Godrej Industries MD, chairman, board of directors and AGM
NSE: GODREJINDBSE: 500164DiversifiedMid Cap
Share price at the NSE close on 23 Oct 2026. Previous close ₹951.90.
- 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.
- ₹31,182 Cr250th 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 13 Aug 2026
- 26.5
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. The filing of 15 May 2026
- 2.8
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonein the last 12 months
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it. The filing of 13 Aug 2026
- 11.0%
- 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 13 Aug 2026
- 2.6%
- 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 15 May 2026
- 2.20
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 1,16,29446.0% delivered
Godrej Industries 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 directorNADIR BURJOR GODREJRelated to the promoter
- Company Secretary and Compliance OfficerAnupama Kamble
10 directors5 independent3 executive2 non-executive
- NADIR BURJOR GODREJ · Chairperson and managing directorExecutive · joined Mar 1988 · reappointed Apr 2026 · 4 listed boards · 2 committee seats, 1 as chair
- TANYA DUBASHExecutive · joined Aug 1996 · reappointed Apr 2025 · 5 listed boards · 2 as independent · 2 committee seats
- PIROJSHA ADI GODREJNon-executive · joined Apr 2022 · reappointed Jun 2022 · 6 listed boards · 3 committee seats, 1 as chair
- NISABA GODREJNon-executive · joined Aug 2024 · reappointed Sep 2024 · 5 listed boards · 2 as independent · 3 committee seats
- VISHAL SHARMAExecutive · joined May 2024 · reappointed Jun 2024 · 2 listed boards · 4 committee seats, 1 as chair
- EIPE MATHEWIndependent · joined May 2019 · reappointed May 2024 · 86 months as independent · 2 listed boards · 2 as independent · 6 committee seats, 5 as chair
- GANAPATI DADASAHEB YADAVIndependent · joined May 2019 · reappointed May 2024 · 86 months as independent · 5 listed boards · 5 as independent · 4 committee seats
- MONAZ NOBLEIndependent · joined May 2020 · reappointed May 2025 · 74 months as independent · 1 listed board · 1 as independent · 1 committee seat
- SHWETA BHATIAIndependent · joined Oct 2020 · reappointed Oct 2025 · 68 months as independent · 1 listed board · 1 as independent · 1 committee seat
- SANDEEP MURTHYIndependent · joined Mar 2021 · reappointed Mar 2026 · 64 months as independent · 1 listed board · 1 as independent · 1 committee seat
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
- AJAYKUMAR DINESHKUMAR VAGHANI, left 22 Jun 2026: Tenure Completion
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 15 May 202611 of 11 present6 independent · 31 days in between
- 13 Apr 202611 of 11 present6 independent · 60 days in between
- 11 Feb 202610 of 11 present6 independent
Audit Committee
Chair EIPE MATHEW
GANAPATI DADASAHEB YADAV, MONAZ NOBLE, SANDEEP MURTHY, VISHAL SHARMA
- 15 May 20265 of 5 present4 independent · 92 days in between
- 11 Feb 20265 of 5 present4 independent
Nomination and remuneration committee
Chair EIPE MATHEW
MONAZ NOBLE, SANDEEP MURTHY, SHWETA BHATIA
- 15 May 20264 of 4 present4 independent · 31 days in between
- 13 Apr 20264 of 4 present4 independent
Stakeholders Relationship Committee
Chair EIPE MATHEW
NADIR BURJOR GODREJ, TANYA DUBASH, SHWETA BHATIA, VISHAL SHARMA
- 15 May 20265 of 5 present2 independent · 92 days in between
- 11 Feb 20264 of 5 present2 independent
Risk Management Committee
Chair NADIR BURJOR GODREJ
EIPE MATHEW, GANAPATI DADASAHEB YADAV, CLEMENT GEORGE PINTO, VISHAL SHARMA
- 15 May 20264 of 4 present2 independent
Corporate Social Responsibility Committee
Chair NADIR BURJOR GODREJ
TANYA DUBASH, EIPE MATHEW, VISHAL SHARMA
No meeting listed in the filing.
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.
- Kalyaniwalla & Mistry LLPPeer-review certificate valid to Jul 2027
1 earlier auditor
- Kalyaniwalla and Mistry LLPNamed in filings from Mar 2025 to Dec 2025
A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.
