Larsen & Toubro MD, chairman, board of directors and AGM
NSE: LTBSE: 500510ConstructionLarge Cap
Last close ₹3,647.00up ₹8.70 (0.24%)BSE ₹3,645.00
Share price at the NSE close on 23 Oct 2026. Previous close ₹3,638.30.
52-week range of traded prices to 23 Oct 2026
₹3,288.10Low, 23 Mar 2026₹4,440.00High, 24 Feb 2026
- Next results date: the board meets on 27 Oct 2026 to consider: financial results.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹5,01,789 Cr8th 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 28 Jul 2026
- 30.2
- P/E without one-offsPrice to earnings without one-off items. Market cap divided by core profit: 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, less one-off items (exceptional items and the result of businesses sold or closed). Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes −₹1,722 crore of one-off items, the largest of them in the quarter to Dec 2025.
- 27.4
- 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 5 May 2026
- 4.6
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 1.04%
- 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 28 Jul 2026
- 16.0%
- ROE without one-offsReturn on equity without one-off items. Core profit, 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 less one-off items (exceptional items and the result of businesses sold or closed), as a percentage of the same net worth as the return on equity. Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes −₹1,722 crore of one-off items, the largest of them in the quarter to Dec 2025.
- 17.7%
- 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 28 Jul 2026
- 9.8%
- 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 5 May 2026
- 0.95
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 20,21,97357.2% delivered
Larsen & Toubro 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 directorSEKHARIPURAM NARAYANAN SUBRAHMANYAN
- Company Secretary and Compliance OfficerSubramanian Narayan
16 directors9 independent6 executive1 non-executive
- SEKHARIPURAM NARAYANAN SUBRAHMANYAN · Chairperson and managing directorExecutive · joined Jul 2011 · reappointed Jul 2022 · 5 listed boards
- RAMAMURTHI SHANKAR RAMANExecutive · joined Oct 2011 · reappointed Oct 2021 · 3 listed boards · 2 committee seats
- S V DESAIExecutive · joined Jul 2020 · reappointed Jul 2025 · 1 listed board
- T MADHAVA DASExecutive · joined Jul 2020 · reappointed Jul 2025 · 1 listed board · 1 committee seat
- SUBRAMANIAN SARMAExecutive · joined Aug 2020 · reappointed Apr 2025 · 1 listed board
- ANIL V PARABExecutive · joined Aug 2022 · 1 listed board
- PREETHA REDDYIndependent · joined Mar 2021 · reappointed Mar 2026 · 67 months as independent · 3 listed boards · 2 as independent · 2 committee seats
- PRAMIT JHAVERIIndependent · joined Apr 2022 · 54 months as independent · 3 listed boards · 3 as independent · 2 committee seats
- RAJNISH KUMARIndependent · joined May 2023 · 40 months as independent · 4 listed boards · 4 as independent · 6 committee seats, 4 as chair
- JYOTI SAGARIndependent · joined May 2023 · 40 months as independent · 1 listed board · 1 as independent
- AJAY TYAGIIndependent · joined Oct 2023 · 35 months as independent · 2 listed boards · 2 as independent · 2 committee seats, 1 as chair
- P. R. RAMESHIndependent · joined Oct 2023 · 35 months as independent · 6 listed boards · 6 as independent · 8 committee seats, 5 as chair
- SIDDHARTHA MOHANTYNominee, non-executive · joined May 2024 · 2 listed boards · 1 committee seat
- AMITABH KANTIndependent · joined Oct 2025 · 11 months as independent · 5 listed boards · 4 as independent · 1 committee seat
- B. SANTHANAMIndependent · joined Oct 2025 · 11 months as independent · 2 listed boards · 2 as independent · 3 committee seats, 1 as chair
- VIJAY SANKARIndependent · joined May 2026 · 4 months as independent · 4 listed boards · 3 as independent · 4 committee seats
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.
2 directors who left
- NARAYANAN KUMAR, left 26 May 2026: Tenure Completion
- SANJEEV AGA, left 24 May 2026: Tenure Completion
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 28 Jul 202616 of 16 present9 independent · 83 days in between
- 5 May 202616 of 17 present9 independent
Audit Committee
Chair P. R. RAMESH
RAJNISH KUMAR, VIJAY SANKAR
- 26 Aug 20263 of 3 present3 independent · 29 days in between
- 27 Jul 20263 of 3 present3 independent · 83 days in between
- 4 May 20263 of 3 present3 independent · 13 days in between
- 20 Apr 20263 of 3 present3 independent
Nomination and remuneration committee
Chair PREETHA REDDY
PRAMIT JHAVERI, SEKHARIPURAM NARAYANAN SUBRAHMANYAN, AMITABH KANT
- 28 Jul 20264 of 4 present3 independent · 83 days in between
- 5 May 20264 of 4 present3 independent
Stakeholders Relationship Committee
Chair RAJNISH KUMAR
T MADHAVA DAS, SIDDHARTHA MOHANTY
- 11 Aug 20262 of 3 present1 independent · 108 days in between
- 24 Apr 20263 of 3 present1 independent
Risk Management Committee
Chair AMITABH KANT
PRAMIT JHAVERI, SUBRAMANIAN SARMA
- 25 Aug 20263 of 3 present2 independent · 129 days in between
- 17 Apr 20262 of 3 present2 independent
Corporate Social Responsibility Committee
Chair AJAY TYAGI
RAMAMURTHI SHANKAR RAMAN, S V DESAI, JYOTI SAGAR
- 19 Aug 20264 of 4 present2 independent · 89 days in between
- 21 May 20264 of 4 present2 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 Jun 2026.
- MSKA & Associates LLPPeer-review certificate valid to Jul 2027
3 earlier auditors
- M S K A & AssociatesNamed in filings from Mar 2025 to Mar 2026
- M S K A & Associates LLPNamed in the filing for the quarter to Dec 2025
- Deloitte Haskins & Sells LLPNamed in the filing for the quarter to Mar 2025
A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.
Larsen & Toubro 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.Larsen & Toubro dividend history
Meeting called by the tribunal, 4 Aug 2026
19,42,296 shareholders on the register on 28 Jul 2026; present: 0 promoters and 116 others; votes counted by Jyoti Kholia / Jyoti Narayan Kholia & Co..The company's voting result (opens in a new tab)
Scheme of Arrangement of Larsen & Toubro Limited (“Transferor Company/Company/L&T”) and L&T Realty Properties Limited (“Transferee Company/LTRPL”) and their respective Shareholders and Creditors under Sections 230 to 232 and other applicable provisions of the Companies Act 2013 (“Scheme”) for transfer of Realty Undertaking.MoreLess
Special99.07% for0.93% againstAgainst: promoters 0.00% · institutions 1.16% · other public 0.02%
Turnout: all 71.89% · promoters 0.00% · institutions 92.80% · other public 38.24%
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, 5 Jun 2026, 9 resolutions
19,31,893 shareholders on the register on 29 May 2026; present: 0 promoters and 280 others; votes counted by S. N. Ananthasubramanian / -.The company's voting result (opens in a new tab)
- Adoption of audited standalone financial statements of the Company for the year ended March 31, 2026 and the Reports of the Board of Directors and Auditors thereon.Ordinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.01% · other public 0.00%
Turnout: all 73.20% · promoters 0.00% · institutions 93.32% · other public 40.88%
- Adoption of audited consolidated financial statements of the Company for the year ended March 31, 2026 and the report of the Auditors thereon.Ordinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.01% · other public 0.00%
Turnout: all 73.20% · promoters 0.00% · institutions 93.32% · other public 40.88%
- Declaration of Final Dividend of Rs. 38/- per share of face value of Rs. 2/- each for FY 2025-26.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 74.23% · promoters 0.00% · institutions 94.99% · other public 40.88%
- Re-appointment of Mr. Anil Vithal Parab (DIN: 06913351) as a Director liable to retire by rotation.Ordinary99.36% for0.64% against
Against: promoters 0.00% · institutions 0.81% · other public 0.02%
Turnout: all 74.21% · promoters 0.00% · institutions 94.97% · other public 40.88%
- Re-appointment of Mr. R. Shankar Raman (DIN: 00019798), as a Director liable to retire by rotation.Ordinary98.74% for1.26% against
Against: promoters 0.00% · institutions 1.59% · other public 0.04%
Turnout: all 74.21% · promoters 0.00% · institutions 94.97% · other public 40.88%
- Re-appointment of Mr. R. Shankar Raman (DIN: 00019798), as President and Whole-time Director – Finance effective October 1, 2026Ordinary87.37% for12.63% against
Against: promoters 0.00% · institutions 16.04% · other public 0.13%
Turnout: all 73.16% · promoters 0.00% · institutions 93.26% · other public 40.88%
- Re-appointment of Mr. Pramit Jhaveri (DIN: 00186137) as Independent Director of the Company for a term of 5 years effective April 1, 2027Special92.80% for7.20% against
Against: promoters 0.00% · institutions 9.11% · other public 0.09%
Turnout: all 74.21% · promoters 0.00% · institutions 94.97% · other public 40.88%
- Appointment of Mr. Vijay Sankar (DIN: 00007875) as an Independent Director of the Company for a term of 5 years effective May 27, 2026Special93.22% for6.78% against
Against: promoters 0.00% · institutions 8.61% · other public 0.10%
Turnout: all 73.14% · promoters 0.00% · institutions 93.23% · other public 40.88%
- Ratification of remuneration payable to Cost Auditors for the FY 2026-27.Ordinary99.98% for0.02% against
Against: promoters 0.00% · institutions 0.02% · other public 0.01%
Turnout: all 74.21% · promoters 0.00% · institutions 94.97% · other public 40.88%
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 Jan 2026, 7 resolutions
17,35,696 shareholders on the register on 13 Dec 2025; votes counted by Mr. S. N. Ananthasubramanian / S. N. ANANTHASUBRAMANIAN & CO.The company's voting result (opens in a new tab)
- Appointment of Mr. Amitabh Kant (DIN: 00222708) as an Independent Director of the Company for a term of 5 years from October 29, 2025Special99.65% for0.35% against
Against: promoters 0.00% · institutions 0.42% · other public 0.14%
Turnout: all 72.96% · promoters 0.00% · institutions 93.21% · other public 42.94%
- Appointment of Mr. B. Santhanam (DIN: 00494806) as an Independent Director of the Company for a term of 5 years from October 29, 2025Special99.70% for0.30% against
Against: promoters 0.00% · institutions 0.35% · other public 0.11%
Turnout: all 72.96% · promoters 0.00% · institutions 93.21% · other public 42.93%
- Re-appointment of Ms. Preetha Reddy (DIN: 00001871) as an Independent Director of the Company for a term of 5 years effective March 1, 2026Special92.25% for7.75% against
Against: promoters 0.00% · institutions 10.10% · other public 0.20%
Turnout: all 72.94% · promoters 0.00% · institutions 93.18% · other public 42.93%
- Entering into Material Related Party Transactions with L&T-MHI Power Boilers Private LimitedOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.12%
