0.00% · institutions 0.66% · other public 1.61%
Turnout: all 93.20% · promoters 100.00% · institutions 96.41% · other public 0.12%
- To consider, and, if thought fit, to approve the appointment of Mr. Shersingh Khyalia (DIN: 02470485) as a Director of the Company.Ordinary99.95% for0.05% against
Against: promoters 0.00% · institutions 0.26% · other public 1.54%
Turnout: all 93.20% · promoters 100.00% · institutions 96.41% · other public 0.12%
To consider, and, if thought fit, to approve the appointment of Mr. Shersingh Khyalia, (DIN: 02470485) as a Whole-time Director and Chief Executive Officer of the Company for a period of 3 (three) years w.e.f. May 31, 2025.MoreLess
Ordinary97.24% for2.76% againstAgainst: promoters 0.00% · institutions 14.13% · other public 1.99%
Turnout: all 93.20% · promoters 100.00% · institutions 96.41% · other public 0.12%
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, 12 Apr 2025, 1 resolution
19,39,085 shareholders on the register on 7 Mar 2025; votes counted by Chirag Shah / Chirag Shah and Associates.The company's voting result (opens in a new tab)
- TO CONSIDER AND, IF THOUGHT FIT, TO APPROVE RAISING CAPITAL BY WAY OF A QUALIFIED INSTITUTIONS PLACEMENT TO ELIGIBLE INVESTORS THROUGH AN ISSUANCE OF EQUITY SHARES AND/OR OTHER ELIGIBLE SECURITIESSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 2.76%
Turnout: all 92.84% · promoters 100.00% · institutions 95.55% · other public 0.19%
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, 25 Nov 2024, 7 resolutions
The company's voting result (opens in a new tab)
- To approve continuation of Directorship of Mr. Sushil Kumar Roongta (DIN: 00309302) as a Non-Executive Independent Director of the Company beyond his age of 75 yearsSpecial95.87% for4.13% against
Against: promoters 0.00% · institutions 21.24% · other public 3.83%
Turnout: all 93.06% · promoters 100.00% · institutions 95.53% · other public 0.25%
- To approve material modification in the approved related party transaction(s)OrdinaryPromoters have an interest in it99.91% for0.09% against
Against: promoters 0.00% · institutions 0.09% · other public 3.59%
Turnout: all 18.10% · promoters 0.00% · institutions 95.53% · other public 0.24%
- To approve the material related party transaction(s)OrdinaryPromoters have an interest in it99.91% for0.09% against
Against: promoters 0.00% · institutions 0.09% · other public 3.69%
Turnout: all 18.10% · promoters 0.00% · institutions 95.53% · other public 0.24%
- To approve the material related party transaction(s)OrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 3.61%
Turnout: all 18.10% · promoters 0.00% · institutions 95.53% · other public 0.24%
- To approve material modification in the approved related party transaction(s)OrdinaryPromoters have an interest in it78.26% for21.74% against
Against: promoters 0.00% · institutions 21.75% · other public 3.81%
Turnout: all 18.10% · promoters 0.00% · institutions 95.53% · other public 0.24%
- To approve the material related party transaction(s) by subsidiary of the CompanyOrdinaryPromoters have an interest in it97.53% for2.47% against
Against: promoters 0.00% · institutions 2.47% · other public 3.88%
Turnout: all 18.10% · promoters 0.00% · institutions 95.53% · other public 0.25%
- To approve the material related party transaction(s) by subsidiary of the CompanyOrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 3.85%
Turnout: all 18.10% · promoters 0.00% · institutions 95.53% · other public 0.25%
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 14 Aug 2026, 13 fund houses so far (houses' deadline to file 15 Oct 2026)
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- Increase in borrowing limits of the Company under section 180(1)(c) of the Companies Act, 2013
Against DSP Mutual Fund, Jio BlackRock Mutual Fund
- DSP Mutual Fund, Jio BlackRock Mutual FundThe company currently has a credit rating of ICRA AA/Stable/ICRA A1+ and CRISIL AA/Stable which denotes a high degree of safety regarding timely payment of financial obligations. The automatic limit of the company under section 180(1)(c) of the Companies Act 2013 is Rs. 496.6 bn. While the company has not provided granular disclosures about the potential utilization of the enhanced borrowing limits, we understand that the company has a capex pipeline of ~Rs. 2.0 tn which will require debt support on a period basis. We believe the company must disclose these particulars in the notice to the shareholders. However, we raise concern that the approval sought is for a rolling limit of Rs. 1,000.0 bn over and above the paid-up share capital, free reserves and securities premium; we do not support such rolling limits. The company must seek approval for an absolute limit. We do not support this resolution.
3 for2 against - Creation of mortgage / charge on the properties / undertakings of the Company under section 180(1)(a) of the Companies Act, 2013
Against DSP Mutual Fund, ICICI Prudential Mutual Fund, Jio BlackRock Mutual Fund
- DSP Mutual Fund, Jio BlackRock Mutual FundSecured loans generally have easier repayment terms, less restrictive covenants, and lower interest rates. However, we note that the proposed resolution also permits the creation of charge on the company’s assets in relation to borrowings availed by group and associate companies. We do not support this resolution.
- ICICI Prudential Mutual FundSince the proposed resolution permits the creation of charge on the company’s assets in relation to borrowings availed by group and associate companies, the AMC has voted against the resolution.
