Himadri Speciality Chemical CEO, MD, chairman, board of directors and AGM
NSE: HSCLBSE: 500184Chemicals & PetrochemicalsSmall Cap
Share price at the NSE close on 23 Oct 2026. Previous close ₹522.90.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹24,825 Cr293rd 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 16 Oct 2026
- 29.0
- 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 16 Oct 2026
- 4.8
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.16%
- 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 16 Oct 2026
- 18.6%
- 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 16 Oct 2026
- 15.9%
- 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 Sep 2026. The filing of 16 Oct 2026
- 0.22
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 36,13,60928.5% delivered
Himadri Speciality Chemical board of directors
At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares
- Chairperson and managing director and CEOAnurag ChoudharyRelated to the promoter
- Company Secretary and Compliance OfficerMonika Saraswat
7 directors4 independent3 executive
- Shyam Sundar ChoudharyExecutive · joined Jul 1987 · reappointed Apr 2025 · 1 listed board · 1 committee seat
- Anurag Choudhary · Chairperson and managing director and CEOExecutive · joined Aug 2019 · reappointed Aug 2024 · 2 listed boards · 2 committee seats
- Amit ChoudharyExecutive · joined Aug 2019 · reappointed Aug 2024 · 2 listed boards · 2 committee seats
- Girish Paman VanvariIndependent · joined Jun 2021 · reappointed Jun 2026 · 63 months as independent · 6 listed boards · 6 as independent · 9 committee seats, 5 as chair
- Gopal Ajay MalpaniIndependent · joined Aug 2021 · reappointed Aug 2026 · 61 months as independent · 3 listed boards · 3 as independent · 5 committee seats, 2 as chair
- Rita BhattacharyaIndependent · joined Aug 2022 · reappointed Aug 2022 · 49 months as independent · 1 listed board · 1 as independent
- Amitabh SrivastavaIndependent · joined Apr 2025 · reappointed Apr 2025 · 17 months as independent · 1 listed board · 1 as independent · 2 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.
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 21 Sep 20267 of 7 present4 independent · 2 days in between
- 18 Sep 20267 of 7 present4 independent · 64 days in between
- 15 Jul 20267 of 7 present4 independent · 82 days in between
- 23 Apr 20267 of 7 present4 independent
Audit Committee
Chair Girish Paman Vanvari
Gopal Ajay Malpani, Amitabh Srivastava
- 21 Sep 20263 of 3 present3 independent · 2 days in between
- 18 Sep 20263 of 3 present3 independent · 64 days in between
- 15 Jul 20263 of 3 present3 independent · 82 days in between
- 23 Apr 20263 of 3 present3 independent
Nomination and remuneration committee
Chair Gopal Ajay Malpani
Girish Paman Vanvari, Amitabh Srivastava
- 10 Aug 20263 of 3 present3 independent · 34 days in between
- 6 Jul 20263 of 3 present3 independent · 74 days in between
- 22 Apr 20263 of 3 present3 independent
Stakeholders Relationship Committee
Chair Amitabh Srivastava
Shyam Sundar Choudhary, Amit Choudhary
- 28 Sep 20263 of 3 present1 independent · 48 days in between
Risk Management Committee
Chair Shyam Sundar Choudhary
Anurag Choudhary, Amitabh Srivastava, Kamlesh Kumar Agarwal, Somesh Satnalika
- 15 Jul 20263 of 3 present1 independent
Corporate Social Responsibility Committee
Chair Amitabh Srivastava
Shyam Sundar Choudhary, Anurag Choudhary
- 15 Jul 20263 of 3 present1 independent · 84 days in between
- 21 Apr 20263 of 3 present1 independent
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditor
Named in the results for the quarter to Mar 2026.
- Singhi & CoPeer-review certificate valid to Aug 2028
1 earlier auditor
- Singhi and CoNamed 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.
