JSW Cement logo

JSW Cement CEO, chairman, board of directors and AGM

NSE: JSWCEMENTBSE: 544480Cement & Cement ProductsSmall Cap

JSW Cement Limited · Face value ₹10 · Listed Aug 2025 · Issue price ₹147
Last close ₹116.61down ₹0.99 (0.84%)BSE ₹116.65

Share price at the NSE close on 27 Oct 2026. Previous close ₹117.60.

27 Oct: open ₹118.00, high ₹118.80, low ₹115.47

52-week range of traded prices to 27 Oct 2026
₹106.65Low, 4 Dec 2025₹143.40High, 21 Jul 2026
Market cap
₹15,898 Cr387th largest listed
P/E
20.93
P/B
2.34
Dividend yield
0.43%
ROE
11.8%
ROCE
7.7%
Debt to equity
0.66
Volume, NSE
13,36,96351.6% delivered

JSW Cement's chairperson is Seshagiri Rao Venkata Satya Metlapalli, its managing director Parth Jindal and its chief executive Nilesh Narwekar, as filed for the quarter to Sep 2026. Its latest annual general meeting was on 31 Jul 2026.

JSW Cement 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

  • ChairpersonSeshagiri Rao Venkata Satya Metlapalli
  • Managing directorParth Jindal
  • Chief executiveNilesh Narwekar
  • Company Secretary and Compliance OfficerSneha Bindra

11 directors6 independent3 executive2 non-executive

  • Seshagiri Rao Venkata Satya Metlapalli · ChairpersonNon-executive · joined Aug 2023 · reappointed Sep 2023 · 1 listed board
  • Parth Jindal · Managing directorExecutive · joined Sep 2016 · reappointed Jun 2026 · 3 listed boards
  • Nilesh Narwekar · Chief executiveExecutive · joined Aug 2017 · reappointed Aug 2026 · 1 listed board · 1 committee seat
  • Narinder Singh KahlonExecutive · joined May 2018 · reappointed May 2024 · 2 listed boards · 1 committee seat, 1 as chair
  • Kantilal Narandas PatelNon-executive · joined Mar 2006 · reappointed Jul 2025 · 2 listed boards · 2 committee seats, 1 as chair
  • Pankaj KulkarniIndependent · joined Apr 2021 · reappointed Apr 2026 · 66 months as independent · 2 listed boards · 2 as independent · 3 committee seats
  • Sumit BanerjeeIndependent · joined Jul 2021 · reappointed Jul 2026 · 62 months as independent · 3 listed boards · 3 as independent · 3 committee seats
  • Akshaykumar Narendrasinhji ChudasamaIndependent · joined May 2024 · reappointed Jul 2024 · 28 months as independent · 4 listed boards · 4 as independent · 5 committee seats
  • Aashish R KamatIndependent · joined May 2024 · reappointed Jul 2024 · 28 months as independent · 3 listed boards · 3 as independent · 1 committee seat, 2 as chair
  • Raghav ChandraIndependent · joined May 2024 · reappointed Jul 2024 · 28 months as independent · 6 listed boards · 6 as independent · 5 committee seats, 1 as chair
  • Preeti ReddyIndependent · joined Jul 2024 · reappointed Jul 2024 · 26 months as independent · 4 listed boards · 4 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.

3 directors who left
  • Sutapa Banerjee, left 21 Apr 2026: Tenure Completion
  • Sudhir Maheshwari, left 14 Apr 2026: Others
  • Utsav Baijal, left 4 Nov 2025: Others

Committees and meetings

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

  • Board

    • 29 Sep 202610 of 11 present5 independent · 46 days in between
    • 13 Aug 202611 of 11 present6 independent · 86 days in between
    • 18 May 202610 of 11 present5 independent