9 for3 against - Approval for conversion of loan into equity under section 62(3) of the Companies Act 201313 for0 against
- Approval for raising capital from eligible investors through an issuance of equity shares and / or other eligible securities5 for0 against
3 proposals not matched to one resolution
- Approve Pledging of Assets for Debt1 for0 against
To create, offer, issue and allot (including with provisions for reservations on firm and/ or competitive basis, for such part of issue and for such categories of persons as may be permitted by applicable law) with or without green shoe option, such number of Equity Shares (whether fully or partly paid-up) and/ or other securities including securities convertible into Equity Shares (including warrants, fully convertible debentures / preference shares, partly convertible debentures / preference shares, optionally convertible debentures / preference shares or otherwise), non-convertible debentures with or without warrants (entitling the warrant holder(s) to apply for Equity Shares and/or any other eligible securities of the Company), redeemable preference shares, global depository receipts (GDRs), American depository receipts (ADRs) or foreign currency convertible bonds (FCCBs), foreign currency exchange bonds or any security whether convertible into Equity Shares or not (hereinafter referred to as Securities), or any combination thereof, for an aggregate amount upto Rs. 15,000 crore.MoreLess
8 for0 againstTo raise loans, borrow funds, issue debt securities or debt instruments or such other permissible securities by way of private placement, public issue or other permissible modes, in one or more tranches, any sum or sums of money from time to time at its discretion, for the purpose of the business of the Company, from banks, financial institutions, corporates, other body corporate or otherwise, notwithstanding that the monies to be borrowed together with the monies already borrowed by the Company (apart from temporary loans obtained from the Company’s Bankers in the ordinary course of business) may, at any time, exceed the aggregate of the paid-up share capital of the Company and its free reserves (that is to say reserves not set apart for any specific purpose), subject to such aggregate borrowings not exceeding the amount which is Rs. 100,000 crore in excess of the aggregate of the paid-up capital of the Company, free reserves and share premium (apart from temporary loans obtained / to be obtained from the Company’s bankers in the ordinary course of business) and that the Board empowered and authorized to arrange of all such monies to be borrowed from time to time as to interest, repayment, security or otherwise as it may, in its absolute discretion, think fit.MoreLess
8 for0 against
Mutual fund votes, meeting of 25 Jun 2026, 34 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
To receive, consider and adopt the audited standalone financial statement of the Company for the financial year ended March 31, 2026, together with the reports of the Board of Directors and Statutory Auditors thereonMoreLess
34 for0 against- To receive, consider and adopt the audited consolidated financial statement of the Company for the financial year ended March 31, 2026, together with the report of Statutory Auditors thereon34 for0 against
To confirm the payment of dividend @ 0.01% for the financial year 2025-26, aggregating to Rs. 4,15,862.07 on the total 41586207 Compulsorily Redeemable Preference Shares of the Company of Rs. 100/- each fully paid upMoreLess
34 for0 against- To appoint a Director in place of Mr. Gautam S. Adani (DIN: 00006273), who retires by rotation and being eligible offers himself for re-appointment
Against Franklin Templeton Mutual Fund
- Franklin Templeton Mutual FundA vote AGAINST incumbent board chair Gautambhai (Gautam) Adani is warranted for lack of diversity on the board. Other concerns are also raised with respect to the reelection of Gautambhai (Gautam) Adani: • In addition to his directorship at the company, Gautam Adani currently serves as a director of six public companies. This may make it challenging for the director to devote adequate time to the affairs of each company. • Gautam Adani has a poor attendance record.
33 for1 against - To consider and if thought fit, to re-appoint Mr. Anil Sardana, (DIN: 00006867) as the Managing Director of the Company for a period of 1 (one) year w.e.f July 11, 2026
Against 360 One Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Choice Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, ITI Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PPFAS Mutual Fund, SBI Mutual Fund, Sundaram Mutual Fund, Zerodha Mutual Fund
- 360 One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with Law. No concern identified w.r.t the merits of the Director. Governance Concern: 2 MD positions held at companies that do not share a holding subsidiary relationship. Furthermore, appointment proposed for a term of 1 year, which may impact the leadership duties and no specific justification has been provided in the notice.
- Angel One Mutual FundGovernance Concern: 2 Managing Director positions held at companies that do not share a holding subsidiary relationship. Furthermore, appointment proposed for a term of 1 year, which may impact the leadership duties and no specific justification has been provided in the notice.
- Axis Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual Fund, NJ Mutual Fund, Sundaram Mutual FundAnil Sardana, 67, is Managing Director. He has over three decades of experience in the power and infrastructure sector. He was initially appointed to the board on 11 July 2020. He attended all seven board meetings in FY26 (100%). Anil Sardana received nil remuneration in FY26. As per the proposed terms, he will receive nil remuneration. We raise concern that he is simultaneously the Managing Director of Adani Energy Solutions Limited – a listed promoter group company. We do not support (re)appointment of professional Managing Directors holding multiple executive roles unless the companies have a holding-subsidiary relationship. Further, we believe shareholders must have a say in approving remuneration for all executive directors. We believe directors’ pay must be aligned and linked to the performance of the company where they are directly responsible for driving the business. We do not support this resolution.
- Choice Mutual Fund, Motilal Oswal Mutual Fund, PPFAS Mutual FundHolds 2 full-time positions Term of re-appointment is 1 year without justification.
- Franklin Templeton Mutual FundA vote AGAINST Anil Sardana is warranted because Anil Sardana also serves as the Managing Director of Adani Energy Solutions Limited, which could raise concerns regarding his overall time commitments.
