Kalpataru Projects International CEO, MD, chairman, board of directors and AGM
NSE: KPILBSE: 522287ConstructionSmall Cap
Share price at the NSE close on 23 Oct 2026. Previous close ₹1,302.80.
- 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.
- ₹22,057 Cr341st 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
- 19.4
- 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 14 May 2026
- 2.8
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.85%
- 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
- 15.9%
- 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
- 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 Mar 2026. The filing of 14 May 2026
- 0.43
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 1,19,05943.3% delivered
Kalpataru Projects International 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
- ChairpersonMofatraj Pukhraj MunotRelated to the promoter
- Managing director and CEOManish Dashrathmal Mohnot
- Managing directorShailendra Kumar Tripathi
- Company Secretary and Compliance OfficerShweta Girotra
9 directors5 independent2 executive2 non-executive
- Mofatraj Pukhraj Munot · ChairpersonNon-executive · joined May 2022 · 2 listed boards · 2 committee seats, 1 as chair
- Parag Mofatraj MunotNon-executive · joined Sep 1991 · 2 listed boards · 2 committee seats
- Dhananjay MungaleIndependent · joined Apr 2024 · reappointed Apr 2024 · 27 months as independent · 2 listed boards · 2 as independent · 4 committee seats, 3 as chair
- Bimal Manu TannaIndependent · joined Apr 2024 · reappointed Apr 2024 · 27 months as independent · 5 listed boards · 5 as independent · 8 committee seats, 5 as chair
- Shailendra Raj MehtaIndependent · joined Aug 2021 · reappointed Aug 2021 · 58 months as independent · 1 listed board · 1 as independent
- Manish Dashrathmal Mohnot · Managing director and CEOExecutive · joined Nov 2006 · 1 listed board · 1 committee seat
- Shailendra Kumar Tripathi · Managing directorExecutive · joined Jan 2023 · 1 listed board
- Raksha Shashikant KothariIndependent · joined May 2025 · reappointed May 2025 · 13 months as independent · 1 listed board · 1 as independent · 2 committee seats, 2 as chair
- Gautam MehraIndependent · joined Jun 2026 · reappointed Jun 2026 · 0 months as independent · 1 listed board · 1 as independent · 1 committee seat
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
- Anjali Karamnarayan Seth, left 18 May 2025: Tenure Completion
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 9 Jun 20267 of 8 present4 independent · 25 days in between
- 14 May 20268 of 8 present4 independent · 5 days in between
- 8 May 20268 of 8 present4 independent · 37 days in between
- 31 Mar 20268 of 8 present4 independent · 54 days in between
2 earlier meetings
- 4 Feb 20268 of 8 present4 independent · 15 days in between
- 19 Jan 20268 of 8 present4 independent
Audit Committee
Chair Bimal Manu Tanna
Mofatraj Pukhraj Munot, Dhananjay Mungale, Gautam Mehra
- 14 May 20264 of 4 present3 independent · 5 days in between
- 8 May 20264 of 4 present3 independent · 92 days in between
- 4 Feb 20264 of 4 present3 independent · 15 days in between
- 19 Jan 20264 of 4 present3 independent
Nomination and remuneration committee
Chair Dhananjay Mungale
Bimal Manu Tanna, Parag Mofatraj Munot
- 9 Jun 20263 of 3 present2 independent · 25 days in between
- 14 May 20263 of 3 present2 independent
Stakeholders Relationship Committee
Chair Raksha Shashikant Kothari
Manish Dashrathmal Mohnot, Parag Mofatraj Munot
No meeting listed in the filing.
Risk Management Committee
Chair Bimal Manu Tanna
Gautam Mehra, Manish Dashrathmal Mohnot, Shailendra Kumar Tripathi, Sanjay Shivratan Dalmia, Amit Uplenchwar, Ram Patodia
- 19 Jan 20264 of 4 present2 independent
Corporate Social Responsibility Committee
Chair Raksha Shashikant Kothari
Mofatraj Pukhraj Munot, Parag Mofatraj Munot, Manish Dashrathmal Mohnot
- 14 May 20264 of 4 present1 independent · 98 days in between
- 4 Feb 20264 of 4 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.
- M/s. B S R & Co. LLPPeer-review certificate valid to Jul 2028
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.
