Share price at the NSE close on 23 Oct 2026. Previous close ₹728.10.
- Next results date: the board meets on 30 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.
- ₹2,243 Cr1,025th 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 17 Jul 2026
- 22.3
- 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.
- Shares changed
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.92%
- 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 17 Jul 2026
- 9.6%
- 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 17 Jul 2026
- 11.3%
- 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. The filing of 8 May 2026
- 0.47
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 61,69542.5% delivered
Globus Spirits 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
- Managing directorAjay Kumar Swarup
- ChairpersonSunil Chadha
- Company Secretary and Compliance OfficerSantosh Kumar Pattanayak
8 directors4 independent4 executive
- Ajay Kumar Swarup · Managing directorExecutive · joined Dec 2006 · reappointed Dec 2021 · 1 listed board
- Amitabh SinghExecutive · joined May 2025 · reappointed May 2025 · 1 listed board · 1 committee seat
- Shekhar SwarupExecutive · joined Aug 2012 · reappointed Aug 2025 · 1 listed board · 1 committee seat
- Ruchika BansalIndependent · joined Mar 2015 · reappointed Aug 2024 · 60 months as independent · 2 listed boards · 2 as independent · 3 committee seats, 2 as chair
- Sunil Chadha · ChairpersonIndependent · joined May 2018 · reappointed Jul 2023 · 60 months as independent · 1 listed board · 1 as independent · 2 committee seats
- Rajesh Kumar MalikExecutive · joined May 2025 · reappointed Aug 2025 · 1 listed board
- Amit BhatianiIndependent · joined May 2024 · reappointed Aug 2024 · 60 months as independent · 1 listed board · 1 as independent · 1 committee seat
- Kenneth DsouzaIndependent · joined Jun 2025 · reappointed Aug 2025 · 60 months as independent · 1 listed board · 1 as independent
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
- Ajay Bhaskar Baliga, left 28 Jun 2025: Others
- Bhaskar Roy, left 19 May 2025: Others
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 7 May 20268 of 8 present4 independent · 62 days in between
- 5 Mar 20267 of 8 present4 independent
- 9 Jan 20266 of 8 present3 independent
Audit Committee
Chair Ruchika Bansal
Shekhar Swarup, Sunil Chadha, Amit Bhatiani
- 7 May 20263 of 4 present3 independent · 21 days in between
- 15 Apr 20263 of 4 present2 independent · 95 days in between
- 9 Jan 20262 of 4 present2 independent
Nomination and remuneration committee
Chair Ruchika Bansal
Sunil Chadha, Amit Bhatiani
- 7 May 20263 of 3 present3 independent
- 5 Mar 20263 of 3 present3 independent · 54 days in between
- 9 Jan 20263 of 3 present3 independent
Stakeholders Relationship Committee
Chair Ruchika Bansal
Sunil Chadha, Amitabh Singh
- 7 May 20262 of 3 present2 independent · 117 days in between
- 9 Jan 20262 of 3 present2 independent
Risk Management Committee
Chair Ruchika Bansal
Sunil Chadha, Shekhar Swarup, Amitabh Singh, Kenneth Dsouza
- 28 Apr 20263 of 5 present2 independent
Corporate Social Responsibility Committee
Chair Ruchika Bansal
Sunil Chadha, Shekhar Swarup, Amitabh Singh
- 28 Apr 20262 of 4 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 Mar 2026.
- Walker Chandiok & Co LLPPeer-review certificate valid to Jul 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.
Globus Spirits 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.Globus Spirits dividend history
Annual general meeting, 15 Sep 2026
71,016 shareholders on the register on 8 Sep 2026; present: 6 promoters and 122 others; votes counted by Sundeep Kumar Parashar / SKP & CO.The company's voting result (opens in a new tab)
- Adoption of Audited Annual Standalone and Consolidated Financial Statements and Reports thereon for the year ended 31st March 2026Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 63.91% · promoters 100.00% · institutions 71.09% · other public 2.45%
- Declaration of Final Dividend of Rs.6.53/-, i.e. 65.30% per equity share for the financial year ended 31st March 2026Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 63.91% · promoters 100.00% · institutions 71.09% · other public 2.45%
- Re-appointment of Mr. Amitabh Singh as Director who retires by rotationOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 63.91% · promoters 100.00% · institutions 71.09% · other public 2.45%
- Re-appointment and approval of Remuneration of Sh. Ajay Kumar Swarup as Managing Director for another period of 5 years w.e.f. 01st December 2026SpecialPromoters have an interest in it87.41% for12.59% against
Against: promoters 0.00% · institutions 48.90% · other public 0.00%
Turnout: all 63.87% · promoters 100.00% · institutions 71.09% · other public 2.29%
- Approval of Remuneration of Mr. Shekhar Swarup, Joint Managing Director & CEO of the companySpecialPromoters have an interest in it80.51% for19.49% against
Against: promoters 0.00% · institutions 75.69% · other public 0.10%
Turnout: all 63.87% · promoters 100.00% · institutions 71.09% · other public 2.29%
- Approval of Remuneration of Mr. Amitabh Singh, Executive Director of the company.Special88.86% for11.14% against
Against: promoters 0.00% · institutions 43.27% · other public 0.10%
Turnout: all 63.87% · promoters 100.00% · institutions 71.09% · other public 2.29%
- Approval of Remuneration of Mr. Rajesh Kumar Malik, Executive Director of the company.Special88.86% for11.14% against
Against: promoters 0.00% · institutions 43.27% · other public 0.10%
Turnout: all 63.87% · promoters 100.00% · institutions 71.09% · other public 2.29%
- Approval of Employee Stock Option Plan 2025-A (“ESOP 2025-A”).Special87.43% for12.57% against
Against: promoters 0.00% · institutions 48.82% · other public 0.26%
Turnout: all 63.87% · promoters 100.00% · institutions 71.09% · other public 2.29%
- Approval for payment of remuneration to M/s JSN & Co, Cost Auditor of the company.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.09%
Turnout: all 63.91% · promoters 100.00% · institutions 71.09% · other public 2.45%
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.