- Invesco Mutual FundAnil Sardana, 67, is Managing Director. He has over three decades of experience in the power and infrastructure sector. He was initially appointed to the board on 11 July 2020. He attended all seven board meetings in FY26 (100%). Anil Sardana received nil remuneration in FY26. As per the proposed terms, he will receive nil remuneration. We raise concern that he is simultaneously the Managing Director of Adani Energy Solutions Limited – a listed promoter group company. We do not support (re)appointment of professional Managing Directors holding multiple executive roles unless the companies have a holding-subsidiary relationship. Further, we believe shareholders must have a say in approving remuneration for all executive directors. We believe directors’ pay must be aligned and linked to the performance of the company where they are directly responsible for driving the business. We do not support this resolution
- ITI Mutual FundNo impact on minority shareholders
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
- Nippon India Mutual FundGovernance Concern: 2 MD positions held at companies that do not share a holding subsidiary relationship. Furthermore, appointment proposed for a term of 1 year, which may impact the leadership duties and no specific justification has been provided in the notice.
- SBI Mutual FundAnil Sardana, 67, is Managing Director. He has over three decades of experience in the power and infrastructure sector. He was initially appointed to the board on 11 July 2020. He attended all seven board meetings in FY26 (100%). Anil Sardana received nil remuneration in FY26. As per the proposed terms, he will receive nil remuneration. We raise concern that he is simultaneously the Managing Director of Adani Energy Solutions Limited – a listed promoter group company. We do not support (re)appointment of professional Managing Directors holding multiple executive roles unless the companies have a holding-subsidiary relationship. We do not support this resolution.
12 for22 against - To consider and, if thought fit, to ratify the remuneration of the Cost Auditors for the financial year ending March 31, 202734 for0 against
- To consider, and, if thought fit, to approve the material related party transaction(s) proposed to be entered into by the Company with Powerpulse Trading Solutions Limited (‘PTSL’)34 for0 against
- To consider, and, if thought fit, to approve the material related party transaction(s) proposed to be entered into by a Mahan Energen Limited (‘MEL’, a subsidiary of the Company) with PTSL5 for0 against
8 proposals not matched to one resolution
8. To approve the material related party transaction(s), Mahan Energen Limited, a subsidiary of the Company with Powerpulse Trading Solutions Limited (PTSL), for sale of goods (including power and trading goods) and purchase of Power upto an aggregate value of Rs.4,450 crore crore for the financial year 2026-27.MoreLess
1 for0 against9) Approve material related party transactions aggregating upto Rs. 67.9 bn (standalone) and Rs. 69.4 bn (considering amalgamation of KPL with APL) with Mahan Energen Limited (MEL), a 94.4% subsidiary, for FY27.MoreLess
1 for0 against9. To approve the material related party transaction(s) by Adani Power Limited along KPL with Mahan Energen Limited, a subsidiary of the Company, for Loan Given, Loan Received Back, Income on existing loan / infusion of funds, Sale of goods, Banking Facility Utilization Given and Banking Facility Utilization Release upto an aggregate value of Rs 6,790 crore (APL standalone) Rs 6,940 crore (considering proposed amalgamation of KPL with APL) for the financial Year 2026-27.MoreLess
1 for0 againstApprove material related party transactions aggregating upto Rs. 67.9 bn (standalone) and Rs. 69.4 bn (considering amalgamation of KPL with APL) with Mahan Energen Limited (MEL), a 94.4% subsidiary, for FY27MoreLess
4 for0 against- Approve Material Related Party Transactions by Mahan Energen Limited with Powerpulse Trading Solutions Limited (PTSL)2 for0 against
- Approve Material Related Party Transactions with Mahan Energen Limited2 for0 against
To approve the material related party transaction(s) by Adani Power Limited along KPL with Mahan Energen Limited, a subsidiary of the Company, for Loan Given, Loan Received Back, Income on existing loan / infusion of funds, Sale of goods, Banking Facility Utilization Given and Banking Facility Utilization Release upto an aggregate value of Rs. 6,790 crore (APL standalone) Rs. 6,940 crore (considering proposed amalgamation of KPL with APL) for the financial Year 2026-27.MoreLess
Against Angel One Mutual Fund, Bandhan Mutual Fund, Choice Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, ITI Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual FundGovernance & Transparency Concern: Inadequate disclosures with regards to the basis of arm’s length pricing in relation to the Related Party Transactions viz., Sale & Purchase of Coal, Bank facilities as well as the loans provided with/to Mahan Energen Limited. Material disclosures with regards to the same have been redacted.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundProposed RPT is compliant with law. Governance & Transparency Concern: Inadequate disclosures w.r.t the basis of arm’s length pricing in relation to the RPTs viz., Sale & Purchase of Coal, Bank facilities as well as the loans provided with/to Mahan Energen Limited. Material disclosures w.r.t the same have been redacted.
- Choice Mutual FundInadequate disclosures w.r.t basis of arm’s length pricing. Governance & Transparency Concern: Inadequate disclosures w.r.t the basis of arm’s length pricing in relation to the RPTs viz., Sale & Purchase of Coal, Bank facilities as well as the loans provided with/to Mahan Energen Limited. Material disclosures w.r.t the same have been redacted.
- ITI Mutual FundNo impact on minority shareholders
- LIC Mutual FundProposed RPT is compliant with law. Governance & Transparency Concern: Inadequate disclosures w.r.t the basis of arm s length pricing in relation to the RPTs viz., Sale & Purchase of Coal, Bank facilities as well as the loans provided with/to Mahan Energen Limited. Material disclosures w.r.t the same have been redacted.
