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Granules India MD, chairman, board of directors and AGM

NSE: GRANULESBSE: 532482Pharmaceuticals & BiotechnologySmall Cap

Last close ₹794.75down ₹22.25 (2.72%)BSE ₹794.75

Share price at the NSE close on 23 Oct 2026. Previous close ₹817.00.

52-week range of traded prices to 23 Oct 2026
₹529.85Low, 25 Nov 2025₹923.65High, 15 Sep 2026
Market cap
₹21,679 Cr403rd largest listed
P/E
32.7
P/B
Shares changed
Dividend yield
0.22%
ROE
15.1%
ROCE
15.1%
Debt to equity
0.26
Volume, NSE
8,83,84352.9% delivered

Granules India board of directors

At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

  • Chairperson and managing directorKrishna Prasad ChigurupatiRelated to the promoter
  • Company Secretary and Compliance OfficerCHAITANYA TUMMALA

11 directors6 independent4 executive1 non-executive

  • Krishna Prasad Chigurupati · Chairperson and managing directorExecutive · joined Aug 1994 · 1 listed board · 2 committee seats
  • Uma Devi ChigurupatiExecutive · joined May 2012 · 1 listed board · 1 committee seat
  • Harsha ChigurupatiExecutive · joined Jul 2010 · 1 listed board
  • Priyanka ChigurupatiExecutive · joined Jan 2024 · 1 listed board
  • K. B. Sankar RaoNon-executive · joined Feb 2013 · 1 listed board
  • Arun SawhneyIndependent · joined Oct 2018 · reappointed Oct 2023 · 95 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • Saumen ChakrabortyIndependent · joined Dec 2021 · reappointed Dec 2021 · 57 months as independent · 2 listed boards · 2 as independent · 2 committee seats, 2 as chair
  • Sucharita Rao PalepuIndependent · joined Dec 2021 · reappointed Dec 2021 · 57 months as independent · 1 listed board · 1 as independent
  • Kapil Kumar MehanIndependent · joined May 2023 · reappointed May 2023 · 40 months as independent · 2 listed boards · 2 as independent · 1 committee seat, 1 as chair
  • Sethurathnam RaviIndependent · joined Jan 2024 · reappointed Jan 2024 · 32 months as independent · 5 listed boards · 4 as independent · 10 committee seats, 4 as chair
  • Rajiv Pritidas KakodkarIndependent · joined Feb 2024 · reappointed Feb 2024 · 31 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.

1 director who left
  • Kandiraju Venkata Sitaramrao, left 31 Jul 2025: Others

Committees and meetings

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

  • Board

    • 21 Jul 202611 of 11 present6 independent · 82 days in between
    • 29 Apr 202611 of 11 present6 independent

  • Audit Committee

    Chair Saumen Chakraborty

    Arun Sawhney, Sethurathnam Ravi, Krishna Prasad Chigurupati

    • 21 Jul 20264 of 4 present3 independent · 82 days in between
    • 29 Apr 20264 of 4 present3 independent

  • Nomination and remuneration committee

    Chair Arun Sawhney

    Saumen Chakraborty, Kapil Kumar Mehan

    • 20 Jul 20263 of 3 present3 independent · 54 days in between
    • 26 May 20263 of 3 present3 independent · 27 days in between
    • 28 Apr 20263 of 3 present3 independent

  • Stakeholders Relationship Committee

    Chair Kapil Kumar Mehan

    Krishna Prasad Chigurupati, Uma Devi Chigurupati

    • 16 Sep 20263 of 3 present1 independent · 57 days in between

  • Risk Management Committee

    Chair Kapil Kumar Mehan

    K. B. Sankar Rao, Sethurathnam Ravi, Krishna Prasad Chigurupati

    No meeting listed in the filing.

  • Corporate Social Responsibility Committee

    Chair Uma Devi Chigurupati

    Krishna Prasad Chigurupati, Sucharita Rao Palepu, Rajiv Pritidas Kakodkar

    • 28 Apr 20264 of 4 present2 independent

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • S.R. BATLIBOI & ASSOCIATES LLPPeer-review certificate valid to Jul 2027
1 earlier auditor
  • S.R. BATLIBOI & ASSOCIATESNamed in the filing for the quarter to Sep 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.

Granules India 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.Granules India dividend history

Annual general meeting, 6 Aug 2026

1,83,956 shareholders on the register on 30 Jul 2026; present: 11 promoters and 56 others; votes counted by DHANUNJAYA KUMAR ALLA / DHANUNJAYA & HARANATH CHARTERED ACCOUNTANTS.The company's voting result (opens in a new tab)

  1. To consider and adopt Audited Financial Statements, Report of Board of Directors and Auditors for FY 2025-26.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.03%

    Turnout: all 71.07% · promoters 99.97% · institutions 82.32% · other public 16.34%

  2. Declaration of final dividend of Rs.1.75/- per equity share for the FY 2025-26.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.03%

    Turnout: all 71.18% · promoters 99.97% · institutions 82.63% · other public 16.34%

