Share Price and Basic Stock Data
Last Updated: November 28, 2025, 10:24 am
| PEG Ratio | 2.85 |
|---|
Analyst Insight & Comprehensive Analysis
AI Stock Ranker – Real-Time Fundamental Strength Score
Business Overview and Revenue Trends
Bajel Projects Ltd operates in the power transmission and equipment sector, which has been experiencing fluctuating performance over recent quarters. The company reported sales of ₹66.94 Cr in September 2022, which increased significantly to ₹205.02 Cr by June 2023. However, sales dipped slightly to ₹199.95 Cr in September 2023 before rebounding to ₹275.08 Cr in December 2023. This upward trajectory culminated in a projected peak of ₹801.42 Cr by March 2025. The annual sales figures reflect a similar trend, with reported revenues of ₹664 Cr for the fiscal year ending March 2023, escalating to ₹1,169 Cr in March 2024, and reaching ₹2,598 Cr in March 2025. This indicates a robust growth trajectory, with the trailing twelve months (TTM) revenue standing at ₹2,694 Cr. The company is poised to capitalize on increasing demand for power infrastructure, evident from these revenue trends.
Profitability and Efficiency Metrics
Profitability for Bajel Projects has shown signs of improvement, although the company faced challenges in earlier quarters. The operating profit margin (OPM) improved from a negative 7.83% in September 2022 to a positive 3.32% by December 2023. Despite this, the OPM remains lower than industry averages, indicating room for improvement. The net profit for the fiscal year ending March 2024 was ₹4 Cr, a notable recovery from a loss of ₹2 Cr in March 2023, with net profit for March 2025 projected at ₹15 Cr. The company’s return on equity (ROE) stood at 2.68%, while the return on capital employed (ROCE) was reported at 12.9%, reflecting operational efficiency. The cash conversion cycle improved significantly from 81 days in March 2023 to just 15 days in March 2025, indicating enhanced working capital management.
Balance Sheet Strength and Financial Ratios
Bajel Projects reported a market capitalization of ₹2,089 Cr, with a price-to-earnings (P/E) ratio of 134, which is relatively high compared to sector norms, potentially reflecting investor optimism. The company does not have any reported borrowings, contributing to a low total debt-to-equity ratio of 0.18 as of March 2025. This indicates a strong balance sheet, enhancing financial stability. The interest coverage ratio (ICR) stood at 1.69x, suggesting the company can comfortably meet its interest obligations. The book value per share increased from ₹49.11 in March 2024 to ₹57.63 in March 2025, indicating growth in net worth. However, the company’s current ratio of 1.13x suggests it is slightly above the standard threshold, offering a reasonable buffer against short-term liabilities.
Shareholding Pattern and Investor Confidence
The shareholding pattern of Bajel Projects indicates a strong promoter presence, holding 62.55% of shares as of September 2025. Foreign institutional investors (FIIs) have a modest stake of 0.67%, while domestic institutional investors (DIIs) hold 8.66%. The public shareholding stands at 28.11%, with a total of 85,013 shareholders. The stability in promoter holdings, which has decreased slightly over recent quarters, suggests a long-term commitment to the company’s growth. However, the fluctuating interest from FIIs, which peaked at 10.51% in September 2023 before declining, could signal caution among international investors. The consistent DII holdings reflect a stable domestic confidence, which is essential for supporting the company’s stock price and overall market perception.
Outlook, Risks, and Final Insight
The outlook for Bajel Projects appears cautiously optimistic, driven by its upward revenue trends and improving profitability metrics. However, the company faces risks related to its high P/E ratio, which may imply overvaluation if growth does not meet investor expectations. Additionally, the low operating profit margins compared to industry peers suggest potential operational inefficiencies that need addressing. The absence of borrowings provides a buffer against financial distress but could also limit aggressive growth strategies. In scenarios where Bajel Projects can enhance its operational efficiency and maintain revenue growth, it could solidify its market position. Conversely, any downturn in demand for power transmission equipment or failure to manage costs could adversely affect performance. Strategic focus on operational improvements and market expansion will be crucial for sustainable growth.
