Elgi Equipments logo

Elgi Equipments MD, chairman, board of directors and AGM

NSE: ELGIEQUIPBSE: 522074Industrial ProductsSmall Cap

Last close ₹512.85down ₹21.15 (3.96%)BSE ₹511.75

Share price at the NSE close on 23 Oct 2026. Previous close ₹534.00.

52-week range of traded prices to 23 Oct 2026
₹408.25Low, 21 Jan 2026₹653.40High, 7 Sep 2026
Market cap
₹16,253 Cr395th largest listed
P/E
36.3
P/B
7.3
Dividend yield
0.53%
ROE
21.9%
ROCE
19.8%
Debt to equity
0.18
Volume, NSE
2,83,50445.3% delivered

Elgi Equipments 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

  • Chairperson and managing directorJAIRAM VARADARAJ
  • Company Secretary and Compliance OfficerRohit Gupte

8 directors4 independent2 executive2 non-executive

  • JAIRAM VARADARAJ · Chairperson and managing directorExecutive · joined May 1992 · reappointed Apr 2026 · 2 listed boards · 1 committee seat
  • SUDARSAN VARADARAJNon-executive · joined Nov 1993 · 3 listed boards · 1 as independent · 2 committee seats, 2 as chair
  • ANVAR JAY VARADARAJExecutive · joined Apr 2020 · reappointed Aug 2021 · 1 listed board
  • SRINIVASAN KRISHNAMURTHIIndependent · joined Jul 2024 · 23 months as independent · 1 listed board · 1 as independent · 1 committee seat, 1 as chair
  • SRINIVASAN RAVINDRANIndependent · joined Jul 2024 · 23 months as independent · 1 listed board · 1 as independent · 2 committee seats
  • SUMAN KUMAR DASIndependent · joined Jul 2024 · 23 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
  • PADMAJA ALAGANANDANIndependent · joined May 2026 · 1 month as independent · 1 listed board · 1 as independent · 2 committee seats
  • VARUN JAY VARADARAJNon-executive · joined May 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.

1 director who left
  • ARUNA THANGARAJ, left 14 Apr 2026: Others

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

  • Board

    • 27 May 20267 of 8 present4 independent · 70 days in between
    • 17 Mar 20267 of 7 present4 independent · 33 days in between
    • 11 Feb 20266 of 7 present4 independent

  • Audit Committee

    Chair SRINIVASAN KRISHNAMURTHI

    SRINIVASAN RAVINDRAN, SUMAN KUMAR DAS

    • 27 May 20263 of 3 present3 independent · 104 days in between
    • 11 Feb 20263 of 3 present3 independent

  • Nomination and remuneration committee

    Chair PADMAJA ALAGANANDAN

    SUDARSAN VARADARAJ, SUMAN KUMAR DAS, SRINIVASAN RAVINDRAN

    • 26 May 20263 of 3 present2 independent

  • Stakeholders Relationship Committee

    Chair SUDARSAN VARADARAJ

    JAIRAM VARADARAJ, SRINIVASAN RAVINDRAN

    • 10 Feb 20263 of 3 present1 independent

  • Risk Management Committee

    Chair SRINIVASAN KRISHNAMURTHI

    ANVAR JAY VARADARAJ, JAIRAM VARADARAJ, SUMAN KUMAR DAS, INDRANIL SEN

    • 26 May 20264 of 4 present2 independent · 104 days in between
    • 10 Feb 20264 of 4 present2 independent

  • Corporate Social Responsibility Committee

    Chair JAIRAM VARADARAJ

    ANVAR JAY VARADARAJ, SRINIVASAN RAVINDRAN

    • 26 May 20263 of 3 present1 independent · 104 days in between
    • 10 Feb 20263 of 3 present1 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 Jun 2026.

  • Price Waterhouse Chartered Accountants LLPPeer-review certificate valid to Nov 2026

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.