  3. To appoint Ms. Priyanka Chigurupati (DIN:01793431), who retires by rotation and, being eligible, seeks re-appointment.
    OrdinaryPromoters have an interest in it
    99.69% for0.31% against

    Against: promoters 0.00% · institutions 0.76% · other public 0.09%

    Turnout: all 71.18% · promoters 99.97% · institutions 82.63% · other public 16.34%

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, 22 Jan 2026, 2 resolutions

1,66,350 shareholders on the register on 15 Jan 2026; present: 9 promoters and 64 others; votes counted by DHANUNJAYA KUMAR ALLA / DHANUNJAYA & HARANATH CHARTERED ACCOUNTANTS.The company's voting result (opens in a new tab)

  1. ISSUANCE OF UP TO 2,50,00,000 (TWO CRORES FIFTY LAKHS) WARRANTS CONVERTIBLE INTO EQUITY SHARES OF THE COMPANY ON PREFERENTIAL BASIS
    SpecialPromoters have an interest in it
    86.69% for13.31% against

    Against: promoters 0.00% · institutions 35.88% · other public 0.03%

    Turnout: all 69.39% · promoters 99.97% · institutions 82.64% · other public 16.12%

  2. ISSUANCE OF UP TO 51,28,205 (FIFTY ONE LAKHS TWENTY EIGHT THOUSAND TWO HUNDRED AND FIVE ONLY) EQUITY SHARES OF THE COMPANY ON PREFERENTIAL BASIS
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 69.41% · promoters 99.97% · institutions 82.70% · other public 16.12%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 7 Aug 2025, 4 resolutions

1,74,881 shareholders on the register on 31 Jul 2025; present: 8 promoters and 56 others; votes counted by DHANUNJAYA KUMAR ALLA / DHANUNJAYA & HARANATH CHARTERED ACCOUNTANTS.The company's voting result (opens in a new tab)

  1. To consider and adopt Audited Financial Statements, Report of Board of Directors and Auditors for FY 2024-25.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.02%

    Turnout: all 74.17% · promoters 99.95% · institutions 87.72% · other public 13.94%

  2. Declaration of final dividend of Rs.1.50/- per equity share for the FY 2024-25.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.02%

    Turnout: all 74.21% · promoters 99.95% · institutions 87.83% · other public 13.94%

  3. To appoint Mr. Kolli Basava Sankar Rao (DIN: 05167550), who retires by rotation and, being eligible, seeks re-appointment.
    Ordinary
    99.78% for0.22% against

    Against: promoters 0.00% · institutions 0.51% · other public 0.03%

    Turnout: all 74.21% · promoters 99.95% · institutions 87.83% · other public 13.94%

  4. To appoint M/s. Saurabh Poddar & Associates, practising Company Secretaries as the Secretarial Auditor of the Company for a term of 5 consecutive years from the conclusion of this 34th Annual General Meeting till the conclusion of the 39th Annual General Meeting of the Company.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.03%

    Turnout: all 74.21% · promoters 99.95% · institutions 87.82% · other public 13.94%

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, 6 Aug 2024, 5 resolutions

Present: 8 promoters and 57 others.The company's voting result (opens in a new tab)

  1. To consider and adopt Audited Financial Statements, Report of Board of Directors and Auditors for FY 2023-24.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 79.27% · promoters 99.97% · institutions 90.32% · other public 30.83%

  2. Declaration of final dividend of Rs.1.50/- per equity share for the FY 2023-24.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.04%

    Turnout: all 79.34% · promoters 99.97% · institutions 90.50% · other public 30.83%

  3. To appoint a Director in place of Mrs. Uma Devi Chigurupati (DIN:00737689), who retires by rotation and, being eligible, seeks re-appointment.
    OrdinaryPromoters have an interest in it
    91.20% for8.80% against

    Against: promoters 0.00% · institutions 21.28% · other public 0.03%

    Turnout: all 79.34% · promoters 99.97% · institutions 90.50% · other public 30.83%

  4. To re-appoint Mr. Harsha Chigurupati (DIN:01606477) as a Whole Time Director of the Company for a further term of five years effective from August 29, 2024.
    SpecialPromoters have an interest in it
    98.61% for1.39% against

    Against: promoters 0.00% · institutions 3.35% · other public 0.03%

    Turnout: all 79.34% · promoters 99.97% · institutions 90.50% · other public 30.83%

  5. To re-appoint Dr. Krishna Prasad Chigurupati (DIN: 00020180), as Chairman & Managing Director of the Company for a further term of five years effective from September 01, 2024.
    SpecialPromoters have an interest in it
    88.64% for11.36% against

    Against: promoters 0.00% · institutions 29.51% · other public 0.01%

    Turnout: all 75.62% · promoters 99.97% · institutions 80.26% · other public 30.83%

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, 2 Apr 2024, 3 resolutions

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

  1. To appoint Dr. Sethurathnam Ravi (DIN: 00009790) as a Non-Executive Independent Director of the Company for an initial term of 5 (five) years.
    Special
    96.37% for3.63% against

