Eicher Motors logo

Eicher Motors MD, chairman and AGM

NSE: EICHERMOTBSE: 505200AutomobilesLarge Cap

Eicher Motors Limited · Face value ₹1 · Listed Feb 1986 on BSE, Sep 2004 on NSE
Last close ₹7,238.00down ₹62.00 (0.85%)BSE ₹7,250.00

Share price at the NSE close on 29 Oct 2026. Previous close ₹7,300.00.

29 Oct: open ₹7,280.00, high ₹7,303.50, low ₹7,210.00

52-week range of traded prices to 29 Oct 2026
₹6,442.00Low, 7 Apr 2026₹8,230.00High, 27 Feb 2026
Market cap
₹1,98,699 Cr43rd largest listed
P/E
34.42
P/B
7.92
Dividend yield
1.13%
ROE
24.9%
ROCE
20.7%
Debt to equity
0.01
Volume, NSE
3,03,70650.9% delivered

Eicher Motors' chairperson is Siddhartha Vikram Lal and its managing director Govindarajan Balakrishnan, as filed for the quarter to Sep 2026. Its latest annual general meeting was on 20 Aug 2026.

Eicher Motors board of directors

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

  • ChairpersonSiddhartha Vikram LalRelated to the promoter
  • Managing directorGovindarajan Balakrishnan
  • Company Secretary and Compliance OfficerAtul Sharma

8 directors5 independent3 executive

  • Siddhartha Vikram Lal · ChairpersonExecutive · joined May 2006 · 1 listed board
  • Inder Mohan SinghIndependent · joined Nov 2018 · reappointed Nov 2023 · 95 months as independent · 1 listed board · 1 as independent · 2 committee seats
  • Ira GuptaIndependent · joined Feb 2025 · reappointed Feb 2025 · 19 months as independent · 4 listed boards · 4 as independent · 4 committee seats, 2 as chair
  • Vinod Kumar AggarwalExecutive · joined Apr 2019 · 1 listed board · 2 committee seats, 1 as chair
  • Govindarajan Balakrishnan · Managing directorExecutive · joined Aug 2021 · 1 listed board · 1 committee seat
  • Subramanian MadhavanIndependent · joined Sep 2023 · reappointed Sep 2023 · 36 months as independent · 5 listed boards · 5 as independent · 5 committee seats, 4 as chair
  • Tejpreet Singh ChopraIndependent · joined Sep 2023 · reappointed Sep 2023 · 36 months as independent · 5 listed boards · 5 as independent · 5 committee seats
  • Arun VasuIndependent · joined Feb 2025 · reappointed Feb 2025 · 19 months as independent · 2 listed boards · 2 as independent · 2 committee seats, 1 as chair

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

2 directors who left
  • Srinivasan Sandilya, left 12 Feb 2025: Tenure Completion
  • Manvi Sinha, left 12 Feb 2025: Tenure Completion

Committees and meetings

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

  • Board

    • 29 Jul 20268 of 8 present5 independent · 67 days in between
    • 22 May 20268 of 8 present5 independent

  • Audit Committee

    Chair Subramanian Madhavan

    Inder Mohan Singh, Arun Vasu

    • 29 Jul 20263 of 3 present3 independent · no day in between
    • 28 Jul 20263 of 3 present3 independent · 66 days in between
    • 22 May 20263 of 3 present3 independent · no day in between
    • 21 May 20263 of 3 present3 independent · 29 days in between
    1 earlier meeting
    • 21 Apr 20263 of 3 present3 independent

  • Nomination and remuneration committee

    Chair Ira Gupta

    Subramanian Madhavan, Tejpreet Singh Chopra

    • 21 May 20263 of 3 present3 independent

  • Stakeholders Relationship Committee

    Chair Ira Gupta

    Tejpreet Singh Chopra, Govindarajan Balakrishnan, Vinod Kumar Aggarwal

    • 28 Jul 20264 of 4 present2 independent · 67 days in between
    • 21 May 20264 of 4 present2 independent

  • Risk Management Committee

    Chair Tejpreet Singh Chopra

    Siddhartha Vikram Lal, Govindarajan Balakrishnan, Arun Vasu

    • 28 Jul 20264 of 4 present2 independent

  • Corporate Social Responsibility Committee

    Chair Arun Vasu

    Siddhartha Vikram Lal, Inder Mohan Singh, Ira Gupta

    • 21 May 20264 of 4 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.

  • M/s. S.R. Batliboi & Co., LLPPeer-review certificate valid to Jul 2027
1 earlier auditor
  • S.R.Batliboi & Co. LLPNamed in the filing for the quarter to Mar 2025

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

Eicher Motors 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.Eicher Motors dividend history

Annual general meeting, 20 Aug 2026

2,86,008 shareholders on the register on 13 Aug 2026; present: 7 promoters and 139 others; votes counted by VIJAY GUPTA / M/s. VKGN & Associates.