Turnout: all 46.16% · promoters 0.00% · institutions 72.08% · other public 7.72%
- Entering into Material Related Party Transactions with L&T-MHI Power Turbine Generators Private LimitedOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.11%
Turnout: all 46.16% · promoters 0.00% · institutions 72.08% · other public 7.72%
- Entering into Material Related Party Transaction with Larsen Toubro Arabia LLCOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.13%
Turnout: all 46.16% · promoters 0.00% · institutions 72.08% · other public 7.72%
- Entering into Material Related Party Transaction with L&T Modular Fabrication Yard LLCOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.12%
Turnout: all 46.16% · promoters 0.00% · institutions 72.08% · other public 7.72%
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, 17 Jun 2025, 16 resolutions
17,93,892 shareholders on the register on 10 Jun 2025; present: 0 promoters and 160 others; votes counted by MS. APARNA GADGIL / -.The company's voting result (opens in a new tab)
- Adoption of audited standalone financial statements of the Company for the year ended March 31, 2025 and the Reports of the Board of Directors and Auditors thereon;Ordinary99.66% for0.34% against
Against: promoters 0.00% · institutions 0.43% · other public 0.00%
Turnout: all 71.60% · promoters 0.00% · institutions 91.70% · other public 38.41%
- Adoption of audited consolidated financial statements of the Company for the year ended March 31, 2025 and the report of the Auditors thereon;Ordinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.01% · other public 0.00%
Turnout: all 71.60% · promoters 0.00% · institutions 91.70% · other public 38.41%
- Declaration of Final Dividend of Rs. 34/- per share of face value of Rs. 2/- each for FY 2024-25.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 72.77% · promoters 0.00% · institutions 93.58% · other public 38.41%
- Re-appointment of Mr. S. V. Desai (DIN: 07648203) as a Director liable to retire by rotation.Ordinary99.48% for0.52% against
Against: promoters 0.00% · institutions 0.65% · other public 0.02%
Turnout: all 72.76% · promoters 0.00% · institutions 93.56% · other public 38.41%
- Re-appointment of Mr. T. Madhava Das (DIN: 08586766) as a Director liable to retire by rotation.Ordinary99.48% for0.52% against
Against: promoters 0.00% · institutions 0.64% · other public 0.01%
Turnout: all 72.76% · promoters 0.00% · institutions 93.56% · other public 38.41%
- Appointment of Mr. Subramanian Sarma (DIN: 00554221) as the Deputy Managing Director & President.Ordinary96.38% for3.62% against
Against: promoters 0.00% · institutions 4.51% · other public 0.04%
Turnout: all 72.69% · promoters 0.00% · institutions 93.44% · other public 38.41%
- Re-appointment of Mr. S. V. Desai (DIN: 07648203) as a Whole-time Director.Ordinary96.61% for3.39% against
Against: promoters 0.00% · institutions 4.22% · other public 0.06%
Turnout: all 72.69% · promoters 0.00% · institutions 93.44% · other public 38.41%
- Re-appointment of Mr. T. Madhava Das (DIN: 08586766) as a Whole-time Director.Ordinary96.61% for3.39% against
Against: promoters 0.00% · institutions 4.22% · other public 0.04%
Turnout: all 72.69% · promoters 0.00% · institutions 93.44% · other public 38.41%
Appointment of M/s. S. N. Ananthasubramanian & Co. Practicing Company Secretaries (Firm Registration No. P1991MH040400) as Secretarial Auditors for a term of five consecutive years commencing from April 1, 2025 till March 31, 2030 and to fix their remuneration.MoreLess
Ordinary99.97% for0.03% againstAgainst: promoters 0.00% · institutions 0.03% · other public 0.02%
Turnout: all 72.76% · promoters 0.00% · institutions 93.56% · other public 38.41%
- Entering into material related party transactions with Larsen Toubro Arabia LLC.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.22%
Turnout: all 45.12% · promoters 0.00% · institutions 72.03% · other public 0.68%
- Entering into material related party transactions with L&T Metro Rail (Hyderabad) Limited.Ordinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 1.15%
Turnout: all 45.12% · promoters 0.00% · institutions 72.03% · other public 0.68%
- Entering into material related party transactions with L&T Technology Services Limited.Ordinary98.14% for1.86% against
Against: promoters 0.00% · institutions 1.87% · other public 1.14%
Turnout: all 45.12% · promoters 0.00% · institutions 72.03% · other public 0.68%
- Entering into material related party transactions with L&T Modular Fabrication Yard LLC.Ordinary98.14% for1.86% against
Against: promoters 0.00% · institutions 1.87% · other public 0.23%
Turnout: all 45.12% · promoters 0.00% · institutions 72.03% · other public 0.68%
- Entering into material related party transactions with LTIMindtree Limited.Ordinary97.96% for2.04% against
Against: promoters 0.00% · institutions 2.04% · other public 1.14%
Turnout: all 45.12% · promoters 0.00% · institutions 72.03% · other public 0.68%
- Entering into material related party transactions with Apollo Hospitals Enterprise Limited.Ordinary97.74% for2.26% against
Against: promoters 0.00% · institutions 2.27% · other public 1.21%
Turnout: all 45.12% · promoters 0.00% · institutions 72.03% · other public 0.68%
- Ratification of remuneration payable to M/s R. Nanabhoy & Co., Cost Accountants (Regn. No. 000010) for the Financial Year 2025-26.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 72.76% · promoters 0.00% · institutions 93.56% · other public 38.41%
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, 10 Mar 2025, 2 resolutions
17,88,295 shareholders on the register on 31 Jan 2025; votes counted by S. N. Ananthasubramanian / S. N. ANANTHASUBRAMANIAN & CO..The company's voting result (opens in a new tab)
- Entering into material related party transactions with L&T-MHI Power Boilers Private LimitedOrdinary96.44% for3.56% against
Against: institutions 4.04% · other public 0.34%
Turnout: all 45.47% · institutions 71.09% · other public 13.25%
- Entering into material related party transactions with L&T-MHI Power Turbine Generators Private LimitedOrdinary75.33% for24.67% against
Against: institutions 28.27% · other public 0.38%
Turnout: all 45.47% · institutions 71.09% · other public 13.25%
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, 4 Jul 2024, 16 resolutions
Present: 0 promoters and 187 others.The company's voting result (opens in a new tab)
- To consider and adopt the Audited Standalone Financial Statements of the Company for the year ended 31st March, 2024 and the Reports of the Board of Directors and Auditors thereonOrdinary99.58% for0.42% against
Against: promoters 0.00% · institutions 0.58% · other public 0.01%
Turnout: all 69.34% · promoters 0.00% · institutions 91.70% · other public 42.01%
- To consider and adopt the Audited Consolidated Financial Statements of the Company for the year ended 31st March, 2024 and the Reports of the Auditors thereonOrdinary99.58% for0.42% against
Against: promoters 0.00% · institutions 0.58% · other public 0.01%
Turnout: all 69.34% · promoters 0.00% · institutions 91.70% · other public 42.01%
- To declare a Final Dividend of Rs. 28/- per share of face value of Rs. 2/- each for FY 2023-24Ordinary99.71% for0.29% against
Against: promoters 0.00% · institutions 0.40% · other public 0.00%
Turnout: all 70.51% · promoters 0.00% · institutions 91.71% · other public 44.61%
- To appoint a Director in place of Mr. R. Shankar Raman (DIN: 00019798), who retires by rotation and is eligible for re-appointmentOrdinary96.66% for3.34% against
Against: promoters 0.00% · institutions 4.67% · other public 0.02%
Turnout: all 70.51% · promoters 0.00% · institutions 91.71% · other public 44.59%
- To appoint a Director in place of Mr. Subramanian Sarma (DIN: 00554221), who retires by rotation and is eligible for re-appointmentOrdinary99.70% for0.30% against
Against: promoters 0.00% · institutions 0.42% · other public 0.01%
Turnout: all 70.51% · promoters 0.00% · institutions 91.71% · other public 44.59%
- Appointment of M/s. MSKA & Associates as Statutory Auditors and fix their remunerationOrdinary98.08% for1.92% against
Against: promoters 0.00% · institutions 2.68% · other public 0.02%
Turnout: all 70.50% · promoters 0.00% · institutions 91.71% · other public 44.59%
- Appointment of Mr. Siddhartha Mohanty (representing equity interest of Life Insurance Corporation of India), as Director of the CompanyOrdinary98.74% for1.26% against
Against: promoters 0.00% · institutions 1.76% · other public 0.01%
Turnout: all 70.50% · promoters 0.00% · institutions 91.71% · other public 44.59%
- Amendment to Articles of Association of the Company by deleting Article 107 pertaining to qualification sharesSpecial99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 70.18% · promoters 0.00% · institutions 91.12% · other public 44.58%
- Issuance of Parent Company Guarantees on behalf of Larsen Toubro Arabia LLCOrdinary96.95% for3.05% against
Against: promoters 0.00% · institutions 3.47% · other public 0.24%
Turnout: all 44.55% · promoters 0.00% · institutions 70.34% · other public 13.04%
- Entering into material Related Party Transactions with L&T Metro Rail (Hyderabad) LimitedOrdinary96.97% for3.03% against
Against: promoters 0.00% · institutions 3.47% · other public 0.10%
Turnout: all 44.55% · promoters 0.00% · institutions 70.34% · other public 13.04%
- Entering into material Related Party Transactions with L&T Modular Fabrication Yard LLCOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.09%
Turnout: all 44.55% · promoters 0.00% · institutions 70.34% · other public 13.04%
- Entering into material Related Party Transactions with L&T Special Steels and Heavy Forgings Private LimitedOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.10%
Turnout: all 44.55% · promoters 0.00% · institutions 70.34% · other public 13.04%
- Entering into material Related Party Transactions with L&T-MHI Power Boilers Private LimitedOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.10%
Turnout: all 44.55% · promoters 0.00% · institutions 70.34% · other public 13.04%
- Entering into material Related Party Transactions with LTIMindtree LimitedOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.06%
Turnout: all 44.55% · promoters 0.00% · institutions 70.34% · other public 13.04%
- Entering into material Related Party Transactions with Nuclear Power Corporation of India LimitedOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 0.05%
Turnout: all 44.55% · promoters 0.00% · institutions 70.34% · other public 13.04%
- Ratification of remuneration payable to Cost Auditors for FY 2024-25Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 70.50% · promoters 0.00% · institutions 91.71% · other public 44.59%
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.
