UltraTech Cement has initiated a postal ballot process to seek shareholder approval for the re-appointment of Vivek Agrawal as Whole-time Director and Chief Marketing Officer. The resolution, proposed by the Board on July 20, 2026, covers a tenure from January 1, 2027, to December 31, 2028.

Remote e-voting for the ordinary resolution will commence on September 12, 2026, at 9:00 am and conclude on October 11, 2026, at 5:00 pm. Shareholders holding shares as of the cut-off date, September 4, 2026, are eligible to vote via the KFin Technologies platform. The notice was dispatched to members with registered email IDs on September 11, 2026, in compliance with Ministry of Corporate Affairs circulars, with physical copies not being sent.

Remuneration Structure

The proposed compensation package outlines a fixed salary component alongside performance-linked incentives. The Board has approved a basic salary ceiling of ₹19,00,000 per month and a special allowance ceiling of ₹21,00,000 per month. Notably, the special allowance is excluded from the calculation base for provident fund, gratuity, and superannuation benefits.

Variable pay constitutes a significant portion of the total remuneration opportunity. The annual incentive pay is linked to target achievement, capped at ₹5 crore per year. Additionally, the long-term incentive compensation (LTIC), which may include stock options or restricted stock units, carries a maximum target opportunity of ₹5 crore annually.

What the Numbers Show

The proposed variable compensation caps represent a substantial weighting toward performance-linked outcomes. With both the annual incentive and LTIC capped at ₹5 crore each, these components could potentially double the fixed salary ceiling (₹19 lakh/month × 12 months = ₹2.28 crore/year) if fully realized. This structure aligns executive rewards directly with corporate performance targets set by the Board.

Director Profile

Agrawal joined the Aditya Birla Group in 1993 and has served in various leadership roles within the cement business. He was initially appointed as Whole-time Director and CMO on June 9, 2024. During FY25-26, he drew a remuneration of ₹11,74,49,367, supplemented by an additional ₹2,31,19,200 as a performance-linked incentive for FY24-25 targets. He holds directorships at The India Cements Limited and serves on its Stakeholders Relationship and Finance Committees.

The Board of Directors of UltraTech Cement has approved the appointment of Mr. Ashish Chandra as Chief Manufacturing Officer (Designate). He assumes the role of Senior Management Personnel effective September 16, 2026.

Mr. Chandra will take over the full responsibilities of Chief Manufacturing Officer on April 1, 2027. This transition follows the planned relinquishment of the position by Mr. E R Raj Narayanan, who steps down on March 31, 2027.

Leadership Transition Details

The appointment was made based on the recommendation of the Nomination, Remuneration and Compensation Committee. The Board expressed its gratitude for Mr. Raj Narayanan's service and contributions to the company and the Aditya Birla Group.

Profile of New Appointee

Mr. Chandra brings approximately 33 years of post-qualification experience in the manufacturing industry. His career includes leadership roles in large-scale manufacturing operations, project execution, and operational transformation.

He is a Mechanical Engineer from Punjab Engineering College, Chandigarh, and has completed the Senior Leadership Programme at Brown University. Notable achievements include contributing to the development of India's first 980 MPa cold-rolled steel, authoring eight technical publications, and holding five granted patents.