  1. To receive, consider and adopt the Audited Financial Statements (including Audited Consolidated Financial Statements) of the Company for the financial year ended March 31, 2026 together with the Reports of the Board of Directors and the Auditors thereonMoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 86.66% · promoters 100.00% · institutions 87.65% · other public 12.46%

  2. To declare a dividend of Rs. 82/- per equity share of face value of Re. 1/- each for the financial year ended March 31, 2026
    Ordinary
    99.49% for0.51% against

    Against: promoters 0.00% · institutions 1.21% · other public 0.04%

    Turnout: all 87.15% · promoters 100.00% · institutions 88.82% · other public 12.46%

  3. To appoint Mr. Siddhartha Vikram Lal (DIN: 00037645), who retires by rotation and being eligible, offers himself for re-appointment as a Director
    OrdinaryPromoters have an interest in it
    96.03% for3.97% against

    Against: promoters 0.00% · institutions 9.37% · other public 0.04%

    Turnout: all 87.15% · promoters 100.00% · institutions 88.82% · other public 12.46%

  4. To consider and approve the appointment of Mr. Vinod Kumar Aggarwal (DIN: 00038906) as Executive Vice-Chairman of the Company (in the capacity of Executive Director) with effect from May 21, 2026
    Ordinary
    98.59% for1.41% against

    Against: promoters 0.00% · institutions 3.32% · other public 0.04%

    Turnout: all 87.15% · promoters 100.00% · institutions 88.82% · other public 12.45%

  5. To consider and approve payment of remuneration to Mr. Vinod Kumar Aggarwal (DIN: 00038906) as Executive Vice-Chairman of the Company (in the capacity of Executive Director)
    Ordinary
    99.41% for0.59% against

    Against: promoters 0.00% · institutions 1.37% · other public 0.31%

    Turnout: all 87.15% · promoters 100.00% · institutions 88.82% · other public 12.45%

  6. To consider and approve Material Related Party Transactions between VE Commercial Vehicles Limited (VECV), Subsidiary of the Company, and Volvo Group India Private Limited, a related party of VECV
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 38.13% · promoters 0.00% · institutions 88.82% · other public 12.43%

  7. To consider and ratify remuneration of Rs. 5,00,000/- (Rupees Five Lakhs only) of M/s. Jyothi Satish & Co., Cost Auditor payable for the financial year 2025-26
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 87.15% · promoters 100.00% · institutions 88.82% · other public 12.46%

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

Annual general meeting, 21 Aug 2025, 6 resolutions

2,56,203 shareholders on the register on 14 Aug 2025; present: 8 promoters and 93 others; votes counted by VIJAY GUPTA / M/s. VKGN & Associates.The company's voting result

  1. To receive, consider and adopt the Audited Financial Statements (including Audited Consolidated Financial Statements) of the Company for the financial year ended March 31, 2025 together with the Reports of the Board of Directors and the Auditors thereon.MoreLess
    Ordinary
    99.56% for0.44% against

    Against: promoters 0.00% · institutions 1.04% · other public 0.04%

    Turnout: all 86.55% · promoters 100.00% · institutions 87.40% · other public 11.65%

  2. To declare a dividend of Rs. 70/- per equity share of face value of Re. 1/- each for the financial year ended March 31, 2025.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 87.36% · promoters 100.00% · institutions 89.35% · other public 11.65%

  3. To appoint Mr. Vinod Kumar Aggarwal (DIN: 00038906), who retires by rotation and being eligible, offers himself for re-appointment as a Director.
    Ordinary
    98.48% for1.52% against

    Against: promoters 0.00% · institutions 3.58% · other public 0.05%

    Turnout: all 87.35% · promoters 100.00% · institutions 89.33% · other public 11.65%

  4. To appoint M/s. AGSB & Associates, Firm of Company Secretaries in Practice, as Secretarial Auditors of the Company for a term of 5 (five) consecutive years commencing from financial year 2025-2026 till financial year 2029-2030 and to fix their remuneration.MoreLess
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.06% · other public 0.04%

    Turnout: all 87.35% · promoters 100.00% · institutions 89.33% · other public 11.65%

  5. To consider and approve Material Related Party Transactions between VE Commercial Vehicles Limited (VECV), Subsidiary of the Company, and Volvo Group India Private Limited, a related party of VECV.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 38.29% · promoters 0.00% · institutions 89.33% · other public 11.65%

  6. To consider and ratify remuneration of Rs. 5,00,000/- (Rupees Five Lakhs only) of M/s. Jyothi Satish & Co., Cost Auditor payable for the financial year 2024-25.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 87.35% · promoters 100.00% · institutions 89.32% · other public 11.65%

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

Postal ballot, 1 May 2025, 6 resolutions

2,55,973 shareholders on the register on 26 Mar 2025; votes counted by Vijay Gupta / VKGN & Associates.