Himadri Speciality Chemical 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.Himadri Speciality Chemical dividend history
Annual general meeting, 11 Jun 2026
4,10,368 shareholders on the register on 4 Jun 2026; present: 9 promoters and 110 others; votes counted by RAJARSHI GHOSH / RAJARSHI GHOSH.The company's voting result (opens in a new tab)
Adoption of Audited Standalone Financial Statements and Audited Consolidated Financial Statements for the financial year ended 31 March 2026, and the report of the Board of Directors and Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 68.60% · promoters 100.00% · institutions 67.03% · other public 25.32%
- Declaration of Dividend @ Re. 0.80 (80%) per equity share of face value of Re. 1 each for the financial year ended 31 March 2026Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 68.60% · promoters 100.00% · institutions 67.08% · other public 25.32%
- Appointment of Mr. Anurag Choudhary (DIN: 00173934), who retires by rotation and being eligible offers himself for re-appointmentOrdinary99.24% for0.76% against
Against: promoters 0.00% · institutions 7.90% · other public 0.01%
Turnout: all 68.60% · promoters 100.00% · institutions 67.08% · other public 25.32%
- Ratification of remuneration of Mr. Sambhu Banerjee, Cost Auditor (Membership No. 9780) for conducting the Audit of Cost Accounting Records of the Company for the financial year 2026-27Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 68.60% · promoters 100.00% · institutions 67.08% · other public 25.32%
Re-Appointment of Mr. Girish Paman Vanvari (DIN: 07376482) as a Non-Executive Independent Director for the second term of 5 (five) consecutive years with effect from 22 June 2026 to 21 June 2031 (both days inclusive)MoreLess
Special95.16% for4.84% againstAgainst: promoters 0.00% · institutions 50.69% · other public 0.01%
Turnout: all 68.60% · promoters 100.00% · institutions 67.08% · other public 25.32%
Re-Appointment of Mr. Gopal Ajay Malpani (DIN: 02043728) as a Non-Executive Independent Director for the second term of 5 (five) consecutive years with effect from 13 August 2026 to 12 August 2031 (both days inclusive)MoreLess
Special99.13% for0.87% againstAgainst: promoters 0.00% · institutions 9.06% · other public 0.01%
Turnout: all 68.60% · promoters 100.00% · institutions 67.08% · other public 25.32%
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 Jun 2025, 9 resolutions
4,54,994 shareholders on the register on 5 Jun 2025; present: 9 promoters and 108 others; votes counted by RAJARSHI GHOSH / RAJARSHI GHOSH.The company's voting result (opens in a new tab)
Adoption of the Audited Standalone Financial Statements and Audited Consolidated Financial Statements of the Company for the financial year ended 31 March 2025 together with the report of the Board of Directors and Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 72.20% · promoters 100.00% · institutions 80.38% · other public 32.68%
- Declaration of Dividend @ Re. 0.60 per equity share of face value of Re. 1 each for the financial year ended 31 March 2025.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 72.22% · promoters 100.00% · institutions 80.58% · other public 32.68%
- Appointment of Mr. Shyam Sundar Choudhary (DIN: 00173732), who retires by rotation and being eligible offers himself for re-appointmentOrdinaryPromoters have an interest in it93.50% for6.50% against
Against: promoters 0.00% · institutions 58.21% · other public 0.01%
Turnout: all 72.22% · promoters 100.00% · institutions 80.58% · other public 32.68%
- Ratification of remuneration of Mr. Sambhu Banerjee, Cost Auditor (Membership No. 9780) for conducting the Audit of Cost Accounting Records of the Company for the financial year 2025-26.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 72.22% · promoters 100.00% · institutions 80.58% · other public 32.68%
Approve the appointment of M/s LABH & LABH Associates, Company Secretaries as Secretarial Auditor of the Company for a term of 5 (Five) consecutive years, i.e. from the financial year 2025-26 to financial year 2029-30MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 72.22% · promoters 100.00% · institutions 80.58% · other public 32.68%
- Appointment of Mr. Amitabh Srivastava (DIN: 09704968) as an Independent Director for a period of five (5) years with effect from 21 April 2025 to 20 April 2030Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 72.22% · promoters 100.00% · institutions 80.58% · other public 32.68%
- Appointment of Mr. Shyam Sundar Choudhary (DIN: 00173732) as Whole-time Director of the Company for a period of three (3) consecutive years with effect from 01 April 2025 to 31 March 2028SpecialPromoters have an interest in it93.35% for6.65% against
