Rane (Madras) logo

Rane (Madras) MD, chairman, board of directors and AGM

NSE: RMLBSE: 532661Auto ComponentsSmall Cap

Last close ₹1,166.00down ₹32.80 (2.74%)BSE ₹1,163.05

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,198.80.

52-week range of traded prices to 23 Oct 2026
₹608.50Low, 30 Mar 2026₹1,440.00High, 10 Sep 2026
Market cap
₹3,222 Cr1,104th largest listed
P/E
27.1
P/B
4.3
Dividend yield
1.37%
ROE
16.8%
ROCE
14.5%
Debt to equity
0.84
Volume, NSE
29,50641.7% delivered

Rane (Madras) 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

  • Chairperson and managing directorHARISH LAKSHMANRelated to the promoter
  • Company SecretaryVenkatraman

6 directors4 independent1 executive1 non-executive

  • HARISH LAKSHMAN · Chairperson and managing directorExecutive · joined Mar 2004 · reappointed Aug 2025 · 5 listed boards · 3 as independent · 3 committee seats, 1 as chair
  • GANESH LAKSHMINARAYANNon-executive · joined Mar 2004 · reappointed Jul 2024 · 3 listed boards · 1 as independent · 5 committee seats, 2 as chair
  • PRADIP KUMAR BISHNOIIndependent · joined Oct 2016 · reappointed Jul 2021 · 116 months as independent · 4 listed boards · 4 as independent · 7 committee seats, 1 as chair
  • RAMESH RAJAN NATARAJANIndependent · joined May 2021 · reappointed May 2026 · 61 months as independent · 3 listed boards · 3 as independent · 4 committee seats, 3 as chair
  • VASUDHA SUNDARARAMANIndependent · joined Jun 2022 · reappointed Jun 2022 · 48 months as independent · 2 listed boards · 2 as independent · 2 committee seats
  • VIKRAM TARANATH HOSANGADYIndependent · joined Mar 2023 · reappointed May 2025 · 13 months as independent · 5 listed boards · 5 as independent · 5 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

    • 30 Jun 20266 of 6 present4 independent · 54 days in between
    • 6 May 20266 of 6 present4 independent · 46 days in between
    • 20 Mar 20266 of 6 present4 independent · 43 days in between
    • 4 Feb 20266 of 6 present4 independent

  • Audit Committee

    Chair RAMESH RAJAN NATARAJAN

    PRADIP KUMAR BISHNOI, GANESH LAKSHMINARAYAN, VASUDHA SUNDARARAMAN

    • 30 Jun 20264 of 4 present3 independent · 54 days in between
    • 6 May 20264 of 4 present3 independent · 90 days in between
    • 4 Feb 20264 of 4 present3 independent

  • Nomination and remuneration committee

    Chair RAMESH RAJAN NATARAJAN

    PRADIP KUMAR BISHNOI, GANESH LAKSHMINARAYAN

    • 30 Jun 20263 of 3 present2 independent · 54 days in between
    • 6 May 20263 of 3 present2 independent · 46 days in between
    • 20 Mar 20263 of 3 present2 independent · 43 days in between
    • 4 Feb 20263 of 3 present2 independent

  • Stakeholders Relationship Committee

    Chair GANESH LAKSHMINARAYAN

    RAMESH RAJAN NATARAJAN, PRADIP KUMAR BISHNOI

    • 6 May 20263 of 3 present1 independent

  • Risk Management Committee

    Chair HARISH LAKSHMAN

    GANESH LAKSHMINARAYAN, RAMESH RAJAN NATARAJAN

    • 20 Mar 20263 of 3 present1 independent

  • Corporate Social Responsibility Committee

    Chair HARISH LAKSHMAN

    GANESH LAKSHMINARAYAN, VASUDHA SUNDARARAMAN

    • 6 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.

  • 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.

Rane (Madras) 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.Rane (Madras) dividend history

Annual general meeting, 5 Aug 2026

29,128 shareholders on the register on 29 Jul 2026; present: 19 promoters and 47 others; votes counted by Balu Sridhar / A.K. Jain & Associates.The company's voting result (opens in a new tab)

  1. To consider and adopt the Audited Financial Statements of the Company for the year ended March 31, 2026, together with reports of the Board of Directors and the Auditor thereon
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 71.03% · promoters 99.68% · institutions 0.72% · other public 2.80%

  2. To declare dividend on equity shares
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 71.03% · promoters 99.68% · institutions 0.72% · other public 2.80%

  3. To appoint a Director in the place of Mr. Ganesh Lakshminarayan (DIN:00012583), who retires by rotation and being eligible, offers himself for re-appointment
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