- Motilal Oswal Mutual Fund, PPFAS Mutual FundInadequate disclosures w.r.t basis of arm’s length pricing
- Nippon India Mutual FundGovernance and Transparency Concern: Inadequate disclosures w.r.t the basis of arm’s length pricing in relation to the RPTs viz., Sale & Purchase of Coal, Bank facilities as well as the loans provided with/to Mahan Energen Limited. Material disclosures w.r.t the same have been redacted.
14 for12 againstTo approve the material related party transaction(s), Mahan Energen Limited, a subsidiary of the Company with Powerpulse Trading Solutions Limited (PTSL), for sale of goods (including power and trading goods) and purchase of Power upto an aggregate value of Rs. 4,450 crore crore for the financial year 2026-27.MoreLess
26 for0 against
6 earlier meetings
Mutual fund votes, meeting of 28 Dec 2025, 26 fund houses
- To approve material modification(s) to material related party transaction(s) which were approved earlier and proposed to be entered into by the Company26 for0 against
- To approve the appointment of Mr. Narendra Nath Misra (DIN: 00575501)as an Independent Director of the Company for a period of three (3) years w.e.f. December 4, 2025
Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual FundGovernance Concern: Director is holding position in several competitor Entities which are involved in similar / same line of business – Such directorships may lead to conflict of interest situations, especially as a holder of an Independent Directorship Position in the present Company.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concerns on profile, merit and time commitment of appointee. Governance Concern: Director is holding position in several competitor Entities which are involved in similar / same line of business – Such directorships may lead to conflict of interest situations, especially as a holder of an Independent Directorship Position in the present Company
- Kotak Mahindra Mutual FundNarendra Nath Misra, 71, is former Director (Operations) NTPC. He joined NTPC as an Executive Trainee in 1977 after graduating in Electrical Engineering with Hons from REC, Rourkela. He has experience in several power sector functions including design, engineering, contracts & procurement, human resources and operation services. The appointee holds positions at companies which are engaged in similar kind of business, hence Director may face conflict in certain decision-making situations, whereby a decision at a Company would create competition for the other entity or lead to an opportunity loss for the concerned Company. Company should make specific disclosures as to how the above factors were dealt with while considering the proposed appointment. This is not in best of the interest of the shareholders as the governance concern would rise. Hence, We do not favour the resolution.
- LIC Mutual FundGovernance Concern: Director is holding position in several competitor Entities which are involved in similar / same line of business Such directorships may lead to conflict of interest situations, especially as a holder of an Independent Directorship Position in the present Company
17 for9 against
Mutual fund votes, meeting of 8 Nov 2025, 25 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- To approve additional amount for an already approved Material Related Party Transaction(s)19 for0 against
2 proposals not matched to one resolution
1) Approve material modification to increase limit of related party transactions between Mahan Energen Limited (MEL), a 94.4% subsidiary, and Powerpulse Trading Solutions Limited (PPTSL), a group company, to Rs. 37.75 bn from Rs. 17.75 bn for FY26.MoreLess
1 for0 againstApprove material modification to increase limit of related party transactions between Mahan Energen Limited (MEL), a 94.4% subsidiary, and Powerpulse Trading Solutions Limited (PPTSL), a group company, to Rs. 37.75 bn from Rs. 17.75 bn for FY26MoreLess
5 for0 against
Mutual fund votes, meeting of 4 Sep 2025, 24 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- To approve Sub-Division/Split of Equity Shares of the Company19 for0 against
- To approve the alteration of the Capital Clause of the Memorandum of Association of the Company24 for0 against
2 proposals not matched to one resolution
- 1) Approve subdivision of equity shares of face value of Rs. 10.0 per share into five equity shares having face value of Rs. 2.0 per share.1 for0 against
- Approve subdivision of equity shares of face value of Rs. 10.0 per share into five equity shares having face value of Rs. 2.0 per share4 for0 against
Mutual fund votes, meeting of 25 Jun 2025, 23 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
To receive, consider and adopt the – a. audited financial statements of the Company for the financial year ended on March 31, 2025, together with the Reports of the Board of Directors and Auditors thereon; and b. audited consolidated financial statements of the Company for the financial year ended on March 31, 2025, together with the report of Auditors thereon.MoreLess
23 for0 againstTo confirm the payment of dividend @ 0.01% for the financial year 2024-25, aggregating to Rs. 4,15,862.07 on the total 41586207 Compulsorily Redeemable Preference Shares of the Company of Rs. 100/- each fully paid up.MoreLess
23 for0 against- To appoint a director in place of Mr. Rajesh S. Adani (DIN: 00006322), who retires by rotation and being eligible, offers himself for re-appointment.
Against Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund
- Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual FundCompliant with law. Transparency Concern: Ambiguity on whether the proposed appointee holds 2 Full-Time Positions or not.
20 for3 against - To consider and if thought fit, to approve the appointment of M/s. Chirag Shah & Associates, Practicing Company Secretary as Secretarial Auditor of the Company for a first term of five years.23 for0 against
- To consider and, if thought fit, to ratify the remuneration of the Cost Auditors appointed by the Board of Directors of the Company, for the financial year ending March 31, 2026.23 for0 against
To consider, and, if thought fit, to approve the material related party transaction(s) proposed to be entered into by the Company with Powerpulse Trading Solutions Limited, a related party of the Company.MoreLess
Against Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund
- Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual FundNon-Compliant with Section 102 of the Companies Act: Non-disclosure of conflict of interest of directors/ KMPs/ their relatives in the explanatory statement.