Source: Getaka Fundamental Analysis | Generated using proprietary financial data.
Competitors of Bajel Projects Ltd
| Stock Name ⇩ | Market Cap ⇩ | Current Price ⇩ | High / Low ⇩ | Stock P/E ⇩ | Book Value ⇩ | Dividend Yield ⇩ | ROCE ⇩ | ROE ⇩ | Face Value ⇩ |
|---|---|---|---|---|---|---|---|---|---|
| Bajel Projects Ltd | 2,058 Cr. | 178 | 308/145 | 132 | 45.4 | 0.00 % | 12.9 % | 2.68 % | 2.00 |
| Aartech Solonics Ltd | 154 Cr. | 48.6 | 106/47.8 | 46.9 | 10.6 | 0.26 % | 5.64 % | 8.23 % | 5.00 |
| Voltamp Transformers Ltd | 8,524 Cr. | 8,426 | 11,548/5,900 | 26.0 | 1,626 | 1.20 % | 29.1 % | 21.7 % | 10.0 |
| Transformers & Rectifiers India Ltd (TRIL) | 8,372 Cr. | 279 | 650/278 | 33.8 | 44.8 | 0.07 % | 28.0 % | 23.4 % | 1.00 |
| Power Grid Corporation of India Ltd | 2,54,558 Cr. | 274 | 336/247 | 16.8 | 106 | 3.29 % | 12.8 % | 17.0 % | 10.0 |
| Industry Average | 36,922.75 Cr | 1,452.88 | 41.86 | 294.38 | 0.70% | 18.23% | 15.50% | 5.25 |
Quarterly Result
| Metric | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 66.94 | 175.01 | 197.77 | 205.02 | 199.95 | 275.08 | 489.16 | 512.01 | 662.41 | 622.39 | 801.42 | 607.64 |
| Expenses | 72.18 | 179.92 | 204.48 | 207.57 | 203.96 | 265.96 | 481.31 | 504.91 | 645.61 | 607.75 | 780.68 | 591.09 |
| Operating Profit | -5.24 | -4.91 | -6.71 | -2.55 | -4.01 | 9.12 | 7.85 | 7.10 | 16.80 | 14.64 | 20.74 | 16.55 |
| OPM % | -7.83% | -2.81% | -3.39% | -1.24% | -2.01% | 3.32% | 1.60% | 1.39% | 2.54% | 2.35% | 2.59% | 2.72% |
| Other Income | 13.14 | 7.02 | 10.72 | 4.12 | 2.15 | 0.97 | 10.39 | 11.70 | 5.15 | 7.45 | 6.60 | 8.38 |
| Interest | 0.66 | 1.48 | 4.00 | 2.34 | 2.16 | 3.97 | 10.07 | 9.19 | 11.93 | 15.45 | 16.95 | 15.87 |
| Depreciation | 2.73 | 2.00 | 0.68 | 1.24 | 1.40 | 1.43 | 1.75 | 2.16 | 3.26 | 3.21 | 4.06 | 4.61 |
| Profit before tax | 4.51 | -1.37 | -0.67 | -2.01 | -5.42 | 4.69 | 6.42 | 7.45 | 6.76 | 3.43 | 6.33 | 4.45 |
| Tax % | 30.38% | 2.19% | 16.42% | -14.93% | -18.08% | 28.36% | -10.28% | 25.91% | 45.86% | 57.43% | 23.85% | 25.62% |
| Net Profit | 3.14 | -1.40 | -0.78 | -1.70 | -4.44 | 3.36 | 7.07 | 5.52 | 3.66 | 1.46 | 4.82 | 3.32 |
| EPS in Rs | -0.39 | 0.29 | 0.61 | 0.48 | 0.32 | 0.13 | 0.42 | 0.29 |
Last Updated: August 19, 2025, 10:45 pm
Below is a detailed analysis of the quarterly data for Bajel Projects Ltd based on the most recent figures (Jun 2025) and their trends compared to the previous period:
- For Sales, as of Jun 2025, the value is 607.64 Cr.. The value appears to be declining and may need further review. It has decreased from 801.42 Cr. (Mar 2025) to 607.64 Cr., marking a decrease of 193.78 Cr..