    Against: promoters 0.00% · institutions 10.50% · other public 0.84%

    Turnout: all 71.76% · promoters 99.04% · institutions 92.37% · other public 18.42%

  2. To appoint Mr. Rajiv Pritidas Kakodkar (DIN: 01519590) as Non-Executive Independent Director of the Company for an initial term of 5 (five) years.
    Special
    98.78% for1.22% against

    Against: promoters 0.00% · institutions 3.38% · other public 0.85%

    Turnout: all 71.76% · promoters 99.04% · institutions 92.37% · other public 18.42%

  3. To appoint Ms. Priyanka Chigurupati, (DIN:01793431) as a Whole-time Director of the Company for a term of 5(five) years.
    SpecialPromoters have an interest in it
    82.62% for17.38% against

    Against: promoters 0.00% · institutions 21.33% · other public 0.86%

    Turnout: all 30.20% · promoters 0.00% · institutions 92.37% · other public 18.42%

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, 10 Aug 2023, 5 resolutions

Present: 7 promoters and 52 others.The company's voting result (opens in a new tab)

  1. Consider and adopt Audited Financial Statements, Report of Board of Directors and Auditors for FY 2022-23.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 69.06% · promoters 99.97% · institutions 87.63% · other public 15.09%

  2. Declaration of final dividend of Rs.1.50/- per equity share for the FY 2022-23.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 69.15% · promoters 99.97% · institutions 88.01% · other public 15.10%

  3. To appoint a Director in place of Mr. Harsha Chigurupati (DIN: 01606477), who retires by rotation and, being eligible, seeks re-appointment.
    OrdinaryPromoters have an interest in it
    80.20% for19.80% against

    Against: promoters 0.00% · institutions 24.00% · other public 0.95%

    Turnout: all 27.14% · promoters 0.00% · institutions 88.01% · other public 15.09%

  4. To re-appoint Mr. Arun Sawhney (DIN: 01929668) as Non-Executive Independent Director of the Company for a second term of five years effective from October 29, 2023.
    Special
    85.57% for14.43% against

    Against: promoters 0.00% · institutions 44.95% · other public 0.07%

    Turnout: all 69.15% · promoters 99.97% · institutions 88.01% · other public 15.09%

  5. To appoint Mr. Kapil Kumar Mehan (DIN: 01215092) as Non-Executive Independent Director of the Company for an initial term of five years effective from May 16, 2023.
    Special
    100.00% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.07%

    Turnout: all 69.15% · promoters 99.97% · institutions 88.01% · other public 15.09%

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, 27 Jul 2022, 6 resolutions

Present: 3 promoters and 59 others.The company's voting result (opens in a new tab)

  1. Consider and adopt Audited Financial Statements, Report of Board of Directors and Auditors for FY 2021-22.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 72.83% · promoters 99.05% · institutions 80.60% · other public 31.86%

  2. Declaration of final dividend of 75 paisa per equity share and ratification of interim dividend of 75 paisa per equity share paid during the FY 2021-22.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 72.91% · promoters 99.05% · institutions 80.90% · other public 31.86%

  3. To appoint a Director in place of Mr. Kolli Basava Sankar Rao (DIN 05167550), who retires by rotation and, being eligible, seeks re-appointment.
    Ordinary
    91.90% for8.10% against

    Against: promoters 0.00% · institutions 23.33% · other public 9.61%

    Turnout: all 71.08% · promoters 99.05% · institutions 80.90% · other public 26.09%

  4. To appoint M/ s. S.R. Batliboi Associates LLP Chartered Accountants (Registration No. 101049W/E300004) as statutory auditors of the Company for a term of five years.
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 72.91% · promoters 99.05% · institutions 80.90% · other public 31.86%

  5. To re-appoint Mrs. Uma Devi Chigurupati as Whole-Time Director of the Company for a term of five years effective from May 31,2022.
    SpecialPromoters have an interest in it
    75.35% for24.65% against

    Against: promoters 0.00% · institutions 36.19% · other public 0.45%

    Turnout: all 31.38% · promoters 0.00% · institutions 80.90% · other public 31.86%

  6. To approve revision in the remuneration payable to Non-Executive Directors by way of Commission.
    Special
    99.73% for0.27% against

    Against: promoters 0.00% · institutions 0.52% · other public 0.89%

    Turnout: all 68.00% · promoters 91.97% · institutions 80.90% · other public 25.73%

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, 24 Feb 2022, 3 resolutions

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

  1. To appoint Dr. Saumen Chakraborty (DIN: 06471520), as NonExecutive Independent Director of the Company for initial termnof 5 (five) years
    Special
    99.46% for0.54% against

    Against: promoters 0.00% · institutions 1.77% · other public 0.13%

    Turnout: all 65.35% · promoters 99.05% · institutions 75.47% · other public 12.80%

  2. To appoint Mrs. Sucharita Rao Palepu (DIN: 07807717), as NonExecutive Independent Director of the Company for initial termnof 5 (five)
    Special
    99.46% for0.54% against

    Against: promoters 0.00% · institutions 1.77% · other public 0.14%

    Turnout: all 65.35% · promoters 99.05% · institutions 75.47% · other public 12.80%