Postal ballot, 18 Jan 2024, 4 resolutions
The company's voting result (opens in a new tab)
- Appointment of Mr. Ajay Tyagi (DIN: 00187429) as an Independent DirectorSpecial97.42% for2.58% against
Against: promoters 0.00% · institutions 3.55% · other public 0.02%
Turnout: all 70.98% · promoters 0.00% · institutions 91.36% · other public 44.77%
- Appointment of Mr. P. R. Ramesh (DIN: 01915274) as an Independent DirectorSpecial96.29% for3.71% against
Against: promoters 0.00% · institutions 5.11% · other public 0.02%
Turnout: all 70.98% · promoters 0.00% · institutions 91.35% · other public 44.76%
- Entering into material related party transactions with Larsen Toubro Arabia LLCOrdinary96.63% for3.37% against
Against: promoters 0.00% · institutions 3.83% · other public 0.03%
Turnout: all 45.79% · promoters 0.00% · institutions 71.52% · other public 12.68%
- Entering into material related party transaction(s) with L&T Metro Rail (Hyderabad) LimitedOrdinary96.64% for3.36% against
Against: promoters 0.00% · institutions 3.81% · other public 0.04%
Turnout: all 45.79% · promoters 0.00% · institutions 71.52% · other public 12.68%
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.
Postal ballot, 25 Aug 2023, 1 resolution
The company's voting result (opens in a new tab)
- Approval for Buyback of Equity SharesSpecial99.91% for0.09% against
Against: promoters 0.00% · institutions 0.09% · other public 0.08%
Turnout: all 73.20% · promoters 0.00% · institutions 91.96% · other public 48.66%
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 4 Aug 2026, 19 fund houses so far (houses' deadline to file 15 Oct 2026)
Scheme of Arrangement of Larsen & Toubro Limited (“Transferor Company/Company/L&T”) and L&T Realty Properties Limited (“Transferee Company/LTRPL”) and their respective Shareholders and Creditors under Sections 230 to 232 and other applicable provisions of the Companies Act 2013 (“Scheme”) for transfer of Realty Undertaking.MoreLess
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund
- Angel One Mutual FundGovernance Concern: Transfer/Sale is proposed at Book Value (with a stamp duty-based valuation for immovable properties) and there exists a possibility of dilution of the Company's stake in LTRPL i.e. 100% subsidiary.
- Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. Governance Concern: Transfer/Sale is proposed at Book Value (with a stamp duty-based valuation for immovable properties) and there exists a possibility of dilution of the Company's stake in LTRPL i.e. 100% subsidiary.
15 for4 against
Mutual fund votes, meeting of 5 Jun 2026, 49 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- Adoption of audited standalone financial statements of the Company for the year ended March 31, 2026 and the Reports of the Board of Directors and Auditors thereon.48 for0 against
- Adoption of audited consolidated financial statements of the Company for the year ended March 31, 2026 and the report of the Auditors thereon.48 for0 against
- Declaration of Final Dividend of Rs. 38/- per share of face value of Rs. 2/- each for FY 2025-26.48 for0 against
- Re-appointment of Mr. Anil Vithal Parab (DIN: 06913351) as a Director liable to retire by rotation.49 for0 against
- Re-appointment of Mr. R. Shankar Raman (DIN: 00019798), as a Director liable to retire by rotation.48 for0 against
- Re-appointment of Mr. R. Shankar Raman (DIN: 00019798), as President and Whole-time Director – Finance effective October 1, 2026
Against Bank of India Mutual Fund, Franklin Templeton Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Old Bridge Mutual Fund, Quantum Mutual Fund, Unifi Mutual Fund
- Bank of India Mutual Fund, Jio BlackRock Mutual Fund, Old Bridge Mutual Fund, Unifi Mutual FundR. Shankar Raman, 67, is the CFO and President of Larsen & Toubro Limited. He joined the L&T Group in 1994. He received a remuneration of Rs. 540.3 mn in FY26 (excluding perquisite value of stock options exercised). we estimate his annual remuneration (including fair value of proposed stock options) at Rs. 726.3 mn. We believe the proposed remuneration of Rs. 726.3 mn is not in line with peers and not commensurate with the roles and responsibilities as CFO/Director-Finance. We expect the company to disclose the benchmarking exercise undertaken by the NRC while determining the quantum of remuneration payable. We raise concern at the lack of clarity and granular disclosures pertaining to the ESOP component and the commission component. We expect the company disclose the quantum of stock options expected to be granted to him during his proposed tenure. The company must also cap the quantum of commission payable in absolute amounts. Currently, these components are open ended and consequently his entire remuneration structure is open ended. The remuneration structure has a ‘Retirals’ component which has averaged ~300% of overall fixed pay over the last 5 years. This is not general market practice and expect the company to disclose what this component entails. Over the last five years, R. Shankar Raman’s remuneration growth has outpaced the growth in standalone revenues and profits. The company must explain the misalignment in pay v/s fundamental performance. The company must disclose the performance metrics that will be used to determine variable pay. We do not support this resolution.
- Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns in the executive's remuneration: • There is a lack of an absolute cap on the commission element which makes the proposed remuneration structure open ended and may lead to discretionary payouts. • There are no disclosures on weightage, threshold and target performance that he needs to achieve to determine the outcome under variable pay. • Commission as % of profits increased to 0.20%, while growth in profits moderated in FY25. Given the moderation in profits, company has not provided any rationale for commission increase. • The FY2026 pay of the executive compared to the median remuneration is deemed high.
- HSBC Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns in the executive's remuneration: There is a lack of an absolute cap on the commission element which makes the proposed remuneration structure open ended and may lead to discretionary payouts. There are no disclosures on weightage, threshold and target performance that he needs to achieve to determine the outcome under variable pay. Commission as % of profits increased to 0.20%, while growth in profits moderated in FY25. Given the moderation in profits, company has not provided any rationale for commission increase. The FY2026 pay of the executive compared to the median remuneration is deemed high.