  • Audit Committee

    Chair Aashish R Kamat

    Sumit Banerjee, Pankaj Kulkarni, Akshaykumar Narendrasinhji Chudasama

    • 29 Sep 20264 of 4 present4 independent · 46 days in between
    • 13 Aug 20264 of 4 present4 independent · 2 days in between
    • 10 Aug 20264 of 4 present4 independent · 83 days in between
    • 18 May 20264 of 4 present4 independent · 3 days in between
    1 earlier meeting
    • 14 May 20264 of 4 present4 independent

  • Nomination and remuneration committee

    Chair Pankaj Kulkarni

    Kantilal Narandas Patel, Akshaykumar Narendrasinhji Chudasama, Preeti Reddy

    • 13 Aug 20264 of 4 present3 independent · 86 days in between
    • 18 May 20264 of 4 present3 independent

  • Stakeholders Relationship Committee

    Chair Kantilal Narandas Patel

    Pankaj Kulkarni, Nilesh Narwekar

    No meeting listed in the filing.

  • Risk Management Committee

    Chair Seshagiri Rao Venkata Satya Metlapalli

    Sumit Banerjee, Akshaykumar Narendrasinhji Chudasama, Aashish R Kamat

    • 10 Aug 20264 of 4 present3 independent · 88 days in between

  • Corporate Social Responsibility Committee

    Chair Kantilal Narandas Patel

    Sumit Banerjee, Raghav Chandra, Preeti Reddy

    • 13 May 20264 of 4 present3 independent

  • ESOP Committee

    Chair Akshaykumar Narendrasinhji Chudasama

    Kantilal Narandas Patel, Sumit Banerjee

    No meeting listed in the filing.

  • Project Review Committee

    Chair Pankaj Kulkarni

    Nilesh Narwekar, Sumit Banerjee, Raghav Chandra

    • 10 Aug 20264 of 4 present3 independent · 88 days in between
    • 13 May 20264 of 4 present3 independent

  • Finance Committee

    Chair Kantilal Narandas Patel

    Nilesh Narwekar, Narinder Singh Kahlon

    • 2 Sep 20263 of 3 present0 independent · 48 days in between
    • 15 Jul 20263 of 3 present0 independent · 61 days in between

  • Code of Conduct Committee

    • 30 Jul 20262 of 2 present0 independent

  • Independent Directors Committee

    • 29 Sep 20265 of 6 present5 independent · 26 days in between

  • Sustainability Committee

    • 14 May 20263 of 4 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.

  • Deloitte Haskins & Sells LLPPeer-review certificate valid to Jul 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.

JSW Cement 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.JSW Cement dividend history

Annual general meeting, 31 Jul 2026

4,33,597 shareholders on the register on 10 Jul 2026; present: 12 promoters and 57 others; votes counted by Ms. Meghana Mhatre / M/s. Meghana Mhatre & Associates, Mumbai.

  1. Adoption of the: a. Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2026, together with the Reports of the Board of Directors and the Statutory Auditors thereon; b. Audited Consolidated Financial Statement of the Company for the financial year ended 31st March, 2026, together with the Report of the Statutory Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 87.35% · promoters 99.67% · institutions 82.10% · other public 0.49%

  2. Declaration of dividend of Rs. 0.50/- per Equity Share of face value Rs. 10/- (i.e. 5%)
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.17%

    Turnout: all 87.35% · promoters 99.67% · institutions 82.10% · other public 0.49%

  3. Appointment of Mr. Seshagiri Rao MVS (DIN: 00029136) who retires by rotation as a Director and, being eligible, has offered himself for re-appointment
    Ordinary
    93.10% for6.90% against

    Against: promoters 0.00% · institutions 38.82% · other public 0.46%

    Turnout: all 87.35% · promoters 99.67% · institutions 82.10% · other public 0.49%

  4. Remuneration payable to the Cost Auditors
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.73%

    Turnout: all 87.35% · promoters 99.67% · institutions 82.10% · other public 0.49%

  5. Payment of Commission To Non-Executive Directors
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.42%

    Turnout: all 87.35% · promoters 99.67% · institutions 82.10% · other public 0.49%

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, 12 Jul 2026, 2 resolutions

