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

NSE: MARICOBSE: 531642Agricultural Food & other ProductsMid Cap

Formerly Marico Industries
Last close ₹766.50down ₹8.50 (1.10%)BSE ₹764.10

Share price at the NSE close on 23 Oct 2026. Previous close ₹775.00.

52-week range of traded prices to 23 Oct 2026
₹705.80Low, 7 Nov 2025₹889.10High, 30 Jul 2026
Market cap
₹99,661 Cr110th largest listed
P/E
52.8
P/B
23.7
Dividend yield
0.52%
ROE
46.1%
ROCE
47.0%
Debt to equity
0.08
Volume, NSE
17,71,16757.9% delivered

Marico 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

  • ChairpersonHarsh Charandas MariwalaRelated to the promoter
  • Managing director and CEOSaugata Gupta
  • Company Secretary and Compliance OfficerVinay M A

13 directors8 independent1 executive4 non-executive

  • Harsh Charandas Mariwala · ChairpersonNon-executive · joined Oct 1988 · reappointed Aug 2025 · 3 listed boards · 1 as independent · 1 committee seat
  • Saugata Gupta · Managing director and CEOExecutive · joined Apr 2014 · reappointed Apr 2026 · 2 listed boards · 1 as independent · 2 committee seats
  • Rajendra K. MariwalaNon-executive · joined Apr 2005 · reappointed Aug 2024 · 6 listed boards · 4 as independent · 3 committee seats
  • Rishabh Harsh MariwalaNon-executive · joined May 2017 · reappointed Aug 2023 · 2 listed boards
  • Nikhil Nirvan KhattauNon-executive · joined Jul 2001 · reappointed Apr 2024 · 3 listed boards · 1 as independent · 4 committee seats, 1 as chair
  • Ananth SankaranarayananIndependent · joined Jun 2017 · reappointed Jun 2022 · 108 months as independent · 2 listed boards · 2 as independent · 2 committee seats
  • Milind Gajanan BarveIndependent · joined Aug 2021 · reappointed Aug 2021 · 58 months as independent · 1 listed board · 1 as independent · 3 committee seats, 3 as chair
  • Rajeev VasudevaIndependent · joined Nov 2021 · reappointed Nov 2021 · 56 months as independent · 2 listed boards · 2 as independent · 2 committee seats, 1 as chair
  • Apurva PurohitIndependent · joined Apr 2022 · reappointed Apr 2022 · 50 months as independent · 5 listed boards · 5 as independent · 3 committee seats
  • Nayantara BaliIndependent · joined Apr 2022 · reappointed Apr 2022 · 50 months as independent · 2 listed boards · 2 as independent · 2 committee seats
  • Rajan Bharti MittalIndependent · joined Jul 2023 · reappointed Jul 2023 · 36 months as independent · 5 listed boards · 2 as independent · 5 committee seats, 3 as chair
  • Bhaskar BhatIndependent · joined Oct 2025 · reappointed Oct 2025 · 9 months as independent · 3 listed boards · 3 as independent · 4 committee seats, 1 as chair
  • Girish Srikrishna ParanjpeIndependent · joined Jun 2026 · reappointed Jun 2026 · 1 month as independent · 4 listed boards · 4 as independent · 4 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.

Committees and meetings

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

  • Board

    • 5 May 202611 of 12 present6 independent · 97 days in between
    • 27 Jan 202612 of 12 present7 independent

  • Audit Committee

    Chair Milind Gajanan Barve

    Apurva Purohit, Ananth Sankaranarayanan, Nayantara Bali

    • 5 May 20263 of 4 present3 independent · 20 days in between
    • 14 Apr 20264 of 4 present4 independent · 76 days in between
    • 27 Jan 20264 of 4 present4 independent · 14 days in between
    • 12 Jan 20264 of 4 present4 independent

  • Nomination and remuneration committee

    Chair Rajeev Vasudeva

    Apurva Purohit, Rajan Bharti Mittal, Bhaskar Bhat

    • 5 May 20264 of 4 present4 independent · 10 days in between
    • 24 Apr 20264 of 4 present4 independent · 86 days in between
    • 27 Jan 20263 of 4 present3 independent

  • Stakeholders Relationship Committee

    Chair Milind Gajanan Barve

    Rajendra K. Mariwala, Saugata Gupta

    No meeting listed in the filing.