Kalpataru Projects 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.Kalpataru Projects International dividend history
Annual general meeting, 15 Jul 2026
1,22,476 shareholders on the register on 8 Jul 2026; present: 12 promoters and 102 others; votes counted by Mr. Urmil Ved / Urmil Ved.The company's voting result (opens in a new tab)
To receive, consider and adopt: (a) the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2026, and the Reports of the Board of Directors and Auditors thereon; and (b) the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2026 and the report of Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.05%
Turnout: all 82.39% · promoters 96.76% · institutions 89.45% · other public 1.14%
- To declare a final dividend on equity shares at the rate of Rs. 11/- per equity share of face value of Rs. 2/- each for the financial year ended March 31, 2026.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.05%
Turnout: all 82.53% · promoters 96.76% · institutions 89.71% · other public 1.14%
- To appoint a Director in place of Mr. Parag M. Munot (DIN: 00136337), who retires by rotation and being eligible, offers himself for re-appointment.Ordinary94.28% for5.72% against
Against: promoters 0.00% · institutions 9.46% · other public 0.94%
Turnout: all 82.52% · promoters 96.76% · institutions 89.69% · other public 1.14%
- To ratify remuneration of the Cost Auditors for the Financial Year ending March 31, 2027Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.53%
Turnout: all 82.53% · promoters 96.76% · institutions 89.71% · other public 1.14%
- To appoint Mr. Gautam Mehra (DIN: 11700652) as an Independent Director of the CompanySpecial99.96% for0.04% against
Against: promoters 0.00% · institutions 0.06% · other public 0.57%
Turnout: all 82.53% · promoters 96.76% · institutions 89.71% · other public 1.13%
- To consider and grant authority under Section 180 (1) (a) of the Companies Act, 2013Special92.25% for7.75% against
Against: promoters 0.00% · institutions 12.81% · other public 0.70%
Turnout: all 82.53% · promoters 96.76% · institutions 89.71% · other public 1.13%
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, 10 Jul 2025, 8 resolutions
1,24,847 shareholders on the register on 3 Jul 2025; present: 13 promoters and 95 others; votes counted by Mr. Urmil Ved / Urmil Ved.The company's voting result (opens in a new tab)
To receive, consider and adopt: (a) the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2025, and the Reports of the Board of Directors and Auditors thereon; and (b) the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2025 and the report of Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.40%
Turnout: all 84.62% · promoters 99.97% · institutions 90.16% · other public 1.23%
- To declare final dividend on equity shares at the rate of Rs. 9/- per equity share for the financial year ended March 31, 2025Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.10%
Turnout: all 84.72% · promoters 99.97% · institutions 90.34% · other public 1.23%
- To re-appoint a Director in place of Mr. Shailendra Kumar Tripathi (DIN: 03156123), who retires by rotation and being eligible, offers himself for re-appointment.Ordinary99.68% for0.32% against
Against: promoters 0.00% · institutions 0.54% · other public 0.45%
Turnout: all 84.71% · promoters 99.97% · institutions 90.33% · other public 1.23%
- To ratify remuneration of the Cost Auditor for the Financial Year ending March 31, 2026Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.91%
Turnout: all 84.71% · promoters 99.97% · institutions 90.33% · other public 1.23%
- To appoint M/s. Kapoor & Ved, Practicing Company Secretaries as Secretarial Auditors of the Company and fix their remunerationOrdinary99.81% for0.19% against
Against: promoters 0.00% · institutions 0.31% · other public 0.92%
Turnout: all 84.29% · promoters 99.97% · institutions 89.58% · other public 1.23%
- To appoint Ms. Raksha Kothari (DIN: 02184815) as an Independent Director of the CompanySpecial99.89% for0.11% against
Against: promoters 0.00% · institutions 0.19% · other public 0.92%
Turnout: all 84.71% · promoters 99.97% · institutions 90.33% · other public 1.23%
- To re-appoint Mr. Shailendra Kumar Tripathi (DIN: 03156123) as Dy. Managing Director of the CompanySpecial99.83% for0.17% against
Against: promoters 0.00% · institutions 0.28% · other public 0.92%
Turnout: all 84.71% · promoters 99.97% · institutions 90.33% · other public 1.23%
- To consider and grant authority under Section 180 (1) (a) of the Companies Act, 2013Special88.32% for11.68% against
Against: promoters 0.00% · institutions 19.37% · other public 0.93%
Turnout: all 84.71% · promoters 99.97% · institutions 90.33% · other public 1.23%
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.
