Mahindra Logistics logo

Mahindra Logistics CEO, MD, chairman, board of directors and AGM

NSE: MAHLOGBSE: 540768Transport ServicesSmall Cap

Last close ₹370.25down ₹13.35 (3.48%)BSE ₹371.40

Share price at the NSE close on 23 Oct 2026. Previous close ₹383.60.

52-week range of traded prices to 23 Oct 2026
₹275.05Low, 21 Jan 2026₹450.00High, 24 Apr 2026
Market cap
₹3,676 Cr900th largest listed
P/E
95.5
P/E without one-offs
80.2
P/B
3.1
Dividend yield
0.68%
ROE
4.8%
ROE without one-offs
5.7%
ROCE
10.5%
Debt to equity
0.04
Volume, NSE
13,38,66920.2% delivered

Mahindra Logistics board of directors

At the end of the quarter to Jun 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

  • ChairpersonAnish D ShahRelated to the promoter
  • Managing director and CEOHemant Sikka
  • Company Secretary and Compliance OfficerJignesh Parikh

8 directors5 independent1 executive2 non-executive

  • Anish D Shah · ChairpersonNon-executive · joined Apr 2021 · 6 listed boards
  • Hemant Sikka · Managing director and CEOExecutive · joined Apr 2025 · 1 listed board · 2 committee seats, 1 as chair
  • Naveen Raju KollaickalNon-executive · joined Sep 2020 · 1 listed board · 2 committee seats
  • Darius D PandoleIndependent · joined Jul 2017 · reappointed Jul 2022 · 107 months as independent · 2 listed boards · 2 as independent · 4 committee seats, 2 as chair
  • Ranu VohraIndependent · joined Jul 2017 · reappointed Jul 2022 · 107 months as independent · 1 listed board · 1 as independent · 1 committee seat, 1 as chair
  • Avani Vishal DavdaIndependent · joined Jun 2018 · reappointed Jul 2022 · 96 months as independent · 5 listed boards · 5 as independent · 10 committee seats, 2 as chair
  • Malvika S SinhaIndependent · joined Jul 2020 · reappointed Jul 2025 · 71 months as independent · 3 listed boards · 3 as independent · 6 committee seats
  • Ameet Pratapsinh HarianiIndependent · joined May 2022 · reappointed May 2022 · 50 months as independent · 5 listed boards · 5 as independent · 8 committee seats, 2 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
  • Dhananjay Mungale, left 21 Jul 2025: Tenure Completion
  • Rampraveen Swaminathan, left 4 May 2025: Others

Committees and meetings

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

  • Board

    • 23 Apr 20268 of 8 present5 independent · 85 days in between
    • 27 Jan 20268 of 8 present5 independent

  • Audit Committee

    Chair Ranu Vohra

    Darius D Pandole, Avani Vishal Davda, Malvika S Sinha, Ameet Pratapsinh Hariani, Naveen Raju Kollaickal

    • 23 Apr 20266 of 6 present5 independent · 85 days in between
    • 27 Jan 20266 of 6 present5 independent

  • Nomination and remuneration committee

    Chair Darius D Pandole

    Anish D Shah, Ranu Vohra, Ameet Pratapsinh Hariani

    • 23 Apr 20263 of 4 present3 independent · 85 days in between
    • 27 Jan 20264 of 4 present3 independent

  • Stakeholders Relationship Committee

    Chair Darius D Pandole

    Naveen Raju Kollaickal, Avani Vishal Davda

    • 17 Apr 20263 of 3 present2 independent

  • Risk Management Committee

    Chair Avani Vishal Davda

    Hemant Sikka, Ranu Vohra, Malvika S Sinha

    • 17 Apr 20264 of 4 present3 independent

  • Corporate Social Responsibility Committee

    Chair Ranu Vohra

    Hemant Sikka, Naveen Raju Kollaickal, Malvika S Sinha

    • 17 Apr 20263 of 4 present1 independent

  • Investment Committee

    Chair Darius D Pandole

    Hemant Sikka, Ranu Vohra, Naveen Raju Kollaickal

    No meeting listed in the filing.

  • Capital Allocation Committee

    Anish D Shah, Hemant Sikka, Naveen Raju Kollaickal, Ranu Vohra, Avani Vishal Davda

    • 19 Jun 20265 of 5 present2 independent · 56 days in between
    • 23 Apr 20265 of 5 present2 independent · 85 days in between
    • 27 Jan 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.

  • M/s Deloitte Haskins and Sells LLPPeer-review certificate valid to Jul 2027
1 earlier auditor
  • Deloitte Haskins and Sells LLPNamed in filings from Mar 2025 to Sep 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.