  • Risk Management Committee

    Chair Milind Gajanan Barve

    Saugata Gupta, Pawan Agrawal

    No meeting listed in the filing.

  • Corporate Social Responsibility Committee

    Chair Ananth Sankaranarayanan

    Harsh Charandas Mariwala, Saugata Gupta, Milind Gajanan Barve, Nayantara Bali

    • 4 May 20264 of 5 present2 independent · 100 days in between
    • 23 Jan 20265 of 5 present3 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.

  • B S R & Co LLPPeer-review certificate valid to Jul 2028

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

Marico 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.Marico dividend history

Annual general meeting, 6 Aug 2026

3,00,666 shareholders on the register on 30 Jul 2026; present: 27 promoters and 49 others; votes counted by Mr. Makarand M. Joshi / M/s. Makarand M. Joshi & Co..The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements (Standalone & Consolidated) of the Company for the financial year ended March 31, 2026, together with the reports of the Board of Directors and Statutory Auditors thereon.MoreLess
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.10% · other public 0.01%

    Turnout: all 90.36% · promoters 100.00% · institutions 85.99% · other public 2.41%

  2. To declare a Final Dividend of Rs. 4 per equity share of Re. 1 each for the financial year ended March 31, 2026.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 90.57% · promoters 100.00% · institutions 86.58% · other public 2.41%

  3. To appoint a Director in place of Mr. Rishabh Mariwala (DIN: 03072284), who retires by rotation and being eligible, offers himself for re-appointment.
    OrdinaryPromoters have an interest in it
    98.36% for1.64% against

    Against: promoters 0.00% · institutions 4.71% · other public 0.10%

    Turnout: all 90.57% · promoters 100.00% · institutions 86.58% · other public 2.41%

  4. Ratify the remuneration payable to M/s. Ashwin Solanki & Associates, Cost Accountants (Firm Registration No. 100392), Cost Auditors of the Company for the financial year ending March 31, 2027
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 90.57% · promoters 100.00% · institutions 86.58% · other public 2.41%

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

Postal ballot, 13 Jun 2026, 1 resolution

2,97,685 shareholders on the register on 8 May 2026; votes counted by Mr. Makarand M. Joshi / M/s. Makarand M. Joshi & Co.The company's voting result (opens in a new tab)

  1. Appointment of Mr. Girish Paranjpe (DIN: 02172725) as an Independent Director of the Company
    Special
    98.86% for1.14% against

    Against: promoters 0.00% · institutions 3.27% · other public 1.35%

    Turnout: all 90.38% · promoters 100.00% · institutions 86.18% · other public 2.62%

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 Sep 2025, 1 resolution

2,96,399 shareholders on the register on 14 Aug 2025; votes counted by Mr. Makarand M. Joshi / M/s. Makarand M. Joshi & Co.The company's voting result (opens in a new tab)

  1. Appointment of Mr. Bhaskar Bhat (DIN: 00148778) as an Independent Director of the Company
    Special
    99.88% for0.12% against

    Against: promoters 0.00% · institutions 0.33% · other public 5.40%

    Turnout: all 91.64% · promoters 100.00% · institutions 90.27% · other public 0.69%

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, 8 Aug 2025, 8 resolutions

2,96,275 shareholders on the register on 1 Aug 2025; present: 27 promoters and 45 others; votes counted by Mr. Makarand M. Joshi / M/s. Makarand M. Joshi & Co.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements (Standalone & Consolidated) of the Company for the financial year ended March 31, 2025, together with the reports of the Board of Directors and Statutory Auditors thereon.MoreLess
    Ordinary
    99.93% for0.07% against

    Against: promoters 0.00% · institutions 0.19% · other public 0.06%

    Turnout: all 90.94% · promoters 100.00% · institutions 88.05% · other public 2.12%

  2. To confirm the Interim Dividend of Rs. 3.50 per equity share of Rs. 1 each paid during the year and to declare Final Dividend of Rs. 7 per equity share of Rs. 1 each for the financial year ended March 31, 2025.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 91.78% · promoters 100.00% · institutions 90.39% · other public 2.12%

  3. To appoint a Director in place of Mr. Harsh Mariwala (DIN: 00210342), who retires by rotation and being eligible, offers himself for re-appointment
    OrdinaryPromoters have an interest in it
    98.45% for1.55% against

