Share price at the NSE close on 23 Oct 2026. Previous close ₹105.44.
- Next results date: the board meets on 29 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.
- ₹4,138 Cr824th 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.
- Owners' profit not stated
- 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 13 May 2026
- 1.8
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 1.14%
- 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 12 Aug 2026
- 6.2%
- 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 13 May 2026
- 0.03
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 9,80,41935.0% delivered
Man Infraconstruction 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
- ChairpersonPARAG KISHORCHANDRA SHAH
- Company Secretary and Compliance OfficerDURGESH S. DINGANKAR
8 directors4 independent2 executive2 non-executive
- PARAG KISHORCHANDRA SHAH · ChairpersonNon-executive · joined Apr 2012 · reappointed Sep 2019 · 1 listed board
- MANAN PARAG SHAHExecutive · joined May 2014 · reappointed Sep 2024 · 1 listed board · 2 committee seats
- ASHOK MANHARLAL MEHTAExecutive · joined Sep 2019 · reappointed Sep 2024 · 1 listed board · 3 committee seats
- VATSAL PARAG SHAHNon-executive · joined Aug 2026 · reappointed Aug 2026 · 1 listed board
- RAJIV NAGINDAS SHETHIndependent · joined Jul 2026 · reappointed Jul 2026 · 2 months as independent · 1 listed board · 1 as independent · 1 committee seat
- SIVARAMAKRISHNAN SRINIVASAN IYERIndependent · joined Aug 2026 · reappointed Aug 2026 · 1 month as independent · 3 listed boards · 3 as independent · 3 committee seats, 3 as chair
- KAVITA BHASKAR UPADHYAYIndependent · joined Feb 2019 · reappointed Feb 2024 · 91 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
- KSHITIJA GUNWANTRAO WADATKARIndependent · joined Jul 2023 · reappointed Jul 2023 · 38 months as independent · 1 listed board · 1 as independent · 1 committee seat, 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.
1 director who left
- BERJIS MINOO DESAI, left 12 Aug 2026: Others
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 1 Sep 20267 of 8 present3 independent · 19 days in between
- 12 Aug 20268 of 8 present4 independent · 90 days in between
- 13 May 20266 of 6 present2 independent
Audit Committee
Chair SIVARAMAKRISHNAN SRINIVASAN IYER
KAVITA BHASKAR UPADHYAY, ASHOK MANHARLAL MEHTA, RAJIV NAGINDAS SHETH
- 12 Aug 20263 of 3 present2 independent · 90 days in between
- 13 May 20263 of 3 present2 independent
Nomination and remuneration committee
Chair KAVITA BHASKAR UPADHYAY
KSHITIJA GUNWANTRAO WADATKAR, RAJIV NAGINDAS SHETH
- 12 Aug 20263 of 3 present2 independent · 90 days in between
- 13 May 20263 of 3 present2 independent
Stakeholders Relationship Committee
Chair KSHITIJA GUNWANTRAO WADATKAR
MANAN PARAG SHAH, ASHOK MANHARLAL MEHTA
- 12 Aug 20263 of 3 present1 independent · 90 days in between
- 13 May 20263 of 3 present1 independent
Risk Management Committee
Chair MANAN PARAG SHAH
KAVITA BHASKAR UPADHYAY, SIVARAMAKRISHNAN SRINIVASAN IYER
No meeting listed in the filing.
Corporate Social Responsibility Committee
Chair RAJIV NAGINDAS SHETH
KSHITIJA GUNWANTRAO WADATKAR, PARAG KISHORCHANDRA SHAH, VATSAL PARAG SHAH
- 12 Aug 20263 of 3 present1 independent · 90 days in between
- 13 May 20263 of 3 present1 independent
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditor
Named in the results for the quarter to Mar 2026.
- G M Kapadia & CoPeer-review certificate valid to Apr 2027
1 earlier auditor
- G M Kapadia and CoNamed 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.