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

    Turnout: all 71.03% · promoters 99.68% · institutions 0.72% · other public 2.80%

  4. To ratify remuneration of Cost Auditor for FY 2025-26
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 71.03% · promoters 99.68% · institutions 0.72% · other public 2.80%

  5. To re-appoint Mr. Ramesh Rajan Natarajan (DIN: 01628318) as an Independent Director for a second term
    Special
    100.00% for0.00% against

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

    Turnout: all 71.03% · promoters 99.68% · institutions 0.72% · other public 2.80%

  6. To appoint Mr. Ramkumar Lakshminarayanan (DIN: 00090089) as an Independent Director
    Special
    100.00% for0.00% against

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

    Turnout: all 71.03% · promoters 99.68% · institutions 0.72% · other public 2.80%

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

Postal ballot, 20 Mar 2026, 1 resolution

31,481 shareholders on the register on 13 Feb 2026; votes counted by Balu Sridhar / A.K. Jain & Associates.The company's voting result (opens in a new tab)

  1. To approve payment of commission to Non-Executive Directors and Independent Directors
    Special
    99.08% for0.92% against

    Against: promoters 0.00% · institutions 0.00% · other public 66.56%

    Turnout: all 72.19% · promoters 99.68% · institutions 89.70% · other public 3.52%

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

Annual general meeting, 5 Aug 2025, 7 resolutions

34,318 shareholders on the register on 29 Jul 2025; present: 18 promoters and 53 others; votes counted by Balu Sridhar / A.K. Jain & Associates.The company's voting result (opens in a new tab)

  1. To consider and adopt the Audited Financial Statements of the Company for the year ended March 31, 2025, together with reports of the Board of Directors and the Auditor thereon
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 71.10% · promoters 99.68% · institutions 0.00% · other public 3.06%

  2. To declare dividend on equity shares
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 71.10% · promoters 99.68% · institutions 0.00% · other public 3.06%

  3. To appoint a Director in the place of Mr. Harish Lakshman (DIN:00012602), who retires by rotation and being eligible, offers himself for re-appointment
    OrdinaryPromoters have an interest in it
    99.99% for0.01% against

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

    Turnout: all 71.10% · promoters 99.68% · institutions 0.00% · other public 3.06%

  4. To re-appoint M/s. B S R & Co. LLP, Chartered Accountants as Statutory Auditors of the Company
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 71.10% · promoters 99.68% · institutions 0.00% · other public 3.06%

  5. To appoint Mr. Vikram Taranath Hosangady (DIN: 09757469) as an Independent Director
    Special
    100.00% for0.00% against

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

    Turnout: all 71.10% · promoters 99.68% · institutions 0.00% · other public 3.06%

  6. To appoint M/s. B Chandra & Associates, Practising Company Secretary, as Secretarial Auditors of the Company
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 71.10% · promoters 99.68% · institutions 0.00% · other public 3.06%

  7. To ratify remuneration of Cost Auditor for FY 2024-25
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 71.10% · promoters 99.68% · institutions 0.00% · other public 3.06%

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, 29 May 2025, 1 resolution

36,229 shareholders on the register on 22 Apr 2025; votes counted by Balu Sridhar / A.K. Jain & Associates.The company's voting result (opens in a new tab)

  1. To sell, lease or otherwise dispose of surplus land / land parcel(s)
    SpecialPromoters have an interest in it
    99.83% for0.17% against

    Against: promoters 0.00% · institutions 0.46% · other public 3.15%

    Turnout: all 75.05% · promoters 99.68% · institutions 91.77% · other public 13.59%

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

Postal ballot, 14 Mar 2025, 2 resolutions

14,118 shareholders on the register on 24 Jan 2025; votes counted by Balu Sridhar / A.K. Jain & Associates.The company's voting result (opens in a new tab)

  1. Approval of appointment and remuneration of Mr. Harish Lakshman, Chairman as Managing Director
    SpecialPromoters have an interest in it
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.80%

    Turnout: all 72.86% · promoters 99.59% · institutions 3.20% · other public 1.87%

  2. Approval under Regulation 17(6)(e) of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 read with Section 197,198 and other applicable provisions of the Companies Act, 2013, the remuneration payable to Mr. Harish Lakshman.MoreLess
    SpecialPromoters have an interest in it
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.80%

    Turnout: all 72.86% · promoters 99.59% · institutions 3.20% · other public 1.87%

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 Dec 2024, 1 resolution

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

  1. Approval of payment of commission to Mr. Harish Lakshman (DIN: 00012602), Chairman and Non-Executive Director
    SpecialPromoters have an interest in it
    99.95% for0.05% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.65%

    Turnout: all 77.81% · promoters 99.59% · institutions 1.95% · other public 20.12%

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.