- For Expenses, as of Jun 2025, the value is 591.09 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 780.68 Cr. (Mar 2025) to 591.09 Cr., marking a decrease of 189.59 Cr..
- For Operating Profit, as of Jun 2025, the value is 16.55 Cr.. The value appears to be declining and may need further review. It has decreased from 20.74 Cr. (Mar 2025) to 16.55 Cr., marking a decrease of 4.19 Cr..
- For OPM %, as of Jun 2025, the value is 2.72%. The value appears strong and on an upward trend. It has increased from 2.59% (Mar 2025) to 2.72%, marking an increase of 0.13%.
- For Other Income, as of Jun 2025, the value is 8.38 Cr.. The value appears strong and on an upward trend. It has increased from 6.60 Cr. (Mar 2025) to 8.38 Cr., marking an increase of 1.78 Cr..
- For Interest, as of Jun 2025, the value is 15.87 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 16.95 Cr. (Mar 2025) to 15.87 Cr., marking a decrease of 1.08 Cr..
- For Depreciation, as of Jun 2025, the value is 4.61 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 4.06 Cr. (Mar 2025) to 4.61 Cr., marking an increase of 0.55 Cr..
- For Profit before tax, as of Jun 2025, the value is 4.45 Cr.. The value appears to be declining and may need further review. It has decreased from 6.33 Cr. (Mar 2025) to 4.45 Cr., marking a decrease of 1.88 Cr..
- For Tax %, as of Jun 2025, the value is 25.62%. The value appears to be increasing, which may not be favorable. It has increased from 23.85% (Mar 2025) to 25.62%, marking an increase of 1.77%.
- For Net Profit, as of Jun 2025, the value is 3.32 Cr.. The value appears to be declining and may need further review. It has decreased from 4.82 Cr. (Mar 2025) to 3.32 Cr., marking a decrease of 1.50 Cr..
- For EPS in Rs, as of Jun 2025, the value is 0.29. The value appears to be declining and may need further review. It has decreased from 0.42 (Mar 2025) to 0.29, marking a decrease of 0.13.
Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.
Profit & Loss - Annual Report
Last Updated: October 15, 2025, 3:49 am
| Metric | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|
| Sales | 664 | 1,169 | 2,598 | 2,694 |
| Expenses | 694 | 1,153 | 2,532 | 2,625 |
| Operating Profit | -30 | 16 | 66 | 69 |
| OPM % | -5% | 1% | 3% | 3% |
| Other Income | 54 | 18 | 31 | 28 |
| Interest | 18 | 24 | 60 | 60 |
| Depreciation | 6 | 6 | 13 | 15 |
| Profit before tax | -0 | 4 | 24 | 21 |
| Tax % | 468% | -17% | 35% | |
| Net Profit | -2 | 4 | 15 | 13 |
| EPS in Rs | 0.37 | 1.34 | 1.16 | |
| Dividend Payout % | 0% | 0% | 0% |
YoY Net Profit Growth
| Year | 2023-2024 | 2024-2025 |
|---|---|---|
| YoY Net Profit Growth (%) | 300.00% | 275.00% |
| Change in YoY Net Profit Growth (%) | 0.00% | -25.00% |
Bajel Projects Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 2 years from 2023-2024 to 2024-2025.
Growth
Last Updated: September 5, 2025, 2:36 pm
No data available for the Balance Sheet data table.