Elgi Equipments 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.Elgi Equipments dividend history

Annual general meeting, 14 Aug 2026

89,878 shareholders on the register on 7 Aug 2026; present: 10 promoters and 34 others; votes counted by M D SELVARAJ / MDS & ASSOCIATES LLP.The company's voting result (opens in a new tab)

  1. Adoption of the audited standalone and consolidated financial statements of the company including Statement of Profit and Loss (including other Comprehensive Income) along with statement of cash flows and the statement of changes in equity for the financial year ended March 31, 2026, the Balance sheet as at that date, together with the reports of the Board of Directors and the Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 62.36% · promoters 100.00% · institutions 80.56% · other public 14.68%

  2. Declaration of dividend for the financial year ended March 31, 2026.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 62.36% · promoters 100.00% · institutions 80.57% · other public 14.68%

  3. Re-appointment of Mr. Anvar Jay Varadaraj (DIN: 07273942) as a Director on retirement by rotation.
    OrdinaryPromoters have an interest in it
    99.65% for0.35% against

    Against: promoters 0.00% · institutions 0.86% · other public 0.00%

    Turnout: all 62.36% · promoters 100.00% · institutions 80.57% · other public 14.68%

  4. Ratification of the remuneration payable to M/s. STR & Associates (Firm Registration No. 000029), Cost Auditors of the Company for the financial year 2026-2027.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 62.36% · promoters 100.00% · institutions 80.57% · other public 14.68%

  5. Re-appointment of Mr. Anvar Jay Varadaraj (DIN: 07273942) as an Executive Director of the Company for a further period of five (5) years with effect from August 2, 2026, till August 1, 2031.
    OrdinaryPromoters have an interest in it
    99.64% for0.37% against

    Against: promoters 0.00% · institutions 0.88% · other public 0.00%

    Turnout: all 62.36% · promoters 100.00% · institutions 80.57% · other public 14.68%

  6. Appointment of Ms. Padmaja Alaganandan (DIN: 02867269) as an Independent Director of the Company for a first term of 5 consecutive years with effect from May 27, 2026.
    Special
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.11% · other public 0.00%

    Turnout: all 59.66% · promoters 100.00% · institutions 72.11% · other public 14.68%

  7. Appointment of Mr. Varun Jay Varadaraj (DIN: 07972025) as a Non-executive Non-Independent Director of the Company.
    OrdinaryPromoters have an interest in it
    97.90% for2.10% against

    Against: promoters 0.00% · institutions 5.08% · other public 0.00%

    Turnout: all 62.36% · promoters 100.00% · institutions 80.57% · other public 14.68%

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, 12 Aug 2025, 6 resolutions

76,412 shareholders on the register on 5 Aug 2025; present: 9 promoters and 44 others; votes counted by M D SELVARAJ / MDS & ASSOCIATES LLP.The company's voting result (opens in a new tab)

  1. Adoption of the audited standalone and consolidated financial statements of the company including Statement of Profit and Loss (including other Comprehensive Income) along with statement of cash flows and the statement of changes in equity for the financial year ended 31st March 2025, the Balance sheet as at that date, together with the reports of the Board of Directors and the Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 55.46% · promoters 99.92% · institutions 69.17% · other public 3.96%

  2. Declaration of dividend for the financial year ended 31st March 2025.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 55.46% · promoters 99.92% · institutions 69.17% · other public 3.96%

  3. Re-appointment of Mr. Sudarsan Varadaraj (DIN: 00133533) as a Director on retirement by rotation.
    OrdinaryPromoters have an interest in it
    83.59% for16.41% against

    Against: promoters 0.00% · institutions 39.77% · other public 0.00%

    Turnout: all 55.46% · promoters 99.92% · institutions 69.17% · other public 3.96%

  4. Ratification of the remuneration payable to M/s. STR & Associates (Firm Registration No.000029), Cost Auditors of the Company for the financial year 2025-2026.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 55.46% · promoters 99.92% · institutions 69.17% · other public 3.96%

  5. Appointment of MDS & Associates LLP, Company Secretaries as Secretarial Auditors of the Company for a first term of five (5) consecutive financial years commencing from the financial year 2025-26
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 55.46% · promoters 99.92% · institutions 69.17% · other public 3.96%

  6. Approval for the re-appointment of Mr. Jairam Varadaraj (DIN: 00003361) as the Managing Director of the Company for a further period of 5 (five) years with effect from April 1, 2026, till March 31, 2031.MoreLess
    SpecialPromoters have an interest in it
    98.52% for1.48% against

    Against: promoters 0.00% · institutions 3.58% · other public 0.00%

    Turnout: all 55.46% · promoters 99.92% · institutions 69.17% · other public 3.96%

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 Sep 2024, 1 resolution

The company's voting result (opens in a new tab)

  1. Approval for payment of Commission to the Non-Executive Directors of the Company
    OrdinaryPromoters have an interest in it
    78.98% for21.02% against

