Grasim Industries logo

Grasim Industries MD, chairman, board of directors and AGM

NSE: GRASIMBSE: 500300Cement & Cement ProductsLarge Cap

Last close ₹2,894.00down ₹0.40 (0.01%)BSE ₹2,898.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹2,894.40.

52-week range of traded prices to 23 Oct 2026
₹2,502.50Low, 23 Mar 2026₹3,411.10High, 10 Aug 2026
Market cap
₹1,96,960 Cr44th largest listed
P/E
34.6
P/B
1.9
Dividend yield
0.35%
ROE
5.7%
ROCE
4.7%
Debt to equity
1.32
Volume, NSE
3,14,07547.7% delivered

Grasim 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

  • ChairpersonKumar Mangalam BirlaRelated to the promoter
  • Managing directorHimanshu Kapania
  • Company Secretary and Compliance OfficerNeelabja Chakrabarty

14 directors7 independent1 executive6 non-executive

  • Kumar Mangalam Birla · ChairpersonNon-executive · joined Oct 1992 · reappointed Aug 2023 · 0 months as independent · 7 listed boards
  • Rajashree BirlaNon-executive · joined Mar 1996 · reappointed Aug 2024 · 0 months as independent · 6 listed boards
  • Ananyashree BirlaNon-executive · joined Feb 2023 · reappointed Aug 2025 · 0 months as independent · 4 listed boards · 2 committee seats, 1 as chair
  • Aryaman Vikram BirlaNon-executive · joined Feb 2023 · reappointed Aug 2025 · 0 months as independent · 4 listed boards
  • Anita RamachandranIndependent · joined Aug 2018 · reappointed Aug 2023 · 94 months as independent · 6 listed boards · 6 as independent · 9 committee seats, 3 as chair
  • Narendranathan Nair MohanrajIndependent · joined Jul 2019 · reappointed Jul 2024 · 83 months as independent · 1 listed board · 1 as independent · 1 committee seat, 1 as chair
  • Yazdi Piroj DandiwalaIndependent · joined Feb 2023 · reappointed Feb 2023 · 41 months as independent · 3 listed boards · 3 as independent · 4 committee seats
  • Ashvin Dhirajlal ParekhIndependent · joined Aug 2024 · reappointed Aug 2024 · 23 months as independent · 2 listed boards · 2 as independent · 2 committee seats, 2 as chair
  • V. ChandrasekaranIndependent · joined May 2021 · reappointed May 2026 · 61 months as independent · 6 listed boards · 6 as independent · 8 committee seats, 2 as chair
  • Adesh Kumar GuptaIndependent · joined May 2021 · reappointed May 2026 · 61 months as independent · 3 listed boards · 3 as independent · 5 committee seats, 3 as chair
  • Haigreve KhaitanIndependent · joined Sep 2024 · reappointed Sep 2024 · 21 months as independent · 4 listed boards · 4 as independent · 5 committee seats, 1 as chair
  • Jagannath MNon-executive · joined Sep 2024 · reappointed Sep 2024 · 0 months as independent · 2 listed boards · 2 committee seats, 1 as chair
  • Sushil AgarwalNon-executive · joined Feb 2024 · reappointed Feb 2024 · 0 months as independent · 5 listed boards · 5 committee seats
  • Himanshu Kapania · Managing directorExecutive · joined Apr 2025 · reappointed Apr 2025 · 15 months as independent · 2 listed boards · 4 committee seats, 1 as chair

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

1 director who left
  • Harikrishna Agarwal, left 31 Mar 2025: Others

Committees and meetings

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

  • Board

    • 8 Jun 202614 of 14 present7 independent · 18 days in between
    • 20 May 202613 of 14 present7 independent · 98 days in between
    • 10 Feb 202614 of 14 present7 independent · 24 days in between
    • 16 Jan 202613 of 14 present6 independent

  • Audit Committee

    Chair Narendranathan Nair Mohanraj

    V. Chandrasekaran, Yazdi Piroj Dandiwala, Himanshu Kapania

    • 20 May 20264 of 4 present3 independent · 55 days in between
    • 25 Mar 20264 of 4 present3 independent
    • 10 Feb 20264 of 4 present3 independent

  • Nomination and remuneration committee

    Chair Anita Ramachandran

    Kumar Mangalam Birla, Haigreve Khaitan, Adesh Kumar Gupta

    • 20 May 20264 of 4 present3 independent · 98 days in between
    • 10 Feb 20264 of 4 present3 independent
    • 16 Jan 20263 of 4 present2 independent

  • Stakeholders Relationship Committee

    Chair Anita Ramachandran

    Yazdi Piroj Dandiwala, Himanshu Kapania

    • 11 Mar 20263 of 3 present2 independent

  • Risk Management Committee

    Chair Narendranathan Nair Mohanraj

    V. Chandrasekaran, Ashvin Dhirajlal Parekh, Himanshu Kapania, Kapil Agarwal, Jayant V. Dhobley

    • 10 Mar 20264 of 4 present3 independent

  • Corporate Social Responsibility Committee

    Chair Rajashree Birla

    Anita Ramachandran, Himanshu Kapania

    • 12 May 20263 of 3 present1 independent · 26 days in between
    • 15 Apr 20263 of 3 present1 independent · 35 days in between

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 auditors

Named in the results for the quarter to Jun 2026.

  • B S R & Co. LLPPeer-review certificate valid to Jul 2028
  • KKC & Associates LLPPeer-review certificate valid to Jul 2027
1 earlier auditor
  • BSR & Co. LLPNamed in the filing for the quarter to Mar 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.

Grasim 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.Grasim Industries dividend history

Annual general meeting, 21 Aug 2026

2,60,990 shareholders on the register on 14 Aug 2026; present: 11 promoters and 96 others; votes counted by Mr. Avinash Bagul / M/s. BNP & Associates.The company's voting result (opens in a new tab)

  1. Adoption of Audited Standalone and Consolidated Financial Statements for FY 2026
    Ordinary
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.10% · other public 0.01%

    Turnout: all 81.04% · promoters 99.98% · institutions 83.15% · other public 41.50%

  2. Declaration of Dividend
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 81.05% · promoters 99.98% · institutions 83.21% · other public 41.50%

  3. Re-appointment of Mr. Kumar Mangalam Birla (DIN: 00012813)
    OrdinaryPromoters have an interest in it
    94.65% for5.35% against

    Against: promoters 0.00% · institutions 15.66% · other public 0.01%

    Turnout: all 81.05% · promoters 99.98% · institutions 83.21% · other public 41.50%

  4. Re-appointment of Mr. Sushil Agarwal (DIN: 00060017)
    Ordinary
    98.48% for1.52% against

    Against: promoters 0.00% · institutions 4.45% · other public 0.02%

    Turnout: all 81.05% · promoters 99.98% · institutions 83.21% · other public 41.50%

  5. Appointment of Deloitte Haskins & Sells Chartered Accountants LLP, as the Joint Statutory Auditors of the Company for the first term of five consecutive years
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.03% · other public 0.01%

    Turnout: all 81.05% · promoters 99.98% · institutions 83.21% · other public 41.50%

  6. Ratification of the remuneration of Cost Auditors for the financial year 2026-27
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 81.05% · promoters 99.98% · institutions 83.21% · other public 41.50%

  7. Payment of Commission to Non-Executive Directors of the Company for a period of five years commencing from 1st April 2026
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.06% · other public 0.02%

    Turnout: all 81.05% · promoters 99.98% · institutions 83.21% · other public 41.50%

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 Mar 2026, 2 resolutions

2,57,218 shareholders on the register on 20 Feb 2026; votes counted by Avinash Bagul / M/s BNP & Associates.The company's voting result (opens in a new tab)

  1. Re-appointment of Mr. V. Chandrasekaran (DIN: 03126243) as an Independent Director of the Company for a second term of 5 years from 24th May 2026 till 23rd May 2031
    Special
    90.78% for9.22% against