Godrej Industries 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.Godrej Industries dividend history
Postal ballot, 24 Sep 2026
84,571 shareholders on the register on 14 Aug 2026; votes counted by Sachin Manseta / M/s. Sachin Manseta & Associates.The company's voting result (opens in a new tab)
Approval for Re-Designation, Appointment of and Remuneration payable to Pirojsha Godrej as a ‘Whole Time Director’ (Designated as The ‘Executive Chairperson’) of the Company for a period commencing from August 14, 2026, to August 13, 2031MoreLess
Special97.75% for2.25% againstAgainst: promoters 0.00% · institutions 30.08% · other public 0.01%
Turnout: all 94.29% · promoters 100.00% · institutions 86.69% · other public 73.14%
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, 13 Aug 2026, 7 resolutions
84,722 shareholders on the register on 6 Aug 2026; present: 25 promoters and 36 others; votes counted by Sachin Manseta / M/s. Sachin Manseta & Associates.The company's voting result (opens in a new tab)
- Adoption of Audited Financial Statements for the Financial Year ended March 31, 2026Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 94.27% · promoters 100.00% · institutions 86.45% · other public 73.17%
- Appointment of Mr. Vishal Sharma, as a Director, liable to retire by rotation, who has offered himself for re-appointmentOrdinary98.96% for1.04% against
Against: promoters 0.00% · institutions 13.96% · other public 0.01%
Turnout: all 94.28% · promoters 100.00% · institutions 86.50% · other public 73.17%
- Approval for re-appointment of and remuneration payable to Mr. Vishal Sharma as a “Whole Time Director”Special98.96% for1.04% against
Against: promoters 0.00% · institutions 13.87% · other public 0.01%
Turnout: all 94.28% · promoters 100.00% · institutions 86.50% · other public 73.17%
Approval for raising of funds by way of issuance of Unsecured Non-Convertible Debentures (NCDs) / bonds / other instruments aggregating to ₹1,500 crore and to delegate the powers to the Management Committee in this regardMoreLess
Special100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.01% · other public 0.00%
Turnout: all 94.28% · promoters 100.00% · institutions 86.50% · other public 73.17%
- Ratification of remuneration of M/s. R. Nanabhoy & Co., Cost Accountants appointed as the “Cost Auditors” of the CompanyOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 94.28% · promoters 100.00% · institutions 86.50% · other public 73.17%
- Contribution to Bonafide charitable and other fundsOrdinary97.71% for2.29% against
Against: promoters 0.00% · institutions 30.67% · other public 0.01%
Turnout: all 94.28% · promoters 100.00% · institutions 86.50% · other public 73.17%
- Approval for further investment of up to ₹1,000 crore in Godrej Investment Limited, a Wholly-owned Subsidiary CompanySpecial99.95% for0.05% against
Against: promoters 0.00% · institutions 0.61% · other public 0.00%
Turnout: all 94.27% · promoters 100.00% · institutions 86.43% · other public 73.17%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 22 Jun 2026, 1 resolution
85,139 shareholders on the register on 15 May 2026; votes counted by Sachin Manseta / M/s. Sachin Manseta & Associates.The company's voting result (opens in a new tab)
- APPROVAL FOR APPOINTMENT OF MR. BURJIS GODREJ AS A “NON-EXECUTIVE NON-INDEPENDENT DIRECTOR” OF THE COMPANYOrdinary99.98% for0.02% against
Against: promoters 0.00% · institutions 0.24% · other public 0.00%
Turnout: all 94.17% · promoters 100.00% · institutions 85.95% · other public 72.83%
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, 27 Sep 2025, 3 resolutions
86,388 shareholders on the register on 22 Aug 2025; votes counted by Puneet Motwani / Puneet Motwani & Associates.The company's voting result (opens in a new tab)
APPROVAL FOR INVESTMENT OF UP TO ₹4,000 CRORE (RUPEES FOUR THOUSAND CRORE ONLY) IN GODREJ FS LIMITED OR SUCH OTHER NAME AS MAY BE APPROVED BY MINISTRY OF CORPORATE AFFAIRS, A WHOLLY OWNED SUBSIDIARY OF GODREJ INDUSTRIES LIMITED (“GIL”) TO BE INCORPORATED FOR ACQUISITION OF THE GIL’S ENTIRE STAKE IN GODREJ CAPITAL LIMITED, SUBSIDIARY COMPANYMoreLess
Special99.89% for0.11% againstAgainst: promoters 0.00% · institutions 1.40% · other public 0.01%