    Against: promoters 0.00% · institutions 49.53% · other public 0.98%

    Turnout: all 56.18% · promoters 99.92% · institutions 69.52% · other public 3.46%

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, 31 Jul 2024, 11 resolutions

Present: 9 promoters and 37 others.The company's voting result (opens in a new tab)

  1. Adoption of the audited standalone and consolidated financial statements of the company including Statement of Profit and Loss (including other Comprehensive Income) along with statement of cash flows and the statement of changes in equity for the financial year ended 31st March 2024, the Balance sheet as at that date, together with the reports of the Board of Directors and the Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 66.02% · promoters 100.00% · institutions 69.51% · other public 31.76%

  2. Declaration of dividend for the financial year ended 31st March 2024.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 66.02% · promoters 100.00% · institutions 69.51% · other public 31.76%

  3. Re-appointment of Mr. Anvar Jay Varadaraj (DIN: 07273942) as a Director on retirement by rotation.
    OrdinaryPromoters have an interest in it
    99.93% for0.07% against

    Against: promoters 0.00% · institutions 0.18% · other public 0.00%

    Turnout: all 66.02% · promoters 100.00% · institutions 69.51% · other public 31.76%

  4. Ratification of the remuneration payable to M/s. STR & Associates (Firm Registration No.000029), Cost Auditors of the Company for the financial years 2023-2024 and 2024-2025
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 66.02% · promoters 100.00% · institutions 69.51% · other public 31.76%

  5. Approval for payment of remuneration to Mr. Jairam Varadaraj (DIN: 00003361), Managing Director of the Company for a period of 2 years with effect from April 1, 2024, till March 31, 2026.
    SpecialPromoters have an interest in it
    99.15% for0.85% against

    Against: promoters 0.00% · institutions 2.34% · other public 0.00%

    Turnout: all 66.02% · promoters 100.00% · institutions 69.51% · other public 31.76%

  6. Appointment of Mr. Suman Kumar Das (DIN: 07500784) as an Independent Director of the Company for a term of five (5) consecutive years with effect from July 31, 2024
    Special
    99.74% for0.26% against

    Against: promoters 0.00% · institutions 0.72% · other public 0.00%

    Turnout: all 66.02% · promoters 100.00% · institutions 69.51% · other public 31.76%

  7. Appointment of Mr. Srinivasan Ravindran (DIN: 05259775) as an Independent Director of the Company for a term of five (5) consecutive years with effect from July 31, 2024
    Special
    99.74% for0.26% against

    Against: promoters 0.00% · institutions 0.72% · other public 0.00%

    Turnout: all 66.02% · promoters 100.00% · institutions 69.51% · other public 31.76%

  8. Appointment of Mr. Srinivasan Krishnamurthi (DIN: 06662916) as an Independent Director of the Company for a term of five (5) consecutive years with effect from July 31, 2024
    Special
    99.74% for0.26% against

    Against: promoters 0.00% · institutions 0.72% · other public 0.00%

    Turnout: all 66.02% · promoters 100.00% · institutions 69.51% · other public 31.76%

  9. Re-appointment of Mrs. Aruna Thangaraj (DIN: 07444726) as an Independent Director of the Company for a second term of five (5) consecutive years with effect from August 2, 2024
    Special
    99.47% for0.53% against

    Against: promoters 0.00% · institutions 1.46% · other public 0.00%

    Turnout: all 66.02% · promoters 100.00% · institutions 69.51% · other public 31.76%

  10. Approval for enhancement of the limit for extending financial assistance to the Elgi Equipments Limited Employees Stock Option Trust
    Special
    98.25% for1.75% against

    Against: promoters 0.00% · institutions 4.83% · other public 0.00%

    Turnout: all 66.02% · promoters 100.00% · institutions 69.51% · other public 31.76%

  11. Approval for the amendment of the ‘Elgi Equipments Limited Employees Stock Option Plan 2019’
    Special
    98.13% for1.87% against

    Against: promoters 0.00% · institutions 5.16% · other public 0.00%

    Turnout: all 66.02% · promoters 100.00% · institutions 69.51% · other public 31.76%

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, 4 Aug 2023, 3 resolutions

Present: 7 promoters and 43 others.The company's voting result (opens in a new tab)

  1. Adoption of the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31st March 2023 together with the Reports of the Board of Directors and Auditors thereonMoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 54.01% · promoters 99.55% · institutions 62.06% · other public 5.08%