Extraordinary general meeting, 18 Dec 2025, 2 resolutions
67,478 shareholders on the register on 11 Dec 2025; present: 6 promoters and 87 others; votes counted by Sundeep Kumar Parashar / SKP & CO.The company's voting result (opens in a new tab)
1 - To approve raising of funds in one or more tranches, by issuance of securities by way of qualified institutions placement(s), private offerings, and/or any combination thereof or any other method as may be permitted under applicable law for an amount not exceeding Rs.500 crores.MoreLess
Special93.54% for6.46% againstAgainst: promoters 0.00% · institutions 27.67% · other public 0.02%
Turnout: all 67.11% · promoters 100.00% · institutions 93.84% · other public 1.90%
- 2 - Increase in Investment Limits for Foreign Portfolio Investors (“FPIs”) from 10% to 20%.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 67.11% · promoters 100.00% · institutions 93.84% · other public 1.90%
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, 18 Aug 2025, 9 resolutions
69,493 shareholders on the register on 11 Aug 2025; present: 8 promoters and 113 others; votes counted by Sundeep Kumar Parashar / SKP & CO.The company's voting result (opens in a new tab)
- 1 - Adoption of Audited Annual Standalone and Consolidated Financial Statements and Reports thereon for the year ended 31st March 2025.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 63.46% · promoters 100.00% · institutions 78.63% · other public 1.49%
- 2 - Declaration of Final Dividend of Rs.2.76/-, i.e. 27.60% per equity share for the financial year ended 31st March 2025.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 63.46% · promoters 100.00% · institutions 78.63% · other public 1.49%
- 3 - Re-appointment of Mr. Shekhar Swarup as Director who retires by rotation.OrdinaryPromoters have an interest in it99.31% for0.69% against
Against: promoters 0.00% · institutions 3.59% · other public 0.01%
Turnout: all 63.46% · promoters 100.00% · institutions 78.63% · other public 1.49%
- 4 - Re-appointment of Mr. Amitabh Singh as Executive Director Whose period shall be determined by liable to retire by rotation.Ordinary99.25% for0.75% against
Against: promoters 0.00% · institutions 3.90% · other public 0.01%
Turnout: all 63.46% · promoters 100.00% · institutions 78.63% · other public 1.49%
- 5 - Re-appointment of Mr. Rajesh Kumar Malik as Executive Director Whose period shall be determined by liable to retire by rotation.Ordinary99.25% for0.75% against
Against: promoters 0.00% · institutions 3.90% · other public 0.01%
Turnout: all 63.46% · promoters 100.00% · institutions 78.63% · other public 1.49%
- 6 - Appointment of Mr. Kenneth Dsouza as Independent Director in the company for his 1st term of consecutive 5 years.Ordinary99.25% for0.75% against
Against: promoters 0.00% · institutions 3.90% · other public 0.01%
Turnout: all 63.46% · promoters 100.00% · institutions 78.63% · other public 1.49%
- 7 - Approval of Employee Stock Option Plan 2025 (“ESOP 2025”).Special91.73% for8.27% against
Against: promoters 0.00% · institutions 43.05% · other public 0.01%
Turnout: all 63.46% · promoters 100.00% · institutions 78.63% · other public 1.49%
- 8 - Appointment of Secretarial Auditor of the company for 1st term of 5 consecutive Financial Years.Ordinary92.48% for7.52% against
Against: promoters 0.00% · institutions 39.15% · other public 0.01%
Turnout: all 63.46% · promoters 100.00% · institutions 78.63% · other public 1.49%
- 9 - Approval for payment of remuneration to M/s JSN & Co, Cost Auditor of the company.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 63.46% · promoters 100.00% · institutions 78.63% · other public 1.49%
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, 29 Aug 2024, 10 resolutions
Present: 11 promoters and 107 others.The company's voting result (opens in a new tab)
- Adoption of Audited Annual Standalone and Consolidated Financial Statements and Reports thereon for the year ended 31st March 2024.Ordinary94.71% for5.29% against
Against: promoters 0.00% · institutions 80.37% · other public 0.16%
Turnout: all 54.70% · promoters 100.00% · institutions 39.49% · other public 0.51%
- Declaration of Final Dividend of Rs.3.50/-, i.e. 35% per equity share for the financial year ended 31st March 2024.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.16%
Turnout: all 54.70% · promoters 100.00% · institutions 39.49% · other public 0.51%
- Re-appointment of Dr. Bhaskar Roy as Director who retires by rotationOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.16%