    Against: promoters 0.00% · institutions 4.36% · other public 0.27%

    Turnout: all 91.55% · promoters 100.00% · institutions 89.76% · other public 2.12%

  4. Ratify the remuneration payable to M/s. Ashwin Solanki & Associates, Cost Accountants (Firm Registration No. 100392), Cost Auditors of the Company for the financial year ending March 31, 2026
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.26%

    Turnout: all 91.75% · promoters 100.00% · institutions 90.30% · other public 2.12%

  5. Appointment of Dr. K. R. Chandratre, Practising Company Secretary (FCS No. 1370, CP No. 5144), as the Secretarial Auditor of the Company for a term of five consecutive years
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 91.73% · promoters 100.00% · institutions 90.25% · other public 2.12%

  6. Continuation of Directorship of Mr. Harsh Mariwala (DIN: 00210342), Non-Executive Director, in terms of Regulation 17(1A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015MoreLess
    SpecialPromoters have an interest in it
    99.41% for0.59% against

    Against: promoters 0.00% · institutions 1.66% · other public 0.30%

    Turnout: all 91.56% · promoters 100.00% · institutions 89.78% · other public 2.12%

  7. Re-appointment of Mr. Saugata Gupta (DIN: 05251806) as the Managing Director & Chief Executive Officer of the Company
    Ordinary
    98.85% for1.15% against

    Against: promoters 0.00% · institutions 3.23% · other public 1.20%

    Turnout: all 91.69% · promoters 100.00% · institutions 90.33% · other public 0.61%

  8. Enhancement of Limits under Section 186 of the Companies Act, 2013
    Special
    78.33% for21.67% against

    Against: promoters 0.00% · institutions 60.79% · other public 1.43%

    Turnout: all 91.75% · promoters 100.00% · institutions 90.30% · other public 2.12%

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, 15 Jun 2025, 2 resolutions

2,98,082 shareholders on the register on 9 May 2025; votes counted by Mr. Makarand M. Joshi / M/s. Makarand M. Joshi & Co.The company's voting result (opens in a new tab)

  1. Amendments to the ‘Marico Employee Stock Option Plan, 2016'
    Special
    92.96% for7.04% against

    Against: promoters 0.00% · institutions 19.53% · other public 2.02%

    Turnout: all 92.44% · promoters 100.00% · institutions 91.77% · other public 2.53%

  2. Provision of money by the Company for purchase of its own shares by the WEOMA Trust for the benefit of Eligible Employees under the Plan.
    Special
    92.96% for7.04% against

    Against: promoters 0.00% · institutions 19.53% · other public 2.01%

    Turnout: all 92.44% · promoters 100.00% · institutions 91.77% · other public 2.54%

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, 9 Aug 2024, 5 resolutions

Present: 25 promoters and 44 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements (Standalone & Consolidated) of the Company for the financial year ended March 31, 2024, together with the reports of the Board of Directors and Statutory Auditors thereonMoreLess
    Ordinary
    99.95% for0.05% against

    Against: promoters 0.00% · institutions 0.15% · other public 1.31%

    Turnout: all 91.37% · promoters 100.00% · institutions 89.03% · other public 1.26%

  2. To confirm the Interim Dividend aggregating to ¿ 9.50 per equity share of ¿ 1 each, paid during the financial year ended March 31, 2024
    Ordinary
    99.77% for0.23% against

    Against: promoters 0.00% · institutions 0.67% · other public 0.02%

    Turnout: all 91.46% · promoters 100.00% · institutions 89.27% · other public 1.26%

  3. To appoint a Director in place of Mr. Rajendra Mariwala (DIN: 00007246), who retires by rotation and being eligible, offers himself for re-appointment
    OrdinaryPromoters have an interest in it
    99.69% for0.31% against

    Against: promoters 0.00% · institutions 0.89% · other public 1.61%

    Turnout: all 91.46% · promoters 100.00% · institutions 89.27% · other public 1.26%

  4. To ratify the remuneration payable to M/s. Ashwin Solanki & Associates, Cost Accountants (Firm Registration No. 100392), Cost Auditors of the Company for the financial year ending March 31, 2025
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.69%

    Turnout: all 91.45% · promoters 100.00% · institutions 89.24% · other public 1.26%

  5. Amendments to the Marico Employee Stock Option Plan, 2016
    Special
    96.77% for3.23% against

    Against: promoters 0.00% · institutions 10.17% · other public 1.83%

    Turnout: all 86.93% · promoters 100.00% · institutions 76.69% · other public 1.26%

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, 7 Apr 2024, 1 resolution

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

  1. Appointment of Mr. Nikhil Khattau (DIN: 00017880) as a Non-Independent Non-Executive Director of the Company
    Ordinary
    98.91% for1.09% against

    Against: promoters 0.00% · institutions 3.13% · other public 2.78%

    Turnout: all 90.96% · promoters 100.00% · institutions 88.18% · other public 1.91%

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.