  2. Declaration of dividend for the financial year ended 31st March 2023
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 54.02% · promoters 99.55% · institutions 62.09% · other public 5.07%

  3. Re-appointment of Mr. Harjeet Singh Wahan (DIN: 00003358) as a Director on retirement by rotation
    Ordinary
    92.80% for7.20% against

    Against: promoters 0.00% · institutions 18.33% · other public 0.00%

    Turnout: all 54.02% · promoters 99.55% · institutions 62.09% · other public 5.07%

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, 12 Aug 2022, 6 resolutions
  1. Approval for modification of the date of expiry of the tenure of Mr. N. Mohan Nambiar (DIN: 00003660), Independent Director of the Company
    Special
    99.98% for0.02% against
  2. Ratification of the remuneration payable to M/s. STR & Associates (Firm Registration No.000029), Cost Auditors of the Company for the financial year ending 31st March 2023
    Ordinary
    99.98% for0.02% against
  3. Re-appointment of M/s. Price Waterhouse Chartered Accountants LLP (Firm Registration No. 012754N/N500016), Chennai as the Statutory Auditors of the Company
    Ordinary
    99.92% for0.08% against
  4. Re-appointment of Mr. Sudarsan Varadaraj (DIN: 00133533) as a Director on retirement by rotation
    OrdinaryPromoters have an interest in it
    96.65% for3.35% against
  5. Declaration of dividend for the financial year ended 31st March 2022
    Ordinary
    100.00% for0.00% against
  6. Adoption of the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31st March 2022 together with the Reports of the Board of Directors and Auditors thereonMoreLess
    Ordinary
    100.00% for0.00% against

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, 2 Aug 2021, 7 resolutions

Present: 15 promoters and 38 others.The company's voting result (opens in a new tab)

  1. Adoption of the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31st March 2021 together with the Reports of the Board of Directors and Auditors thereonMoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 65.74% · promoters 100.00% · institutions 61.75% · other public 38.97%

  2. Declaration of dividend for the financial year ended 31st March 2021
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 65.75% · promoters 100.00% · institutions 61.77% · other public 38.97%

  3. Re-appointment of Dr. T. Balaji Naidu (DIN: 00002755) as a Director on retirement by rotation
    OrdinaryPromoters have an interest in it
    98.74% for1.26% against

    Against: promoters 0.00% · institutions 4.19% · other public 0.00%

    Turnout: all 65.75% · promoters 100.00% · institutions 61.77% · other public 38.97%

  4. Ratification of the remuneration payable to M/s. STR & Associates, (Firm Registration No.000029) Cost Auditors of the Company for the financial year ending 31st March 2022
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 65.75% · promoters 100.00% · institutions 61.77% · other public 38.97%

  5. Approval for payment of consultancy fees to Mr. Harjeet Singh Wahan (DIN: 00003358), Non-Executive Director, for the rendering of services in the nature of Business Process Consulting with effect from 1st April 2021 to 31st March 2022MoreLess
    Special
    98.93% for1.07% against

    Against: promoters 0.00% · institutions 3.56% · other public 0.00%

    Turnout: all 65.75% · promoters 100.00% · institutions 61.77% · other public 38.97%

  6. Appointment of Mr. Anvar Jay Varadaraj (DIN: 07273942) as an Executive Director of the Company for a period of 5 years with effect from 2nd August 2021
    OrdinaryPromoters have an interest in it
    99.81% for0.19% against

    Against: promoters 0.00% · institutions 0.64% · other public 0.00%

    Turnout: all 65.75% · promoters 100.00% · institutions 61.77% · other public 38.97%

  7. Approval for selling or disposing of the property of Pattons Inc, USA, a material subsidiary of the Company pursuant to Regulation 24(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015MoreLess
    Special
    98.71% for1.29% against

    Against: promoters 0.00% · institutions 4.29% · other public 0.00%

    Turnout: all 65.75% · promoters 100.00% · institutions 61.77% · other public 38.97%

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, 18 Mar 2021, 1 resolution

The company's voting result (opens in a new tab)

  1. Approval of the requests received from shareholders for reclassification of their shareholding from “Promoter Group” category to “Public” category pursuant to Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015MoreLess
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 31.73% · promoters 0.00% · institutions 62.68% · other public 32.13%

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, 11 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.