Turnout: all 54.70% · promoters 100.00% · institutions 39.49% · other public 0.51%
- Re-appointment of Ms. Ruchika Bansal as Independent Director in the company for her 2nd term of consecutive 5 years.Special96.82% for3.18% against
Against: promoters 0.00% · institutions 48.36% · other public 0.16%
Turnout: all 54.70% · promoters 100.00% · institutions 39.49% · other public 0.51%
- Appointment of Mr. Amit Bhatiani as Independent Director in the company for his 1st term of consecutive 5 years.Ordinary94.92% for5.08% against
Against: promoters 0.00% · institutions 77.20% · other public 0.16%
Turnout: all 54.70% · promoters 100.00% · institutions 39.49% · other public 0.51%
- Approval of Remuneration of Mr. Ajay Kumar Swarup, Managing Director of the company.Special96.76% for3.24% against
Against: promoters 0.00% · institutions 49.22% · other public 0.16%
Turnout: all 54.70% · promoters 100.00% · institutions 39.49% · other public 0.51%
- Approval of Remuneration of Mr. Shekhar Swarup, Joint Managing Director of the company.Special96.76% for3.24% against
Against: promoters 0.00% · institutions 49.22% · other public 0.16%
Turnout: all 54.70% · promoters 100.00% · institutions 39.49% · other public 0.51%
- Approval of Remuneration of Dr. Bhaskar Roy, Executive Director of the company.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.16%
Turnout: all 54.70% · promoters 100.00% · institutions 39.49% · other public 0.51%
- Approval of Remuneration of Ms. Devika Swarup, Head-Development (Projects) of the company.OrdinaryPromoters have an interest in it5.37% for94.63% against
Against: promoters 0.00% · institutions 100.00% · other public 0.16%
Turnout: all 3.80% · promoters 0.00% · institutions 39.49% · other public 0.51%
- Approval for payment of remuneration to M/s JSN & Co, Cost Auditor of the company.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.16%
Turnout: all 54.70% · promoters 100.00% · institutions 39.49% · other public 0.51%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 22 Jul 2023, 8 resolutions
Present: 6 promoters and 86 others.The company's voting result (opens in a new tab)
- 1 - Adoption of Audited Annual Financial Statement and Reports thereon for the year ended 31st March 2023.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 62.46% · promoters 99.81% · institutions 69.88% · other public 5.39%
- 2 -Declaration of Final Dividend of Rs.6/-, i.e. 60% per equity share for the financial year ended 31st March 2023.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 62.46% · promoters 99.81% · institutions 69.88% · other public 5.39%
- 3 - : Re-appointment of Sh. Shekhar Swarup as Director who retires by rotation.OrdinaryPromoters have an interest in it99.85% for0.15% against
Against: promoters 0.00% · institutions 0.95% · other public 0.01%
Turnout: all 62.46% · promoters 99.81% · institutions 69.88% · other public 5.39%
- 4 -: Appointment of M/s Walker Chandiok & Co. LLP, Chartered Accounts as Statutory Auditors of the Company.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 62.46% · promoters 99.81% · institutions 69.88% · other public 5.39%
- 5 - Special Resolution for Approval of appointment of Sunil Chadha as an Independent Director to hold office for 2nd term of five consecutive year.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 62.46% · promoters 99.81% · institutions 69.88% · other public 5.39%
- 6 - Special Resolution for Approval of Remuneration of Mr. Ajay Kumar Swarup, Managing Director of the company.SpecialPromoters have an interest in it91.52% for8.48% against
Against: promoters 0.00% · institutions 54.87% · other public 0.01%
Turnout: all 62.46% · promoters 99.81% · institutions 69.88% · other public 5.39%
- 7-Special Resolution for Approval of Remuneration of Mr. Shekhar Swarup, Joint Managing Director of the company.SpecialPromoters have an interest in it91.52% for8.48% against
Against: promoters 0.00% · institutions 54.87% · other public 0.01%
Turnout: all 62.46% · promoters 99.81% · institutions 69.88% · other public 5.39%
- 8-: Approval for payment of remuneration to M/s JSN & Co, Cost Auditor of the company.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 62.46% · promoters 99.81% · institutions 69.88% · other public 5.39%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 11 Feb 2023, 1 resolution
The company's voting result (opens in a new tab)
- Appointment of Mr. Ajay Bhaskar Baliga as a Non-executive Director of the Company.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 2.12%
Turnout: all 51.11% · promoters 99.81% · institutions 1.68% · other public 0.16%