    Against: promoters 0.00% · institutions 25.91% · other public 0.79%

    Turnout: all 79.91% · promoters 99.98% · institutions 83.25% · other public 36.75%

  2. Re-appointment of Mr. Adesh Kumar Gupta (DIN: 00020403) as an Independent Director of the Company for a second term of 5 years from 24th May 2026 till 23rd May 2031
    Special
    93.55% for6.45% against

    Against: promoters 0.00% · institutions 18.06% · other public 0.79%

    Turnout: all 79.91% · promoters 99.98% · institutions 83.30% · other public 36.70%

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, 26 Aug 2025, 7 resolutions

2,60,774 shareholders on the register on 12 Aug 2025; present: 10 promoters and 78 others; votes counted by Mr. Dilip Bharadiya / Dilip Bharadiya & Associates.The company's voting result (opens in a new tab)

  1. Adoption of Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31st March 2025, and the Reports of the Board of Directors’ and Auditors’ thereon
    Ordinary
    99.89% for0.11% against

    Against: promoters 0.00% · institutions 0.19% · other public 0.42%

    Turnout: all 79.77% · promoters 99.97% · institutions 84.53% · other public 35.12%

  2. Declaration of Dividend
    Ordinary
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.42%

    Turnout: all 80.09% · promoters 99.97% · institutions 85.49% · other public 35.12%

  3. Retirement by rotation of Ms. Ananyashree Birla (DIN: 06625036)
    OrdinaryPromoters have an interest in it
    99.16% for0.84% against

    Against: promoters 0.00% · institutions 2.20% · other public 0.42%

    Turnout: all 80.08% · promoters 99.97% · institutions 85.47% · other public 35.12%

  4. Retirement by rotation of Mr. Aryaman Vikram Birla (DIN: 08456879)
    OrdinaryPromoters have an interest in it
    98.70% for1.30% against

    Against: promoters 0.00% · institutions 3.24% · other public 1.30%

    Turnout: all 80.04% · promoters 99.97% · institutions 85.34% · other public 35.12%

  5. Appointment of Secretarial Auditor
    Ordinary
    99.78% for0.22% against

    Against: promoters 0.00% · institutions 0.50% · other public 0.42%

    Turnout: all 80.09% · promoters 99.97% · institutions 85.49% · other public 35.12%

  6. Ratification of the remuneration of Cost Auditor for the financial year 2025-26
    Ordinary
    99.95% for0.05% against

    Against: promoters 0.00% · institutions 0.02% · other public 0.42%

    Turnout: all 80.08% · promoters 99.97% · institutions 85.47% · other public 35.12%

  7. Continuation of Mr. Yazdi Piroj Dandiwala (DIN: 01055000) as an Independent Director of the Company who will attain the age of 75 years
    Special
    94.51% for5.49% against

    Against: promoters 0.00% · institutions 14.88% · other public 1.31%

    Turnout: all 80.04% · promoters 99.97% · institutions 85.34% · other public 35.12%

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

Postal ballot, 26 Jun 2025, 5 resolutions

2,62,658 shareholders on the register on 23 May 2025; votes counted by Mr. Dilip Bharadiya / M/s. Dilip Bharadiya & Associates,.The company's voting result (opens in a new tab)

  1. Appointment of Mr. Himanshu Kapania (DIN: 03387441) as a Director of the Company
    Ordinary
    94.21% for5.79% against

    Against: promoters 0.00% · institutions 15.85% · other public 0.72%

    Turnout: all 78.75% · promoters 97.85% · institutions 83.83% · other public 35.02%

  2. Appointment of Mr. Himanshu Kapania (DIN: 03387441) as a Managing Director of the Company
    Special
    95.22% for4.79% against

    Against: promoters 0.00% · institutions 13.05% · other public 0.72%

    Turnout: all 78.75% · promoters 97.85% · institutions 83.83% · other public 35.02%

  3. Payment of remuneration to Mr. Harikrishna Agarwal (DIN:09288720), former Managing Director of the Company
    Special
    98.89% for1.11% against

    Against: promoters 0.00% · institutions 2.88% · other public 0.73%

    Turnout: all 78.74% · promoters 97.85% · institutions 83.83% · other public 34.98%

  4. Material Related Party Transactions with Hindalco Industries Limited
    OrdinaryPromoters have an interest in it
    99.82% for0.18% against

    Against: promoters 0.00% · institutions 0.01% · other public 0.72%

    Turnout: all 32.68% · promoters 0.00% · institutions 72.92% · other public 34.83%

  5. Material Related Party Transactions with AV Group NB Inc., Canada
    OrdinaryPromoters have an interest in it
    99.82% for0.18% against

    Against: promoters 0.00% · institutions 0.01% · other public 0.72%

    Turnout: all 32.68% · promoters 0.00% · institutions 72.92% · other public 34.83%

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.

Annual general meeting, 20 Aug 2024, 12 resolutions

Present: 2 promoters and 66 others.The company's voting result (opens in a new tab)

  1. Adoption of Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31st March 2024, and the Reports of the Board of Directors’ and Auditors’ thereon
    Ordinary
    99.93% for0.07% against

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

    Turnout: all 72.59% · promoters 90.76% · institutions 82.12% · other public 24.62%

  2. Declaration of Dividend
    Ordinary
    99.75% for0.25% against

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

    Turnout: all 72.99% · promoters 90.76% · institutions 83.28% · other public 24.62%

  3. Retirement by rotation of Smt. Rajashree Birla (DIN: 00022995)
    Ordinary
    94.75% for5.25% against

    Against: promoters 0.00% · institutions 13.57% · other public 0.01%

    Turnout: all 72.98% · promoters 90.76% · institutions 83.27% · other public 24.62%

  4. Retirement by rotation of Mr. Raj Kumar (DIN: 06627311)
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 72.97% · promoters 90.76% · institutions 83.23% · other public 24.62%

  5. Appointment of Branch Auditor
    Ordinary
    98.01% for1.99% against

    Against: promoters 0.00% · institutions 5.13% · other public 0.00%

    Turnout: all 72.98% · promoters 90.76% · institutions 83.27% · other public 24.62%

  6. Ratification of the remuneration of Cost Auditor for the financial year 2024-25
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 72.97% · promoters 90.76% · institutions 83.23% · other public 24.62%

  7. Continuation of Smt. Rajashree Birla (DIN: 00022995) as a Non-executive Director of the Company
    Special
    94.81% for5.19% against

    Against: promoters 0.00% · institutions 13.40% · other public 0.01%

    Turnout: all 72.98% · promoters 90.76% · institutions 83.27% · other public 24.62%

  8. Appointment of Mr. Haigreve Khaitan (DIN: 00005290) as an Independent Director of the Company
    Special
    90.19% for9.81% against

    Against: promoters 0.00% · institutions 25.34% · other public 0.01%

    Turnout: all 72.98% · promoters 90.76% · institutions 83.27% · other public 24.62%

  9. Appointment of Mr. Ashvin Dhirajlal Parekh (DIN: 06559989) as an Independent Director of the Company
    Special
    99.67% for0.33% against

    Against: promoters 0.00% · institutions 0.86% · other public 0.01%

    Turnout: all 72.98% · promoters 90.76% · institutions 83.27% · other public 24.62%

  10. Appointment of Mr. Mukkavilli Jagannath (DIN: 10090437) as a Non-executive Director of the Company
    Ordinary
    98.48% for1.52% against

    Against: promoters 0.00% · institutions 3.93% · other public 0.01%

    Turnout: all 72.98% · promoters 90.76% · institutions 83.27% · other public 24.62%

  11. Material Related Party Transactions with Hindalco Industries Limited
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 33.86% · promoters 0.00% · institutions 83.27% · other public 24.37%

  12. Material Related Party Transactions with AV Group NB Inc, Canada
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 33.87% · promoters 0.00% · institutions 83.27% · other public 24.39%