Postal ballot, 25 Mar 2025, 1 resolution
1,18,569 shareholders on the register on 14 Feb 2025; votes counted by Mr. Urmil ved / Urmil ved.The company's voting result (opens in a new tab)
- Re-appointment of Mr. Manish Mohnot (DIN: 01229696) as the Managing Director & CEO of the CompanySpecial87.74% for12.26% against
Against: promoters 0.00% · institutions 20.33% · other public 2.64%
Turnout: all 84.71% · promoters 99.98% · institutions 89.11% · other public 1.40%
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, 30 Nov 2024, 1 resolution
The company's voting result (opens in a new tab)
- Issue of Equity Shares through qualified institutions placement(s) on a private placement basisSpecial99.99% for0.01% against
Against: promoters 0.00% · institutions 0.01% · other public 6.16%
Turnout: all 87.96% · promoters 99.98% · institutions 93.06% · other public 1.70%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 15 Jul 2024, 5 resolutions
Present: 11 promoters and 82 others.The company's voting result (opens in a new tab)
To receive, consider and adopt (a) the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2024, the Reports of the Board of Directors and Auditors thereon and (b) the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2024 and the report of Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.16%
Turnout: all 86.96% · promoters 99.96% · institutions 92.06% · other public 1.74%
- To declare final dividend on equity shares at the rate of Rs. 8/- per equity share for the financial year ended March 31, 2024Ordinary99.31% for0.69% against
Against: promoters 0.00% · institutions 1.17% · other public 0.09%
Turnout: all 87.16% · promoters 99.96% · institutions 92.42% · other public 1.74%
- To appoint a Director in place of Mr. Parag M. Munot (DIN: 00136337), who retires by rotation and being eligible, offers himself for re-appointment.Ordinary98.77% for1.23% against
Against: promoters 0.00% · institutions 2.07% · other public 0.21%
Turnout: all 87.16% · promoters 99.96% · institutions 92.41% · other public 1.74%
- To ratify remuneration of the Cost Auditor for the Financial Year ending March 31, 2025Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.70%
Turnout: all 87.16% · promoters 99.96% · institutions 92.41% · other public 1.74%
- To consider and grant authority under Section 180 (1) (a) of the Companies Act, 2013Special92.67% for7.33% against
Against: promoters 0.00% · institutions 12.34% · other public 0.57%
Turnout: all 87.16% · promoters 99.96% · institutions 92.41% · other public 1.74%
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, 17 May 2024, 2 resolutions
The company's voting result (opens in a new tab)
- Appointment of Mr. Dhananjay Mungale (DIN: 00007563) as an Independent Director of the Company for a period of 5 years commencing from 01st April, 2024Special84.39% for15.61% against
Against: promoters 0.00% · institutions 28.77% · other public 0.37%
Turnout: all 89.32% · promoters 99.98% · institutions 93.66% · other public 3.59%
- Appointment of Mr. Bimal Tanna (DIN: 06767157) as an Independent Director of the Company for a period of 5 years commencing from 01st April, 2024Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.36%
Turnout: all 89.32% · promoters 99.98% · institutions 93.66% · other public 3.59%
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, 17 Jul 2023, 5 resolutions
Present: 11 promoters and 90 others.The company's voting result (opens in a new tab)
To receive, consider and adopt:n(a) the Audited Financial Statements of the Company for the financial year ended March 31, 2023, the Reports of the Board of Directors and Auditors thereon; andn(b) the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2023 and the report of Auditors thereonMoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 86.10% · promoters 99.97% · institutions 89.00% · other public 0.49%
- To declare final dividend on equity shares at the rate of Rs. 7/- per equity share for the financial year ended March 31, 2023.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.08%
Turnout: all 86.52% · promoters 99.97% · institutions 89.83% · other public 0.49%
- To appoint a Director in place of Mr. Sanjay Dalmia (DIN: 03469908), who retires by rotation and being eligible offers himself for re-appointmentOrdinary95.60% for4.40% against
Against: promoters 0.00% · institutions 8.39% · other public 1.52%
Turnout: all 86.52% · promoters 99.97% · institutions 89.83% · other public 0.49%
- Re-appointment of Statutory Auditors of the CompanyOrdinary98.56% for1.44% against
Against: promoters 0.00% · institutions 2.74% · other public 1.56%
Turnout: all 86.52% · promoters 99.97% · institutions 89.83% · other public 0.49%
- Ratifying remuneration of Cost Auditor for the Financial Year 2023-24Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 1.56%
Turnout: all 86.52% · promoters 99.97% · institutions 89.83% · other public 0.49%
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 15 Jul 2026, 11 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.
To receive, consider and adopt: (a) the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2026, and the Reports of the Board of Directors and Auditors thereon; and (b) the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2026 and the report of Auditors thereon.MoreLess
11 for0 against- To declare a final dividend on equity shares at the rate of Rs. 11/- per equity share of face value of Rs. 2/- each for the financial year ended March 31, 2026.11 for0 against
- To appoint a Director in place of Mr. Parag M. Munot (DIN: 00136337), who retires by rotation and being eligible, offers himself for re-appointment.
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund
- Angel One Mutual FundGovernance Concern: Excessive Remuneration has been paid without adequate justification from the Company; further, the proposed appointee's membership on the Nomination and Remuneration Committee raises governance concerns regarding the objectivity of the remuneration framework.
- Edelweiss Mutual Fund, Navi Mutual FundReappointment Compliant with law. No concern w.r.t. profile, time commitment & attendance. Governance Concern: Excessive Remuneration has been paid without adequate justification from the Company; further, the proposed appointee's membership on the NRC raises governance concerns regarding the objectivity of the remuneration framework.