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, 24 Sep 2022, 7 resolutions
Present: 6 promoters and 80 others.The company's voting result (opens in a new tab)
- Adoption of Audited Annual Financial Statements and Reports thereon for the year ended 31st Marchn2022.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 3.97%
Turnout: all 55.41% · promoters 98.20% · institutions 83.17% · other public 0.02%
- Declaration of Final Dividend of Rs.3/‐, i.e. 30% per equity share for the financial year ended 31st Marchn2022Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.76%
Turnout: all 55.41% · promoters 98.20% · institutions 83.17% · other public 0.02%
- Re‐appointment of Dr. Bhaskar Roy as Director who retires by rotation.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 5.17%
Turnout: all 55.41% · promoters 98.20% · institutions 83.17% · other public 0.02%
- Special Resolution for Approval of Remuneration of Mr. Ajay Kumar Swarup, Managing Director of thencompanySpecialPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 13.55%
Turnout: all 55.41% · promoters 98.20% · institutions 83.17% · other public 0.02%
- For Approval of Remuneration of Mr. Shekhar Swarup, Joint Managing Director of the companySpecialPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 13.55%
Turnout: all 55.41% · promoters 98.20% · institutions 83.17% · other public 0.02%
- Approval of Remuneration of Dr. Bhaskar Roy, Executive Director of the company.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 8.89%
Turnout: all 55.41% · promoters 98.20% · institutions 83.17% · other public 0.02%
- Approval for payment of remuneration to M/s JSN & Co, Cost Auditor of the companyOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 4.00%
Turnout: all 55.41% · promoters 98.20% · institutions 83.17% · other public 0.02%
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 2022, 2 resolutions
The company's voting result (opens in a new tab)
Special Resolution under the provisions of Section 180(1)(a) of the Companies Act, 2013 for mortgaging and charging all movable and immovable properties of the Company in favor of the Bank, Financial institution or any other Lenders to secure the amount borrowed/ to borrowed by the companyMoreLess
Special99.94% for0.06% againstAgainst: promoters 0.00% · institutions 0.52% · other public 2.34%
Turnout: all 55.79% · promoters 98.20% · institutions 84.88% · other public 0.17%
Special Resolution under the provisions of Section 180(1)(c) of the Companies Act, 2013 for authorizing Board of Directors of the company for maximum borrowing capacity up to Rs.700crores by enhancing the additional limit of Rs.300crores from its existing limit of Rs.400crores.MoreLess
Special99.94% for0.06% againstAgainst: promoters 0.00% · institutions 0.52% · other public 2.74%
Turnout: all 55.79% · promoters 98.20% · institutions 84.88% · 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.
How mutual funds voted
Fund houses must disclose how they vote at every meeting of a company they hold.
Mutual fund votes, meeting of 15 Sep 2026, 2 fund houses so far (houses' deadline to file 15 Oct 2026)
- Adoption of Audited Annual Standalone and Consolidated Financial Statements and Reports thereon for the year ended 31st March 20262 for0 against
- Declaration of Final Dividend of Rs.6.53/-, i.e. 65.30% per equity share for the financial year ended 31st March 20262 for0 against
- Re-appointment of Mr. Amitabh Singh as Director who retires by rotation2 for0 against
- Re-appointment and approval of Remuneration of Sh. Ajay Kumar Swarup as Managing Director for another period of 5 years w.e.f. 01st December 2026
Against HSBC Mutual Fund
- HSBC Mutual FundA vote AGAINST the following nominees is warranted because: • There are no disclosures on the threshold and target performance that they need to achieve to determine the variable element. • The estimate pay of the executives is deemed competitively positioned compared to industry peers and is not commensurate with the size and scale of company's operations.
1 for1 against - Approval of Remuneration of Mr. Shekhar Swarup, Joint Managing Director & CEO of the company
Against HSBC Mutual Fund, Mahindra Manulife Mutual Fund
- HSBC Mutual FundA vote AGAINST the following nominees is warranted because: • There are no disclosures on the threshold and target performance that they need to achieve to determine the variable element. • The estimate pay of the executives is deemed competitively positioned compared to industry peers and is not commensurate with the size and scale of company's operations.