Mahindra Logistics 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.Mahindra Logistics dividend history

Annual general meeting, 20 Jul 2026

76,107 shareholders on the register on 13 Jul 2026; present: 2 promoters and 62 others; votes counted by Ms. Sarvari Shah / Parikh and Associates.The company's voting result (opens in a new tab)

  1. Consideration and Adoption of the Audited Standalone Financial Statements of the Company for the financial year ended 31 March 2026 and the Reports of the Board of Directors and Auditors thereon
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 77.75% · promoters 100.00% · institutions 85.32% · other public 10.69%

  2. Conideration and Adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended 31 March 2026 and the Reports of the Auditors thereon
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 77.87% · promoters 100.00% · institutions 85.32% · other public 11.24%

  3. Declaration of final dividend on the equity shares of the Company for the financial year ended 31 March 2026
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 77.88% · promoters 100.00% · institutions 85.32% · other public 11.24%

  4. Re-appointment of Dr. Anish Shah (DIN: 02719429), as a Director liable to retire by rotation
    Ordinary
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.17% · other public 0.06%

    Turnout: all 77.87% · promoters 100.00% · institutions 85.32% · other public 11.22%

  5. Re-appointment of Mr. Ameet Pratapsinh Hariani (DIN:00087866) as an Independent Director of the Company
    Special
    92.99% for7.01% against

    Against: promoters 0.00% · institutions 34.44% · other public 0.06%

    Turnout: all 77.88% · promoters 100.00% · institutions 85.32% · other public 11.24%

  6. Approval for entering into Material Related Party Transactions between the Company and Mahindra & Mahindra Limited, Promoter and Holding Company
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 18.30% · promoters 0.00% · institutions 85.32% · other public 11.23%

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

Annual general meeting, 21 Jul 2025, 11 resolutions

80,532 shareholders on the register on 14 Jul 2025; present: 2 promoters and 58 others; votes counted by Sarvari Shah / Parikh & Associates.The company's voting result (opens in a new tab)

  1. Consideration and Adoption of the Audited Standalone Financial Statements for the financial year ended 31 March 2025 and the Reports of the Board of Directors and Auditors thereon
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 75.42% · promoters 100.00% · institutions 85.95% · other public 7.29%

  2. Consideration and Adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended 31 March 2025 and the Report of the Auditors thereon
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 75.42% · promoters 100.00% · institutions 85.95% · other public 7.29%

  3. Declaration of final dividend on the equity shares of the Company for the financial year ended 31 March 2025
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 75.42% · promoters 100.00% · institutions 85.95% · other public 7.29%

  4. Re-appointment of Mr. Naveen Raju Kollaickal (DIN: 07653394), as a Director liable to retire by rotation
    Ordinary
    99.99% for0.01% against

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

    Turnout: all 75.42% · promoters 100.00% · institutions 85.95% · other public 7.29%

  5. Re-appointment of Ms. Malvika Sinha (DIN: 08373142) as an Independent Director of the Company
    Special
    99.99% for0.01% against

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

    Turnout: all 75.42% · promoters 100.00% · institutions 85.95% · other public 7.29%

  6. Appointment of M/s. Makarand M. Joshi & Co., a firm of Company Secretaries, as Secretarial Auditors of the Company
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 75.42% · promoters 100.00% · institutions 85.95% · other public 7.29%

  7. Appointment of Mr. Hemant Sikka (DIN: 00922281) as a Director of the Company
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 75.42% · promoters 100.00% · institutions 85.95% · other public 7.29%

  8. Appointment of Mr. Hemant Sikka as the Managing Director of the Company designated as “Managing Director & CEO" with effect from 5 May 2025 to 4 May 2030
    Special
    100.00% for0.00% against

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

    Turnout: all 75.42% · promoters 100.00% · institutions 85.95% · other public 7.29%

  9. Introduction and implementation of ‘Mahindra Logistics Limited - Performance Stock Unit Plan 2025’
    Special
    99.99% for0.01% against

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

    Turnout: all 75.42% · promoters 100.00% · institutions 85.95% · other public 7.29%

  10. Grant of Performance Stock Units to the eligible employees of the Subsidiary company(ies) under ‘MLL - Performance Stock Unit Plan 2025’
    Special
    99.99% for0.01% against

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

    Turnout: all 75.42% · promoters 100.00% · institutions 85.95% · other public 7.29%

  11. Increase in Authorised Share Capital and consequent alteration to the Capital Clause of the Memorandum of Association of the Company
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.07%

    Turnout: all 75.42% · promoters 100.00% · institutions 85.95% · other public 7.29%

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, 22 Jul 2024, 6 resolutions

Present: 2 promoters and 77 others.The company's voting result (opens in a new tab)

  1. Consideration and Adoption of the Audited Standalone Financial nStatements of the Company for the financial year ended 31 March 2024 nand the Reports of the Board of Directors and Auditors thereon
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 81.04% · promoters 100.00% · institutions 91.40% · other public 9.96%

