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Lupin CEO, MD, chairman, board of directors and AGM

NSE: LUPINBSE: 500257Pharmaceuticals & BiotechnologyMid Cap

Last close ₹1,928.90up ₹6.90 (0.36%)BSE ₹1,925.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,922.00.

52-week range of traded prices to 23 Oct 2026
₹1,892.90Low, 23 Oct 2026₹2,529.50High, 16 Jul 2026
Market cap
₹88,207 Cr105th largest listed
P/E
16.0
P/E without one-offs
14.5
P/B
3.9
Dividend yield
0.93%
ROE
27.9%
ROE without one-offs
30.7%
ROCE
28.2%
Debt to equity
0.26
Volume, NSE
7,02,15655.7% delivered

Lupin 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

  • ChairpersonManju D. GuptaRelated to the promoter
  • Chief executiveVinita Gupta
  • Managing directorNilesh D. Gupta
  • Company Secretary and Compliance OfficerAmit Kumar Gupta

10 directors6 independent3 executive1 non-executive

  • Manju D. Gupta · ChairpersonNon-executive · joined Mar 1983 · reappointed Aug 2024 · 1 listed board
  • Vinita Gupta · Chief executiveExecutive · joined Aug 2001 · reappointed May 2025 · 1 listed board
  • Nilesh D. Gupta · Managing directorExecutive · joined Oct 2008 · reappointed Sep 2023 · 1 listed board · 1 committee seat
  • Ramesh SwaminathanExecutive · joined Mar 2020 · reappointed Mar 2025 · 1 listed board · 1 committee seat
  • Kanwar Bir Singh AnandIndependent · joined Aug 2020 · reappointed Aug 2025 · 74 months as independent · 6 listed boards · 6 as independent · 8 committee seats, 3 as chair
  • Mark D. McDadeIndependent · joined Jan 2021 · reappointed Jan 2026 · 69 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • Jeffrey KindlerIndependent · joined May 2024 · reappointed May 2024 · 29 months as independent · 1 listed board · 1 as independent
  • Alfonso ZuluetaIndependent · joined May 2024 · reappointed May 2024 · 29 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • Punita LalIndependent · joined May 2025 · reappointed May 2025 · 17 months as independent · 1 listed board · 1 as independent
  • Anand KripaluIndependent · joined Feb 2026 · reappointed Feb 2026 · 8 months as independent · 4 listed boards · 3 as independent · 5 committee seats, 1 as chair

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

2 directors who left
  • Jean-Luc Belingard, left 11 Aug 2025: Tenure Completion
  • Punita Kumar-Sinha, left 11 Aug 2025: Tenure Completion

Committees and meetings

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

  • Board

    • 6 Aug 202610 of 10 present6 independent · 90 days in between
    • 7 May 202610 of 10 present6 independent · no day in between
    • 6 May 202610 of 10 present6 independent

  • Audit Committee

    Chair Kanwar Bir Singh Anand

    Alfonso Zulueta, Mark D. McDade, Anand Kripalu

    • 27 Aug 20264 of 4 present4 independent · 20 days in between
    • 6 Aug 20264 of 4 present4 independent · 90 days in between
    • 7 May 20264 of 4 present4 independent

  • Nomination and remuneration committee

    Chair Mark D. McDade

    Punita Lal, Kanwar Bir Singh Anand

    • 22 Jun 20263 of 3 present3 independent
    • 7 May 20263 of 3 present3 independent

  • Stakeholders Relationship Committee

    Chair Kanwar Bir Singh Anand

    Nilesh D. Gupta, Ramesh Swaminathan

    No meeting listed in the filing.

  • Risk Management Committee

    Chair Jeffrey Kindler

    Vinita Gupta, Nilesh D. Gupta, Ramesh Swaminathan, Mark D. McDade, Punita Lal

    • 6 Aug 20266 of 6 present3 independent · 90 days in between
    • 7 May 20266 of 6 present3 independent

  • Corporate Social Responsibility Committee

    Chair Manju D. Gupta

    Vinita Gupta, Nilesh D. Gupta, Kanwar Bir Singh Anand, Anand Kripalu

    • 7 May 20265 of 5 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 Mar 2026.