Man Infraconstruction 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.Man Infraconstruction dividend history
Postal ballot, 21 Sep 2026
90,500 shareholders on the register on 14 Aug 2026; votes counted by HIMANSHU S. KAMDAR / RATHI & ASSOCIATES.The company's voting result (opens in a new tab)
- Appointment of Mr. Vatsal P. Shah (DIN: 08125055) as a Director in the category of Non-Executive, Non-Independent Director of the companyOrdinary99.57% for0.43% against
Against: promoters 0.00% · institutions 42.93% · other public 0.03%
Turnout: all 70.89% · promoters 100.00% · institutions 30.81% · other public 21.76%
- Appointment of Mr. Sivaramakrishnan S. Iyer (DIN: 00503487) as an Independent Director of the Company for a first term of 5 yearsSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 70.89% · promoters 100.00% · institutions 30.81% · other public 21.76%
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, 12 Aug 2026, 6 resolutions
88,832 shareholders on the register on 5 Aug 2026; present: 5 promoters and 67 others; votes counted by HIMANSHU S. KAMDAR / RATHI & ASSOCIATES.The company's voting result (opens in a new tab)
1. ADOPTION OF ANNUAL ACCOUNTS: To receive, consider and adopt: (a) Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2026, together with the Reports of the Board of Directors and the Auditors thereon; and (b) Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2026, together with the Report of the Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 71.07% · promoters 100.00% · institutions 44.35% · other public 20.91%
2. DIVIDEND: To confirm payment of following Interim Dividends paid during the year as Final Dividend for the financial year ended March 31, 2026: (a) First Interim Dividend of Rs. 0.45 per equity share of Rs. 2/- each; and (b) Second Interim Dividend of Rs. 0.45 per equity share of Rs. 2/- each.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 71.07% · promoters 100.00% · institutions 44.44% · other public 20.91%
- 3. RE-APPOINTMENT OF MR. ASHOK M. MEHTA (DIN: 03099844), THE RETIRING DIRECTOR.Ordinary99.56% for0.44% against
Against: promoters 0.00% · institutions 23.07% · other public 0.01%
Turnout: all 71.07% · promoters 100.00% · institutions 44.44% · other public 20.91%
4. Retirement By Rotation of Mr. Berjis Desai (DIN: 00153675), Director liable to retire by rotation, who has not offered himself for re-appointment, consequent upon his appointment as Member, National Commission on Minorities by the Government of India, be not re-appointed as a Director of the Company and the vacancy so caused on the Board of the Company be not filled-up.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 69.52% · promoters 100.00% · institutions 44.44% · other public 16.43%
- 5. RATIFICATION OF REMUNERATION PAYABLE TO COST AUDITORSOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 71.07% · promoters 100.00% · institutions 44.44% · other public 20.91%
- 6. APPOINTMENT OF MR. RAJIV N. SHETH (DIN: 00539774) AS AN INDEPENDENT DIRECTOR OF THE COMPANY FOR A FIRST TERM OF 5 YEARSSpecial98.13% for1.87% against
Against: promoters 0.00% · institutions 99.32% · other public 0.01%
Turnout: all 71.07% · promoters 100.00% · institutions 44.44% · other public 20.91%
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, 22 Jun 2026, 12 resolutions
87,982 shareholders on the register on 15 May 2026; votes counted by HIMANSHU S. KAMDAR / RATHI & ASSOCIATES.The company's voting result (opens in a new tab)
- MATERIAL RELATED PARTY TRANSACTION(S) WITH MICL DEVELOPERS LLPOrdinaryPromoters have an interest in it79.51% for20.49% against
Against: promoters 0.00% · institutions 94.53% · other public 0.06%
Turnout: all 11.77% · promoters 0.00% · institutions 59.15% · other public 27.75%
- MATERIAL RELATED PARTY TRANSACTION(S) WITH MAN VASTUCON LLPOrdinaryPromoters have an interest in it99.95% for0.05% against
Against: promoters 0.00% · institutions 0.00% · other public 0.06%
Turnout: all 11.77% · promoters 0.00% · institutions 59.15% · other public 27.75%
- MATERIAL RELATED PARTY TRANSACTION(S) WITH MICL CREATORS LLPOrdinaryPromoters have an interest in it79.51% for20.49% against
Against: promoters 0.00% · institutions 94.53% · other public 0.06%
Turnout: all 11.77% · promoters 0.00% · institutions 59.15% · other public 27.75%
