Harsha Engineers International CEO, MD, chairman, board of directors and AGM
NSE: HARSHABSE: 543600Industrial ProductsSmall Cap
Share price at the NSE close on 23 Oct 2026. Previous close ₹420.35.
- Next results date: the board meets on 3 Nov 2026 to consider: financial results.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹3,682 Cr918th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. The filing of 11 Aug 2026
- 23.8
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. The filing of 7 May 2026
- 2.6
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.37%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it. The filing of 11 Aug 2026
- 11.6%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet. The filing of 11 Aug 2026
- 11.4%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026. The filing of 7 May 2026
- 0.26
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 1,10,61251.0% delivered
Harsha Engineers International 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
- ChairpersonShah Rajendra ShantilalRelated to the promoter
- Managing directorHarish Rangwala
- Chief executiveVishal Harish Rangwala
- Company Secretary and Compliance OfficerKiran Mohanty
10 directors5 independent5 executive
- Shah Rajendra Shantilal · ChairpersonExecutive · joined May 2011 · reappointed Dec 2024 · 3 listed boards · 2 as independent · 3 committee seats
- Harish Rangwala · Managing directorExecutive · joined Dec 2010 · reappointed Dec 2024 · 1 listed board
- Vishal Harish Rangwala · Chief executiveExecutive · joined Aug 2021 · reappointed Dec 2024 · 1 listed board · 1 committee seat
- Pilak Rajendra ShahExecutive · joined Feb 2016 · reappointed Dec 2024 · 1 listed board
- Hetal Manish NaikExecutive · joined Aug 2021 · reappointed Dec 2024 · 1 listed board
- Ambar Jayantilal PatelIndependent · joined Jan 2022 · reappointed Jan 2022 · 56 months as independent · 4 listed boards · 3 as independent · 4 committee seats, 2 as chair
- Kunal Dilipbhai ShahIndependent · joined Jan 2022 · reappointed Jan 2022 · 56 months as independent · 1 listed board · 1 as independent · 1 committee seat, 1 as chair
- Bhushan Chelaram PunaniIndependent · joined Jan 2022 · reappointed Jan 2022 · 56 months as independent · 1 listed board · 1 as independent · 3 committee seats
- Ramakrishnan KasinathanIndependent · joined Jan 2022 · reappointed Jan 2022 · 56 months as independent · 1 listed board · 1 as independent · 1 committee seat
- CHOPRA PRIYANKA AGARWALIndependent · joined Nov 2024 · reappointed Nov 2024 · 22 months as independent · 2 listed boards · 2 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
- Neharika Vohra, left 11 Nov 2024: Others
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 11 Aug 202610 of 10 present5 independent · 95 days in between
- 7 May 202610 of 10 present5 independent
Audit Committee
Chair Kunal Dilipbhai Shah
Bhushan Chelaram Punani, Ambar Jayantilal Patel, Shah Rajendra Shantilal
- 11 Aug 20264 of 4 present3 independent · 95 days in between
- 7 May 20264 of 4 present3 independent
Nomination and remuneration committee
Chair Ambar Jayantilal Patel
Kunal Dilipbhai Shah, CHOPRA PRIYANKA AGARWAL
- 26 Sep 20263 of 3 present3 independent · 141 days in between
- 7 May 20263 of 3 present3 independent
Stakeholders Relationship Committee
Chair Ambar Jayantilal Patel
Ramakrishnan Kasinathan, Vishal Harish Rangwala
- 11 Aug 20263 of 3 present2 independent · 95 days in between
- 7 May 20263 of 3 present2 independent
Risk Management Committee
Chair Shah Rajendra Shantilal
Pilak Rajendra Shah, Vishal Harish Rangwala, Kunal Dilipbhai Shah, Ramakrishnan Kasinathan, Hetal Manish Naik
No meeting listed in the filing.
Corporate Social Responsibility Committee
Chair Shah Rajendra Shantilal
Harish Rangwala, Bhushan Chelaram Punani
No meeting listed in the filing.
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditor
Named in the results for the quarter to Mar 2026.
- M/s Pankaj R Shah & AssociatesPeer-review certificate valid to Oct 2027
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.