  2. Consideration and Adoption of the Audited nConsolidated Financial Statements of the Company nfor the financial year ended 31 March 2024 and nthe Report of the Auditors thereon
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 81.04% · promoters 100.00% · institutions 91.40% · other public 9.96%

  3. Declaration of final dividend on the equity shares nof the Company for the financial year ended n31 March 2024
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 81.04% · promoters 100.00% · institutions 91.40% · other public 9.96%

  4. Re-appointment of Dr. Anish Shah, as a Director nliable to retire by rotation
    Ordinary
    99.70% for0.30% against

    Against: promoters 0.00% · institutions 1.14% · other public 0.05%

    Turnout: all 81.04% · promoters 100.00% · institutions 91.40% · other public 9.96%

  5. Re-appointment of Mr. Rampraveen Swaminathan as nthe Managing Director of the Company designated as n“Managing Director & Chief Executive Officer with neffect from 4 February 2025 to 3 February 2030
    Special
    99.82% for0.18% against

    Against: promoters 0.00% · institutions 0.67% · other public 0.33%

    Turnout: all 80.95% · promoters 100.00% · institutions 91.40% · other public 9.52%

  6. Payment of remuneration to the Independent nDirectors of the Company for a period of five years ncommencing from financial year 2024-25 to financial year 2028-29
    Special
    99.99% for0.01% against

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

    Turnout: all 81.04% · promoters 100.00% · institutions 91.40% · other public 9.96%

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, 24 Jul 2023, 4 resolutions

Present: 2 promoters and 69 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended 31 March 2023 and the reports of the Board of Directors and the Statutory Auditor thereonMoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.02%

    Turnout: all 82.55% · promoters 100.00% · institutions 79.85% · other public 14.65%

  2. To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended 31 March 2023 and the report of the Statutory Auditor thereon
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.02%

    Turnout: all 82.55% · promoters 100.00% · institutions 79.85% · other public 14.65%

  3. To declare final dividend of Rs. 2.50 per equity share of face value of Rs. 10 each for the financial year ended 31 March 2023
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.02%

    Turnout: all 82.55% · promoters 100.00% · institutions 79.85% · other public 14.65%

  4. To re-appoint Mr. Naveen Raju Kollaickal (DIN: 07653394),as Non-Executive Director, liable to retire by rotation
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.28%

    Turnout: all 82.55% · promoters 100.00% · institutions 79.85% · other public 14.65%

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, 29 Jul 2022, 8 resolutions

Present: 2 promoters and 73 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended 31 March 2022 and the reports of the Board of Directors and the Statutory Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 86.16% · promoters 100.00% · institutions 81.01% · other public 9.55%

  2. To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended 31 March 2022 and the report of the Statutory Auditors thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.02%

    Turnout: all 86.16% · promoters 100.00% · institutions 81.01% · other public 9.55%

  3. To declare final dividend (Rs. 2.00 per equity share of face of Rs. 10/- each fully paid) on the equity shares of the Company for the financial year ended 31 March 2022.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 86.16% · promoters 100.00% · institutions 81.01% · other public 9.55%

  4. To re-appoint Mr. Rampraveen Swaminathan (DIN: 01300682),as Director, liable to retire by rotation.
    Ordinary
    99.90% for0.10% against

    Against: promoters 0.00% · institutions 0.22% · other public 3.17%

    Turnout: all 86.11% · promoters 100.00% · institutions 81.01% · other public 8.87%

  5. To re-appoint Deloitte Haskins & Sells LLP as Statutory Auditorsof the Company for a second term of five consecutive years and fix their remuneration.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 86.16% · promoters 100.00% · institutions 81.01% · other public 9.55%

  6. To appoint Mr. Ameet Pratapsinh Hariani (DIN:00087866) as an Independent Director of the Company for a first term of five consecutive years commencing from 1 May 2022 up to 30 April 2027 (both days inclusive), not liable to retire by rotation.MoreLess
    Special
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.05% · other public 0.54%

    Turnout: all 86.16% · promoters 100.00% · institutions 81.01% · other public 9.55%

  7. To re-appoint Ms. Avani Vishal Davda (DIN:07504739) as an Independent Director of the Company for a second term of five consecutive years commencing from 30 July 2022 to 29 July 2027(both days inclusive), not liable to retire by rotation.MoreLess
    Special
    99.92% for0.08% against

    Against: promoters 0.00% · institutions 0.22% · other public 1.48%

    Turnout: all 86.16% · promoters 100.00% · institutions 81.01% · other public 9.55%

  8. To approve entering into Material Related Party Transactions with Mahindra & Mahindra Limited, Promoter and Holding Company
    OrdinaryPromoters have an interest in it
    68.46% for31.54% against

    Against: promoters 0.00% · institutions 32.34% · other public 0.02%

    Turnout: all 27.97% · promoters 0.00% · institutions 81.01% · other public 8.48%

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, 27 Jul 2021, 11 resolutions