8 for3 against - To ratify remuneration of the Cost Auditors for the Financial Year ending March 31, 202711 for0 against
- To appoint Mr. Gautam Mehra (DIN: 11700652) as an Independent Director of the Company11 for0 against
4 proposals not matched to one resolution
- 6) Approve creation of charge/ mortgage/ hypothecation on the assets of the company of up to Rs. 400.0 bn.1 for0 against
- Approve creation of charge/mortgage/hypothecation on the assets of the company of up to Rs. 400.0 bn2 for0 against
- Approve creation of charge/mortgage/hypothecation on the assets of the company_x000D_ of up to Rs. 400.0 bn1 for0 against
To create mortgage and / or charge, in addition to the mortgages and / or charges created by the Company for an amount not exceeding in aggregate Rs. 40,000/- Crores (including the temporary loans obtained by the Company from the Company’s bankers in the ordinary course of business).MoreLess
7 for0 against
Mutual fund votes, meeting of 10 Jul 2025, 20 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
To receive, consider and adopt: (a) the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2025, and the Reports of the Board of Directors and Auditors thereon; and (b) the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2025 and the report of Auditors thereon.MoreLess
20 for0 against- To declare final dividend on equity shares at the rate of Rs. 9/- per equity share for the financial year ended March 31, 202520 for0 against
- To re-appoint a Director in place of Mr. Shailendra Kumar Tripathi (DIN: 03156123), who retires by rotation and being eligible, offers himself for re-appointment.20 for0 against
- To ratify remuneration of the Cost Auditor for the Financial Year ending March 31, 202620 for0 against
- To appoint M/s. Kapoor & Ved, Practicing Company Secretaries as Secretarial Auditors of the Company and fix their remuneration
Against Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India 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 whether there is any material change in the proposed audit fee.
- Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Transparency Concern: The Company has not disclosed whether there is any material change in the proposed audit fee.
13 for7 against - To appoint Ms. Raksha Kothari (DIN: 02184815) as an Independent Director of the Company20 for0 against
- To re-appoint Mr. Shailendra Kumar Tripathi (DIN: 03156123) as Dy. Managing Director of the Company20 for0 against
4 proposals not matched to one resolution
- 8) Approve creation of charge/ mortgage/ hypothecation on the assets of the company of up to Rs. 350.0 bn.1 for0 against
- Approve creation of charge/mortgage/hypothecation on the assets of the company of up to Rs. 350.0 bn2 for0 against
- Approve Pledging of Assets for Debt
Against HSBC Mutual Fund
- HSBC Mutual FundA vote AGAINST this resolution is warranted given that:_x000D_ _x000D_ The quantum of pledge exceeds the borrowing limits of the company_x000D_ _x000D_ The potential for debt is considered excessive.
0 for1 against To the creation by the Board of Directors of the Company (hereinafter referred to as the Board which term shall include any committee thereof) of mortgage and / or charge, in addition to the mortgages and / or charges created by the Company, for an amount not exceeding in aggregate Rs. 35,000/- Crores (including the temporary loans obtained by the Company from the Company’s bankers in the ordinary course of business).MoreLess
16 for0 against
6 earlier meetings
Mutual fund votes, meeting of 25 Mar 2025, 18 fund houses
- Re-appointment of Mr. Manish Mohnot (DIN: 01229696) as the Managing Director & CEO of the Company
Against Bank of India Mutual Fund, HSBC Mutual Fund, Mirae Asset Mutual Fund, Sundaram Mutual Fund
- Bank of India Mutual FundManish Mohnot, 52, is the Managing Director and Chief Executive Officer of Kalpataru Projects International Limited since June 2015. He has been on the board of the company since November 2006. He has over three decades of experience in the infrastructure sector.Manish Mohnot was paid Rs. 190.7 mn as remuneration in FY24 out of which 27% was fixed and 73% was variable and linked to company performance. We estimate his FY26 remuneration at Rs. 207.7 mn, which is high in absolute terms and high compared to peers of similar size.While a large portion of his remuneration is variable and linked to company profitability, there is no absolute cap on the remuneration: therefore, as profitability increases, remuneration may be much higher over his tenure. The company must cap his remuneration in absolute terms. We expect the company to disclose performance metrics that will be used to determine his commission payout. Additionally, we raise concern over the Independence of the Nomination and Remuneration Committee (NRC) - the NRC consists of two tenured independent directors and a non-executive promoter director. We expect only non-tenured independent directors to be NRC members. Given these reasons, we do not support the resolution.
- HSBC Mutual FundThere are no disclosures on the performance metrics and (threshold and target) performance that he needs to achieve based on which payouts under commission will be made. His remuneration is competitively positioned in comparison to businesses in a comparable industry. The proposed pay is open ended and does not have an absolute cap.
- Mirae Asset Mutual FundNeed more clarity on remuneration metrics
- Sundaram Mutual Fund"Manish Mohnot, 52, is the Managing Director and Chief Executive Officer of Kalpataru Projects International Limited since June 2015. He has been on the board of the company since November 2006. He has over three decades of experience in the infrastructure sector.Manish Mohnot was paid Rs. 190.7 mn as remuneration in FY24 out of which 27% was fixed and 73% was variable and linked to company performance. We estimate his FY26 remuneration at Rs. 207.7 mn, which is high in absolute terms and high compared to peers of similar size.While a large portion of his remuneration is variable and linked to company profitability, there is no absolute cap on the remuneration: therefore, as profitability increases, remuneration may be much higher over his tenure. The company must cap his remuneration in absolute terms. We expect the company to disclose performance metrics that will be used to determine his commission payout. Additionally, we raise concern over the Independence of the Nomination and Remuneration Committee (NRC) - the NRC consists of two tenured independent directors and a non-executive promoter director. We expect only non-tenured independent directors to be NRC members. Given these reasons, we do not support the resolution."