  • BSR & Co. LLPPeer-review certificate valid to Jul 2028

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

Lupin 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.Lupin dividend history

Annual general meeting, 4 Aug 2026

3,05,730 shareholders on the register on 28 Jul 2026; present: 12 promoters and 65 others; votes counted by Mr. Saurabh Agarwal / Makarand M. Joshi & Co..The company's voting result (opens in a new tab)

  1. 1 - (a) Adoption of Audited Standalone Financial Statements for the financial year ended March 31, 2026, together with the Reports of the Board of Directors and the Auditors thereon; and (b) Adoption of Audited Consolidated Financial Statements for the financial year ended March 31, 2026, together with the Report of the Auditors thereon.MoreLess
    Ordinary
    99.55% for0.45% against

    Against: promoters 0.00% · institutions 0.94% · other public 0.22%

    Turnout: all 90.14% · promoters 100.00% · institutions 91.79% · other public 1.15%

  2. 2 - Declaration of final dividend of ₹ 18/- per Equity Share of the Company for the financial year ended March 31, 2026.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.21%

    Turnout: all 90.45% · promoters 100.00% · institutions 92.44% · other public 1.15%

  3. 3 - Appointment of Mr. Nilesh D. Gupta (DIN: 01734642), as Director, liable to retire by rotation.
    OrdinaryPromoters have an interest in it
    99.81% for0.19% against

    Against: promoters 0.00% · institutions 0.39% · other public 1.35%

    Turnout: all 90.42% · promoters 100.00% · institutions 92.38% · other public 1.15%

  4. 4- Appointment of Deloitte Haskins & Sells Chartered Accountants LLP as the Statutory Auditors of the Company.
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.04% · other public 1.31%

    Turnout: all 90.42% · promoters 100.00% · institutions 92.38% · other public 1.15%

  5. 5- Ratification of remuneration of the Cost Auditor for the financial year ending on March 31, 2027.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.48%

    Turnout: all 90.42% · promoters 100.00% · institutions 92.38% · other public 1.15%

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

Postal ballot, 13 Feb 2026, 1 resolution

2,93,698 shareholders on the register on 6 Jan 2026; votes counted by Mr. Saurabh Agarwal / Makarand M. Joshi & Co..The company's voting result (opens in a new tab)

  1. To approve appointment of Mr. Anand Kripalu (DIN: 00118324) as an Independent Director of the Company.
    Special
    96.54% for3.46% against

    Against: promoters 0.00% · institutions 7.24% · other public 0.41%

    Turnout: all 90.17% · promoters 100.00% · institutions 91.46% · other public 2.71%

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 Sep 2025, 2 resolutions

2,92,270 shareholders on the register on 22 Aug 2025; votes counted by Mr. Saurabh Agarwal / Makarand M. Joshi & Co..The company's voting result (opens in a new tab)

  1. To approve re-appointment of Mr. Mark D. McDade (DIN: 09037255) as an Independent Director of the Company.
    Special
    99.86% for0.15% against

    Against: promoters 0.00% · institutions 0.30% · other public 0.72%

    Turnout: all 89.12% · promoters 100.00% · institutions 89.66% · other public 2.39%

  2. To approve revision in remuneration of Mr. Nilesh D. Gupta, Managing Director (DIN: 01734642) with effect from October 01, 2025.
    OrdinaryPromoters have an interest in it
    99.75% for0.25% against

    Against: promoters 0.00% · institutions 0.51% · other public 1.87%

    Turnout: all 89.12% · promoters 100.00% · institutions 89.66% · other public 2.39%

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, 11 Aug 2025, 8 resolutions

2,93,654 shareholders on the register on 4 Aug 2025; present: 12 promoters and 62 others; votes counted by Neena Bhatia / Neena Bhatia.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt: a. the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2025 together with the Reports of the Board of Directors and Auditors thereon; and b. the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2025 together with the Reports of the Auditors thereon.MoreLess
    Ordinary
    99.55% for0.45% against

    Against: promoters 0.00% · institutions 0.96% · other public 0.04%

    Turnout: all 88.30% · promoters 100.00% · institutions 87.98% · other public 2.49%

  2. To declare a final dividend of ₹ 12/- per Equity Share of the Company for the financial year ended March 31, 2025.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.05%

    Turnout: all 89.27% · promoters 100.00% · institutions 90.05% · other public 2.49%

  3. To appoint a Director in place of Ms. Vinita Gupta (DIN: 00058631), who retires by rotation and being eligible, offers herself, for re-appointment.
    OrdinaryPromoters have an interest in it
    99.91% for0.09% against