- Invesco Mutual FundR. Shankar Raman, 67, is the CFO and President of Larsen & Toubro Limited. He joined the L&T Group in 1994. He received a remuneration of Rs. 540.3 mn in FY26 (excluding perquisite value of stock options exercised). we estimate his annual remuneration (including fair value of proposed stock options) at Rs. 726.3 mn. We believe the proposed remuneration of Rs. 726.3 mn is not in line with peers and not commensurate with the roles and responsibilities as CFO/Director-Finance. We expect the company to disclose the benchmarking exercise undertaken by the NRC while determining the quantum of remuneration payable. We raise concern at the lack of clarity and granular disclosures pertaining to the ESOP component and the commission component. We expect the company disclose the quantum of stock options expected to be granted to him during his proposed tenure. The company must also cap the quantum of commission payable in absolute amounts. Currently, these components are open ended and consequently his entire remuneration structure is open ended. The remuneration structure has a ‘Retirals’ component which has averaged ~300% of overall fixed pay over the last 5 years. This is not general market practice and expect the company to disclose what this component entails. Over the last five years, R. Shankar Raman’s remuneration growth has outpaced the growth in standalone revenues and profits. The company must explain the misalignment in pay v/s fundamental performance. The company must disclose the performance metrics that will be used to determine variable pay. We do not support this resolution
- Quantum Mutual FundWe do not have any concern on the profile, time commitments, and attendance of Mr. R. Shankar Raman. But based on his total annual remuneration for FY26 which is Rs. 543 Mn.The growth in remuneration over the past three years has outpaced the growth in profits and employee benefit expense. Further the ratio to median employee remuneration is 454x, which is high when compared to the company’s peers Therefore, we do not support the resolution
41 for8 against - Re-appointment of Mr. Pramit Jhaveri (DIN: 00186137) as Independent Director of the Company for a term of 5 years effective April 1, 2027
Against Angel One Mutual Fund, Choice Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual FundGovernance concern: The remuneration paid to the Chairman & Managing Director of the Company, during FY 2025-26 appears excessive and no justification has been provided for the same and the proposed appointee is the member of Nomination & Remuneration Committee . Since Nomination & Remuneration Committee is responsible for ensuring overall remuneration fairness of the directors on the Board, members of Nomination & Remuneration Committee should be held responsible, unless such payment is justified.
- Choice Mutual FundExcessive remuneration paid to Chairman and MD of the Company, without justification and the proposed appointee is member of NRC.
- Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundCompliant with law. Governance concern: The remuneration paid to the Chairman & Managing Director of the Company, during FY 2025-26 appears excessive and no justification has been provided for the same and the proposed appointee is the member of NRC. Since NRC is responsible for ensuring overall remuneration fairness of the directors on the Board, members of NRC should be held responsible, unless such payment is justified.
- Franklin Templeton Mutual FundA vote AGAINST incumbent nominating committee member Pramit Jhaveri is warranted for lack of diversity on the board.
- LIC Mutual FundGovernance concern: The remuneration paid to the Chairman & Managing Director of the Company, during FY 2025-26 appears excessive and no justification has been provided for the same and the proposed appointee is the member of NRC. Since NRC is responsible for ensuring overall remuneration fairness of the directors on the Board, members of NRC should be held responsible, unless such payment is justified.
- PPFAS Mutual FundExcessive remuneration paid to Chairman and MD of the Company, without justification and the proposed appointee is member of NRC
- quant Mutual FundCompliant with the law. Governance concern: The FY26 remuneration paid to the Chairman & Managing Director of the company appears excessive and no justification has been provided for the same and the proposed appointee is the member of NRC. Since NRC is responsible for ensuring overall remuneration fairness of the directors on the Board, members of NRC should be held responsible, unless such payment is justified. The company attempted to provide some clarifications, but it did not clearly address the core issue. Hence, we are voting against the resolution.
38 for11 against - Appointment of Mr. Vijay Sankar (DIN: 00007875) as an Independent Director of the Company for a term of 5 years effective May 27, 2026
Against 360 One Mutual Fund, Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Canara Robeco Mutual Fund, Choice Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, Old Bridge Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, Unifi Mutual Fund, Zerodha Mutual Fund
- 360 One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundCompliant with law. Governance concern: Incoming ID is related to outgoing ID and the Company has not provided any explanation w.r.t the same in the notice.
- Angel One Mutual FundGovernance concern: Incoming Independent Director is related to outgoing Independent Director and the Company has not provided any explanation with regards to the same in the notice.
- Bank of India Mutual Fund, Canara Robeco Mutual Fund, Jio BlackRock Mutual Fund, NJ Mutual Fund, Old Bridge Mutual Fund, Sundaram Mutual FundVijay Sankar, 54, is the Chairperson of the Sanmar Group. He has expertise in areas of leadership, business strategy & development, commercial acumen, finance, sales & marketing, economic & global business, corporate governance and general management & human resources. He is a Chartered Accountant and holds a master’s in business administration from the JL Kellogg Graduate School of Management, USA. The company proposes to appoint him as an Independent Director for five years from 27 May 2026. His appointment is in line with statutory requirements. Narayanan Kumar, currently Chairperson of the Group Corporate Board of the Sanmar Group, and uncle of Vijay Sankar has served on the board Larsen & Toubro as an Independent Director since 27 May 2016. His term will end on 26 May 2026, and Vijay Sankar is proposed to be appointed as an Independent Director from 27 May 2026. Outside of family linkages, the company’s Nomination and Remuneration Committee must disclose the basis of his appointment over others.
- Choice Mutual FundIncoming ID related to outgoing ID.
- Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted as the nominee sits on more than four public company boards and is considered overboarded.
- Invesco Mutual FundVijay Sankar, 54, is the Chairperson of the Sanmar Group. He has expertise in areas of leadership, business strategy & development, commercial acumen, finance, sales & marketing, economic & global business, corporate governance and general management & human resources. He is a Chartered Accountant and holds a master’s in business administration from the JL Kellogg Graduate School of Management, USA. The company proposes to appoint him as an Independent Director for five years from 27 May 2026. His appointment is in line with statutory requirements. Narayanan Kumar, currently Chairperson of the Group Corporate Board of the Sanmar Group, and uncle of Vijay Sankar has served on the board Larsen & Toubro as an Independent Director since 27 May 2016. His term will end on 26 May 2026, and Vijay Sankar is proposed to be appointed as an Independent Director from 27 May 2026. Outside of family linkages, the company’s Nomination and Remuneration Committee must disclose the basis of his appointment over others
- LIC Mutual FundGovernance concern: Incoming ID is related to outgoing ID and the Company has not provided any explanation w.r.t the same in the notice.
- Nippon India Mutual FundGovernance Concern: Incoming Independent director is related to outgoing independent director and the company has not provided any explanation w.r.t the same in the notice.
- PPFAS Mutual FundIncoming Independent Director related to outgoing Independent Director
- Unifi Mutual FundVijay Sankar, 54, is the Chairperson of the Sanmar Group. He has expertise in areas of leadership, business strategy & development, commercial acumen, finance, sales & marketing, economic & global business, corporate governance and general management & human resources. He is a Chartered Accountant and holds a master’s in business administration from the JL Kellogg Graduate School of Management, USA. The company proposes to appoint him as an Independent Director for five years from 27 May 2026. His appointment is in line with statutory requirements. Narayanan Kumar, currently Chairperson of the Group Corporate Board of the Sanmar Group, and uncle of Vijay Sankar has served on the board Larsen & Toubro as an Independent Director since 27 May 2016. His term will end on 26 May 2026, and Vijay Sankar is proposed to be appointed as an Independent Director from 27 May 2026. Outside of family linkages, the company’s Nomination and Remuneration Committee must disclose the basis of his appointment over others.We voted against the resolution as the company has not adequately disclosed the rationale for selecting the proposed appointee over other potential independent director candidates. Given the familial linkage with the outgoing independent director, greater transparency around the selection process and independence assessment was warranted.
29 for21 against - Ratification of remuneration payable to Cost Auditors for the FY 2026-27.46 for0 against
10 proposals not matched to one resolution
- Item 1, as a fund house numbered it1 for0 against
- Item 2, as a fund house numbered it1 for0 against
- Item 3, as a fund house numbered it1 for0 against
- Item 5, as a fund house numbered it1 for0 against
- Item 6, as a fund house numbered it
Against Taurus Mutual Fund
- Taurus Mutual FundR. Shankar Raman, 67, is the CFO and President of Larsen & Toubro Limited. He joined the L&T Group in 1994. He received a remuneration of Rs. 540.3 mn in FY26 (excluding perquisite value of stock options exercised). we estimate his annual remuneration (including fair value of proposed stock options) at Rs. 726.3 mn. We believe the proposed remuneration of Rs. 726.3 mn is not in line with peers and not commensurate with the roles and responsibilities as CFO/Director-Finance. We expect the company to disclose the benchmarking exercise undertaken by the NRC while determining the quantum of remuneration payable. We raise concern at the lack of clarity and granular disclosures pertaining to the ESOP component and the commission component. We expect the company disclose the quantum of stock options expected to be granted to him during his proposed tenure. The company must also cap the quantum of commission payable in absolute amounts. Currently, these components are open ended and consequently his entire remuneration structure is open ended. The remuneration structure has a ‘Retirals’ component which has averaged ~300% of overall fixed pay over the last 5 years. This is not general market practice and expect the company to disclose what this component entails. Over the last five years, R. Shankar Raman’s remuneration growth has outpaced the growth in standalone revenues and profits. The company must explain the misalignment in pay v/s fundamental performance. The company must disclose the performance metrics that will be used to determine variable pay. We do not support this resolution.
0 for1 against - Item 7, as a fund house numbered it1 for0 against
- Item 8, as a fund house numbered it
Against Taurus Mutual Fund
- Taurus Mutual FundVijay Sankar, 54, is the Chairperson of the Sanmar Group. He has expertise in areas of leadership, business strategy & development, commercial acumen, finance, sales & marketing, economic & global business, corporate governance and general management & human resources. He is a Chartered Accountant and holds a master’s in business administration from the JL Kellogg Graduate School of Management, USA. The company proposes to appoint him as an Independent Director for five years from 27 May 2026. His appointment is in line with statutory requirements. Narayanan Kumar, currently Chairperson of the Group Corporate Board of the Sanmar Group, and uncle of Vijay Sankar has served on the board Larsen & Toubro as an Independent Director since 27 May 2016. His term will end on 26 May 2026, and Vijay Sankar is proposed to be appointed as an Independent Director from 27 May 2026. Outside of family linkages, the company’s Nomination and Remuneration Committee must disclose the basis of his appointment over others.