14 for4 against
Mutual fund votes, meeting of 30 Nov 2024, 20 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- Issue of Equity Shares through qualified institutions placement(s) on a private placement basis19 for0 against
1 proposal not matched to one resolution
- Approve Issuance of Equity or Equity-Linked Securities without Preemptive Rights1 for0 against
Mutual fund votes, meeting of 15 Jul 2024, 19 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
To receive, consider and adopt (a) the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2024, the Reports of the Board of Directors and Auditors thereon and (b) the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2024 and the report of Auditors thereon.MoreLess
19 for0 against- To declare final dividend on equity shares at the rate of Rs. 8/- per equity share for the financial year ended March 31, 202419 for0 against
- To appoint a Director in place of Mr. Parag M. Munot (DIN: 00136337), who retires by rotation and being eligible, offers himself for re-appointment.
Against Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund
- Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual FundReappointment Compliant with law. No concern with respect to profile, time commitment & past attendance. Governance Concern: Excessive Remuneration has been paid with no justification from the Company.
16 for3 against - To ratify remuneration of the Cost Auditor for the Financial Year ending March 31, 202519 for0 against
- To consider and grant authority under Section 180 (1) (a) of the Companies Act, 20131 for0 against
4 proposals not matched to one resolution
- 5) Approve creation of charge/ mortgage/ hypothecation on the assets of the company of up to Rs. 320.0 bn.1 for0 against
- Approve creation of charge/mortgage/hypothecation on the assets of the company of up to Rs. 320.0 bn3 for0 against
- Approve Pledging of Assets for Debt1 for0 against
To the creation by the Board of Directors of the Company (hereinafter referred to as the Board which term shall include any committee thereof) of mortgage and / or charge, in addition to the mortgages and / or charges created by the Company for an amount not exceeding in aggregate Rs. 32,000/- Crores (including the temporary loans obtained by the Company from the Company's bankers in the ordinary course of business).MoreLess
13 for0 against
Mutual fund votes, meeting of 17 May 2024, 18 fund houses
- Appointment of Mr. Dhananjay Mungale (DIN: 00007563) as an Independent Director of the Company for a period of 5 years commencing from 01st April, 2024
Against Bandhan Mutual Fund, Bank of India Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Mahindra Manulife Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund, Sundaram Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundAppointment Compliant with law. Governance concern: Prolonged association with the Enterprises having significant influence, Holding Chairmanship of both AC & NRC.
- Bank of India Mutual Fund, DSP Mutual Fund, Mahindra Manulife Mutual Fund, Sundaram Mutual FundDhananjay Mungale, 70, has experience across investment banking, corporate banking and private banking in India and Europe. He has held leadership roles in Europe and India at Bank of America and DSP Merrill Lynch. He is a Chartered Accountant and holds a Bachelor’s degree in Commerce and Law from Mumbai University. He has been associated with Kalpataru Limited, a group company, since 16 September 2010. Given his association with the Kalpataru group of over 13 years, we classify him as non-independent. The board must consider appointing him as a Non-Executive Non-Independent Director.
- Edelweiss Mutual FundNo related experience
- JM Financial Mutual FundAppointment Compliant with law. Governance concern: Prolonged association with the Enterprises having significant influence, Holding Chairmanship of both Audit Committe & Nonination and Remuneration Committee.
- Mirae Asset Mutual FundAs per advisory recommendation, Board should consider appointing him as non independent director
- Nippon India Mutual FundProlonged association
- SBI Mutual FundDhananjay Mungale, 70, has experience across investment banking, corporate banking and private banking in India and Europe. He has held leadership roles in Europe and India at Bank of America and DSP Merrill Lynch. He is a Chartered Accountant and holds a Bachelor’s degree in Commerce and Law from Mumbai University. He has been associated with Kalpataru Limited, a group company, since 16 September 2010. While we understand that there is no breach of laws with his reappointment, and we do not have any reservations around the suitability or contributions of Dhananjay Mungale to the company and recognise that he is a director of high calibre and repute, our issue is with respect to tenure of association with the promoter group, which has exceeded 10 years. Hence, we do not support his reappointment as an Independent Director
6 for12 against - Appointment of Mr. Bimal Tanna (DIN: 06767157) as an Independent Director of the Company for a period of 5 years commencing from 01st April, 202418 for0 against
Mutual fund votes, meeting of 17 Jul 2023, 13 fund houses
To receive, consider and adopt:n(a) the Audited Financial Statements of the Company for the financial year ended March 31, 2023, the Reports of the Board of Directors and Auditors thereon; andn(b) the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2023 and the report of Auditors thereonMoreLess
12 for0 against1 abstained
- To declare final dividend on equity shares at the rate of Rs. 7/- per equity share for the financial year ended March 31, 2023.12 for0 against
1 abstained
- To appoint a Director in place of Mr. Sanjay Dalmia (DIN: 03469908), who retires by rotation and being eligible offers himself for re-appointment12 for0 against
1 abstained
- Re-appointment of Statutory Auditors of the Company12 for0 against
1 abstained
- Ratifying remuneration of Cost Auditor for the Financial Year 2023-2412 for0 against
1 abstained
Mutual fund votes, meeting of 14 May 2023, 12 fund houses
- 1) Approve change in name of the company to Kalpataru Projects International Limited and consequent alteration to the Memorandum of Association (MoA) and Articles of Association (AoA).1 for0 against
Approval for change of name of the Company from Kalpataru Power Transmission Limited to Kalpataru Projects International Limited and consequential alteration of the Memorandum of Association and Articles of Association of the Company.MoreLess
7 for0 against- Approve change in name of the company to Kalpataru Projects International Limited and consequent alteration to the Memorandum of Association (MoA) and Articles of Association (AoA)2 for0 against
To approve changing the name of the Company from “Kalpataru Power Transmission Limited” to “Kalpataru Projects International Limited” and consequently alter the Memorandum of Association and Articles of Association of the CompanyMoreLess
1 for0 againstTo approve, For change of name of the Company from Kalpataru Power Transmission Limited to Kalpataru Projects International Limited and consequential alteration of the Memorandum of Association and Articles of Association of the Company.MoreLess
1 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Fines and tax disputes
Reported in the filing for the quarter to Jun 2026.