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

Postal ballot, 16 Apr 2024, 5 resolutions

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

  1. Appointment of Mr. Sushil Agarwal (DIN: 00060017) as anNon-Executive Director of the Company
    Ordinary
    93.77% for6.23% against

    Against: promoters 0.00% · institutions 18.53% · other public 0.01%

    Turnout: all 72.88% · promoters 88.90% · institutions 87.61% · other public 35.01%

  2. Appointment of Mr. N. Mohan Raj (DIN: 00181969) as annIndependent Director of the Company for a second term
    Special
    88.62% for11.38% against

    Against: promoters 0.00% · institutions 33.51% · other public 0.77%

    Turnout: all 72.88% · promoters 88.90% · institutions 87.61% · other public 35.01%

  3. Material Related Party Transactions between ABReL (RJ) Projects Limited, an indirect Subsidiary of the Company and ABReL EPC Limited, an indirect wholly-owned subsidiary of the Company
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 34.66% · promoters 0.00% · institutions 87.53% · other public 35.01%

  4. Material Related Party Transactions between ABReL (RJ) Projects Limited, an indirect Subsidiary of the Company and Aditya Birla Renewables Limited, a whollyowned subsidiary of the Company
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 34.66% · promoters 0.00% · institutions 87.53% · other public 35.01%

  5. Material Related Party Transactions between Aditya Birla Renewables Subsidiary Limited, an indirect Subsidiary of the Company and ABReL EPC Limited, an indirect wholly-owned subsidiary of the Company
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 34.66% · promoters 0.00% · institutions 87.53% · other public 35.01%

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

Annual general meeting, 25 Aug 2023, 6 resolutions

Present: 10 promoters and 67 others.The company's voting result (opens in a new tab)

  1. Adoption of the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended 31st March 2023, and the Reports of the Board and Auditors thereon.
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.06% · other public 0.00%

    Turnout: all 77.42% · promoters 100.00% · institutions 79.29% · other public 35.87%

  2. Declaration of Dividend on equity shares of the Company for the financial year ended 31st March 2023
    Ordinary
    99.73% for0.27% against

    Against: promoters 0.00% · institutions 0.79% · other public 0.00%

    Turnout: all 77.49% · promoters 100.00% · institutions 79.51% · other public 35.87%

  3. Appointment of Director in place of Mr. Kumar Mangalam Birlan(DIN: 00012813), who retires from office by rotation and being eligible, offers himself for re-appointment.
    OrdinaryPromoters have an interest in it
    95.01% for4.99% against

    Against: promoters 0.00% · institutions 14.94% · other public 0.00%

    Turnout: all 77.49% · promoters 100.00% · institutions 79.51% · other public 35.87%

  4. Appointment of Director in place of Dr. Santrupt Misran(DIN: 00013625), who retires from office by rotation and being eligible, offers himself for re-appointment
    Ordinary
    93.13% for6.87% against

    Against: promoters 0.00% · institutions 20.56% · other public 0.00%

    Turnout: all 77.49% · promoters 100.00% · institutions 79.51% · other public 35.87%

  5. Ratification of the Remuneration of Cost Auditor fornthe financial year 2023-24
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 77.49% · promoters 100.00% · institutions 79.51% · other public 35.87%

  6. Re-appointment of Mr. Harikrishna Agarwal as thenManaging Director of the Company
    Ordinary
    94.65% for5.35% against

    Against: promoters 0.00% · institutions 16.00% · other public 0.01%

    Turnout: all 77.49% · promoters 100.00% · institutions 79.51% · other public 35.87%

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, 21 Mar 2023, 4 resolutions

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

  1. Appointment of Ms. Ananyashree Birla (DIN: 06625036) as a Non-Executive Director of the Company
    OrdinaryPromoters have an interest in it
    91.85% for8.15% against

    Against: promoters 0.00% · institutions 24.65% · other public 0.00%

    Turnout: all 71.71% · promoters 81.48% · institutions 86.83% · other public 38.38%

  2. Appointment of Mr. Aryaman Vikram Birla (DIN: 08456879) as a Non-Executive Director of the Company
    OrdinaryPromoters have an interest in it
    91.56% for8.44% against

    Against: promoters 0.00% · institutions 25.28% · other public 0.54%

    Turnout: all 71.71% · promoters 81.48% · institutions 86.82% · other public 38.38%

  3. Appointment of Mr. Yazdi Piroj Dandiwala (DIN: 01055000) as an Independent Director of the Company
    Special
    97.53% for2.47% against

    Against: promoters 0.00% · institutions 5.68% · other public 4.27%

    Turnout: all 71.71% · promoters 81.48% · institutions 86.82% · other public 38.38%

  4. Material Related Party Transactions with Hindalco Industries Limited
    OrdinaryPromoters have an interest in it
    99.99% for0.01% against

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

    Turnout: all 33.66% · promoters 0.00% · institutions 86.83% · other public 38.16%

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

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 21 Aug 2026, 18 fund houses so far (houses' deadline to file 15 Oct 2026)

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

  • Adoption of Audited Standalone and Consolidated Financial Statements for FY 2026
    17 for0 against
  • Declaration of Dividend
    5 for0 against
  • Re-appointment of Mr. Kumar Mangalam Birla (DIN: 00012813)
    18 for0 against
  • Re-appointment of Mr. Sushil Agarwal (DIN: 00060017)
    18 for0 against
  • Appointment of Deloitte Haskins & Sells Chartered Accountants LLP, as the Joint Statutory Auditors of the Company for the first term of five consecutive years
    18 for0 against
  • Ratification of the remuneration of Cost Auditors for the financial year 2026-27
    5 for0 against
  • Payment of Commission to Non-Executive Directors of the Company for a period of five years commencing from 1st April 2026
    18 for0 against
3 proposals not matched to one resolution
  • Accept Financial Statements and Statutory Reports
    1 for0 against
  • To declare a dividend at the rate of Rs 10/- per equity share of face value of Rs 2/- each, i.e., 500% (on fully paid-up equity shares and partly paid-up equity shares in proportion to their share in the paid-up equity share capital), for the financial year ended 31st March 2026.MoreLess
    13 for0 against
  • To ratify the remuneration of Rs 28 lakh plus applicable taxes and reimbursement of out-of-pocket expenses, payable to M/s. D. C. Dave and Co., Cost Accountants, Mumbai (Registration No. 000611), for conducting audit of the cost accounting records of the Company for the financial year ending 31st March 2027.MoreLess
    13 for0 against