    Against: promoters 0.00% · institutions 0.19% · other public 0.48%

    Turnout: all 89.20% · promoters 99.85% · institutions 90.05% · other public 2.49%

  4. To appoint Ms. Punita Lal as an Independent Director of the Company.
    Special
    99.80% for0.20% against

    Against: promoters 0.00% · institutions 0.42% · other public 0.31%

    Turnout: all 89.27% · promoters 100.00% · institutions 90.05% · other public 2.49%

  5. To re-appoint Mr. K. B. S. Anand as an Independent Director of the Company.
    Special
    95.36% for4.64% against

    Against: promoters 0.00% · institutions 9.82% · other public 0.23%

    Turnout: all 89.27% · promoters 100.00% · institutions 90.05% · other public 2.49%

  6. To appoint Secretarial Auditors for a period of five years.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.08%

    Turnout: all 89.27% · promoters 100.00% · institutions 90.03% · other public 2.49%

  7. To ratify remuneration of the Cost Auditor for the financial year ending on March 31, 2026.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.23%

    Turnout: all 89.26% · promoters 100.00% · institutions 90.03% · other public 2.49%

  8. To adopt new set of Articles of Association.
    Special
    98.62% for1.38% against

    Against: promoters 0.00% · institutions 2.91% · other public 0.10%

    Turnout: all 89.27% · promoters 100.00% · institutions 90.05% · other public 2.49%

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

Postal ballot, 20 Mar 2025, 4 resolutions

2,87,945 shareholders on the register on 12 Feb 2025; votes counted by Neena Bhatia / N.J Bhatia.The company's voting result (opens in a new tab)

  1. To re-appoint Ms. Vinita Gupta as a Whole-Time Director designated as the Chief Executive Officer of the Company.
    OrdinaryPromoters have an interest in it
    86.83% for13.17% against

    Against: promoters 0.00% · institutions 27.95% · other public 0.18%

    Turnout: all 89.33% · promoters 99.85% · institutions 89.86% · other public 6.29%

  2. To re-appoint Mr. Ramesh Swaminathan as a Whole-Time Director designated as the Executive Director, Global Chief Financial Officer & Head of API Plus SBU of the Company.
    Ordinary
    99.61% for0.39% against

    Against: promoters 0.00% · institutions 0.82% · other public 0.15%

    Turnout: all 89.40% · promoters 100.00% · institutions 89.86% · other public 6.16%

  3. To approve Lupin Employees Stock Option Scheme 2025 (‘ESOP Scheme 2025’) and granting of stock options to the employees of the Company under ESOP Scheme 2025.
    Special
    92.09% for7.91% against

    Against: promoters 0.00% · institutions 16.80% · other public 0.43%

    Turnout: all 89.40% · promoters 100.00% · institutions 89.86% · other public 6.29%

  4. To extend the benefits of and to approve granting of stock options to the employees of subsidiaries of the Company under Lupin Employees Stock Option Scheme 2025.
    Special
    92.09% for7.91% against

    Against: promoters 0.00% · institutions 16.80% · other public 0.85%

    Turnout: all 89.40% · promoters 100.00% · institutions 89.86% · other public 6.29%

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, 2 Aug 2024, 9 resolutions

Present: 13 promoters and 54 others.The company's voting result (opens in a new tab)

  1. To adopt the standalone audited financial statements including Balance Sheet as at March 31, 2024, Statement of Profit and Loss for the year ended on that date together with notes forming part of it, Cash Flow Statement for the said year and Reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.05% · other public 0.34%

    Turnout: all 88.04% · promoters 100.00% · institutions 88.15% · other public 0.69%

  2. To adopt the consolidated audited financial statements including Balance Sheet as at March 31, 2024, Statement of Profit and Loss for the year ended on that date together with notes forming part of it, Cash Flow Statement for the said year and Report of the Auditors thereon.MoreLess
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.05% · other public 0.34%

    Turnout: all 88.04% · promoters 100.00% · institutions 88.15% · other public 0.69%

  3. To declare dividend of Rs. 8/- per equity share, for the year ended March 31, 2024.
    Ordinary
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.13% · other public 0.77%

    Turnout: all 88.18% · promoters 100.00% · institutions 88.46% · other public 0.69%