- Fine or penaltyTransport Department, Government of GujaratSince 2 Apr 2026
Imposition of penalty of INR 0.13 lakh by the authority on account of delay in payment of Motor Vehicle Tax.
Covered under point Nature and details of the action(s) taken or order(s) passed. - Fine or penaltyTransport Department, Government of Uttar PradeshSince 24 Apr 2026
Imposition of penalty of INR 0.04 lakh by the authority on account of delay in payment of Motor Vehicle Tax.
Covered under point Nature and details of the action(s) taken or order(s) passed. - Fine or penaltyTransport Department, Government of GujaratSince 27 Apr 2026
Imposition of penalty of INR 0.17 lakh by the authority on account of delay in payment of Motor Vehicle Tax.
Covered under point Nature and details of the action(s) taken or order(s) passed. - Fine or penaltyTransport Department, Government of Uttar PradeshSince 27 Apr 2026
Imposition of penalty of INR 0.23 lakh by the authority on account of delay in payment of Motor Vehicle Tax.
Covered under point Nature and details of the action(s) taken or order(s) passed. - Fine or penaltyGST AuthoritySince 29 Apr 2026
The GST Authority has demanded penalty of INR 0.27 lakhs pertaining to the consortium wherein the Company is a member for the F.Y. 2020-21 on the grounds of excess availment of Input Tax Credit and non-submission of records.The consortium has filed rectification application against the same.
Covered under point Nature and details of the action(s) taken or order(s) passed. - Fine or penaltyTraffic Police, HaryanaSince 30 Apr 2026
Imposition of penalty of INR 0.41 lakh by the authority on account of violation of Motor Vehicle Act.
Covered under point Nature and details of the action(s) taken or order(s) passed. - Fine or penaltyEmployees Provident Fund OrganisationSince 7 May 2026
Payment of a penalty of INR 0.01 lakh to the authority on account of delayed remittance of provident fund contribution in respect of a consortium in which the Company is a member.
Covered under point Nature and details of the action(s) taken or order(s) passed. - Fine or penaltyGST Appellate AuthoritySince 8 May 2026
The earlier penalty of INR 4.37 lakhs imposed by the GST Authority on 20th January, 2025, and reported under Integrated Governance, has been disposed off against the Company. The Company will prefer second appeal before the GST Appellate Tribunal within the prescribed timelines.
Covered under point Nature and details of the action(s) taken or order(s) passed.
19 more
- Fine or penaltyTransport Department, Government of Uttar PradeshSince 8 May 2026
Imposition of penalty of INR 0.18 lakh by the authority on account of delay in payment of Motor Vehicle Tax.
Covered under point Nature and details of the action(s) taken or order(s) passed. - Fine or penaltyTransport Department, Government of KarnatakaSince 29 May 2026
Imposition of penalty of INR 0.01 lakh by the authority on account of delay in payment of Motor Vehicle Tax.
Covered under point Nature and details of the action(s) taken or order(s) passed. - Fine or penaltyTransport Department, Government of GujaratSince 2 Jun 2026
Imposition of penalty of INR 0.05 lakh by the authority on account of delay in payment of Motor Vehicle Tax.
Covered under point Nature and details of the action(s) taken or order(s) passed. - Fine or penaltyTransport Department, Government of KarnatakaSince 2 Jun 2026
Imposition of penalty of INR 200 by the authority for delayed payment of fitness inspection.
Covered under point Nature and details of the action(s) taken or order(s) passed. - Fine or penaltyTransport Department, Government of GujaratSince 3 Jun 2026
Imposition of penalty of INR 0.01 lakh by the authority on account of delay in payment of Motor Vehicle Tax.