Annual general meeting, 11 Aug 2023, 6 resolutions

Present: 26 promoters and 57 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements (Standalone & Consolidated) of the Company for the financial year ended March 31, 2023, together with the reports of the Board of Directors and Statutory Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 89.76% · promoters 100.00% · institutions 84.96% · other public 1.97%

  2. To confirm the Interim Dividend aggregating to Rs. 4.50 per equity share of Re. 1 each, paid during the financial year ended March 31, 2023.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 89.81% · promoters 100.00% · institutions 85.09% · other public 1.97%

  3. To appoint a Director in place of Mr. Rishabh Mariwala (DIN: 03072284), who retires by rotation and being eligible, offers himself for re-appointment.
    OrdinaryPromoters have an interest in it
    95.64% for4.36% against

    Against: promoters 0.00% · institutions 12.92% · other public 0.28%

    Turnout: all 89.80% · promoters 100.00% · institutions 85.07% · other public 1.97%

  4. To ratify the remuneration payable to M/s. Ashwin Solanki & Associates, Cost Accountants (Firm Registration No. 100392), the Cost Auditors of the Company for the financial year ending March 31, 2024.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 89.76% · promoters 100.00% · institutions 84.96% · other public 1.97%

  5. Re-appointment of Mr. Saugata Gupta (DIN: 05251806) as the Managing Director & Chief Executive Officer of the Company.
    Ordinary
    98.14% for1.86% against

    Against: promoters 0.00% · institutions 5.53% · other public 3.83%

    Turnout: all 89.61% · promoters 100.00% · institutions 84.74% · other public 0.51%

  6. Appointment of Mr. Rajan Bharti Mittal (DIN:00028016) as an Independent Director of the Company
    Special
    99.93% for0.07% against

    Against: promoters 0.00% · institutions 0.22% · other public 0.96%

    Turnout: all 89.80% · promoters 100.00% · institutions 85.07% · other public 1.97%

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 6 Aug 2026, 18 fund houses so far (houses' deadline to file 15 Oct 2026)

  • To receive, consider and adopt the Audited Financial Statements (Standalone & Consolidated) of the Company for the financial year ended March 31, 2026, together with the reports of the Board of Directors and Statutory Auditors thereon.MoreLess
    18 for0 against
  • To declare a Final Dividend of Rs. 4 per equity share of Re. 1 each for the financial year ended March 31, 2026.
    18 for0 against
  • To appoint a Director in place of Mr. Rishabh Mariwala (DIN: 03072284), who retires by rotation and being eligible, offers himself for re-appointment.
    18 for0 against
  • Ratify the remuneration payable to M/s. Ashwin Solanki & Associates, Cost Accountants (Firm Registration No. 100392), Cost Auditors of the Company for the financial year ending March 31, 2027
    18 for0 against

Mutual fund votes, meeting of 13 Jun 2026, 41 fund houses

  • Appointment of Mr. Girish Paranjpe (DIN: 02172725) as an Independent Director of the Company
    41 for0 against
6 earlier meetings

Mutual fund votes, meeting of 22 Sep 2025, 37 fund houses

  • Appointment of Mr. Bhaskar Bhat (DIN: 00148778) as an Independent Director of the Company
    37 for0 against