Mutual fund votes, meeting of 27 Mar 2026, 40 fund houses

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

  • Re-appointment of Mr. V. Chandrasekaran (DIN: 03126243) as an Independent Director of the Company for a second term of 5 years from 24th May 2026 till 23rd May 2031
    Against 360 One Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, Old Bridge Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, Trust Mutual Fund, Unifi Mutual Fund, Zerodha Mutual Fund
    • 360 One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Trust Mutual Fund, Zerodha Mutual FundComplaint with law. Governance concern: Proposed re-appointment will lead to prolonged association with the Group. Mr. V. Chandrasekaran associated with the Aditya Birla Group for ~10 years as on date. Since April 2016 he has been serving on the Board of group Companies without cooling off period. Upon completion of the proposed term as Independent Director, his aggregate association at the group level would exceed 10 years. An independent director having such prolonged association does not align with good governance principles.
    • Angel One Mutual FundGovernance concern: Proposed re-appointment will lead to prolonged association with the Group.
    • Axis Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual Fund, NJ Mutual Fund, Old Bridge Mutual Fund, Sundaram Mutual Fund, Unifi Mutual FundV. Chandrasekaran, 68, is retired Executive Director (Investment), LIC of India. He has over three decades of experience in life insurance finance, housing finance and mutual fund investment. He is a Chartered Accountant. He was appointed as an Independent Director from 24 May 2021. He has attended all six board meetings held in FY25 and all seven meetings held in FY26 till the date of the notice. We note that he was on the board of Aditya Birla Housing Finance Limited since June 2018 till date and we consider his overall association with the group while computing his tenure. We do not support reappointment of independent directors if their aggregate tenure with the company or the group exceeds 10 years anytime during the proposed tenure as we believe that this is not in line with the spirit of the regulations. We are unable to support the resolution.
    • Baroda BNP Paribas Mutual FundFormer ED of LIC. No concerns on candidature. In this case, because of the implied effective tenure length applicable becoming >10 years, without cooling of period, the director re-appointment is not truly independent.
    • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because the approval of this request will exceed Venkatadri Chandrasekaran's association with the company including the term served at the step-down subsidiaries for more than ten years.
    • HDFC Mutual FundV. Chandrasekaran, 68, is retired Executive Director (Investment), LIC of India. He has over three decades of experience in life insurance finance, housing finance and mutual fund investment. He is a Chartered Accountant. He was appointed as an Independent Director from 24 May 2021. He has attended all six board meetings held in FY25 and all seven meetings held in FY26 till the date of the notice. We note that he was on the board of Aditya Birla Housing Finance Limited since June 2018 till date and we consider his overall association with the group while computing his tenure. We do not support reappointment of independent directors if their aggregate tenure with the company or the group exceeds 10 years anytime during the proposed tenure. We do not support the resolution.
    • Invesco Mutual FundV. Chandrasekaran, 68, is retired Executive Director (Investment), LIC of India. He has over three decades of experience in life insurance finance, housing finance and mutual fund investment. He is a Chartered Accountant. He was appointed as an Independent Director from 24 May 2021. He has attended all six board meetings held in FY25 and all seven meetings held in FY26 till the date of the notice. We note that he was on the board of Aditya Birla Housing Finance Limited since June 2018 till date and we consider his overall association with the group while computing his tenure. We do not support reappointment of independent directors if their aggregate tenure with the company or the group exceeds 10 years anytime during the proposed tenure as we believe that this is not in line with the spirit of the regulations. We are unable to support the resolution
    • Nippon India Mutual FundGovernance Concern: Proposed re-appointment will lead to prolonged association with the Group. Mr. V. Chandrasekaran associated with the Aditya Birla Group for ~10 years as on date.
    • PPFAS Mutual FundProposed re-appointment will lead to prolonged association with the Group
    17 for22 against
  • Re-appointment of Mr. Adesh Kumar Gupta (DIN: 00020403) as an Independent Director of the Company for a second term of 5 years from 24th May 2026 till 23rd May 2031
    Against 360 One Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, Old Bridge Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Quantum Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Trust Mutual Fund, Unifi Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund
    • 360 One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Trust Mutual Fund, Zerodha Mutual FundComplaint with law. Governance concern: Prolonged association - Mr. Adesh Gupta Kumar has been associated with the Aditya Birla Group for more than 27 years. An independent director having such prolonged association does not align with good governance principles. Ex- executive position - Further he was appointed as Whole time Director of the Company w.e.f. 3rd Oct, 2009 and served till 30th June, 2015. Appointment of an employee who mainly held Executive/Managerial position with the Company as an Independent Director is not indicative of a good governance practice.
    • Angel One Mutual Fund, PPFAS Mutual FundProlonged association and Ex- executive position; Excessive shareholding
    • Axis Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual Fund, NJ Mutual Fund, Old Bridge Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual FundAdesh Kumar Gupta, 69, was Former Executive Director and CFO, Grasim Industries Ltd until 30 June 2015. He is a Chartered Accountant, a Company Secretary, and holds an Advanced Management Programme from Harvard University. He has attended all six board meetings held in FY25 and all seven meetings held in FY26 till the date of the notice. We understand that as Executive Director and CFO he reported to Kumar Managalam Birla, who continues to Chair Grasim’s board and the AV Birla group. Adesh Kumar Gupta has been on the board of various Aditya Birla Group companies from October 2001 till August 2021. We consider his overall association with the group while computing his tenure. We do not support reappointment of independent directors if their aggregate tenure with the company or the group exceeds 10 years as we believe that this is not in line with the spirit of the regulations. We do not support the resolution.
    • HDFC Mutual FundAdesh Kumar Gupta, 69, was Former Executive Director and CFO, Grasim Industries Ltd until 30 June 2015. He is a Chartered Accountant, a Company Secretary, and holds an Advanced Management Programme from Harvard University. He has attended all six board meetings held in FY25 and all seven meetings held in FY26 till the date of the notice. We understand that as Executive Director and CFO he reported to Kumar Managalam Birla, who continues to Chair Grasim’s board and the AV Birla group. Adesh Kumar Gupta has been on the board of various Aditya Birla Group companies from October 2001 till August 2021. We consider his overall association with the group while computing his tenure. We do not support reappointment of independent directors if their aggregate tenure with the company or the group exceeds 10 years. We do not support the resolution.
    • Invesco Mutual FundAdesh Kumar Gupta, 69, was Former Executive Director and CFO, Grasim Industries Ltd until 30 June 2015. He is a Chartered Accountant, a Company Secretary, and holds an Advanced Management Programme from Harvard University. He has attended all six board meetings held in FY25 and all seven meetings held in FY26 till the date of the notice. We understand that as Executive Director and CFO he reported to Kumar Managalam Birla, who continues to Chair Grasim’s board and the AV Birla group. Adesh Kumar Gupta has been on the board of various Aditya Birla Group companies from October 2001 till August 2021. We consider his overall association with the group while computing his tenure. We do not support reappointment of independent directors if their aggregate tenure with the company or the group exceeds 10 years as we believe that this is not in line with the spirit of the regulations. We do not support the resolution
    • Nippon India Mutual FundGovernance Concern: Proposed re-appointment will lead to prolonged association with the Group. Mr. Adesh Kumar Gupta associated with the Aditya Birla Group for ~10 years as on date.
    • Quantum Mutual FundAdesh Kumar Gupta was associated with the Company as executive director (ED) from October 2009 up to June 2015. He was appointed as an ID in 2021. He has served less than 10 years of cooling off period. Further, he will report to the same promoter whom he served as an ED. The company is seeking approval for reappointment of Adesh Kumar Gupta as an Independent director. Considering he has not served his cooling off period. We do not favor the resolution.
    • WhiteOak Capital Mutual FundAdesh Kumar Gupta, 69, was Former Executive Director and CFO, Grasim Industries Ltd until 30 June 2015. Adesh Kumar Gupta has been on the board of various Aditya Birla Group companies from October 2001 till August 2021. We consider his overall association with the group exceeds 10 years. We do not support the resolution.
    17 for23 against
1 proposal not matched to one resolution
  • Item 1, as a fund house numbered it
    Against Taurus Mutual Fund
    • Taurus Mutual FundV. Chandrasekaran, 68, is retired Executive Director (Investment), LIC of India. He has over three decades of experience in life insurance finance, housing finance and mutual fund investment. He is a Chartered Accountant. He was appointed as an Independent Director from 24 May 2021. He has attended all six board meetings held in FY25 and all seven meetings held in FY26 till the date of the notice. We note that he was on the board of Aditya Birla Housing Finance Limited since June 2018 till date and we consider his overall association with the group while computing his tenure. We do not support reappointment of independent directors if their aggregate tenure with the company or the group exceeds 10 years anytime during the proposed tenure as we believe that this is not in line with the spirit of the regulations. We are unable to support the resolution.
    0 for1 against
6 earlier meetings