Covered under point Nature and details of the action(s) taken or order(s) passed. - Fine or penaltyTransport Department, Government of KarnatakaSince 10 Jun 2026
Imposition of penalty of INR 0.48 lakh by the authority on account of violation of Motor Vehicle Act.
Covered under point Nature and details of the action(s) taken or order(s) passed. - Fine or penaltyGST Appellate AuthoritySince 11 Jun 2026
Pursuant to the order dated 30th April, 2024 passed in favour of the Company, the GST Authority had filed an appeal which is decided against the Company and a penalty of INR 0.22 lakhs has been imposed on account of delayed payment of tax for FY 2018-19. Considering the nominal amount involved, the Company has decided not to prefer any further appeal and will pay the penalty.
Covered under point Nature and details of the action(s) taken or order(s) passed. - Fine or penaltyTransport Department, Government of RajasthanSince 15 Jun 2026
Imposition of penalty of INR 0.09 lakh by the authority on account of violation of Motor Vehicle Act.
Covered under point Nature and details of the action(s) taken or order(s) passed. - Fine or penaltyTransport Department, Government of MaharastraSince 17 Jun 2026
Imposition of penalty of INR 150 by the authority on account of violation of rules of transport department.
Covered under point Nature and details of the action(s) taken or order(s) passed. - Fine or penaltyTransport Department, Government of RajasthanSince 18 Jun 2026
Imposition of penalty of INR 0.03 lakh by the authority on account of violation of Motor Vehicle Act.
Covered under point Nature and details of the action(s) taken or order(s) passed. - Fine or penaltyTransport Department, Government of Andhra PradeshSince 19 Jun 2026
Imposition of penalty of INR 0.32 lakh by the authority on account of violation of Motor Vehicle Act.
Covered under point Nature and details of the action(s) taken or order(s) passed. - Fine or penaltyTransport Department, Government of RajasthanSince 24 Jun 2026
Imposition of penalty of INR 0.05 lakh by the authority on account of violation of Motor Vehicle Act.
Covered under point Nature and details of the action(s) taken or order(s) passed. - Fine or penaltyTransport Department, Government of KarnatakaSince 24 Jun 2026
Imposition of penalty of INR 0.22 lakh by the authority on account of violation of Motor Vehicle Act.
Covered under point Nature and details of the action(s) taken or order(s) passed. - Tax disputeIncome Tax authority (Assessment Year: 2021-22)Since 24 Oct 2024
The Company had filed a rectification application before the authorities to rectify the mistake apparent from records. The Income Tax Authority issued a rectification order on January 13, 2025, granting the relief requested in the application. However, the authority made the same errors when applying the relief in computing the demand. Consequently, the Company filed another rectification application on January 28, 2025 and the same is pending for disposal as on date. The Company had also filed an appeal before Hon'ble Income Tax Appellate Tribunal. The matter was heard and the Company is awaiting the order.MoreLess
At the filing before: The Income Tax authority vide an Assessment Order under the provisions of Section 143(3) r.w.s 144C(13) of the Income Tax Act, 1961 (the "Act") had demanded tax and interest (u/s 156 of the Act) for the A.Y. 2021-22 on the grounds of classification of carbon credit as revenue receipt as against capital receipt, disallowances of certain expenses, transfer pricing adjustment(s). Further, the authorities had not granted credit of taxes paid on buy back of shares (which the Company had already paid as and when due) and had not allowed deduction of claim of dividend u/s 80M which are mistake apparent from records. The authority under the said Order had raised tax demand of INR 64.07 Crores along with interest of INR 9.84 Crores.MoreLess
- Tax disputeIncome Tax authority (Assessment Year: 2018-19)Since 21 Nov 2022For the Assessment Year 2018-19, the consortium in which the Company is a member has filed written submission before CIT(A) and is awaiting notice of hearing.