18 for3 against- To consider, and, if thought fit, to approve the material related party transaction(s) proposed to be entered into by the Company with Mahan Energen Limited, a subsidiary of the Company.
Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual FundNon-disclosure of conflict of interest of directors/ KMPs/ their relatives in the explanatory statement.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNon-Compliant with Section 102 of the Companies Act: Non-disclosure of conflict of interest of directors/ KMPs/ their relatives in the explanatory statement.
- Nippon India Mutual FundNon-disclosure
12 for9 against - To consider, and, if thought fit, to approve the material related party transaction(s) proposed to be entered into by the Company with Adani Electricity Mumbai Limited, a related party of the Company.
Against Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund
- Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual FundNon-Compliant with Section 102 of the Companies Act: Non-disclosure of conflict of interest of directors/ KMPs/ their relatives in the explanatory statement.
20 for3 against - To consider, and, if thought fit, to approve the material related party transaction(s) proposed to be entered into by the Company with Adani Energy Solutions Limited, a related party of the Company.
Against Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund
- Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual FundNon-Compliant with Section 102 of the Companies Act: Non-disclosure of conflict of interest of directors/ KMPs/ their relatives in the explanatory statement.
20 for3 against - To consider, and, if thought fit, to approve the material related party transaction(s) proposed to be entered into by the Company with Adani Infra (India) Limited, a related party of the Company.
Against Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund
- Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual FundNon-Compliant with Section 102 of the Companies Act: Non-disclosure of conflict of interest of directors/ KMPs/ their relatives in the explanatory statement.
20 for3 against To consider, and, if thought fit, to approve the material related party transaction(s) proposed to be entered into by Mahan Energen Limited, a subsidiary of the Company with Powerpulse Trading Solutions Limited, a related party of the Company.MoreLess
Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual FundNon-disclosure of conflict of interest of directors/ KMPs/ their relatives in the explanatory statement.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNon-Compliant with Section 102 of the Companies Act: Non-disclosure of conflict of interest of directors/ KMPs/ their relatives in the explanatory statement.
- Nippon India Mutual FundNon-Compliant with Section 102 of the Companies Act
12 for9 againstTo consider, and, if thought fit, to approve the material related party transaction(s) proposed to be entered into by Moxie Power Generation Limited, a subsidiary of the Company with Powerpulse Trading Solutions Limited, a related party of the Company.MoreLess
Against Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund
- Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual FundCompliant with law. Transparency Concern: Non-disclosure of conflict of interest of directors/ KMPs/ their relatives in the explanatory statement.
20 for3 against- To consider, and, if thought fit, to approve the appointment of Mr. Manmohan Srivastava (DIN: 02190050) as an Independent Director of the Company for a period of 3 (three) years w.e.f. May 31, 2025.23 for0 against
To consider, and, if thought fit, to approve the appointment of Mr. Shailesh Haribhakti (DIN: 00007347) as an Independent Director of the Company for a period of 3 (three) years w.e.f. November 4, 2025.MoreLess
23 for0 against- To consider, and, if thought fit, to approve the appointment of Mr. Shersingh Khyalia (DIN: 02470485) as a Director of the Company.22 for0 against
To consider, and, if thought fit, to approve the appointment of Mr. Shersingh Khyalia, (DIN: 02470485) as a Whole-time Director and Chief Executive Officer of the Company for a period of 3 (three) years w.e.f. May 31, 2025.MoreLess
Against Axis Mutual Fund, HSBC Mutual Fund, Mirae Asset Mutual Fund
- Axis Mutual FundShersingh Khyalia’s FY25 remuneration aggregated Rs. 91.6 mn in his capacity as Chief Executive Officer (not on the board). However, the remuneration terms for his proposed tenure have not been disclosed. The company has stated that he will be paid his current remuneration of Rs. 91.6 mn per annum, subject to revisions on account of performance pay (PMS 24-25) and annual increments – which are at the discretion of the Board/NRC. We raise concern regarding the lack of clarity on his fixed and variable components, performance metrics, or any upper cap on overall pay. Since Anil Sardana, as Managing Director, does not draw remuneration from the company, the regulatory threshold for his remuneration at 10% of net profits is significantly high, given the size of the company. We are unable to estimate his overall pay and thus do not support the resolution.
- HSBC Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns in the executive's remuneration: The proposed remuneration structure is open ended and may lead to discretionary payouts. The company has not disclosed the weightage, threshold and target performance that he needs to achieve to determine the outcome under variable pay. The company has failed to provide the split between fixed and variable pay in his proposed remuneration.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
20 for3 against
4 proposals not matched to one resolution
- Appointment of Mr. Shersingh Khyalia (DIN: 02470485) as the Director of the Company, liable to retire by rotation.1 for0 against
Approve material related party transactions aggregating upto Rs. 17.8 bn between Mahan Energen Limited (MEL), a 94.4% subsidiary and Powerpulse Trading Solutions Limited (PTSL), a group company, for FY26MoreLess
2 for0 against- Approve material related party transactions aggregating upto Rs. 65.3 bn with Mahan Energen Limited (MEL), a 94.4% subsidiary, for FY262 for0 against
- Approve material related party transactions aggregating upto Rs. 82.2 bn with Powerpulse Trading Solutions Limited (PTSL), a group company, for FY262 for0 against
Mutual fund votes, meeting of 12 Apr 2025, 22 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- TO CONSIDER AND, IF THOUGHT FIT, TO APPROVE RAISING CAPITAL BY WAY OF A QUALIFIED INSTITUTIONS PLACEMENT TO ELIGIBLE INVESTORS THROUGH AN ISSUANCE OF EQUITY SHARES AND/OR OTHER ELIGIBLE SECURITIES18 for0 against
2 proposals not matched to one resolution
- 1) Approve issue of equity or debt securities of upto Rs 50.0 bn.1 for0 against
- Approve issue of equity or debt securities of upto Rs 50.0 bn3 for0 against
Mutual fund votes, meeting of 25 Nov 2024, 21 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- To approve continuation of Directorship of Mr. Sushil Kumar Roongta (DIN: 00309302) as a Non-Executive Independent Director of the Company beyond his age of 75 years
Against HSBC Mutual Fund
- HSBC Mutual FundA vote AGAINST the following nominee is warranted because: Sushil Roongta serves on the audit committee and the auditors have raised concerns on the company's latest financial statements.