Against: promoters 0.00% · institutions 59.55% · other public 0.01%
Turnout: all 72.22% · promoters 100.00% · institutions 80.58% · other public 32.68%
- Approval and adoption of the amended Articles of Association of the CompanySpecial99.59% for0.41% against
Against: promoters 0.00% · institutions 3.68% · other public 0.01%
Turnout: all 72.19% · promoters 100.00% · institutions 80.30% · other public 32.68%
- Approve transactions under Section 185 of Companies Act, 2013 for granting inter-corporate loans to or provide guarantee or security in favour of persons in whom any of the directors are interestedSpecial92.67% for7.33% against
Against: promoters 0.00% · institutions 65.65% · other public 0.02%
Turnout: all 72.22% · promoters 100.00% · institutions 80.58% · other public 32.68%
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 Jun 2024, 6 resolutions
Present: 9 promoters and 98 others.The company's voting result (opens in a new tab)
Adoption of the Audited Standalone Financial Statements and Audited Consolidated Financial Statements of the Company for the financial year ended 31 March 2024 together with the report of the Board of Directors and Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 69.23% · promoters 100.00% · institutions 85.55% · other public 29.98%
- Declaration of Dividend @ Re. 0.50 per equity share of face value of Re. 1 each for the financial year ended 31 March 2024.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 69.32% · promoters 100.00% · institutions 86.67% · other public 29.98%
- Appointment of Mr. Amit Choudhary (DIN: 00152358), who retires by rotation and being eligible offers himself for re-appointment.Ordinary97.00% for3.00% against
Against: promoters 0.00% · institutions 32.42% · other public 0.00%
Turnout: all 69.31% · promoters 100.00% · institutions 86.67% · other public 29.97%
- Ratification of remuneration of Mr. Sambhu Banerjee, Cost Auditor (Membership No. 9780) for conducting the Audit of Cost Accounting Records of the Company for the financial year 2024-25.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 69.31% · promoters 100.00% · institutions 86.67% · other public 29.97%
- Re-appointment of Mr. Anurag Choudhary (DIN-00173934) as Chairman cum Managing Director and CEO for a period of five (5) years with effect from 14 August 2024 to 13 August 2029.SpecialPromoters have an interest in it96.08% for3.92% against
Against: promoters 0.00% · institutions 42.46% · other public 0.00%
Turnout: all 69.31% · promoters 100.00% · institutions 86.67% · other public 29.98%
- Re-appointment of Mr. Amit Choudhary (DIN- 00152358) as Whole-time Director for a period of five (5) years with effect from 14 August 2024 to 13 August 2029.SpecialPromoters have an interest in it96.94% for3.06% against
Against: promoters 0.00% · institutions 33.18% · other public 0.00%
Turnout: all 69.31% · promoters 100.00% · institutions 86.67% · other public 29.97%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 19 Apr 2024, 2 resolutions
The company's voting result (opens in a new tab)
- Issue of equity shares on preferential basis for consideration other than cashSpecial99.89% for0.11% against
Against: promoters 0.00% · institutions 1.05% · other public 0.05%
Turnout: all 69.30% · promoters 100.00% · institutions 88.83% · other public 29.72%
- Issue of convertible warrants on a preferential basisSpecial99.89% for0.11% against
Against: promoters 0.00% · institutions 1.05% · other public 0.05%
Turnout: all 69.30% · promoters 100.00% · institutions 88.83% · other public 29.72%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 22 Jun 2023, 4 resolutions
Present: 3 promoters and 91 others.The company's voting result (opens in a new tab)
Adoption of the Audited Standalone Financial Statements and Audited Consolidated Financial Statements of the Company for the financial year ended 31 March 2023 together with the report of the Board of Directors and Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 61.54% · promoters 100.00% · institutions 50.75% · other public 27.79%
- Declaration of Dividend @ Re. 0.25 per equity share of face value of Re. 1 each for the financial year ended 31 March 2023.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 61.60% · promoters 100.00% · institutions 52.36% · other public 27.79%
- Appointment of Mr. Anurag Choudhary (DIN: 00173934), who retires by rotation and being eligible offers himself for re-appointment.Ordinary98.80% for1.20% against