- Mahindra Manulife Mutual FundShekhar Swarup, 40, is the Joint Managing Director and a part of the promoter family. He has served on the board since May 2012. He has more than 15 years of experience in the alcoholic beverages industry. Shekhar Swarup was paid a remuneration of Rs. 48.6 mn in FY26. We estimate his FY27 remuneration at RS. 66.4 mn. However, based on the proposed terms, the FY27 remuneration can go upto a maximum of RS. 97.1 mn at 100% of performance incentive payout. Also, during the tenure, his remuneration can be much higher as all components of his fixed remuneration can increase by 25% each year, which is high. Further, total promoter family remuneration (remuneration paid to Ajay Swarup and Shekhar Swarup) is high – it aggregated 8.9 % of profits in FY26 and 11.0% of employee benefit expense. Further, the remuneration structure allows for reimbursement of medical expenses at actuals for him and his family, which is applicable to all Executive Directors. The remuneration structure also allows for reimbursement at actuals for tours and travels including foreign travels for entire family. We believe that these are personal expenses and should be borne by the directors themselves and not by the company. While we support his reappointment on the board, given the concerns on his remuneration structure, we do not support the resolution.
0 for2 against - Approval of Remuneration of Mr. Amitabh Singh, Executive Director of the company.2 for0 against
- Approval of Remuneration of Mr. Rajesh Kumar Malik, Executive Director of the company.2 for0 against
- Approval of Employee Stock Option Plan 2025-A (“ESOP 2025-A”).
Against HSBC Mutual Fund
- HSBC Mutual FundA vote AGAINST these resolutions is warranted because: • The stock options may be issued with an exercise price at a discount to the current market price. • The company has not specified objective performance parameters, performance targets and thresholds for vesting. • The company has not disclosed the maximum vesting period. • The scheme allows employees to exercise their options for an indefinite period post vesting, which is unusual practice in this market and may impact the fair value of option and compensation cost to the company
1 for1 against - Approval for payment of remuneration to M/s JSN & Co, Cost Auditor of the company.2 for0 against
Mutual fund votes, meeting of 18 Dec 2025, 5 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
1 - To approve raising of funds in one or more tranches, by issuance of securities by way of qualified institutions placement(s), private offerings, and/or any combination thereof or any other method as may be permitted under applicable law for an amount not exceeding Rs.500 crores.MoreLess
Against Motilal Oswal Mutual Fund
- Motilal Oswal Mutual FundCompliant with law. Governance & Transparency concern: Excessive dilution; No justification for not opting for Rights Issue; There doesn’t appear to be any urgent need of funds.
2 for1 against- 2 - Increase in Investment Limits for Foreign Portfolio Investors (“FPIs”) from 10% to 20%.5 for0 against
2 proposals not matched to one resolution
- Item 1, as a fund house numbered it1 for0 against
- Approve Issuance of Equity or Equity-Linked Securities without Preemptive Rights
Against HSBC Mutual Fund
- HSBC Mutual FundA vote AGAINST this resolution is warranted as we are concerned about potential dilution for existing shareholders.
0 for1 against
4 earlier meetings
Mutual fund votes, meeting of 18 Aug 2025, 4 fund houses
- 1 - Adoption of Audited Annual Standalone and Consolidated Financial Statements and Reports thereon for the year ended 31st March 2025.4 for0 against
- 2 - Declaration of Final Dividend of Rs.2.76/-, i.e. 27.60% per equity share for the financial year ended 31st March 2025.4 for0 against
- 3 - Re-appointment of Mr. Shekhar Swarup as Director who retires by rotation.
Against Motilal Oswal Mutual Fund
- Motilal Oswal Mutual FundCompliant with law. Governance concern: Skewed remuneration in favor of the Director and the remuneration terms for other Directors on the Board are not aligned.
3 for1 against - 4 - Re-appointment of Mr. Amitabh Singh as Executive Director Whose period shall be determined by liable to retire by rotation.
Against Bandhan Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Motilal Oswal Mutual FundNon-compliance u/s 196 of the Companies Act, 2013: Specific term of appointment not disclosed. Remuneration sought to be paid prior to commencement of appointment as Executive Director of the Company. Transparency Concern: Present Companies Act, 2013 - Schedule V disclosures are not aligned with legal requirements. Whether separate approval will be sought for payment of minimum remuneration, if applicable.
2 for2 against - 5 - Re-appointment of Mr. Rajesh Kumar Malik as Executive Director Whose period shall be determined by liable to retire by rotation.
Against Bandhan Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Motilal Oswal Mutual FundNon-compliance u/s 196 of the Companies Act, 2013: Specific term of appointment not disclosed. Remuneration sought to be paid prior to commencement of appointment as Executive Director of the Company. Transparency Concern: Present Companies Act, 2013 - Schedule V disclosures are not aligned with legal requirements. Whether separate approval will be sought for payment of minimum remuneration, if applicable.
2 for2 against - 6 - Appointment of Mr. Kenneth Dsouza as Independent Director in the company for his 1st term of consecutive 5 years.