Present: 1 promoter and 59 others.The company's voting result (opens in a new tab)

  1. To adopt the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2021 and the reports of the Board of Dircetors and the Statutory Auditors thereon
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 86.63% · promoters 100.00% · institutions 84.81% · other public 8.83%

  2. To adopt the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2021 and the report of the Statutory Auditors thereon
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 86.63% · promoters 100.00% · institutions 84.81% · other public 8.82%

  3. To declare final dividend of Rs. 2.50 per equity share of nRs. 10/- each fully paid, for the financial year ended 31st March, 2021
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 86.63% · promoters 100.00% · institutions 84.81% · other public 8.82%

  4. To resolve not to re-appoint and not fill the vacancy caused due to retirement by rotation of Mr. S. Durgashankar (DIN:00044713), Non-Executive Director of the Company
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 86.63% · promoters 100.00% · institutions 84.81% · other public 8.82%

  5. To appoint Dr. Anish Shah (DIN:02719429) as Non-Executive Director of the Company, liable to retire by rotation
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.01% · other public 0.14%

    Turnout: all 82.65% · promoters 100.00% · institutions 72.57% · other public 8.82%

  6. To appoint Mr. Amit Kumar Sinha (DIN:09127387) as a Non-Executive Director of the Company, liable to retire by rotation
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 82.65% · promoters 100.00% · institutions 72.57% · other public 8.82%

  7. To re-appoint Mr. Darius Pandole (DIN:00727320) as an Independent Director of the Company for a second term of five consecutive years commencing from 25 July 2022 to 24 July 2027 (both days inclusive), not liable to retire by rotationMoreLess
    Special
    100.00% for0.00% against

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

    Turnout: all 82.65% · promoters 100.00% · institutions 72.57% · other public 8.82%

  8. To re-appoint Mr. Ranu Vohra (DIN:00153547) as an Independent Director of the Company for a second term of five consecutive years commencing from 25 July 2022 to 24 July 2027 (both days inclusive), not liable to retire by rotation.MoreLess
    Special
    100.00% for0.00% against

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

    Turnout: all 82.65% · promoters 100.00% · institutions 72.57% · other public 8.82%

  9. To approve payment of remuneration to the Independent Directors of the Company To approve payment of remuneration to the Independent Directors of the Company up to a limit of Rs. 10,00,000/- per Independent Director, per annum, effective 1st April, 2020.MoreLess
    Special
    93.28% for6.72% against

    Against: promoters 0.00% · institutions 23.53% · other public 0.21%

    Turnout: all 82.65% · promoters 100.00% · institutions 72.57% · other public 8.82%

  10. To approve variation in the Mahindra Logistics Employee Restricted Stock Unit Plan 2018 to extend its benefits to the employees of the Subsidiary Company(ies) of the Company
    Special
    93.36% for6.64% against

    Against: promoters 0.00% · institutions 20.85% · other public 0.20%

    Turnout: all 86.63% · promoters 100.00% · institutions 84.81% · other public 8.82%

  11. To approve grant of Restricted Stock Units to the employees of the Subsidiary Company(ies) of the Company under Mahindra Logistics Employee Restricted Stock Unit Plan 2018
    Special
    93.36% for6.64% against

    Against: promoters 0.00% · institutions 20.85% · other public 0.20%

    Turnout: all 86.63% · promoters 100.00% · institutions 84.81% · other public 8.82%

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

Postal ballot, 6 Mar 2021, 3 resolutions

The company's voting result (opens in a new tab)

  1. Appointment of Mr. Dhananjay N. Mungale (DIN:00007563) as an Independent Director of the Company, not liable to retire by rotation, to hold office for a term commencing from 29 January 2021 up to the date of the Annual General Meeting of the Company to be held in the year 2025 (both days inclusive).MoreLess
    Ordinary
    91.45% for8.55% against

    Against: promoters 0.00% · institutions 31.80% · other public 0.10%

    Turnout: all 81.07% · promoters 100.00% · institutions 68.66% · other public 9.48%

  2. Appointment of Mr. Naveen Raju Kollaickal (DIN:07653394) as a Non-Executive (Non-Independent) Director of the Company, liable to retire by rotation.
    Ordinary
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.12% · other public 0.11%

    Turnout: all 83.58% · promoters 100.00% · institutions 76.57% · other public 9.46%

  3. Grant of Restricted Stock Units to Mr. V. S. Parthasarathy, Non-Executive (Non-Independent) Director and Chairman of the Company
    Special
    92.89% for7.11% against

    Against: promoters 0.00% · institutions 22.19% · other public 0.27%

    Turnout: all 87.24% · promoters 100.00% · institutions 88.13% · other public 9.48%

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, 30 Jul 2020, 7 resolutions