  3. To appoint Dr. Kandiraju Venkata Sitaram Rao (DIN:08874100), asnExecutive Director of the Company for a term of 5 (five) years andnto designate him as Joint Managing Director and Chief ExecutivenOfficer (CEO)MoreLess
    Ordinary
    99.20% for0.80% against

    Against: promoters 0.00% · institutions 2.62% · other public 0.15%

    Turnout: all 65.35% · promoters 99.05% · institutions 75.47% · other public 12.80%

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 6 Aug 2026, 12 fund houses so far (houses' deadline to file 15 Oct 2026)

  • To consider and adopt Audited Financial Statements, Report of Board of Directors and Auditors for FY 2025-26.
    12 for0 against
  • Declaration of final dividend of Rs.1.75/- per equity share for the FY 2025-26.
    12 for0 against
  • To appoint Ms. Priyanka Chigurupati (DIN:01793431), who retires by rotation and, being eligible, seeks re-appointment.
    12 for0 against

Mutual fund votes, meeting of 22 Jan 2026, 17 fund houses

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

  • ISSUANCE OF UP TO 2,50,00,000 (TWO CRORES FIFTY LAKHS) WARRANTS CONVERTIBLE INTO EQUITY SHARES OF THE COMPANY ON PREFERENTIAL BASIS
    Against Aditya Birla Sun Life Mutual Fund, Jio BlackRock Mutual Fund, SBI Mutual Fund
    • Aditya Birla Sun Life Mutual FundThrough resolution #1 and #2, the company proposes to raise Rs. 17.63 bn, resulting in an overall dilution of ~11.0% on the expanded equity base. Of the total fund raise, Rs. 14.6 bn is proposed to be raised through the issuance of warrants, largely to promoters. The proceeds are proposed to be utilised towards funding of business operations and general corporate purposes.In the case of a warrants issue, 25% of the issue price is paid upfront, with an option to convert the warrants into equity shares at any time during the next 18 months. The remaining 75% is payable upon conversion. If promoters decide not to subscribe to the remaining 75%, it could have material implications for the company’s funding plans.The warrants are being issued almost entirely to promoters, while equity is being issued only to non-promoters, resulting in an increase in promoter shareholding to 43.7% from 38.8%.As on 30 September 2025, the company’s debt-to-equity ratio stood at 0.4x. We believe promoters should participate through an upfront infusion of equity rather than through the warrants route. We do not support the resolution.
    • Jio BlackRock Mutual FundThrough resolution #1 and #2, the company proposes to raise Rs. 17.63 bn, resulting in an overall dilution of ~11.0% on the expanded equity base. Of the total fund raise, Rs. 14.6 bn is proposed to be raised through the issuance of warrants, largely to promoters. The proceeds are proposed to be utilised towards funding of business operations and general corporate purposes. In the case of a warrants issue, 25% of the issue price is paid upfront, with an option to convert the warrants into equity shares at any time during the next 18 months. The remaining 75% is payable upon conversion. If promoters decide not to subscribe to the remaining 75%, it could have material implications for the company’s funding plans. The warrants are being issued almost entirely to promoters, while equity is being issued only to non-promoters, resulting in an increase in promoter shareholding to 43.7% from 38.8%. As on 30 September 2025, the company’s debt-to-equity ratio stood at 0.4x. We believe promoters should participate through an upfront infusion of equity rather than through the warrants route. We do not support the resolution.
    • SBI Mutual FundThrough resolution #1 and #2, the company proposes to raise Rs. 17.63 bn, resulting in an overall dilution of ~11.0% on the expanded equity base. Of the total fund raise, Rs. 14.6 bn is proposed to be raised through the issuance of warrants, largely to promoters. The proceeds are proposed to be utilised towards funding of business operations and general corporate purposes.In the case of a warrants issue, 25% of the issue price is paid upfront, with an option to convert the warrants into equity shares at any time during the next 18 months. The remaining 75% is payable upon conversion. If promoters decide not to subscribe to the remaining 75%, it could have material implications for the company’s funding plans.The warrants are being issued almost entirely to promoters, while equity is being issued only to non-promoters, resulting in an increase in promoter shareholding to 43.7% from 38.8%. As on 30 September 2025, the company’s debt-to-equity ratio stood at 0.4x. We believe promoters should participate through an upfront infusion of equity rather than through the warrants route. We do not support the resolution.
    0 for3 against
4 proposals not matched to one resolution
  • 2) Approve preferential allotment of upto 5,128,205 equity shares to non-promoters at a price of Rs. 585.0 each, aggregating Rs. 3.0 bn.
    1 for0 against
  • Approve preferential allotment of upto 5,128,205 equity shares to non-promoters at a price of Rs. 585.0 each, aggregating Rs. 3.0 bn
    2 for0 against
  • To create, issue, offer and allot, on a preferential basis up to 51,28,205 Equity Shares for cash at a price of Rs. 585 of the Company of face value of Rs. 1 each aggregating up to Rs. 300 Crores to the proposed allottees on preferential issue basis.MoreLess
    14 for0 against
  • To create, issue, offer and allot up to 2,50,00,000 (fully convertible warrants (warrants), each convertible into, or exchangeable in one or more tranches, at an option of proposed allottees, within a maximum period of 18 months from the date of allotment of warrants into equivalent number of fully paid up equity shares of the Company of face value of Rs. 1/- each at a price of Rs. 585/- each payable in cash (warrant issue price), aggregating to Rs. 1,462.50 Crores to proposed allottees on preferential issue basis.MoreLess
    Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund
    • Angel One Mutual FundGovernance concern: Excessive dilution and no justification for not opting rights issue. Warrants are priced exactly at par with Equity Shares. No rationale provided for urgency of funds.
    • Axis Mutual FundThrough resolution #1 and #2, the company proposes to raise Rs. 17.63 bn, resulting in an overall dilution of ~11.0% on the expanded equity base. Of the total fund raise, Rs. 14.6 bn is proposed to be raised through the issuance of warrants, largely to promoters. The proceeds are proposed to be utilised towards funding of business operations and general corporate purposes.In the case of a warrants issue, 25% of the issue price is paid upfront, with an option to convert the warrants into equity shares at any time during the next 18 months. The remaining 75% is payable upon conversion. If promoters decide not to subscribe to the remaining 75%, it could have material implications for the company’s funding plans.The warrants are being issued almost entirely to promoters, while equity is being issued only to non-promoters, resulting in an increase in promoter shareholding to 43.7% from 38.8%.As on 30 September 2025, the company’s debt-to-equity ratio stood at 0.4x. We believe promoters should participate through an upfront infusion of equity rather than through the warrants route. We do not support the resolution.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance concern: Excessive dilution and no justification for not opting rights issue. Warrants are priced exactly at par with Equity Shares through ICDR Pricing Mechanism. No rationale provided for urgency of funds.
    • HDFC Mutual FundThe company proposes to raise Rs. 17.63 bn, resulting in an overall dilution of ~11.0% on the expanded equity base. Of the total fund raise, Rs. 14.6 bn is proposed to be raised through the issuance of warrants, largely to promoters. The proceeds are proposed to be utilised towards funding of business operations and general corporate purposes. In the case of a warrants issue, 25% of the issue price is paid upfront, with an option to convert the warrants into equity shares at any time during the next 18 months. The remaining 75% is payable upon conversion. If promoters decide not to subscribe to the remaining 75%, it could have material implications for the company’s funding plans. We do not support the resolution.
    • ICICI Prudential Mutual FundOf the total fund raise, Rs. 14.6 bn is proposed to be raised through the issuance of warrants, largely to promoters. The proceeds are proposed to be utilised towards funding of business operations and general corporate purposes. In the case of a warrants issue, 25% of the issue price is paid upfront, with an option to convert the warrants into equity shares at any time during the next 18 months. The remaining 75% is payable upon conversion. If promoters decide not to subscribe to the remaining 75%, it could have material implications for the company’s funding plans. The warrants are being issued almost entirely to promoters, while equity is being issued only to non-promoters, resulting in an increase in promoter shareholding to 43.7% from 38.8%. As on 30 September 2025, the company’s debt-to-equity ratio stood at 0.4x. We believe promoters should participate through an upfront infusion of equity rather than through the warrants route. We do not support the resolution.
    • Kotak Mahindra Mutual FundThe company proposes to raise Rs. 17.63 bn, resulting in an overall dilution of ~11.0% on the expanded equity base. Of the total fund raise, Rs. 14.6 bn is proposed to be raised through the issuance of warrants, largely to promoters. The proceeds are proposed to be utilised towards funding of business operations and general corporate purposes. The warrants are priced as the equity shares of the company and it does not have any premium , considering the 18 month period provided to exercise the warrants. In the case of a warrants issue, 25% of the issue price is paid upfront, remaining 75% is payable upon conversion. If promoters decide not to subscribe to the remaining 75%, it could have material implications for the company s funding plans. The warrants are being issued almost entirely to promoters, while equity is being issued only to non-promoters, resulting in an increase in promoter shareholding to 43.7% from 38.8%. Promoters would have taken the equity-infusion route instead of Warrants. Hence we do not support the resolution.
    • Mirae Asset Mutual FundAs per advisory recommendation (passive holding)
    • Nippon India Mutual FundGovernance Concern: Excessive dilution and no justification for not opting rights issue. Warrants are priced exactly at par with Equity Shares.
    2 for12 against
6 earlier meetings

Mutual fund votes, meeting of 7 Aug 2025, 26 fund houses

  • To consider and adopt Audited Financial Statements, Report of Board of Directors and Auditors for FY 2024-25.
    26 for0 against
  • Declaration of final dividend of Rs.1.50/- per equity share for the FY 2024-25.
    26 for0 against
  • To appoint Mr. Kolli Basava Sankar Rao (DIN: 05167550), who retires by rotation and, being eligible, seeks re-appointment.
    26 for0 against
  • To appoint M/s. Saurabh Poddar & Associates, practising Company Secretaries as the Secretarial Auditor of the Company for a term of 5 consecutive years from the conclusion of this 34th Annual General Meeting till the conclusion of the 39th Annual General Meeting of the Company.MoreLess
    26 for0 against