  1. To consider & approve appointment of Ms. Ira Gupta (DIN: 07517101) as an Independent Woman Director of the Company for a term of 5 (five) consecutive years with effect from Febraury 10, 2025 upto February 09, 2030MoreLess
    Special
    99.62% for0.38% against

    Against: promoters 0.00% · institutions 0.91% · other public 0.04%

    Turnout: all 87.12% · promoters 100.00% · institutions 88.45% · other public 12.84%

  2. To consider and approve appointment of Mr. Arun Vasu (DIN: 00174675) as an Independent Director of the Company for a term of 5 (five) consecutive years with effect from February 13, 2025 upto February 12, 2030MoreLess
    Special
    99.71% for0.29% against

    Against: promoters 0.00% · institutions 0.68% · other public 0.03%

    Turnout: all 87.11% · promoters 100.00% · institutions 88.45% · other public 12.84%

  3. To consider and approve appointment of Mr. Siddhartha Lal (DIN: 00037645) as Executive Chairman of the Company (in the capacity of Whole-time Director) for a term of 5 (five) consecutive years with effect from February 13, 2025 upto February 12, 2030MoreLess
    OrdinaryPromoters have an interest in it
    93.84% for6.16% against

    Against: promoters 0.00% · institutions 14.57% · other public 0.03%

    Turnout: all 87.08% · promoters 100.00% · institutions 88.36% · other public 12.84%

  4. To consider and approve payment of remuneration to Mr. Siddhartha Lal as Executive Chairman of the Company (in the capacity of Whole Time Director)
    OrdinaryPromoters have an interest in it
    98.84% for1.16% against

    Against: promoters 0.00% · institutions 2.75% · other public 0.04%

    Turnout: all 87.22% · promoters 100.00% · institutions 88.70% · other public 12.84%

  5. To consider and approve appointment of Mr. Govindarajan Balakrishnan (DIN: 03093035) as Managing Director of the Company for a term of 5 (five) consecutive years with effect from February 13, 2025 upto February 12, 2030MoreLess
    Ordinary
    99.51% for0.49% against

    Against: promoters 0.00% · institutions 1.15% · other public 0.04%

    Turnout: all 87.12% · promoters 100.00% · institutions 88.45% · other public 12.84%

  6. To consider and approve payment of remuneration to Mr. Govindarajan Balakrishnan as Managing Director of the Company
    Ordinary
    99.47% for0.53% against

    Against: promoters 0.00% · institutions 1.25% · other public 0.04%

    Turnout: all 87.22% · promoters 100.00% · institutions 88.70% · other public 12.84%

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

Annual general meeting, 22 Aug 2024, 5 resolutions

Present: 9 promoters and 74 others.

  1. To receive, consider and adopt the Audited Financial Statements (including Audited Consolidated Financial Statements) of the Company for thenfinancial year ended March 31, 2024 together with the Reports of the Board of Directors and the Auditors thereonMoreLess
    Ordinary
    99.90% for0.10% against

    Against: promoters 0.00% · institutions 0.24% · other public 0.00%

    Turnout: all 86.04% · promoters 100.00% · institutions 86.81% · other public 12.09%

  2. To declare a dividend of Rs. 51/- per equity share of face value of Re. 1/- each for the financial year ended March 31, 2024
    Ordinary
    99.78% for0.22% against

    Against: promoters 0.00% · institutions 0.53% · other public 0.00%

    Turnout: all 86.31% · promoters 100.00% · institutions 87.46% · other public 12.11%

  3. To appoint Mr. Govindarajan Balakrishnan (DIN: 03093035), who retires by rotation and being eligible, offers himself for re-appointment as a Director
    Ordinary
    97.31% for2.69% against

    Against: promoters 0.00% · institutions 6.43% · other public 0.28%

    Turnout: all 86.30% · promoters 100.00% · institutions 87.44% · other public 12.09%

  4. To consider and approve Material Related Party Transactions between VE Commercial Vehicles Limited (VECV), Subsidiary of the Company, and VolvonGroup India Private Limited, a related party of VECV
    Ordinary
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.04% · other public 0.03%

    Turnout: all 37.15% · promoters 0.00% · institutions 87.44% · other public 11.60%

  5. To consider and ratify remuneration of Rs. 5,00,000/- (Rupees Five Lakhs only) of M/s. Jyothi Satish & Co., Cost Auditor payable for the financial yearn2023-24
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 86.27% · promoters 100.00% · institutions 87.38% · other public 12.11%

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, 5 Nov 2023, 3 resolutions
  1. To consider and approve appointment of Mr. Subramanian Madhavan (DIN: 06451889) as an Independent Director of the Company for a term of 5 (five) consecutive years with effect from September 29, 2023 upto September 28, 2028MoreLess
    Special
    95.29% for4.71% against

    Against: promoters 0.00% · institutions 12.18% · other public 0.03%

    Turnout: all 82.99% · promoters 100.00% · institutions 81.40% · other public 15.03%

  2. To consider and approve appointment of Mr. Tejpreet S. Chopra (DIN: 00317683) as an Independent Director of the Company for a term of 5 (five) consecutive years with effect from September 29, 2023 upto September 28, 2028MoreLess
    Special
    96.49% for3.51% against

    Against: promoters 0.00% · institutions 9.06% · other public 0.03%

    Turnout: all 82.96% · promoters 100.00% · institutions 81.32% · other public 15.04%

  3. To consider and approve re-appointment of Mr. Inder Mohan Singh (DIN: 07114750) as an Independent Director of the Company for a second term of 5 (five) consecutive years with effect from November 12, 2023 upto November 11, 2028MoreLess
    Special
    86.28% for13.72% against

    Against: promoters 0.00% · institutions 35.47% · other public 0.06%

    Turnout: all 82.96% · promoters 100.00% · institutions 81.32% · other public 15.03%

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, 23 Aug 2023, 6 resolutions

Present: 8 promoters and 108 others.