0 for1 against - Item 9, as a fund house numbered it1 for0 against
- Approve remuneration of Rs. 2.0 mn payable to R. Nanabhoy & Co. as cost auditors for FY271 for0 against
Ratification of remuneration of Rs. 20 lakhs plus applicable taxes and out of pocket expenses at actuals for travelling and boarding/ lodging payable to M/s R. Nanabhoy and Co. Cost Accountants (Regn. No. 000010), who are appointed as Cost Auditors to conduct the audit of cost records maintained by the Company for the Financial Year 2026-27.MoreLess
2 for0 against
6 earlier meetings
Mutual fund votes, meeting of 18 Jan 2026, 46 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- Appointment of Mr. Amitabh Kant (DIN: 00222708) as an Independent Director of the Company for a term of 5 years from October 29, 202546 for0 against
- Appointment of Mr. B. Santhanam (DIN: 00494806) as an Independent Director of the Company for a term of 5 years from October 29, 202545 for0 against
- Re-appointment of Ms. Preetha Reddy (DIN: 00001871) as an Independent Director of the Company for a term of 5 years effective March 1, 2026
Against 360 One Mutual Fund, Angel One Mutual Fund, Bandhan Mutual Fund, Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, Old Bridge Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Quantum Mutual Fund, Unifi Mutual Fund, Zerodha Mutual Fund
- 360 One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundCompliant with law. Governance concern: High value RPT with the Company where the said director is a promoter and Executive Vice-chairman.
- Angel One Mutual FundGovernance concern: High value Related Party Transactions with the Company where the said director is a promoter and Executive Vice-chairman.
- Canara Robeco Mutual Fund, Jio BlackRock Mutual Fund, NJ Mutual Fund, Old Bridge Mutual Fund, Unifi Mutual FundMs. Preetha Reddy, 68, is Promoter and Executive Vice Chairperson of Apollo Hospitals Enterprises Limited. She has served as an Independent Director on the board since March 2021. She attended all six board meetings held in FY25 (100%), and all five board meetings held in FY26 till the date of notice (100%). While her reappointment is in line with statutory requirements, we note that Larsen & Toubro’s Construction’s Buildings & Factories (B&F) vertical is set to enter an EPC contract worth Rs. 24.0 bn with Apollo Hospitals Enterprise Limited (AEHL). The company should have clearly disclosed this business relationship as a part of notice. Given the existing business relationship between the company and AHEL, we do not support Ms. Preetha Reddy’s reappointment as an Independent Director and believe that the company must appoint her as a Non-Executive Non-Independent Director. We do not support this resolution.
- Invesco Mutual FundMs. Preetha Reddy, 68, is Promoter and Executive Vice Chairperson of Apollo Hospitals Enterprises Limited. She has served as an Independent Director on the board since March 2021. She attended all six board meetings held in FY25 (100%), and all five board meetings held in FY26 till the date of notice (100%). While her reappointment is in line with statutory requirements, we note that Larsen & Toubro’s Construction’s Buildings & Factories (B&F) vertical is set to enter an EPC contract worth Rs. 24.0 bn with Apollo Hospitals Enterprise Limited (AEHL). The company should have clearly disclosed this business relationship as a part of notice. Given the existing business relationship between the company and AHEL, we do not support Ms. Preetha Reddy’s reappointment as an Independent Director and believe that the company must appoint her as a Non-Executive Non-Independent Director. We do not support this resolution
- LIC Mutual FundGovernance concern: High value RPT with the Company where the said director is a promoter and Executive Vice-chairman.
- Mirae Asset Mutual FundGiven the existing business relationship between the company and AHEL, we do not support Ms. Preetha Reddy’s reappointment as an Independent Director
- Nippon India Mutual FundGovernance Concern: High value RPT with the Company where the said director is a promoter and Executive Vice-chairman.
- PPFAS Mutual FundHigh value RPT with the Company where the said director is a promoter and Executive Vice chairman
- Quantum Mutual FundWe have no concerns regarding Ms. Preetha Reddy’s profile, time commitment, or independence. However, since Larsen & Toubro’s B&F vertical is about to enter an EPC contract worth ₹24.0 bn with Apollo Hospitals Enterprise Ltd (where she is Promoter and Executive Vice Chairperson), this material related party transaction may create a conflict of interest. Therefore, we do not support her reappointment as an Independent Director.
26 for19 against - Entering into Material Related Party Transactions with L&T-MHI Power Boilers Private Limited46 for0 against
- Entering into Material Related Party Transactions with L&T-MHI Power Turbine Generators Private Limited46 for0 against
- Entering into Material Related Party Transaction with Larsen Toubro Arabia LLC44 for0 against
- Entering into Material Related Party Transaction with L&T Modular Fabrication Yard LLC46 for0 against
4 proposals not matched to one resolution
- Item 2, as a fund house numbered it1 for0 against
- Item 3, as a fund house numbered it
Against Taurus Mutual Fund
- Taurus Mutual FundMs. Preetha Reddy, 68, is Promoter and Executive Vice Chairperson of Apollo Hospitals Enterprises Limited. She has served as an Independent Director on the board since March 2021. She attended all six board meetings held in FY25 (100%), and all five board meetings held in FY26 till the date of notice (100%). While her reappointment is in line with statutory requirements, we note that Larsen & Toubro’s Construction’s Buildings & Factories (B&F) vertical is set to enter an EPC contract worth Rs. 24.0 bn with Apollo Hospitals Enterprise Limited (AEHL). The company should have clearly disclosed this business relationship as a part of notice. Given the existing business relationship between the company and AHEL, we do not support Ms. Preetha Reddy’s reappointment as an Independent Director and believe that the company must appoint her as a Non-Executive Non-Independent Director. We do not support this resolution.
0 for1 against - Item 6, as a fund house numbered it1 for0 against
- Entering into Material Related Party Transactions with L and T-MHI Power Turbine Generators Private Limited (LMTG1 for0 against
Mutual fund votes, meeting of 17 Jun 2025, 40 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- Adoption of audited standalone financial statements of the Company for the year ended March 31, 2025 and the Reports of the Board of Directors and Auditors thereon;39 for0 against
- Adoption of audited consolidated financial statements of the Company for the year ended March 31, 2025 and the report of the Auditors thereon;39 for0 against
- Declaration of Final Dividend of Rs. 34/- per share of face value of Rs. 2/- each for FY 2024-25.39 for0 against
- Re-appointment of Mr. S. V. Desai (DIN: 07648203) as a Director liable to retire by rotation.39 for0 against
- Re-appointment of Mr. T. Madhava Das (DIN: 08586766) as a Director liable to retire by rotation.39 for0 against
- Appointment of Mr. Subramanian Sarma (DIN: 00554221) as the Deputy Managing Director & President.
Against DSP Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Unifi Mutual Fund
- DSP Mutual Fund, Unifi Mutual FundSubramanian Sarma, 67, is the Deputy Managing Director & President of Larsen & Toubro Limited. Prior to this, he was a Whole time Director and Senior Executive Vice President (Energy). He is also a member of the company's Executive Committee. He has over 40 years of experience in the engineering and construction sectors. He was first appointed to the board on 19 August 2015. He received Rs. 324.9 mn in FY25 (excluding perquisite value of stock options exercised). We raise concerns that the company has not disclosed the quantum of stock options proposed to be granted to him. While he has not been granted any stock options from the company in the last five years, the company must disclose the quantum of stock options proposed to be granted to him during his proposed tenure, especially given that he is being elevated to Deputy Managing Director and President. His commission component is uncapped. The company must cap the commission payable to him in absolute amounts. Currently, his commission component is open ended, and as a consequence his overall remuneration is open ended. The company must disclose the performance metrics that will be used to determine the commission payout to Subramanian Sarma. The company must disclose if the current terms contain malus and claw back clauses. While we support his redesignation to Deputy Managing Director and President, we do not support his remuneration terms and hence we do not support this resolution.
- Invesco Mutual FundSubramanian Sarma, 67, is the Deputy Managing Director & President of Larsen & Toubro Limited. Prior to this, he was a Whole time Director and Senior Executive Vice President (Energy). He is also a member of the company's Executive Committee. He has over 40 years of experience in the engineering and construction sectors. He was first appointed to the board on 19 August 2015. He received Rs. 324.9 mn in FY25 (excluding perquisite value of stock options exercised). We raise concerns that the company has not disclosed the quantum of stock options proposed to be granted to him. While he has not been granted any stock options from the company in the last five years, the company must disclose the quantum of stock options proposed to be granted to him during his proposed tenure, especially given that he is being elevated to Deputy Managing Director and President. His commission component is uncapped. The company must cap the commission payable to him in absolute amounts. Currently, his commission component is open ended, and as a consequence his overall remuneration is open ended. The company must disclose the performance metrics that will be used to determine the commission payout to Subramanian Sarma. The company must disclose if the current terms contain malus and claw back clauses. While we support his redesignation to Deputy Managing Director and President, we do not support his remuneration terms and hence we do not support this resolution
- Mirae Asset Mutual FundResolution is not in line with statutory requirements
35 for4 against - Re-appointment of Mr. S. V. Desai (DIN: 07648203) as a Whole-time Director.