Against: promoters 0.00% · institutions 39.50% · other public 0.00%
Turnout: all 61.60% · promoters 100.00% · institutions 52.36% · other public 27.79%
- Ratification of remuneration of Mr. Sambhu Banerjee, Cost Auditor (Membership No. 9780) for conducting the Audit of Cost Accounting Records of the Company for the financial year 2023-24.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 61.60% · promoters 100.00% · institutions 52.36% · other public 27.79%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 24 Mar 2023, 3 resolutions
The company's voting result (opens in a new tab)
- Approval of the revision in remuneration of Mr. Anurag Choudhary, Chairman Cum Managing Director & CEO.Special97.05% for2.95% against
Against: promoters 0.00% · institutions 99.90% · other public 0.10%
Turnout: all 57.99% · promoters 96.72% · institutions 58.30% · other public 23.98%
- Approval of the revision in remuneration of Mr. Shyam Sundar Choudhary, Whole-time Director.Special97.05% for2.95% against
Against: promoters 0.00% · institutions 99.90% · other public 0.10%
Turnout: all 57.99% · promoters 96.72% · institutions 58.30% · other public 23.98%
- Approval of the revision in remuneration of Mr. Amit Choudhary, Whole-time Director.Special97.05% for2.95% against
Against: promoters 0.00% · institutions 99.90% · other public 0.10%
Turnout: all 57.99% · promoters 96.72% · institutions 58.30% · other public 23.98%
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 2022, 6 resolutions
Present: 2 promoters and 81 others.The company's voting result (opens in a new tab)
Adoption of Audited Financial Statements (including the Audited Consolidated Financial Statements) for the financial year ended 31 March 2022, and the report of the Board of Directors and Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 55.72% · promoters 96.72% · institutions 41.92% · other public 20.89%
- Declaration of Dividend @ Re. 0.20 per equity share of face value of Re. 1 each for the financial year ended 31 March 2022.Ordinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 55.78% · promoters 96.72% · institutions 44.95% · other public 20.89%
- Appointment of Mr. Shyam Sundar Choudhary (DIN: 00173732), who retires by rotation and being eligible offers himself for re-appointment.Ordinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.24% · other public 0.02%
Turnout: all 55.78% · promoters 96.72% · institutions 44.95% · other public 20.89%
Appointment of M/s Singhi & Co, Chartered Accountants (FRN 302049E), as the Statutory Auditors of the Company, to hold office for a term of five consecutive years from the conclusion of 34th Annual General Meeting till the conclusion of 39th Annual General Meeting of the Company to be held in the year 2027MoreLess
Ordinary99.99% for0.01% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 55.78% · promoters 96.72% · institutions 44.95% · other public 20.89%
- Ratification of remuneration of Mr. Sambhu Banerjee as Cost Auditors (Membership No. 9780) for conducting the Audit of Cost Accounting Records of the Company for the financial year 2022-23.Ordinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 55.78% · promoters 96.72% · institutions 44.95% · other public 20.89%
- Appointment of Ms. Rita Bhattacharya (DIN: 03157199), as an Independent Director, for the first term of 5 (five) consecutive years with effect from 11 August 2022.Special99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.04%
Turnout: all 55.78% · promoters 96.72% · institutions 44.95% · other public 20.89%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Extraordinary general meeting, 8 Aug 2022, 3 resolutions
Present: 2 promoters and 75 others.The company's voting result (opens in a new tab)
To approve requests received from Mr. Bankey Lal Choudhary, Mr. Vijay Kumar Choudhary, Mr. Tushar Choudhary, Ms. Sushila Devi Choudhary, Ms. Saroj Devi Choudhary, Ms. Kanta Devi Choudhary and Ms. Swaty Choudhary, Persons belonging to Promoters/ Promoter Group for reclassification from “Promoters / Promoter Group” category to “Public” category.MoreLess
OrdinaryPromoters have an interest in it99.97% for0.03% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.04%
Turnout: all 13.38% · promoters 0.00% · institutions 31.08% · other public 24.14%
Issue of upto 7,25,50,000 (Seven Crores Twenty Five Lakhs Fifty Thousand) Warrants each convertible into, or exchangeable for, one equity share of the Company within the period of 18 (eighteen months) in accordance with the applicable laws to the Promoter/ Promoter Group of the Company and certain identified non-promoter persons / entity.MoreLess
