Board's Report
Dear Members,
Your Directors are pleased to present the 37th Annual Report of the Company
along with the Audited Financial Statements, both Standalone and Consolidated, for the
financial year ended 31st March 2026.
Financial Highlights
|
|
(Rs. in Crores) |
Particulars |
Standalone |
Consolidated |
|
31-Mar-26 |
31-Mar-25 |
31-Mar-26 |
31-Mar-25 |
Revenue from operations |
13,796.72 |
12,441.96 |
14,263.91 |
12,741.32 |
Profit before finance cost, depreciation tax and exceptional item |
1,639.53 |
1,409.85 |
1,693.67 |
1,472.40 |
Profit before tax |
961.53 |
858.29 |
992.26 |
909.41 |
Profit after tax |
837.55 |
566.53 |
855.98 |
604.27 |
Share of profit/(loss) of joint venture |
- |
|
- |
|
Basic/Diluted - EPS (Rs. per Equity Share) (After exceptional item) |
53.71 |
36.33 |
54.73 |
38.75 |
Other equity |
7,674.71 |
6,989.49 |
7,680.62 |
6,972.78 |
State of the Company's Affairs
During the year, the Company reported stronger financial performance, supported by
higher volumes and improved realisations in the Chemicals segment, together with
volume-driven growth in the Shriram Farm Solutions segment. Fenesta Building Systems
segment also contributed to revenue growth; but faced temporary margin moderation. The
sugar and ethanol business delivered improved profitability despite a marginal moderation
in revenue.
The Chemicals and Vinyl segment reported an increase in earnings driven by higher
volumes and better margins supported by lower cost. The earnings of the Sugar and Ethanol
business also witnessed growth led by higher sugar realizations, with the benefit
moderated by elevated costs arising from higher cane prices. Fenesta Building Systems
witnessed volume growth, however the earnings were impacted by margin pressures due to
increase in fixed expenses towards enhancing capabilities and higher promotional expenses,
whereas Shriram Farm Solutions' earning improved driven by higher volumes. The Bioseed
business reported a moderation in earnings, primarily on account of lower volumes in
cotton and corn crops.
The Company's total revenue from operations at a standalone level stood at Rs. 13,797
crore in FY'26 vs. Rs. 12,442 crore last year. On a consolidated basis, it was up ~ 12%.
Chemicals and Vinyl business reported a revenue increase of ~ 31% driven by higher volumes
and better realizations in chemicals. Sugar and Ethanol business witnessed a degrowth of
1% due to lower volumes in sugar and ethanol, mitigated partially by higher sugar
realizations. Fenesta Building Systems and Shriram Farm Solutions segments registered a
growth of 28% and 18% respectively driven by higher volumes, and the Bioseed India
business registered a 7% growth in revenue. The Fertilizer business witnessed almost flat
revenue led by lower gas prices, which is a pass-through.
Profit before depreciation, interest, tax and exceptional items (PBDIT) stood at Rs.
1640 crore, up ~16% over last year. On a consolidated basis, it was up about 15%. The
growth was mainly on account of ~37% increase in the PBDIT of Chemicals and Vinyl segment
primarily due to higher volumes, better realisations in chemicals and reduced energy
costs. Sugar and Ethanol business saw an increase in profitability by 6% led by higher
sugar realizations. SFS witnessed a volume led increase of 5%, whereas Bioseed India's
earnings remained on similar lines as last year. The Fertilizer business recorded an
increase of 24% in PBDIT, mainly due to fertilizer arrears received in FY'26. On the other
hand, Fenesta Building Systems segment saw a degrowth of 3%.
Overall PBDIT margins increased to ~13% from ~12% last year.
Net Profit on a standalone basis for FY'26 was higher by 48% to Rs. 838 crore from Rs.
567 crore in FY'25. It was up by ~42% on a consolidated basis. Net Debt (consolidated) as
on 31st March 2026 stood at Rs. 1767 crore vis-a-vis Rs. 1395 crore as on 31st
March 2025, led by surplus funds being utilized for project capex. Net Debt to equity
stood at 0.23x as on 31st March 2026 vs 0.20x as on 31st March 2025.