  4. To re-appoint Mr. Nilesh D. Gupta (DIN: 01734642), as a Director of the Company, who retires by rotation and being eligible, offers himself, for re-appointment.
    OrdinaryPromoters have an interest in it
    91.82% for8.18% against

    Against: promoters 0.00% · institutions 17.49% · other public 1.17%

    Turnout: all 87.97% · promoters 99.58% · institutions 88.42% · other public 0.68%

  5. To approve continuation of directorship of Mrs. Manju D. Gupta (DIN: 00209461), Chairman, Non-Executive Director on existing terms of her appointment.
    OrdinaryPromoters have an interest in it
    96.48% for3.52% against

    Against: promoters 0.00% · institutions 7.99% · other public 1.20%

    Turnout: all 82.62% · promoters 98.19% · institutions 78.32% · other public 0.68%

  6. To appoint Mr. Jeffrey Kindler (DIN: 10592395), as an Independent Director of the Company for a period of five years effective May 6, 2024.
    Special
    99.65% for0.35% against

    Against: promoters 0.00% · institutions 0.75% · other public 1.24%

    Turnout: all 88.16% · promoters 100.00% · institutions 88.42% · other public 0.68%

  7. To appoint Mr. Alfonso Zulueta (DIN: 10597962), as an Independent Director of the Company for a period of five years effective May 6, 2024.
    Special
    99.84% for0.16% against

    Against: promoters 0.00% · institutions 0.33% · other public 1.26%

    Turnout: all 88.16% · promoters 100.00% · institutions 88.42% · other public 0.68%

  8. To pay commission to non-executive directors of the Company not exceeding in the aggregate 1% of the Company's standalone net profit, computed in the manner laid down by Section 198 of the Companies Act, 2013 and Rules made thereunder.MoreLess
    Ordinary
    98.20% for1.80% against

    Against: promoters 0.00% · institutions 3.85% · other public 1.72%

    Turnout: all 88.16% · promoters 100.00% · institutions 88.42% · other public 0.69%

  9. To ratify the remuneration payable to Mr. S. D. Shenoy, Cost Auditor, for conducting cost audit for the year ending March 31, 2025.
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.05% · other public 1.04%

    Turnout: all 88.15% · promoters 100.00% · institutions 88.39% · other public 0.68%

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

Annual general meeting, 3 Aug 2023, 7 resolutions

Present: 12 promoters and 75 others.The company's voting result (opens in a new tab)

  1. To adopt the standalone audited financial statements including Balance Sheet as at March 31, 2023, Statement of Profit and Loss for the year ended on that date together with notes forming part of it, Cash Flow Statement for the said year and Reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.60%

    Turnout: all 87.35% · promoters 100.00% · institutions 89.71% · other public 0.60%

  2. To adopt the consolidated audited financial statements including Balance Sheet as at March 31, 2023, Statement of Profit and Loss for the year ended on that date together with notes forming part of it, Cash Flow Statement for the said year and Report of the Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.67%

    Turnout: all 87.35% · promoters 100.00% · institutions 89.71% · other public 0.60%

  3. To declare dividend of ₹ 4/- per equity share of the face value of ₹ 2/- each, for the year ended March 31, 2023.
    Ordinary
    99.93% for0.07% against

    Against: promoters 0.00% · institutions 0.16% · other public 0.63%

    Turnout: all 87.43% · promoters 100.00% · institutions 89.90% · other public 0.60%

  4. To re-appoint Mr. Ramesh Swaminathan (DIN: 01833346), as a Director of the Company, who retires by rotation and being eligible, offers himself, for re-appointment.
    Ordinary
    99.85% for0.15% against

    Against: promoters 0.00% · institutions 0.32% · other public 1.74%

    Turnout: all 87.43% · promoters 100.00% · institutions 89.90% · other public 0.60%

  5. To re-appoint Mr. Nilesh D. Gupta (DIN: 01734642), as Managing Director of the Company for a period of five years effective September 1, 2023.
    OrdinaryPromoters have an interest in it
    94.84% for5.16% against

    Against: promoters 0.00% · institutions 11.20% · other public 1.74%

    Turnout: all 87.43% · promoters 100.00% · institutions 89.90% · other public 0.60%

  6. To approve the continuation of non-executive directorship of Mr. Jean-Luc Belingard, Independent Director (DIN: 07325356), who shall attain the age of 75 years on October 28, 2023.
    Special
    90.87% for9.13% against