Mutual fund votes, meeting of 26 Aug 2025, 39 fund houses

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

  • Adoption of Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31st March 2025, and the Reports of the Board of Directors’ and Auditors’ thereon
    38 for0 against
  • Declaration of Dividend
    10 for0 against
  • Retirement by rotation of Ms. Ananyashree Birla (DIN: 06625036)
    38 for0 against
  • Retirement by rotation of Mr. Aryaman Vikram Birla (DIN: 08456879)
    Against Axis Mutual Fund, Bank of India Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual Fund, Unifi Mutual Fund
    • Axis Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual Fund, Unifi Mutual FundAryaman Vikram Birla, 28, belongs to the promoter family and is Kumar Mangalam Birla’s son. He founded Aditya Birla Ventures in 2021 and is also the founder of Aditya Birla New Age Hospitality. He holds an MBA from Harvard Business School, a Master’s degree in Global Finance from Bayes Business School, and a Bachelor’s degree in Commerce from the University of Mumbai. He attended all six board meetings held in FY25. While his reappointment is in line with the statutory requirements, we note that his aggregate work experience is less than 10 years. Hence, we do not support his reappointment.
    • Bank of India Mutual FundYazdi Piroj Dandiwala, 74, is Senior Partner at Mulla & Mulla & Craigie Blunt and Caroe. He has been on board since February 2023. He serves on the boards of four listed companies (including Grasim Industries Ltd). Regulations cap whole-time directors’ independent directorships at three listed companies. Further, we believe that, as a Senior Partner his responsibilities are equivalent to a whole-time directorship. Therefore, his high number of directorships on listed companies are not in keeping with the spirit of the regulation. Notwithstanding, over the past three years, he has attended more than 83% of the board meetings of the companies on which he is an Independent Director: which is higher than our threshold. He attended 83% of board meetings held in FY25. He was on the board of Aditya Birla Real Estate Limited from July 2014 till July 2024 and has been on other Aditya Birla Group companies since August 2015 and till date. Since he has not completed a cooling period of three years, we consider his aggregate tenure on the group while calculating his tenure on the board. While his appointment is in line with statutory requirements, we do not support the (re)appointment of independent directors whose cumulative tenure with the company or group has crossed ten years as we believe this goes against the spirit of the regulations. Further, we understand from the annual reports of Grasim Industries Limited, that the company has availed services from Mulla & Mulla & Craigie Blunt and Caroe since FY23. We raise concerns over the potential conflict of interest. We do not support the resolution.
    • Invesco Mutual FundAryaman Vikram Birla, 28, belongs to the promoter family and is Kumar Mangalam Birla’s son. He founded Aditya Birla Ventures in 2021 and is also the founder of Aditya Birla New Age Hospitality. He holds an MBA from Harvard Business School, a Master’s degree in Global Finance from Bayes Business School, and a Bachelor’s degree in Commerce from the University of Mumbai. He attended all six board meetings held in FY25. While his reappointment is in line with the statutory requirements, we note that his aggregate work experience is less than 10 years. Hence, we do not support his reappointment
    32 for6 against
  • Appointment of Secretarial Auditor
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, PPFAS 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, PGIM India Mutual FundCompliant with law. Transparency concern: Remuneration of outgoing auditor not disclosed, thus, material change, if any, with proposed audit fee cannot be ascertained.
    • PPFAS Mutual FundAudit fees paid to previous auditors not disclosed to determine the material change in Auditors remuneration
    31 for7 against
  • Ratification of the remuneration of Cost Auditor for the financial year 2025-26
    38 for0 against
  • Continuation of Mr. Yazdi Piroj Dandiwala (DIN: 01055000) as an Independent Director of the Company who will attain the age of 75 years
    Against 360 One Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund
    • 360 One Mutual Fund, Axis Mutual Fund, Bank of India Mutual Fund, Canara Robeco Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual FundYazdi Piroj Dandiwala, 74, is Senior Partner at Mulla & Mulla & Craigie Blunt and Caroe. He has been on the board of the company since February 2023. He attended five out of six (83%) of board meetings held in FY25. We note that he was on the board of Aditya Birla Real Estate Limited from July 2014 till July 2024 and has been on other Aditya Birla Group companies beginning August 2015 and till date. Since he has not completed a cooling period of three years, we will consider his aggregate tenure on the group while calculating his tenure on the board. While his appointment is in line with statutory requirements, we do not support the (re)appointment of independent directors whose cumulative tenure with the company or group has crossed ten years as this goes against the spirit of the regulations. Further, we understand from the annual reports of Grasim Industries Limited that the company has availed services from Mulla & Mulla & Craigie Blunt and Caroe since FY23. We raise concerns over the potential conflict of interest. We do not support the resolution.
    • Angel One Mutual Fund, Nippon India Mutual FundGovernance Concern: Prolonged association with the Group.
    • Baroda BNP Paribas Mutual FundCrossing age of 75 immediately into the tenureship
    • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Prolonged association with the Group.
    • HDFC Mutual FundMr. Yazdi Piroj Dandiwala, 74, is Senior Partner at Mulla & Mulla & Craigie Blunt and Caroe. He has been on board since February 2023. His aggregate tenure with the company or group has crossed ten years and is against the spirit of the regulations. We do not support the resolution.
    • NJ Mutual Fund, Sundaram Mutual FundYazdi Piroj Dandiwala, 74, is Senior Partner at Mulla & Mulla & Craigie Blunt and Caroe. He has been on board since February 2023. He serves on the boards of four listed companies (including Grasim Industries Ltd). Regulations cap whole-time directors’ independent directorships at three listed companies. Further, we believe that, as a Senior Partner his responsibilities are equivalent to a whole-time directorship. Therefore, his high number of directorships on listed companies are not in keeping with the spirit of the regulation. Notwithstanding, over the past three years, he has attended more than 83% of the board meetings of the companies on which he is an Independent Director: which is higher than our threshold. He attended 83% of board meetings held in FY25. He was on the board of Aditya Birla Real Estate Limited from July 2014 till July 2024 and has been on other Aditya Birla Group companies since August 2015 and till date. Since he has not completed a cooling period of three years, we consider his aggregate tenure on the group while calculating his tenure on the board. While his appointment is in line with statutory requirements, we do not support the (re)appointment of independent directors whose cumulative tenure with the company or group has crossed ten years as we believe this goes against the spirit of the regulations. Further, we understand from the annual reports of Grasim Industries Limited, that the company has availed services from Mulla & Mulla & Craigie Blunt and Caroe since FY23. We raise concerns over the potential conflict of interest. We do not support the resolution.
    • PPFAS Mutual FundProlonged association with the Group
    • WhiteOak Capital Mutual FundYazdi Piroj Dandiwala, 74, is Senior Partner at Mulla & Mulla & Craigie Blunt and Caroe. We note that he was on the board of Aditya Birla Real Estate Limited from July 2014 till July 2024 and has been on other Aditya Birla Group companies beginning August 2015 and till date. We do not support Mr. Yazdi Piroj Dandiwala’s reappointment due to his extended tenure with the Aditya Birla Group and potential conflict of interest arising from his firm’s services to group companies.
    19 for20 against
6 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 4, as a fund house numbered it
    Against Taurus Mutual Fund
    • Taurus Mutual FundYazdi Piroj Dandiwala, 74, is Senior Partner at Mulla & Mulla & Craigie Blunt and Caroe. He has been on board since February 2023. He serves on the boards of four listed companies (including Grasim Industries Ltd). Regulations cap whole-time directors’ independent directorships at three listed companies. Further, we believe that, as a Senior Partner his responsibilities are equivalent to a whole-time directorship. Therefore, his high number of directorships on listed companies are not in keeping with the spirit of the regulation. Notwithstanding, over the past three years, he has attended more than 83% of the board meetings of the companies on which he is an Independent Director: which is higher than our threshold. He attended 83% of board meetings held in FY25. He was on the board of Aditya Birla Real Estate Limited from July 2014 till July 2024 and has been on other Aditya Birla Group companies since August 2015 and till date. Since he has not completed a cooling period of three years, we consider his aggregate tenure on the group while calculating his tenure on the board. While his appointment is in line with statutory requirements, we do not support the (re)appointment of independent directors whose cumulative tenure with the company or group has crossed ten years as we believe this goes against the spirit of the regulations. Further, we understand from the annual reports of Grasim Industries Limited, that the company has availed services from Mulla & Mulla & Craigie Blunt and Caroe since FY23. We raise concerns over the potential conflict of interest. We do not support the resolution.
    0 for1 against
  • Item 5, as a fund house numbered it
    1 for0 against
  • Item 6, as a fund house numbered it
    Against Taurus Mutual Fund
    • Taurus Mutual FundThe total remuneration proposed is reasonable compared to the size and scale of the company’s operations. We support the resolution.
    0 for1 against
  • To declare a dividend at the rate of Rs. 10/- per equity share of Rs. 2/- each (on fully paid-up equity shares and partly paid-up equity shares in proportion to their share in the paid-up equity share capital) for the financial year ended 31st March 2025.MoreLess
    28 for0 against