Special98.70% for1.30% againstAgainst: promoters 0.00% · institutions 84.01% · other public 0.07%
Turnout: all 57.28% · promoters 96.72% · institutions 31.08% · other public 24.14%
- Ratification and Approval of Contracts/Arrangements with Tuaman Engineering Limited, Related PartyOrdinaryPromoters have an interest in it93.43% for6.57% against
Against: promoters 0.00% · institutions 99.14% · other public 0.07%
Turnout: all 13.33% · promoters 0.00% · institutions 31.08% · other public 24.04%
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 11 Jun 2026, 20 fund houses
Adoption of Audited Standalone Financial Statements and Audited Consolidated Financial Statements for the financial year ended 31 March 2026, and the report of the Board of Directors and Auditors thereon.MoreLess
20 for0 against- Declaration of Dividend @ Re. 0.80 (80%) per equity share of face value of Re. 1 each for the financial year ended 31 March 202620 for0 against
- Appointment of Mr. Anurag Choudhary (DIN: 00173934), who retires by rotation and being eligible offers himself for re-appointment
Against Groww Mutual Fund
- Groww Mutual FundCompliant with law. Governance Concern: Excessive time commitments; the proposed appointee holds two full-time positions in entities which do not hold substantial stake in one another and are not engaged in related business.
19 for1 against - Ratification of remuneration of Mr. Sambhu Banerjee, Cost Auditor (Membership No. 9780) for conducting the Audit of Cost Accounting Records of the Company for the financial year 2026-2720 for0 against
Re-Appointment of Mr. Girish Paman Vanvari (DIN: 07376482) as a Non-Executive Independent Director for the second term of 5 (five) consecutive years with effect from 22 June 2026 to 21 June 2031 (both days inclusive)MoreLess
Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual FundGovernance concerns: Continuing pecuniary relationship via firm with the Company, such relationship may result in conflict of interest situations.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance concerns: Continuing pecuniary relationship via firm with the Company, such relationship may result in conflict of interest situations.
- Groww Mutual FundCompliant with law. Governance concerns: Excessive time commitments as the proposed appointee holds 2 full-time positions and 6 listed directorships; Continuing pecuniary relationship via firm with the Company, such relationship may result in conflict of interest situations.
- Kotak Mahindra Mutual FundGirish P Vanvari, 53, is Founder and Partner of Transaction Square LLP and Valuation Square LLP. He is a Chartered Accountant with more than three decades of experience across taxation, corporate finance, M&A, valuations, corporate restructuring and corporate governance. He has been on the board of Himadri Speciality Chemical Ltd since 22 June 2021 and has attended all ten (100%) board meetings held during FY26. However, He is the Founder & Partner of M/s. Transaction Square LLP and M/s. Transaction Square Consultancy LLP. The said company provide the consultancy services to Himadri Speciality Chemical Ltd. In this capacity, we can not consider him as an independent director. Hence, we do not favour the resolution.
- Motilal Oswal Mutual FundPecuniary relationship via firm.
- quant Mutual FundCompliant with the law. Governance concerns: Continuing pecuniary relationship via firm with the company, which may result in situations with conflict of interest.
11 for9 againstRe-Appointment of Mr. Gopal Ajay Malpani (DIN: 02043728) as a Non-Executive Independent Director for the second term of 5 (five) consecutive years with effect from 13 August 2026 to 12 August 2031 (both days inclusive)MoreLess
20 for0 against
Mutual fund votes, meeting of 12 Jun 2025, 16 fund houses
Adoption of the Audited Standalone Financial Statements and Audited Consolidated Financial Statements of the Company for the financial year ended 31 March 2025 together with the report of the Board of Directors and Auditors thereon.MoreLess
16 for0 against- Declaration of Dividend @ Re. 0.60 per equity share of face value of Re. 1 each for the financial year ended 31 March 2025.16 for0 against
- Appointment of Mr. Shyam Sundar Choudhary (DIN: 00173732), who retires by rotation and being eligible offers himself for re-appointment
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund
- Angel One Mutual FundPrior shareholder approval not obtained for continuation beyond 70 years.
- Edelweiss Mutual Fund#3 & #7: No concern on the merits of proposed appointee. Non-Compliant: Prior shareholder approval not obtained for continuation beyond 70 years.
- Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundNo concern on the merits of proposed appointee. Non-Compliant: Prior shareholder approval not obtained for continuation beyond 70 years.
- Kotak Mahindra Mutual FundShyam Sundar Choudhary, 77, is part of the promoter group and Whole time Director. He attended 71% (five out of seven) board meetings held in FY25 and 80% (16 out of 20) board meetings held over the last three years. We expect the directors to attend all board meetings The Company had obtained the approval for re-appointment and continuation of Mr. Shyam Sundar Choudhary by way of Special Resolution at the AGM dated 11th December, 2020 for a term of five (5) years w.e.f. 1st April 2020 when he attained the age of 70. However, the tenure of Mr. Shyam Sundar Choudhary as Whole - time Director has ended on 31st March, 2025. Hence a shareholders approval via special resolution should have been obtained before that. Based on the above rationale, voting against.
- Nippon India Mutual FundNon-Complian with law. Prior shareholder approval not obtained
9 for7 against - Ratification of remuneration of Mr. Sambhu Banerjee, Cost Auditor (Membership No. 9780) for conducting the Audit of Cost Accounting Records of the Company for the financial year 2025-26.16 for0 against
Approve the appointment of M/s LABH & LABH Associates, Company Secretaries as Secretarial Auditor of the Company for a term of 5 (Five) consecutive years, i.e. from the financial year 2025-26 to financial year 2029-30MoreLess
16 for0 against- Appointment of Mr. Amitabh Srivastava (DIN: 09704968) as an Independent Director for a period of five (5) years with effect from 21 April 2025 to 20 April 203016 for0 against
- Appointment of Mr. Shyam Sundar Choudhary (DIN: 00173732) as Whole-time Director of the Company for a period of three (3) consecutive years with effect from 01 April 2025 to 31 March 2028
Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Tata Mutual Fund
- Angel One Mutual FundPrior shareholder approval not obtained for continuation beyond 70 years.
- Axis Mutual Fund, Tata Mutual FundShyam Sundar Choudhary, 77, is a Promoter and Whole – time Director of the company. He has been associated with the company since 28 July 1987. Based on his proposed remuneration terms we estimate Shyam Sundar Choudhary’s remuneration for FY26 to be Rs. 36.0 mn and his maximum annual compensation is estimated at Rs. 59.5 mn. His proposed remuneration is commensurate with the overall size of the business and is in line with peers. The company must disclose the performance metrics which will determine his variable pay. However, his remuneration terms also include medical reimbursement for self and family in India or abroad and reimbursement of expenses actually incurred on official traveling, boarding and lodging for spouse and attendants – we believe these expenses are personal in nature and must be borne by directors themselves. Therefore, we do not support his remuneration terms.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundNo concern on the merits of proposed appointee. Non-Compliant: Prior shareholder approval not obtained for continuation beyond 70 years.
- Edelweiss Mutual Fund#3 & #7: No concern on the merits of proposed appointee. Non-Compliant: Prior shareholder approval not obtained for continuation beyond 70 years.
- Kotak Mahindra Mutual FundShyam Sundar Choudhary, 77, is a Promoter and Whole time Director of the company. He has been associated with the company since 28 July 1987. The company must disclose the performance metrics which will determine his variable pay. Moreover, his remuneration terms also include medical reimbursement for self and family in India or abroad and reimbursement of expenses actually incurred on official traveling, boarding and lodging for spouse and attendants we believe these expenses are personal in nature and must be borne by directors themselves. Therefore, we do not support his remuneration terms.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
- Nippon India Mutual FundNon-Complian with law. Prior shareholder approval not obtained
5 for11 against - Approval and adoption of the amended Articles of Association of the Company
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund
- Angel One Mutual FundProvision for Board composition with less than 6 Directors. Governance & Transparency Concern: Provision to appoint Alternate Directors included in the proposed Articles of Association; Appointment of Nominee Director - the number of directors that can be appointed should be capped.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundNon-compliant with SEBI LODR 2015: Provision for Board composition with less than 6 Directors. Governance & Transparency Concern: Provision to appoint Alternate Directors included in the proposed AoA; Appointment of Nominee Director.
