Vikram Solar logo

Vikram Solar CEO, MD, chairman, board of directors and AGM

NSE: VIKRAMSOLRBSE: 544488Electrical EquipmentSmall Cap

Last close ₹127.98down ₹3.56 (2.71%)BSE ₹127.85

Share price at the NSE close on 23 Oct 2026. Previous close ₹131.54.

52-week range of traded prices to 23 Oct 2026
₹124.50Low, 23 Oct 2026₹348.80High, 23 Oct 2025
Market cap
₹4,637 Cr648th largest listed
P/E
13.0
P/B
1.5
Dividend yield
Nonein the last 12 months
ROE
11.3%
ROCE
18.6%
Debt to equity
0.03
Volume, NSE
33,52,27541.6% delivered

Vikram Solar 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 directorGyanesh ChaudharyRelated to the promoter
  • Chief executiveSameer Nagpal
  • Company Secretary and Compliance OfficerSudipta Bhowal

8 directors4 independent3 executive1 non-executive

  • Gyanesh Chaudhary · Chairperson and managing directorExecutive · joined Jul 2008 · reappointed Sep 2021 · 1 listed board · 1 committee seat
  • Krishna Kumar MaskaraExecutive · joined Jan 2009 · reappointed Mar 2024 · 1 listed board · 1 committee seat
  • Sameer Nagpal · Chief executiveExecutive · joined May 2026 · 1 listed board · 2 committee seats
  • Subramanya KrishanappaIndependent · joined Feb 2023 · 40 months as independent · 1 listed board · 1 as independent · 1 committee seat, 1 as chair
  • Ratnabali KakkarIndependent · joined Dec 2021 · 55 months as independent · 3 listed boards · 3 as independent · 2 committee seats
  • Sumit BinaniIndependent · joined Sep 2024 · 21 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
  • Joginder Pal DuaIndependent · joined Dec 2025 · 7 months as independent · 3 listed boards · 3 as independent · 6 committee seats
  • Suresh Gopinathan MenonNon-executive · joined Dec 2025 · 1 listed board

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
  • Neha Agrawal, left 7 May 2026: Others

Committees and meetings

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

  • Board

    • 7 May 20268 of 8 present4 independent · 47 days in between
    • 20 Mar 20268 of 8 present4 independent · 8 days in between
    • 11 Mar 20268 of 8 present4 independent · 49 days in between
    • 20 Jan 20268 of 8 present4 independent

  • Audit Committee

    Chair Subramanya Krishanappa

    Sumit Binani, Sameer Nagpal

    • 7 May 20263 of 3 present2 independent · 47 days in between
    • 20 Mar 20263 of 3 present2 independent · 58 days in between
    • 20 Jan 20263 of 3 present2 independent

  • Nomination and remuneration committee

    Chair Ratnabali Kakkar

    Subramanya Krishanappa, Joginder Pal Dua, Suresh Gopinathan Menon

    • 6 May 20264 of 4 present3 independent · 46 days in between
    • 20 Mar 20264 of 4 present3 independent · 58 days in between
    • 20 Jan 20264 of 4 present3 independent

  • Stakeholders Relationship Committee

    Chair Sumit Binani

    Gyanesh Chaudhary, Krishna Kumar Maskara, Suresh Gopinathan Menon, Sameer Nagpal

    No meeting listed in the filing.

  • Risk Management Committee

    Chair Gyanesh Chaudhary

    Krishna Kumar Maskara, Joginder Pal Dua, Suresh Gopinathan Menon, Sameer Nagpal

    • 11 Mar 20264 of 4 present1 independent · 49 days in between
    • 20 Jan 20264 of 4 present1 independent

  • Corporate Social Responsibility Committee

    Chair Subramanya Krishanappa

    Ratnabali Kakkar, Gyanesh Chaudhary, Sameer Nagpal

    • 31 Mar 20263 of 4 present2 independent

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • G A R V & AssociatesPeer-review certificate valid to Aug 2027

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.