4,52,119 shareholders on the register on 5 Jun 2026; votes counted by Ms. Meghana Mhatre / M/s. Meghana Mhatre & Associates, Mumbai.The company's voting result

  1. Re-appointment of Mr. Nilesh Narwekar (DIN: 06908109) as the Whole-time Director and Chief Executive Officer of the Company
    Ordinary
    97.55% for2.45% against

    Against: promoters 0.00% · institutions 14.95% · other public 4.90%

    Turnout: all 81.03% · promoters 94.04% · institutions 73.54% · other public 0.58%

  2. Re-appointment of Mr. Sumit Banerjee (DIN: 00213826) as an Independent Director of the Company
    Special
    99.47% for0.53% against

    Against: promoters 0.00% · institutions 3.20% · other public 5.29%

    Turnout: all 81.03% · promoters 94.04% · institutions 73.54% · other public 0.58%

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 Mar 2026, 2 resolutions

4,55,319 shareholders on the register on 20 Feb 2026; votes counted by Ms. Meghana Mhatre / M/s. Meghana Mhatre & Associates, Mumbai.The company's voting result

  1. Re-appointment of Mr. Parth Jindal (DIN: 06404506) as the Managing Director of the Company
    SpecialPromoters have an interest in it
    94.54% for5.46% against

    Against: promoters 0.00% · institutions 42.94% · other public 71.75%

    Turnout: all 77.89% · promoters 94.06% · institutions 53.95% · other public 0.88%

  2. Re-appointment of Mr. Pankaj Kulkarni (DIN: 00725144) as an Independent Director of the Company
    Special
    88.96% for11.04% against

    Against: promoters 0.00% · institutions 87.41% · other public 72.45%

    Turnout: all 77.89% · promoters 94.06% · institutions 53.95% · other public 0.88%

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, 27 Dec 2025, 1 resolution

4,66,464 shareholders on the register on 21 Nov 2025; votes counted by Ms. Meghana Mhatre / M/s. Meghana Mhatre & Associates, Mumbai.The company's voting result

  1. Appointment of Mr. Sudhir Maheshwari (holding DIN: 02376365) as a Non-Executive, Non-Independent Director of the Company.
    Ordinary
    98.14% for1.86% against

    Against: promoters 0.00% · institutions 15.76% · other public 7.37%

    Turnout: all 76.84% · promoters 93.65% · institutions 51.12% · other public 0.39%

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 31 Jul 2026, 21 fund houses

  • Adoption of the: a. Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2026, together with the Reports of the Board of Directors and the Statutory Auditors thereon; b. Audited Consolidated Financial Statement of the Company for the financial year ended 31st March, 2026, together with the Report of the Statutory Auditors thereon.MoreLess
    21 for0 against
  • Declaration of dividend of Rs. 0.50/- per Equity Share of face value Rs. 10/- (i.e. 5%)
    21 for0 against
  • Appointment of Mr. Seshagiri Rao MVS (DIN: 00029136) who retires by rotation as a Director and, being eligible, has offered himself for re-appointment
    Against SBI Mutual Fund
    • SBI Mutual FundSeshagiri Rao MVS, 68, is the Group CFO of JSW Holding Limited. He has been on the board of JSW Cement since August 2023 and has attended all ten board meetings held in FY26. He retires by rotation and his reappointment is in line with the statutory requirements. We observe that One of the IDs is long tenured due to which the effective independence of the board falls below 50%. Due to the board independence being less than 50% on our internal framework. We wish to clarify that we do not have any doubt about the competency of the directors. Our only concern is <50% independence on the board. We do not support the resolution
    20 for1 against
  • Remuneration payable to the Cost Auditors
    21 for0 against
  • Payment of Commission To Non-Executive Directors
    21 for0 against