- Kotak Mahindra Mutual FundAOA (Clause 169 on page #28) entitles the Board to appoint an Alternate Director to act for a Director of the Company, in their absence. With the law having recognised video-conferencing for conducting and attending Board meetings, the concept of alternate director is not relevant unless the Company provides compelling reasons for the same. Since no clarification has been provided by the company for the same, voting against.
- Nippon India Mutual FundNon-Complian with law
9 for7 against - Approve transactions under Section 185 of Companies Act, 2013 for granting inter-corporate loans to or provide guarantee or security in favour of persons in whom any of the directors are interested
Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, UTI Mutual Fund
- Angel One Mutual FundFull particulars of the loans/ guarantees/ securities not disclosed in the Notice. Transparency Concern: The Company has not disclosed details of the other shareholders of the Recipient Company(s) contribution on a pro-rata basis.
- Axis Mutual FundThe counterparties are subsidiaries of the company, however there are no details about the shareholding in each. From public sources, we understand that the shareholding of the company in these subsidiaries ranges between 40-100%. The company must disclose granular details about the financials, shareholding and the nature and size of operations of the companies it seeks to support. While the companies are subsidiaries, the company has not clarified whether the loans/guarantees will be extended in the ratio of their shareholding in the subsidiary. Given the lack of clarity, we are unable to support the resolution.
- Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundNon-Compliant u/s 185 of the Act: Full particulars of the loans/ guarantees/ securities not disclosed in the Notice. Transparency Concern: The Company has not disclosed details of the other shareholders of the Recipient Company(s) contribution on a pro-rata basis.
- HDFC Mutual FundThe counterparties are subsidiaries of the company, however there are no details about the shareholding pattern, nature and size of operations of the companies. Further, the company has not clarified the ratio of extending these loans/guarantees. Due to the lack of clarity, we do not support the resolution.
- Kotak Mahindra Mutual FundThe counterparties are subsidiaries of the company, however there are no details about the shareholding in each. The company must disclose granular details about the financials, shareholding and the nature and size of operations of the companies it seeks to support. While the companies are subsidiaries, the company has not clarified whether the loans/guarantees will be extended in the ratio of their shareholding in the subsidiary. Given the lack of clarity, we are unable to support the resolution
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
- Nippon India Mutual FundNon-Complian with law
- UTI Mutual FundThe counterparties are subsidiaries of the company, however there are no details about the shareholding in each. The company must disclose granular details about the financials, shareholding and the nature and size of operations of the companies it seeks to support. While the companies are subsidiaries, the company has not clarified whether the loans/guarantees will be extended in the ratio of their shareholding in the subsidiary. Given the lack of clarity, we are unable to support the resolution.
4 for12 against
3 earlier meetings
Mutual fund votes, meeting of 20 Jun 2024, 10 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
Adoption of the Audited Standalone Financial Statements and Audited Consolidated Financial Statements of the Company for the financial year ended 31 March 2024 together with the report of the Board of Directors and Auditors thereon.MoreLess
9 for0 against- Declaration of Dividend @ Re. 0.50 per equity share of face value of Re. 1 each for the financial year ended 31 March 2024.9 for0 against
- Appointment of Mr. Amit Choudhary (DIN: 00152358), who retires by rotation and being eligible offers himself for re-appointment.9 for0 against
- Ratification of remuneration of Mr. Sambhu Banerjee, Cost Auditor (Membership No. 9780) for conducting the Audit of Cost Accounting Records of the Company for the financial year 2024-25.9 for0 against
- Re-appointment of Mr. Anurag Choudhary (DIN-00173934) as Chairman cum Managing Director and CEO for a period of five (5) years with effect from 14 August 2024 to 13 August 2029.
Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundRe- appointment compliant with law. Governance concern: Holding two full time positions and Holding combined position of Chairman and Managing Director.