Present: 1 promoter and 83 others.The company's voting result (opens in a new tab)

  1. Adoption of the Audited Standalone Financial Statements of the Company for the year ended 31st March 2020 and the Reports of the Board of Directors and Auditors thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 86.51% · promoters 100.00% · institutions 87.92% · other public 12.57%

  2. Adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March 2020 and the Report of the Auditors thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 86.51% · promoters 100.00% · institutions 87.92% · other public 12.57%

  3. Declaration of final dividend at the rate of Rs. 1.50 per equity share for the financial year ended 31st March, 2020.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 86.51% · promoters 100.00% · institutions 87.92% · other public 12.57%

  4. Appointment of Director in place of Mr. Parag Shah (DIN: 00374944), who retires by rotation and, being eligible, offers himself for re-appointment.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.06%

    Turnout: all 81.76% · promoters 100.00% · institutions 72.24% · other public 12.57%

  5. Appointment of Mr. V. S. Parthasarathy (DIN:00125299) as a Non-Executive Director of the Company, liable to retire by rotation.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 81.76% · promoters 100.00% · institutions 72.24% · other public 12.57%

  6. Appointment of Mr. Rampraveen Swaminathan (DIN: 01300682) as Managing Director & CEO of the Company for the period of 5 years w.e.f. 4 February 2020 to 3 February 2025 (both days inclusive), liable to retire by rotation.MoreLess
    Special
    100.00% for0.00% against

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

    Turnout: all 86.51% · promoters 100.00% · institutions 87.92% · other public 12.57%

  7. Appointment of Ms. Malvika Sinha (DIN: 08373142) as a Non-Executive Independent Director of the Company for a term of 5 consecutive years commencing from 30 July 2020 to 29 July 2025, not liable to retire by rotationMoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.20%

    Turnout: all 81.76% · promoters 100.00% · institutions 72.24% · other public 12.57%

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 20 Jul 2026, 3 fund houses so far (houses' deadline to file 15 Oct 2026)

  • Consideration and Adoption of the Audited Standalone Financial Statements of the Company for the financial year ended 31 March 2026 and the Reports of the Board of Directors and Auditors thereon
    3 for0 against
  • Conideration and Adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended 31 March 2026 and the Reports of the Auditors thereon
    3 for0 against
  • Declaration of final dividend on the equity shares of the Company for the financial year ended 31 March 2026
    3 for0 against
  • Re-appointment of Dr. Anish Shah (DIN: 02719429), as a Director liable to retire by rotation
    3 for0 against
  • Re-appointment of Mr. Ameet Pratapsinh Hariani (DIN:00087866) as an Independent Director of the Company
    3 for0 against
  • Approval for entering into Material Related Party Transactions between the Company and Mahindra & Mahindra Limited, Promoter and Holding Company
    3 for0 against

Mutual fund votes, meeting of 21 Jul 2025, 6 fund houses

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

  • Consideration and Adoption of the Audited Standalone Financial Statements for the financial year ended 31 March 2025 and the Reports of the Board of Directors and Auditors thereon
    6 for0 against
  • Consideration and Adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended 31 March 2025 and the Report of the Auditors thereon
    6 for0 against
  • Declaration of final dividend on the equity shares of the Company for the financial year ended 31 March 2025
    5 for0 against
  • Re-appointment of Mr. Naveen Raju Kollaickal (DIN: 07653394), as a Director liable to retire by rotation
    6 for0 against
  • Re-appointment of Ms. Malvika Sinha (DIN: 08373142) as an Independent Director of the Company
    6 for0 against
  • Appointment of M/s. Makarand M. Joshi & Co., a firm of Company Secretaries, as Secretarial Auditors of the Company
    6 for0 against
  • Appointment of Mr. Hemant Sikka (DIN: 00922281) as a Director of the Company
    5 for0 against
  • Appointment of Mr. Hemant Sikka as the Managing Director of the Company designated as “Managing Director & CEO" with effect from 5 May 2025 to 4 May 2030
    4 for0 against
  • Introduction and implementation of ‘Mahindra Logistics Limited - Performance Stock Unit Plan 2025’
    5 for0 against
  • Grant of Performance Stock Units to the eligible employees of the Subsidiary company(ies) under ‘MLL - Performance Stock Unit Plan 2025’
    4 for0 against
  • Increase in Authorised Share Capital and consequent alteration to the Capital Clause of the Memorandum of Association of the Company
    6 for0 against
8 proposals not matched to one resolution
  • Appoint Hemant Sikka (DIN: 00922281) as Director, liable to retire by rotation
    1 for0 against
  • Appoint Hemant Sikka (DIN: 00922281) as Managing Director & CEO, liable to retire by rotation, for five years from 5 May 2025 and fix his remuneration as minimum remuneration
    1 for0 against
  • Appointment of Mr. Hemant Sikka (DIN: 00922281) as the Managing Director of the Company designated as Managing Director and Chief Executive Officer for a period of 5 (five) years with effect from 5 May 2025 to 4 May 2030 (both days inclusive) on the basic salary of Rs. 9,67,147/- per month in the scale of Rs. 9,50,000/- to Rs. 25,00,000/- per month and including remuneration.MoreLess
    1 for0 against
  • Approve extension of Mahindra Logistics Limited - Performance Stock Unit Plan 2025 (MLL PSU Plan 2025) to employees of subsidiaries
    1 for0 against
  • Approve final dividend of Rs. 2.5 per share (face value Rs. 10.0) for FY25
    1 for0 against
  • Approve grant of stock options under Mahindra Logistics Limited - Performance Stock Unit Plan 2025 (MLL PSU Plan 2025)
    1 for0 against
  • Grant of Performance Stock Units to the eligible employees of the Subsidiary company(ies) of the Company under Mahindra Logistics Limited - Performance Stock Unit Plan 2025.
    1 for0 against
  • Re-appointment of Mr. Dhananjay Mungale (DIN: 00007563) as an Independent Director of the Company, not liable to retire by rotation, to hold office for a second term commencing from 22 July 2025 to 31 May 2028 (both days inclusive).MoreLess
    1 for0 against
6 earlier meetings