Against Bandhan Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Motilal Oswal Mutual FundNo concern on merit of the proposed appointee. Non-compliance with SEBI LODR and Companies Act, 2013: Shareholders’ approval sought through an ordinary resolution. Appointment of an ID as liable to retire by rotation. Terms & Conditions for appointment of Independent Director not disclosed on the website of the Company.
2 for2 against - 7 - Approval of Employee Stock Option Plan 2025 (“ESOP 2025”).
Against Bandhan Mutual Fund, HSBC Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Motilal Oswal Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations, 2021: Inadequate disclosures regarding Employee eligibility, Exercise price, Exercise period, and Vesting Period. Governance Concern: Potential economic benefits to a single employee appears to be disproportionate and excessive.
- HSBC Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns:• The stock options may be issued with an exercise price at a deep discount to the prevailing market price.• The company has not specified the performance parameters and targets for vesting.• The company has not disclosed the maximum period for vesting of the options.• The company has failed to provide information on the exercise period which may impact the fair value of option and compensation cost to the company.
1 for3 against - 8 - Appointment of Secretarial Auditor of the company for 1st term of 5 consecutive Financial Years.
Against HSBC Mutual Fund, Motilal Oswal Mutual Fund
- HSBC Mutual FundA vote AGAINST this resolution is warranted in absence of information to take a fair judgement on the auditors' competence.
- Motilal Oswal Mutual FundNon-Compliant with SEBI (LODR) Regulations: Non-Disclosure of Credentials & Audit Fee for the Proposed Auditor. Transparency concern: No clarity on material change in the proposed audit fee.
2 for2 against - 9 - Approval for payment of remuneration to M/s JSN & Co, Cost Auditor of the company.4 for0 against
Mutual fund votes, meeting of 29 Aug 2024, 5 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- Adoption of Audited Annual Standalone and Consolidated Financial Statements and Reports thereon for the year ended 31st March 2024.
Against Bandhan Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Groww Mutual FundNon-Compliant of S.136(1) of the Companies Act: Non-disclosure of the audited financial statements of the subsidiary on the website of the Company.
- HSBC Mutual FundA vote AGAINST this resolution is warranted given the auditors' qualified opinion that raises concern over the accuracy and integrity of the company's financial statements.
- Motilal Oswal Mutual Fundnot compliant with regulations
0 for4 against - Declaration of Final Dividend of Rs.3.50/-, i.e. 35% per equity share for the financial year ended 31st March 2024.4 for0 against
- Re-appointment of Dr. Bhaskar Roy as Director who retires by rotation5 for0 against
- Re-appointment of Ms. Ruchika Bansal as Independent Director in the company for her 2nd term of consecutive 5 years.
Against Bandhan Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund
- Bandhan Mutual Fund, Groww Mutual FundCompliant with law. Governance concern: Proposed term will lead to Prolonged association with the Company. Appointed as ID without serving cooling off period of 3 years. Holding Chairmanship of both AC & NRC.
- HSBC Mutual FundA vote AGAINST the nominee is warranted because: • Ruchika Bansal serves on the audit committee and there are significant concerns regarding the company's financial statements. • Ruchika Bansal's current appointment will exceed her association with the company for more than ten years thus affecting her independence
1 for3 against - Appointment of Mr. Amit Bhatiani as Independent Director in the company for his 1st term of consecutive 5 years.
Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Taurus Mutual Fund
- Bandhan Mutual Fund, Groww Mutual FundNon- Compliance: Approval for resolution sought by way of Ordinary resolution, instead of special resolution. No concern on the merit of proposed appointee.
- Motilal Oswal Mutual Fundnot compliant with regulations
- Taurus Mutual FundAmit Bhatiani, 53, is the Managing Partner of Canopy Advisors LLP: an investment partnership. He is the former partner and founder of CX Partners. Prior to CX, he was a portfolio manager at Duma Capital, an investment partnership and he has also worked as a portfolio manager at the Clinton Group, an investment partnership in New York. He has completed MBA from Columbia University. While we support his appointment as an Independent Director to the board, we are unable to support the resolution: based on the amendments to SEBI LODR effective 1 January 2022, the resolution must seek shareholder approval via a special resolution.
1 for4 against - Approval of Remuneration of Mr. Ajay Kumar Swarup, Managing Director of the company.
Against Bandhan Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund
- Bandhan Mutual Fund, Groww Mutual FundCompliant with law. Governance concern: Past and Proposed remuneration skewed in favour of promoter directors.
- HSBC Mutual FundA vote AGAINST these resolutions is warranted because: • The executives' remuneration includes performance incentive; however, the company has not disclosed any performance metrics and threshold targets determining the payout under this element. • The resolution entails giving discretion to the board to revise the remuneration by up to 25% annually. • There is lack of alignment between executives' historic pay and the company's performance. • The pay is aggressively positioned compared to market peers and does not commensurate with the size and scale of company's operations.
1 for3 against - Approval of Remuneration of Mr. Shekhar Swarup, Joint Managing Director of the company.