Harsha Engineers International 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.Harsha Engineers International dividend history
Annual general meeting, 23 Jul 2026
65,197 shareholders on the register on 16 Jul 2026; present: 5 promoters and 50 others; votes counted by Chirag Shah / Chirag Shah & Associates.The company's voting result (opens in a new tab)
(a) To Receive, Consider, Approve and Adopt the Audited Standalone Financial Statements of the Company for the financial year ended on March 31, 2026 together with the reports of Board of Directors and Auditors thereon and (b) To Receive, Consider, Approve and Adopt the Audited Consolidated Financial Statements of the Company for the financial year ended on March 31, 2026 together with the report of Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.80%
Turnout: all 88.54% · promoters 100.00% · institutions 90.51% · other public 0.13%
- To declare a Final dividend on equity shares for the financial year ended March 31, 2026.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.43%
Turnout: all 88.54% · promoters 100.00% · institutions 90.51% · other public 0.13%
- To appoint a director in place of Mr. Rajendra Shah (DIN: 00061922), who retired by rotation, being eligible for re-appointment and offers himself for the same.Ordinary99.87% for0.13% against
Against: promoters 0.00% · institutions 0.87% · other public 1.01%
Turnout: all 88.54% · promoters 100.00% · institutions 90.51% · other public 0.13%
- To appoint a director in place of Mr. Harish Rangwala (DIN: 00278062), who retired by rotation, being eligible for re-appointment and offers himself for the same.Ordinary99.79% for0.21% against
Against: promoters 0.00% · institutions 1.40% · other public 1.39%
Turnout: all 88.54% · promoters 100.00% · institutions 90.51% · other public 0.13%
- To appoint Ms Mukesh M. Shah and Co. Chartered Accountants, (FRN:106625W) as the Statutory Auditors for a term of 5 (Five) consecutive years and authorise Board of Directors to fix their remunerationOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 1.37%
Turnout: all 88.54% · promoters 100.00% · institutions 90.51% · other public 0.13%
- To ratify remuneration of Cost Auditors of the Company to be paid for the financial year 2026-27Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.76%
Turnout: all 88.54% · promoters 100.00% · institutions 90.51% · other public 0.13%
- Re-appointment of Mr. Ambar Patel (DIN: 00050042), as an Independent Director of the Company.Special99.88% for0.12% against
Against: promoters 0.00% · institutions 0.80% · other public 1.22%
Turnout: all 88.54% · promoters 100.00% · institutions 90.51% · other public 0.13%
- Re-appointment of Mr. Bhushan Punani (DIN:00119874), as an Independent Director of the Company.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.85%
Turnout: all 88.54% · promoters 100.00% · institutions 90.51% · other public 0.13%
- Re-appointment of Mr. Kunal Shah (DIN:02087152), as an Independent Director of the Company.Special85.86% for14.14% against
Against: promoters 0.00% · institutions 92.58% · other public 0.84%
Turnout: all 88.54% · promoters 100.00% · institutions 90.51% · other public 0.13%
- Re-appointment of Mr. Ramakrishnan Kasinathan (DIN:09461806), as an Independent Director of the Company.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.84%
Turnout: all 88.54% · promoters 100.00% · institutions 90.51% · other public 0.13%
- To consider and approve Harsha Engineers International Limited- Employee Stock Option Plan 2026.Special99.76% for0.24% against
Against: promoters 0.00% · institutions 1.58% · other public 1.56%
Turnout: all 88.54% · promoters 100.00% · institutions 90.51% · other public 0.13%
- To consider and approve grant of employee stock options to the employees of subsidiary company of the Company under Harsha Engineers International Limited- Employee Stock Option Plan 2026Special99.76% for0.24% against
Against: promoters 0.00% · institutions 1.58% · other public 1.56%
Turnout: all 88.54% · promoters 100.00% · institutions 90.51% · other public 0.13%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 12 Sep 2025, 6 resolutions
76,317 shareholders on the register on 5 Sep 2025; present: 12 promoters and 69 others; votes counted by Chirag Shah / Chirag Shah & Associates.The company's voting result (opens in a new tab)
(a) To Receive, Consider, Approve and Adopt the Audited Standalone Financial Statements of the Company for the financial year ended on March 31, 2025 together with the reports of Board of Directors and Auditors thereon and (b) To Receive, Consider, Approve and Adopt the Audited Consolidated Financial Statements of the Company for the financial year ended on March 31, 2025 together with the report of Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.31%
