The India Cements logo

The India Cements MD, chairman, board of directors and AGM

NSE: INDIACEMBSE: 530005Cement & Cement ProductsSmall Cap

Last close ₹315.80down ₹15.95 (4.81%)BSE ₹315.30

Share price at the NSE close on 23 Oct 2026. Previous close ₹331.75.

52-week range of traded prices to 23 Oct 2026
₹286.50Low, 19 Oct 2026₹485.80High, 8 Jan 2026
Market cap
₹9,787 Cr490th largest listed
P/E
79.9
P/E without one-offs
58.5
P/B
1.0
Dividend yield
Nonein the last 12 months
ROE
1.2%
ROE without one-offs
1.7%
ROCE
2.0%
Debt to equity
0.16
Volume, NSE
99,06,3245.0% delivered

The India Cements 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

  • ChairpersonKAILASH CHANDRA JHANWAR

8 directors4 independent4 non-executive

  • KAILASH CHANDRA JHANWAR · ChairpersonNon-executive · joined Dec 2024 · 2 listed boards · 2 committee seats
  • VIVEK AGRAWALNon-executive · joined Dec 2024 · 2 listed boards · 1 committee seat
  • RAJ NARAYANAN RAGHAVAN EACHAMBADINon-executive · joined Dec 2024 · 1 listed board
  • ALKA MAREZBAN BHARUCHAIndependent · joined Dec 2024 · reappointed Dec 2024 · 18 months as independent · 5 listed boards · 5 as independent · 5 committee seats, 2 as chair
  • VIKAS BALIAIndependent · joined Dec 2024 · reappointed Dec 2024 · 18 months as independent · 4 listed boards · 4 as independent · 7 committee seats, 4 as chair
  • SUKANYA ANAND KRIPALUIndependent · joined Dec 2024 · reappointed Dec 2024 · 18 months as independent · 7 listed boards · 7 as independent · 8 committee seats, 1 as chair
  • VISWANATHA GOWD YERURNominee, non-executive · joined Aug 2023 · 1 listed board
  • K SKANDANIndependent · joined Jan 2021 · reappointed Jan 2024 · 65 months as independent · 2 listed boards · 2 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.

11 directors who left
  • ASHOK RAMCHANDRAN, left 24 Jun 2026: Others
  • MANICKAM VENGAIYAGOUNDER, left 24 Jun 2026: Tenure Completion
  • SANJAY PATEL, left 26 Apr 2025: Others
  • Balasubramanian Sivanthi Adityan, left 25 Dec 2024: Others
  • Lakshmiaparna Sreekumar, left 25 Dec 2024: Others
  • Narayanaswamy Srinivasan, left 25 Dec 2024: Others
  • Veppur Margabandhu Mohan, left 25 Dec 2024: Others
  • Krishna Srivastava, left 25 Dec 2024: Others
  • Sandhya Rajan, left 25 Dec 2024: Others
  • Chitra Srinivasan, left 25 Dec 2024: Others
  • Rupa Gurunath, left 25 Dec 2024: Others

Committees and meetings

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

  • Board

    • 25 Jun 20268 of 8 present4 independent · 60 days in between
    • 25 Apr 202610 of 10 present5 independent · 91 days in between
    • 23 Jan 202610 of 10 present5 independent

  • Audit Committee

    Chair ALKA MAREZBAN BHARUCHA

    SUKANYA ANAND KRIPALU, VIKAS BALIA

    • 25 Apr 20263 of 3 present3 independent · 31 days in between
    • 24 Mar 20263 of 3 present3 independent · 59 days in between
    • 23 Jan 20263 of 3 present3 independent

  • Nomination and remuneration committee

    Chair SUKANYA ANAND KRIPALU

    ALKA MAREZBAN BHARUCHA, KAILASH CHANDRA JHANWAR

    No meeting listed in the filing.

  • Stakeholders Relationship Committee

    Chair VIKAS BALIA

    KAILASH CHANDRA JHANWAR, VIVEK AGRAWAL

    • 24 Mar 20263 of 3 present1 independent

  • Risk Management Committee

    Chair VIKAS BALIA

    KAILASH CHANDRA JHANWAR, RAJ NARAYANAN RAGHAVAN EACHAMBADI

    • 3 Feb 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 auditors

Named in the results for the quarter to Mar 2026.

  • M/s.Brahmayya & CoPeer-review certificate valid to Apr 2027
  • M/s.S Viswanathan LLPPeer-review certificate valid to Mar 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.

