34  Capital management

a)   Objectives, policies and processes of capital management

For the purpose of the Company’s capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company’s capital management is to maximise the shareholder value. The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. The Company is not exposed to any regulatory imposed capital requirements.

The cash surpluses are currently invested in income generating debt instruments (including through mutual funds) and money market instruments depending on economic conditions in line with the guidelines set out by the management. Safety of capital is of prime importance to ensure availability of capital for operations. Investment objective is to provide safety and adequate return on the surplus funds.

(₹ In Crore)
Particulars		As at 31 March
		2026		2025
Equity		34,974.67		32,146.94
Less:  Tangible and other assets		5,399.50		4,735.60
Working capital (excluding investments)		(538.10)		(1,158.89)
Investments in subsidiaries		5,703.88		4,201.95
Investments in debt and similar investments		24,409.39		24,368.28

     

No changes were made in the objectives, policies and processes of capital management during the year.

b)   Dividends distributed and proposed

(₹ In Crore)
Particulars		As at 31 March
		2026		2025
Dividends recognised in the financial statements Final dividend for the year ended 31 March 2025 of ₹ 210 (31 March 2024 – ₹ 80) per equity share, declared and paid		5,864.41		2,233.44
Dividends not recognised at the end of the reporting period Directors have recommended the payment of a final dividend of ₹ 150 per equity share (31 March 2025 – ₹ 210). This proposed dividend is subject to the approval of shareholders in the ensuing annual general meeting.		4,192.47		5,864.41

     

c)  Approval of Buyback

Pursuant to the provisions of the Companies Act,2013 (‘Act’) and the rules made thereunder, as amended, applicable provisions of Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, as amended (‘Buyback Regulations’) and other applicable laws, the Board of Directors of the Company, at its meeting held today, i.e., Wednesday, 06 May 2026, recommends buy-back of up to 4,694,000 fully paid-up equity shares of the Company having face value of ₹ 10/- (Indian Rupees Ten only) each (‘Equity Shares’) (representing up to 1.68% of the total number of Equity Shares in the paid-up equity share capital of the Company), at a price of ₹ 12,000 (Indian Rupees Twelve thousand only) per equity share payable in cash for an aggregate amount of up to ₹ 5,632.80 crore (Indian Rupees Five Thousand Six Hundred Thirty Two Crore And Eighty Lakh Only) (excluding transaction costs such as brokerage cost, fees, turnover charges, expenses incurred or to be incurred for the buyback like filing fees payable to the Securities and Exchange Board of India, advisors/legal fees, public announcement publication expenses, printing and dispatch expenses, applicable taxes such as securities transaction tax, good and service tax, stamp duty, etc. and other incidental and related expenses, etc.) on a proportionate basis through the ‘Tender Offer’ route as prescribed under the Buyback Regulations and other applicable law, from the equity shareholders/beneficial owners of the equity shares of the Company as on the record date, subject to approval of shareholders.