Turnout: all 87.52% · promoters 100.00% · institutions 97.68% · other public 0.80%
- To declare a Final dividend on equity shares for the financial year ended March 31, 2025.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.22%
Turnout: all 87.52% · promoters 100.00% · institutions 97.68% · other public 0.80%
- To appoint a director in place of Mr. Pilak Shah (DIN: 00407960), who retired by rotation, being eligible for re-appointment and offers himself for the same.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.86%
Turnout: all 87.52% · promoters 100.00% · institutions 97.68% · other public 0.80%
- To appoint a director in place of Ms. Hetal Naik (DIN: 01990172), who retired by rotation, being eligible for re-appointment and offers herself for the same.Ordinary86.03% for13.97% against
Against: promoters 0.00% · institutions 98.42% · other public 0.81%
Turnout: all 87.52% · promoters 100.00% · institutions 97.68% · other public 0.80%
- To ratify remuneration of Cost Auditors of the Company to be paid for the financial year 2025-26Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.39%
Turnout: all 87.52% · promoters 100.00% · institutions 97.68% · other public 0.80%
Appointment of Ms Chirag Shah and Associates, Peer Reviewed Firm of Practicing Company Secretaries as a Secretarial Auditor of the Company for a term of 5 Consecutive years commencing from financial year 2025-26 to financial year 2029-30MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.42%
Turnout: all 87.52% · promoters 100.00% · institutions 97.68% · other public 0.80%
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.
Postal ballot, 25 Jan 2025, 1 resolution
75,847 shareholders on the register on 20 Dec 2024; votes counted by Chirag Shah / Chirag Shah & Associates.The company's voting result (opens in a new tab)
- APPOINTMENT OF MS. PRIYANKA AGARWAL CHOPRA (DIN: 10011547) AS A NON- EXECUTIVE INDEPENDENT DIRECTOR OF THE COMPANY.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 89.74% · promoters 100.00% · institutions 91.02% · other public 41.23%
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, 16 Sep 2024, 10 resolutions
Present: 11 promoters and 66 others.The company's voting result (opens in a new tab)
1 - To Receive, Consider, Approve and Adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended on March 31, 2024 together with the reports of Board of Directors and Auditors thereon;MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 89.72% · promoters 100.00% · institutions 90.92% · other public 41.20%
- To declare a Final dividend on equity shares for the financial year ended March 31, 2024.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 89.72% · promoters 100.00% · institutions 90.92% · other public 41.20%
- 3 - To appoint a director in place of Mr. Harish Rangwalan(DIN:00278062), who retired by rotation, being eligiblenfor re-appointment and offers himself for the sameOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 89.72% · promoters 100.00% · institutions 90.92% · other public 41.20%
- 4 - To appoint a director in place of Mr. Vishal Rangwalan(DIN:02452416), who retired by rotation, being eligiblenfor re-appointment and offers himself for the same.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 89.72% · promoters 100.00% · institutions 90.92% · other public 41.20%
- 5 - To ratify remuneration of Cost Auditors of the Company to be paid for the financial year 2023-24;Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 89.72% · promoters 100.00% · institutions 90.92% · other public 41.20%
- 6 - Re-Appointment of Mr. Rajendra Shah (DIN:00061922) as a Chairman & Whole-Time Director of the Company for the period of five years with effect from December 25, 2024Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 89.72% · promoters 100.00% · institutions 90.92% · other public 41.20%
- 7 - Re-Appointment of Mr. Harish Rangwala (DIN :00278062) as a Managing Director of the Company for the period of five years with effect from December 25, 2024Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 89.72% · promoters 100.00% · institutions 90.92% · other public 41.20%
- 8 - Re-Appointment of Mr. Vishal Rangwala (DIN:02452416) as a Chief Executive Officer & Whole-Time Director of the Company for the period of five years with effect from December 25, 2024Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 89.72% · promoters 100.00% · institutions 90.92% · other public 41.20%
- 9 - Re-Appointment of Mr. Pilak Shah (DIN:00407960) As a Chief Operating Officer & Whole-Time Director of the Company for the period of five years with effect from December 25, 2024Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 89.72% · promoters 100.00% · institutions 90.92% · other public 41.20%