Turnout: all 91.49% · promoters 100.00% · institutions 85.01% · other public 64.94%
APPROVAL FOR FURTHER INVESTMENT OF UP TO ₹1,000 CRORE (RUPEES ONE THOUSAND CRORE ONLY) IN GODREJ FS LIMITED OR SUCH OTHER NAME AS MAY BE APPROVED BY MINISTRY OF CORPORATE AFFAIRS, A WHOLLY OWNED SUBSIDIARY COMPANY FOR FURTHER INVESTMENT IN ITS SUBSIDIARIESMoreLess
Special99.54% for0.46% againstAgainst: promoters 0.00% · institutions 6.02% · other public 0.01%
Turnout: all 91.49% · promoters 100.00% · institutions 85.01% · other public 64.94%
MATERIAL RELATED PARTY TRANSACTIONS WITH GODREJ FS LIMITED OR SUCH OTHER NAME AS MAY BE APPROVED BY MINISTRY OF CORPORATE AFFAIRS, A WHOLLY OWNED SUBSIDIARY OF GODREJ INDUSTRIES LIMITED (“GIL”) TO BE INCORPORATED AND FOR DIVESTMENT OF EQUITY STAKE IN GODREJ CAPITAL LIMITED, SUBSIDIARY COMPANY.MoreLess
OrdinaryPromoters have an interest in it99.50% for0.50% againstAgainst: promoters 0.00% · institutions 1.45% · other public 0.01%
Turnout: all 20.39% · promoters 0.00% · institutions 85.01% · other public 64.78%
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, 13 Aug 2025, 9 resolutions
87,854 shareholders on the register on 6 Aug 2025; present: 22 promoters and 35 others; votes counted by Kalidas Vanjpe / Kalidas Vanjpe, Practising Company Secretary.The company's voting result (opens in a new tab)
- Adoption of Audited Financial Statements for the Financial Year ended March 31, 2025Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 93.74% · promoters 100.00% · institutions 84.94% · other public 75.92%
- Appointment of Ms. Tanya Dubash, as a Director, liable to retire by rotation, who has offered herself for re-appointmentOrdinary99.95% for0.05% against
Against: promoters 0.00% · institutions 0.64% · other public 0.00%
Turnout: all 93.75% · promoters 100.00% · institutions 85.01% · other public 75.92%
Approval for re-appointment of and remuneration payable to Mr. Nadir Godrej as “Managing Director” (designated as the ‘Chairman and Managing Director’) of the Company for a period from April 1, 2026, to August 25, 2026MoreLess
Special99.63% for0.37% againstAgainst: promoters 0.00% · institutions 5.05% · other public 0.00%
Turnout: all 93.75% · promoters 100.00% · institutions 85.01% · other public 75.92%
- Approval for re-appointment of Ms. Shweta Bhatia as an “Independent Director” of the CompanySpecial98.21% for1.79% against
Against: promoters 0.00% · institutions 24.33% · other public 0.00%
Turnout: all 93.75% · promoters 100.00% · institutions 85.01% · other public 75.92%
- Approval for re-appointment of Mr. Sandeep Murthy as an “Independent Director” of the CompanySpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 93.75% · promoters 100.00% · institutions 85.01% · other public 75.92%
- Approval for increase in borrowing powers of the Company under Section 180 (1)(c) of the Companies Act, 2013Special98.03% for1.97% against
Against: promoters 0.00% · institutions 26.73% · other public 0.00%
Turnout: all 93.75% · promoters 100.00% · institutions 85.01% · other public 75.92%
Approval for raising of funds by way of issuance of Unsecured Non-Convertible Debentures (NCDs) / bonds / other instruments aggregating to Rs. 2,000 Crore (Rupees Two Thousand Crore Only) and to delegate the powers to the Management Committee in this regardMoreLess
Special99.66% for0.34% againstAgainst: promoters 0.00% · institutions 4.56% · other public 0.00%
Turnout: all 93.75% · promoters 100.00% · institutions 85.01% · other public 75.92%
- Ratification of remuneration of M/s. R. Nanabhoy & Co., Cost Accountants appointed as the “Cost Auditors” of the CompanyOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 93.75% · promoters 100.00% · institutions 85.01% · other public 75.92%
- To appoint M/s. Nilesh Shah & Associates as the Secretarial Auditor of the Company and to fix their remunerationOrdinary99.97% for0.03% against
Against: promoters 0.00% · institutions 0.40% · other public 0.00%
Turnout: all 93.74% · promoters 100.00% · institutions 85.00% · other public 75.92%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 22 Mar 2025, 1 resolution
87,072 shareholders on the register on 14 Feb 2025; votes counted by Kalidas Vanjpe / Kalidas Vanjpe, Practicing Company Secretary.The company's voting result (opens in a new tab)