    Against: promoters 0.00% · institutions 19.83% · other public 1.80%

    Turnout: all 87.27% · promoters 100.00% · institutions 89.53% · other public 0.60%

  7. To ratify the remuneration payable to Mr. S. D. Shenoy, Cost Auditor, for conducting cost audit for the year ending March 31, 2024.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.50%

    Turnout: all 87.43% · promoters 100.00% · institutions 89.90% · other public 0.60%

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, 3 Aug 2022, 5 resolutions

Present: 12 promoters and 79 others.The company's voting result (opens in a new tab)

  1. To adopt the Standalone audited financial statements including Balance Sheet as at March 31, 2022, Statement of Profit and Loss and Cash Flow Statement for the year ended on that date and Reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.08%

    Turnout: all 85.93% · promoters 100.00% · institutions 89.74% · other public 14.43%

  2. To adopt the Consolidated audited financial statements including Balance Sheet as at March 31, 2022, Statement of Profit and Loss and Cash Flow Statement for the year ended on that date and Reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.08%

    Turnout: all 85.93% · promoters 100.00% · institutions 89.74% · other public 14.43%

  3. To declare dividend of ₹ 4 per equity share, for the year ended March 31, 2022.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.08%

    Turnout: all 86.01% · promoters 100.00% · institutions 89.93% · other public 14.43%

  4. To re-appoint Ms. Vinita Gupta (DIN: 00058631), as a Director of the Company, who retires by rotation and being eligible, offers herself, for re-appointment.
    OrdinaryPromoters have an interest in it
    99.86% for0.14% against

    Against: promoters 0.00% · institutions 0.32% · other public 0.25%

    Turnout: all 85.93% · promoters 99.85% · institutions 89.93% · other public 14.43%

  5. To ratify the remuneration payable to Mr. S.D. Shenoy, Cost Auditor, for conducting cost audit for the year ending March 31, 2023.
    Ordinary
    98.35% for1.65% against

    Against: promoters 0.00% · institutions 0.03% · other public 84.72%

    Turnout: all 86.01% · promoters 100.00% · institutions 89.93% · other public 14.43%

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, 14 fund houses so far (houses' deadline to file 15 Oct 2026)

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • 1 - (a) Adoption of Audited Standalone Financial Statements for the financial year ended March 31, 2026, together with the Reports of the Board of Directors and the Auditors thereon; and (b) Adoption of Audited Consolidated Financial Statements for the financial year ended March 31, 2026, together with the Report of the Auditors thereon.MoreLess
    14 for0 against
  • 2 - Declaration of final dividend of ₹ 18/- per Equity Share of the Company for the financial year ended March 31, 2026.
    14 for0 against
  • 3 - Appointment of Mr. Nilesh D. Gupta (DIN: 01734642), as Director, liable to retire by rotation.
    14 for0 against
  • 4- Appointment of Deloitte Haskins & Sells Chartered Accountants LLP as the Statutory Auditors of the Company.
    14 for0 against
  • 5- Ratification of remuneration of the Cost Auditor for the financial year ending on March 31, 2027.
    10 for0 against
2 proposals not matched to one resolution
  • 5) Ratify remuneration of Rs. 1.0 mn to Suresh D. Shenoy as cost auditor for FY27
    1 for0 against
  • Ratify remuneration of Rs. 1.0 mn to Suresh D. Shenoy as cost auditor for FY27
    3 for0 against

Mutual fund votes, meeting of 13 Feb 2026, 34 fund houses

  • To approve appointment of Mr. Anand Kripalu (DIN: 00118324) as an Independent Director of the Company.
    34 for0 against
6 earlier meetings

Mutual fund votes, meeting of 25 Sep 2025, 35 fund houses

  • To approve re-appointment of Mr. Mark D. McDade (DIN: 09037255) as an Independent Director of the Company.
    35 for0 against
  • To approve revision in remuneration of Mr. Nilesh D. Gupta, Managing Director (DIN: 01734642) with effect from October 01, 2025.
    35 for0 against