At the filing before: Various appeals filed or under process of filing, by the Company, for various assessment year(s), due to disallowance u/s. 80-IA, 14(A), disallowance of various expenses, erroneous estimation of net profit under Block assessment, other disallowances, addition of income, Treating of carbon credit as revenue receipt etc. Total consolidated amount for various assessment years involved in the pending material litigations was ~ INR 80.70 Crores as per the disclosure dated 29th September, 2023 filed by the Company with the stock exchanges. (The initial disclosed amount of Rs. 80.70 crores bifurcated into 2 parts, this disclosure includes an amount of Rs. 38.72 crores).MoreLess
- Tax disputeVAT Authority (Assessment for the period June 2014 to June 2017)Since 27 Jun 2023
For the assessment period June 2014 to June 2017, the writ petition filed by the Company was listed before the relevant Hon'ble High Court. The Hon'ble Bench was pleased to quash the impugned order and remanded the matter back to the Revisional Authority with a direction to pass a fresh order after duly considering the Company's submissions and documents. Following the court's direction, the department issued a fresh notice, received by the Company on 28th November, 2025. The notice required the submission of specific documents and records, which have already been submitted by the Company. The matter is pending before the Revisional Authority for passing necessary order in the matter.MoreLess
At the filing before: Various appeals filed or under process of filing, by the Company under VAT, CST, Entry Tax - Due to disallowance of Input Tax Credit (on account of disallowance of labour & like charges, alleged non-submission of requisite forms etc.), Works contract Tax credit, enhancing taxable turnover, reduction in refund, levy of Entry Tax etc. Total consolidated amount for various assessment years involved in the pending material litigations was ~ INR 142.86 Crores as per the disclosure dated 29th September, 2023 filed by the Company with the stock exchanges.MoreLess
- Tax disputeIncome Tax Authority (Assessment Year: 2013-14 to 2020-21 and 2021-22)Since 31 Mar 2025
The Hon'ble Income Tax Appellant Tribunal ("ITAT"), has issued an Order under section 254 of the Income Tax Act, 1961 for the Assessment Year (AY) 2018-19, 2019-20, and 2020-21 and has deleted the disallowances upheld by Hon'ble Commissioner of Income Tax (Appeals) ("CIT(A)"). Pursuant to the said order, the tax demand in respect of the said disallowances will be deleted.MoreLess
At the filing before: The Deputy Commissioner of Income Tax, Central Circle- 3(3), Mumbai ("DCIT") has reassessed the income pursuant to the search conducted in August, 2023 and has passed the re-assessment orders for eight years i.e. from AY 2013-14 to AY 2020-21 as per the applicable provisions of the Income Tax Act, 1961 (the "Act"). The DCIT vide its orders of reassessment, raised demand of tax and interest u/s 156 of the Act for eight years i.e. from A.Y. 2013-14 to 2020-21, by making certain additions / disallowances and initiated penalty proceedings. The aggregate impact of demand / reduced refund for the A.Y. 2013-14 to A.Y. 2020-21 (except for A.Y. 2016-17) is INR 141.31 Crores. Based on the external legal advisers' view and its own assessment, the Company is of the view that it has strong case (including favorable precedents in its own case in respect of certain addition(s)) to defend the matters before the appellate authorities. Accordingly, the Company will contest the same and shall take appropriate legal remedies against the said orders. Therefore, the said orders does not have significant financial implications on the Company. The Company will file appeal against the said Orders within prescribed timelines. Further, prima facie there are certain mistakes apparent from the records, in aforesaid demand computed by the tax authorities, for which the Company is in the process of filing rectification application(s). Apart from the above, for A.Y. 2016-17, while there are no additions made to the total income of the Company, the tax authorities have erroneously raised a demand of INR 95.83 crores, apparently due to certain system issues. The Company has already filed an application for rectification of the same, which will nullify the said demand for AY 2016-17.MoreLess
- Tax disputeIncome Tax Authority (Assessment Year: 2022-23)Since 3 May 2025The Company has filed an appeal before Hon'ble ITAT in respect of certain disallowances which were upheld by Hon'ble CIT(A).
At the filing before: The Deputy Commissioner of Income Tax, Central Circle- 3(3), Mumbai ("DCIT") vide its order of assessment has made certain addition/disallowance, and the resulting Tax demand, has been adjusted against the refund receivable by the Company and has also initiated penalty proceedings. The aggregate tax impact on account of additions / disallowances made is INR 1.71 Crores which has reduced tax refund of INR 1.71 Crores. However, since the grounds of addition/disallowance, have similar question of law and/or factual matrix, in resemblance with earlier order(s) and already disclosed to the stock exchanges, the aggregate / cumulative amount involved in all such matters cross the materiality threshold. The Company is of the view that it has strong case (including favorable precedents in its own case in respect of certain addition/(s)) to defend the matters before the appellate authorities. Accordingly, the Company will contest the same and shall take appropriate legal remedies against the said order. Therefore, the said orders does not have significant financial implications on the Company. The Company will file appeal against the said Order within prescribed timelines.MoreLess
- Tax disputeIncome Tax Authority (Assessment Year: 2023-24)Since 27 Feb 2026
Aggrieved by the said order, the Company has filed an appeal before Hon'ble Commissioner of Income-tax Appeal. Additionally, the Company observed certain mistakes apparent from records and hence, filed a rectification application for short granting of TDS credits. Pursuant to the same, the Company received rectified order wherein the credit of taxes paid was allowed, resulting into refund.MoreLess
At the filing before: The Company has received an Assessment Order passed under Section 143(3) of the Income Tax Act, 1961 (the "Act"), from the Income Tax Department, wherein the Assessing Officer has made certain additions / disallowances, while passing the order of assessment for A.Y. 2023-24 and initiated penalty proceedings thereunder. The authority under the said Order has raised tax demand of INR 1.80 Crores including interest of INR 17.07 lakhs. The Company has a strong case to defend the matter before the appellate authorities and will file an appeal against the said Order within prescribed timelines. The same does not have any significant impact on the Company.MoreLess
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
- Yes
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.
How money raised was used
Reported for the quarter to Jun 2026.
| Raised | Amount raised | For | Set aside | Spent | Spent elsewhere |
|---|---|---|---|---|---|
| OthersNov 2024 | 200.00 | – | – | No |