- Approval for further investment of up to Rs. 500 Crore (Rupees Five Hundred Crore Only) in Godrej Capital Limited, Subsidiary CompanySpecial99.93% for0.07% against
Against: promoters 0.00% · institutions 0.73% · other public 0.00%
Turnout: all 90.27% · promoters 100.00% · institutions 94.91% · other public 63.19%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 12 Sep 2024, 3 resolutions
The company's voting result (opens in a new tab)
Approval for raising of funds by way of issuance of Unsecured Non-Convertible Debentures (NCDs) / Bonds / Other Instruments Aggregating to ¿3,000 Crore (Rupees Three Thousand Crore) and to delegate the powers to the Management Committee in this regard.MoreLess
Special99.63% for0.37% againstAgainst: promoters 0.00% · institutions 3.84% · other public 0.01%
Turnout: all 89.32% · promoters 100.00% · institutions 65.12% · other public 69.06%
- Approval of the requests received for re-classification of certain Members of the Promoter and Promoter group of Godrej Industries Limited to ‘Public’ category.OrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 86.82% · promoters 96.28% · institutions 65.12% · other public 69.06%
- Approval for appointment of Ms. Nisaba Godrej as a “Non-Executive Non- Independent Director” of the CompanyOrdinary99.74% for0.26% against
Against: promoters 0.00% · institutions 2.65% · other public 0.01%
Turnout: all 89.32% · promoters 100.00% · institutions 65.12% · other public 69.06%
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, 13 Aug 2024, 5 resolutions
Present: 23 promoters and 37 others.The company's voting result (opens in a new tab)
- Adoption of Audited Financial Statements for the Financial Year ended March 31, 2024Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 89.11% · promoters 100.00% · institutions 64.34% · other public 68.52%
- Appointment of Mr. Pirojsha Godrej, as a Director, liable to retire by rotation, who has offerednhimself for re-appointmentOrdinary99.93% for0.07% against
Against: promoters 0.00% · institutions 0.75% · other public 0.00%
Turnout: all 89.11% · promoters 100.00% · institutions 64.40% · other public 68.52%
- Approval for re-appointment of Ms. Monaz Noble as an “Independent Director” of the CompanySpecial99.95% for0.05% against
Against: promoters 0.00% · institutions 0.47% · other public 0.00%
Turnout: all 89.11% · promoters 100.00% · institutions 64.40% · other public 68.52%
- Approval for re-appointment of and remuneration payable to Ms. Tanya Dubash as Whole Time Director of the Company from April 1, 2025 to March 31, 2028.Special97.12% for2.88% against
Against: promoters 0.00% · institutions 32.67% · other public 0.00%
Turnout: all 88.35% · promoters 100.00% · institutions 58.68% · other public 68.52%
- Ratification of remuneration of M/s. R. Nanabhoy & Co., Cost Accountants appointed as then“Cost Auditors” of the CompanyOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 89.11% · promoters 100.00% · institutions 64.40% · other public 68.52%
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 24 Sep 2026, 9 fund houses so far (houses' deadline to file 15 Oct 2026)
Approval for Re-Designation, Appointment of and Remuneration payable to Pirojsha Godrej as a ‘Whole Time Director’ (Designated as The ‘Executive Chairperson’) of the Company for a period commencing from August 14, 2026, to August 13, 2031MoreLess
Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund
- Angel One Mutual FundGovernance Concern: It should be noted that no concerns are identified with the quantum of remuneration when considering the size of the Company. Instead, the concern solely pertains to the significant difference in the remuneration of the executive directors on the Board despite having comparable experience. It is also understood that it is not necessary that all Executive Directors on a Board will always be paid similar remuneration. However, the reason behind the difference should be communicated in order to have an understanding over the fairness and reasonableness of the payment and the distribution. Such skewed remuneration without explanation also raises concern over the combined position as Board Chairperson and Executive Director.