Mutual fund votes, meeting of 11 Aug 2025, 33 fund houses

  • To receive, consider and adopt: a. the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2025 together with the Reports of the Board of Directors and Auditors thereon; and b. the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2025 together with the Reports of the Auditors thereon.MoreLess
    33 for0 against
  • To declare a final dividend of ₹ 12/- per Equity Share of the Company for the financial year ended March 31, 2025.
    33 for0 against
  • To appoint a Director in place of Ms. Vinita Gupta (DIN: 00058631), who retires by rotation and being eligible, offers herself, for re-appointment.
    33 for0 against
  • To appoint Ms. Punita Lal as an Independent Director of the Company.
    33 for0 against
  • To re-appoint Mr. K. B. S. Anand as an Independent Director of the Company.
    33 for0 against
  • To appoint Secretarial Auditors for a period of five years.
    33 for0 against
  • To ratify remuneration of the Cost Auditor for the financial year ending on March 31, 2026.
    33 for0 against
  • To adopt new set of Articles of Association.
    Against Angel One Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund
    • Angel One Mutual FundProvision for Board composition with less than six Directors. Governance Concern: Provision to appoint Alternate Directors included in the proposed Articles of Association; Appointment of Nominee Director; Nomination and Remuneration Committee Role undermined. Transparency Concern: Director Appointments requiring Shareholders’ approval not disclosed.
    • Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNon-compliant with SEBI LODR 2015: Provision for Board composition with less than six Directors. Governance Concern: Provision to appoint Alternate Directors included in the proposed AoA; Appointment of Nominee Director; NRC Role undermined. Transparency Concern: Director Appointments requiring Shareholders’ approval not disclosed.
    • LIC Mutual FundConcern over Provision for Board composition with less than six Directors. Governance Concern: Provision to appoint Alternate Directors included in the proposed AoA; Appointment of Nominee Director; NRC Role undermined. Transparency Concern: Director Appointments requiring Shareholders approval not disclosed.
    • Motilal Oswal Mutual FundCompliant with law. Governance Concern: Provision to appoint Alternate Directors included in the proposed AoA;
    • PPFAS Mutual FundNon-compliant with SEBI LODR 2015: Provision for Board composition with less than 6 Directors. Governance Concern: Provision to appoint Alternate Directors; Appointment of Nominee Executive Director. NRC Role undermined. Transparency Concern: Director Appointments requiring Shareholders’ approval not disclosed.
    • quant Mutual FundRelated to the adoption of a new Articles of Association. Non-compliant with SEBI LODR 2015: Provision for Board composition with less than six directors. Governance concern: Provision to appoint Nominee Director. Transparency concern: director appointments requiring shareholders’ approval not disclosed.
    23 for10 against

Mutual fund votes, meeting of 20 Mar 2025, 31 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • To re-appoint Ms. Vinita Gupta as a Whole-Time Director designated as the Chief Executive Officer of the Company.
    Against Franklin Templeton Mutual Fund
    • Franklin Templeton Mutual FundA vote AGAINST the proposal is warranted because: • Her remuneration will be decided and paid through a wholly owned subsidiary; and shareholders will not get an opportunity to review and vote on her remuneration terms for the next five years. • There is no monetary cap or a percentage increase assigned to her fixed remuneration. • Concerns have been identified on the alignment of her past pay with the overall performance of the company. • There are inadequate disclosures to determine the fairness of performance incentives.
    30 for1 against
  • To re-appoint Mr. Ramesh Swaminathan as a Whole-Time Director designated as the Executive Director, Global Chief Financial Officer & Head of API Plus SBU of the Company.
    31 for0 against
  • To approve Lupin Employees Stock Option Scheme 2025 (‘ESOP Scheme 2025’) and granting of stock options to the employees of the Company under ESOP Scheme 2025.
    Against Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Tata Mutual Fund
    • Edelweiss Mutual FundCompliant with law
    • Groww Mutual FundCompliant with law. Governance Concern: Theoretical possibility of Potential excessive benefits to single employee.
    • HDFC Mutual FundExercise price of the ESOP is at a significant discount to current market price. In the case of deeply discounted options, there is no alignment between the interests of investors and those of employees. We do not support the resolution.
    • Tata Mutual FundUnder ESOP Scheme 2025, the company proposes to grant up to 10.0 mn options at face value, resulting in a dilution of 2.1% on the expanded capital base. Options granted at the face value of Rs. 2.0 represent a 99.9% discount to the current market price. We do not favour ESOP schemes where options are granted at a significant discount (>20%) to the market price, as stock options are ‘pay at risk’ options that employees accept at the time of grant. In the case of deeply discounted options, there is no alignment between the interests of investors and those of employees. Hence we do not support the resolution.
    27 for4 against
  • To extend the benefits of and to approve granting of stock options to the employees of subsidiaries of the Company under Lupin Employees Stock Option Scheme 2025.
    Against Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Tata Mutual Fund
    • Edelweiss Mutual FundCompliant with law
    • Groww Mutual FundCompliant with law. Governance Concern: Theoretical possibility of Potential excessive benefits to single employee. Interlinked with resolution #3.
    • HDFC Mutual FundExercise price of the ESOP is at a significant discount to current market price. In the case of deeply discounted options, there is no alignment between the interests of investors and those of employees. We do not support the resolution.
    • Tata Mutual FundThrough resolution #4, the company seeks shareholder approval to extend the benefits of ESOP Scheme 2025 to employees of subsidiary companies. Our view is linked to resolution #3. We do not support the resolution
    23 for4 against
2 proposals not matched to one resolution
  • 4) Approve extension of Lupin Employees Stock Option Scheme 2025 (ESOP Scheme 2025) to employees of subsidiary companies.
    1 for0 against
  • Approve extension of Lupin Employees Stock Option Scheme 2025 (ESOP Scheme 2025) to employees of subsidiary companies
    3 for0 against