Cash Flow
| Month | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
Financial Efficiency Indicators
| Month | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Debtor Days | 203 | 190 | 136 |
| Inventory Days | 74 | 42 | 24 |
| Days Payable | 196 | 201 | 145 |
| Cash Conversion Cycle | 81 | 31 | 15 |
| Working Capital Days | 233 | 62 | -12 |
| ROCE % | 6% | 13% |
Mutual Fund Holdings
| Fund Name | No of Shares | AUM (%) | Amount Invested (Cr) | Previous Number of Shares | Previous Date | Percentage Change |
|---|---|---|---|---|---|---|
| Nippon India Small Cap Fund | 6,150,393 | 0.19 | 124.81 | 3,062,071 | 2025-10-15 07:21:28 | 100.86% |
| Nippon India Power & Infra Fund | 3,153,664 | 0.87 | 64 | N/A | N/A | N/A |
| Nippon India Retirement Fund - Wealth Creation Scheme | 712,744 | 0.45 | 14.46 | N/A | N/A | N/A |
Key Financial Ratios
| Month | Mar 25 | Mar 24 |
|---|---|---|
| FaceValue | 2.00 | 2.00 |
| Basic EPS (Rs.) | 1.34 | 0.37 |
| Diluted EPS (Rs.) | 1.33 | 0.37 |
| Cash EPS (Rs.) | 2.43 | 0.87 |
| Book Value[Excl.RevalReserv]/Share (Rs.) | 57.63 | 49.11 |
| Book Value[Incl.RevalReserv]/Share (Rs.) | 57.63 | 49.11 |
| Revenue From Operations / Share (Rs.) | 224.76 | 101.42 |
| PBDIT / Share (Rs.) | 7.80 | 3.10 |
| PBIT / Share (Rs.) | 6.70 | 2.59 |
| PBT / Share (Rs.) | 2.07 | 0.31 |
| Net Profit / Share (Rs.) | 1.34 | 0.37 |
| NP After MI And SOA / Share (Rs.) | 1.34 | 0.37 |
| PBDIT Margin (%) | 3.47 | 3.05 |
| PBIT Margin (%) | 2.98 | 2.55 |
| PBT Margin (%) | 0.92 | 0.31 |
| Net Profit Margin (%) | 0.59 | 0.36 |
| NP After MI And SOA Margin (%) | 0.59 | 0.36 |
| Return on Networth / Equity (%) | 2.32 | 0.75 |
| Return on Capital Employeed (%) | 11.05 | 5.01 |
| Return On Assets (%) | 0.74 | 0.31 |
| Total Debt / Equity (X) | 0.18 | 0.00 |
| Asset Turnover Ratio (%) | 1.52 | 0.00 |
| Current Ratio (X) | 1.13 | 1.47 |
| Quick Ratio (X) | 1.04 | 1.34 |
| Inventory Turnover Ratio (X) | 22.73 | 0.00 |
| Interest Coverage Ratio (X) | 1.69 | 1.93 |
| Interest Coverage Ratio (Post Tax) (X) | 1.29 | 1.65 |
| Enterprise Value (Cr.) | 1743.26 | 2322.33 |
| EV / Net Operating Revenue (X) | 0.67 | 1.99 |
| EV / EBITDA (X) | 19.33 | 65.02 |
| MarketCap / Net Operating Revenue (X) | 0.72 | 2.12 |
| Price / BV (X) | 2.84 | 4.37 |
| Price / Net Operating Revenue (X) | 0.72 | 2.12 |
| EarningsYield | 0.01 | 0.00 |
After reviewing the key financial ratios for Bajel Projects Ltd, here is a detailed analysis based on the latest available data and recent trends:
- For FaceValue, as of Mar 25, the value is 2.00. This value is within the healthy range. There is no change compared to the previous period (Mar 24) which recorded 2.00.
- For Basic EPS (Rs.), as of Mar 25, the value is 1.34. This value is below the healthy minimum of 5. It has increased from 0.37 (Mar 24) to 1.34, marking an increase of 0.97.