- MATERIAL RELATED PARTY TRANSACTION(S) WITH MAN AARADHYA INFRACONSTRUCTION LLPOrdinaryPromoters have an interest in it79.51% for20.49% against
Against: promoters 0.00% · institutions 94.53% · other public 0.06%
Turnout: all 11.77% · promoters 0.00% · institutions 59.15% · other public 27.75%
- MATERIAL RELATED PARTY TRANSACTION(S) WITH MAN CHANDAK REALTY LLPOrdinaryPromoters have an interest in it79.51% for20.49% against
Against: promoters 0.00% · institutions 94.53% · other public 0.06%
Turnout: all 11.77% · promoters 0.00% · institutions 59.15% · other public 27.75%
- MATERIAL RELATED PARTY TRANSACTION(S) WITH ROYAL NETRA CONSTRUCTIONS PRIVATE LIMITED (RNCPL)OrdinaryPromoters have an interest in it79.51% for20.49% against
Against: promoters 0.00% · institutions 94.53% · other public 0.06%
Turnout: all 11.77% · promoters 0.00% · institutions 59.15% · other public 27.75%
- MATERIAL RELATED PARTY TRANSACTION(S) WITH ARHAN HOMES LLPOrdinaryPromoters have an interest in it79.51% for20.49% against
Against: promoters 0.00% · institutions 94.53% · other public 0.06%
Turnout: all 11.77% · promoters 0.00% · institutions 59.15% · other public 27.75%
- MATERIAL RELATED PARTY TRANSACTION(S) WITH ATMOSPHERE HOMES LLPOrdinaryPromoters have an interest in it79.51% for20.49% against
Against: promoters 0.00% · institutions 94.53% · other public 0.06%
Turnout: all 11.77% · promoters 0.00% · institutions 59.15% · other public 27.75%
- MATERIAL RELATED PARTY TRANSACTION(S) WITH TRIDENT AGRO TERMINALS AND LOGISTIC PRIVATE LIMITEDOrdinaryPromoters have an interest in it79.51% for20.49% against
Against: promoters 0.00% · institutions 94.53% · other public 0.06%
Turnout: all 11.77% · promoters 0.00% · institutions 59.15% · other public 27.75%
- MATERIAL RELATED PARTY TRANSACTION(S) WITH SHREEPATI ZAOBA HOUSING LLPOrdinaryPromoters have an interest in it79.51% for20.49% against
Against: promoters 0.00% · institutions 94.53% · other public 0.06%
Turnout: all 11.77% · promoters 0.00% · institutions 59.15% · other public 27.75%
- MATERIAL RELATED PARTY TRANSACTION(S) WITH SHREEPATI SKIES (R R CHATURVEDI)OrdinaryPromoters have an interest in it79.51% for20.49% against
Against: promoters 0.00% · institutions 94.53% · other public 0.06%
Turnout: all 11.77% · promoters 0.00% · institutions 59.15% · other public 27.75%
- MATERIAL RELATED PARTY TRANSACTION(S) BETWEEN MICL DEVELOPERS LLP, SUBSIDIARY OF THE COMPANY WITH ROYAL NETRA CONSTRUCTIONS PRIVATE LIMITEDOrdinaryPromoters have an interest in it95.89% for4.11% against
Against: promoters 0.00% · institutions 18.80% · other public 0.06%
Turnout: all 11.77% · promoters 0.00% · institutions 59.15% · other public 27.75%
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, 1 resolution
93,586 shareholders on the register on 19 Aug 2025; votes counted by HIMANSHU S. KAMDAR / RATHI & ASSOCIATES.The company's voting result (opens in a new tab)
- APPROVAL OF RELATED PARTY TRANSACTIONOrdinaryPromoters have an interest in it82.97% for17.03% against
Against: promoters 0.00% · institutions 50.40% · other public 0.04%
Turnout: all 12.49% · promoters 0.00% · institutions 58.46% · other public 26.96%
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, 13 Aug 2025, 6 resolutions
93,776 shareholders on the register on 6 Aug 2025; present: 5 promoters and 67 others; votes counted by HIMANSU S. KAMDAR / RATHI AND ASSOCIATES.The company's voting result (opens in a new tab)
To receive, consider and adopt a. the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31 2025 together with the Reports of the Directors and the Auditors thereon and b. the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31 2025 and the Report of the Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 73.63% · promoters 100.00% · institutions 58.43% · other public 23.96%
To confirm payment of following Interim Dividends paid during the year as Final Dividend for the financial year ended March 31 2025 a. First Interim Dividend of Rs. 0.45 per equity share of Rs. 2 each and b. Second Interim Dividend of Rs. 0.45 per equity share of Rs. 2 each.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 73.65% · promoters 100.00% · institutions 58.78% · other public 23.96%
- Re-appointment of Mr. Parag K. Shah DIN:00063058 the retiring DirectorOrdinary97.75% for2.25% against
Against: promoters 0.00% · institutions 39.20% · other public 0.04%