Mutual fund votes, meeting of 22 Jul 2024, 9 fund houses

  • Consideration and Adoption of the Audited Standalone Financial nStatements of the Company for the financial year ended 31 March 2024 nand the Reports of the Board of Directors and Auditors thereon
    9 for0 against
  • Consideration and Adoption of the Audited nConsolidated Financial Statements of the Company nfor the financial year ended 31 March 2024 and nthe Report of the Auditors thereon
    9 for0 against
  • Declaration of final dividend on the equity shares nof the Company for the financial year ended n31 March 2024
    9 for0 against
  • Re-appointment of Dr. Anish Shah, as a Director nliable to retire by rotation
    9 for0 against
  • Re-appointment of Mr. Rampraveen Swaminathan as nthe Managing Director of the Company designated as n“Managing Director & Chief Executive Officer with neffect from 4 February 2025 to 3 February 2030
    9 for0 against
  • Payment of remuneration to the Independent nDirectors of the Company for a period of five years ncommencing from financial year 2024-25 to financial year 2028-29
    9 for0 against

Mutual fund votes, meeting of 24 Jul 2023, 10 fund houses

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

  • To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended 31 March 2023 and the reports of the Board of Directors and the Statutory Auditor thereonMoreLess
    9 for0 against
  • To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended 31 March 2023 and the report of the Statutory Auditor thereon
    9 for0 against
  • To declare final dividend of Rs. 2.50 per equity share of face value of Rs. 10 each for the financial year ended 31 March 2023
    9 for0 against
  • To re-appoint Mr. Naveen Raju Kollaickal (DIN: 07653394),as Non-Executive Director, liable to retire by rotation
    9 for0 against
4 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 3, as a fund house numbered it
    1 for0 against
  • Item 4, as a fund house numbered it
    1 for0 against

Mutual fund votes, meeting of 29 Jul 2022, 7 fund houses

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

  • To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended 31 March 2022 and the reports of the Board of Directors and the Statutory Auditors thereon.MoreLess
    6 for0 against
  • To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended 31 March 2022 and the report of the Statutory Auditors thereon.
    6 for0 against
  • To declare final dividend (Rs. 2.00 per equity share of face of Rs. 10/- each fully paid) on the equity shares of the Company for the financial year ended 31 March 2022.
    6 for0 against
  • To re-appoint Mr. Rampraveen Swaminathan (DIN: 01300682),as Director, liable to retire by rotation.
    6 for0 against
  • To re-appoint Deloitte Haskins & Sells LLP as Statutory Auditorsof the Company for a second term of five consecutive years and fix their remuneration.
    6 for0 against
  • To appoint Mr. Ameet Pratapsinh Hariani (DIN:00087866) as an Independent Director of the Company for a first term of five consecutive years commencing from 1 May 2022 up to 30 April 2027 (both days inclusive), not liable to retire by rotation.MoreLess
    6 for0 against
  • To re-appoint Ms. Avani Vishal Davda (DIN:07504739) as an Independent Director of the Company for a second term of five consecutive years commencing from 30 July 2022 to 29 July 2027(both days inclusive), not liable to retire by rotation.MoreLess
    6 for0 against
  • To approve entering into Material Related Party Transactions with Mahindra & Mahindra Limited, Promoter and Holding Company
    Against Nippon India Mutual Fund
    • Nippon India Mutual FundOmnibus approval for more than one year
    5 for1 against
8 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 3, as a fund house numbered it
    1 for0 against
  • Item 4, as a fund house numbered it
    1 for0 against
  • Item 5, as a fund house numbered it
    1 for0 against
  • Item 6, as a fund house numbered it
    1 for0 against
  • Item 7, as a fund house numbered it
    1 for0 against
  • Item 8, as a fund house numbered it
    1 for0 against