20 for1 against
30 proposals not matched to one resolution
- 2) Approve material modification to related party transactions between Adani Power Limited (APL) and its subsidiaries and Adani Enterprises Limited (AEL) to Rs. 140.93 bn from Rs. 102.93 bn for FY25.1 for0 against
- 3) Approve material related party transactions between Adani Power Limited (APL) and its subsidiaries and MPSEZ Utilities Limited (MUL) for up to Rs. 22.0 bn for FY25.1 for0 against
- 4) Approve material-related party transactions between Adani Power Limited (APL) and its subsidiaries and Powerpulse Trading Solutions Limited (PTSL) for up to Rs. 44.0 bn for FY25.1 for0 against
5) Approve material modification to related party transactions between Adani Power Limited (APL) and its subsidiaries and Moxie Power Generation Limited (MPGL) to Rs. 94.8 bn from Rs. 84.2 bn for FY25.MoreLess
1 for0 against- 6) Approve material modification to related party transactions between Mahan Energen Limited (MEL), a subsidiary, and Adani Enterprises Limited (AEL) to Rs. 50.2 bn from Rs. 22.2 bn for FY25.1 for0 against
- 7) Approve material-related party transactions between Mahan Energen Limited (MEL), a subsidiary, and Powerpulse Trading Solutions Limited (PTSL) for up to Rs. 18.5 bn for FY25.1 for0 against
- Approve material modification to related party transactions between Adani Power Limited (APL) and its subsidiaries and Adani Enterprises Limited (AEL) to Rs. 140.93 bn from Rs. 102.93 bn for FY254 for0 against
- Approve material modification to related party transactions between Adani Power Limited (APL) and its subsidiaries and Moxie Power Generation Limited (MPGL) to Rs. 94.8 bn from Rs. 84.2 bn for FY25
Against DSP Mutual Fund, Navi Mutual Fund
- DSP Mutual FundMoxie Power Generation Limited (MPGL) is a special purpose vehicle (SPV), which was incorporated on 30 January 2024. MPGL is an associate company of Adani Power Limited – a listed promoter group company. Adani Power Limited holds 49% equity stake in MPGL, with the balance being held by Dickey Alternative Investment Trust, a CAT II AIF registered with SEBI. The transactions are for purchase and sale of goods, providing financial assistance and investment in securities. We raise concern that the company has not disclosed the shareholding pattern for MPGL. There is no clarity on the beneficial ownership of the balance 51% in the company. Since MPGL was incorporated on 30 January 2024, the company must disclose the business profile of MPGL, to enable shareholders to make an informed decision. In the absence of clarity, we do not know whether the limit of Rs. 94.8 bn is appropriate for the size of their operations. In case of financial assistance, the company must provide granular details on the terms of the loans to be given to MPGL. There is lack of clarity on whether the financial assistance to be provided to MPGL will be in the ratio of the company’s shareholding in the company. We do not support these transactions.
- Navi Mutual FundMPGL was incorporated as a Special Purpose Vehicle (SPV) by the company in association with Dickey Alternative Investment Trust (DAIT) as part of a consortium to acquire Coastal Energen Private Limited (CEPL), a company undergoing corporate insolvency resolution process. CEPL has a 2x600 MW (1200 MW) thermal power plant at Mutiara in Thoothukudi District of Tamil Nadu. Out of the total consideration of Rs. 33.35 bn paid for acquisition of CEPL, Rs. 32.25 bn was infused by APL. While the FY24 AGM Notice did not clearly mention the same, this fund infusion of Rs. 33.25 bn was a part of the related party transaction limit of Rs. 84.2 bn sought by the company. APL holds 49% in MPGL, and the remaining is held by DAIT. MPGL is treated as a subsidiary of APL due to the operational control exercised over it by APL. In the FY24 AGM the company sought approval for transactions for purchase and sale of goods, providing financial assistance and investment in securities of upto Rs. 84.2 bn between the company and MPGL. The company seeks approval to revise the RPT transactions limit to Rs. 94.8 bn for FY25 due to revised business projections of MPGL. Given the operational control exercised by the company over APL, we support the resolution.