Turnout: all 73.65% · promoters 100.00% · institutions 58.78% · other public 23.96%
- Re-appointment of Mr. Manan P. Shah DIN: 06500239 the retiring DirectorOrdinary99.88% for0.12% against
Against: promoters 0.00% · institutions 1.97% · other public 0.04%
Turnout: all 73.65% · promoters 100.00% · institutions 58.78% · other public 23.96%
- To ratify payment of remuneration to Shekhar Joshi & Co Cost Accountants being the Cost Auditors appointed by the Board of Directors of the Company for the financial year ending on March 31 2026Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 73.65% · promoters 100.00% · institutions 58.78% · other public 23.96%
- Appointment of Rathi & Associates Company Secretaries as the Secretarial Auditor of the Company for a Term of 5 consecutive years as an ordinary resolution.Ordinary97.38% for2.62% against
Against: promoters 0.00% · institutions 45.60% · other public 0.00%
Turnout: all 73.65% · promoters 100.00% · institutions 58.78% · other public 23.96%
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.
Postal ballot, 26 Jun 2025, 1 resolution
1,00,847 shareholders on the register on 21 May 2025; votes counted by HIMANSHU S. KAMDAR / RATHI & ASSOCIATES.The company's voting result (opens in a new tab)
- APPROVAL OF RELATED PARTY TRANSACTIONOrdinaryPromoters have an interest in it61.03% for38.97% against
Against: promoters 0.00% · institutions 95.30% · other public 0.07%
Turnout: all 11.00% · promoters 0.00% · institutions 68.11% · other public 24.31%
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, 19 Dec 2024, 1 resolution
The company's voting result (opens in a new tab)
- Approval of Related Party TransactionOrdinaryPromoters have an interest in it84.60% for15.40% against
Against: promoters 0.00% · institutions 42.38% · other public 0.03%
Turnout: all 9.74% · promoters 0.00% · institutions 63.97% · other public 22.72%
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, 6 Aug 2024, 7 resolutions
Present: 5 promoters and 73 others.The company's voting result (opens in a new tab)
1. ADOPTION OF ANNUAL ACCOUNTS:nTo receive, consider and adopt:n(a) the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2024, together with the Reports of the Directors and the Auditors thereon; andn(b) the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2024, and the Report of the Auditors thereon.nMoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 79.11% · promoters 100.00% · institutions 59.71% · other public 31.51%
2. DIVIDEND:nTo confirm payment of following Interim Dividends paid during the year as Final Dividend for the financial year ended March 31, 2024:n(a) First Interim Dividend of Rs. 0.36 per equity share of Rs. 2/- each; n(b) Second Interim Dividend of Rs. 0.36 per equity share of Rs. 2/- each; n(c) Third Interim Dividend of Rs. 0.36 per equity share of Rs. 2/- each; andn(d) Fourth Interim Dividend of Rs. 0.54 per equity share of Rs. 2/- each.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 79.28% · promoters 100.00% · institutions 62.76% · other public 31.51%
- RE-APPOINTMENT OF MR. ASHOK M. MEHTA (DIN:03099844), THE RETIRING DIRECTOROrdinary97.82% for2.18% against
Against: promoters 0.00% · institutions 51.50% · other public 0.00%
Turnout: all 79.28% · promoters 100.00% · institutions 62.76% · other public 31.51%
- RE-APPOINTMENT OF MR. BERJIS DESAI (DIN: 00153675), THE RETIRING DIRECTOROrdinary97.85% for2.15% against
Against: promoters 0.00% · institutions 50.98% · other public 0.00%
Turnout: all 79.28% · promoters 100.00% · institutions 62.76% · other public 31.51%
- RATIFICATION OF REMUNERATION PAYABLE TO COST AUDITOROrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 79.28% · promoters 100.00% · institutions 62.76% · other public 31.51%
- RE-APPOINTMENT OF MR. MANAN P. SHAH (DIN: 06500239) AS A MANAGING DIRECTORSpecialPromoters have an interest in it98.34% for1.66% against
Against: promoters 0.00% · institutions 39.25% · other public 0.00%
Turnout: all 79.28% · promoters 100.00% · institutions 62.76% · other public 31.51%
- RE-APPOINTMENT OF MR. ASHOK M. MEHTA AS A WHOLE-TIME DIRECTORSpecial98.34% for1.66% against
Against: promoters 0.00% · institutions 39.25% · other public 0.00%
Turnout: all 79.28% · promoters 100.00% · institutions 62.76% · other public 31.51%
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.