Against DSP Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Unifi Mutual Fund
- DSP Mutual Fund, Unifi Mutual FundS. V. Desai, 64, is the Whole-time Director & Senior Executive Vice President (Civil Infrastructure) at Larsen & Toubro Limited. He has served on the board since 1 August 2020. He has over 40 years of experience in the construction sector. He received a remuneration of Rs. 208.0 mn in FY25. We note that he is in charge of the Civil Infrastructure vertical of the company which is a sub-segment of the Infrastructure vertical. We raise concerns that the company has not disclosed the quantum of stock options proposed to be granted to him. We note that he was granted stock options only once in the last five years and hence we are unable to make an informed estimate on the quantum of stock options he may be granted in the future. The company must disclose the quantum of stock options proposed to be granted to him during his proposed tenure. The company must cap the commission payable to him in absolute amounts. Currently, his commission component is open ended, and as a consequence his overall remuneration is open ended. The company must disclose the performance metrics that will be used to determine the commission payout. The company must disclose if the current terms contain malus and claw back clauses. While we support his reappointment, we do not support his remuneration terms and hence we do not support this resolution.
- Invesco Mutual FundS. V. Desai, 64, is the Whole-time Director & Senior Executive Vice President (Civil Infrastructure) at Larsen & Toubro Limited. He has served on the board since 1 August 2020. He has over 40 years of experience in the construction sector. He received a remuneration of Rs. 208.0 mn in FY25. We note that he is in charge of the Civil Infrastructure vertical of the company which is a sub-segment of the Infrastructure vertical. We raise concerns that the company has not disclosed the quantum of stock options proposed to be granted to him. We note that he was granted stock options only once in the last five years and hence we are unable to make an informed estimate on the quantum of stock options he may be granted in the future. The company must disclose the quantum of stock options proposed to be granted to him during his proposed tenure. The company must cap the commission payable to him in absolute amounts. Currently, his commission component is open ended, and as a consequence his overall remuneration is open ended. The company must disclose the performance metrics that will be used to determine the commission payout. The company must disclose if the current terms contain malus and claw back clauses. While we support his reappointment, we do not support his remuneration terms and hence we do not support this resolution
- Mirae Asset Mutual FundResolution is not in line with statutory requirements
35 for4 against - Re-appointment of Mr. T. Madhava Das (DIN: 08586766) as a Whole-time Director.
Against DSP Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Unifi Mutual Fund
- DSP Mutual FundT. Madhava Das, 62, is the Whole-time Director and Senior Executive Vice President – Utilities. He leads the Power Transmission & Distribution (PT&D), Water & Effluent Treatment (WET), and Smart World & Communication (SWC) businesses within the company. He has over 39 years of experience in the engineering and construction industry. He has served on the board since 1 August 2020. He received a remuneration of Rs. 247.7 mn in FY25 (excluding perquisite value of stock options exercised). We raise concerns that the company has not disclosed the quantum of stock options proposed to be granted to him. While he has not been granted any stock options from the company in the last five years, the company must disclose the quantum of stock options proposed to be granted to him during his proposed tenure. In the absence of past trends, we are unable to make a reliable estimate.The company must cap the commission payable to him in absolute amounts. Currently, his commission component is open ended, and as a consequence his overall remuneration is open ended. The company must disclose the performance metrics that will be used to determine the commission payout. The company must disclose if the current terms contain malus and claw back clauses. While we support his reappointment, we do not support his remuneration terms and hence we do not support this resolution.
- Invesco Mutual FundT. Madhava Das, 62, is the Whole-time Director and Senior Executive Vice President – Utilities. He leads the Power Transmission & Distribution (PT&D), Water & Effluent Treatment (WET), and Smart World & Communication (SWC) businesses within the company. He has over 39 years of experience in the engineering and construction industry. He has served on the board since 1 August 2020. He received a remuneration of Rs. 247.7 mn in FY25 (excluding perquisite value of stock options exercised). We raise concerns that the company has not disclosed the quantum of stock options proposed to be granted to him. While he has not been granted any stock options from the company in the last five years, the company must disclose the quantum of stock options proposed to be granted to him during his proposed tenure. In the absence of past trends, we are unable to make a reliable estimate. The company must cap the commission payable to him in absolute amounts. Currently, his commission component is open ended, and as a consequence his overall remuneration is open ended. The company must disclose the performance metrics that will be used to determine the commission payout. The company must disclose if the current terms contain malus and claw back clauses. While we support his reappointment, we do not support his remuneration terms and hence we do not support this resolution
- Mirae Asset Mutual FundResolution is not in line with statutory requirements
- Unifi Mutual FundT. Madhava Das, 62, is the Whole-time Director and Senior Executive Vice President – Utilities. He leads the Power Transmission & Distribution (PT&D), Water & Effluent Treatment (WET), and Smart World & Communication (SWC) businesses within the company. He has over 39 years of experience in the engineering and construction industry. He has served on the board since 1 August 2020. He received a remuneration of Rs. 247.7 mn in FY25 (excluding perquisite value of stock options exercised). We raise concerns that the company has not disclosed the quantum of stock options proposed to be granted to him. While he has not been granted any stock options from the company in the last five years, the company must disclose the quantum of stock options proposed to be granted to him during his proposed tenure. In the absence of past trends, we are unable to make a reliable estimate. The company must cap the commission payable to him in absolute amounts. Currently, his commission component is open ended, and as a consequence his overall remuneration is open ended. The company must disclose the performance metrics that will be used to determine the commission payout. The company must disclose if the current terms contain malus and claw back clauses. While we support his reappointment, we do not support his remuneration terms and hence we do not support this resolution.
35 for4 against Appointment of M/s. S. N. Ananthasubramanian & Co. Practicing Company Secretaries (Firm Registration No. P1991MH040400) as Secretarial Auditors for a term of five consecutive years commencing from April 1, 2025 till March 31, 2030 and to fix their remuneration.MoreLess
39 for0 against- Entering into material related party transactions with Larsen Toubro Arabia LLC.39 for0 against
- Entering into material related party transactions with L&T Metro Rail (Hyderabad) Limited.39 for0 against
- Entering into material related party transactions with L&T Technology Services Limited.
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund
- Angel One Mutual FundGovernance & Transparency Concern: Unclear how the sale or purchase of business assets/property falls within the ordinary course of business.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. Governance & Transparency Concern: Unclear how the sale or purchase of business assets/property falls within the ordinary course of business
- PPFAS Mutual FundUnclear how certain transaction falls within the ordinary course of business
- quant Mutual FundRelated to material Related Party Transactions with L&T Technology Services Limited and L&T Modular Fabrication Yard LLC. Compliant with the law. Governance & transparency concern: Unclear how the sale or purchase of business assets/ property falls within the ordinary course of business
31 for8 against - Entering into material related party transactions with L&T Modular Fabrication Yard LLC.
Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund
- Angel One Mutual FundGovernance & Transparency Concern: Unclear how the sale or purchase of business assets/property falls within the ordinary course of business.
- Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. Governance & Transparency Concern: Unclear how the sale or purchase of business assets/property falls within the ordinary course of business
- PPFAS Mutual FundUnclear how certain transaction falls within the ordinary course of business
- quant Mutual FundRelated to material Related Party Transactions with L&T Technology Services Limited and L&T Modular Fabrication Yard LLC. Compliant with the law. Governance & transparency concern: Unclear how the sale or purchase of business assets/ property falls within the ordinary course of business
32 for8 against - Entering into material related party transactions with LTIMindtree Limited.
Against Angel One Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual FundGovernance & Transparency Concern: Unclear how the sale or purchase of business assets/property falls within the ordinary course of business; Inadequate disclosures with regard to nature and arm’s length pricing of transactions.
- Bank of India Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual FundCompliant with law. Governance & Transparency Concern: Inadequate disclosures w.r.t nature and arm’s length pricing of transactions.
- Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual FundCompliant with law. Governance & Transparency Concern: Unclear how the sale or purchase of business assets/property falls within the ordinary course of business; Inadequate disclosures w.r.t nature and arm’s length pricing of transactions.
- LIC Mutual FundConcerns over Inadequate disclosures w.r.t nature and arm s length pricing of transactions.
- PGIM India Mutual FundCompliant with law. Governance & Transparency Concern: Unclear how the sale or purchase of business assets/property falls within the ordinary course of business; Inadequate disclosures w.r.t nature and arm s length pricing of transactions.
- PPFAS Mutual FundUnclear how certain transaction falls within the ordinary course of business; Inadequate disclosures w.r.t nature & pricing of RPT
- quant Mutual FundRelated to material Related Party Transactions with LTIMindtree Limited and Apollo Hospitals Enterprise Limited. Compliant with the law. Governance & transparency concern: Unclear how the sale or purchase of business assets/ property falls within the ordinary course of business; inadequate disclosures w.r.t nature and arm’s length pricing of transactions.
29 for11 against - Entering into material related party transactions with Apollo Hospitals Enterprise Limited.
Against Angel One Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund
- Angel One Mutual FundGovernance & Transparency Concern: Unclear how the sale or purchase of business assets/property falls within the ordinary course of business; Inadequate disclosures with regard to nature and arm’s length pricing of transactions.
- Bank of India Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual FundCompliant with law. Governance & Transparency Concern: Inadequate disclosures w.r.t nature and arm’s length pricing of transactions.