The India Cements 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.The India Cements dividend history

Postal ballot, 11 Oct 2026

1,55,830 shareholders on the register on 7 Sep 2026; votes counted by P R SUDHA / P R SUDHA.The company's voting result (opens in a new tab)

  1. Appointment of Mr. Tribhuwan Adhikari (DIN: 10229197) as a Director liable to retire by rotation
    Ordinary
    97.16% for2.84% against

    Against: promoters 0.00% · institutions 18.42% · other public 7.79%

    Turnout: all 88.72% · promoters 100.00% · institutions 86.00% · other public 0.56%

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

Annual general meeting, 10 Aug 2026, 4 resolutions

1,56,711 shareholders on the register on 3 Aug 2026; present: 1 promoter and 86 others; votes counted by P R SUDHA / P R SUDHA.The company's voting result (opens in a new tab)

  1. Adoption of Audited Standalone Financial Statements for the year ended 31.03.2026 and the Reports of Directors and Auditors thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.36%

    Turnout: all 89.83% · promoters 100.00% · institutions 92.66% · other public 0.58%

  2. Adoption of Audited Consolidated Financial Statements for the year ended 31.03.2026 and the Report of Auditors thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.37%

    Turnout: all 89.83% · promoters 100.00% · institutions 92.66% · other public 0.58%

  3. Appointment of Mr.Vivek Agrawal (DIN: 10599212) as a director, who retires by rotation and being eligible, offers himself for reappointment.
    Ordinary
    97.28% for2.72% against

    Against: promoters 0.00% · institutions 16.49% · other public 2.98%

    Turnout: all 89.83% · promoters 100.00% · institutions 92.68% · other public 0.58%

  4. Ratification of remuneration payable to Mr.K.Suryanarayanan, Cost Auditor for the financial year 2026-27
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.58%

    Turnout: all 89.83% · promoters 100.00% · institutions 92.68% · other public 0.58%

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, 6 May 2026, 1 resolution

1,56,567 shareholders on the register on 31 Mar 2026; votes counted by P R SUDHA / P R SUDHA.The company's voting result (opens in a new tab)

  1. Material Related Party Transactions between the Company and UltraTech Cement Limited, the Holding Company
    OrdinaryPromoters have an interest in it
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.39%

    Turnout: all 15.19% · promoters 0.00% · institutions 92.25% · other public 0.94%

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

Meeting called by the tribunal, 27 Sep 2025, 1 resolution

1,63,800 shareholders on the register on 20 Sep 2025; present: 1 promoter and 70 others; votes counted by F. Raymond Albyness / F. Raymond Albyness.The company's voting result (opens in a new tab)

  1. To approve the Scheme of Amalgamation of ICL Financial Services Limited and ICL International Limited and ICL Securities Limited and India Cements Infrastructures Limited with The India Cements Limited and their Respective Shareholders.MoreLess
    Special
    100.00% for0.00% against

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

    Turnout: all 89.63% · promoters 100.00% · institutions 91.20% · other public 1.32%

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, 13 Aug 2025, 6 resolutions

1,65,063 shareholders on the register on 6 Aug 2025; present: 1 promoter and 82 others; votes counted by P R SUDHA / P R SUDHA.The company's voting result (opens in a new tab)

  1. Adoption of Audited Standalone Financial Statements for the year ended 31.03.2025 and the Reports of Directors and Auditors thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.31%

    Turnout: all 89.60% · promoters 100.00% · institutions 88.17% · other public 0.37%

  2. Adoption of Audited Consolidated Financial Statements for the year ended 31.03.2025 and the Report of Auditors thereon
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.31%

    Turnout: all 89.60% · promoters 100.00% · institutions 88.17% · other public 0.37%

  3. Appointment of Sri Y.Viswanatha Gowd (DIN: 09048488) as a director, who retires by rotation and being eligible, offers himself for reappointment.
    Ordinary
    98.10% for1.90% against

    Against: promoters 0.00% · institutions 21.02% · other public 3.13%

    Turnout: all 89.60% · promoters 100.00% · institutions 88.19% · other public 0.37%

  4. Appointment of Sri Kailash Chandra Jhanwar (DIN: 01743559) as a director, who retires by rotation and being eligible, offers himself for reappointment.
    Ordinary
    98.10% for1.90% against

    Against: promoters 0.00% · institutions 21.02% · other public 3.12%

    Turnout: all 89.60% · promoters 100.00% · institutions 88.19% · other public 0.37%

  5. Ratification of remuneration payable to Sri.K.Suryanarayanan, Cost Auditor for the financial year 2025-26.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.44%

    Turnout: all 89.60% · promoters 100.00% · institutions 88.19% · other public 0.37%

  6. Appointment of M/s. Makarand M. Joshi & Co. as Secretarial Auditors of the Company from FY2025-26 to FY2029-30
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.17% · other public 2.35%