Mutual fund votes, meeting of 12 Jul 2026, 21 fund houses

  • Re-appointment of Mr. Nilesh Narwekar (DIN: 06908109) as the Whole-time Director and Chief Executive Officer of the Company
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual Fund
    • Angel One Mutual FundGovernance and Transparency concern: No cap has been proposed on the benefits arising from ESOPs; lack of clarity regarding overall remuneration payable to the proposed director. Further, the Company has not disclosed whether it has adequate profit in terms of provisions of the Companies Act and whether disclosures prescribed in Schedule V is applicable to the proposed resolution or not.
    • Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundNo concern identified on the merit of proposed director. Governance and Transparency concern: No cap has been proposed on the benefits arising from ESOPs; lack of clarity regarding overall remuneration payable to the proposed director. Further, the Company has not disclosed whether it has adequate profit in terms of provisions of the Companies Act and whether disclosures prescribed in Schedule V is applicable to the proposed resolution or not.
    • Motilal Oswal Mutual FundNo cap has been proposed on the benefits arising from ESOPs.
    • Zerodha Mutual FundNo concern identified on the merit of proposed director. Governance and Transparency concern: No cap has been proposed on the benefits arising from ESOPs; lack of clarity regarding overall remuneration payable to the proposed director.
    14 for7 against
  • Re-appointment of Mr. Sumit Banerjee (DIN: 00213826) as an Independent Director of the Company
    21 for0 against