- Baroda BNP Paribas Mutual FundCompliant with law. Governance & Transparency Concern: In our view, considering the materiality of the transaction, the sale or purchase of business assets/property falls within the ordinary course of business. However, concerns around inadequate disclosures w.r.t nature and arm’s length pricing of transactions still persist.
- Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual FundCompliant with law. Governance & Transparency Concern: Unclear how the sale or purchase of business assets/property falls within the ordinary course of business; Inadequate disclosures w.r.t nature and arm’s length pricing of transactions.
- LIC Mutual FundConcerns over Inadequate disclosures w.r.t nature and arm s length pricing of transactions.
- PGIM India Mutual FundCompliant with law. Governance & Transparency Concern: Unclear how the sale or purchase of business assets/property falls within the ordinary course of business; Inadequate disclosures w.r.t nature and arm s length pricing of transactions.
- PPFAS Mutual FundUnclear how certain transaction falls within the ordinary course of business; Inadequate disclosures w.r.t nature & pricing of RPT
- quant Mutual FundRelated to material Related Party Transactions with LTIMindtree Limited and Apollo Hospitals Enterprise Limited. Compliant with the law. Governance & transparency concern: Unclear how the sale or purchase of business assets/ property falls within the ordinary course of business; inadequate disclosures w.r.t nature and arm’s length pricing of transactions.
28 for12 against - Ratification of remuneration payable to M/s R. Nanabhoy & Co., Cost Accountants (Regn. No. 000010) for the Financial Year 2025-26.39 for0 against
13 proposals not matched to one resolution
- Item 1, as a fund house numbered it1 for0 against
- Item 2, as a fund house numbered it1 for0 against
- Item 3, as a fund house numbered it1 for0 against
- Item 4, as a fund house numbered it1 for0 against
- Item 5, as a fund house numbered it1 for0 against
- Item 6, as a fund house numbered it
Against Taurus Mutual Fund
- Taurus Mutual FundSubramanian Sarma, 67, is the Deputy Managing Director & President of Larsen & Toubro Limited. Prior to this, he was a Whole time Director and Senior Executive Vice President (Energy). He is also a member of the company's Executive Committee. He has over 40 years of experience in the engineering and construction sectors. He was first appointed to the board on 19 August 2015. He received Rs. 324.9 mn in FY25 (excluding perquisite value of stock options exercised). We raise concerns that the company has not disclosed the quantum of stock options proposed to be granted to him. While he has not been granted any stock options from the company in the last five years, the company must disclose the quantum of stock options proposed to be granted to him during his proposed tenure, especially given that he is being elevated to Deputy Managing Director and President. His commission component is uncapped. The company must cap the commission payable to him in absolute amounts. Currently, his commission component is open ended, and as a consequence his overall remuneration is open ended. The company must disclose the performance metrics that will be used to determine the commission payout to Subramanian Sarma. The company must disclose if the current terms contain malus and claw back clauses. While we support his redesignation to Deputy Managing Director and President, we do not support his remuneration terms and hence we do not support this resolution.
0 for1 against - Item 7, as a fund house numbered it
Against Taurus Mutual Fund
- Taurus Mutual FundS. V. Desai, 64, is the Whole-time Director & Senior Executive Vice President (Civil Infrastructure) at Larsen & Toubro Limited. He has served on the board since 1 August 2020. He has over 40 years of experience in the construction sector. He received a remuneration of Rs. 208.0 mn in FY25. We note that he is in charge of the Civil Infrastructure vertical of the company which is a sub-segment of the Infrastructure vertical. We raise concerns that the company has not disclosed the quantum of stock options proposed to be granted to him. We note that he was granted stock options only once in the last five years and hence we are unable to make an informed estimate on the quantum of stock options he may be granted in the future. The company must disclose the quantum of stock options proposed to be granted to him during his proposed tenure. The company must cap the commission payable to him in absolute amounts. Currently, his commission component is open ended, and as a consequence his overall remuneration is open ended. The company must disclose the performance metrics that will be used to determine the commission payout. The company must disclose if the current terms contain malus and claw back clauses. While we support his reappointment, we do not support his remuneration terms and hence we do not support this resolution.
0 for1 against - Item 8, as a fund house numbered it
Against Taurus Mutual Fund
- Taurus Mutual FundT. Madhava Das, 62, is the Whole-time Director and Senior Executive Vice President – Utilities. He leads the Power Transmission & Distribution (PT&D), Water & Effluent Treatment (WET), and Smart World & Communication (SWC) businesses within the company. He has over 39 years of experience in the engineering and construction industry. He has served on the board since 1 August 2020. He received a remuneration of Rs. 247.7 mn in FY25 (excluding perquisite value of stock options exercised). We raise concerns that the company has not disclosed the quantum of stock options proposed to be granted to him. While he has not been granted any stock options from the company in the last five years, the company must disclose the quantum of stock options proposed to be granted to him during his proposed tenure. In the absence of past trends, we are unable to make a reliable estimate. The company must cap the commission payable to him in absolute amounts. Currently, his commission component is open ended, and as a consequence his overall remuneration is open ended. The company must disclose the performance metrics that will be used to determine the commission payout. The company must disclose if the current terms contain malus and claw back clauses. While we support his reappointment, we do not support his remuneration terms and hence we do not support this resolution.
0 for1 against - Item 9, as a fund house numbered it1 for0 against
- Item 10, as a fund house numbered it1 for0 against
- Item 11, as a fund house numbered it1 for0 against
- Item 12, as a fund house numbered it1 for0 against
- Item 16, as a fund house numbered it1 for0 against
Mutual fund votes, meeting of 10 Mar 2025, 35 fund houses
- Entering into material related party transactions with L&T-MHI Power Boilers Private Limited
Against Groww Mutual Fund, PGIM India Mutual Fund
- Groww Mutual Fund, PGIM India Mutual FundCompliant with Law. Governance & Transparency Concern: Tenure of approval not disclosed; Lack of clarity on why sale and purchase of business assets, property or equipment are considered to be entered in the Ordinary Course of Business.
33 for2 against - Entering into material related party transactions with L&T-MHI Power Turbine Generators Private Limited
Against Groww Mutual Fund, HSBC Mutual Fund, PGIM India Mutual Fund
- Groww Mutual FundCompliant with Law. Governance & Transparency Concern: Tenure of approval not disclosed; Basis of arriving at the Arm’s Length Pricing not adequately disclosed for some transactions; Lack of clarity on why sale and purchase of business assets, property or equipment are considered to be entered in the Ordinary Course of Business.
- HSBC Mutual FundA vote AGAINST this resolution is warranted because: It cannot be ascertained if the company is taking proportionate risk relative to its economic interest and company has not provided a compelling justification for taking dis-proportionate risk.
- PGIM India Mutual FundCompliant with Law. Governance & Transparency Concern: Tenure of approval not disclosed; Basis of arriving at the Arm s Length Pricing not adequately disclosed for some transactions; Lack of clarity on why sale and purchase of business assets, property or equipment are considered to be entered in the Ordinary Course of Business.
32 for3 against
Mutual fund votes, meeting of 4 Jul 2024, 35 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- To consider and adopt the Audited Standalone Financial Statements of the Company for the year ended 31st March, 2024 and the Reports of the Board of Directors and Auditors thereon34 for0 against
- To consider and adopt the Audited Consolidated Financial Statements of the Company for the year ended 31st March, 2024 and the Reports of the Auditors thereon34 for0 against
- To declare a Final Dividend of Rs. 28/- per share of face value of Rs. 2/- each for FY 2023-2434 for0 against
- To appoint a Director in place of Mr. R. Shankar Raman (DIN: 00019798), who retires by rotation and is eligible for re-appointment34 for0 against
- To appoint a Director in place of Mr. Subramanian Sarma (DIN: 00554221), who retires by rotation and is eligible for re-appointment34 for0 against
- Appointment of M/s. MSKA & Associates as Statutory Auditors and fix their remuneration34 for0 against
- Appointment of Mr. Siddhartha Mohanty (representing equity interest of Life Insurance Corporation of India), as Director of the Company34 for0 against
- Amendment to Articles of Association of the Company by deleting Article 107 pertaining to qualification shares34 for0 against
- Issuance of Parent Company Guarantees on behalf of Larsen Toubro Arabia LLC34 for0 against
- Entering into material Related Party Transactions with L&T Metro Rail (Hyderabad) Limited34 for0 against
- Entering into material Related Party Transactions with L&T Modular Fabrication Yard LLC34 for0 against
- Entering into material Related Party Transactions with L&T Special Steels and Heavy Forgings Private Limited34 for0 against
- Entering into material Related Party Transactions with L&T-MHI Power Boilers Private Limited34 for0 against
- Entering into material Related Party Transactions with LTIMindtree Limited34 for0 against
- Entering into material Related Party Transactions with Nuclear Power Corporation of India Limited32 for0 against
- Ratification of remuneration payable to Cost Auditors for FY 2024-2531 for0 against
18 proposals not matched to one resolution
- Item 1, as a fund house numbered it1 for0 against
- Item 2, as a fund house numbered it1 for0 against
- Item 3, as a fund house numbered it1 for0 against
- Item 4, as a fund house numbered it1 for0 against
- Item 5, as a fund house numbered it1 for0 against
- Item 6, as a fund house numbered it1 for0 against
- Item 7, as a fund house numbered it1 for0 against
- Item 8, as a fund house numbered it1 for0 against
- Item 9, as a fund house numbered it1 for0 against
- Item 10, as a fund house numbered it1 for0 against
- Item 11, as a fund house numbered it1 for0 against
- Item 12, as a fund house numbered it1 for0 against
- Item 13, as a fund house numbered it1 for0 against
- Item 14, as a fund house numbered it1 for0 against
- Item 15, as a fund house numbered it1 for0 against
- Item 16, as a fund house numbered it1 for0 against
Ratification of remuneration of Rs. 18 lakhs plus applicable taxes and out of pocket expenses at actuals for travelling and boarding/ lodging for the financial year ending March 31, 2025 to M/s R. Nanabhoy and Co. Cost Accountants (Regn. No. 000010), who are appointed as Cost Auditors to conduct the audit of cost records maintained by the Company for the Financial Year 2024 - 25.MoreLess
3 for0 againstTo enter into contracts/ arrangements/ transactions with Nuclear Power Corporation of India Limited, a Related Party of the Company’s subsidiary viz. L and T Special Steels and Heavy Forgings Private Limited within the meaning of Section 2 (76) of the Act, in the nature of a) sale, purchase, lease or supply of goods or assets or property or equipment b) rendering of services c) transfer of any resources, services or obligations to meet the Company’s business objectives/ requirements (Related Party Transactions), aggregating upto an amount not exceeding Rs. 2,800 crore.MoreLess
2 for0 against
Mutual fund votes, meeting of 18 Jan 2024, 35 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- Appointment of Mr. Ajay Tyagi (DIN: 00187429) as an Independent Director34 for0 against
- Appointment of Mr. P. R. Ramesh (DIN: 01915274) as an Independent Director34 for0 against
- Entering into material related party transactions with Larsen Toubro Arabia LLC
Against Bajaj Finserv Mutual Fund, Groww Mutual Fund
- Bajaj Finserv Mutual Fund, Groww Mutual FundCompliant with Law. Governance and Transparency Concern: Lack of clarity regarding tenure of RPT approval.