  • Adoption of the audited standalone and consolidated financial statements of the company including Statement of Profit and Loss (including other Comprehensive Income) along with statement of cash flows and the statement of changes in equity for the financial year ended March 31, 2026, the Balance sheet as at that date, together with the reports of the Board of Directors and the Auditors thereon.MoreLess
    10 for0 against
  • Declaration of dividend for the financial year ended March 31, 2026.
    8 for0 against
  • Re-appointment of Mr. Anvar Jay Varadaraj (DIN: 07273942) as a Director on retirement by rotation.
    11 for0 against
  • Ratification of the remuneration payable to M/s. STR & Associates (Firm Registration No. 000029), Cost Auditors of the Company for the financial year 2026-2027.
    11 for0 against
  • Re-appointment of Mr. Anvar Jay Varadaraj (DIN: 07273942) as an Executive Director of the Company for a further period of five (5) years with effect from August 2, 2026, till August 1, 2031.
    11 for0 against
  • Appointment of Ms. Padmaja Alaganandan (DIN: 02867269) as an Independent Director of the Company for a first term of 5 consecutive years with effect from May 27, 2026.
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundGovernance concern: The proposed director was associated with the audit network of the Company's Statutory Auditors, and a period of three years has not elapsed since the cessation of such association. such association may vitiate the independence of the proposed director.
    • Edelweiss Mutual FundCompliant with law. Governance concern: The proposed director was associated with the audit network of the Company's Statutory Auditors, and a period of three years has not elapsed since the cessation of such association and such association may vitiate the independence of the proposed director.
    • Navi Mutual FundCompliant with law. Governance concern: The proposed director was associated with the audit network of the Company's Statutory Auditors, and a period of three years has not elapsed since the cessation of such association. SES is of the view that such association may vitiate the independence of the proposed director.
    8 for3 against
  • Appointment of Mr. Varun Jay Varadaraj (DIN: 07972025) as a Non-executive Non-Independent Director of the Company.
    Against DSP Mutual Fund, Jio BlackRock Mutual Fund
    • DSP Mutual Fund, Jio BlackRock Mutual FundVarun Jay Varadaraj, 34, is part of the promoter group and is the CEO and founder of AIRLAB fitness. He previously worked at Elgi equipment in the Audit department and at KIND as marketing analyst. He holds a bachelor’s degree in finance and marketing from Purdue University and a master’s degree from New York University. Four out of eight directors are promoters, having high number of promoters on board may deter the company from attracting quality professional talent. We note that with his overall work experience of less than ten years, and no prior board experience in a listed company: his appointment does not align with our voting guidelines. Given this, we do not support his appointment as Non-Executive Non-Independent Director.
    9 for2 against
3 proposals not matched to one resolution
  • 2) Declare final dividend of Rs. 2.7 per share of face value of Re. 1.0 for FY26
    1 for0 against
  • Adoption of standalone and consolidated financial statements for the year ended 31 March 2026
    1 for0 against
  • Declare final dividend of Rs. 2.7 per share of face value of Re. 1.0 for FY26
    2 for0 against

Mutual fund votes, meeting of 12 Aug 2025, 15 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • Adoption of the audited standalone and consolidated financial statements of the company including Statement of Profit and Loss (including other Comprehensive Income) along with statement of cash flows and the statement of changes in equity for the financial year ended 31st March 2025, the Balance sheet as at that date, together with the reports of the Board of Directors and the Auditors thereon.MoreLess
    15 for0 against
  • Declaration of dividend for the financial year ended 31st March 2025.
    14 for0 against
  • Re-appointment of Mr. Sudarsan Varadaraj (DIN: 00133533) as a Director on retirement by rotation.
    Against Axis Mutual Fund, Mirae Asset Mutual Fund
    • Axis Mutual FundSudarsan Varadaraj, 67, is part of the promoter family and is the Managing Director of ELGi Rubber Company Limited, a group company. He has more than 43 years of experience in the field of machine building, rubber and allied industry. He has been on the board of the company since November 1993. He retires by rotation and his reappointment meets all statutory requirements. He attended 50% (three out of six) board meetings held in FY25 and 53% (eight out of fifteen) board meetings during the last three years; we expect directors to attend all board meetings during the year and have a threshold of 75% attendance of the board meetings in the three years prior to reappointment. We do not support the resolution.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    13 for2 against
  • Ratification of the remuneration payable to M/s. STR & Associates (Firm Registration No.000029), Cost Auditors of the Company for the financial year 2025-2026.
    15 for0 against
  • Appointment of MDS & Associates LLP, Company Secretaries as Secretarial Auditors of the Company for a first term of five (5) consecutive financial years commencing from the financial year 2025-26
    15 for0 against
  • Approval for the re-appointment of Mr. Jairam Varadaraj (DIN: 00003361) as the Managing Director of the Company for a further period of 5 (five) years with effect from April 1, 2026, till March 31, 2031.MoreLess
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundGovernance Concern: Combined position of Chairman and Managing Director may lead to concentration of powers in the hands of single person.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. No concern on the merits and quantum of remuneration proposed. Governance Concern: Combined position of Chairman and Managing Director may lead to concentration of powers in the hands of single person.
    9 for6 against
1 proposal not matched to one resolution
  • 2) Declare final dividend Rs. 2.2 per equity share (face value of Rs. 1.0) for FY25
    1 for0 against
6 earlier meetings