Meeting called by the tribunal, 21 Nov 2024, 1 resolution

Present: 0 promoters and 233 others.The company's voting result (opens in a new tab)

  1. Approve Scheme of Amalgamation of Rane Engine Valve Limited, Rane Brake Lining Limited with and into Rane (Madras) Limited and their respective shareholders
    Special
    100.00% for0.00% against

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

    Turnout: all 72.07% · promoters 0.00% · institutions 0.00% · other public 72.07%

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.

Meeting called by the tribunal, 20 Nov 2024, 2 resolutions

Present: 13 promoters and 41 others.The company's voting result (opens in a new tab)

  1. Approve Scheme of Amalgamation of Rane Engine Valve Limited, Rane Brake Lining Limited with and into Rane (Madras) Limited and their respective shareholders - Voting by all including promoter and promoter groupMoreLess
    SpecialPromoters have an interest in it
    99.99% for0.01% against

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

    Turnout: all 77.89% · promoters 99.64% · institutions 0.00% · other public 20.33%

  2. Approve Scheme of Amalgamation of Rane Engine Valve Limited, Rane Brake Lining Limited with and into Rane (Madras) Limited and their respective shareholders - Voting by public shareholders excluding promoter and promoter groupMoreLess
    Special
    99.89% for0.11% against

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

    Turnout: all 20.13% · promoters 0.00% · institutions 0.00% · other public 20.33%

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.

Fines and tax disputes

Reported in the filing for the quarter to Jun 2026.

  • Fine or penaltyJoint commissioner (Appeals - II), Central Tax PuneSince 8 Jun 2026