Mutual fund votes, meeting of 2 Aug 2024, 27 fund houses

  • To adopt the standalone audited financial statements including Balance Sheet as at March 31, 2024, Statement of Profit and Loss for the year ended on that date together with notes forming part of it, Cash Flow Statement for the said year and Reports of the Board of Directors and Auditors thereon.MoreLess
    27 for0 against
  • To adopt the consolidated audited financial statements including Balance Sheet as at March 31, 2024, Statement of Profit and Loss for the year ended on that date together with notes forming part of it, Cash Flow Statement for the said year and Report of the Auditors thereon.MoreLess
    27 for0 against
  • To declare dividend of Rs. 8/- per equity share, for the year ended March 31, 2024.
    27 for0 against
  • To re-appoint Mr. Nilesh D. Gupta (DIN: 01734642), as a Director of the Company, who retires by rotation and being eligible, offers himself, for re-appointment.
    27 for0 against
  • To approve continuation of directorship of Mrs. Manju D. Gupta (DIN: 00209461), Chairman, Non-Executive Director on existing terms of her appointment.
    Against Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Zerodha Mutual Fund
    • Baroda BNP Paribas Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual FundNo concern on the merit of appointee. Non-compliant with law: Continuation of Director beyond 75 years of age proposed through ordinary resolution as against Special Resolution required under SEBI LODR Regulations. Governance Concern: Chairman related to Executive Director.
    • Zerodha Mutual FundNon-compliant with law: Continuation of Director beyond 75 years of age proposed through ordinary resolution as against Special Resolution required under SEBI LODR Regulations. Governance Concern: Chairman related to Executive Director.
    22 for5 against
  • To appoint Mr. Jeffrey Kindler (DIN: 10592395), as an Independent Director of the Company for a period of five years effective May 6, 2024.
    27 for0 against
  • To appoint Mr. Alfonso Zulueta (DIN: 10597962), as an Independent Director of the Company for a period of five years effective May 6, 2024.
    27 for0 against
  • To pay commission to non-executive directors of the Company not exceeding in the aggregate 1% of the Company's standalone net profit, computed in the manner laid down by Section 198 of the Companies Act, 2013 and Rules made thereunder.MoreLess
    27 for0 against
  • To ratify the remuneration payable to Mr. S. D. Shenoy, Cost Auditor, for conducting cost audit for the year ending March 31, 2025.
    27 for0 against