Mutual fund votes, meeting of 19 Sep 2024, 13 fund houses

  • Approval for payment of Commission to the Non-Executive Directors of the Company
    Against Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Axis Mutual FundThe proposed commission to Non-Executive Directors is in line with market practices and regulations. However, the company has not defined a tenure for payment of commission and the resolution is effectively valid for perpetuity. We believe shareholders must get a chance to periodically approve such payments and therefore do not support the resolution. Further, the company must consider capping the commission in absolute terms.
    • Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundCompliant with law. Governance Concern: No absolute cap on the commission payable; the period for which the approval shall be valid is not specified.
    • Edelweiss Mutual FundNo absolute cap on the commission payable; the period for which the approval shall be valid is not specified.
    6 for7 against

Mutual fund votes, meeting of 31 Jul 2024, 13 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • Adoption of the audited standalone and consolidated financial statements of the company including Statement of Profit and Loss (including other Comprehensive Income) along with statement of cash flows and the statement of changes in equity for the financial year ended 31st March 2024, the Balance sheet as at that date, together with the reports of the Board of Directors and the Auditors thereon.MoreLess
    13 for0 against
  • Declaration of dividend for the financial year ended 31st March 2024.
    12 for0 against
  • Re-appointment of Mr. Anvar Jay Varadaraj (DIN: 07273942) as a Director on retirement by rotation.
    13 for0 against
  • Ratification of the remuneration payable to M/s. STR & Associates (Firm Registration No.000029), Cost Auditors of the Company for the financial years 2023-2024 and 2024-2025
    12 for0 against
  • Approval for payment of remuneration to Mr. Jairam Varadaraj (DIN: 00003361), Managing Director of the Company for a period of 2 years with effect from April 1, 2024, till March 31, 2026.
    Against Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern on merit of Mr. Jairam Varadaraj and quantum of remuneration proposed. Governance Concern: Combined position of Chairman and Managing Director.
    8 for4 against
  • Appointment of Mr. Suman Kumar Das (DIN: 07500784) as an Independent Director of the Company for a term of five (5) consecutive years with effect from July 31, 2024
    Against Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual FundNo concern on the merit of proposed appointees. Non-Compliant with SEBI LODR & Companies Act, 2013: Terms and Conditions of appointment of proposed appointees not disclosed on the website of the Company.
    • Nippon India Mutual FundTerms and Conditions of appointment of proposed appointees not disclosed on the website of the Company.
    7 for6 against
  • Appointment of Mr. Srinivasan Ravindran (DIN: 05259775) as an Independent Director of the Company for a term of five (5) consecutive years with effect from July 31, 2024
    Against Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual FundNo concern on the merit of proposed appointees. Non-Compliant with SEBI LODR & Companies Act, 2013: Terms and Conditions of appointment of proposed appointees not disclosed on the website of the Company.
    • Nippon India Mutual FundTerms and Conditions of appointment of proposed appointees not disclosed on the website of the Company.
    7 for6 against
  • Appointment of Mr. Srinivasan Krishnamurthi (DIN: 06662916) as an Independent Director of the Company for a term of five (5) consecutive years with effect from July 31, 2024
    Against Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual FundNo concern on the merit of proposed appointees. Non-Compliant with SEBI LODR & Companies Act, 2013: Terms and Conditions of appointment of proposed appointees not disclosed on the website of the Company.
    • Nippon India Mutual FundTerms and Conditions of appointment of proposed appointees not disclosed on the website of the Company.
    7 for6 against
  • Re-appointment of Mrs. Aruna Thangaraj (DIN: 07444726) as an Independent Director of the Company for a second term of five (5) consecutive years with effect from August 2, 2024
    Against Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, WhiteOak Capital Mutual Fund