    Order in Appeal issued under section 73 of GST Act 2017

    FY 2020-21. Non-furnishing of documentary evidence for availing input tax credits
  • Tax disputeDeputy Commissioner of Income Tax, Large Tax Payer Unit, ChennaiSince 24 Dec 2010
    The Company has re-filed the submisison on the portal with National Faceless Assessment Centre, Commissioner of Income Tax (Appeals). Awaiting hearing.
    At the filing before: Company: Rane (Madras) Limited Period: AY 2008-09 Brief Description of the Dispute: Disallowance of commission paid, purchase of castings/forgings, Capital Gains under Sec. 54G, MTM loss and logistics services and support charges Current Status: Company has filed appeal before Commission of Income Tax (Appeals) Disputed amount: Rs.6.46 CroresMoreLess
  • Tax disputeDeputy Commissioner of Income Tax, Large Tax Payer Unit-2, ChennaiSince 28 Dec 2016
    No change in status. Appeal is pending.
    At the filing before: Company: Rane (Madras) Limited Period: AY 2014-15 Brief Description of the Dispute: Disallowance of deduction claimed under section 80-IC, additional depreciation, Marketing services, warehousing & logistic services, deduction u/s 352AB, depreciation on goodwill Current Status: Company has filed appeal before Commission of Income Tax (Appeals) Disputed amount: Rs.2.03 CroresMoreLess
  • Tax disputeAssistant Commissioner of Income Tax, Circle-2, Large Tax Payer Unit, ChennaiSince 6 Feb 2018
    No change in status. Appeal is pending.
    At the filing before: Company: Rane (Madras) Limited Period: AY 2016-17 Brief Description of the Dispute: Disallowance of deduction claimed under Marketing services, warehousing & logistic services, deduction u/s 352AB, depreciation on goodwill Current Status: Company has filed appeal before Commission of Income Tax (Appeals) Disputed amount: Rs.2.13 CroresMoreLess
  • Tax disputeAdditional / Joint / Deputy / Assistant Commissioner of Income Tax / Income-tax Officer, National e-Assessment Centre, DelhiSince 2 Jun 2021
    No change in status. Appeal is pending.
    At the filing before: Company: Rane (Madras) Limited Period: AY 2017-18 Brief Description of the Dispute: Disallowance of deduction claimed under Marketing services, warehousing & logistic services, corporate guarantee commission, depreciation on goodwill Current Status: Company has filed appeal before Commission of Income Tax (Appeals) Disputed amount: Rs.2.37 CroresMoreLess
  • Tax disputeAdditional / Joint / Deputy / Assistant Commissioner of Income Tax / Income-tax Officer, National e-Assessment Centre, DelhiSince 25 May 2023
    No change in status. Appeal is pending.
    At the filing before: Company: Rane (Madras) Limited Period: AY 2020-21 Brief Description of the Dispute: TP adjustment - corporate guarantee commission, deduction u/s 352AB, depreciation on goodwill Current Status: Appeal pending before Commission of Income Tax (Appeals) Disputed amount: Rs.2.64 CroresMoreLess
  • Tax disputeIncome Tax DepartmentSince 14 Jun 2023
    The Company has submitted responses along with necessary documents with Commissioner of Income Tax (Appeals) on June 22, 2026. Awaiting hearing.
    At the filing before: Company: erstwhile Rane Engine Valve Limited Period: AY 2015-16. Brief Description of the Dispute: Re-assessment order was passed adding Rs.7.27 Crs to Income due to incomplete documentary evidence. Current Status: National Faceless Appellate Center(NFAC) has sought additional documents. The Company is in process of submitting suitable reply. Disputed amount: Rs.0.64 Crores.MoreLess
  • Tax disputeIncome tax department (National Faceless Assessment Centre)Since 13 Jan 2023
    No change. Order awaited.
    At the filing before: Company: erstwhile Rane Brake Lining Limited Period: AY 2021-22 Brief Description of the Dispute: Classification of expenditure into revenue and capital, applicability of withholding tax on payments made to foreign entities. Current Status: Company has filed an appeal before National Faceless Appeal Centre (NFAC) Disputed amount: Rs.3.45 CroresMoreLess
5 more
  • Tax disputeAdditional Commissioner, Office of the Commissioner of GST & Central Excise, Chennai South Commissionerate, TamilnaduSince 20 Mar 2025
    No change. Order awaited.
    At the filing before: Company: erstwhile Rane Brake Lining Limited Period: 15.11.2017 to 30.06.2018 Brief Description of the Dispute: Alleging wrong classification of goods resulting in short payment of GST amounting to Rs.19.35 Crs for the period 15.11.2017 to 30.06.2018. The differential tax was paid subsequently on March 15, 2019 under protest. Writ petition filed in The Hon'ble Madras High court on March 20, 2025. Current Status: Hon'ble Madras High court granted stay on April 15, 2025 and asked department to file the response.MoreLess
  • Tax disputeAdditional Commissioner, Office of the Commissioner of Central Tax and Central Excise, Audit- I Commissionerate, ChennaiSince 30 Jun 2025
    No change. Awaiting Personal Hearing.
    At the filing before: Period: 2018-19 to 2023-24 Order received for excess / wrong availment of ITC, Short payment of Tax, ITC availed on blocked credit, other miscellaneous relating to Job work procedure, applicability of RCM etc. against Show Cause Notice of Rs.22.64 crores. Disputed amount: Rs.12.23 CroresMoreLess
  • Tax disputePrincipal Commissioner of CGST and Central Excise, Chennai NorthSince 30 Sep 2025
    No change. Awaiting Personal Hearing.
    At the filing before: Period: April 2021 – March 2022 Order received for an amount of Rs.0.39 crores towards non reversal of ITC on ineligible credits and short payment of tax against Show Cause notice towards Rs.2.39 croresMoreLess
  • Tax disputePrincipal Commissioner of Income Tax - 4, ChennaiSince 9 Jan 2026
    No change in status. Appeal is pending.
    At the filing before: Period: AY 2020-21. Brief Description of Dispute: The Company received Show Cause Notice (SCN) in connection with initiation of revisionary assessment proceedings for the . The SCN has proposed for considering the Trademark fee of Rs.5.12 crores paid to Rane Holdings Limited as capital expenditure and to disallow Defined Benefit Plan of Rs.2.49 crores claimed as deduction in the return of income. Disputed amount: Total value of disallowances proposed - Rs.7.61 crores having a tax impact of Rs.2.66 crores.MoreLess
  • Tax disputeAssessment Unit, National Faceless Assessment Centre, Income Tax DepartmentSince 20 Feb 2026
    The Company has filed the appeal before the Commissioner of Income Tax (Appeals), on April 25, 2026. Awaiting Hearing.
    At the filing before: Period: AY 2023-24. Brief Description of Dispute: Show Cause notice received towards disallowance of Rs.24.01 crores relating to treatment of gain arising from derivative assets and trademark fee expenditure. Further, the Company had also received a Transfer Pricing order under Section 92CA(3) of the Income Tax Act, 1961, whereby an upward adjustment of Rs.2.60 was proposed in connection with Stand By Letter of Credit (SBLC) Commission. Disputed amount: Rs.12.96 Crs with tax demand of Rs.3.12 Crores (excluding applicable penalty)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
Yes
The filing has a part on fines and penalties
Yes
The filing has a part on tax disputes
Yes
There was a cyber security incident in the quarter
No

The company's own answers in its filing.