- DSP Mutual Fund, Jio BlackRock Mutual FundPirojsha Godrej, 45, was appointed as Executive Chairperson of Godrej Industries Limited and is the Chairperson of the Godrej Industries Group. Prior to this, he was the Executive Chairperson of Godrej Properties Limited. Based on the proposed terms, we estimate his annual remuneration in the range of Rs. 385.9 mn – Rs. 672.4 mn. The proposed remuneration is higher than peers and not commensurate with the size and complexity of the consolidated business. The company consolidates Godrej Properties and Godrej Agrovet on a consolidated level: Both companies have professional CEOs. The company must disclose granular performance metrics that determine variable pay and the peer benchmarking used to determine his remuneration. Although we support his appointment as Executive Chairperson, given the concerns on his remuneration terms, we do not support the resolution.
- Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. No major governance concern identified with regard to the profile, time commitment and attendance of the proposed Director. Governance Concern: It should be noted that no concerns are identified with the quantum of remuneration when considering the size of the Company. Instead, the concern solely pertains to the significant difference in the remuneration of the executive directors on the Board despite having comparable experience. It is also understood that it is not necessary that all Executive Directors on a Board will always be paid similar remuneration. However, the reason behind the difference should be communicated in order to have an understanding over the fairness and reasonableness of the payment and the distribution. Such skewed remuneration without explanation also raises concern over the combined position as Board Chairperson and Executive Director.
4 for5 against
Mutual fund votes, meeting of 13 Aug 2026, 9 fund houses so far (houses' deadline to file 15 Oct 2026)
- Adoption of Audited Financial Statements for the Financial Year ended March 31, 20269 for0 against
- Appointment of Mr. Vishal Sharma, as a Director, liable to retire by rotation, who has offered himself for re-appointment9 for0 against
- Approval for re-appointment of and remuneration payable to Mr. Vishal Sharma as a “Whole Time Director”
Against DSP Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual Fund
- DSP Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual FundVishal Sharma, 55, was the Chief Executive Officer, Chemicals for Godrej Industries Limited from September 2023. He was appointed as Whole-time Director from 1 May 2024 till 31 March 2027. The company proposes to reappoint him as Whole-time Director for three years from 1 April 2027. He was paid remuneration of Rs. 92.3 mn, excluding stock options (details not provided) in FY26. Based on the proposed terms, we estimate his FY28 remuneration at Rs. 134.0 mn, excluding stock options and long-term incentives. There is no guidance or absolute cap on variable pay components of long-term incentives and no clarity on stock options that he may be granted in the proposed term. The company should also disclose the performance metrics which determine his variable pay. While we support his reappointment, we do not support the resolution as we are unable to estimate his overall remuneration.
6 for3 against Approval for raising of funds by way of issuance of Unsecured Non-Convertible Debentures (NCDs) / bonds / other instruments aggregating to ₹1,500 crore and to delegate the powers to the Management Committee in this regardMoreLess
9 for0 against- Ratification of remuneration of M/s. R. Nanabhoy & Co., Cost Accountants appointed as the “Cost Auditors” of the Company9 for0 against
- Contribution to Bonafide charitable and other funds
Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund, Quantum Mutual Fund, SBI Mutual Fund
- Angel One Mutual FundGovernance & Transparency Concern: Inadequate disclosure regarding the organization(s) to which the Company intends to donate. Perpetual Approval without specifying the tenure or duration of the proposal.
- DSP Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual FundAt FY18 AGM, shareholders had approved a limit of Rs. 50.0 mn per annum under Section 181 of the Companies Act, 2013 for making donations/ contributions to Charitable Trusts, etc. It is now proposed to increase this limit to Rs. 100.0 mn per annum, notwithstanding that such contribution or donation are / may exceed the limit as mentioned in the Companies Act, 2013. We believe companies should undertake charitable contributions within the 5% limit prescribed under Section 181. We do not support the resolution.
- Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. Governance & Transparency Concern: Inadequate disclosure regarding the organization(s) to which the Company intends to donate. Perpetual Approval without specifying the tenure or duration of the proposal.
- Quantum Mutual FundThe company is seeking shareholders’ approval to make charitable contributions upto Rs. 100.0 mn per annum. The company has not provided the details of the recipients of such donations. It may be noted that in 2018, a similar resolution for donations was sought for an amount of Rs. 50 mn. There has been no disclosure on the charitable contributions in the past 5 years. Since the company has not provided adequate details, we do not favour the resolution.