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

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

    Turnout: all 80.83% · promoters 100.00% · institutions 77.73% · other public 9.75%

  2. To declare a dividend of Rs. 37/- per equity share of face value of Re. 1/- each for the financial year ended March 31, 2023.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 80.83% · promoters 100.00% · institutions 77.74% · other public 9.75%

  3. To appoint Mr. Siddhartha Vikram Lal (DIN: 00037645), who retires by rotation and being eligible, offers himself for re-appointment as a Director.
    OrdinaryPromoters have an interest in it
    93.79% for6.21% against

    Against: promoters 0.00% · institutions 16.42% · other public 0.01%

    Turnout: all 80.83% · promoters 100.00% · institutions 77.73% · other public 9.75%

  4. To consider and ratify remuneration of Rs. 5,00,000/- (Rupees Five Lakhs only) of M/s. Jyothi Satish & Co., Cost Auditor payable for the financial year 2022-23.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 80.81% · promoters 100.00% · institutions 77.68% · other public 9.75%

  5. To consider and approve the re-appointment of Mr. Vinod Kumar Aggarwal (DIN: 00038906) as Non-executive Non-Independent Director of the Company for a period of 5 (five) years with effect from April 01, 2024.MoreLess
    Ordinary
    93.09% for6.91% against

    Against: promoters 0.00% · institutions 18.32% · other public 0.02%

    Turnout: all 80.74% · promoters 100.00% · institutions 77.50% · other public 9.75%

  6. To consider and approve Material Related Party Transactions between VE Commercial Vehicles Limited (VECV), Subsidiary of the Company, and Volvo Group India Private Limited, a related party of VECV.
    Ordinary
    90.96% for9.04% against

    Against: promoters 0.00% · institutions 9.35% · other public 0.02%

    Turnout: all 31.60% · promoters 0.00% · institutions 77.73% · other public 9.17%

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

Annual general meeting, 24 Aug 2022, 8 resolutions

Present: 5 promoters and 95 others.

  1. To receive, consider and adopt the Audited Financial Statements (including Audited Consolidated Financial Statements) of the Company for the financial year ended March 31, 2022 together with the Reports of the Board of Directors and the Auditors thereonMoreLess
    Ordinary
    99.91% for0.09% against

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

    Turnout: all 83.56% · promoters 100.00% · institutions 82.30% · other public 15.19%

  2. To declare a dividend of Rs. 21/- per equity share of face value of Re. 1/- each for the financial year ended March 31, 2022
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 84.08% · promoters 100.00% · institutions 83.61% · other public 15.19%

  3. To appoint Mr. Vinod Kumar Aggarwal (DIN: 00038906), who retires by rotation and being eligible, offers himself for re-appointment as a Director
    Ordinary
    92.11% for7.89% against

    Against: promoters 0.00% · institutions 20.00% · other public 0.02%

    Turnout: all 84.07% · promoters 100.00% · institutions 83.59% · other public 15.19%

  4. To re-appoint M/s. S.R. Batliboi & Co., LLP, Chartered Accountants, as Statutory Auditors of the Company for second term of five consecutive years
    Ordinary
    96.93% for3.07% against

    Against: promoters 0.00% · institutions 6.54% · other public 24.23%

    Turnout: all 84.07% · promoters 100.00% · institutions 83.59% · other public 15.19%

  5. To consider and ratify remuneration of Rs. 4,50,000/- (Rupees four lakh fifty thousand only) of M/s. Jyothi Satish & Co., Cost Auditor payable for the financial year 2021-22
    Ordinary
    99.36% for0.64% against

    Against: promoters 0.00% · institutions 0.39% · other public 24.25%

    Turnout: all 84.07% · promoters 100.00% · institutions 83.59% · other public 15.19%

  6. To consider and approve the appointment of Mr. Govindarajan Balakrishnan (DIN: 03093035) as Whole-time Director of the Company for a period of five years with effect from August 18, 2021
    Ordinary
    97.27% for2.73% against

    Against: promoters 0.00% · institutions 6.92% · other public 0.20%

    Turnout: all 84.03% · promoters 100.00% · institutions 83.49% · other public 15.19%

  7. To consider and approve Payment of Remuneration to Mr. Govindarajan Balakrishnan (DIN: 03093035) as Whole-time Director of the Company
    Ordinary
    99.45% for0.55% against

    Against: promoters 0.00% · institutions 1.39% · other public 0.21%

    Turnout: all 84.07% · promoters 100.00% · institutions 83.59% · other public 15.19%

  8. To consider and approve Material Related Party Transactions between VE Commercial Vehicles Limited (VECV), Subsidiary of the Company, and Volvo Group India Private Limited, a related party of VECV
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 34.86% · promoters 0.00% · institutions 83.59% · other public 15.19%

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, 24 Oct 2021, 2 resolutions
  1. To consider and approve re-appointment of Mr. Siddhartha Lal as Managing Director of the Company for a period of 5 years with effect from May 1, 2021
    OrdinaryPromoters have an interest in it
    93.75% for6.25% against