    Turnout: all 89.60% · promoters 100.00% · institutions 88.19% · other public 0.37%

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, 1 resolution

1,72,633 shareholders on the register on 16 May 2025; votes counted by P R SUDHA / P R SUDHA.The company's voting result (opens in a new tab)

  1. Material Related Party Transactions between the Company and UltraTech Cement Limited, the Holding Company
    OrdinaryPromoters have an interest in it
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.14%

    Turnout: all 8.22% · promoters 0.00% · institutions 91.90% · other public 1.80%

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, 18 Mar 2025, 7 resolutions

1,78,478 shareholders on the register on 11 Feb 2025; votes counted by P R SUDHA / P R SUDHA.The company's voting result (opens in a new tab)

  1. Appointment of Mr. Kailash Chandra Jhanwar (DIN: 01743559) as a Director liable to retire by rotation
    Ordinary
    99.40% for0.60% against

    Against: promoters 0.00% · institutions 11.61% · other public 2.11%

    Turnout: all 86.04% · promoters 100.00% · institutions 55.61% · other public 1.49%

  2. Appointment of Mr. Vivek Agrawal (DIN: 10599212) as a Director liable to retire by rotation
    Ordinary
    99.40% for0.60% against

    Against: promoters 0.00% · institutions 11.61% · other public 2.28%

    Turnout: all 86.04% · promoters 100.00% · institutions 55.61% · other public 1.46%

  3. Appointment of Mr. E.R.Raj Narayanan (DIN: 00469886) as a Director liable to retire by rotation
    Ordinary
    99.40% for0.60% against

    Against: promoters 0.00% · institutions 11.61% · other public 2.09%

    Turnout: all 86.04% · promoters 100.00% · institutions 55.61% · other public 1.46%

  4. Appointment of Mr. Ashok Ramchandran (DIN: 06789014) as a Director liable to retire by rotation
    Ordinary
    99.24% for0.76% against

    Against: promoters 0.00% · institutions 14.80% · other public 2.08%

    Turnout: all 86.04% · promoters 100.00% · institutions 55.61% · other public 1.46%

  5. Appointment of Mrs. Alka Bharucha (DIN: 00114067) as an Independent Director
    Special
    98.73% for1.27% against

    Against: promoters 0.00% · institutions 24.76% · other public 2.10%

    Turnout: all 86.04% · promoters 100.00% · institutions 55.61% · other public 1.46%

  6. Appointment of Dr. Vikas Balia (DIN: 00424524) as an Independent Director
    Special
    99.38% for0.62% against

    Against: promoters 0.00% · institutions 12.04% · other public 2.11%

    Turnout: all 86.04% · promoters 100.00% · institutions 55.61% · other public 1.46%

  7. Appointment of Mrs. Sukanya Kripalu (DIN: 06994202) as an Independent Director
    Special
    98.49% for1.51% against

    Against: promoters 0.00% · institutions 29.48% · other public 2.08%

    Turnout: all 86.04% · promoters 100.00% · institutions 55.61% · other public 1.46%

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, 23 Sep 2024, 4 resolutions

Present: 6 promoters and 105 others.The company's voting result (opens in a new tab)

  1. Adoption of Audited Standalone Financial Statements for the year ended 31.03.2024 and the Reports of Directors and Auditors thereon.
    Ordinary
    99.99% for0.01% against

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

    Turnout: all 50.62% · promoters 100.00% · institutions 76.51% · other public 10.15%

  2. Adoption of Audited Consolidated Financial Statements for the year ended 31.03.2024 and the Report of Auditors thereon.
    Ordinary
    99.99% for0.01% against

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

    Turnout: all 50.62% · promoters 100.00% · institutions 76.51% · other public 10.15%

  3. Appointment of Sri Y. Viswanatha Gowd (DIN: 09048488) as a director, who retires by rotation and being eligible, offers himself for reappointment.
    Ordinary
    96.85% for3.15% against

    Against: promoters 0.00% · institutions 9.17% · other public 0.32%

    Turnout: all 50.62% · promoters 100.00% · institutions 76.53% · other public 10.15%

  4. Ratification of remuneration payable to Cost Auditor of the Company.
    Ordinary
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.36%

    Turnout: all 50.62% · promoters 100.00% · institutions 76.53% · other public 10.15%

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 10 Aug 2026, 7 fund houses so far (houses' deadline to file 15 Oct 2026)