Mutual fund votes, meeting of 26 Jun 2025, 39 fund houses

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

  • Appointment of Mr. Himanshu Kapania (DIN: 03387441) as a Director of the Company
    37 for0 against
  • Appointment of Mr. Himanshu Kapania (DIN: 03387441) as a Managing Director of the Company
    38 for0 against
  • Payment of remuneration to Mr. Harikrishna Agarwal (DIN:09288720), former Managing Director of the Company
    38 for0 against
  • Material Related Party Transactions with Hindalco Industries Limited
    39 for0 against
  • Material Related Party Transactions with AV Group NB Inc., Canada
    39 for0 against
4 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 3, as a fund house numbered it
    1 for0 against
  • Appointment of Mr. Himanshu Kapania (DIN: 03387441) as a Director of the Company, not liable to retire by rotation, with effect from 1st April 2025.
    1 for0 against

Mutual fund votes, meeting of 20 Aug 2024, 30 fund houses

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

  • Adoption of Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31st March 2024, and the Reports of the Board of Directors’ and Auditors’ thereon
    29 for0 against
  • Declaration of Dividend
    29 for0 against
  • Retirement by rotation of Smt. Rajashree Birla (DIN: 00022995)
    Against HSBC Mutual Fund
    • HSBC Mutual FundA vote AGAINST the following nominee is warranted because: • Rajashree Birla serve on a total of more than six public company boards, which could potentially compromise their ability to commit sufficient time to their role in the company.
    26 for1 against
  • Retirement by rotation of Mr. Raj Kumar (DIN: 06627311)
    29 for0 against
  • Appointment of Branch Auditor
    Against Bajaj Finserv Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund
    • Bajaj Finserv Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual FundNon-Compliant with Law. Appointment of branch auditor proposed for term of 1 year only.
    • Motilal Oswal Mutual FundNon-Compliant with Law.
    • PPFAS Mutual FundAppointment not compliant with law.
    23 for7 against
  • Ratification of the remuneration of Cost Auditor for the financial year 2024-25
    29 for0 against
  • Continuation of Smt. Rajashree Birla (DIN: 00022995) as a Non-executive Director of the Company
    Against HSBC Mutual Fund
    • HSBC Mutual FundA vote AGAINST the following nominee is warranted because: • Rajashree Birla serve on a total of more than six public company boards, which could potentially compromise their ability to commit sufficient time to their role in the company.
    27 for1 against
  • Appointment of Mr. Haigreve Khaitan (DIN: 00005290) as an Independent Director of the Company
    Against 360 One Mutual Fund, Axis Mutual Fund, Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Zerodha Mutual Fund
    • 360 One Mutual Fund, Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Nippon India Mutual FundCompliant with law. Governance Concern: Excessive time commitments.
    • Axis Mutual Fund, Bank of India Mutual Fund, Sundaram Mutual Fund, Taurus Mutual FundHaigreve Khaitan, 54, is Senior Partner at Khaitan & Co. and heads the Corporate, M&A, and Private Equity practice for the firm. As per public sources, Khaitan & Co were the domestic legal counsel to the lead managers to the recent rights issue announced by the company in October 2023 and completed in FY24. Given the potential conflict of interest we do not support the resolution. Further, he currently serves as Independent Director on the boards of six listed companies. Given their full-time responsibilities, regulations allow whole-time directors of listed companies to be independent directors in a maximum of three listed companies. We believe that, as Senior Partner of Khaitan & Co., his responsibilities are equivalent to a whole-time directorship. Therefore, his high number of directorships on listed companies is not in keeping with the spirit of the regulation. Hence, we do not support his appointment.
    • HSBC Mutual FundA vote AGAINST the following nominee is warranted because: Haigreve Khaitan serve on a total of more than six public company boards, which could potentially compromise their ability to commit sufficient time to their role in the company.
    • Invesco Mutual FundHaigreve Khaitan, 54, is Senior Partner at Khaitan & Co. and heads the Corporate, M&A, and Private Equity practice for the firm. As per public sources, Khaitan & Co were the domestic legal counsel to the lead managers to the recent rights issue announced by the company in October 2023 and completed in FY24. Given the potential conflict of interest we do not support the resolution. Further, he currently serves as Independent Director on the boards of six listed companies. Given their full-time responsibilities, regulations allow whole-time directors of listed companies to be independent directors in a maximum of three listed companies. We believe that, as Senior Partner of Khaitan & Co., his responsibilities are equivalent to a whole-time directorship. Therefore, his high number of directorships on listed companies is not in keeping with the spirit of the regulation. Hence, we do not support his appointment
    • Kotak Mahindra Mutual FundHaigreve Khaitan, 53, is Senior Partner at Khaitan & Co. and heads the Corporate, M&A and Private Equity practice for the firm. He serves as Independent Director on the boards of seven listed companies. Given their full-time responsibilities, regulations allow whole-time directors of listed companies to be independent directors in a maximum of three listed companies. We believe that, as Senior Partner of Khaitan & Co., his responsibilities are equivalent to a whole-time directorship. Therefore, his high number of directorships on listed companies is not in keeping with the spirit of the regulation. Additionally, Khaitan & Co. has business relationships with the company, which is a conflict of interest. Khaitan & Co were the domestic legal counsel to the lead managers to the recent rights issue announced by the company in October 2023 and completed in FY24. Hence voting against.
    • PPFAS Mutual FundExcessive time commitments
    • Zerodha Mutual FundGovernance Concern: Excessive time commitments.
    16 for14 against
  • Appointment of Mr. Ashvin Dhirajlal Parekh (DIN: 06559989) as an Independent Director of the Company
    30 for0 against
  • Appointment of Mr. Mukkavilli Jagannath (DIN: 10090437) as a Non-executive Director of the Company
    30 for0 against
  • Material Related Party Transactions with Hindalco Industries Limited
    30 for0 against
  • Material Related Party Transactions with AV Group NB Inc, Canada
    30 for0 against
6 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 4, as a fund house numbered it
    1 for0 against
  • Item 6, as a fund house numbered it
    1 for0 against
  • Continuation of Smt. Rajashree Birla (DIN: 00022995), who has attained the age of 75 (Seventy Five) years, as a Non-executive Director of the Company, liable to retire by rotation.
    2 for0 against
  • Re-appointment of Smt. Rajashree Birla (DIN: 00022995) as a Director of the Company, liable to retire by rotation.
    3 for0 against