2 for7 against - Approval for further investment of up to ₹1,000 crore in Godrej Investment Limited, a Wholly-owned Subsidiary Company
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund
- Angel One Mutual FundGovernance and Transparency concern: Valuation of proposed investment not undertaken, hence pricing fairness cannot be determined; Lack of adequate justification for the proposed additional investment; No clarity regarding source of funds.
- Edelweiss Mutual Fund, Navi Mutual FundCompliant with law. Governance and Transparency concern: Valuation of proposed investment not undertaken, hence pricing fairness cannot be determined; Lack of adequate justification for the proposed additional investment; No clarity regarding source of funds.
6 for3 against
6 earlier meetings
Mutual fund votes, meeting of 22 Jun 2026, 23 fund houses
- APPROVAL FOR APPOINTMENT OF MR. BURJIS GODREJ AS A “NON-EXECUTIVE NON-INDEPENDENT DIRECTOR” OF THE COMPANY23 for0 against
Mutual fund votes, meeting of 27 Sep 2025, 22 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
APPROVAL FOR INVESTMENT OF UP TO ₹4,000 CRORE (RUPEES FOUR THOUSAND CRORE ONLY) IN GODREJ FS LIMITED OR SUCH OTHER NAME AS MAY BE APPROVED BY MINISTRY OF CORPORATE AFFAIRS, A WHOLLY OWNED SUBSIDIARY OF GODREJ INDUSTRIES LIMITED (“GIL”) TO BE INCORPORATED FOR ACQUISITION OF THE GIL’S ENTIRE STAKE IN GODREJ CAPITAL LIMITED, SUBSIDIARY COMPANYMoreLess
Against Angel One Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual FundGovernance Concern: Valuation of proposed divestment not undertaken, hence pricing fairness can not be determined.
- Baroda BNP Paribas Mutual FundCompliant with law. However, there is a governance concern on non-disclosure of basis of valuation of proposed divestment, which impacts determination of pricing fairness.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Valuation of proposed divestment not undertaken, hence pricing fairness cannot be determined.
- Kotak Mahindra Mutual FundGodrej Capital Limited is a material subsidiary, where Godrej Industries Limited (GIL) held 90.89% as on 30 June 2025. GIL has invested Rs. 34.54 bn in GCL. The company has not disclosed the residual shareholding in GCL. GFSL is to be incorporated as wholly owned subsidiary of the Company with the object of diversifying its business activities and as the Company believes that there is strong potential for financial services business. The explanatory statement fails to answer as to why a new company is being formed to hold a stake indirectly, there is information gap and we are not able make a judgement. In the absence of clarity about the valuation, we cannot favour the resolution.
10 for8 againstAPPROVAL FOR FURTHER INVESTMENT OF UP TO ₹1,000 CRORE (RUPEES ONE THOUSAND CRORE ONLY) IN GODREJ FS LIMITED OR SUCH OTHER NAME AS MAY BE APPROVED BY MINISTRY OF CORPORATE AFFAIRS, A WHOLLY OWNED SUBSIDIARY COMPANY FOR FURTHER INVESTMENT IN ITS SUBSIDIARIESMoreLess
Against Angel One Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual FundGovernance Concern: Lack of adequate justification for additional investment in GFSL; No information regarding valuation of proposed investment; No absolute clarity regarding source of funds.
- Baroda BNP Paribas Mutual FundCompliant with law. However, In absence of disclosure of basis for valuation, difficult to ascertain pricing fairness.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Interlinked with resolution #2; Lack of adequate justification for additional investment in GFSL; No information regarding valuation of proposed investment; No absolute clarity regarding source of funds.
- Kotak Mahindra Mutual FundSame as first resolution, lack of adequate justification for additional investment in GFSL is there. Company has given no information regarding valuation of proposed investment and no absolute clarity has been provided regarding source of funds. In the absence of clarity, we can t favour the resolution.
10 for8 againstMATERIAL RELATED PARTY TRANSACTIONS WITH GODREJ FS LIMITED OR SUCH OTHER NAME AS MAY BE APPROVED BY MINISTRY OF CORPORATE AFFAIRS, A WHOLLY OWNED SUBSIDIARY OF GODREJ INDUSTRIES LIMITED (“GIL”) TO BE INCORPORATED AND FOR DIVESTMENT OF EQUITY STAKE IN GODREJ CAPITAL LIMITED, SUBSIDIARY COMPANY.MoreLess
Against Angel One Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual FundGovernance Concern: Valuation of proposed divestment not undertaken, hence pricing fairness cannot be determined; Lack of adequate justification for the proposed additional investment in GFSL, No information regarding valuation of proposed investment; No absolute clarity regarding source of funds.