  • Adoption of Audited Standalone Financial Statements for the year ended 31.03.2026 and the Reports of Directors and Auditors thereon.
    7 for0 against
  • Adoption of Audited Consolidated Financial Statements for the year ended 31.03.2026 and the Report of Auditors thereon.
    7 for0 against
  • Appointment of Mr.Vivek Agrawal (DIN: 10599212) as a director, who retires by rotation and being eligible, offers himself for reappointment.
    7 for0 against
  • Ratification of remuneration payable to Mr.K.Suryanarayanan, Cost Auditor for the financial year 2026-27
    7 for0 against

Mutual fund votes, meeting of 6 May 2026, 17 fund houses

  • Material Related Party Transactions between the Company and UltraTech Cement Limited, the Holding Company
    17 for0 against
5 earlier meetings

Mutual fund votes, meeting of 27 Sep 2025, 17 fund houses

  • To approve the Scheme of Amalgamation of ICL Financial Services Limited and ICL International Limited and ICL Securities Limited and India Cements Infrastructures Limited with The India Cements Limited and their Respective Shareholders.MoreLess
    17 for0 against

Mutual fund votes, meeting of 13 Aug 2025, 15 fund houses

  • Adoption of Audited Standalone Financial Statements for the year ended 31.03.2025 and the Reports of Directors and Auditors thereon.
    15 for0 against
  • Adoption of Audited Consolidated Financial Statements for the year ended 31.03.2025 and the Report of Auditors thereon
    15 for0 against
  • Appointment of Sri Y.Viswanatha Gowd (DIN: 09048488) as a director, who retires by rotation and being eligible, offers himself for reappointment.
    Against Franklin Templeton Mutual Fund
    • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because the board is chaired by a promoter director and the board is not at least one-half independent and Y Viswanatha Gowd is a non-independent director nominee.
    14 for1 against
  • Appointment of Sri Kailash Chandra Jhanwar (DIN: 01743559) as a director, who retires by rotation and being eligible, offers himself for reappointment.
    Against Franklin Templeton Mutual Fund
    • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because the board is chaired by a promoter director and the board is not at least one-half independent and Kailash Chandra Jhanwar is a non-independent director nominee.
    14 for1 against
  • Ratification of remuneration payable to Sri.K.Suryanarayanan, Cost Auditor for the financial year 2025-26.
    15 for0 against
  • Appointment of M/s. Makarand M. Joshi & Co. as Secretarial Auditors of the Company from FY2025-26 to FY2029-30
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundTransparency Concern: The Company has not disclosed the audit fee paid to outgoing and any material change in the proposed audit fee and justification behind material change, if any.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with Law. No concern on the merits of proposed Auditors. Transparency Concern: The Company has not disclosed the audit fee paid to outgoing and any material change in the proposed audit fee and justification behind material change, if any.
    9 for6 against

Mutual fund votes, meeting of 26 Jun 2025, 14 fund houses

  • Material Related Party Transactions between the Company and UltraTech Cement Limited, the Holding Company
    14 for0 against