Mutual fund votes, meeting of 22 Jun 2026, 2 fund houses
- MATERIAL RELATED PARTY TRANSACTION(S) WITH MICL DEVELOPERS LLP
Against Motilal Oswal Mutual Fund, quant Mutual Fund
- Motilal Oswal Mutual FundCompliant with law. Governance Concern: The Company has not adequately disclosed the basis for arm’s length pricing, in the absence of which shareholders cannot make informed decisions regarding the proposed RPTs. Transparency Concern: No clarity with regard to obtaining prior approval of shareholders; The Company is extending support to the proposed entities, however, it is unclear if the other shareholders are extending similar support or if the Company is being compensated for the additional risk it is taking.
- quant Mutual FundCompliant with the law. Governance concern: The company has not adequately disclosed the basis for arm’s length pricing, in absence of which shareholders cannot make informed decisions regarding the proposed RPTs. Transparency concern: The company is extending support to the proposed entities. However, it is unclear if the other shareholders are extending similar support or if the company is being compensated for the additional risk it is taking. Also for #1, there is no clarity with regard to obtaining prior approval of shareholders.
0 for2 against - MATERIAL RELATED PARTY TRANSACTION(S) WITH MAN VASTUCON LLP2 for0 against
- MATERIAL RELATED PARTY TRANSACTION(S) WITH MICL CREATORS LLP
Against Motilal Oswal Mutual Fund, quant Mutual Fund
- Motilal Oswal Mutual FundCompliant with law. Transparency Concern: The Company is extending support to the proposed entities however it is unclear if the other shareholders are extending similar support or if the Company is being compensated for the additional risk it is taking.
- quant Mutual FundCompliant with the law. Transparency concern: The company is extending support to the proposed entities. However, it is unclear if the other shareholders are extending similar support or if the company is being compensated for the additional risk it is taking.
0 for2 against - MATERIAL RELATED PARTY TRANSACTION(S) WITH MAN AARADHYA INFRACONSTRUCTION LLP
Against Motilal Oswal Mutual Fund, quant Mutual Fund
- Motilal Oswal Mutual FundCompliant with law. Governance Concern: The Company has not adequately disclosed the basis for arm’s length pricing, in absence of which shareholders cannot make informed decisions regarding the proposed RPTs. Transparency Concern: The Company is extending support to the proposed entities; however, it is unclear if the other shareholders are extending similar support or if the Company is being compensated for the additional risk it is taking.
- quant Mutual FundCompliant with the law. Governance concern: The company has not adequately disclosed the basis for arm’s length pricing, in absence of which shareholders cannot make informed decisions regarding the proposed RPTs. Transparency concern: The company is extending support to the proposed entities. However, it is unclear if the other shareholders are extending similar support or if the company is being compensated for the additional risk it is taking. Also for #1, there is no clarity with regard to obtaining prior approval of shareholders.
0 for2 against - MATERIAL RELATED PARTY TRANSACTION(S) WITH MAN CHANDAK REALTY LLP
Against Motilal Oswal Mutual Fund, quant Mutual Fund
- Motilal Oswal Mutual FundCompliant with law. Transparency Concern: The Company is extending support to the proposed entities however it is unclear if the other shareholders are extending similar support or if the Company is being compensated for the additional risk it is taking.