- Baroda BNP Paribas Mutual FundCompliant with law. However, In absence of disclosure of basis for valuation, difficult to ascertain pricing fairness.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Valuation of proposed divestment not undertaken, hence pricing fairness cannot be determined; Lack of adequate justification for the proposed additional investment in GFSL, No information regarding valuation of proposed investment; No absolute clarity regarding source of funds.
- Kotak Mahindra Mutual FundCompany has not disclosed the valuation of proposed divestment, hence pricing fairness cannot be determined adequately by us. Lack of adequate justification for the proposed additional investment in GFSL and no information regarding valuation of proposed investment has been given as well. We have no clarity regarding source of funds for this resolution. Hence, we do not favour it.
10 for8 against
6 proposals not matched to one resolution
- 1) Approve investment of up to Rs 40.0 bn in Godrej FS Limited (GFSL), a wholly owned subsidiary, under Section 186 of Companies Act, 2013.1 for0 against
- 2) Approve investment of up to Rs 10.0 bn in Godrej FS Limited (GFSL), a wholly owned subsidiary, under Section 186 of Companies Act, 2013.1 for0 against
3) Approve related party transaction for divestment of entire stake in Godrej Capital Limited (GCL) to Godrej FS Limited (GFSL) not exceeding Rs. 40.0 bn and approve additional investment in GFSL upto Rs. 10.0 bn.MoreLess
1 for0 against- Approve investment of up to Rs 10.0 bn in Godrej FS Limited (GFSL), a wholly owned subsidiary, under Section 186 of Companies Act, 20133 for0 against
- Approve investment of up to Rs 40.0 bn in Godrej FS Limited (GFSL), a wholly owned subsidiary, under Section 186 of Companies Act, 20133 for0 against
Approve related party transaction for divestment of entire stake in Godrej Capital Limited (GCL) to Godrej FS Limited (GFSL) not exceeding Rs. 40.0 bn and approve additional investment in GFSL upto Rs. 10.0 bnMoreLess
3 for0 against
Mutual fund votes, meeting of 13 Aug 2025, 21 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- Adoption of Audited Financial Statements for the Financial Year ended March 31, 202521 for0 against
- Appointment of Ms. Tanya Dubash, as a Director, liable to retire by rotation, who has offered herself for re-appointment21 for0 against
Approval for re-appointment of and remuneration payable to Mr. Nadir Godrej as “Managing Director” (designated as the ‘Chairman and Managing Director’) of the Company for a period from April 1, 2026, to August 25, 2026MoreLess
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Quantum Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual FundGovernance concern: Dual position of Chairman and Managing Director. Concentration of power in the hands of a single person.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance concern: Dual position of CMD. Concentration of power in the hands of a single person.
- Quantum Mutual FundWe take note that Mr. Nadir Godrej holds the position of Chairman & MD of the company. We are of the view that holding dual position may lead to concentration of power. Therefore, we do not favour his reappointment.
14 for7 against- Approval for re-appointment of Ms. Shweta Bhatia as an “Independent Director” of the Company21 for0 against
- Approval for re-appointment of Mr. Sandeep Murthy as an “Independent Director” of the Company21 for0 against
- Approval for increase in borrowing powers of the Company under Section 180 (1)(c) of the Companies Act, 20133 for0 against
Approval for raising of funds by way of issuance of Unsecured Non-Convertible Debentures (NCDs) / bonds / other instruments aggregating to Rs. 2,000 Crore (Rupees Two Thousand Crore Only) and to delegate the powers to the Management Committee in this regardMoreLess
21 for0 against- Ratification of remuneration of M/s. R. Nanabhoy & Co., Cost Accountants appointed as the “Cost Auditors” of the Company21 for0 against
- To appoint M/s. Nilesh Shah & Associates as the Secretarial Auditor of the Company and to fix their remuneration
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual FundTransparency concern: Remuneration of outgoing auditor not disclosed, thus, material change, if any, with proposed audit fee cannot be ascertained.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Transparency concern: Remuneration of outgoing auditor not disclosed, thus, material change, if any, with proposed audit fee cannot be ascertained.