    • Axis Mutual Fund, WhiteOak Capital Mutual FundMs. Aruna Thangaraj, 43, is Managing Director of AGT Electronics Ltd, a web design company. She has 14 years of experience in Web Designing and Digital Marketing. She has been an Independent Director on the board of the company since 27 May 2019. She attended all five board meetings held in FY24. We note that Elgi Equipments Limited, along with other group companies have paid professional fees of Rs. 10.5 mn in FY24 to AGT Electronics Limited. Given the business linkage between Elgi Equipments Limited and AGT Electronics Limited, we consider Ms. Aruna Thangaraj to be non-independent. Thus, we do not support her reappointment as an Independent Director.
    • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual FundNo concern on the merit of proposed appointee. Non-Compliance with Section 149 of Companies Act: Proposed reappointment will lead to total tenure of more than 10 years. Governance Concern: Pecuniary Relationship with the Company.
    • HDFC Mutual FundHer appointment could create a conflict of interest as she is a Managing Director of it's associate entity.
    • Nippon India Mutual FundTerms and Conditions of appointment of proposed appointees not disclosed on the website of the Company.
    4 for9 against
  • Approval for enhancement of the limit for extending financial assistance to the Elgi Equipments Limited Employees Stock Option Trust
    Against Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Axis Mutual FundIn January 2020 Postal ballot, shareholders approved Elgi Equipments Limited Employees Stock Option Plan 2019 and provision of Rs. 300.0 mn in favour of Elgi Equipments Limited Employees Stock Option Trust (Elgi ESOP Trust). Considering the increase in market price of equity shares of Elgi Equipments Limited, the company seeks to enhance the existing limit for providing financial assistance to the Trust such that the outstanding financial assistance shall not exceed 5% of the aggregate of the paid-up capital and free reserves. We do not support the Elgi ESOP Plan 2019, as the exercise price is at the discretion of the compensation committee. We do not favour stock option schemes where there is no clarity on the exercise price or where the exercise price is at significant discount to market price. ESOPs are ‘pay at risk’ options that employees accept at the time of grant. The inherent assumption of an ESOP scheme is that there could be possible downside risks – and that employees may not be rewarded in case of adverse stock price movements. Since we do not support the scheme, we do not support provision of financial assistance to Elgi ESOP Trust for implementation of the scheme.
    • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations: Disclosure is not in accordance with law. Governance concern: Accelerated Vesting.
    • HDFC Mutual FundESOPs/RSUs are granted at a significant discount to market price
    • Nippon India Mutual FundInadequate Disclosure
    4 for8 against
  • Approval for the amendment of the ‘Elgi Equipments Limited Employees Stock Option Plan 2019’
    Against Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations: Disclosure is not in accordance with law. Governance concern: Accelerated Vesting.
    • Nippon India Mutual FundInadequate Disclosure
    6 for6 against
5 proposals not matched to one resolution
  • 2) Declare final dividend of Rs. 2.0 per equity share (face value of Re. 1) for FY24.
    1 for0 against
  • 5) Reappoint Jairam Varadaraj (DIN: 00003361) as Managing Director for two years from 1 April 2024, fix his remuneration in excess of regulatory thresholds and as minimum remuneration.
    1 for0 against
  • To approve, Share Based Employee Benefits and Sweat Equity Regulations, 2021, as amended from time to time (“SBEB Regulations”).
    Against Edelweiss Mutual Fund
    • Edelweiss Mutual FundNeed further data
    0 for1 against
  • To approve, Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (including any statutory amendment, modification or re-enactment to the Act or the Regulations.
    1 for0 against
  • To approve, the appointment of Cost Accountants.
    1 for0 against

Mutual fund votes, meeting of 4 Aug 2023, 5 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • Adoption of the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31st March 2023 together with the Reports of the Board of Directors and Auditors thereonMoreLess
    5 for0 against
  • Declaration of dividend for the financial year ended 31st March 2023
    4 for0 against
  • Re-appointment of Mr. Harjeet Singh Wahan (DIN: 00003358) as a Director on retirement by rotation
    5 for0 against
1 proposal not matched to one resolution
  • 2) To declare dividend for FY23.
    1 for0 against