Mutual fund votes, meeting of 8 Aug 2025, 35 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 Financial Statements (Standalone & Consolidated) of the Company for the financial year ended March 31, 2025, together with the reports of the Board of Directors and Statutory Auditors thereon.MoreLess
    34 for0 against
  • To confirm the Interim Dividend of Rs. 3.50 per equity share of Rs. 1 each paid during the year and to declare Final Dividend of Rs. 7 per equity share of Rs. 1 each for the financial year ended March 31, 2025.MoreLess
    34 for0 against
  • To appoint a Director in place of Mr. Harsh Mariwala (DIN: 00210342), who retires by rotation and being eligible, offers himself for re-appointment
    35 for0 against
  • Ratify the remuneration payable to M/s. Ashwin Solanki & Associates, Cost Accountants (Firm Registration No. 100392), Cost Auditors of the Company for the financial year ending March 31, 2026
    34 for0 against
  • Appointment of Dr. K. R. Chandratre, Practising Company Secretary (FCS No. 1370, CP No. 5144), as the Secretarial Auditor of the Company for a term of five consecutive years
    34 for0 against
  • Continuation of Directorship of Mr. Harsh Mariwala (DIN: 00210342), Non-Executive Director, in terms of Regulation 17(1A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015MoreLess
    34 for0 against
  • Re-appointment of Mr. Saugata Gupta (DIN: 05251806) as the Managing Director & Chief Executive Officer of the Company
    Against Axis Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Unifi Mutual Fund
    • Axis Mutual Fund, Unifi Mutual FundSaugata Gupta, 57, is Managing Director and CEO, Marico Ltd. Saugata Gupta’s FY25 remuneration (including fair value of stock options and RSUs granted) aggregated to Rs. 381.5 mn out of which variable pay (stock options and performance incentive but excluding RSUs) was low at 48.7% of total pay. While we support the reappointment, we do not support the resolution. The company has not disclosed the quantum of stock options and RSUs that may be granted during his proposed term. In FY25, he received 36.5% of the stock options granted and 45.7% of the RSUs granted. This demonstrates a skew in grants to the Managing Director. We are unable to determine a trajectory since the number of stock options and RSUs granted has increased significantly over the past five years. In absence of clarity, we are unable to estimate the remuneration. In the past the remuneration (including fair value of stock options) has not been aligned with the company’s performance. Further, the company must cap the remuneration in absolute terms and disclose performance metrics that will determine variable pay. We do not support the resolution.
    • Invesco Mutual FundSaugata Gupta, 57, is Managing Director and CEO, Marico Ltd. Saugata Gupta’s FY25 remuneration (including fair value of stock options and RSUs granted) aggregated to Rs. 381.5 mn out of which variable pay (stock options and performance incentive but excluding RSUs) was low at 48.7% of total pay. While we support the reappointment, we do not support the resolution. The company has not disclosed the quantum of stock options and RSUs that may be granted during his proposed term. In FY25, he received 36.5% of the stock options granted and 45.7% of the RSUs granted. This demonstrates a skew in grants to the Managing Director. We are unable to determine a trajectory since the number of stock options and RSUs granted has increased significantly over the past five years. In absence of clarity, we are unable to estimate the remuneration. In the past the remuneration (including fair value of stock options) has not been aligned with the company’s performance. Further, the company must cap the remuneration in absolute terms and disclose performance metrics that will determine variable pay. We do not support the resolution
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    30 for4 against
  • Enhancement of Limits under Section 186 of the Companies Act, 2013
    Against Franklin Templeton Mutual Fund, HSBC Mutual Fund
    • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted due to lack of information.
    • HSBC Mutual FundA vote AGAINST this resolution is warranted due to lack of information
    5 for2 against
9 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 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
    Against Taurus Mutual Fund
    • Taurus Mutual FundSaugata Gupta, 57, is Managing Director and CEO, Marico Ltd. Saugata Gupta’s FY25 remuneration (including fair value of stock options and RSUs granted) aggregated to Rs. 381.5 mn out of which variable pay (stock options and performance incentive but excluding RSUs) was low at 48.7% of total pay. While we support the reappointment, we do not support the resolution. The company has not disclosed the quantum of stock options and RSUs that may be granted during his proposed term. In FY25, he received 36.5% of the stock options granted and 45.7% of the RSUs granted. This demonstrates a skew in grants to the Managing Director. We are unable to determine a trajectory since the number of stock options and RSUs granted has increased significantly over the past five years. In absence of clarity, we are unable to estimate the remuneration. In the past the remuneration (including fair value of stock options) has not been aligned with the company’s performance. Further, the company must cap the remuneration in absolute terms and disclose performance metrics that will determine variable pay. We do not support the resolution.
    0 for1 against
  • Item 8, as a fund house numbered it
    1 for0 against
  • 8. To grant loans and advances or provide guarantees or securities in connection with a loan or make investments by way of subscription, purchase or otherwise, in securities of any other body corporate or person such that the aggregate of the loans and investments so far made, the amounts for which guarantees or security(ies) so far provided in connection with a loan to any other body corporate or person, along with the investment, loan, guarantee or security proposed to be made or given by the Company exceeds the limits prescribed under Section 186 of the Act, viz. 60% of the Company’s paid-up share capital, free reserves and securities premium account or 100% of the Company’s free reserves and securities premium account, whichever is more, in one or more tranches, as the Board may think fit, provided that the aggregate amount of such loans or investments made, guarantees given and securities provided shall not at any time exceed Rs. 10,000 crores.MoreLess
    Against quant Mutual Fund
    • quant Mutual FundRelated to the enhancement of limits under Section 186 of the Companies Act, 2013. Compliant with the law. Governance & transparency concern: Omnibus approval and inadequate disclosures w.r.t specific plan for utilization of said limit, the recipient of the proposed loans/ investments, etc.
    0 for1 against
  • To grant loans and advances or provide guarantees or securities in connection with a loan or make investments by way of subscription, purchase or otherwise, in securities of any other body corporate or person such that the aggregate of the loans and investments so far made, the amounts for which guarantees or security(ies) so far provided in connection with a loan to any other body corporate or person, along with the investment, loan, guarantee or security proposed to be made or given by the Company exceeds the limits prescribed under Section 186 of the Act, viz. 60% of the Company’s paid-up share capital, free reserves and securities premium account or 100% of the Company’s free reserves and securities premium account, whichever is more, in one or more tranches, as the Board may think fit, provided that the aggregate amount of such loans or investments made, guarantees given and securities provided shall not at any time exceed Rs. 10,000 crores.MoreLess
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund
    • Angel One Mutual FundGovernance & Transparency Concern: Omnibus approval and Inadequate disclosures with regards to specific plan for utilization of said limit, the recipient of the proposed loans/ investments, etc.
    • Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with the law. Governance & Transparency Concern: Omnibus approval and Inadequate disclosures w.r.t specific plan for utilization of said limit, the recipient of the proposed loans/ investments, etc.
    19 for7 against