The Company commissioned following projects in FY'26 at a cumulative investment of ~
Rs. 1106 crore:
• 52000 TPA Epichlorohydrin (ECH) facility with Glycerine purification facility
(partially in Oct'25 and remaining in Apr'26).
• Enhancement by 6.6 MW in Renewable (Solar + wind) power for Bharuch complex via
SPV route (group captive).
• Acquisition of 53% equity stake in DNV Global Pvt. Ltd. for backward integration
into windows and doors hardware business.
• Acquisition of 100% equity stake in Hindusthan Speciality Chemicals Ltd. (HSCL)
for forward integration into advanced materials.
Further, post closure of the financial year, the company sold 50% stake in its
subsidiary, Shriram Polytech Ltd., to Teknor Apex B.V to form a Joint Venture. The joint
venture is designed to combine Shriram Polytech's strong Indian manufacturing base in
vinyl compounds with Teknor Apex's global expertise in specialized formulations.
The following projects are under implementation:
Bharuch
• Aluminium Chloride expansion by 100 TPD and Calcium Chloride facility of 225 TPD
is planned to be commissioned by Q1 FY27.
• Anhydrous Sodium Sulphate (AnSS) is expected to be completed by Q1 FY27.
• Energy saving project is expected to be commissioned in Q2 FY28.
• Enhancement by 48 MW (peak) in Renewable (Solar + wind) power for Bharuch
complex via SPV route (group captive).
• 36 KTPA Formulated Resins (FR) Capacity Expansion in HSCL by Q2 FY28.
Fenesta: Aluminium extrusion plant at Kota is expected to be commissioned by Q2
FY27.
Kota Complex: 68 MW peak (average: ~34 MW) Renewable (Solar + wind) power for Kota
complex via SPV route (group captive) by Q1 FY27, (injection of 15 MW (average) started
from 4th May'26)
Apart from above, the Board approved entering into a definitive agreement towards the
acquisition of salt mines to facilitate backward integration of the company's chemical
business into salt. The transaction is subject to customary regulatory approvals.
CHANGE IN THE NATURE OF BUSINESS
During the period under review, there was no change in the nature of business of the
Company.
DIVIDEND
Your Directors are pleased to recommend a Final Dividend @ 200% i.e. Rs. 4 per Equity
Share of Rs. 2/- each for the financial year ended 31st March 2026, subject to
approval of the Members at the ensuing Annual General Meeting ('AGM').
In addition, during the year, the Board had declared an Interim Dividend @ 180% i.e.
Rs.3.60/- per Equity Share of Rs.2/- each on 28th October 2025 and 2nd Interim
dividend @ 180% i.e. Rs. 3.60/- per Equity Share of Rs. 2/- each on 20th
January 2026. Therefore, subject to approval of Final Dividend by the shareholders,
cumulative dividend for the financial year 2025-26 will be aggregated to 560% i.e. Rs.
11.20/- per Equity Share.
The Dividend Distribution Policy of the Company as approved by the Board is available
on the Company's website at the following web link:
https://www.dcmshriram.com/docs/files/Dividend%20Distribution%20Pol
icv%20-%20Final%20-%20Website.pdf
TRANSFER TO RESERVES
During the financial year 2025-26, the Company transferred a total of Rs. 13.50 crores
to Reserves, namely, Rs. 14.47 crores to General Reserve and Rs. (0.97) crores to Storage
Fund for Molasses.
PERFORMANCE AND FINANCIAL POSITION OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES
During the year under review, the Company incorporated a wholly owned subsidiary,
Shriram Farm Solutions Limited on 4th July 2025.
Further, the Company acquired 100% of the Equity Share Capital of HSCL, which
consequently became wholly owned subsidiary of the Company effective from 26th
August 2025. HSCL is engaged in the business of manufacturing, trading, importing,
exporting and dealing in alkalies, epoxy resins, curing agents, petrochemicals, polymers,
industrial chemicals, cyanides, PVC products and allied chemical products and derivatives.
Subsequent to closure of the financial year, the Company approved execution of
Shareholders' Agreement, Share Purchase Agreement and other transaction documents amongst
the Company, SPL and Teknor, pursuant to which the Company transferred 50% equity stake
held in SPL to Teknor. Consequently, SPL has now ceased to be wholly owned subsidiary of
the Company and is reclassified as a Joint Venture.