Mutual fund votes, meeting of 27 Jul 2021, 6 fund houses

  • To adopt the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2021 and the reports of the Board of Dircetors and the Statutory Auditors thereon
    6 for0 against
  • To adopt the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2021 and the report of the Statutory Auditors thereon
    6 for0 against
  • To declare final dividend of Rs. 2.50 per equity share of nRs. 10/- each fully paid, for the financial year ended 31st March, 2021
    6 for0 against
  • To resolve not to re-appoint and not fill the vacancy caused due to retirement by rotation of Mr. S. Durgashankar (DIN:00044713), Non-Executive Director of the Company
    6 for0 against
  • To appoint Dr. Anish Shah (DIN:02719429) as Non-Executive Director of the Company, liable to retire by rotation
    6 for0 against
  • To appoint Mr. Amit Kumar Sinha (DIN:09127387) as a Non-Executive Director of the Company, liable to retire by rotation
    6 for0 against
  • To re-appoint Mr. Darius Pandole (DIN:00727320) as an Independent Director of the Company for a second term of five consecutive years commencing from 25 July 2022 to 24 July 2027 (both days inclusive), not liable to retire by rotationMoreLess
    6 for0 against
  • To re-appoint Mr. Ranu Vohra (DIN:00153547) as an Independent Director of the Company for a second term of five consecutive years commencing from 25 July 2022 to 24 July 2027 (both days inclusive), not liable to retire by rotation.MoreLess
    6 for0 against
  • To approve payment of remuneration to the Independent Directors of the Company To approve payment of remuneration to the Independent Directors of the Company up to a limit of Rs. 10,00,000/- per Independent Director, per annum, effective 1st April, 2020.MoreLess
    6 for0 against
  • To approve variation in the Mahindra Logistics Employee Restricted Stock Unit Plan 2018 to extend its benefits to the employees of the Subsidiary Company(ies) of the Company
    Against Invesco Mutual Fund
    • Invesco Mutual FundMahindra Logistics proposes to modify its RSU Plan 2018 to enable it to grant stock options to a select set of employees of its unlisted subsidiaries. The grants will be to the extent of 5% of scheme size (amounting to 52,500 options) at face value. The vesting for employees of subsidiaries will be the same as that of the leadership team of Mahindra Logistics – 30% will vest on tenure and 70% will vest based on accomplishment of pre-defined performance criteria. We do not support the grant of stock options at a deep discount to market price
    5 for1 against
  • To approve grant of Restricted Stock Units to the employees of the Subsidiary Company(ies) of the Company under Mahindra Logistics Employee Restricted Stock Unit Plan 2018
    Against Invesco Mutual Fund
    • Invesco Mutual FundMahindra Logistics proposes to modify its RSU Plan 2018 to enable it to grant stock options to a select set of employees of its unlisted subsidiaries. The grants will be to the extent of 5% of scheme size (amounting to 52,500 options) at face value. The vesting for employees of subsidiaries will be the same as that of the leadership team of Mahindra Logistics – 30% will vest on tenure and 70% will vest based on accomplishment of pre-defined performance criteria. We do not support the grant of stock options at a deep discount to market price
    5 for1 against

Mutual fund votes, meeting of 6 Mar 2021, 7 fund houses

  • Appointment of Mr. Dhananjay N. Mungale (DIN:00007563) as an Independent Director of the Company, not liable to retire by rotation, to hold office for a term commencing from 29 January 2021 up to the date of the Annual General Meeting of the Company to be held in the year 2025 (both days inclusive).MoreLess
    Against Bank of India Mutual Fund, Invesco Mutual Fund, Nippon India Mutual Fund
    • Bank of India Mutual FundDhananjay Mungale, 67, is a British national with experience across corporate and investment banking in India and Europe. Presently, he is an advisor to various corporations across India and Europe. He attended 100% of the meetings held in FY21 since his appointment. He has been associated with Mahindra & Mahindra Financial Services Ltd, a group company, since 1 March 1999. Because of his over two-decade association with the Mahindra group, we classify him as non-independent. The board must consider appointing him as a Non-Executive Non-Independent Director.
    • Invesco Mutual FundDhananjay Mungale, 67, is a British national with experience across corporate and investment banking in India and Europe. Presently, he is an advisor to various corporations across India and Europe. He attended 100% of the meetings held in FY21 since his appointment. He has been associated with Mahindra & Mahindra Financial Services Ltd, a group company, since 1 March 1999. Because of his over two-decade association with the Mahindra group, we classify him as non-independent. The board must consider appointing him as a Non-Executive Non-Independent Director
    • Nippon India Mutual FundProlonged Association with the Group
    3 for3 against