Vikram Solar 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.Vikram Solar share news and announcements

Annual general meeting, 4 Aug 2026

3,15,888 shareholders on the register on 28 Jul 2026; present: 8 promoters and 62 others; votes counted by Mr. Atul Kumar Labh / M/s A.K. Labh & Co..The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Annual Audited Financial Statements (both Standalone and Consolidated) of the Company for the financial year ended 31st March 2026 together with the Report of the Auditor and Board of Directors thereonMoreLess
    Ordinary
    99.78% for0.22% against

    Against: promoters 0.00% · institutions 2.32% · other public 0.01%

    Turnout: all 71.01% · promoters 99.87% · institutions 85.66% · other public 4.76%

  2. To appoint a director in place of Mr. Suresh Gopinathan Menon, Non-Executive Non-Independent Director (DIN: 09721950) who retires by rotation and being eligible, offers himself for re-appointment
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 71.01% · promoters 99.87% · institutions 85.66% · other public 4.76%

  3. Appointment of Mr. Sameer Nagpal (DIN: 06599230) as a Whole time Director designated as ‘Whole time Director and Chief Executive Officer’.
    Special
    100.00% for0.00% against

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

    Turnout: all 71.01% · promoters 99.87% · institutions 85.66% · other public 4.76%

  4. Re-appointment of Mr. Gyanesh Chaudhary (DIN: 00060387) as the Chairman & Managing Director (Promoter) for further period of three consecutive years
    SpecialPromoters have an interest in it
    99.78% for0.22% against

    Against: promoters 0.00% · institutions 2.32% · other public 0.01%

    Turnout: all 71.01% · promoters 99.87% · institutions 85.66% · other public 4.76%

  5. Re-appointment of Ms. Ratnabali Kakkar (DIN: 09167547) as Non – Executive Independent Director (Woman) for second term of five consecutive years
    Special
    99.78% for0.22% against

    Against: promoters 0.00% · institutions 2.32% · other public 0.01%

    Turnout: all 71.01% · promoters 99.87% · institutions 85.66% · other public 4.76%

  6. To approve investments, give loans, guarantees/letter of comfort and security under Section 186 of the Companies Act, 2013
    Special
    99.53% for0.47% against

    Against: promoters 0.00% · institutions 4.97% · other public 0.03%

    Turnout: all 71.01% · promoters 99.87% · institutions 85.66% · other public 4.76%

  7. Material Related Party Transaction(s) with VSL Logistics Solutions Private Limited
    OrdinaryPromoters have an interest in it
    99.03% for0.97% against

    Against: promoters 0.00% · institutions 1.60% · other public 0.01%

    Turnout: all 11.09% · promoters 4.77% · institutions 85.66% · other public 4.76%

  8. Ratification of Remuneration payable to cost auditors
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 71.01% · promoters 99.87% · institutions 85.66% · other public 4.76%

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.

Postal ballot, 20 Feb 2026, 3 resolutions

2,88,204 shareholders on the register on 16 Jan 2026; votes counted by MR. ATUL KUMAR LABH / M/s A. K. LABH & CO..The company's voting result (opens in a new tab)

  1. Approval for the appointment of Mr. Suresh Gopinathan Menon (DIN: 09721950) as a Non-Executive Non-Independent Director
    Ordinary
    99.89% for0.11% against

    Against: promoters 0.00% · institutions 1.47% · other public 0.05%

    Turnout: all 66.52% · promoters 95.03% · institutions 75.04% · other public 5.87%

  2. Approval for the appointment of Mr. Joginder Pal Dua (DIN: 02374358) as an Independent Director
    Special
    100.00% for0.00% against

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

    Turnout: all 66.52% · promoters 95.03% · institutions 75.04% · other public 5.87%

  3. Approval for the re-appointment of Ms. Neha Agrawal (DIN: 05321461) as a Whole-Time Director of the Company
    Special
    100.00% for0.00% against

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

    Turnout: all 66.52% · promoters 95.03% · institutions 75.04% · other public 5.87%

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, 15 Oct 2025, 3 resolutions

3,10,558 shareholders on the register on 10 Sep 2025; votes counted by Atul Kumar Labh / A.K. Labh & Co,.The company's voting result (opens in a new tab)

  1. Ratification of the ‘VIKRAM SOLAR EMPLOYEE STOCK OPTION PLAN – 2021’ (ESOP 2021)
    Special
    94.38% for5.62% against