Details regarding the performance and financial position of Company's Subsidiaries,
Associates, etc. are appearing in Form AOC-1 given at Annexure-1 of this Board's Report.
The financial statements of each of the subsidiary companies are available on the
Company's website at the following web link:
https://www.dcmshriram.com/investors/subsidiary
The Company has formulated a Policy for determining Material Subsidiaries, which is
available on the Company's website at the following web link:
https://www.dcmshriram.com/docs/files/Material%20subsidiary%20polic y 18.01.2025.pdf
Basis above policy, as on 31st March 2026, there was no Material Subsidiary
of the Company.
SHIFTING OF REGISTERED OFFICE
During the year under review, pursuant to the approval of Shareholders and the Regional
Director, Northern Region, Ministry of Corporate Affairs, the Registered Office of the
Company was shifted from New Delhi to Gurugram, Haryana, effective from 6th
October 2025.
RISK MANAGEMENT FRAMEWORK
The Company has in place an effective and robust Risk Management System. The Risk
Management Policy and Risk Management framework has been formulated in accordance with
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing
Regulations') and business requirements. The said framework includes identification,
assessment, response and monitoring system for mitigation of various risks.
The Company has a Risk Management Committee constituted in accordance with the
provisions of the Listing Regulations which is, inter alia, entrusted with the
responsibility of overseeing and monitoring the Company's risk management framework,
identification and assessment of risks including steps being taken to mitigate identified
risks.
INTERNAL FINANCIAL CONTROL WITH RESPECT TO FINANCIAL STATEMENTS
The Company has in place adequate Internal Financial Controls with respect to financial
statements. The Company has an Internal Audit department which is adequately staffed with
qualified people and is complemented by external audit team. Internal Audit Plan is
annually presented to the Audit Committee based on function criticality and risk
assessment which covers plant locations, offices and other functions. Internal Audit
Reports containing significant observations along with management response and remediation
plan are periodically presented to the Audit Committee for its review. No material
weakness in the design or operation of such controls was observed during the financial
year 2025-26.
RELATED PARTY TRANSACTIONS
During the financial year 2025-26, there had been no materially significant Related
Party Transaction between the Company and its related parties, which requires disclosure
in Form AOC-2. All Related Party Transactions entered during the year were in the ordinary
course of business and on arm's length basis.
The Company has formulated a Policy on dealing with Related Party transactions, which
is available on the Company's website at the following web link :
https://www.dcmshriram.com /sites/default/files/RPT%20Policy.pdf
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Company is a strong believer in the philosophy of giving back to the community and
acknowledging the role played by communities in the growth of our business. The details of
the programs/activities undertaken as CSR along with Annual Report on CSR activities and
the composition of CSR Committee are provided in a separate section, which forms part of
this Board's Report.
The Company has framed a policy on CSR which includes the guidelines on the major area
in which the Company engages itself with the CSR activities/projects and the manner of
implementation and monitoring the activities/projects. Focus areas of CSR
activities/projects are Preventive Healthcare, Education, Sanitation, Skilling &
Livelihoods, Environment & Biodiversity and Agri Entrepreneurship. Guiding principles
of Community
Centric, Collaboration, Sustainability, Scalability and Impact are the foundations of
CSR activities of the Company. CSR initiatives of the Company are well recognized and have
won several awards viz. CII-ITC Sustainability Awards 2025, The CSR Universe, Rotary India
National CSR Award 2025.
The composition of the CSR Committee, CSR Policy, details of activities/projects
approved by the Board and details of impact assessment, are also available on the
Company's website at the following web link:
https://www.dcmshriram.com/social-responsibilitv
Details of meetings and attendance of Committee Members are given in the Corporate
Governance Report forming part of this Annual Report.
VIGIL MECHANISM/WHISTLE BLOWER POLICY
The Company has in place a Vigil Mechanism/Whistle Blower Policy which is available on
the website of the Company at the following web link:
https://www.dcmshriram.com/sites/default/files/Vigil%20Mechanism%20
Policy.pdf
The mechanism provides a platform to the Directors and Employees of the Company to
raise their concerns or grievances regarding any irregularity, misconduct or unethical
matters/dealing within the Company.