2 for2 against - Approve material modification to related party transactions between Mahan Energen Limited (MEL), a subsidiary, and Adani Enterprises Limited (AEL) to Rs. 50.2 bn from Rs. 22.2 bn for FY25
Against DSP Mutual Fund, Navi Mutual Fund
- DSP Mutual FundIn the 2024 AGM the company sought approval for related party transactions between MEL and AEL, including the purchase and sale of power, services, and shares/securities. The company also sought approval to acquire, by way of amalgamation, AEL’s stake in Stratatech Mineral Resources Private Limited at a fair value. The company subsequently disclosed that the value of purchase of investment is proposed to be up to Rs. 100.0 mn (arrived at based on the valuation report by an Independent Valuer). However, it is unclear if this represents 100% equity stake in SMRPL. The company now seeks approval to increase the limit of transactions to Rs. 50.2 bn due to an increase in volume and rates. MEL currently trades power through AEL, which has announced the sale / transfer of its power trading business after receipt of regulatory approvals. The company also seeks shareholder approval for rendering/ availing services from MEL. We understand these transactions are a part of the company’s business and are at arm’s length. However, the company also seeks approval for the purchase of shares securities from AEL. While the company has stated that the subscription to such shares and securities will be based on fair value, arrived at based on the fair valuation report by an independent valuer, the resolution in its current form is enabling and the company must disclose granular details of such transactions to enable the shareholders to make an informed decision. Hence, we do not support the resolution. Further, we note that MEL ceased to be a wholly owned subsidiary of the company in July 2024 post investment of Reliance Industries Limited in the captive unit of MEL. The company must provide details of its current shareholding in MEL.
- Navi Mutual FundIn the 2024 AGM the company sought approval for related party transactions between MEL and AEL, including the purchase and sale of power, services, and shares/securities. The company also sought approval to acquire by way of amalgamation of AEL’s stake in Stratatech Mineral Resources Private Limited at a fair value. The company has confirmed that the value of purchase of investment is Rs. 100.0 mn (for 100% equity stake). The company now seeks approval to increase the limit of transactions to Rs. 50.2 bn due to an increase in volume and rates. MEL currently sells/purchases power through AEL, which has announced the sale / transfer of its power trading business after receipt of regulatory approvals. The company also seeks shareholder approval for rendering/ availing services from MEL. We understand these transactions are a part of the company’s business and are at arm’s length. While the resolution includes the purchase of shares securities from AEL as a part of the proposed transactions, the company has confirmed that the approval for the modification in limits is only towards purchase and sale of power, coal and fly ash, and availing of various services. The increased limits will not be utilized for any acquisition of shares/securities of AEL/ its subsidiaries.
2 for2 against - Approve Material Modifications in the Approved Material Related Party Transaction(s) with Adani Enterprises Limited1 for0 against
- Approve Material Modifications in the Approved Material Related Party Transaction(s) with Moxie Power Generation Limited
Against HSBC Mutual Fund
- HSBC Mutual FundA vote AGAINST this proposal is warranted on account of the following concerns: • The proposal would enable the provision of financial assistance by the company to an entity that is not wholly owned subsidiary of the company. This could expose the company and its shareholders to unnecessary financial risk. • The company has not provided necessary information to assess the fairness of the proposed transactions. Given the material conflict of interests, this is viewed as an overriding concern.
0 for1 against - Approve material related party transactions between Adani Power Limited (APL) and its subsidiaries and MPSEZ Utilities Limited (MUL) for up to Rs. 22.0 bn for FY254 for0 against
- Approve material-related party transactions between Adani Power Limited (APL) and its subsidiaries and Powerpulse Trading Solutions Limited (PTSL) for up to Rs. 44.0 bn for FY254 for0 against
- Approve material-related party transactions between Mahan Energen Limited (MEL), a subsidiary, and Powerpulse Trading Solutions Limited (PTSL) for up to Rs. 18.5 bn for FY254 for0 against
- Approve Material Related Party Transactions by Subsidiary of the Company with Powerpulse Trading Solutions Limited1 for0 against
- Approve Material Related Party Transactions of Mahan Energen Limited with Adani Enterprises Limited1 for0 against
- Approve Material Related Party Transactions with MPSEZ Utilities Limited1 for0 against
- Approve Material Related Party Transactions with Powerpulse Trading Solutions Limited1 for0 against
- To approve material modification in the approved aggregating to Rs. 10,293 crore with Adani Enterprises Limited (AEL),related party transaction(s)1 for0 against
- To approve , related party transaction aggregating to Rs. 8,420 crore with Moxie Power Generation Limited (MPGL), a related party of the Company.1 for0 against
- To approve the material related party transaction(s) aggregating to Rs. 2,220 crore with Adani Enterprises Limited (AEL) by subsidiary of the company.1 for0 against
- To approve the material related party transaction(s) by subsidiary of the company is Powerpulse Trading Solutions Limited.1 for0 against
- To approve the material related party transaction(s) with MPSEZ Utilities Limited1 for0 against
- To approve the material related party transaction(s) with Powerpulse Trading Solutions Limited.1 for0 against
To enter into related party transaction(s)/ contract(s)/ arrangement(s)/ agreement(s) or for carrying out and / or continuing with existing contracts / arrangements / transactions or modification(s) of earlier arrangements / transactions or as fresh and independent transaction(s) or otherwise (whether individually or series of transaction(s) taken together or otherwise), with Adani Enterprises Limited AEL and increase the transaction value by Rs. 3,800 crore, thereby aggregating to Rs. 14,093 crores, to be entered during the financial year 2024 - 25, notwithstanding the fact that the aggregate value of all these transaction(s) may exceed the prescribed thresholds as per provisions of the SEBI Listing Regulations, as applicable from time to time, provided, however, that the said contract(s)/ arrangement(s)/ transaction(s) shall be carried out on an arm’s length basis and in the ordinary course of business of the Company.MoreLess