- 10 - Re-Appointment of Ms. Hetal Naik (DIN:01990172) as a Whole-Time Director of the Company for the period of five years with effect from December 25, 2024Ordinary97.09% for2.91% against
Against: promoters 0.00% · institutions 30.68% · other public 0.00%
Turnout: all 89.72% · promoters 100.00% · institutions 90.92% · other public 41.20%
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, 28 Sep 2023, 5 resolutions
Present: 14 promoters and 80 others.The company's voting result (opens in a new tab)
To Receive, Consider, Approve and Adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended on March 31, 2023 together with the reports of Board of Directors and Auditors thereon; andMoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 90.15% · promoters 100.00% · institutions 91.77% · other public 37.47%
- 2 - To declare a dividend on equity shares for the financial year ended March 31, 2023.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 90.15% · promoters 100.00% · institutions 91.77% · other public 37.47%
- 3 - To appoint a director in place of Ms. Hetal Ukani (DIN: 01990172), who retired by rotation, being eligible for re-appointment and offers herself for the same.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 90.15% · promoters 100.00% · institutions 91.77% · other public 37.47%
- To appoint a director in place of Mr. Rajendra Shah (DIN: 00061922), who retired by rotation, being eligible for re-appointment and offers himself for the same.Ordinary99.98% for0.02% against
Against: promoters 0.00% · institutions 0.20% · other public 0.01%
Turnout: all 90.15% · promoters 100.00% · institutions 91.77% · other public 37.47%
- 5 - To ratify remuneration of Cost Auditors of the Company to be paid for the financial year 2023-24;nOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 90.15% · promoters 100.00% · institutions 91.77% · other public 37.47%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
How mutual funds voted
Fund houses must disclose how they vote at every meeting of a company they hold.
Mutual fund votes, meeting of 23 Jul 2026, 2 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.
(a) To Receive, Consider, Approve and Adopt the Audited Standalone Financial Statements of the Company for the financial year ended on March 31, 2026 together with the reports of Board of Directors and Auditors thereon and (b) To Receive, Consider, Approve and Adopt the Audited Consolidated Financial Statements of the Company for the financial year ended on March 31, 2026 together with the report of Auditors thereon.MoreLess
2 for0 against- To declare a Final dividend on equity shares for the financial year ended March 31, 2026.2 for0 against
- To appoint a director in place of Mr. Rajendra Shah (DIN: 00061922), who retired by rotation, being eligible for re-appointment and offers himself for the same.2 for0 against
- To appoint a director in place of Mr. Harish Rangwala (DIN: 00278062), who retired by rotation, being eligible for re-appointment and offers himself for the same.2 for0 against
- To appoint Ms Mukesh M. Shah and Co. Chartered Accountants, (FRN:106625W) as the Statutory Auditors for a term of 5 (Five) consecutive years and authorise Board of Directors to fix their remuneration2 for0 against
- To ratify remuneration of Cost Auditors of the Company to be paid for the financial year 2026-271 for0 against
- Re-appointment of Mr. Ambar Patel (DIN: 00050042), as an Independent Director of the Company.2 for0 against
- Re-appointment of Mr. Bhushan Punani (DIN:00119874), as an Independent Director of the Company.2 for0 against
- Re-appointment of Mr. Kunal Shah (DIN:02087152), as an Independent Director of the Company.
Against DSP Mutual Fund
- DSP Mutual FundKunal Shah, 48, has been associated with AIA Engineering Limited since December 2002 and currently serves as its Executive Director – Corporate Affairs. He was appointed to the board of Harsha Engineers International as an Independent Director on 11 January 2022. He attended all four board meetings (100%) held in FY26. Rajendra Shah, Executive Chairperson of Harsha Engineers International Ltd, has been associated with AIA Engineering for the past 20 years. He ceased to be the Chairperson and Non-Executive Non-Independent Director on 20 April 2026. As per the latest annual report, the company undertook transactions with AIA Engineering Limited aggregating Rs. 282.6 mn in FY26 and Rs. 151.1 mn in FY25. Given the ongoing business relationship between the two companies, we classify him as a Non-Executive, Non-Independent Director. Accordingly, we do not support the resolution.