Against Bandhan Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund
- Bandhan Mutual Fund, Groww Mutual FundCompliant with law. Governance concern: Past and Proposed remuneration skewed in favour of promoter directors.
- HSBC Mutual FundA vote AGAINST these resolutions is warranted because: • The executives' remuneration includes performance incentive; however, the company has not disclosed any performance metrics and threshold targets determining the payout under this element. • The resolution entails giving discretion to the board to revise the remuneration by up to 25% annually. • There is lack of alignment between executives' historic pay and the company's performance. • The pay is aggressively positioned compared to market peers and does not commensurate with the size and scale of company's operations.
1 for3 against - Approval of Remuneration of Dr. Bhaskar Roy, Executive Director of the company.4 for0 against
- Approval of Remuneration of Ms. Devika Swarup, Head-Development (Projects) of the company.
Against Bandhan Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Groww Mutual FundNon-compliance with Companies Act, 2013: Prior approval not sought. Governance & Transparency Concern: Inadequate disclosures regarding the basis of arriving at the proposed pay. Fairness cannot be ascertained.
- HSBC Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns: • The company has not disclosed a detailed profile of the nominee and information how her pay is benchmarked. • The remuneration structure includes performance incentive, however the company has not disclosed any absolute cap as well as the performance metrics and threshold targets determining the payout under this element. • The resolution entails giving discretion to the board to revise the remuneration by up to 25% annually. • The proposed mandate may limit shareholders' right to review and vote on a periodic basis
- Motilal Oswal Mutual Fundnot compliant with regulations
0 for4 against - Approval for payment of remuneration to M/s JSN & Co, Cost Auditor of the company.4 for0 against
8 proposals not matched to one resolution
- Item 1, as a fund house numbered it
Against Taurus Mutual Fund
- Taurus Mutual FundWe have relied upon the auditors’ report, which has issued a qualified opinion on the consolidated financial statements with respect to tax liability that could arise on account of search operations by the income tax department. The auditors are unable to assess the extent of the adjustments to be recognised or disclosures to be made, if any, and the consequential impact on the financial statements. the Income Tax Department had carried out search and seizure operation at the head office and other premises of the Company between 30 January 2023 to 3 February 2023. The Company has received assessment orders for last 10 assessment years alleging certain disallowances resulting in an aggregate tax demand of Rs. 356.1 mn (including interest and penalties thereon). Further, the auditors are unable to comment if the company has established adequate internal financial controls to absorb the adjustments of the tax liability with respect to the above matter. Further, the auditor notes that the company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software except that auditors are unable to comment on audit trail feature with respect to third party softwares used by the company. Further, the auditor did not come across any instance of audit trail feature being tampered with in respect of the accounting software. Since the auditor’s opinion is qualified, we do not support the resolution.
0 for1 against - Item 2, as a fund house numbered it1 for0 against
- Item 4, as a fund house numbered it
Against Taurus Mutual Fund
- Taurus Mutual FundMs. Ruchika Bansal, 44, is a Management Consultant and the founder of Tarvos Consulting Services Private Limited: a firm engaged in finance and strategy consulting. She has attended all five board meetings in FY24. Ms. Ruchika Bansal has been on the board since 28 March 2015. She was appointed as Non-Executive Non-Independent Director from March 2015 was redesignated as Independent Director from 1 April 2020. We consider her overall association with the group while computing her tenure. We do not support reappointment of independent directors if their aggregate tenure with the company or the group exceeds 10 years anytime during the proposed tenure as we believe that this is not in line with the spirit of the regulations. We are unable to support the resolution.
0 for1 against - Item 6, as a fund house numbered it
Against Taurus Mutual Fund
- Taurus Mutual FundAjay Swarup, 65, is the Managing Director of the company and a part of the promoter family. He has been on the board since December 2006. We estimate Ajay Kumar Swarup’s FY25 remuneration at Rs. 70.3 mn. He was paid remuneration of Rs. 54.4 mn in FY24, which amounted to 117.2x the median employee remuneration. Ajay Swarup’s estimated remuneration is high when compared to industry peers and size of business. Though remuneration in the past has been in line with profits, the linkage is weakening with remuneration outpacing profits since FY23: In FY23 PBT declined by 35.0%, Executive promoter remuneration grew by ~69.0% and in FY24 PBT declined by ~50% and Executive promoter remuneration increased by 5.0%. Further, total promoter family remuneration (remuneration paid to Ajay Swarup and Shekhar Swarup) is high – it aggregated 11.4% of profits in FY24 and 13.0% of employee benefit expense. The remuneration structure allows for reimbursement at actuals for tours and travels including foreign travels for entire family rather than the LTA component which has a more limited scope. The remuneration structure also allows for reimbursement of medical expenses at actuals for him and his family. We believe that travel and medical expenses for the entire family should be borne by the director and not the company as these expenses are personal in nature.