    Against: promoters 0.00% · institutions 16.27% · other public 0.49%

    Turnout: all 82.86% · promoters 100.00% · institutions 81.55% · other public 15.83%

  2. To approve Payment of Remuneration to Mr. Siddhartha Lal as Managing Director of the Company for a period of 5 years with effect from May 1, 2021
    OrdinaryPromoters have an interest in it
    98.56% for1.44% against

    Against: promoters 0.00% · institutions 3.72% · other public 0.64%

    Turnout: all 82.76% · promoters 100.00% · institutions 81.31% · other public 15.83%

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

How mutual funds voted

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

Mutual fund votes, meeting of 20 Aug 2026, 46 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 (including Audited Consolidated Financial Statements) of the Company for the financial year ended March 31, 2026 together with the Reports of the Board of Directors and the Auditors thereonMoreLess
    45 for0 against
  • To declare a dividend of Rs. 82/- per equity share of face value of Re. 1/- each for the financial year ended March 31, 2026
    45 for0 against
  • To appoint Mr. Siddhartha Vikram Lal (DIN: 00037645), who retires by rotation and being eligible, offers himself for re-appointment as a Director
    45 for0 against
  • To consider and approve the appointment of Mr. Vinod Kumar Aggarwal (DIN: 00038906) as Executive Vice-Chairman of the Company (in the capacity of Executive Director) with effect from May 21, 2026
    45 for0 against
  • To consider and approve payment of remuneration to Mr. Vinod Kumar Aggarwal (DIN: 00038906) as Executive Vice-Chairman of the Company (in the capacity of Executive Director)
    45 for0 against
  • To consider and approve Material Related Party Transactions between VE Commercial Vehicles Limited (VECV), Subsidiary of the Company, and Volvo Group India Private Limited, a related party of VECV
    45 for0 against
  • To consider and ratify remuneration of Rs. 5,00,000/- (Rupees Five Lakhs only) of M/s. Jyothi Satish & Co., Cost Auditor payable for the financial year 2025-26
    45 for0 against
7 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 3, as a fund house numbered it
    1 for0 against
  • Item 4, as a fund house numbered it
    1 for0 against
  • Item 5, as a fund house numbered it
    1 for0 against
  • Item 6, as a fund house numbered it
    1 for0 against
  • Item 7, as a fund house numbered it
    1 for0 against

Mutual fund votes, meeting of 21 Aug 2025, 36 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 (including Audited Consolidated Financial Statements) of the Company for the financial year ended March 31, 2025 together with the Reports of the Board of Directors and the Auditors thereon.MoreLess
    35 for0 against
  • To declare a dividend of Rs. 70/- per equity share of face value of Re. 1/- each for the financial year ended March 31, 2025.
    35 for0 against
  • To appoint Mr. Vinod Kumar Aggarwal (DIN: 00038906), who retires by rotation and being eligible, offers himself for re-appointment as a Director.
    35 for0 against
  • To appoint M/s. AGSB & Associates, Firm of Company Secretaries in Practice, as Secretarial Auditors of the Company for a term of 5 (five) consecutive years commencing from financial year 2025-2026 till financial year 2029-2030 and to fix their remuneration.MoreLess
    35 for0 against
  • To consider and approve Material Related Party Transactions between VE Commercial Vehicles Limited (VECV), Subsidiary of the Company, and Volvo Group India Private Limited, a related party of VECV.
    35 for0 against
  • To consider and ratify remuneration of Rs. 5,00,000/- (Rupees Five Lakhs only) of M/s. Jyothi Satish & Co., Cost Auditor payable for the financial year 2024-25.
    35 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
  • Item 6, as a fund house numbered it
    1 for0 against

Mutual fund votes, meeting of 1 May 2025, 35 fund houses

11 proposals

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

  • To consider & approve appointment of Ms. Ira Gupta (DIN: 07517101) as an Independent Woman Director of the Company for a term of 5 (five) consecutive years with effect from Febraury 10, 2025 upto February 09, 2030MoreLess
    34 for0 against
  • To consider and approve appointment of Mr. Arun Vasu (DIN: 00174675) as an Independent Director of the Company for a term of 5 (five) consecutive years with effect from February 13, 2025 upto February 12, 2030MoreLess
    35 for0 against
  • To consider and approve appointment of Mr. Siddhartha Lal (DIN: 00037645) as Executive Chairman of the Company (in the capacity of Whole-time Director) for a term of 5 (five) consecutive years with effect from February 13, 2025 upto February 12, 2030MoreLess
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund
    • Angel One Mutual FundGovernance concern: Appointee holds combined position of Executive Director and Chairman which may lead concentration of power.
    • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance concern: Appointee holds combined position of Executive Director and Chairman which may lead concentration of power.
    28 for6 against
  • To consider and approve payment of remuneration to Mr. Siddhartha Lal as Executive Chairman of the Company (in the capacity of Whole Time Director)
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund
    • Angel One Mutual FundGovernance concern: Appointee holds combined position of Executive Director and Chairman which may lead concentration of power.
    • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance concern: Appointee holds combined position of Executive Director and Chairman which may lead concentration of power.
    28 for6 against
  • To consider and approve appointment of Mr. Govindarajan Balakrishnan (DIN: 03093035) as Managing Director of the Company for a term of 5 (five) consecutive years with effect from February 13, 2025 upto February 12, 2030MoreLess
    34 for0 against
  • To consider and approve payment of remuneration to Mr. Govindarajan Balakrishnan as Managing Director of the Company
    34 for0 against
5 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 3, as a fund house numbered it
    1 for0 against
  • Item 4, as a fund house numbered it
    1 for0 against
  • Item 5, as a fund house numbered it
    1 for0 against
  • Item 6, as a fund house numbered it
    1 for0 against