- quant Mutual FundCompliant with the law. Transparency concern: The company is extending support to the proposed entities. However, it is unclear if the other shareholders are extending similar support or if the company is being compensated for the additional risk it is taking.
0 for2 against - MATERIAL RELATED PARTY TRANSACTION(S) WITH ROYAL NETRA CONSTRUCTIONS PRIVATE LIMITED (RNCPL)
Against Motilal Oswal Mutual Fund, quant Mutual Fund
- Motilal Oswal Mutual FundCompliant with law. Governance Concern: The Company has not adequately disclosed the basis for arm’s length pricing, in absence of which shareholders cannot make informed decisions regarding the proposed RPTs. Transparency Concern: The Company is extending support to the proposed entities; however, it is unclear if the other shareholders are extending similar support or if the Company is being compensated for the additional risk it is taking.
- quant Mutual FundCompliant with the law. Governance concern: The company has not adequately disclosed the basis for arm’s length pricing, in absence of which shareholders cannot make informed decisions regarding the proposed RPTs. Transparency concern: The company is extending support to the proposed entities. However, it is unclear if the other shareholders are extending similar support or if the company is being compensated for the additional risk it is taking. Also for #1, there is no clarity with regard to obtaining prior approval of shareholders.
0 for2 against - MATERIAL RELATED PARTY TRANSACTION(S) WITH ARHAN HOMES LLP
Against Motilal Oswal Mutual Fund, quant Mutual Fund
- Motilal Oswal Mutual FundCompliant with law. Transparency Concern: The Company is extending support to the proposed entities however it is unclear if the other shareholders are extending similar support or if the Company is being compensated for the additional risk it is taking.
- quant Mutual FundCompliant with the law. Transparency concern: The company is extending support to the proposed entities. However, it is unclear if the other shareholders are extending similar support or if the company is being compensated for the additional risk it is taking.
0 for2 against - MATERIAL RELATED PARTY TRANSACTION(S) WITH ATMOSPHERE HOMES LLP
Against Motilal Oswal Mutual Fund, quant Mutual Fund
- Motilal Oswal Mutual FundCompliant with law. Transparency Concern: The Company is extending support to the proposed entities however it is unclear if the other shareholders are extending similar support or if the Company is being compensated for the additional risk it is taking.
- quant Mutual FundCompliant with the law. Transparency concern: The company is extending support to the proposed entities. However, it is unclear if the other shareholders are extending similar support or if the company is being compensated for the additional risk it is taking.
0 for2 against - MATERIAL RELATED PARTY TRANSACTION(S) WITH TRIDENT AGRO TERMINALS AND LOGISTIC PRIVATE LIMITED
Against Motilal Oswal Mutual Fund, quant Mutual Fund
- Motilal Oswal Mutual FundCompliant with law. Governance Concern: The Company has not adequately disclosed the basis for arm’s length pricing, in absence of which shareholders cannot make informed decisions regarding the proposed RPTs. Transparency Concern: The Company is extending support to the proposed entities; however, it is unclear if the other shareholders are extending similar support or if the Company is being compensated for the additional risk it is taking.
- quant Mutual FundCompliant with the law. Governance concern: The company has not adequately disclosed the basis for arm’s length pricing, in absence of which shareholders cannot make informed decisions regarding the proposed RPTs. Transparency concern: The company is extending support to the proposed entities. However, it is unclear if the other shareholders are extending similar support or if the company is being compensated for the additional risk it is taking. Also for #1, there is no clarity with regard to obtaining prior approval of shareholders.
0 for2 against - MATERIAL RELATED PARTY TRANSACTION(S) WITH SHREEPATI ZAOBA HOUSING LLP
Against Motilal Oswal Mutual Fund, quant Mutual Fund
- Motilal Oswal Mutual FundCompliant with law. Transparency Concern: The Company is extending support to the proposed entities however it is unclear if the other shareholders are extending similar support or if the Company is being compensated for the additional risk it is taking.