    Against: promoters 0.00% · institutions 68.58% · other public 0.18%

    Turnout: all 71.82% · promoters 100.00% · institutions 72.22% · other public 9.80%

  2. Ratification of the extension of the benefits under the ‘VIKRAM SOLAR EMPLOYEE STOCK OPTION PLAN – 2021’ (ESOP 2021) to the employees of Holding Companies, Subsidiary Companies and Group Companies of the companyMoreLess
    Special
    94.38% for5.62% against

    Against: promoters 0.00% · institutions 68.58% · other public 0.19%

    Turnout: all 71.82% · promoters 100.00% · institutions 72.22% · other public 9.80%

  3. To consider and determine the fees for delivery of any document through a particular mode of delivery to a member
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 71.82% · promoters 100.00% · institutions 72.22% · other public 9.80%

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.

Annual general meeting, 25 Sep 2025, 11 resolutions

3,05,468 shareholders on the register on 19 Sep 2025; present: 13 promoters and 68 others; votes counted by Atul Kumar Labh / A.K. Labh & Co,.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the annual audited financial statements (both standalone and consolidated) of the Company for the financial year ended 31st March 2025
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 71.11% · promoters 100.00% · institutions 71.79% · other public 7.52%

  2. Appointment of a director in place of Mr. Krishna Kumar Maskara, Whole-time Director (DIN: 01677008) who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    98.90% for1.10% against

    Against: promoters 0.00% · institutions 13.43% · other public 0.03%

    Turnout: all 71.11% · promoters 100.00% · institutions 71.79% · other public 7.52%

  3. Regularization of appointment of Mr. Sumit Binani (DIN: 01113411) as Non-Executive Independent Director
    Special
    98.75% for1.25% against

    Against: promoters 0.00% · institutions 15.20% · other public 0.03%

    Turnout: all 71.11% · promoters 100.00% · institutions 71.79% · other public 7.52%

  4. Ratification of remuneration payable to Cost Auditors
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 71.11% · promoters 100.00% · institutions 71.79% · other public 7.52%

  5. Approval for revision in remuneration of Mr. Gyanesh Chaudhary (DIN 00060387), Chairman & Managing Director of the Company
    SpecialPromoters have an interest in it
    94.92% for5.08% against

    Against: promoters 0.00% · institutions 59.46% · other public 0.06%

    Turnout: all 68.27% · promoters 95.49% · institutions 71.79% · other public 7.52%

  6. Approval for revision in remuneration of Mr. Krishna Kumar Maskara (DIN: 01677008), Whole-time Director of the Company
    Special
    98.52% for1.48% against

    Against: promoters 0.00% · institutions 18.09% · other public 0.06%

    Turnout: all 71.11% · promoters 100.00% · institutions 71.79% · other public 7.52%

  7. Approval for revision in remuneration of Ms. Neha Agrawal (DIN: 05321461), Whole-time Director of the Company
    Special
    98.52% for1.48% against

    Against: promoters 0.00% · institutions 18.09% · other public 0.05%

    Turnout: all 71.11% · promoters 100.00% · institutions 71.79% · other public 7.52%

  8. Appointment of Secretarial Auditors
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 71.11% · promoters 100.00% · institutions 71.79% · other public 7.52%

  9. To approve Investments, give Loans, Guarantees/ Letter of Comfort/ Letter of Support and Security Under Section 186 of the Companies Act, 2013
    Special
    94.83% for5.17% against

    Against: promoters 0.00% · institutions 63.11% · other public 0.05%

    Turnout: all 71.11% · promoters 100.00% · institutions 71.79% · other public 7.52%

  10. Approval for Increase in overall borrowing limits of the Company as per Section 180(1)(C) of the Companies Act, 2013
    Special
    94.89% for5.11% against

    Against: promoters 0.00% · institutions 62.39% · other public 0.06%

    Turnout: all 71.11% · promoters 100.00% · institutions 71.79% · other public 7.52%

  11. To approve the creation of security, mortgage, charge and /or pledge over all or any part of the movable and/ or Immovable Properties or Assets of the Company for securing the borrowings availed or to be availed by the Company and other persons/ entities, pursuant to Section 180(1)(A) of the Companies Act, 2013MoreLess
    Special
    94.89% for5.11% against

    Against: promoters 0.00% · institutions 62.39% · other public 0.06%

    Turnout: all 71.11% · promoters 100.00% · institutions 71.79% · other public 7.52%

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.