- For Diluted EPS (Rs.), as of Mar 25, the value is 1.33. This value is below the healthy minimum of 5. It has increased from 0.37 (Mar 24) to 1.33, marking an increase of 0.96.
- For Cash EPS (Rs.), as of Mar 25, the value is 2.43. This value is below the healthy minimum of 3. It has increased from 0.87 (Mar 24) to 2.43, marking an increase of 1.56.
- For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 57.63. It has increased from 49.11 (Mar 24) to 57.63, marking an increase of 8.52.
- For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 57.63. It has increased from 49.11 (Mar 24) to 57.63, marking an increase of 8.52.
- For Revenue From Operations / Share (Rs.), as of Mar 25, the value is 224.76. It has increased from 101.42 (Mar 24) to 224.76, marking an increase of 123.34.
- For PBDIT / Share (Rs.), as of Mar 25, the value is 7.80. This value is within the healthy range. It has increased from 3.10 (Mar 24) to 7.80, marking an increase of 4.70.
- For PBIT / Share (Rs.), as of Mar 25, the value is 6.70. This value is within the healthy range. It has increased from 2.59 (Mar 24) to 6.70, marking an increase of 4.11.
- For PBT / Share (Rs.), as of Mar 25, the value is 2.07. This value is within the healthy range. It has increased from 0.31 (Mar 24) to 2.07, marking an increase of 1.76.
- For Net Profit / Share (Rs.), as of Mar 25, the value is 1.34. This value is below the healthy minimum of 2. It has increased from 0.37 (Mar 24) to 1.34, marking an increase of 0.97.
- For NP After MI And SOA / Share (Rs.), as of Mar 25, the value is 1.34. This value is below the healthy minimum of 2. It has increased from 0.37 (Mar 24) to 1.34, marking an increase of 0.97.
- For PBDIT Margin (%), as of Mar 25, the value is 3.47. This value is below the healthy minimum of 10. It has increased from 3.05 (Mar 24) to 3.47, marking an increase of 0.42.
- For PBIT Margin (%), as of Mar 25, the value is 2.98. This value is below the healthy minimum of 10. It has increased from 2.55 (Mar 24) to 2.98, marking an increase of 0.43.
- For PBT Margin (%), as of Mar 25, the value is 0.92. This value is below the healthy minimum of 10. It has increased from 0.31 (Mar 24) to 0.92, marking an increase of 0.61.
- For Net Profit Margin (%), as of Mar 25, the value is 0.59. This value is below the healthy minimum of 5. It has increased from 0.36 (Mar 24) to 0.59, marking an increase of 0.23.
- For NP After MI And SOA Margin (%), as of Mar 25, the value is 0.59. This value is below the healthy minimum of 8. It has increased from 0.36 (Mar 24) to 0.59, marking an increase of 0.23.
- For Return on Networth / Equity (%), as of Mar 25, the value is 2.32. This value is below the healthy minimum of 15. It has increased from 0.75 (Mar 24) to 2.32, marking an increase of 1.57.
- For Return on Capital Employeed (%), as of Mar 25, the value is 11.05. This value is within the healthy range. It has increased from 5.01 (Mar 24) to 11.05, marking an increase of 6.04.
- For Return On Assets (%), as of Mar 25, the value is 0.74. This value is below the healthy minimum of 5. It has increased from 0.31 (Mar 24) to 0.74, marking an increase of 0.43.
- For Total Debt / Equity (X), as of Mar 25, the value is 0.18. This value is within the healthy range. It has increased from 0.00 (Mar 24) to 0.18, marking an increase of 0.18.
- For Asset Turnover Ratio (%), as of Mar 25, the value is 1.52. It has increased from 0.00 (Mar 24) to 1.52, marking an increase of 1.52.
- For Current Ratio (X), as of Mar 25, the value is 1.13. This value is below the healthy minimum of 1.5. It has decreased from 1.47 (Mar 24) to 1.13, marking a decrease of 0.34.