Mutual fund votes, meeting of 15 Jun 2025, 37 fund houses

  • Amendments to the ‘Marico Employee Stock Option Plan, 2016'
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund
    • Angel One Mutual FundTransparency concern: Inadequate disclosure related to an Exercise Price under ESOP 2016; No separate approval for grant of RSUs under ESOP 2016.
    • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Transparency concern: Inadequate disclosure related to an Exercise Price under ESOP 2016; No separate approval for grant of RSUs under ESOP 2016
    • quant Mutual FundRelated to Marico Employee Stock Option Plan, 2016. Compliant with the law. Transparency concern: Inadequate disclosure related to an Exercise Price under ESOP 2016; no separate approval for grant of RSUs under ESOP 2016. There is no information about the extent of contributions of ESOPs and RSUs in the scheme. Hence, we are voting against the resolutions.
    30 for7 against
  • Provision of money by the Company for purchase of its own shares by the WEOMA Trust for the benefit of Eligible Employees under the Plan.
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund
    • Angel One Mutual FundTransparency concern: Inadequate disclosure related to an Exercise Price under ESOP 2016; No separate approval for grant of RSUs under ESOP 2016.
    • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundInter-linked with the resolution #1.
    • quant Mutual FundRelated to Marico Employee Stock Option Plan, 2016. Compliant with the law. Transparency concern: Inadequate disclosure related to an Exercise Price under ESOP 2016; no separate approval for grant of RSUs under ESOP 2016. There is no information about the extent of contributions of ESOPs and RSUs in the scheme. Hence, we are voting against the resolutions.
    30 for7 against