Mutual fund votes, meeting of 6 Aug 2024, 22 fund houses

  • To consider and adopt Audited Financial Statements, Report of Board of Directors and Auditors for FY 2023-24.
    22 for0 against
  • Declaration of final dividend of Rs.1.50/- per equity share for the FY 2023-24.
    22 for0 against
  • To appoint a Director in place of Mrs. Uma Devi Chigurupati (DIN:00737689), who retires by rotation and, being eligible, seeks re-appointment.
    22 for0 against
  • To re-appoint Mr. Harsha Chigurupati (DIN:01606477) as a Whole Time Director of the Company for a further term of five years effective from August 29, 2024.
    Against Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund
    • Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual FundCompliant with law. Governance concern: No absolute cap on Variable pay
    • PPFAS Mutual FundNo absolute cap on variable pay
    15 for7 against
  • To re-appoint Dr. Krishna Prasad Chigurupati (DIN: 00020180), as Chairman & Managing Director of the Company for a further term of five years effective from September 01, 2024.
    Against Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, ICICI Prudential Mutual Fund, Invesco Mutual Fund, Mahindra Manulife Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund
    • Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual FundCompliant with law. Governance concern: No absolute cap on Variable pay & skewed remuneration with gender bias. Holds the position of Chairman & Managing Director.
    • Bank of India Mutual FundKrishna Prasad Chigurupati, 69, is Promoter - Chairperson and Managing Director of the company. He has been associated with the company since inception. He has attended all board meetings held in FY24.Krishna Prasad Chigurupati was paid Rs. 316.4 mn in FY24 out of which 6.2% was fixed and 93.8% was variable and linked to company performance. As per his proposed remuneration terms, we estimate his FY25 remuneration at Rs. 346.6 mn, which is high in absolute terms.While a large portion of his remuneration is variable and linked to company profitability, there is no absolute cap on the remuneration: therefore, as profitability increases, remuneration may be much higher over his tenure. The company must cap his remuneration in absolute terms. We expect the company to disclose performance metrics that will be used to determine his commission payout. Further, we note that he is a member of the Nomination and Remuneration Committee (NRC), we expect only non-tenured independent directors to be NRC members. The total family remuneration of Rs. 379.6 mn is high and is higher than the total dividend outflow (Rs. 363.0 mn) for FY24.
    • Baroda BNP Paribas Mutual FundAgree on skewed remuneration as cap on commission is at a high level of 5% of net profits
    • Edelweiss Mutual FundTwo resolutions clubbed in one
    • HDFC Mutual FundThe proposed remuneration is high considering the size and complexity of the business
    • HSBC Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns in the executive's remuneration: • His pay structure is open-ended with no absolute cap on commission or his overall pay. • The company has not disclosed the objective parameters which would be used to determine the outcome under the commission element. • His pay is aggressively placed as compared to peers of commensurate size and operations. • Pay as a percentage of profit is almost 7 percent for the past five years which is significantly high.
    • ICICI Prudential Mutual FundThe proposed remuneration of Mr. Krishna Prasad Chigurupati includes payment by way of profit linked commission. However, the Company has not provided any criteria for payment of said commission. Further, the Company has mentioned that the overall remuneration including commission would not exceed 5% for Mr. Krishna Prasad Chigurupati of the Net profits of the Company as per section 198 of the Act. While, a relative cap of 5% are placed, however, the Company has not placed any absolute cap either on commission nor on the overall remuneration (including commission) payable to the director. Hence, the AMC has voted against the resolution.
    • Invesco Mutual FundKrishna Prasad Chigurupati, 69, is Promoter - Chairperson and Managing Director of the company. He has been associated with the company since inception. He has attended all board meetings held in FY24. Krishna Prasad Chigurupati was paid Rs. 316.4 mn in FY24 out of which 6.2% was fixed and 93.8% was variable and linked to company performance. As per his proposed remuneration terms, we estimate his FY25 remuneration at Rs. 346.6 mn, which is high in absolute terms. While a large portion of his remuneration is variable and linked to company profitability, there is no absolute cap on the remuneration: therefore, as profitability increases, remuneration may be much higher over his tenure. The company must cap his remuneration in absolute terms. We expect the company to disclose performance metrics that will be used to determine his commission payout. Further, we note that he is a member of the Nomination and Remuneration Committee (NRC), we expect only non-tenured independent directors to be NRC members. The total family remuneration of Rs. 379.6 mn is high and is higher than the total dividend outflow (Rs. 363.0 mn) for FY24.
    • Mahindra Manulife Mutual FundNo concerns have been identified regarding profile, time commitment & attendance of Mr. Krishna Prasad Chigurupati. He was paid Rs. 316.4 mn in FY24 out of which 6.2% was fixed and 93.8% was variable and linked to company performance. As per his proposed remuneration terms, we estimate his FY25 remuneration at Rs. 346.6 mn, which is high in absolute terms. While a large portion of his remuneration is variable and linked to company profitability, there is no absolute cap on the remuneration: therefore, as profitability increases, remuneration may be much higher over his tenure. Further, we note that Dr Krishna Prasad Chigurupati is a member of the Nomination and Remuneration Committee (NRC), we expect only non-tenured independent directors to be NRC members. The total family remuneration of Rs. 379.6 mn is high and is higher than the total dividend outflow (Rs. 363.0 mn) for FY24. The company should have separated the resolution for his reappointment and remuneration. While we have no concerns with regards to Dr krishna prasad Chigurupati's reappointment, we note the remuneration terms appear to be skewed in favour of the promoter family. The remuneration terms need to be brought in parity with overall shareholder payout and remuneration payout to peers in the industry.
    • PPFAS Mutual FundNo absolute cap on variable pay & skewed remuneration. Holds the position of Chairman & Managing Director.
    7 for15 against