    1 abstained

  • Appointment of Mr. Naveen Raju Kollaickal (DIN:07653394) as a Non-Executive (Non-Independent) Director of the Company, liable to retire by rotation.
    Against Bank of India Mutual Fund
    • Bank of India Mutual FundEnough details are not being provided regarding director to form our opinion.
    5 for1 against

    1 abstained

  • Grant of Restricted Stock Units to Mr. V. S. Parthasarathy, Non-Executive (Non-Independent) Director and Chairman of the Company
    Against HSBC Mutual Fund
    • HSBC Mutual FundA vote AGAINST this resolution is warranted as the scheme permits the stock units to be issued at an exercise price with a deep discount to the market price as on date of grant. Moreover, the exact performance targets for vesting have not been disclosed.
    4 for1 against

    2 abstained

Mutual fund votes, meeting of 30 Jul 2020, 6 fund houses

  • Adoption of the Audited Standalone Financial Statements of the Company for the year ended 31st March 2020 and the Reports of the Board of Directors and Auditors thereon.
    5 for0 against

    1 abstained

  • Adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March 2020 and the Report of the Auditors thereon.
    5 for0 against

    1 abstained

  • Declaration of final dividend at the rate of Rs. 1.50 per equity share for the financial year ended 31st March, 2020.
    5 for0 against

    1 abstained

  • Appointment of Director in place of Mr. Parag Shah (DIN: 00374944), who retires by rotation and, being eligible, offers himself for re-appointment.
    5 for0 against

    1 abstained

  • Appointment of Mr. V. S. Parthasarathy (DIN:00125299) as a Non-Executive Director of the Company, liable to retire by rotation.
    5 for0 against

    1 abstained

  • Appointment of Mr. Rampraveen Swaminathan (DIN: 01300682) as Managing Director & CEO of the Company for the period of 5 years w.e.f. 4 February 2020 to 3 February 2025 (both days inclusive), liable to retire by rotation.MoreLess
    5 for0 against

    1 abstained

  • Appointment of Ms. Malvika Sinha (DIN: 08373142) as a Non-Executive Independent Director of the Company for a term of 5 consecutive years commencing from 30 July 2020 to 29 July 2025, not liable to retire by rotationMoreLess
    5 for0 against

    1 abstained

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 Jun 2026.

  • Tax disputeAdditional Commissioner, GST & Central Excise, Mumbai East CommissionerateSince 31 Dec 2025
    The Additional Commissioner has considered the Company's submissions and supporting documents, and dropped the proceedings vide its Order dated 30.04.2026. Thus, the case is disposed off and accordingly the Tax Demand of Rs. 22,40,46,313/- and a penalty of Rs. 22,40,46,313/- has also been disposed off.MoreLess
    At the filing before: The Company had received an Order from the Additional Commissioner, GST & Central Excise, Mumbai East Commissionerate, imposing a Tax Demand of Rs. 22,40,46,313/- and a penalty of Rs. 22,40,46,313/- with respect to GST assessment for the six financial years commencing from FY 2018-19 to FY 2023-24 under applicable provisions of the Maharashtra GST Act 2017, CGST Act 2017 and IGST Act 2017. The Order was received on account of certain vendors erroneously tagging services under the Reverse Charge Mechanism (‘RCM’) instead of it being exempted services under the aforesaid Acts, while filing GSTR-1 Returns for the respective period, thereby resulting into alleged demand of GST under the said RCM and levy of penalty on the Company.MoreLess

In the company's own words, from its latest governance filing.

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

At most 2 complaints open, quarter to Mar 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
No
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.

How money raised was used

Reported for the quarter to Jun 2026. A warrant or partly paid issue plans the whole issue while the money comes in over time, so the amount set aside can be more than raised so far.

RaisedAmount raisedForSet asideSpentSpent elsewhereReason and comments
Rights IssuesJul 2025, checked by CARE RATINGS LIMITED749.27Repayment and/or prepayment, in full or part, of all or a portion of certain borrowings availed by our Company and certain Subsidiaries556.30557.93NoAudit committee: The Audit Committee/Board noted that utilization is in line with the objects of the rights issue.
Rights IssuesJul 2025, checked by CARE RATINGS LIMITED749.27General corporate purpose186.77114.37NoAudit committee: The Audit Committee/Board noted that utilization is in line with the objects of the rights issue.
Rights IssuesJul 2025, checked by CARE RATINGS LIMITED749.27Issue related expenses6.204.57NoAudit committee: The Audit Committee/Board noted that utilization is in line with the objects of the rights issue.
₹ crore. Checked by is the agency appointed to monitor how the money is used. The reason and the comments are the company's, its audit committee's and its auditors' own words.