During the year under review, no complaint was received and/or pending under the Vigil
Mechanism/Whistle Blower Policy of the Company.
INTERNAL COMPLAINTS COMMITTEE
The Company has zero tolerance for sexual harassment at the workplace, and the Company
has complied with the provisions relating to constitution of Internal Complaints Committee
under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013 ("POSH").
During the period under review, 1 case was reported on sexual harassment which stands
resolved at the end of the financial year and no case was pending for more than ninety
days.
The Company is committed to raise awareness and ensure compliance on this subject.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
Particulars of Loans, Guarantees and Investments covered under the provisions of
Section 186 of the Companies Act, 2013 ('The Act') and relevant rules thereunder are given
in the Notes to the Financial Statements.
DEPOSITS
The details relating to deposits for the financial year 2025-26, covered under Chapter
V of the Act is as under:
a) Deposits accepted including renewals during the year: Rs. 5.04 Crores
b) Deposits remained unpaid/ unclaimed as at the end of the year: Nil
There has been no default in repayment of deposits or payment of interest thereon
during the financial year 2025-26.
All deposits are in compliance with the requirements of Chapter V of the Act.
EMPLOYEE STOCK PURCHASE SCHEME
The Company has an Employee Stock Purchase Scheme "DCM Shriram ESPS" duly
approved by Members. DCM Shriram ESPS is a secondary
market scheme and provides grant of Equity Shares through Trust, purchased from the
secondary market to the eligible employees, as may be decided by the Nomination,
Remuneration and Compensation Committee (NRCC), from time to time. The shareholders vide
Special Resolution passed on 4th June 2023 through postal ballot, have approved
further acquisition of Equity Shares from the secondary market, upto 2% of the paid-up
equity share capital, for the purpose of the scheme.
There are no voting rights exercised on the shares held by the Trust. The details
required as per SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021,
are available on the Company's website at the following link:
https://www.dcmshriram.com/investors/dcm-esps
COMPANY'S POLICY ON DIRECTOR(S) APPOINTMENT AND REMUNERATION
The criteria for appointment of Directors had been determined by the NRCC which,
inter-alia, includes criteria for determining qualifications, positive attributes,
independence of a Director, basis/criteria of remuneration to Directors/ Key Managerial
Personnel (KMPs) and other matters provided under Section 178 of the Act and the Listing
Regulations.
The Company has a Remuneration Policy in place which deals in the remuneration of the
Directors, KMPs, Senior Management Personnel (SMPs) and other employees of the Company.
The said remuneration policy is available on the Company's website at the following web
link: https://www.dcmshriram.com/docs/files/Remuneration%20Policy.pdf
NUMBER OF MEETINGS OF THE BOARD
During the financial year 2025-26, the Board had met 6 times i.e. on 5th May
2025, 12th June 2025, 21st July 2025, 28th October 2025,
20th January 2026 and 12th March 2026.
Details of attendance of Directors in meetings are given in the Corporate Governance
Report forming part of this Annual Report.
COMPOSITION OF AUDIT COMMITTEE AND OTHER COMMITTEES
Details regarding composition and meetings of the Audit Committee and other Committees
of the Board and attendance of Committee Members in respective Committee meetings are
mentioned in the Corporate Governance Report forming part of this Annual Report.
DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)
In terms of the provisions Section 152 of the Act, Mr. Ajit S. Shriram (DIN: 00027918),
Joint Managing Director and Mr. Pradeep Dinodia (DIN: 00027995), Non-Executive
Non-Independent Director of the Company, retire by rotation at the ensuing AGM and offer
themselves for re-appointment.
The Company has received declaration from all the Independent Directors confirming that
they meet the criteria of independence as prescribed under Section 149 of the Act and
Regulation 16 of the Listing Regulations. In the opinion of the Board, the said Directors
possess the integrity, expertise and experience including proficiency required for their
appointment as Independent Directors in the Company.
None of the Directors of the Company are disqualified as per the provisions of Section
164 of the Act. The Directors of the Company have made necessary disclosures under Section
184 and other relevant provisions of the Act.
Brief resume and other details of the Directors being re-appointed at the ensuing AGM
as stipulated under Secretarial Standard-2 issued by the Institute of Company Secretaries
of India (ICSI) and Regulation 36 of the Listing Regulations, are separately disclosed in
the Notice of ensuing AGM.