15 for6 against
1 proposal not matched to one resolution
To borrow from time to time all such sums of money as they may deem requisite for the purpose of the business (including but not limited to, for financing any capital or revenue requirements, new business ventures or prospects) of the Company, notwithstanding that moneys to be borrowed together with moneys already borrowed by the Company (apart from temporary loans obtained from the Company's Bankers in the ordinary course of business) may exceed the aggregate of the paid-up share capital of the Company, free reserves and securities premium, provided, however, the total amount so borrowed (other than temporary loans from the Company’s bankers) and outstanding at any point of time shall not exceed a sum of Rs. 11,500 crore plus the paid-up capital, free reserves and securities premium of the Company.MoreLess
Against Axis Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund
- Axis Mutual FundGIL currently has an outstanding credit rating of CRISIL AA+/Stable CRISIL A1+ for its debt programs, which indicates a high degree of safety regarding timely servicing of financial obligations. GIL’s standalone debt was Rs. 100.6 bn as on 31 March 2025 comprising short-term borrowing of Rs. 60.0 bn and long-term borrowings of Rs. 40.6 bn. We understand GIL has utilized most of its current borrowing limits (88%). However, we do not favour rolling limits (linked to net worth) and recommend that companies seek shareholder approval for a fixed quantum. We do not support the resolution.
- HDFC Mutual FundWe do not favour rolling limits linked to net worth. We do not support the resolution.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
- Nippon India Mutual FundGovernance Concern: Lack of Clarity
14 for4 against
Mutual fund votes, meeting of 22 Mar 2025, 21 fund houses
- Approval for further investment of up to Rs. 500 Crore (Rupees Five Hundred Crore Only) in Godrej Capital Limited, Subsidiary Company
Against Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual FundCompliant with law. Transparency concern: Lack of adequate justification for the proposed increase in investment, Source of funds.
- Kotak Mahindra Mutual FundThe Company has not disclosed in its Notice the source of the funds for further investment in GCL. The Company has not satisfactorily justified the proposed increase in investment. The Company has only stated the reason for its investment in the company is that it considers it to be a strategic investment . Given the lack of disclosure, voting against.
- Nippon India Mutual FundInadequate Disclosure
15 for6 against
Mutual fund votes, meeting of 12 Sep 2024, 18 fund houses
Approval for raising of funds by way of issuance of Unsecured Non-Convertible Debentures (NCDs) / Bonds / Other Instruments Aggregating to ¿3,000 Crore (Rupees Three Thousand Crore) and to delegate the powers to the Management Committee in this regard.MoreLess
18 for0 against- Approval of the requests received for re-classification of certain Members of the Promoter and Promoter group of Godrej Industries Limited to ‘Public’ category.18 for0 against
- Approval for appointment of Ms. Nisaba Godrej as a “Non-Executive Non- Independent Director” of the Company
Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual FundAppointment is Non-Compliant with Companies Act, 2013 and SEBI LODR, 2015: Directorship ceased on the date of AGM 2024 as the appointment was valid only till the date of the said AGM which was the next general meeting post Ms. Nisaba Godrej’s appointment on the Board.
12 for6 against
Mutual fund votes, meeting of 13 Aug 2024, 18 fund houses
- Adoption of Audited Financial Statements for the Financial Year ended March 31, 202418 for0 against
- Appointment of Mr. Pirojsha Godrej, as a Director, liable to retire by rotation, who has offerednhimself for re-appointment18 for0 against
- Approval for re-appointment of Ms. Monaz Noble as an “Independent Director” of the Company18 for0 against
- Approval for re-appointment of and remuneration payable to Ms. Tanya Dubash as Whole Time Director of the Company from April 1, 2025 to March 31, 2028.
Against Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund
- Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundCompliant with law. Transparency concern: No clarity in terms of appointment u/s 152 of the Companies Act, 2013. Governance concern: overall remuneration appears to be excessive.
- Zerodha Mutual FundTransparency concern: No clarity in terms of appointment u/s 152 of the Companies Act, 2013. Governance concern: overall remuneration appears to be excessive.
14 for4 against - Ratification of remuneration of M/s. R. Nanabhoy & Co., Cost Accountants appointed as then“Cost Auditors” of the Company18 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Stakes in unlisted companies
Reported in the filing for the quarter to Jun 2026.
- Unlisted stake heldGodrej Investment LimitedSince 25 Jun 2026
0.00% bought in the quarter; holding 100.00%, from 100.00%
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
- 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
- Yes
- 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.