- quant Mutual FundCompliant with the law. Transparency concern: The company is extending support to the proposed entities. However, it is unclear if the other shareholders are extending similar support or if the company is being compensated for the additional risk it is taking.
0 for2 against - MATERIAL RELATED PARTY TRANSACTION(S) WITH SHREEPATI SKIES (R R CHATURVEDI)
Against Motilal Oswal Mutual Fund, quant Mutual Fund
- Motilal Oswal Mutual FundCompliant with law. Transparency Concern: The Company is extending support to the proposed entities however it is unclear if the other shareholders are extending similar support or if the Company is being compensated for the additional risk it is taking.
- quant Mutual FundCompliant with the law. Transparency concern: The company is extending support to the proposed entities. However, it is unclear if the other shareholders are extending similar support or if the company is being compensated for the additional risk it is taking.
0 for2 against - MATERIAL RELATED PARTY TRANSACTION(S) BETWEEN MICL DEVELOPERS LLP, SUBSIDIARY OF THE COMPANY WITH ROYAL NETRA CONSTRUCTIONS PRIVATE LIMITED2 for0 against
Mutual fund votes, meeting of 25 Sep 2025, 6 fund houses
- APPROVAL OF RELATED PARTY TRANSACTION
Against Mirae Asset Mutual Fund
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
5 for1 against
4 earlier meetings
Mutual fund votes, meeting of 13 Aug 2025, 6 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 Directors and the Auditors thereon and b. the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31 2025 and the Report of the Auditors thereon.MoreLess
6 for0 againstTo confirm payment of following Interim Dividends paid during the year as Final Dividend for the financial year ended March 31 2025 a. First Interim Dividend of Rs. 0.45 per equity share of Rs. 2 each and b. Second Interim Dividend of Rs. 0.45 per equity share of Rs. 2 each.MoreLess
6 for0 against- Re-appointment of Mr. Parag K. Shah DIN:00063058 the retiring Director
Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundGovernance Concern: Chairman Emeritus is on the Board as a Director; holding a Chairman Emeritus Position whilst carrying an accountability for Board duties may impact their ability to provide proper guidance to the Board members.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Chairman Emeritus is on the Board as a Director; holding a Chairman Emeritus Position whilst carrying an accountability for Board duties may impact their ability to provide proper guidance to the Board members.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
1 for5 against - Re-appointment of Mr. Manan P. Shah DIN: 06500239 the retiring Director
Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Angel One Mutual FundGovernance Concern: Remuneration skewed in favour of the Promoter Executive Director; the Company has not addressed the skewness in remuneration between the Promoter Executive Director & Professional Executive Director.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Remuneration skewed in favour of the Promoter ED; the Company has not addressed the skewness in remuneration between the Promoter ED & Professional ED.
2 for4 against - To ratify payment of remuneration to Shekhar Joshi & Co Cost Accountants being the Cost Auditors appointed by the Board of Directors of the Company for the financial year ending on March 31 20266 for0 against
- Appointment of Rathi & Associates Company Secretaries as the Secretarial Auditor of the Company for a Term of 5 consecutive years as an ordinary resolution.
Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, quant Mutual Fund
- Angel One Mutual FundNon-Disclosure of Audit Fee for the Proposed Auditor.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on the merits of the proposed Auditors. Non-Compliant with SEBI (LODR) Regulations: Non-Disclosure of Audit Fee for the Proposed Auditor.
- quant Mutual FundRelated to the appointment of secretarial auditors. No issues on merits of the proposed appointee. Non-compliant with SEBI (LODR) regulations: Non-disclosure of audit fee for the proposed auditor.
1 for5 against
Mutual fund votes, meeting of 26 Jun 2025, 6 fund houses
- APPROVAL OF RELATED PARTY TRANSACTION
Against Angel One Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, quant Mutual Fund
- Angel One Mutual FundNon-disclosure of justification for why the transaction is in the interest of the Company; Governance & Transparency Concern: Inadequate disclosure with regards to the basis of the arm’s length pricing for certain transactions.