Mutual fund votes, meeting of 29 Mar 2026, 19 fund houses

2 proposals
  • Re-appointment of Mr. Parth Jindal (DIN: 06404506) as the Managing Director of the Company
    Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund
    • Angel One Mutual FundGovernance concern: No absolute cap on the proposed total remuneration or on the variable component of the proposed remuneration. Skewed remuneration towards promoter Director. Director holds 2 full time positions in Companies not having holding-subsidiary relationship and engaged in unrelated business.
    • Axis Mutual FundParth Jindal, 35, is the promoter and Managing Director of the company since September 2016. He is not liable to retire by rotation. He also serves as the Managing Director of JSW Paints Limited and Chairman of JSW Dulux Ltd. He was paid a remuneration of Rs. 111.9 mn in FY25, including a commission of Rs. 60.1 mn. In the absence of disclosure on FY26 remuneration, we have estimated FY26 pay at a 10% increase over FY25 levels. Based on the proposed terms, we estimate his remuneration for proposed tenure in the range of Rs. 160.6 mn – Rs. 214.6 mn, assuming a 10% increase in commission over the FY25 payout. His estimated remuneration is high relative to the size and scale of company’s operations and peers. We note that under the existing terms, commission is capped at 1% of net profits; however, the FY25 commission payout amounts to ~2.5% of standalone PBT, despite a decline in profitability during the year. This raises concerns regarding the basis of computation and its linkage to company performance. The company should provide clarity on how commission is calculated. Further, remuneration levels remain elevated, with FY25 pay constituting ~4.6% of standalone PBT and ~3.4% of employee benefit expenses. Under the proposed terms, he is eligible for a commission at up to 1% of net profits, for which there is no absolute cap. Therefore, as the company’s profitability increases, his remuneration could rise significantly over his tenure. The company should also disclose performance metrics that determine variable pay and cap the variable pay and overall remuneration in absolute terms. Although we support his reappointment, the absence of clarity on the FY25 commission payout and the open-ended remuneration structure, we do not support the resolution.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance concern: No absolute cap on the proposed total remuneration or on the variable component of the proposed remuneration. Skewed remuneration towards promoter Director. Director holds 2 full time positions in Companies not having holding-subsidiary relationship and engaged in unrelated business.
    • Baroda BNP Paribas Mutual FundPart of the promoter family. No issue on candidature. However there is no cap on his remuneration either in absolute or percent terms
    • Jio BlackRock Mutual FundParth Jindal, 35, is the promoter and Managing Director of the company since September 2016. He is not liable to retire by rotation. He also serves as the Managing Director of JSW Paints Limited and Chairman of JSW Dulux Ltd. He was paid a remuneration of Rs. 111.9 mn in FY25, including a commission of Rs. 60.1 mn. In the absence of disclosure on FY26 remuneration, we have estimated FY26 pay at a 10% increase over FY25 levels. Based on the proposed terms, we estimate his remuneration for proposed tenure in the range of Rs. 160.6 mn – Rs. 214.6 mn, assuming a 10% increase in commission over the FY25 payout. His estimated remuneration is high relative to the size and scale of company’s operations and peers. We note that under the existing terms, commission is capped at 1% of net profits; however, the FY25 commission payout amounts to ~2.5% of standalone PBT, despite a decline in profitability during the year. This raises concerns regarding the basis of computation and its linkage to company performance. The company should provide clarity on how commission is calculated.Further, remuneration levels remain elevated, with FY25 pay constituting ~4.6% of standalone PBT and ~3.4% of employee benefit expenses. Under the proposed terms, he is eligible for a commission at up to 1% of net profits, for which there is no absolute cap. Therefore, as the company’s profitability increases, his remuneration could rise significantly over his tenure. The company should also disclose performance metrics that determine variable pay and cap the variable pay and overall remuneration in absolute terms. Although we support his reappointment, the absence of clarity on the FY25 commission payout and the open-ended remuneration structure, we do not support the resolution.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundGovernance Concern: No absolute cap on the proposed total remuneration or on the variable component of the proposed remuneration.
    8 for11 against
  • Re-appointment of Mr. Pankaj Kulkarni (DIN: 00725144) as an Independent Director of the Company
    Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
    • Angel One Mutual FundGovernance concern: Ex- Employee - Mr. Pankaj Kulkarni has been associated with the Group Company as Chief Executive Officer. Appointment of an employee who mainly held Executive/Managerial position with the Company/Group Company as an Independent Director is not indicative of a good governance practice. Nomination & Remuneration Committee chairman – Skewed remuneration practice. Cooling off period of 3 years not served at the time of transition from Non-Executive Director to Independent Director. Mr. Pankaj Kulkarni has been association with the Company/Group for more than 10 years.
    • Axis Mutual Fund, HDFC Mutual FundPankaj Kulkarni, 68, is currently a Director at EC Metals (India) Private Limited and previously served as CEO (Special Projects) at JSW Steel Ltd. He has over three decades of experience in management and leadership roles. He has served on the board of JSW Cement Ltd. since February 2012. He attended all nine board meetings held during FY26 up to the date of the notice and all eight board meetings held in FY25. He was initially appointed as a non-executive director on 2 February 2012 and was subsequently designated as an independent director from 1 April 2021. However, there was no sufficient cooling-off period of at least three years between his tenure as a non-executive director and his appointment as an independent director. Further, we consider his tenure from the date of his first appointment to the board. Given his long association with the company, we consider him to be non-independent. We do not support reappointment of independent directors if their aggregate tenure with the company or the group exceeds ten years, as we believe that this is not in line with the spirit of the regulations. Hence, we do not support the resolution.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance concern: Ex- Employee - Mr. Pankaj Kulkarni has been associated with the Group Company as Chief Executive Officer. Appointment of an employee who mainly held Executive/Managerial position with the Company/Group Company as an Independent Director is not indicative of a good governance practice. NRC chairman – Skewed remuneration practice. Cooling off period of 3 years not served at the time of transition from NED to ID. Mr. Pankaj Kulkarni has been association with the Company/Group for more than 10 years.
    • Baroda BNP Paribas Mutual FundMD of JSW paints - formerly with JSW steel. He is currently associated with the group so appointment as an ID does not involve any cooling off period
    • ICICI Prudential Mutual FundMr. Pankaj Kulkarni was initially appointed as a non-executive director of JSW Cements in Feb-2012 and was subsequently designated as an Independent Director from 1 April 2021. Given the long association of Mr. Pankaj Kulkarni with the company, the AMC has voted against the resolution.
    • Jio BlackRock Mutual FundPankaj Kulkarni, 68, is currently a Director at EC Metals (India) Private Limited and previously served as CEO (Special Projects) at JSW Steel Ltd. He has over three decades of experience in management and leadership roles. He has served on the board of JSW Cement Ltd. since February 2012. He attended all nine board meetings held during FY26 up to the date of the notice and all eight board meetings held in FY25. He was initially appointed as a non-executive director on 2 February 2012 and was subsequently designated as an independent director from 1 April 2021.However, there was no sufficient cooling-off period of at least three years between his tenure as a non-executive director and his appointment as an independent director. Further, we consider his tenure from the date of his first appointment to the board. Given his long association with the company, we consider him to be non-independent. We do not support reappointment of independent directors if their aggregate tenure with the company or the group exceeds ten years, as we believe that this is not in line with the spirit of the regulations. Hence, we do not support the resolution.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundGovernance Concern: Prolonged association with the group. Cooling off period of 3 years not served at the time of transition from NED to ID
    • SBI Mutual FundPankaj Kulkarni, 68, is currently a Director at EC Metals (India) Private Limited and previously served as CEO (Special Projects) at JSW Steel Ltd. He has over three decades of experience in management and leadership roles. He has served on the board of JSW Cement Ltd. since February 2012. He attended all nine board meetings held during FY26 up to the date of the notice and all eight board meetings held in FY25. He was initially appointed as a non-executive director on 2 February 2012 and was subsequently designated as an independent director from 1 April 2021. However, there was no sufficient cooling-off period of at least three years between his tenure as a non-executive director and his appointment as an independent director. Further, we consider his tenure from the date of his first appointment to the board. Given his long association with the company, we consider him to be non-independent. We do not support reappointment of independent directors if their aggregate tenure with the company exceeds ten years, as we believe that this is not in line with the spirit of the regulations. Hence, we do not support the resolution.
    5 for14 against