How mutual funds voted

Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it

Mutual fund votes, meeting of 4 Aug 2026, 2 fund houses so far (houses' deadline to file 15 Oct 2026)

  • To receive, consider and adopt the Annual Audited Financial Statements (both Standalone and Consolidated) of the Company for the financial year ended 31st March 2026 together with the Report of the Auditor and Board of Directors thereonMoreLess
    Against Angel One Mutual Fund, Edelweiss Mutual Fund
    • Angel One Mutual FundNon-disclosure of financial statements for all the Subsidiaries for FY 2025-26 on website.
    • Edelweiss Mutual FundUnqualified Financial Statements (except certain non-material remarks identified in CARO report). Non-Compliant with Companies Act, 2013 and SEBI LODR Regulations: Non-disclosure of financial statements for all the Subsidiaries for FY 2025-26 on website.
    0 for2 against
  • To appoint a director in place of Mr. Suresh Gopinathan Menon, Non-Executive Non-Independent Director (DIN: 09721950) who retires by rotation and being eligible, offers himself for re-appointment
    2 for0 against
  • Appointment of Mr. Sameer Nagpal (DIN: 06599230) as a Whole time Director designated as ‘Whole time Director and Chief Executive Officer’.
    2 for0 against
  • Re-appointment of Mr. Gyanesh Chaudhary (DIN: 00060387) as the Chairman & Managing Director (Promoter) for further period of three consecutive years
    Against Angel One Mutual Fund, Edelweiss Mutual Fund
    • Angel One Mutual FundGovernance Concern: Mr. Gyanesh Chaudhary holds combined position of Chairman & Managing Director and the remuneration practice of the Company is unfair in favour of Non-Promoter Executive Director.
    • Edelweiss Mutual FundCompliant with law. No concern identified. Governance Concern: Mr. Gyanesh Chaudhary holds combined position of Chairman & MD and the remuneration practice of the Company is unfair in favour of Non-Promoter Executive Director.
    0 for2 against
  • Re-appointment of Ms. Ratnabali Kakkar (DIN: 09167547) as Non – Executive Independent Director (Woman) for second term of five consecutive years
    Against Angel One Mutual Fund, Edelweiss Mutual Fund
    • Angel One Mutual FundGovernance Concern: Nomination & Remuneration Committee Chairman and unfair remuneration practice on the Board.
    • Edelweiss Mutual FundCompliant with law. No concern identified. Governance Concern: NRC Chairman and unfair remuneration practice on the Board.
    0 for2 against
  • To approve investments, give loans, guarantees/letter of comfort and security under Section 186 of the Companies Act, 2013
    Against Angel One Mutual Fund, Edelweiss Mutual Fund
    • Angel One Mutual FundGovernance & Transparency Concern: Inadequate disclosures with regards to the particulars of the loans / investments / guarantees / securities.
    • Edelweiss Mutual FundCompliant with the law. Governance & Transparency Concern: Inadequate disclosures w.r.t. the particulars of the loans / investments / guarantees / securities.
    0 for2 against
  • Material Related Party Transaction(s) with VSL Logistics Solutions Private Limited
    2 for0 against
  • Ratification of Remuneration payable to cost auditors
    2 for0 against

Mutual fund votes, meeting of 20 Feb 2026, 9 fund houses

  • Approval for the appointment of Mr. Suresh Gopinathan Menon (DIN: 09721950) as a Non-Executive Non-Independent Director
    9 for0 against
  • Approval for the appointment of Mr. Joginder Pal Dua (DIN: 02374358) as an Independent Director
    9 for0 against
  • Approval for the re-appointment of Ms. Neha Agrawal (DIN: 05321461) as a Whole-Time Director of the Company
    9 for0 against
2 earlier meetings

