Usha Martin disclosed a voluntary ESG rating of Crisil ESG 54 and a Core ESG rating of Crisil Core ESG 58. The ratings were assigned by Crisil ESG Ratings & Analytics Ltd on August 21, 2026.

The ratings provider, a SEBI-registered Category-1 agency, issued the scores based on public domain information for financial year 2025-26. The company confirmed it did not engage the agency for the assessment, which was conducted independently.

Rating Details

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company notified the National Stock Exchange of India Ltd, BSE Limited, and Societe de la Bourse de Luxembourg.

Independent Assessment

Manish Agarwal, Company Secretary & Compliance Officer, signed the disclosure. He noted that the ratings were intimated via email at 6:27 pm IST on the date of assignment. The company emphasized that the process was independent, with no engagement or payment involved in securing the ratings.

Usha Martin declared a final dividend of ₹3.75 per equity share for FY26 during its 40th Annual General Meeting held on August 20, 2026. The company also approved the appointment of new directors and statutory auditors.

The meeting, conducted via Video Conferencing / Other Audio-Visual Means, commenced at 11:30 am and concluded at 1:05 pm. Chairman Vijay Singh Bapna presided over the proceedings, highlighting the company's strongest performance since the sale of its steel business. He emphasized growth in international markets and progress under the "One Usha Martin" initiative.

Voting Results Overview

The scrutinizer’s report confirmed that all 12 resolutions were passed with the requisite majority. A total of 968 members cast their votes, comprising 944 through remote e-voting and 24 electronically during the meeting. Out of 109,652 shareholders on the record date, 9 promoter group members and 109 public shareholders attended via video conference. No shareholders were present in person or via proxy.

Key Resolutions Approved

Members approved several ordinary and special resolutions concerning financial statements, auditor appointments, and director remuneration.

Board Appointments

The AGM approved the reappointment of Independent Directors Mr. Venkatachalam Ramakrishna Iyer and Mr. Sethurathnam Ravi. Additionally, Ms. Shreya Jhawar, Mr. Dimitri Bracco Gartner, and Mr. Sabyasachi Majumder were appointed as Non-Executive (Non-Independent) Directors.

All ten directors attended the meeting. Representatives of the Statutory Auditors and Secretarial Auditors were also present via video conference. Mr. Raj Kumar Banthia served as the Scrutinizer for the e-voting process.

Institutional Dissent on Key Resolutions

While promoter group votes were unanimous across all resolutions, significant dissent emerged from the Public-Institutions category regarding specific board appointments and remuneration packages.

The resolution to approve the remuneration of Managing Director Mr. Rajeev Jhawar saw 22.91% opposition from institutional investors, though it passed with overall support of 91.02%. Similarly, the reappointment of Independent Director Mr. Venkatachalam Ramakrishna Iyer faced 27.55% opposition from institutions, resulting in an overall approval rate of 89.20%.

Shareholding Discrepancy Note

The company noted that the total number of paid-up equity shares is inflated by 230 shares due to an erroneous electronic transfer to the Investor Education & Protection Fund (IEPF) in September 2020. The company is engaging with the IEPF Authority, MCA, CDSL, and its RTA for rectification. Necessary documents have been submitted, and action is pending.