Mutual fund votes, meeting of 9 Aug 2024, 28 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 Financial Statements (Standalone & Consolidated) of the Company for the financial year ended March 31, 2024, together with the reports of the Board of Directors and Statutory Auditors thereonMoreLess
    26 for0 against
  • To confirm the Interim Dividend aggregating to ¿ 9.50 per equity share of ¿ 1 each, paid during the financial year ended March 31, 2024
    26 for0 against
  • To appoint a Director in place of Mr. Rajendra Mariwala (DIN: 00007246), who retires by rotation and being eligible, offers himself for re-appointment
    26 for0 against
  • To ratify the remuneration payable to M/s. Ashwin Solanki & Associates, Cost Accountants (Firm Registration No. 100392), Cost Auditors of the Company for the financial year ending March 31, 2025
    26 for0 against
  • Amendments to the Marico Employee Stock Option Plan, 2016
    26 for0 against
6 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
  • 1. To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2024, together with the reports of the Board of Directors and Statutory Auditors thereon. 2. To confirm the Interim Dividend aggregating to Rs. 9.50 per equity share of Rs. 1 each, paid during the financial year ended March 31, 2024. 3. To appoint a Director in place of Mr. Rajendra Mariwala (DIN: 00007246), who retires by rotation and being eligible, offers himself for re-appointment. 4. To ratify the remuneration payable to M/s. Ashwin Solanki and Associates, Cost Accountants (Firm Registration No. 100392), Cost Auditors of the Company for the financial year ending March 31, 2025 5. Amendments to the Marico Employee Stock Option Plan, 2016MoreLess
    1 for0 against

Mutual fund votes, meeting of 7 Apr 2024, 27 fund houses

  • Appointment of Mr. Nikhil Khattau (DIN: 00017880) as a Non-Independent Non-Executive Director of the Company
    Against Bandhan Mutual Fund, Groww Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual Fund
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundAppointment is compliant with law. Governance concern: No cooling off period has been served before appointment as NE-NID post completion of 2 terms as ID.
    • JM Financial Mutual FundAppointment is compliant with law. Governance concern: No cooling off period has been served before appointment as Non-Executive Non-Independent Director post completion of 2 terms as Independent Director.
    • Zerodha Mutual FundCooling off period has not been served by the concerned person before the transition.
    21 for6 against

Mutual fund votes, meeting of 11 Aug 2023, 21 fund houses

  • To receive, consider and adopt the Audited Financial Statements (Standalone & Consolidated) of the Company for the financial year ended March 31, 2023, together with the reports of the Board of Directors and Statutory Auditors thereon.MoreLess
    21 for0 against
  • To confirm the Interim Dividend aggregating to Rs. 4.50 per equity share of Re. 1 each, paid during the financial year ended March 31, 2023.
    21 for0 against
  • To appoint a Director in place of Mr. Rishabh Mariwala (DIN: 03072284), who retires by rotation and being eligible, offers himself for re-appointment.
    21 for0 against
  • To ratify the remuneration payable to M/s. Ashwin Solanki & Associates, Cost Accountants (Firm Registration No. 100392), the Cost Auditors of the Company for the financial year ending March 31, 2024.
    21 for0 against
  • Re-appointment of Mr. Saugata Gupta (DIN: 05251806) as the Managing Director & Chief Executive Officer of the Company.
    Against Edelweiss Mutual Fund, Sundaram Mutual Fund
    • Edelweiss Mutual Fund2 year terms is too short for MD and CEO and clarity on remuneration is lacking
    • Sundaram Mutual FundSaugata Gupta, 55, is Managing Director and CEO, Marico Ltd. He has more than thirty-two years of experience. Saugata Gupta’s FY23 remuneration (including fair value of stock options and RSUs granted) aggregated to Rs. 274.4 mn. While we support his reappointment, we do not support the resolution because his FY24 remuneration estimated at Rs 337.7 mn (considering fair value of stock options of the same quantum of options as last year) is high in comparison to peers and size and scale of the business. Further, his remuneration has not been aligned with the company’s performance.
    19 for2 against
  • Appointment of Mr. Rajan Bharti Mittal (DIN:00028016) as an Independent Director of the Company
    21 for0 against

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

Fines, tax disputes and stakes in unlisted companies

Reported in the filing for the quarter to Jun 2026.

  • Unlisted stake boughtSkinetiq Joint Stock CompanySince 2 Apr 2026

    75.00% bought in the quarter; holding 75.00%, from 0.00%

  • Fine or penaltyJudicial Magistrate (First Class), 39th Court, Vile Parle, Mumbai, MaharashtraSince 25 May 2026

    Imposition of penalty of Rs.5,000 under Section 471 of The Mumbai Municipal Corporation Act, 1888

    The said penalty has been imposed on account of contravention of Section 394 and the corresponding penalty under Section 471 of The Mumbai Municipal Corporation Act, 1888
  • Fine or penaltyThe Office of the Adjudicating Officer, Food & Drug Administration, Thane, MaharashtraSince 27 May 2026