Mutual fund votes, meeting of 3 Aug 2023, 20 fund houses

  • To adopt the standalone audited financial statements including Balance Sheet as at March 31, 2023, Statement of Profit and Loss for the year ended on that date together with notes forming part of it, Cash Flow Statement for the said year and Reports of the Board of Directors and Auditors thereon.MoreLess
    20 for0 against
  • To adopt the consolidated audited financial statements including Balance Sheet as at March 31, 2023, Statement of Profit and Loss for the year ended on that date together with notes forming part of it, Cash Flow Statement for the said year and Report of the Auditors thereon.MoreLess
    20 for0 against
  • To declare dividend of ₹ 4/- per equity share of the face value of ₹ 2/- each, for the year ended March 31, 2023.
    20 for0 against
  • To re-appoint Mr. Ramesh Swaminathan (DIN: 01833346), as a Director of the Company, who retires by rotation and being eligible, offers himself, for re-appointment.
    20 for0 against
  • To re-appoint Mr. Nilesh D. Gupta (DIN: 01734642), as Managing Director of the Company for a period of five years effective September 1, 2023.
    20 for0 against
  • To approve the continuation of non-executive directorship of Mr. Jean-Luc Belingard, Independent Director (DIN: 07325356), who shall attain the age of 75 years on October 28, 2023.
    Against Franklin Templeton Mutual Fund, HSBC Mutual Fund
    • Franklin Templeton Mutual FundA vote AGAINST the continuation of Non Executive Director Jean-Luc Belingard as independent director is warranted because he attended less than 75 percent of the board and committee meetings over the most recent fiscal year, without a satisfactory explanation.
    • HSBC Mutual FundWe are voting against this longest serving non-executive director as we have concerns about the company's management of nature-related risks.We have concerns about the director's attendance at board meetings.
    18 for2 against
  • To ratify the remuneration payable to Mr. S. D. Shenoy, Cost Auditor, for conducting cost audit for the year ending March 31, 2024.
    20 for0 against

Mutual fund votes, meeting of 3 Aug 2022, 19 fund houses

  • To adopt the Standalone audited financial statements including Balance Sheet as at March 31, 2022, Statement of Profit and Loss and Cash Flow Statement for the year ended on that date and Reports of the Board of Directors and Auditors thereon.MoreLess
    19 for0 against
  • To adopt the Consolidated audited financial statements including Balance Sheet as at March 31, 2022, Statement of Profit and Loss and Cash Flow Statement for the year ended on that date and Reports of the Board of Directors and Auditors thereon.MoreLess
    19 for0 against
  • To declare dividend of ₹ 4 per equity share, for the year ended March 31, 2022.
    19 for0 against
  • To re-appoint Ms. Vinita Gupta (DIN: 00058631), as a Director of the Company, who retires by rotation and being eligible, offers herself, for re-appointment.
    19 for0 against
  • To ratify the remuneration payable to Mr. S.D. Shenoy, Cost Auditor, for conducting cost audit for the year ending March 31, 2023.
    19 for0 against

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

Tax disputes

Reported in the filing for the quarter to Sep 2026.

  • Tax disputeINCOME TAX APPELLATE TRIBUNALSince 19 Jan 2018
    The Company and the Income Tax Department have each filed appeals before the Income Tax Appellate Tribunal against the CIT(Appeals) order dated 27-03-2026 for AY 2015-16. The ITAT appeal has been heard and order is awaited. The aggregate amount involved in the litigation is Rs. 641.8 Mn, of which Rs. 568.9 Mn has been provided in the books and the balance Rs. 72.9 Mn has been disclosed as a contingent liability in the financial statements.MoreLess
    At the filing before: The Company and the Income Tax Department have each filed appeals before the Income Tax Appellate Tribunal against the CIT(Appeals) order dated 27-03-2026 for AY 2015-16. The tribunal proceedings are currently in progress. The aggregate amount involved in the litigation is Rs. 641.8 Mn, of which Rs. 568.9 Mn has been provided in the books and the balance Rs. 72.9 Mn has been disclosed as a contingent liability in the financial statements.MoreLess
  • Tax disputeINCOME TAX APPELLATE TRIBUNALSince 23 Jan 2019
    The Company and the Income Tax Department have each filed appeals before the Income Tax Appellate Tribunal against the CIT(Appeals) order dated 27-03-2026 for AY 2016-17. The ITAT appeal has been heard and order is awaited. The aggregate amount involved in the litigation is Rs. 1,987.2 Mn, of which Rs. 1,472.2 Mn has been provided in the books and the balance Rs. 515.0 Mn has been disclosed as a contingent liability in the financial statements.MoreLess
    At the filing before: The Company and the Income Tax Department have each filed appeals before the Income Tax Appellate Tribunal against the CIT(Appeals) order dated 27-03-2026 for AY 2016-17. The tribunal proceedings are currently in progress. The aggregate amount involved in the litigation is Rs. 1,987.2 Mn, of which Rs. 1,472.2 Mn has been provided in the books and the balance Rs. 515.0 Mn has been disclosed as a contingent liability in the financial statements.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 1 complaint 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
No
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.