0 for1 against - Item 7, as a fund house numbered it
Against Taurus Mutual Fund
- Taurus Mutual FundShekhar Swarup, 38, is the Joint Managing Director of the company and a part of the promoter family. He has been on the board since May 2012. He has more than 15 years of experience in the alcoholic beverages industry. We estimate Shekhar Swarup’s FY25 remuneration at Rs. 60.1 mn. He was paid remuneration of 48.8 mn in FY24, which amounted to 100.4x the median employee remuneration. Shekhar Swarup’s estimated remuneration is high when compared to industry peers and size of business. Executive Promoter Remuneration has outpaced profits since FY23: IN FY23 PBT declined by ~35.0% and promoter executive remuneration grew by ~69.0% and in FY24, PBT declined by ~50% and executive remuneration increased by ~5.0%. Further, total promoter family remuneration (Remuneration paid to Ajay Swarup and Shekhar Swarup) is high - it aggregated 11.4% of profits in FY24 and 13.0% of employee benefit expense. Also, the remuneration structure allows for reimbursement at actuals for tours and travels including foreign travels for entire family rather than the LTA component which has a more limited scope. The remuneration structure also allows for reimbursement of medical expenses for him and his family at actuals. We believe that travel and medical expenses for entire family should be borne by the employee and not the company as the expenses are personal in nature. Shekhar Swarup’s remuneration is much higher than the remuneration paid to the professional whole-time director: Bhaskar Roy who has greater work experience.
0 for1 against - Item 8, as a fund house numbered it1 for0 against
- Item 9, as a fund house numbered it
Against Taurus Mutual Fund
- Taurus Mutual FundMs. Devika Swarup is the daughter of Ajay Swarup, Managing Director and promoter of the company. Ms. Devika Swarup has completed a bachelor’s degree in Painting from Delhi University and a Postgraduate in Fine Art from London. She is an art entrepreneur and public sources indicate that she has worked in the art and design industry for ten years and she is a creative director at Globus Spirits. She is associated with the company since 1 April 2021. She was paid Rs. 3.9 mn in FY23 and RS. 4.2 mn in FY24. Based on the revised terms, we estimate her FY25 remuneration at Rs. 8.5 mn. Her proposed remuneration is eligible for an annual increment upto 25%. The company has not disclosed granular details of her current role and contribution to the business. There is lack of clarity on how the company has benchmarked her experience and remuneration with those in her proposed designation or cadre. Public sources indicate that she has promoted a start-up called Swika that proposes to revolutionize footwear for women. Therefore, it is unclear if Devika Swarup is fully concentrated on her role at Globus Spirits. Further, she is eligible for uncapped medical reimbursements at actuals for herself and her family. We believe these expenses are personal in nature and should be borne by the directors/employees themselves. We also raise concerns that her remuneration is not capped in absolute terms and the company has also not provided a tenure for the resolution, making the resolution valid in perpetuity.
0 for1 against - Item 10, as a fund house numbered it1 for0 against
Mutual fund votes, meeting of 22 Jul 2023, 1 fund house
- 1 - Adoption of Audited Annual Financial Statement and Reports thereon for the year ended 31st March 2023.1 for0 against
- 2 -Declaration of Final Dividend of Rs.6/-, i.e. 60% per equity share for the financial year ended 31st March 2023.1 for0 against
- 3 - : Re-appointment of Sh. Shekhar Swarup as Director who retires by rotation.1 for0 against
- 4 -: Appointment of M/s Walker Chandiok & Co. LLP, Chartered Accounts as Statutory Auditors of the Company.1 for0 against
- 5 - Special Resolution for Approval of appointment of Sunil Chadha as an Independent Director to hold office for 2nd term of five consecutive year.1 for0 against
- 6 - Special Resolution for Approval of Remuneration of Mr. Ajay Kumar Swarup, Managing Director of the company.1 for0 against
- 7-Special Resolution for Approval of Remuneration of Mr. Shekhar Swarup, Joint Managing Director of the company.1 for0 against
- 8-: Approval for payment of remuneration to M/s JSN & Co, Cost Auditor of the company.1 for0 against
Mutual fund votes, meeting of 19 Sep 2022, 1 fund house
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
Special Resolution under the provisions of Section 180(1)(c) of the Companies Act, 2013 for authorizing Board of Directors of the company for maximum borrowing capacity up to Rs.700crores by enhancing the additional limit of Rs.300crores from its existing limit of Rs.400crores.MoreLess
1 for0 against
1 proposal not matched to one resolution
To create mortgage/ hypothecation and/or charge on the whole or substantially the whole of the Company’s anyone or more of the undertakings or all of the undertakings, including present or future properties, whether immovable or movable assets, comprised in any undertaking of the Company.MoreLess
1 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
- The board is made up as the listing rules require
- Yes
- The board has a regular chairperson
- Yes
- The company has a risk management committee
- Yes
- The chair is related to the managing director
- No
- The filing has a part on fines and penalties
- 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.