Mutual fund votes, meeting of 27 Dec 2025, 9 fund houses

1 proposal
  • Appointment of Mr. Sudhir Maheshwari (holding DIN: 02376365) as a Non-Executive, Non-Independent Director of the Company.
    9 for0 against

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

Tax disputes

Reported in the filing for the quarter to Sep 2026.

  • Tax disputeJoint Commissioner, Haldia, CGST & CX Commissionerate, KolkataSince 30 Jan 2024
    Personal hearing granted and held on 14.08.2026. Appeal Order awaited.
    At the filing before: The Additional Commissioner (Audit) subsequent to audit of the books of accounts and returns of the company had proposed a demand on the turnover difference due to profit centre mismatch in the trial balance, books of accounts and GSTR9 as reflected in GSTR-9C by issuing SCN dated.30.01.2024 with direction to file reply before the Addl/Joint Commissioner, Haldia Commissioner. The Company filed a reply and subsequently a personal hearing was held before the Joint Commisisoner, Haldia Commissioner. The Company has received an order from the Joint Commissioner confirming the demand and filed appeal before Commissioner (Appeals), Kolkata on 16.12.2025 against the adverse order received from the Joint Commissioner confirming the demand. Personal hearing awaitedMoreLess

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
22Sep 2543Dec 2501Mar 2600Jun 2677Sep 26

Open at the quarter's end

0Sep 251Dec 250Mar 260Jun 260Sep 26
At most 1 complaint 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
No
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.

How money raised was used

Reported for the quarter to Sep 2026.

RaisedAmount raisedForSet asideSpentSpent elsewhere
Public IssuesAug 2025, checked by CRISIL Ratings Limited1,600.00Part financing the cost of establishing a new integrated cement unit at Nagaur, Rajasthan800.00777.09No
Public IssuesAug 2025, checked by CRISIL Ratings Limited1,600.00Prepayment or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company520.00520.00No
Public IssuesAug 2025, checked by CRISIL Ratings Limited1,600.00General Corporate Purposes226.80184.82No
Public IssuesAug 2025, checked by CRISIL Ratings Limited1,600.00Offer related expenses53.2049.46No
₹ 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.