The details of familiarization program for Independent Directors are available on the
Company's website at the following web link:
https://www.dcmshriram.com/independent-directors
MANNER & CRITERIA OF FORMAL ANNUAL EVALUATION OF BOARD'S PERFORMANCE AND THAT OF
ITS COMMITTEES AND INDIVIDUAL DIRECTORS
In compliance with requirements of the Act and the Listing Regulations, formal annual
performance evaluation of the Board, its Committees and Individual Directors has been
conducted as under:
A. Manner of evaluation as recommended to the Board by NRCC.
1. The Chairman of the Board had taken feedback from each of the Directors about the
performance of Board, Committees and other Directors and sought inputs in relation to the
above. The Chairman then collated all the inputs and shared the same with the Board.
2. In respect of the evaluation of Mr. Ajay S. Shriram the Chairman of the Board, the
Chairman of NRCC collated the inputs from Directors about his performance as a Director
and as Chairman of the Board/Company and as Chairman/Member of the Board Committees and
shared the same with the Board.
The Board discussed the inputs on performance of Board/Committees/ Individual Directors
and performed the evaluation.
B. Criteria of evaluation as approved by the NRCC
The aforesaid evaluation was conducted as per the criteria laid down by the NRCC as
follows::
Performance of |
Evaluation Criteria |
(i) Board as a whole |
Structure of Board including Composition /Diversity/Process of
appointment/qualifications /experience, etc.; |
|
Fulfillment of functions of the Board (for instance guiding corporate
strategy, risk policy, business plans, corporate performance, monitoring Company's
governance practices etc., as per the Act and the Listing Regulations); |
|
Meetings of Board (Number/Manner of Board Meetings) held during the
year including quality/quantity/timing of circulation of agenda for Board Meetings,
approval process/recording of minutes and timely dissemination of information to Board;
and |
|
Professional Development and Training of Board of Directors as
required. |
(ii) Board Committees |
Composition of Committee; |
|
Fulfillment of functions of the Committee with reference to its terms
of reference, the Act and the Listing Regulations; and |
|
Number of Committee meetings held during the year. |
Performance of |
Evaluation Criteria |
(iii) Individual Directors |
Fulfillment of responsibilities as a director as per provisions of the
Act and the Listing Regulations and applicable Company Policies and Practices; |
|
In case of the concerned director being Independent Director,
Executive Director, Chairperson of the Board or Chairperson or member of the Committees,
fulfilled his/her responsibilities with reference to such status and role; |
|
In case of Independent Directors, fulfillment of the independence
criteria as specified under applicable Regulations and their independence from the
management; |
|
Board and/or Committee meetings attended; and |
|
General meetings attended. |
PARTICULARS OF EMPLOYEES AND MANAGERIAL REMUNERATION
The details required under Section 197(12) of the Act read with Rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, in respect
of Directors, KMPs and other employees of the Company, are given in Annexure-2 of this
Board's Report.
However, in terms of Section 136(1) of the Act, the Report and Financial Statements are
being sent to the Members and others entitled thereto, excluding the Statement of
Particulars of Employees as required under Rule 5(2) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 as amended. The said statement is
available for inspection by the Members at the Registered Office and the Corporate Office
of the Company during business hours on working days (except Saturdays) upto the date of
the ensuing AGM.
ANNUALRETURN
In terms of Section 92(3) of the Act and Rule 12 of the Companies (Management and
Administration) Rules, 2014, the Annual Return of the Company is available on the
Company's website at the following web link: https://www.dcmshriram.com/annual reports
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars relating to conservation of energy, technology absorption and foreign
exchange earnings and outgo are given in Annexure-3 of this Board's Report.
SECRETARIAL STANDARDS
The Company is in compliance with the Secretarial Standards issued by ICSI on Meetings
of the Board of Directors (SS-1) and General Meetings (SS-2).
MANAGEMENT DISCUSSION AND ANALYSIS
A separate section on Management Discussion and Analysis on the operations of the
Company forms part of this Annual Report.
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
A separate section on Business Responsibility and Sustainability Report prepared
pursuant to Regulation 34(2)(f) of the Listing Regulations forms part of this Annual
Report.
