Grasim Industries Limited has successfully concluded its postal ballot process, with shareholders approving the re-appointment of two Independent Directors for second terms of five years each. The company announced the results on 28th March 2026, following the completion of remote e-voting that ended on 27th March 2026 at 5:00 pm IST.

Postal Ballot Overview

The postal ballot process was initiated through a notice dated 10th February 2026, seeking shareholder approval for two special resolutions. The remote e-voting period commenced on 26th February 2026 at 9:00 am IST and concluded on 27th March 2026 at 5:00 pm IST.

Resolution Details and Voting Results

Both resolutions pertained to the re-appointment of Independent Directors for second terms spanning five years from 24th May 2026 to 23rd May 2031.

Resolution 1: Re-appointment of Mr. V. Chandrasekaran

The first special resolution for re-appointing Mr. V. Chandrasekaran (DIN: 03126243) as Independent Director received overwhelming support from shareholders.

Resolution 2: Re-appointment of Mr. Adesh Kumar Gupta

The second special resolution for re-appointing Mr. Adesh Kumar Gupta (DIN: 00020403) as Independent Director achieved even higher approval rates.

Voting Participation and Process

The postal ballot process demonstrated significant shareholder participation, with 79.91% of total voting rights being exercised for both resolutions. The company engaged KFin Technologies Limited as the Electronic Voting Service Provider and Registrar and Transfer Agent to facilitate the e-voting process.

Key aspects of the voting process included:

• Electronic Notice Distribution: Postal ballot notices were sent via email to 2,20,833 members with fully paid-up shares, 1,544 members with partly paid-up shares of ₹1 each, and 1,566 members with partly paid-up shares of ₹0.50 each
• Regulatory Compliance: The process adhered to Section 108 and Section 110 of the Companies Act, 2013, along with SEBI Listing Regulations
• Scrutinizer Oversight: BNP & Associates, led by Mr. Avinash Bagul, conducted the scrutiny in a fair and transparent manner

Share Structure and Exclusions

The company's voting structure included various categories of shares, with specific exclusions for regulatory compliance. A total of 24,07,765 fully paid-up equity shares held by Employee Benefit Trust were excluded from voting calculations as per SEBI regulations. Additionally, 1,08,561 fully paid-up equity shares in the "Unclaimed Suspense Account" had frozen voting rights.

Regulatory Filings and Disclosure

The voting results and scrutinizer's report have been uploaded on the company's website at www.grasim.com and KFin Technologies' website. The results were also communicated to BSE Limited and National Stock Exchange of India Limited, along with international stakeholders including Luxembourg Stock Exchange and Citibank N.A. for depositary receipt services.

Grasim Industries has received an overweight rating from global investment bank Morgan Stanley, with analysts setting a target price of Rs 3865 for the diversified conglomerate. The positive outlook is driven by strong growth visibility across multiple business verticals and strategic expansion initiatives.

Key Growth Drivers

Morgan Stanley's bullish stance on Grasim Industries is anchored on several strategic growth opportunities that position the company for sustained value creation:

Paints Business Expansion

The company's paints division represents a significant growth opportunity, with management targeting Rs 100bn in revenue by 2028. This ambitious goal reflects Grasim's strategic entry into the competitive paints market and its commitment to establishing a substantial market presence in this high-growth sector.

Digital and Specialty Focus

Grasim's development of an asset-light B2B e-commerce platform demonstrates the company's digital transformation efforts. Additionally, the expansion in value-added cellulose through Lyocell capacity enhancement and the strategic shift toward specialty chemicals indicate a focus on higher-margin, technology-driven business segments.

Investment Outlook

Morgan Stanley's overweight rating and Rs 3865 target price reflect confidence in Grasim's diversified growth strategy and execution capabilities across multiple business verticals. The combination of traditional manufacturing strength with new-age digital initiatives positions the company for long-term value creation in evolving market conditions.