1 for1 against - Re-appointment of Mr. Ramakrishnan Kasinathan (DIN:09461806), as an Independent Director of the Company.2 for0 against
- To consider and approve Harsha Engineers International Limited- Employee Stock Option Plan 2026.2 for0 against
- To consider and approve grant of employee stock options to the employees of subsidiary company of the Company under Harsha Engineers International Limited- Employee Stock Option Plan 20262 for0 against
1 proposal not matched to one resolution
Ratification of remuneration of Rs. 250,000 p.a plus current applicable tax, if any and out of pocket expenses at actual, payable to M/s Kiran J. Mehta and Co. (FRN:000025), Cost Accountants who were appointed by the Board of Directors as Cost Auditors based on the recommendation of the Audit Committee to conduct the audit of the cost records of the Company for the financial year ending on March 31, 2027.MoreLess
1 for0 against
Mutual fund votes, meeting of 12 Sep 2025, 2 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
(a) To Receive, Consider, Approve and Adopt the Audited Standalone Financial Statements of the Company for the financial year ended on March 31, 2025 together with the reports of Board of Directors and Auditors thereon and (b) To Receive, Consider, Approve and Adopt the Audited Consolidated Financial Statements of the Company for the financial year ended on March 31, 2025 together with the report of Auditors thereon.MoreLess
2 for0 against- To declare a Final dividend on equity shares for the financial year ended March 31, 2025.2 for0 against
- To appoint a director in place of Mr. Pilak Shah (DIN: 00407960), who retired by rotation, being eligible for re-appointment and offers himself for the same.2 for0 against
- To appoint a director in place of Ms. Hetal Naik (DIN: 01990172), who retired by rotation, being eligible for re-appointment and offers herself for the same.
Against Nippon India Mutual Fund
- Nippon India Mutual FundProfile of the candidate
1 for1 against Appointment of Ms Chirag Shah and Associates, Peer Reviewed Firm of Practicing Company Secretaries as a Secretarial Auditor of the Company for a term of 5 Consecutive years commencing from financial year 2025-26 to financial year 2029-30MoreLess
2 for0 against
1 proposal not matched to one resolution
Ratification of remuneration of Rs. 2,10,000 p.a. plus current applicable tax, if any and out of pocket expenses at actual, payable to M/s Kiran J. Mehta and Co. (FRN: 000025), Cost Accountants who were appointed by the Board of Directors as Cost Auditors based on the recommendation of the Audit Committee to conduct the audit of the cost records of the Company for the financial year ending on March 31, 2026.MoreLess
2 for0 against
3 earlier meetings
Mutual fund votes, meeting of 25 Jan 2025, 6 fund houses
- APPOINTMENT OF MS. PRIYANKA AGARWAL CHOPRA (DIN: 10011547) AS A NON- EXECUTIVE INDEPENDENT DIRECTOR OF THE COMPANY.6 for0 against
Mutual fund votes, meeting of 16 Sep 2024, 3 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
1 - To Receive, Consider, Approve and Adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended on March 31, 2024 together with the reports of Board of Directors and Auditors thereon;MoreLess
3 for0 against- To declare a Final dividend on equity shares for the financial year ended March 31, 2024.3 for0 against
- 3 - To appoint a director in place of Mr. Harish Rangwalan(DIN:00278062), who retired by rotation, being eligiblenfor re-appointment and offers himself for the same2 for0 against
- 4 - To appoint a director in place of Mr. Vishal Rangwalan(DIN:02452416), who retired by rotation, being eligiblenfor re-appointment and offers himself for the same.2 for0 against
- 5 - To ratify remuneration of Cost Auditors of the Company to be paid for the financial year 2023-24;1 for0 against
- 6 - Re-Appointment of Mr. Rajendra Shah (DIN:00061922) as a Chairman & Whole-Time Director of the Company for the period of five years with effect from December 25, 20243 for0 against
- 7 - Re-Appointment of Mr. Harish Rangwala (DIN :00278062) as a Managing Director of the Company for the period of five years with effect from December 25, 20243 for0 against
- 8 - Re-Appointment of Mr. Vishal Rangwala (DIN:02452416) as a Chief Executive Officer & Whole-Time Director of the Company for the period of five years with effect from December 25, 20243 for0 against
- 9 - Re-Appointment of Mr. Pilak Shah (DIN:00407960) As a Chief Operating Officer & Whole-Time Director of the Company for the period of five years with effect from December 25, 20243 for0 against
- 10 - Re-Appointment of Ms. Hetal Naik (DIN:01990172) as a Whole-Time Director of the Company for the period of five years with effect from December 25, 2024
Against DSP Mutual Fund
- DSP Mutual FundMs. Hetal Naik, 49, is part of the promoter family and Whole-time director of the company. She has been associated with the company since 2015 and was appointed Whole-time Director in August 2021. She is responsible for Health and Safety of all employees and other stakeholders who may be affected by the company’s operations. She also plays a role in managing Total Productive Maintenance function of the company. She received Rs. 7.3 mn in FY24 which was 24x the median employee remuneration. Her proposed remuneration terms include commission/bonus which has not been defined in absolute terms. Nevertheless, based on previous remuneration, we estimate her FY25 remuneration at Rs. 9.3 mn, which is reasonable. We expect the company to disclose performance metrics that will determine commission/bonus and cap the remuneration payable in absolute terms. Nevertheless, we raise concern that there are five promoters on the board in an executive capacity, which is not commensurate with the size and scale of the company. Therefore, we do not support her reappointment.