Mutual fund votes, meeting of 16 Apr 2024, 34 fund houses

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

  • Appointment of Mr. Sushil Agarwal (DIN: 00060017) as anNon-Executive Director of the Company
    Against Franklin Templeton Mutual Fund, HSBC Mutual Fund
    • Franklin Templeton Mutual FundA vote AGAINST the election of the nominee is warranted because Sushil Agarwal is being considered non-independent as his overall association with the company exceeds ten years. Also, the board independence norms are not met.
    • HSBC Mutual FundA vote AGAINST the election of the following nominees is warranted because: • The board independence norms are not met (based on ISS reclassification), and Sushil Agarwal is anon-independent director nominee.
    30 for2 against
  • Appointment of Mr. N. Mohan Raj (DIN: 00181969) as annIndependent Director of the Company for a second term
    Against Axis Mutual Fund, Bank of India Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Mahindra Manulife Mutual Fund, Navi Mutual Fund, Quantum Mutual Fund, SBI Mutual Fund, Sundaram Mutual Fund
    • Axis Mutual Fund, Bank of India Mutual Fund, DSP Mutual Fund, Navi Mutual Fund, SBI Mutual Fund, Sundaram Mutual FundN. Mohan Raj, 70, is the former Executive Director of the Life Insurance Corporation of India. He has thirty-six years of experience in the field of Administration, Marketing of Life Insurance, Mutual Fund, Finance and Investments. In the past he has served as a Non-Executive Non-Independent Director (Nominee of LIC) on the board from 21 June 2012 to 23 May 2018. He was then appointed as an Independent Director for five years from 12 July 2019. Given that a three-year cool-off period was not initially observed since he last served on the board, we consider his overall tenure on board as 11 years. Although his reappointment is in line with the statutory requirements, we consider directors to be non-independent once they cross a tenure of ten years from the date of their first appointment. Therefore, we do not support his reappointment as an Independent Director.
    • Edelweiss Mutual FundNo more independent after serving first term.
    • Franklin Templeton Mutual FundA vote AGAINST the election of the nominee is warranted because N. Mohan Raj is being considered non-independent as his overall association with the company exceeds ten years. Also, the board independence norms are not met.
    • HSBC Mutual FundN. Mohan Raj is being considered non-independent (based on ISS reclassification) as his overall association with the company exceeds ten years, and he transitioned from non-executive to independent without a cooling off period of three years.
    • Invesco Mutual FundN. Mohan Raj, 70, is the former Executive Director of the Life Insurance Corporation of India. He has thirty-six years of experience in the field of Administration, Marketing of Life Insurance, Mutual Fund, Finance and Investments. In the past he has served as a Non-Executive Non-Independent Director (Nominee of LIC) on the board from 21 June 2012 to 23 May 2018. He was then appointed as an Independent Director for five years from 12 July 2019. Given that a three-year cool-off period was not initially observed since he last served on the board, we consider his overall tenure on board as 11 years. Although his reappointment is in line with the statutory requirements, we consider directors to be non-independent once they cross a tenure of ten years from the date of their first appointment. Therefore, we do not support his reappointment as an Independent Director
    • Mahindra Manulife Mutual FundIn the past he has served as a Non-Executive Non-Independent Director (Nominee of LIC) on the board from 21 June 2012 to 23 May 2018. He was then appointed as an Independent Director for five years from 12 July 2019. Given that a three-year cool-off period was not initially observed since he last served on the board, we consider his overall tenure on board as 11 years. We consider directors to be non-independent once they cross a tenure of ten years from the date of their first appointment. Therefore, we do not support his reappointment as an Independent Director.
    • Quantum Mutual FundN. Mohan Raj, 70, is the former Executive Director of the Life Insurance Corporation of India. In the past he has served as a Non-Executive Non-Independent Director (Nominee of LIC) on the board from 21 June 2012 to 23 May 2018. He was then appointed as an Independent Director for five years from 12 July 2019. Given that a three-year cool-off period was not initially observed since he last served on the board, we consider his overall tenure on board as 11 years. Therefore, we do not favour his re-appointment on account of prolonged association.
    20 for12 against
  • Material Related Party Transactions between ABReL (RJ) Projects Limited, an indirect Subsidiary of the Company and ABReL EPC Limited, an indirect wholly-owned subsidiary of the Company
    29 for0 against
  • Material Related Party Transactions between ABReL (RJ) Projects Limited, an indirect Subsidiary of the Company and Aditya Birla Renewables Limited, a whollyowned subsidiary of the Company
    28 for0 against
  • Material Related Party Transactions between Aditya Birla Renewables Subsidiary Limited, an indirect Subsidiary of the Company and ABReL EPC Limited, an indirect wholly-owned subsidiary of the Company
    29 for0 against
11 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 2, as a fund house numbered it
    Against Taurus Mutual Fund
    • Taurus Mutual FundN. Mohan Raj, 70, is the former Executive Director of the Life Insurance Corporation of India. He has thirty-six years of experience in the field of Administration, Marketing of Life Insurance, Mutual Fund, Finance and Investments. In the past he has served as a Non-Executive Non-Independent Director (Nominee of LIC) on the board from 21 June 2012 to 23 May 2018. He was then appointed as an Independent Director for five years from 12 July 2019. Given that a three-year cool-off period was not initially observed since he last served on the board, we consider his overall tenure on board as 11 years. Although his reappointment is in line with the statutory requirements, we consider directors to be non-independent once they cross a tenure of ten years from the date of their first appointment. Therefore, we do not support his reappointment as an Independent Director.
    0 for1 against
  • Item 3, as a fund house numbered it
    1 for0 against
  • 1. Appointment of Mr. Sushil Agarwal (DIN: 00060017) as a Non-Executive Director of the Company. 2. Appointment of Mr. N. Mohan Raj (DIN: 00181969) as an Independent Director of the Company for a second term. 3. Material Related Party Transactions between ABReL (RJ) Projects Limited, an indirect Subsidiary of the Company and ABReL EPC Limited, an indirect wholly-owned subsidiary of the Company. 4. Material Related Party Transactions between ABReL (RJ) Projects Limited, an indirect Subsidiary of the Company and Aditya Birla Renewables Limited, a wholly-owned subsidiary of the Company. 5. Material Related Party Transactions Aditya Birla Renewables Subsidiary Limited, an indirect Subsidiary of the Company and ABReL EPC Limited, an indirect wholly-owned subsidiary of the Company.MoreLess
    1 for0 against
  • Approve material related party transactions between ABReL (RJ) Projects Limited, an indirect subsidiary and ABReL EPC Limited, an indirect wholly owned subsidiary aggregating up to Rs. 26.0 bn for FY25 and FY26MoreLess
    2 for0 against
  • Approve material related party transactions between ABReL (RJ) Projects Limited, an indirect subsidiary and Aditya Birla Renewables Limited, a wholly owned subsidiary aggregating up to Rs. 13.25 bn for FY25 and FY26MoreLess
    2 for0 against
  • Approve Material Related Party Transactions between ABReL (RJ) Projects Limited and Aditya Birla Renewables Limited
    1 for0 against
  • Approve material related party transactions between Aditya Birla Renewables Subsidiary Limited, an indirect subsidiary and ABReL EPC Limited, an indirect wholly owned subsidiary aggregating up to Rs. 14.5 bn for FY25 and FY26MoreLess
    2 for0 against
  • Material Related Party Transactions between ABReL (RJ) Projects Limited, an indirect Subsidiary of the Company and ABReL EPC Limited, an indirect wholly-owned subsidiary of the Company for an aggregate value of up to Rs. 2600 Crore proposed to be entered during the FY 2024 - 25 and FY 2025 - 26.MoreLess
    1 for0 against
  • Material Related Party Transactions between ABReL (RJ) Projects Limited, an indirect Subsidiary of the Company and Aditya Birla Renewables Limited, a wholly-owned subsidiary of the Company for an aggregate value of up to Rs. 1325 Crore proposed to be entered during the FY 2024 - 25 and FY 2025 - 26.MoreLess
    2 for0 against
  • Material Related Party Transactions between Aditya Birla Renewables Subsidiary Limited, an indirect Subsidiary of the Company and ABReL EPC Limited, an indirect wholly-owned subsidiary of the Company for an aggregate value of up to Rs. 1450 Crore proposed to be entered during the FY 2024 - 25 and FY 2025 - 26.MoreLess
    2 for0 against

