India Home Loans Limited reported that four out of five resolutions placed before shareholders at its 36th Annual General Meeting failed to secure the requisite majority. The meeting, held on September 11, 2026 via video conferencing, saw only the adoption of the audited financial statements for FY26 pass.

The company disclosed the voting results on September 13, 2026, confirming that while promoters voted unanimously in favor of all agenda items, significant opposition from public non-institutional shareholders led to the rejection of critical governance and leadership proposals.

Voting Results Overview

The total number of shareholders on the record date was 3,825. Of these, 10,311,408 votes were polled across all resolutions, representing approximately 72.2% of outstanding shares. The promoter group held 3,891,085 shares and voted 100% in favor of every resolution. Public institutional shareholders held 10,100 shares but did not cast any votes.

The decisive factor in the outcomes was the voting pattern of public non-institutional shareholders, who held 10,380,570 shares. This group demonstrated strong dissent against management proposals regarding board composition and executive appointments.

Failed Resolutions

Three special resolutions and one ordinary resolution failed to pass:

• Re-appointment of Mr. Mitesh M. Pujara: The ordinary resolution to re-appoint Mr. Pujara as a director retiring by rotation failed. It received 48.38% support overall, falling short of the simple majority required. Public non-institutional shareholders voted against it by a margin of 82.91%.
• Appointment of Managing Director: The special resolution to appoint Mr. Mahesh N. Pujara as Managing Director for three years failed with 50.51% support. A special resolution requires at least 75% approval. Public non-institutional shareholders opposed it by 81.67%.
• Re-appointment of Independent Director: The special resolution to re-appoint Mr. Mahesh Shah as Non-Executive Independent Director for five years also failed with 50.51% support. Public non-institutional shareholders voted against it by 81.67%.
• Re-appointment of Whole-Time Director: The special resolution to re-appoint Mr. Mitesh M. Pujara as Whole-Time Director for three years failed with 48.38% support. Public non-institutional shareholders opposed it by 82.91%.

Passed Resolution

The only resolution to pass was the ordinary resolution to adopt the Audited Financial Statements for the financial year ended March 31, 2026, along with the reports of the Board of Directors and Auditors. This proposal secured 62.93% support from votes polled, driven by unanimous promoter backing and partial support from public non-institutional shareholders (40.46% in favor).

What the Numbers Show

The voting data reveals a sharp divergence between promoter and public shareholder interests. While the promoter group, holding approximately 27.2% of the equity (3,891,085 shares out of 14,281,755 total), supported all management proposals, public non-institutional shareholders actively rejected four of the five items. The failure of the re-appointment of Mr. Mitesh M. Pujara as a director by rotation is particularly notable, as it is an ordinary resolution requiring only a simple majority, yet it still fell short due to overwhelming opposition from the public segment. This suggests significant governance friction or dissatisfaction among retail and institutional public investors regarding the current board structure or executive compensation/appointments.

India Home Loans has scheduled its 36th Annual General Meeting (AGM) for Friday, September 11, 2026, at 2:30 pm. The meeting will be held through Video Conferencing or Other Audio Visual Means (VC/OAVM), in compliance with Ministry of Corporate Affairs circulars. Remote e-voting will be available from September 8 to September 10, 2026.

The primary agenda includes the adoption of the audited financial statements for the financial year ended March 31, 2026. The company also seeks shareholder approval for several special resolutions regarding board appointments. These include the appointment of Mr. Mahesh N. Pujara as Managing Director for a three-year term from August 12, 2026, to August 11, 2029. Additionally, shareholders will vote on the reappointment of Mr. Mitesh M. Pujara as Whole-Time Director for a similar three-year term and the reappointment of Mr. Mahesh Shah as a Non-Executive Independent Director for a five-year term.

Financial Performance

For FY26, India Home Loans reported a total revenue of ₹1,481.23 lakh, an increase from ₹1,368.84 lakh in FY25. However, the net profit after tax declined significantly to ₹9.64 lakh from ₹27.28 lakh in the previous year. Profit before tax fell by approximately 50% to ₹17.34 lakh from ₹34.70 lakh. The company did not recommend any dividend for the financial year.

What the Numbers Show

The divergence between revenue growth and profit contraction highlights increased operational pressures. While revenue rose by over 8%, finance costs remained high at ₹724.74 lakh, though slightly lower than the ₹767.89 lakh in FY25. The significant drop in net profit, despite modest revenue gains, suggests that other expenses or impairment charges may have impacted the bottom line more heavily than interest income improvements could offset. The company’s capital adequacy ratio stood at 75.02% as of March 31, 2026, well above regulatory requirements.

Corporate Governance

The secretarial audit report noted that the company had sought member approval for the continuation of Mr. Mahesh N. Pujara as Managing Director upon attaining the age of 70 years. The process was initiated after he had already attained this age, and the resolution did not receive the requisite majority. Consequently, he was redesignated from Managing Director to Director to align with Section 196(3)(a) of the Companies Act, 2013. The current AGM seeks fresh approval for his appointment as Managing Director.

Members holding shares as of the cut-off date, September 4, 2026, are eligible to vote. The facility for physical attendance has been dispensed with, and proxy appointments are not available for this VC/OAVM meeting.