Mutual fund votes, meeting of 12 Aug 2022, 5 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • Approval for modification of the date of expiry of the tenure of Mr. N. Mohan Nambiar (DIN: 00003660), Independent Director of the Company
    Against Nippon India Mutual Fund
    • Nippon India Mutual FundProlonged Association with the Company
    3 for1 against
  • Ratification of the remuneration payable to M/s. STR & Associates (Firm Registration No.000029), Cost Auditors of the Company for the financial year ending 31st March 2023
    3 for0 against
  • Re-appointment of M/s. Price Waterhouse Chartered Accountants LLP (Firm Registration No. 012754N/N500016), Chennai as the Statutory Auditors of the Company
    Against Nippon India Mutual Fund
    • Nippon India Mutual FundInadequate disclosure
    3 for1 against
  • Re-appointment of Mr. Sudarsan Varadaraj (DIN: 00133533) as a Director on retirement by rotation
    4 for0 against
  • Declaration of dividend for the financial year ended 31st March 2022
    3 for0 against
  • Adoption of the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31st March 2022 together with the Reports of the Board of Directors and Auditors thereonMoreLess
    4 for0 against
9 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 3, as a fund house numbered it
    1 for0 against
  • Item 4, as a fund house numbered it
    1 for0 against
  • Item 5, as a fund house numbered it
    1 for0 against
  • Item 6, as a fund house numbered it
    1 for0 against
  • Item 7, as a fund house numbered it
    Against Taurus Mutual Fund
    • Taurus Mutual FundN Mohan Nambiar, 70, is Director, Lakshmi Apparels and Wovens Ltd. He was last reappointed to the board for four years, from 2 August 2019 to 10 April 2023: the company proposes to extend his tenure by one more year to 10 April 2024. We do not support the resolution given his already extended tenure of 39 years on the board: therefore, we do not consider him to be independent. Since the board wishes to retain him as a director, it must consider his reappointment as a non-independent director.
    0 for1 against
  • 2) To declare dividend for the FY22.
    1 for0 against
  • To appoint STR & Associates, Cost Accountants, (Firm Registration No.000029) as Cost Auditors by the Board of Directors of the Company, to conduct the audit of the cost records of the Company for the financial year ending March 31, 2023 on a remunerationMoreLess
    1 for0 against

Mutual fund votes, meeting of 2 Aug 2021, 5 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • Adoption of the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31st March 2021 together with the Reports of the Board of Directors and Auditors thereonMoreLess
    5 for0 against
  • Declaration of dividend for the financial year ended 31st March 2021
    5 for0 against
  • Re-appointment of Dr. T. Balaji Naidu (DIN: 00002755) as a Director on retirement by rotation
    5 for0 against
  • Ratification of the remuneration payable to M/s. STR & Associates, (Firm Registration No.000029) Cost Auditors of the Company for the financial year ending 31st March 2022
    4 for0 against
  • Approval for payment of consultancy fees to Mr. Harjeet Singh Wahan (DIN: 00003358), Non-Executive Director, for the rendering of services in the nature of Business Process Consulting with effect from 1st April 2021 to 31st March 2022MoreLess
    5 for0 against
  • Appointment of Mr. Anvar Jay Varadaraj (DIN: 07273942) as an Executive Director of the Company for a period of 5 years with effect from 2nd August 2021
    5 for0 against
  • Approval for selling or disposing of the property of Pattons Inc, USA, a material subsidiary of the Company pursuant to Regulation 24(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015MoreLess
    Against Nippon India Mutual Fund
    • Nippon India Mutual FundInsufficient Information
    4 for1 against
1 proposal not matched to one resolution
  • M/s. STR & Associates, Cost Accountants, (Firm Registration No.000029) who were appointed as Cost Auditors by the Board of Directors of the Company,
    1 for0 against

Mutual fund votes, meeting of 18 Mar 2021, 4 fund houses

  • Approval of the requests received from shareholders for reclassification of their shareholding from “Promoter Group” category to “Public” category pursuant to Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015MoreLess
    2 for0 against

    2 abstained

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 boughtFirst Energy TN1 Private LimitedSince 5 Jun 2026

    2.73% bought in the quarter; holding 9.08%, from 6.35%

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
No
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.