Mutual fund votes, meeting of 15 Oct 2025, 9 fund houses

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

  • Ratification of the ‘VIKRAM SOLAR EMPLOYEE STOCK OPTION PLAN – 2021’ (ESOP 2021)
    Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Nippon India Mutual Fund, UTI Mutual Fund
    • Bandhan Mutual Fund, Edelweiss Mutual FundNon-Compliant under SEBI (SBEB & SE) Regulations: Non-Disclosure of Exercise Price as per SEBI Regulations. Governance Concern: NRC has absolute discretion to determine the Exercise Price, Excessive potential benefit to a single employee
    • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The stock options may be issued with an exercise price at a deep discount to the prevailing market price. • The company has not specified the performance parameters and targets for vesting. • The company has failed to provide information on the exercise period. • The proposal includes grant of options for employees of associate companies without a compelling rationale.
    • Nippon India Mutual FundGovernance Concern: NRC has absolute discretion to determine the Exercise Price, Excessive potential benefit to a single employee
    • UTI Mutual FundUnder ESOP 2021, the company proposes to issue 13,000,000 options – the scheme involves issue of new equity shares by the company which will lead to dilution of 3.5% for existing shareholders. The Options shall vest in the time and manner as determined by the Nomination and Remuneration Committee and set out in the Letter of Grant with a minimum vesting period of one year. The company has clarified that in the past grants were made at a discount of 25% to market price and going forward grants will continue to follow the 25% discount model based on the market price at the time of issuance. We do not favour ESOP schemes where options are granted at a significant discount (>20%) to market price since stock options are ‘pay at risk’ options that employees accept at the time of grant. We make an exception in cases where the vesting of such options is mandatorily linked to pre-defined performance parameters, and the company has disclosed the targets for such parameters. In the current case, the company has not disclosed such criteria/ targets. We do not support the resolution.
    3 for5 against
  • Ratification of the extension of the benefits under the ‘VIKRAM SOLAR EMPLOYEE STOCK OPTION PLAN – 2021’ (ESOP 2021) to the employees of Holding Companies, Subsidiary Companies and Group Companies of the companyMoreLess
    Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Nippon India Mutual Fund, Taurus Mutual Fund, UTI Mutual Fund
    • Bandhan Mutual Fund, Edelweiss Mutual FundNon-Compliant under SEBI (SBEB & SE) Regulations: Non-Disclosure of Exercise Price as per SEBI Regulations. Governance Concern: NRC has absolute discretion to determine the Exercise Price, Excessive potential benefit to a single employee and Extension of Scheme benefits to the Holding / Group Companies without any provision for cost-reimbursements.
    • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The stock options may be issued with an exercise price at a deep discount to the prevailing market price. • The company has not specified the performance parameters and targets for vesting. • The company has failed to provide information on the exercise period. • The proposal includes grant of options for employees of associate companies without a compelling rationale.
    • Nippon India Mutual FundGovernance Concern: NRC has absolute discretion to determine the Exercise Price, Excessive potential benefit to a single employee
    • Taurus Mutual FundThrough resolution #2, the company is seeking approval to extend the Vikram Solar Employee Stock Option Plan 2021 to eligible employees of group companies including employees of holding companies and subsidiary companies. We do not support the grant of options to employees of group, holding or associate companies. The enabling nature of the approval could allow the company to grant these options to future subsidiaries and associates which may or may not have their ESOP plans. Further, our recommendation on this resolution is linked to that on resolution #1. Given this, we do not support the resolution.
    • UTI Mutual FundThe company is seeking approval to extend the Vikram Solar Employee Stock Option Plan 2021 to eligible employees of group companies including employees of holding companies and subsidiary companies. We do not support the grant of options to employees of group, holding or associate companies. Further, our recommendation on this resolution is linked to that on resolution #1. Given this, we do not support the resolution.
    3 for6 against
  • To consider and determine the fees for delivery of any document through a particular mode of delivery to a member
    9 for0 against
1 proposal not matched to one resolution
  • Item 1, as a fund house numbered it
    Against Taurus Mutual Fund
    • Taurus Mutual FundUnder ESOP 2021, the company proposes to issue 13,000,000 options – the scheme involves issue of new equity shares by the company which will lead to dilution of 3.5% for existing shareholders. The Options shall vest in the time and manner as determined by the Nomination and Remuneration Committee and set out in the Letter of Grant with a minimum vesting period of one year. The company has clarified that in the past grants were made at a discount of 25% to market price and going forward grants will continue to follow the 25% discount model based on the market price at the time of issuance. We do not favour ESOP schemes where options are granted at a significant discount (>20%) to market price since stock options are ‘pay at risk’ options that employees accept at the time of grant. In the case of deeply discounted options, there is no alignment between the interests of investors and those of employees. We make an exception in cases where the vesting of such options is mandatorily linked to pre-defined performance parameters, and the company has disclosed the targets for such parameters. In the current case, the company has not disclosed such criteria/ targets. We do not support the resolution.
    0 for1 against