Mutual fund votes, meeting of 22 Aug 2024, 28 fund houses

12 proposals

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 (including Audited Consolidated Financial Statements) of the Company for thenfinancial year ended March 31, 2024 together with the Reports of the Board of Directors and the Auditors thereonMoreLess
    25 for0 against
  • To declare a dividend of Rs. 51/- per equity share of face value of Re. 1/- each for the financial year ended March 31, 2024
    27 for0 against
  • To appoint Mr. Govindarajan Balakrishnan (DIN: 03093035), who retires by rotation and being eligible, offers himself for re-appointment as a Director
    27 for0 against
  • To consider and approve Material Related Party Transactions between VE Commercial Vehicles Limited (VECV), Subsidiary of the Company, and VolvonGroup India Private Limited, a related party of VECV
    Against Bajaj Finserv Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Bajaj Finserv Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Governance Concern: Basis for Arm’s Length pricing not disclosed; No clarity on how certain RPTs fall within ordinary course of business. Transparency concern: No clarity with regards to obtaining prior shareholders’ approval.
    24 for3 against
  • To consider and ratify remuneration of Rs. 5,00,000/- (Rupees Five Lakhs only) of M/s. Jyothi Satish & Co., Cost Auditor payable for the financial yearn2023-24
    26 for0 against
7 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
  • Accept Financial Statements and Statutory Reports
    2 for0 against
  • Ratification of remuneration of Rs. 5,00,000/- plus taxes as applicable and reimbursement of out of pocket expenses payable to M/s. Jyothi Satish and Co., Cost Accountants (Firm registration No. 101197), appointed by the Board of Directors on the recommendation of the Audit Committee as Cost Auditor of the Company to conduct audit of the relevant cost records of the Company for the financial year 2023 - 24.MoreLess
    1 for0 against

Mutual fund votes, meeting of 5 Nov 2023, 26 fund houses

3 proposals
  • To consider and approve appointment of Mr. Subramanian Madhavan (DIN: 06451889) as an Independent Director of the Company for a term of 5 (five) consecutive years with effect from September 29, 2023 upto September 28, 2028MoreLess
    26 for0 against
  • To consider and approve appointment of Mr. Tejpreet S. Chopra (DIN: 00317683) as an Independent Director of the Company for a term of 5 (five) consecutive years with effect from September 29, 2023 upto September 28, 2028MoreLess
    Against Axis Mutual Fund, Bank of India Mutual Fund, Invesco Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund
    • Axis Mutual Fund, Bank of India Mutual Fund, Sundaram Mutual Fund, Taurus Mutual FundTejpreet Chopra, 53, is the Founder and CEO of the Bharat Light & Power Group (BLP), Prior to this, he was the President and CEO of General Electric (GE) in India, Sri Lanka & Bangladesh, and was responsible for directing GE’s strategies for growth in these countries. He is an Independent Director on the board of five listed companies (including Eicher Motors Limited). Given their full-time responsibilities, regulations allow whole-time directors of listed companies to be independent directors in a maximum of three listed companies. We believe that as the Founder and CEO of BLP, his responsibilities are equivalent to a whole-time directorship of a listed company. Therefore, his high number of directorships on listed companies is not in keeping with the spirit of the regulation.
    • Invesco Mutual FundTejpreet Chopra, 53, is the Founder and CEO of the Bharat Light & Power Group (BLP), Prior to this, he was the President and CEO of General Electric (GE) in India, Sri Lanka & Bangladesh, and was responsible for directing GE’s strategies for growth in these countries. He is an Independent Director on the board of five listed companies (including Eicher Motors Limited). Given their full-time responsibilities, regulations allow whole-time directors of listed companies to be independent directors in a maximum of three listed companies. We believe that as the Founder and CEO of BLP, his responsibilities are equivalent to a whole-time directorship of a listed company. Therefore, his high number of directorships on listed companies is not in keeping with the spirit of the regulation
    21 for5 against
  • To consider and approve re-appointment of Mr. Inder Mohan Singh (DIN: 07114750) as an Independent Director of the Company for a second term of 5 (five) consecutive years with effect from November 12, 2023 upto November 11, 2028MoreLess
    Against 360 One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund
    • 360 One Mutual Fund, Bandhan Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundRe-appointment compliant with law. Governance Concern: Pecuniary relationship with the Company.
    • Axis Mutual Fund, Bank of India Mutual Fund, Taurus Mutual FundInder Mohan Singh, 59, is an Equity Partner at Shardul Amarchand Mangaldas & Co. He has been on the board of the company since 12 November 2018. He has attended all six board meetings held in FY23. We note that Eicher Motors has paid professional fees of Rs. 6.6 mn in FY23 to Shardul Amarchand Mangaldas & Co. Given the business linkage between Eicher Motors Limited and Shardul Amarchand Mangaldas & Co, we consider Inder Mohan Singh to be non-independent. Thus, we do not support his reappointment as an Independent Director.
    • Edelweiss Mutual FundRotation desirable
    • HSBC Mutual FundA vote AGAINST the following nominee is warranted because: Inder Mohan Singh is senior equity partner at a legal firm that has provided professional services to the company. As the monetary value of the professional fees paid to the legal firm exceeds our threshold, he is being treated as non-independent director under our classification. A vote AGAINST the proposal is warranted as the company has proposed to appoint him as independent director.
    • Invesco Mutual FundInder Mohan Singh, 59, is an Equity Partner at Shardul Amarchand Mangaldas & Co. He has been on the board of the company since 12 November 2018. He has attended all six board meetings held in FY23. We note that Eicher Motors has paid professional fees of Rs. 6.6 mn in FY23 to Shardul Amarchand Mangaldas & Co. Given the business linkage between Eicher Motors Limited and Shardul Amarchand Mangaldas & Co, we consider Inder Mohan Singh to be non-independent. Thus, we do not support his reappointment as an Independent Directo
    • Kotak Mahindra Mutual FundMr. Inder Mohan Singh, is currently the Equity Partner with Shardul Amarchand Mangaldas & Co. has 4 decades of experience in the automobile industry. He has vast experience of advising Indian and international companies on corporate restructuring, amalgamation, merger, demerger & acquisitions. Even though no major concern has been identified with regards to his profile and commitment, Mr. Inder Mohan Singh holds a pecuniary relationship with the company as well as its subsidiary viz., VE Commercial Vehicles Ltd. which raises a governance concern. Therefore voting AGAINST .
    • Nippon India Mutual FundPecuniary relationship
    • Sundaram Mutual FundInder Mohan Singh, 59, is an Equity Partner at Shardul Amarchand Mangaldas & Co. He has been on the board of the company since 12 November 2018. He has attended all six board meetings held in FY23.We note that Eicher Motors has paid professional fees of Rs. 6.6 mn in FY23 to Shardul Amarchand Mangaldas & Co. Given the business linkage between Eicher Motors Limited and Shardul Amarchand Mangaldas & Co, we consider Inder Mohan Singh to be non-independent. Thus, we do not support his reappointment as an Independent Director.
    13 for13 against