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNon- Compliant with SEBI Circular: Non-disclosure of justification for why the transaction is in the interest of the Company; Governance & Transparency Concern: Inadequate disclosure w.r.t the basis of the arm’s length pricing for certain transactions.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
- quant Mutual FundRelated to the approvals for multiple related party transactions. Non-compliant with SEBI circular: Non-disclosure of justification for why the transaction is in the interest of the company; governance & transparency concern: Inadequate disclosure w.r.t the basis of the arm’s length pricing for certain transactions. The company has also clubbed multiple transactions into a single resolution and sought shareholders’ approval for the same. We do not view clubbing of resolutions as a good governance practice, since it takes away the ability to dissent against any one of the transactions.
0 for6 against
Mutual fund votes, meeting of 19 Dec 2024, 5 fund houses
- Approval of Related Party Transaction
Against Bandhan Mutual Fund, Groww Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNon- Compliant with SEBI Circular: Non-disclosure of justification for why the transaction is in the interest of the Company; Governance & Transparency Concern: Inadequate disclosure w.r.t the basis of the arm’s length pricing for certain transactions.
- Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
1 for4 against
Mutual fund votes, meeting of 6 Aug 2024, 3 fund houses
1. ADOPTION OF ANNUAL ACCOUNTS:nTo receive, consider and adopt:n(a) the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2024, together with the Reports of the Directors and the Auditors thereon; andn(b) the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2024, and the Report of the Auditors thereon.nMoreLess
3 for0 against2. DIVIDEND:nTo confirm payment of following Interim Dividends paid during the year as Final Dividend for the financial year ended March 31, 2024:n(a) First Interim Dividend of Rs. 0.36 per equity share of Rs. 2/- each; n(b) Second Interim Dividend of Rs. 0.36 per equity share of Rs. 2/- each; n(c) Third Interim Dividend of Rs. 0.36 per equity share of Rs. 2/- each; andn(d) Fourth Interim Dividend of Rs. 0.54 per equity share of Rs. 2/- each.MoreLess
3 for0 against- RE-APPOINTMENT OF MR. ASHOK M. MEHTA (DIN:03099844), THE RETIRING DIRECTOR3 for0 against
- RE-APPOINTMENT OF MR. BERJIS DESAI (DIN: 00153675), THE RETIRING DIRECTOR
Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: Excessive time commitment.
0 for3 against - RATIFICATION OF REMUNERATION PAYABLE TO COST AUDITOR3 for0 against
- RE-APPOINTMENT OF MR. MANAN P. SHAH (DIN: 06500239) AS A MANAGING DIRECTOR
Against Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
- Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance Concern: No cap on commission. Skewed remuneration in favour of Promoter ED.
0 for3 against - RE-APPOINTMENT OF MR. ASHOK M. MEHTA AS A WHOLE-TIME DIRECTOR3 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Stakes in unlisted companies
Reported in the filing for the quarter to Sep 2026.
- Unlisted stake boughtYogayatan Paradip SQB Terminal Private LimitedSince 7 Jul 2026
26.00% bought in the quarter; holding 26.00%, from 0.00%
- Unlisted stake boughtMICL Properties LLPSince 17 Aug 2026
16.00% bought in the quarter; holding 50.00%, from 34.00%
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
- The board is made up as the listing rules require
- Yes
- The board has a regular chairperson
- Yes
- The company has a risk management committee
- Yes
- The chair is related to the managing director
- Yes
- The filing has a part on fines and penalties
- No
- The filing has a part on tax disputes
- No
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.
How money raised was used
Reported for the quarter to Jun 2026. A preferential issue sells new shares to chosen investors rather than to the public. 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.
| Raised | Amount raised | For | Set aside | Spent | Spent elsewhere |
|---|---|---|---|---|---|
| Preferential IssuesJan 2024, checked by ICRA Limited | 512.64 | Expanding EPC and real estate business by acquiring new projects | 258.00 | 214.24 | No |
| Preferential IssuesJan 2024, checked by ICRA Limited | 512.64 | Purchase of fixed assets including plant and machinery | 5.00 | 3.41 | No |
| Preferential IssuesJan 2024, checked by ICRA Limited | 512.64 | Deployment towards working capital requirements of existing and new projects | 125.00 | 125.00 | No |
| Preferential IssuesJan 2024, checked by ICRA Limited | 512.64 | General Corporate Purposes | 124.64 | 66.28 | No |