13 for0 againstTo enter into related party transaction(s)/ contract(s)/ arrangement(s)/ agreement(s) or for carrying out and / or continuing with existing contracts / arrangements / transactions or modification(s) of earlier arrangements / transactions or as fresh and independent transaction(s) or otherwise (whether individually or series of transaction(s) taken together or otherwise), with Adani Enterprises Limited (AEL) and increase the transaction value by Rs. 2,800 crore, thereby aggregating to Rs. 5,020 crore, to be entered during the financial year 2024 - 25, notwithstanding the fact that the aggregate value of all these transaction(s) may exceed the prescribed thresholds as per provisions of the SEBI Listing Regulations, as applicable from time to time, provided, however, that the said contract(s)/arrangement(s)/ transaction(s) shall be carried out on an arm’s length basis and in the ordinary course of business of the Company.MoreLess
Against Mirae Asset Mutual Fund
- Mirae Asset Mutual FundNeed more clarity on the transaction for approval
12 for1 againstTo enter into related party transaction(s)/ contract(s)/ arrangement(s)/ agreement(s) or for carrying out and / or continuing with existing contracts / arrangements / transactions or modification(s) of earlier arrangements / transactions or as fresh and independent transaction(s) or otherwise (whether individually or series of transaction(s) taken together or otherwise), with Moxie Power Generation Limited (MPGL) and increase the transaction value by Rs. 1,060 crore, thereby aggregating to Rs. 9,480 crore, to be entered during the financial year 2024 - 25, notwithstanding the fact that the aggregate value of all these transaction(s) may exceed the prescribed thresholds as per provisions of the SEBI Listing Regulations, as applicable from time to time, provided, however, that the said contract(s) /arrangement(s)/ transaction(s) shall be carried out on an arm’s length basis and in the ordinary course of business of the Company.MoreLess
Against HDFC Mutual Fund, Mirae Asset Mutual Fund
- HDFC Mutual FundMoxie Power Generation Limited (MPGL) is a special purpose vehicle (SPV), which was incorporated on 30 January 2024. MPGL is an associate company of Adani Power Limited – a listed promoter group company. Adani Power Limited holds 49% equity stake in MPGL, with the balance being held by Dickey Alternative Investment Trust, a CAT II AIF registered with SEBI. Company has not disclosed the shareholding pattern for MPGL. There is no clarity on the beneficial ownership of the balance 51% in the company. There is lack of clarity on whether the financial assistance to be provided to MPGL will be in the ratio of the company’s shareholding in the company.
- Mirae Asset Mutual FundNeed more clarity on the transaction for approval
11 for2 againstTo enter into related party transaction(s)/ contract(s)/ arrangement(s)/ agreement(s) or for carrying out and / or continuing with existing contracts / arrangements / transactions or modification(s) of earlier arrangements / transactions or as fresh and independent transaction(s) or otherwise (whether individually or series of transaction(s) taken together or otherwise), with MPSEZ Utilities Limited, a related party of the Company, value of the proposed cumulative transaction(s) (not to exceed) Rs. 2,200 Cr, during the financial year 2024 - 25.MoreLess
13 for0 againstTo enter into related party transaction(s)/ contract(s)/ arrangement(s)/ agreement(s) or for carrying out and / or continuing with existing contracts / arrangements / transactions or modification(s) of earlier arrangements / transactions or as fresh and independent transaction(s) or otherwise (whether individually or series of transaction(s) taken together or otherwise), with Powerpulse Trading Solutions Limited [Formerly known as Adani Energy Solutions Step- Thirteen Limited], a related party of the Company, notwithstanding the fact that the aggregate value of Rs. Rs. 1,850 Cr. all these transaction(s), whether undertaken directly by the Company or by its subsidiary(ies), may exceed the prescribed thresholds as per provisions of the SEBI Listing Regulations, as applicable from time to time, provided, however, that the said contract(s)/ arrangement(s)/ transaction(s) shall be carried out on an arm’s length basis and in the ordinary course of business of the Company.MoreLess
13 for0 againstTo enter into related party transaction(s)/ contract(s)/ arrangement(s)/ agreement(s) or for carrying out and / or continuing with existing contracts / arrangements / transactions or modification(s) of earlier arrangements / transactions or as fresh and independent transaction(s) or otherwise (whether individually or series of transaction(s) taken together or otherwise), with Powerpulse Trading Solutions Limited [formerly known as Adani Energy Solutions Step- Thirteen Limited (AESSTL)], a related party of the Company, value of the proposed cumulative transaction(s) (not to exceed) Rs. 4,400 Cr, during the financial year 2024 - 25.MoreLess
13 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Stakes in unlisted companies
Reported in the filing for the quarter to Jun 2026.
- Unlisted stake boughtCoastal-Maha Atomic Energy LimitedSince 13 Apr 2026
100.00% bought in the quarter; holding 100.00%, from 0.00%
- Unlisted stake boughtRawatbhata-Raj Atomic Energy LimitedSince 20 Apr 2026
100.00% bought in the quarter; holding 100.00%, from 0.00%
- Unlisted stake boughtIntegrated Power Supply LimitedSince 14 May 2026
100.00% bought in the quarter; holding 100.00%, from 0.00%
- Unlisted stake boughtProgressive-UP Atomic Energy LimitedSince 25 Jun 2026
100.00% bought in the quarter; holding 100.00%, from 0.00%
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
None open at any 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
- No
- 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 Mar 2026. The company's results filing for the quarter to Jun 2026 says no statement of how money raised was used applies to it.
| Raised | Amount raised | For | Set aside | Spent | Spent elsewhere |
|---|---|---|---|---|---|
| OthersJan 2026 | 7,500.00 | – | – | No |
₹ crore. Checked by is the agency appointed to monitor how the money is used. The reason and the comments are the company's, its audit committee's and its auditors' own words.