Mutual fund votes, meeting of 23 Aug 2023, 24 fund houses

15 proposals

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 (including Audited Consolidated Financial Statements) of the Company for the financial year ended March 31, 2023 together with the Reports of the Board of Directors and the Auditors thereon.MoreLess
    22 for0 against
  • To declare a dividend of Rs. 37/- per equity share of face value of Re. 1/- each for the financial year ended March 31, 2023.
    22 for0 against
  • To appoint Mr. Siddhartha Vikram Lal (DIN: 00037645), who retires by rotation and being eligible, offers himself for re-appointment as a Director.
    Against HSBC Mutual Fund
    • HSBC Mutual FundWe have concerns about insufficient independence on the Audit committee.
    22 for1 against
  • To consider and ratify remuneration of Rs. 5,00,000/- (Rupees Five Lakhs only) of M/s. Jyothi Satish & Co., Cost Auditor payable for the financial year 2022-23.
    22 for0 against
  • To consider and approve the re-appointment of Mr. Vinod Kumar Aggarwal (DIN: 00038906) as Non-executive Non-Independent Director of the Company for a period of 5 (five) years with effect from April 01, 2024.MoreLess
    Against HSBC Mutual Fund
    • HSBC Mutual FundA vote AGAINST the following nominee is warranted because: The board independence norms are not met (after our reclassification), and Inder Mohan Singh and Vinod Aggarwal are non-independent director nominees.
    22 for1 against
  • To consider and approve Material Related Party Transactions between VE Commercial Vehicles Limited (VECV), Subsidiary of the Company, and Volvo Group India Private Limited, a related party of VECV.
    24 for0 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 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
  • Accept Financial Statements and Statutory Reports
    1 for0 against
  • Approve Dividend
    1 for0 against
  • Approve Remuneration of Cost Auditors
    1 for0 against
  • Reelect Inder Mohan Singh as Director
    1 for0 against