Mutual fund votes, meeting of 25 Aug 2023, 25 fund houses

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

  • Adoption of the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended 31st March 2023, and the Reports of the Board and Auditors thereon.
    24 for0 against
  • Declaration of Dividend on equity shares of the Company for the financial year ended 31st March 2023
    24 for0 against
  • Appointment of Director in place of Mr. Kumar Mangalam Birlan(DIN: 00012813), who retires from office by rotation and being eligible, offers himself for re-appointment.
    Against HSBC Mutual Fund
    • HSBC Mutual FundWe have concerns about insufficient independence on the board.We have concerns about overboarding.
    23 for1 against
  • Appointment of Director in place of Dr. Santrupt Misran(DIN: 00013625), who retires from office by rotation and being eligible, offers himself for re-appointment
    Against HSBC Mutual Fund
    • HSBC Mutual FundWe have concerns about insufficient independence on the board.
    23 for1 against
  • Ratification of the Remuneration of Cost Auditor fornthe financial year 2023-24
    3 for0 against
  • Re-appointment of Mr. Harikrishna Agarwal as thenManaging Director of the Company
    24 for0 against
9 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 3, as a fund house numbered it
    1 for0 against
  • Item 4, as a fund house numbered it
    1 for0 against
  • Item 5, as a fund house numbered it
    1 for0 against
  • Item 6, as a fund house numbered it
    1 for0 against
  • 5) Approve remuneration of Rs. 2.0 mn for DC Dave & Co. as cost auditors for FY24.
    1 for0 against
  • Approve remuneration of Rs. 2.0 mn for DC Dave & Co. as cost auditors for FY24
    3 for0 against
  • Ratification of the remuneration of Rs. 20 Lakh plus applicable taxes and reimbursement of out-of-pocket expenses, payable to M/s. D. C. Dave and Co., Cost Accountants, Mumbai (Registration No. 000611) for conducting audit of the cost accounting records of the Company for the financial year ending 31st March 2024.MoreLess
    17 for0 against

Mutual fund votes, meeting of 21 Mar 2023, 25 fund houses

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

  • Appointment of Ms. Ananyashree Birla (DIN: 06625036) as a Non-Executive Director of the Company
    Against Franklin Templeton Mutual Fund, HSBC Mutual Fund
    • Franklin Templeton Mutual FundA vote AGAINST the election of the nominee is warranted because: • The board independence norms are not met and Ananyashree Birlais non-independent director nominee. • Given the limited work experience of the nominee, questions could be raised around their potential contribution to the board.
    • HSBC Mutual FundWe have concerns about insufficient independence on the board.
    22 for2 against
  • Appointment of Mr. Aryaman Vikram Birla (DIN: 08456879) as a Non-Executive Director of the Company
    Against Axis Mutual Fund, Bank of India Mutual Fund, Franklin Templeton Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Mirae Asset Mutual Fund, Sundaram Mutual Fund
    • Axis Mutual FundAryaman Vikram Birla, 25, belongs to the promoter family and is Kumar Mangalam Birla’s son. Prior to joining the Aditya Birla Group (ABG), he was a cricketer. He founded Aditya Birla Ventures in 2021. The company has stated that he is closely involved with several businesses including Fashion & Retail and Real Estate. He helped to incubate the Group’s D2C platform, TMRW. While his appointment is in line with the statutory requirements, we note that his aggregate work experience is less than 10 years and his appointment does not align with our voting guidelines.
    • Bank of India Mutual Fund, Sundaram Mutual FundAryaman Vikram Birla, 25, belongs to the promoter family and is Kumar Mangalam Birla’s son. Prior to joining the Aditya Birla Group (ABG), he was a cricketer. He founded Aditya Birla Ventures in . The company has stated that he is closely involved with several businesses including Fashion & Retail and Real Estate. He helped to incubate the Group’s D2C platform, TMRW. While his appointment is in line with the statutory requirements, we note that his aggregate work experience is less than 10 years and his appointment does not align with our voting guidelines.
    • Franklin Templeton Mutual FundA vote AGAINST the election of the nominee is warranted because: • The board independence norms are not met and Aryaman Vikram Birla are non-independent director nominee. • Given the limited work experience of the nominee, questions could be raised around their potential contribution to the board.
    • HDFC Mutual FundHe does not have the requisite experience to be inducted in the board.
    • HSBC Mutual FundWe have concerns about insufficient independence on the board.
    • Mirae Asset Mutual FundIn line with advisory recommendation (passive holding)
    17 for7 against
  • Appointment of Mr. Yazdi Piroj Dandiwala (DIN: 01055000) as an Independent Director of the Company
    Against 360 One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Kotak Mahindra Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund
    • 360 One Mutual Fund, Bandhan Mutual Fund, LIC Mutual FundCompliant with Law. Governance concern: Proposed term would lead to prolonged association with Group
    • Axis Mutual Fund, Bank of India Mutual Fund, Sundaram Mutual Fund, Taurus Mutual FundYazdi Piroj Dandiwala, 72, is a Partner at Mulla & Mulla & Craigie Blunt and advocate at Solicitors & Notaries. He has experience of over forty-eight years in corporate law. Yazdi Piroj Dandiwala serves on the boards of four listed companies (including Grasim Industries Ltd). Given their full-time responsibilities, regulations allow whole-time directors of listed companies to be independent directors in a maximum of three listed companies. Further, we believe that, as a Partner at Mulla & Mulla & Craigie Blunt, his responsibilities are equivalent to a whole-time directorship. Therefore, his high number of directorships on listed companies are not in keeping with the spirit of the regulation.
    • Kotak Mahindra Mutual FundYazdi Piroj Dandiwala, 72 has five decades of experience in corporate law. He has been associated with the Group (Hindalco Industries) since 2015. Thus, his total association with the Group is approx. 7 years. Further, his appointment for 5 more years will lead to total association of 12 years with the company. While compliant with regulations, we believe that the length of tenure is inversely proportionate to the independence of a director hence voting against .
    • Mirae Asset Mutual FundIn line with advisory recommendation (passive holding)
    • Nippon India Mutual FundHigh number of Directorships
    • NJ Mutual FundProposed reappointment will lead to prolonged association with the group.
    14 for11 against
  • Material Related Party Transactions with Hindalco Industries Limited
    25 for0 against
2 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    Against Taurus Mutual Fund
    • Taurus Mutual FundAryaman Vikram Birla, 25, belongs to the promoter family and is Kumar Mangalam Birla’s son. Prior to joining the Aditya Birla Group (ABG), he was a cricketer. He founded Aditya Birla Ventures in . The company has stated that he is closely involved with several businesses including Fashion & Retail and Real Estate. He helped to incubate the Group’s D2C platform, TMRW. While his appointment is in line with the statutory requirements, we note that his aggregate work experience is less than 10 years and his appointment does not align with our voting guidelines.
    0 for1 against
  • Item 2, as a fund house numbered it
    1 for0 against

Each fund house counted once, from its own disclosure; the reasons are its own words.

Tax disputes

Reported in the filing for the quarter to Jun 2026.

  • Tax disputeOffice of the Commissioner of Customs (Appeals), Mumbai-II, JNCH, Nhava ShevaSince 28 Feb 2024
    Penalty imposed of Rs 1.16 lacs has been dropped by the order of Commissioner of Customs (Appeals).
    At the filing before: Penalty levied disputing classification of imported Medical grade Hydrogen Peroxide
  • Tax disputeDeputy Commissioner (Appeal), CT, Chengalpattu, Tamil NaduSince 12 Aug 2024
    Out of penalty imposed of Rs 20.72 lacs, only demand of Rs. 10,000 has been retained and remaining amount has been dropped by the order of the Deputy Commissioner (Appeals).
    At the filing before: Penalty levied since consignee address on the Tax Invoice was different from the address registered on the GST portal

In the company's own words, from its latest governance filing.

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

At most 16 complaints open, quarter to Jun 2026.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
No
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
Yes
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 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
Rights IssuesFeb 2024, checked by CARE RATING LIMITED3,999.80Repayment or prepayment, in full or in part, of certain borrowings availed by company3,000.000.00No
Rights IssuesFeb 2024, checked by CARE RATING LIMITED3,999.80General Corporate Purposes977.650.00No
Rights IssuesFeb 2024, checked by CARE RATING LIMITED3,999.80Issue Related Expenses22.150.02No
₹ 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.