Mutual fund votes, meeting of 25 Sep 2025, 9 fund houses

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

  • To receive, consider and adopt the annual audited financial statements (both standalone and consolidated) of the Company for the financial year ended 31st March 2025
    6 for0 against
  • Appointment of a director in place of Mr. Krishna Kumar Maskara, Whole-time Director (DIN: 01677008) who retires by rotation and being eligible, offers himself for re-appointment.
    8 for0 against
  • Regularization of appointment of Mr. Sumit Binani (DIN: 01113411) as Non-Executive Independent Director
    8 for0 against
  • Ratification of remuneration payable to Cost Auditors
    8 for0 against
  • Approval for revision in remuneration of Mr. Gyanesh Chaudhary (DIN 00060387), Chairman & Managing Director of the Company
    Against Edelweiss Mutual Fund, Kotak Mahindra Mutual Fund, Nippon India Mutual Fund
    • Edelweiss Mutual FundCompliant with law. Governance Concern: Combined Position of Chairperson & MD; such combined position may lead to the concentration of powers in the hands of a single Director. Skewed remuneration in favor of Promoter Director.
    • Kotak Mahindra Mutual FundGyanesh Chaudhary, 47, is the founder, promoter, Chairperson and Managing Director. He has over 24 years of experience in tea and solar industry. He has been on the board since July 2008. He was paid Rs. 68.9 mn as remuneration in FY25. The company now seeks to revise his remuneration from 1 April 2025 till the end of his tenure on 27 September 2026. We estimate his FY26 remuneration at Rs. 98.0 mn, which is high for the company s size and high compared to peers of even larger size. His remuneration comprises a fixed component of Rs. 70.0 mn therefore, fixed remuneration comprise 71% of overall pay, which is high. We believe variable pay should constitute more than 50% of the overall remuneration and be directly linked to company performance, with clearly defined performance metrics. Therefore, while we support his directorship on the board, we do not support the remuneration terms and the resolution.
    • Nippon India Mutual FundGovernance Concern: combined position of Chairman and MD, concentration of power in the hands of a single person.
    5 for3 against
  • Approval for revision in remuneration of Mr. Krishna Kumar Maskara (DIN: 01677008), Whole-time Director of the Company
    Against Kotak Mahindra Mutual Fund
    • Kotak Mahindra Mutual FundAs per the remuneration terms, Krishna Kumar Maskara is entitled to a fixed pay of Rs. 10.7 mn for FY25, which will increase to Rs. 16.0 mn from 1 April 2025. In addition, he is entitled to a variable pay of 40% of his fixed pay. In FY25, the company granted 250,000 stock options to Krishna Kumar Maskara under the ESOP Scheme 2021. There is no guidance on the number of stock options to be granted to him over his remaining tenure. In the absence of this, we are unable to estimate his proposed remuneration. The company should disclose the quantum of stock options that he is eligible to receive over the remainder of his tenure and cap his remuneration in absolute terms. While we support his appointment as Wholetime director, due to the lack of adequate disclosures on the remuneration structure, we do not support the resolution.
    7 for1 against
  • Approval for revision in remuneration of Ms. Neha Agrawal (DIN: 05321461), Whole-time Director of the Company
    Against Kotak Mahindra Mutual Fund
    • Kotak Mahindra Mutual FundMs. Neha Agrawal, 38, is Whole time Director since March 2021. She has been on the board since March 2021. She is a Company Secretary and a Chartered Accountant with over 14 years of experience in consultancy and solar industry. She attended all nine board meetings in FY25. As per the remuneration terms, she is entitled to a fixed pay of Rs. 6.1 mn for FY25, which will increase to Rs. 6.4 mn from 1 April 2025. In addition, she is entitled to a variable pay of 40% of his fixed pay. In FY25, the company granted 100,000 stock options to Ms. Neha Agrawal under the ESOP Scheme 2021. There is no guidance on the number of stock options to be granted to her over her remaining tenure. In the absence of this, we are unable to estimate her proposed remuneration. The company should disclose the quantum of stock options that she is eligible to receive over the remainder of her tenure and cap her remuneration in absolute terms. While we support her appointment as Whole-time director, due to the lack of adequate disclosures on the remuneration structure, we do not support the resolution.