Mutual fund votes, meeting of 2 Apr 2024, 20 fund houses

  • To appoint Dr. Sethurathnam Ravi (DIN: 00009790) as a Non-Executive Independent Director of the Company for an initial term of 5 (five) years.
    20 for0 against
  • To appoint Mr. Rajiv Pritidas Kakodkar (DIN: 01519590) as Non-Executive Independent Director of the Company for an initial term of 5 (five) years.
    Against Axis Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Invesco Mutual Fund
    • Axis Mutual Fund, DSP Mutual FundRajiv Pritidas Kakodkar, 67, is the Founder of Daiwat Chemicals. He has over 40 years of experience in the Indian pharmaceutical industry and his areas of expertise include global sourcing, indenting, trading and distribution of pharmaceutical ingredients. He is on board of Indoco Remedies Limited and Vasundhara Rasayan Limited: both companies operate in the API manufacturing sector, which could create a conflict of interest. Hence, we do not support his appointment.
    • Edelweiss Mutual FundDue to commitment to peers his commitment to the company might be limited
    • Invesco Mutual FundRajiv Pritidas Kakodkar, 67, is the Founder of Daiwat Chemicals. He has over 40 years of experience in the Indian pharmaceutical industry and his areas of expertise include global sourcing, indenting, trading and distribution of pharmaceutical ingredients. He is on board of Indoco Remedies Limited and Vasundhara Rasayan Limited: both companies operate in the API manufacturing sector, which could create a conflict of interest. Hence, we do not support his appointment
    16 for4 against
  • To appoint Ms. Priyanka Chigurupati, (DIN:01793431) as a Whole-time Director of the Company for a term of 5(five) years.
    Against Axis Mutual Fund, Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund
    • Axis Mutual FundMs. Priyanka Chigurupati, 35, is part of the promoter group. She is Executive Director of Granules Pharmaceuticals & Granules USA (USA based wholly owned subsidiaries of the company). Ms. Priyanka Chigurupati was paid Rs. 20.1 mn as remuneration in FY23 as Executive Director of Granules Pharmaceuticals Inc. Her estimated remuneration for FY24 is Rs. 30.7 mn. Her estimated remuneration for FY25E from Granules India Limited is Rs. 35.5 mn. However, the company has not disclosed whether she will continue to receive remuneration from Granules Pharmaceuticals Inc. Therefore, we are unable to estimate the aggregate remuneration she may receive from the group. Further, company should have disclosed performance parameters that govern her variable pay. We do not support the resolution given the lack of clarity regarding the remuneration to be paid to her.
    • Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundCompliant with law. Governance concern: No absolute cap on Variable pay & holds 3 full time position including its subsidiary Company.
    • Nippon India Mutual FundNo absolute cap on variable pay
    • PPFAS Mutual FundNo absolute cap on variable or overall pay & holds 3 full time position.
    12 for8 against

Mutual fund votes, meeting of 10 Aug 2023, 15 fund houses

  • Consider and adopt Audited Financial Statements, Report of Board of Directors and Auditors for FY 2022-23.
    15 for0 against
  • Declaration of final dividend of Rs.1.50/- per equity share for the FY 2022-23.
    15 for0 against
  • To appoint a Director in place of Mr. Harsha Chigurupati (DIN: 01606477), who retires by rotation and, being eligible, seeks re-appointment.
    Against HSBC Mutual Fund
    • HSBC Mutual FundWe have concerns about insufficient independence on the board.
    14 for1 against
  • To re-appoint Mr. Arun Sawhney (DIN: 01929668) as Non-Executive Independent Director of the Company for a second term of five years effective from October 29, 2023.
    Against JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund
    • JM Financial Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundRe-appointment compliant with law. Governance Concern: Mr. Arun Sawhney is the chairperson of NRC, a committee in charge of board remuneration policy that appears to be skewed in favor of promoter ED.
    • Nippon India Mutual FundSkewed Remuneration Policy
    11 for4 against
  • To appoint Mr. Kapil Kumar Mehan (DIN: 01215092) as Non-Executive Independent Director of the Company for an initial term of five years effective from May 16, 2023.
    15 for0 against