CORPORATE GOVERNANCE
The Company is committed to adhere to best Corporate Governance practices. A separate
section on Corporate Governance, along with a certificate from the Secretarial Auditors of
the Company regarding compliance of conditions of Corporate Governance as stipulated under
the Listing Regulations, forms part of this Annual Report.
COMPLIANCE UNDER MATERNITY BENEFIT ACT, 1961
During the year under review the Company has complied with the provisions of Maternity
Benefit Act, 1961.
AUDITORS AND AUDIT REPORTS STATUTORY AUDITOR
Deloitte Haskins & Sells, Delhi, Chartered Accountants (FRN: 015125N) were
appointed as Statutory Auditors of the Company by the Members of the Company in their 33'd
AGM held on 19th July 2022 for a period of five consecutive years i.e. from
conclusion of 33'd AGM till conclusion of 38th AGM to be held in
2027.
The Reports given by the Statutory Auditors on the financial statements (Standalone and
Consolidated) of the Company for the financial year 2025-26 forms part of this Annual
Report. The said Reports are unmodified and there are no qualifications, reservations or
adverse remarks or disclaimer.
SECRETARIAL AUDITOR
RMG & Associates (FRN: P2001DE016100), a firm of Company Secretaries, based at New
Delhi, were appointed as Secretarial Auditors of the Company by the Members of the Company
in their 36th AGM held on 12th August 2025 for a period of five
consecutive years i.e. from conclusion of 36th AGM till conclusion of 41st
AGM to be held in 2030.
The Secretarial Audit Report for the financial year 2025-26 received from the
Secretarial Auditors, is attached as Annexure-4 to this Board's Report. The
Secretarial Audit Report does not contain any qualifications or reservations or adverse
remarks or disclaimers.
COST AUDITOR AND COST RECORDS
The Company is required to maintain Cost Records as directed by the Central Government
pursuant to Section 148(1) of the Act and accordingly such accounts and records are
prepared and maintained by the Company. Based on the recommendations of the Audit
Committee, the Board appointed J P Sarda & Associates, Cost Accountants, Kota (FRN:
000289) and Yogesh Gupta & Associates, Cost Accountants, New Delhi (FRN: 000373), as
the Cost Auditors to conduct the cost audit of the Company for the financial year 2025-26.
DIRECTORS' RESPONSIBILITY STATEMENT
Your Directors state that:
a) in preparation of annual accounts for the year ended 31st March 2026, the
applicable accounting standards have been followed and there are no material departures;
b) they have selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view
of the state of affairs of the Company as at 31st March 2026, and of the profit
of the Company for that period;
c) they have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities;
d) they have prepared the annual accounts on a going concern basis;
e) they have laid down internal financial controls as followed by the Company and that
such internal financial controls are adequate and are operating effectively; and
f) they have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems are adequate and operating effectively.
SIGNIFICANT AND MATERIAL ORDERS
There are no significant and material orders passed by any regulators or courts or
tribunals impacting the going concern status and the Company's operations in future.
INDUSTRIAL RELATIONS
The Company continued to maintain harmonious and cordial relations with its workmen in
all its divisions, which enabled it to achieve this performance level on all fronts.
OTHER DISCLOSURES
(i) No material change or commitment has occurred after close of the financial year
2025-26 till the date except as mentioned in this Report, which affects the financial
position of the Company.
(ii) There are no proceedings initiated/pending against the Company under the
Insolvency and Bankruptcy Code, 2016 which impact the business of the Company.
(iii) There were no instances of one-time settlement which required valuation from the
Banks or Financial institutions.
(iv) There were no instances of any fraud reported by the Auditors under Section
143(12) of the Act.
ACKNOWLEDGEMENTS
Your Directors wish to place on record their appreciation for valuable cooperation and
support from the Government Authorities, Financial Institutions, Bankers, Other Business
Associates/ Stakeholders and Members and encouragement extended to the Company.
The Directors also place on record their deep appreciation for the contribution made by
the employees at all levels.
|
On behalf of the Board |
|
For DCM Shriram Limited |
|
Ajay S. Shriram |
Place: New Delhi |
Chairman & Senior Managing Director |
Date: 13th May, 2026 |
DIN: 00027137 |
|