    7 for1 against
  • Appointment of Secretarial Auditors
    9 for0 against
  • To approve Investments, give Loans, Guarantees/ Letter of Comfort/ Letter of Support and Security Under Section 186 of the Companies Act, 2013
    Against Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Kotak Mahindra Mutual Fund, Nippon India Mutual Fund
    • Edelweiss Mutual FundCompliant with the law. Governance & Transparency Concern: Lack of adequate justifications & disclosures. Umbrella approval to cover any body corporates / entities in the proposed limit.
    • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted due to lack of information.
    • Kotak Mahindra Mutual FundAs on 31 March 2025, Vikram Solar Ltd. s investments and loans to body corporates under section 186 amounts to Rs. 0.5 bn. The approval granted under Section 186 of the Companies Act, 2013 allows the company to extend loans, guarantees, or securities to any company in which its directors have an interest, including promoter companies. The company must disclose granular details including names of these companies, the nature and size of their operations and terms of support, to enable shareholders to make an informed decision. Further the rationale for such a high limit is unclear. Given the lack of clarity, we do not support the resolution.
    • Nippon India Mutual FundGovernance & Transparency Concern: Lack of adequate justifications & disclosures. Umbrella approval to cover any body corporates / entities in the proposed limit.
    4 for4 against
  • Approval for Increase in overall borrowing limits of the Company as per Section 180(1)(C) of the Companies Act, 2013
    Against Franklin Templeton Mutual Fund
    • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted given that the potential debt limit is considered excessive.
    2 for1 against
  • To approve the creation of security, mortgage, charge and /or pledge over all or any part of the movable and/ or Immovable Properties or Assets of the Company for securing the borrowings availed or to be availed by the Company and other persons/ entities, pursuant to Section 180(1)(A) of the Companies Act, 2013MoreLess
    Against Edelweiss Mutual Fund, Kotak Mahindra Mutual Fund, Nippon India Mutual Fund
    • Edelweiss Mutual FundCompliant with law. Governance & Transparency Concern: Blanket Approval being sought. Inadequate Justification & Information w.r.t. the borrowings & Target Entities. Lenders under the Resolution can be any entity, and not just Banks or Registered Financial Institutions. Blanket approval to secure borrowings of the Company as well as any other person / entities.
    • Kotak Mahindra Mutual FundThe company seeks shareholder approval to create charge on all or any part of movable and/or immovable properties or assets of the company. This will enable the company to secure borrowings upto Rs. 85.0 bn. We generally support such resolutions, as secured borrowings typically carry lower interest rates, easier repayment terms, and less restrictive covenants. However, in this case, the charge may also be created for borrowings availed by any persons/entities. There is no clarity on which persons/entities may be covered. We do not support the resolution.
    • Nippon India Mutual FundGovernance & Transparency Concern: Blanket Approval being sought. Inadequate Justification & Information w.r.t. the borrowings & Target Entities.
    4 for3 against
12 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
    Against Taurus Mutual Fund
    • Taurus Mutual FundGyanesh Chaudhary, 47, is the founder, promoter, Chairperson and Managing Director. He has over 24 years of experience in tea and solar industry. He has been on the board since July 2008. He was paid Rs. 68.9 mn as remuneration in FY25, which was high for the company’s size, at 3.2% of consolidated PBT and 5.5% of consolidated employee benefit expense for FY25. The company now seeks to revise his remuneration from 1 April 2025 till the end of his tenure on 27 September 2026. We estimate his FY26 remuneration at Rs. 98.0 mn, which is high for the company’s size and high compared to peers of even larger size. His remuneration comprises a fixed component of Rs. 70.0 mn – therefore, fixed remuneration comprise 71% of overall pay, which is high. We believe variable pay should constitute more than 50% of the overall remuneration and be directly linked to company performance, with clearly defined performance metrics. Therefore, while we support his directorship on the board, we do not support the remuneration terms and the resolution.