    Application No. 36/2020 with respect to Saffola Fittify Gourmet Hi Protein Meal Soup - Mexican Sweet Corn -Imposition of penalty of Rs.30,000 under Section 52 and Rs.60,000 under Section 53 of The Food Safety and Standards Act, 2006

    The said penalty has been imposed on account of contravention of Section 26(2) (ii) read with Section 3(1) (zf) read with Schedule I Nutritional Claims of Advertisement and Claims Regulation, 2018 read with Section 66 punishable under Section 52 and Section 53 of The Food Safety and Standards Act, 2006MoreLess
  • Fine or penaltyThe Office of the Adjudicating Officer, Food & Drug Administration, Thane, MaharashtraSince 27 May 2026

    Application No. 37/2020 with respect to Saffola Hi Protein Meal Soup - Italian Mix Veg - Imposition of penalty of Rs.30,000 under Section 52 and Rs.60,000 under Section 53 of The Food Safety and Standards Act, 2006

    The said penalty has been imposed on account of contravention of Section 26(2) (ii) read with Section 3(1) (zf) read with Schedule I Nutritional Claims of Advertisement and Claims Regulation, 2018 read with Section 66 punishable under Section 52 and Section 53 of The Food Safety and Standards Act, 2006MoreLess
  • Fine or penaltyThe Office of the Adjudicating Officer, Food & Drug Administration, Thane, MaharashtraSince 27 May 2026

    Application No. 38/2020 with respect to Hi Protein Meal Soup - Spanish Tomato - Saffola -Imposition of penalty of Rs.30,000 under Section 52 and Rs.60,000 under Section 53 of The Food Safety and Standards Act, 2006.

    The said penalty has been imposed on account of contravention of Section 26(2) (ii) read with Section 3(1) (zf) read with Schedule I Nutritional Claims of Advertisement and Claims Regulation, 2018 read with Section 66 punishable under Section 52 and Section 53 of The Food Safety and Standards Act, 2006MoreLess
  • Tax disputeAssistant Commissioner of Income-tax- Circle 12(3)(2), MumbaiSince 29 Jan 2020
    The case is pending for disposal with Commissioner of Income Tax (Appeals).
    At the filing before: For Assessment Year (AY) 2016-17, the Income-tax return filed by the Company was selected for tax assessment by the Income-tax department. The Assistant Commissioner of Income-tax- Circle 12(3)(2), Mumbai, completed the assessment and passed an assessment order under Section 143 of the Income-tax Act, 1961. Aggrieved with the order, the Company challenged the same before the Commissioner of Income-tax (Appeal) by preferring an appeal. The litigation is with regard to various transfer pricing adjustments made, disallowances of deductions/expenses claimed, etc. As of now, the case is pending disposal.MoreLess
  • Tax disputeTax Authority at the National Faceless Assessment Centre, Income-tax department, New DelhiSince 25 Nov 2021
    The case is pending for disposal with Commissioner of Income Tax (Appeals).
    At the filing before: For the Assessment Year (AY) 2017-18, the Income-tax return filed by the Company was selected for tax assessment by the Income-tax department. The Tax authority at the National Faceless Assessment Centre, Income-tax department, New Delhi, completed the assessment and passed an assessment order under Section 143 of the Income-tax Act, 1961. Aggrieved with the order, the Company challenged the matter before the Commissioner of Income-tax (Appeal) by preferring an appeal. The litigation is with regard to various transfer pricing adjustments made, disallowances of deductions/expenses claimed, etc. As of now, the case is pending disposal.MoreLess
  • Tax disputeTax Authority at the National Faceless Assessment Centre, Income-tax department, New DelhiSince 29 Jul 2024
    The case is pending for disposal with Income Tax Appellate Tribunal.
    At the filing before: The Company has received an assessment order pertaining to Income Tax demand of Rs. 142.07 Crores on account of various transfer pricing adjustments made, disallowances of deductions/expenses claimed, etc. The Company will file a rectification application with the Income Tax Department seeking correction of certain errors in the said order, consequent to which the demand amount should stand substantially reduced. The Company will also pursue an appeal against the order under the applicable laws. The above matter is in the normal course of business and the Company expects a favourable outcome considering the factual and legal grounds pertaining to the matter. Further, it is not likely to have a material impact on financials or operations of 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

None open at any quarter's end.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
No
The filing has a part on fines and penalties
Yes
The filing has a part on tax disputes
Yes
There was a cyber security incident in the quarter
No

The company's own answers in its filing.