- Nippon India Mutual FundHolding two full time positions
5 for4 against - Re-appointment of Mr. Amit Choudhary (DIN- 00152358) as Whole-time Director for a period of five (5) years with effect from 14 August 2024 to 13 August 2029.9 for0 against
1 proposal not matched to one resolution
1. To receive, consider and adopt the AuditedStandalone Financial Statements and Audited Consolidated Financial Statements of the Company for the financial year ended 31 March 2024 together with the report of the Board of Directors and Auditors thereon 2. To declare a final dividend of Re 0.50 (50%) per equity share of face value of Re. 1 each for the financial year ended 31 March 2024 3. To declare a final dividend of Re 0.50 (50%) per equity share of face value of Re. 1 each for the financial year ended 31 March 2024 4. To declare a final dividend of Re 0.50 (50%) per equity share of face value of Re. 1 each for the financial year ended 31 March 2024 5. To ratify remuneration of Cost Auditor for the financial year ending 31 March 2025 6. To re-appoint Mr. Amit Choudhary (DIN: 00152358) as Whole-time DirectorMoreLess
1 for0 against
Mutual fund votes, meeting of 19 Apr 2024, 3 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- Issue of equity shares on preferential basis for consideration other than cash
Against Groww Mutual Fund, Motilal Oswal Mutual Fund
- Groww Mutual Fund, Motilal Oswal Mutual FundGovernance and Transparency Concern: Non-Disclosure of Valuation Report.
0 for2 against - Issue of convertible warrants on a preferential basis
Against Groww Mutual Fund, Motilal Oswal Mutual Fund
- Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Governance Concern: No urgent needs of fund and Price of Warrants almost at par with equity shares
0 for2 against
1 proposal not matched to one resolution
- 1. Issue of equity shares on preferential basis for consideration other than cash; 2. Issue of convertible warrants on a preferential basis.1 for0 against
Mutual fund votes, meeting of 23 Feb 2023, 1 fund house
1. To approve the revision in remuneration of Mr. Anurag Choudhary, Chairman Cum Managing Director and CEO 2. To approve the revision in remuneration of Mr. Shyam Sundar Choudhary, Whole-time Director 3. To approve the revision in remuneration of Mr. Amit Choudhary, Whole-time DirectorMoreLess
Against quant Mutual Fund
- quant Mutual FundRes 1-3 Vote: AGAINST Explanation: Related to the revision in remuneration for Whole time Director, Mr Shyam Sundar Choudhary, Chairman, MD & CEO, Mr Anurag Choudhary and Whole time Director, Mr Amit Choudhary. We vote against this resolution on two counts: (1) Although the quantum of incentive-linked pay is appropriate at ca. 40%, the basis of calculation of incentives is not disclosed. Comparing four year spans between FY16 & FY19 and FY20 & FY23, the net profit and profitability of the company has dipped substantially. (2) To approve the revised remuneration as also the minimum remuneration in case of inadequate profits is inappropriate and violates limits set out as per section II (197) of the Companies Act.
0 for1 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Stakes in unlisted companies
Reported in the filing for the quarter to Sep 2026.
- Unlisted stake boughtSicona Battery Technologies Pty LtdSince 25 Aug 2026
1.10% bought in the quarter; holding 25.05%, from 23.95%
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
- The board is made up as the listing rules require
- Yes
- The board has a regular chairperson
- Yes
- The company has a risk management committee
- Yes
- The chair is related to the managing director
- Yes
- The filing has a part on fines and penalties
- No
- The filing has a part on tax disputes
- No
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.
How money raised was used
Reported for the quarter to Sep 2026. A preferential issue sells new shares to chosen investors rather than to the public. A warrant or partly paid issue plans the whole issue while the money comes in over time, so the amount set aside can be more than raised so far. A statement's amounts are left out where the raise it states and its own uses differ by fifty times or more, a figure typed at the wrong scale.
| Raised | Amount raised | For | Set aside | Spent | Spent elsewhere |
|---|---|---|---|---|---|
| Preferential IssuesNov 2025, checked by ICRA Limited | – | To Fund Capital expenditure for new green fields project or capital expenditure in its existing units and projects i.e. brown field expansion directly by the Company and/or through its subsidiaries or joint ventures or associates for the growth of existing businesses or to enter into new business in line with the strategy of the Company. | – | – | No |
| Preferential IssuesNov 2025, checked by ICRA Limited | – | To Fund General corporate purposes, which includes, inter alia, meeting ongoing general corporate exigencies and contingencies, expenses of the Company as applicable in such a manner and proportion as may be decided by the Board from time to time, and/or any other general purposes as may be permissible under applicable laws. | – | – | No |