Mutual fund votes, meeting of 24 Aug 2022, 25 fund houses

15 proposals

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 (including Audited Consolidated Financial Statements) of the Company for the financial year ended March 31, 2022 together with the Reports of the Board of Directors and the Auditors thereonMoreLess
    24 for0 against
  • To declare a dividend of Rs. 21/- per equity share of face value of Re. 1/- each for the financial year ended March 31, 2022
    24 for0 against
  • To appoint Mr. Vinod Kumar Aggarwal (DIN: 00038906), who retires by rotation and being eligible, offers himself for re-appointment as a Director
    24 for0 against
  • To re-appoint M/s. S.R. Batliboi & Co., LLP, Chartered Accountants, as Statutory Auditors of the Company for second term of five consecutive years
    Against Kotak Mahindra Mutual Fund, Nippon India Mutual Fund
    • Kotak Mahindra Mutual FundNon-Compliant with Regulation 36(5) of SEBI LODR: Proposed audit fee not disclosed.
    • Nippon India Mutual FundInadequate disclosure
    22 for2 against
  • To consider and ratify remuneration of Rs. 4,50,000/- (Rupees four lakh fifty thousand only) of M/s. Jyothi Satish & Co., Cost Auditor payable for the financial year 2021-22
    24 for0 against
  • To consider and approve the appointment of Mr. Govindarajan Balakrishnan (DIN: 03093035) as Whole-time Director of the Company for a period of five years with effect from August 18, 2021
    24 for0 against
  • To consider and approve Payment of Remuneration to Mr. Govindarajan Balakrishnan (DIN: 03093035) as Whole-time Director of the Company
    24 for0 against
  • To consider and approve Material Related Party Transactions between VE Commercial Vehicles Limited (VECV), Subsidiary of the Company, and Volvo Group India Private Limited, a related party of VECV
    25 for0 against
7 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 3, as a fund house numbered it
    1 for0 against
  • Item 4, as a fund house numbered it
    1 for0 against
  • Item 5, as a fund house numbered it
    1 for0 against
  • Item 6, as a fund house numbered it
    1 for0 against
  • Item 7, as a fund house numbered it
    1 for0 against

Mutual fund votes, meeting of 24 Oct 2021, 21 fund houses

3 proposals

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

  • To consider and approve re-appointment of Mr. Siddhartha Lal as Managing Director of the Company for a period of 5 years with effect from May 1, 2021
    Against Bandhan Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund
    • Bandhan Mutual Fund, LIC Mutual FundNo concern on merits. However, re-appointment of MD by the Board from retrospective date after rejection by shareholders is in technical non-compliance of the law
    • Motilal Oswal Mutual FundSES recommendation is just due to technicality factor
    18 for3 against
  • To approve Payment of Remuneration to Mr. Siddhartha Lal as Managing Director of the Company for a period of 5 years with effect from May 1, 2021
    Against Bandhan Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund
    • Bandhan Mutual Fund, LIC Mutual FundNo concern on merits. However, re-appointment of MD by the Board from retrospective date after rejection by shareholders is in technical non-compliance of the law
    • Motilal Oswal Mutual FundSES recommendation is just due to technicality factor
    16 for3 against

    1 abstained

1 proposal not matched to one resolution
  • Item 2, as a fund house numbered it
    1 for0 against

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

Fines

Reported in the filing for the quarter to Sep 2026.

  • Fine or penaltyDistrict Consumer Disputes Redressal Commission, ChandigarhSince 21 Jul 2026

    The DCDRC, Chandigarh has ordered a refund of Rs. 1,62,000/-, along with Rs. 10,000/- as compensation, and Rs. 7,000/- towards litigation costs.

    Alleged for manufacturing defect in the vehicle.
  • Fine or penaltyDistrict Consumer Disputes Redressal Commission, EluruSince 24 Jul 2026

    The DCDRC, Eluru has directed to put the vehicle in road worthy condition and pay a sum of Rs. 15,000/- to the complainant as compensation and costs.

    Alleged deficiency in service.
  • Fine or penaltyDistrict Consumer Disputes Redressal Commission, JaipurSince 24 Sep 2026

    DCDRC, Jaipur has ordered to pay the refund of Rs. 19,130/-, along with Rs. 25,000/- as compensation and an additional amount of Rs. 10,000/- towards litigation and complaint costs.

    Alleged deficiency in service.
  • Fine or penaltyDistrict Consumer Disputes Redressal Commission, ViluppuramSince 11 Sep 2026

    DCDRC, Viluppuram, has ordered a refund of the vehicle booking amount of Rs. 5,000/-, along with Rs. 15,000/- as compensation along with Rs. 5,000/- towards litigation costs.

    Alleged unfair trade practice during vehicle sales.
  • Fine or penaltyDistrict Consumer Disputes Redressal Commission, DehradunSince 21 Sep 2026

    DCDRC, Dehradun has directed to rectify the defects in the motorcycle free of cost within 45 days. The commission has directed to pay Rs. 5,000/- as compensation for deficiency in service and Rs. 5,000/- towards litigation costs.

    Alleged for manufacturing defect in the vehicle.
  • Fine or penaltyAdditional Commissioner (Appeals), Grade- II, G B Nagar, Uttar PradeshSince 21 Sep 2026

    The original demand amount of Rs. 16,54,341/- including penalty has been fully dropped and final appeal order is now received with "NIL" demand.

    The original GST E-way bill penalty order was received on 20-11-2025 for an amount of Rs. 16,54,341/- which was reported to stock exchanges on 21-11-2025. Update on the earlier reported demand: As a result of the appeal filed by the Company against the above GST order, the penalty amount of Rs.16,54,341/- is fully dropped and final Appeal order is now received with “Nil” demand.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
3941Dec 244344Mar 255149Jun 254949Sep 254339Dec 256872Mar 264143Jun 264140Sep 26

Open at the quarter's end

1Dec 240Mar 252Jun 252Sep 256Dec 252Mar 260Jun 261Sep 26
At most 6 complaints open, quarter to Dec 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
No
The filing has a part on fines and penalties
Yes
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.