    0 for1 against
  • Item 6, as a fund house numbered it
    1 for0 against
  • Item 7, as a fund house numbered it
    1 for0 against
  • Item 9, as a fund house numbered it
    Against Taurus Mutual Fund
    • Taurus Mutual FundAs on 31 March 2025, Vikram Solar Ltd.’s investments and loans to body corporates under section 186 amounts to Rs. 0.5 bn. The approval granted under Section 186 of the Companies Act, 2013 allows the company to extend loans, guarantees, or securities to any company in which its directors have an interest, including promoter companies. The company must disclose granular details including names of these companies, the nature and size of their operations and terms of support, to enable shareholders to make an informed decision. Further the rationale for such a high limit is unclear. Given the lack of clarity, we do not support the resolution.
    0 for1 against
  • Item 10, as a fund house numbered it
    1 for0 against
  • Accept Financial Statements and Statutory Reports
    2 for0 against
  • Approve Pledging of Assets for Debt
    Against Franklin Templeton Mutual Fund
    • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted given that the potential debt limit is considered excessive.
    1 for1 against
  • The monies to be borrowed together with the monies already borrowed by the Company (apart from temporary loans obtained or to be obtained from the Bankers of the Company in the ordinary course of business) shall not at any time exceed the limit of Rs. 8,500 crore or the aggregate of the paid-up capital, free reserves and securities premium account of the Company, whichever is higher.MoreLess
    Against Edelweiss Mutual Fund, Kotak Mahindra Mutual Fund, Nippon India Mutual Fund
    • Edelweiss Mutual FundCompliant with the law. Governance Concern: Majority of the Borrowing Limit is unutilized. Inadequate Disclosures; Blanket Approval: Absence of specific reasons for the proposed increase. Transparency Concern: The proposed Borrowing Limit is significant w.r.t. the Company’s size and operations, including asset size and net worth; no disclosure has been made as to how the Company shall sustain the Borrowings if the entire limit is utilised.
    • Kotak Mahindra Mutual FundThe total borrowings of the company as on 31 March 2025 stood at Rs. 2.3 bn on a standalone basis. The company's debt program is rated IND A/Stable/IND A1, which denotes an adequate degree of safety regarding timely servicing of financial obligations. The company seeks shareholder approval to increase its borrowing limit to Rs. 85.0 bn from Rs. 55.0 bn to meet increased working capital requirements and future financial requirements. The proposed limit is ~6.7x of the current net worth and significantly higher than current debt levels. Given the enabling nature of the resolution and the absence of granular disclosures on utilization or timelines, we do not support the resolution.
    • Nippon India Mutual FundGovernance Concern: Majority of the Borrowing Limit is unutilized. Inadequate Disclosures; Blanket Approval:
    2 for3 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 Jun 2026.

  • Unlisted stake heldVSL Green Power Private LimitedSince 30 Apr 2026

    0.00% bought in the quarter; holding 100.00%, from 100.00%

  • Unlisted stake heldVSL Green Power Private LimitedSince 15 May 2026

    0.00% bought in the quarter; holding 100.00%, from 100.00%

  • Unlisted stake heldVSL Green Power Private LimitedSince 12 Jun 2026

    0.00% bought in the quarter; holding 100.00%, from 100.00%

  • Unlisted stake heldVSL Powerhive Private LimitedSince 20 May 2026

    0.00% bought in the quarter; holding 100.00%, from 100.00%

  • Unlisted stake heldVSL Powerhive Private LimitedSince 18 Jun 2026

    0.00% bought in the quarter; holding 100.00%, from 100.00%

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

At most 1 complaint open, quarter to Sep 2025.
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.

RaisedAmount raisedForSet asideSpentSpent elsewhere
Public IssuesAug 2025, checked by India Ratings & Research Private Limited1,500.00––No
₹ crore. Checked by is the agency appointed to monitor how the money is used. The reason and the comments are the company's, its audit committee's and its auditors' own words.