2 for1 against
3 proposals not matched to one resolution
Ratification of remuneration of Rs. 2,10,000 p.a. plus current applicable tax, if any and out of pocket expenses at actual, payable to M/s Kiran J. Mehta and Co. (FRN: 000025), Cost Accountants who were appointed by the Board of Directors as Cost Auditors, based on the recommendation of the Audit Committee, to conduct the audit of the cost records of the Company for the financial year ending on March 31, 2025.MoreLess
2 for0 against- Reappoint Harish Rangwala (DIN:00278062) as Director, liable to retire by rotation1 for0 against
- Reappoint Vishal Rangwala (DIN: 02452416) as Director liable to retire by rotation1 for0 against
Mutual fund votes, meeting of 28 Sep 2023, 6 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
To Receive, Consider, Approve and Adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended on March 31, 2023 together with the reports of Board of Directors and Auditors thereon; andMoreLess
6 for0 against- 2 - To declare a dividend on equity shares for the financial year ended March 31, 2023.6 for0 against
- 3 - To appoint a director in place of Ms. Hetal Ukani (DIN: 01990172), who retired by rotation, being eligible for re-appointment and offers herself for the same.6 for0 against
- To appoint a director in place of Mr. Rajendra Shah (DIN: 00061922), who retired by rotation, being eligible for re-appointment and offers himself for the same.
Against Motilal Oswal Mutual Fund
- Motilal Oswal Mutual FundCompliant with law. No concern on the merit. Governance concern: Holds position of Chairman and Executive Director.
5 for1 against - 5 - To ratify remuneration of Cost Auditors of the Company to be paid for the financial year 2023-24;n1 for0 against
1 proposal not matched to one resolution
Ratification of remuneration Rs.210,000/- p.a. plus current applicable tax, if any and out of pocket expenses payable to M/s Kiran J. Mehta & Co., Cost Accountants (FRN:000025), appointed by the Board of Directors as Cost Auditors, based on the recommendation of the Audit Committee, to conduct the audit of the cost records of the Company for the financial year ending March 31, 2024.MoreLess
5 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Fines
Reported in the filing for the quarter to Sep 2026.
- Fine or penaltyOffice of the Commissioner Central Tax - KolkataSince 16 Jul 2026
The Penalty of Rs. 648/- was levied under Section 74(5) of the CGST Act, 2017 on account of Ineligible ITC availed & utilized on goods/services not used for furtherance of business (Block Credit)
Ineligible ITC availed & utilized on goods/services not used for furtherance of business (Block Credit)
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
- 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
- Yes
- 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 Sep 2025. The company's results filing for the quarter to Jun 2026 says no statement of how money raised was used applies to it.
| Raised | Amount raised | For | Set aside | Spent | Spent elsewhere |
|---|---|---|---|---|---|
| Public IssuesSep 2022, checked by CARE Ratings Limited | 455.00 | Pre-payment or scheduled repayment of a portion of the existing borrowing availed by the Company | 270.00 | 270.00 | No |
| Public IssuesSep 2022, checked by CARE Ratings Limited | 455.00 | Funding capital expenditure requirements towards purchase of machinery | 77.95 | 77.95 | No |
| Public IssuesSep 2022, checked by CARE Ratings Limited | 455.00 | Infrastructure repairs and renovation of our existing production facilities including office premises in India | 7.12 | 7.12 | No |
| Public IssuesSep 2022, checked by CARE Ratings Limited | 455.00 | General corporate purposes | 74.33 | 74.33 | No |