- For Quick Ratio (X), as of Mar 25, the value is 1.04. This value is within the healthy range. It has decreased from 1.34 (Mar 24) to 1.04, marking a decrease of 0.30.
- For Inventory Turnover Ratio (X), as of Mar 25, the value is 22.73. This value exceeds the healthy maximum of 8. It has increased from 0.00 (Mar 24) to 22.73, marking an increase of 22.73.
- For Interest Coverage Ratio (X), as of Mar 25, the value is 1.69. This value is below the healthy minimum of 3. It has decreased from 1.93 (Mar 24) to 1.69, marking a decrease of 0.24.
- For Interest Coverage Ratio (Post Tax) (X), as of Mar 25, the value is 1.29. This value is below the healthy minimum of 3. It has decreased from 1.65 (Mar 24) to 1.29, marking a decrease of 0.36.
- For Enterprise Value (Cr.), as of Mar 25, the value is 1,743.26. It has decreased from 2,322.33 (Mar 24) to 1,743.26, marking a decrease of 579.07.
- For EV / Net Operating Revenue (X), as of Mar 25, the value is 0.67. This value is below the healthy minimum of 1. It has decreased from 1.99 (Mar 24) to 0.67, marking a decrease of 1.32.
- For EV / EBITDA (X), as of Mar 25, the value is 19.33. This value exceeds the healthy maximum of 15. It has decreased from 65.02 (Mar 24) to 19.33, marking a decrease of 45.69.
- For MarketCap / Net Operating Revenue (X), as of Mar 25, the value is 0.72. This value is below the healthy minimum of 1. It has decreased from 2.12 (Mar 24) to 0.72, marking a decrease of 1.40.
- For Price / BV (X), as of Mar 25, the value is 2.84. This value is within the healthy range. It has decreased from 4.37 (Mar 24) to 2.84, marking a decrease of 1.53.
- For Price / Net Operating Revenue (X), as of Mar 25, the value is 0.72. This value is below the healthy minimum of 1. It has decreased from 2.12 (Mar 24) to 0.72, marking a decrease of 1.40.
- For EarningsYield, as of Mar 25, the value is 0.01. This value is below the healthy minimum of 5. It has increased from 0.00 (Mar 24) to 0.01, marking an increase of 0.01.
Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.
Strength and Weakness
Unable to fetch valid data for stock valuation.Stock Analysis
- Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Bajel Projects Ltd:
- Net Profit Margin: 0.59%
- Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
- ROCE: 11.05% (Industry Average ROCE: 18.23%)
- ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
- ROE%: 2.32% (Industry Average ROE: 15.5%)
- ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
- Interest Coverage Ratio (Post Tax): 1.29
- Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
- Quick Ratio: 1.04
- Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
- Stock P/E: 132 (Industry average Stock P/E: 41.86)
- Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
- Total Debt / Equity: 0.18
- Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
Stock Rating: - Net Profit Margin: 0.59%
About the Company - Qualitative Analysis
| INDUSTRY | ADDRESS | CONTACT |
|---|---|---|
| Power - Transmission/Equipment | 801, Rustomjee Aspiree, Bhanu Shankar Yagnik Marg, Mumbai Maharashtra 400022 | legal@bajelprojects.com http://www.bajelprojects.com |
| Management | |
|---|---|
| Name | Position Held |
| Mr. Shekhar Bajaj | Chairman & Non-Exe.Director |
| Mr. Rajesh Ganesh | Managing Director & CEO |
| Mr. Ajay Nagle | Executive Director & Company Secretary |
| Mr. Rajendra Prasad Singh | Ind. Non-Executive Director |
| Ms. Radhika Dudhat | Ind. Non-Executive Director |
| Mr. Maneck Davar | Ind. Non-Executive Director |
| Mr. Sudarshan Sampathkumar | Ind. Non-Executive Director |