32 for2 against - Entering into material related party transaction(s) with L&T Metro Rail (Hyderabad) Limited34 for0 against
4 proposals not matched to one resolution
- Item 1, as a fund house numbered it1 for0 against
- Item 2, as a fund house numbered it1 for0 against
- Item 3, as a fund house numbered it1 for0 against
- Item 4, as a fund house numbered it1 for0 against
Mutual fund votes, meeting of 25 Aug 2023, 28 fund houses
- Approval for Buyback of Equity Shares28 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Fines, tax disputes and stakes in unlisted companies
Reported in the filing for the quarter to Sep 2026.
- Unlisted stake heldCorporate Park (Powai) Private LimitedSince 23 Jul 2026
0.00% bought in the quarter; holding 100.00%, from 100.00%
- Unlisted stake heldL&T Energy Green Tech LimitedSince 25 Aug 2026
0.00% bought in the quarter; holding 100.00%, from 100.00%
- Unlisted stake heldL&T Electrolysers LimitedSince 26 Aug 2026
0.00% bought in the quarter; holding 100.00%, from 100.00%
- Unlisted stake heldPanipat Green Hydrogen Private LimitedSince 28 Sep 2026
0.00% bought in the quarter; holding 100.00%, from 100.00%
- Unlisted stake heldL&T Semiconductor Technologies LimitedSince 7 Jul 2026
0.00% bought in the quarter; holding 100.00%, from 100.00%
- Unlisted stake heldL&T Semiconductor Technologies LimitedSince 13 Aug 2026
0.00% bought in the quarter; holding 100.00%, from 100.00%
- Unlisted stake heldL&T Energy Offshore Wind B.V.Since 20 Jul 2026
0.00% bought in the quarter; holding 100.00%, from 100.00%
- Unlisted stake heldSuFin LimitedSince 20 Jul 2026
0.00% bought in the quarter; holding 100.00%, from 100.00%
22 more
- Unlisted stake heldSuFin LimitedSince 7 Sep 2026
0.00% bought in the quarter; holding 100.00%, from 100.00%
- Unlisted stake heldSuFin LimitedSince 28 Sep 2026
0.00% bought in the quarter; holding 100.00%, from 100.00%
- Unlisted stake boughtVensum Power Oy, FinlandSince 15 Jul 2026
12.00% bought in the quarter; holding 12.00%, from 0.00%
- Unlisted stake heldPanipat Green Hydrogen Private LimitedSince 20 Aug 2026
0.00% bought in the quarter; holding 100.00%, from 100.00%
- Unlisted stake heldL&T Semiconductor Technologies LimitedSince 25 Sep 2026
0.00% bought in the quarter; holding 100.00%, from 100.00%
- Fine or penaltyPolice DepartmentSince 27 Jul 2026
Penalty imposed Rs 3700
Fine levied for carrying out work at the site during late-night hours - Fine or penaltyPolice DepartmentSince 15 Sep 2026
Penalty imposed Rs 5500
Fine levied for carrying out work at the site during late-night hours - Fine or penaltyRoad Transport Authority - DubaiSince 1 Aug 2026
Fine equivalent to Rs 1,43,180
Fines levied for improper parking and use of a handheld mobile phone while driving on different dates, considered together - Fine or penaltyRight of Way Department -DubaiSince 27 Jul 2026
Fine equivalent to Rs 1,30,984
Fines levied for debris disposal, fallen signboards, and littering on the road - Fine or penaltyRoad transport AuthoritySince 3 Sep 2026
Fine equivalent to Rs 4,435.7
Fine levied for parking vehicle in No Parking area - Fine or penaltyMinistry of Foreign Affairs (MOFA)Since 13 Jul 2026
Fine equivalent to Rs 99,180.3
Delay in submitting the BOE to the MOFA within the prescribed statutory timeline. - Fine or penaltyRevenue department of ThailandSince 21 Jul 2026
Fine equivalent to Rs 41,925.5
Delay in filing of VAT Returns - Fine or penaltyRevenue department of ThailandSince 10 Aug 2026
Fine equivalent to Rs 5,622.24
Delay in filing of VAT Returns - Fine or penaltyAbu dhabi Police, UAESince 21 Sep 2026
Fine equivalent to Rs 13,046.25
Fine levied for parking vehicle in No Parking area - Fine or penaltyGovernment of Nepal-Revenue DepartmentSince 26 Jul 2026
Fine equivalent to Rs 1,250
Driving a vehicle in mechanically defective condition - Fine or penaltyThe UAE Ministry of Human ResourcesSince 21 Aug 2026
Fine equivalent to Rs 20,887.5
Fine for non-compliance with the Unemployment Insurance Scheme and non-payment of insurance premiums for more than three months. - Fine or penaltyDepartment of Health, UAESince 9 Sep 2026
Fine equivalent to Rs 7,827.75
Non-renewal of Health Insurance Policy - Fine or penaltyMinistry of Finance-Republic of TunisiaSince 30 Sep 2026
Fine equivalent to Rs 1,43,918.30
Delay in withholding tax payment - Fine or penaltyMinistry of Finance-Republic of TunisiaSince 30 Sep 2026
Fine equivalent to Rs 3,40,902.35
Delay in payment of tax. - Tax disputeExcise and Tax Officer, PunjabSince 11 Nov 2013Confirmation from IDT Awaited
At the filing before: Excise and Tax Officer, Punjab disallowed tax exemption amounting to Rs. 634 crore claimed on Inter-state Sale in transit. The Company has challenged the decision and the appeal is pending before the Deputy Excise & Taxation Commissioner (Appeal), Patiala. Final order is awaited. During the quarter ended June 30, 2026, the Company has received unfavourable order for FY 2013-14 & FY2014-15 from the appeal authority and the same has been further challenged before Hon'ble Punjab Tax Tribunal.MoreLess
- Tax disputeJoint Commissioner, State Taxes, Jaipur, RajasthanSince 30 Apr 2024Confirmation from IDT Awaited
At the filing before: Joint Commissioner demanded tax of Rs 375 crore on mismtach between details reported in GSTR-9C for different financial years treating the difference as supply. Additionally, a penalty of Rs. 375 crore was also levied. The Hon'ble High Court had admitted the Writ Petition filed by the Company against the order and stay has been granted. Final order is awaited.MoreLess
- Tax disputeIncome Tax DepartmentSince 29 Dec 2008No change in status.
At the filing before: The income tax department denied tax holiday in respect of infrastructure projects amounting to Rs. 1670.56 Cr., across 17 Assessment Years (AYs) being AY 2003-04 to AY 2019-20. The company has challenged this denial before appellate authorities for each assessment year individually. Based on favourable orders for 2 AYs (AY 2003-04 & AY 2004-05), the quantum of dispute reduced to Rs. 1662.29 Cr. as at 30-06-2025. During the quarter ended September 2025, the company was in receipt of a favourable order (AY 2005-06) which is expected to further reduce the disputed tax amount by Rs. 10.76 Cr. During the quarter ended June 2026, the company further received favourable orders (AY 2014-15 & AY 2015-16) amounting to Rs.310.04 crore, hence the amount of tax liability under dispute is reduced by the said amount. Accordingly, adjudications by Appellate authorities (Tax Commissioner/ Tax Tribunal) are pending for another 12 assessment years, challenging the tax demands aggregating to Rs. 1341.49 Cr. as at 30-06-2026.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
At most 69 complaints open, quarter to Jun 2026.
- The board is made up as the listing rules require
- Yes
- The board has a regular chairperson
- Yes
- The company has a risk management committee
- Yes
- The chair is related to the managing director
- Yes
- 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.