Mutual fund votes, meeting of 27 Jul 2022, 15 fund houses

  • Consider and adopt Audited Financial Statements, Report of Board of Directors and Auditors for FY 2021-22.
    15 for0 against
  • Declaration of final dividend of 75 paisa per equity share and ratification of interim dividend of 75 paisa per equity share paid during the FY 2021-22.
    15 for0 against
  • To appoint a Director in place of Mr. Kolli Basava Sankar Rao (DIN 05167550), who retires by rotation and, being eligible, seeks re-appointment.
    15 for0 against
  • To appoint M/ s. S.R. Batliboi Associates LLP Chartered Accountants (Registration No. 101049W/E300004) as statutory auditors of the Company for a term of five years.
    15 for0 against
  • To re-appoint Mrs. Uma Devi Chigurupati as Whole-Time Director of the Company for a term of five years effective from May 31,2022.
    Against Axis Mutual Fund, Bank of India Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, Tata Mutual Fund
    • Axis Mutual Fund, Bank of India Mutual Fund, Tata Mutual FundMs. Uma Devi Chigurupati, 62, is part of the promoter group and has been on the board since 2012. The company has Ms. Uma Rao, a professional, as the Chief Human Resources Officer (CHRO). Given that Ms. Uma Devi Chigurupati looks after human resource functions, the scope of her role after the appointment of a CHRO is unclear. While she also oversees the CSR functions, her proposed remuneration is high at 27% of the FY22 CSR expenditure of Rs. 91.3 mn. Her current remuneration structure at upto 0.5% of net profit is open ended and does not provide clarity about future payouts. There are four executive directors (ED) on the board including Ms. Uma Devi Chigurupati. They received an aggregate remuneration of Rs. 349.2 mn which is high at 6.3% of consolidated FY22 PBT; past remuneration has been higher at Rs. 838.9 mn in FY21. The company must clarify the executive hierarchy and demarcation of roles – the rationale for a high number of four EDs on the board is unclear.
    • HDFC Mutual FundThe proposed remuneration is high considering the size and complexity of the business
    • Invesco Mutual FundThe company has recently appointed Ms. Uma Rao, a professional, as the Chief Human Resources Officer (CHRO). Given that Ms. Uma Devi Chigurupati looks after human resource functions, the scope of her role after the appointment of a CHRO is unclear. While she also oversees the CSR functions, her proposed remuneration is high at 27% of the FY22 CSR expenditure of Rs. 91.3 mn. Her current remuneration structure at upto 0.5% of net profit is open ended and does not provide clarity about future payouts There are four executive directors (ED) on the board including Ms. Uma Devi Chigurupati. They received an aggregate remuneration of Rs. 349.2 mn which is high at 6.3% of consolidated FY22 PBT; past remuneration has been higher at Rs. 838.9 mn in FY21. The company must clarify the executive hierarchy and demarcation of roles – the rationale for a high number of four EDs on the board is unclear
    • Kotak Mahindra Mutual FundUma Devi Chigurupati, 62 is currently Wholetime Director of the Company. She has over four decades of industry expertise. With three decades of experience in Pharmaceuticals across various corporate functions and expertise in undertaking CSR activities and HR initiatives. She has been associated with the company 38 years. However, we are voting as her proposed pay has no absolute cap on the proposed overall remuneration or commission payable.
    • LIC Mutual FundNo concern on merit of appointee. Compliant with Law. Governance Concern: No absolute cap on the proposed overall remuneration or commission payable to Mrs. Uma Devi Chigurupati
    • Nippon India Mutual FundNo absolute cap on remuneration
    • NJ Mutual FundNo Absolute Cap
    6 for9 against
  • To approve revision in the remuneration payable to Non-Executive Directors by way of Commission.
    15 for0 against

Mutual fund votes, meeting of 24 Feb 2022, 16 fund houses

  • To appoint Dr. Saumen Chakraborty (DIN: 06471520), as NonExecutive Independent Director of the Company for initial termnof 5 (five) years
    16 for0 against
  • To appoint Mrs. Sucharita Rao Palepu (DIN: 07807717), as NonExecutive Independent Director of the Company for initial termnof 5 (five)
    16 for0 against
  • To appoint Dr. Kandiraju Venkata Sitaram Rao (DIN:08874100), asnExecutive Director of the Company for a term of 5 (five) years andnto designate him as Joint Managing Director and Chief ExecutivenOfficer (CEO)MoreLess
    16 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

None open at any quarter's end.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
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.

How money raised was used

Reported for the quarter to Jun 2026. A preferential issue sells new shares to chosen investors rather than to the public. A warrant or partly paid issue plans the whole issue while the money comes in over time, so the amount set aside can be more than raised so far.

RaisedAmount raisedForSet asideSpentSpent elsewhere
Preferential IssuesFeb 2026, checked by India Ratings & Research Private Limited665.63––No
₹ crore. Checked by is the agency appointed to monitor how the money is used. The reason and the comments are the company's, its audit committee's and its auditors' own words.