Mutual fund votes, meeting of 18 Mar 2025, 12 fund houses

  • Appointment of Mr. Kailash Chandra Jhanwar (DIN: 01743559) as a Director liable to retire by rotation
    12 for0 against
  • Appointment of Mr. Vivek Agrawal (DIN: 10599212) as a Director liable to retire by rotation
    12 for0 against
  • Appointment of Mr. E.R.Raj Narayanan (DIN: 00469886) as a Director liable to retire by rotation
    12 for0 against
  • Appointment of Mr. Ashok Ramchandran (DIN: 06789014) as a Director liable to retire by rotation
    12 for0 against
  • Appointment of Mrs. Alka Bharucha (DIN: 00114067) as an Independent Director
    Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, quant Mutual Fund
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundAppointment is compliant with the law. No concerns on the merit of the appointee. Governance Concern: The proposed appointment will lead to prolonged association with Group.
    • HDFC Mutual FundMs. Alka Bharucha, 67, is co-founder and Senior Partner at Bharucha & Partners, Advocates & Solicitors, Mumbai. Ms. Alka Bharucha is a Director on the board of Aditya Birla Sunlife AMC Limited since March 2015 and Hindalco Industries Ltd since July 2018: both Aditya Birla group companies. We will consider her overall association with the group while calculating her tenure with the company. She will complete 10 years of association with the group during the proposed tenure. Given her prolonged association with the Aditya Birla Group of more than ten years, we do not support her appointment as an Independent Director.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundProfile of the Candidate
    • quant Mutual FundRelated to the appointments of three independent directors. All the appointments are compliant with the law. No concerns on the merit of the appointees. However, two of the proposed appointments will lead to prolonged association with Group and, in the case of Mrs Sukanya Kripalu, who has already been associated with the group for more than 10 years. Change in independent directors due to a change in promoters potentially vitiates the independence of the appointees as IDs of the company. It may be inferred that Mrs Alka Barucha, Dr Vikas Balia and Mrs Sukanya Kripalu from UltraTech Cement Ltd/ Hindalco Industries Ltd background are aligned with promoters of the company. Hence, because of such governance concerns, we are voting against these resolutions.
    4 for8 against
  • Appointment of Dr. Vikas Balia (DIN: 00424524) as an Independent Director
    Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, quant Mutual Fund
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundAppointment is compliant with the law. No concerns on the merit of the appointee. Governance Concern: The proposed appointment will lead to prolonged association with Group.
    • HDFC Mutual FundDr. Vikas Balia, 49, is a senior advocate and the founder of Legalsphere - a full-service law and consulting firm. He has experience in law, finance and accounting, general management, innovation, technology and digitization, risk management and corporate governance. He also serves as an Independent Director on the board of Hindalco Industries Limited – an Aditya Birla group company, since 19 July 2019. He will complete 10 years of association with the group during the proposed tenure. We do not support the appointment 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.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundProfile of the Candidate
    • quant Mutual FundRelated to the appointments of three independent directors. All the appointments are compliant with the law. No concerns on the merit of the appointees. However, two of the proposed appointments will lead to prolonged association with Group and, in the case of Mrs Sukanya Kripalu, who has already been associated with the group for more than 10 years. Change in independent directors due to a change in promoters potentially vitiates the independence of the appointees as IDs of the company. It may be inferred that Mrs Alka Barucha, Dr Vikas Balia and Mrs Sukanya Kripalu from UltraTech Cement Ltd/ Hindalco Industries Ltd background are aligned with promoters of the company. Hence, because of such governance concerns, we are voting against these resolutions.
    4 for8 against
  • Appointment of Mrs. Sukanya Kripalu (DIN: 06994202) as an Independent Director
    Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, quant Mutual Fund
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundAppointment Compliant with law. No concerns on the merit of the appointee. Governance Concern: The proposed appointee has already been associated with the group for more than 10 years, the proposed appointment will lead to further prolonged association with the Group.
    • HDFC Mutual FundMs. Sukanya Kripalu, 64, runs an independent marketing consultancy – Sukanya Consulting through which she provides marketing strategy, brand and advertising development and marketing training services for insurance, white goods jewellery, textiles, branded staples, FMCG and media industries. Further, she currently serves on the boards of Hindalco Industries Ltd, Aditya Birla Health Insurance Co. Ltd and Aditya Birla Real Estate Limited: all Aditya Birla group companies. Given her prolonged association with the Aditya Birla Group of more than ten years, we do not support her appointment as an Independent Director.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundProfile of the Candidate
    • quant Mutual FundRelated to the appointments of three independent directors. All the appointments are compliant with the law. No concerns on the merit of the appointees. However, two of the proposed appointments will lead to prolonged association with Group and, in the case of Mrs Sukanya Kripalu, who has already been associated with the group for more than 10 years. Change in independent directors due to a change in promoters potentially vitiates the independence of the appointees as IDs of the company. It may be inferred that Mrs Alka Barucha, Dr Vikas Balia and Mrs Sukanya Kripalu from UltraTech Cement Ltd/ Hindalco Industries Ltd background are aligned with promoters of the company. Hence, because of such governance concerns, we are voting against these resolutions.
    4 for8 against

Mutual fund votes, meeting of 23 Sep 2024, 13 fund houses

  • Adoption of Audited Standalone Financial Statements for the year ended 31.03.2024 and the Reports of Directors and Auditors thereon.
    12 for0 against
  • Adoption of Audited Consolidated Financial Statements for the year ended 31.03.2024 and the Report of Auditors thereon.
    12 for0 against
  • Appointment of Sri Y. Viswanatha Gowd (DIN: 09048488) as a director, who retires by rotation and being eligible, offers himself for reappointment.
    13 for0 against
  • Ratification of remuneration payable to Cost Auditor of the Company.
    12 for0 against

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

Fines and stakes in unlisted companies

Reported in the filing for the quarter to Jun 2026.

  • Unlisted stake boughtTulip Renewable Powertech Private LimitedSince 5 Jun 2026

    7.58% bought in the quarter; holding 7.58%, from 0.00%

  • Fine or penaltyDistrict Collector, TirunelveliSince 24 Jun 2026

    Observed variation between weigh slip and actual weight of limestone carried by trucks and a case was filed for violation of MMDR Act

    Alleged excess transportation of limestone

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 9 complaints open, quarter to Mar 2026.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
No
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.