Chairman, MD & CEO Prakash M. Patil retires early; Adhish P. Patil promoted to MD, steps down as CFO

Leadership handover at the top.

Wed 30 Sep 2026

Current Chairman MD CEO

Shri Prakash M. Patil ceases from close of business on September 30, 2026

Reason for departure

Early retirement; term otherwise to run till May 31, 2027

New Managing Director

Shri Adhish P. Patil promoted from October 1, 2026

AGM approval date

41st AGM held on September 26, 2026

CFO transition

Adhish P. Patil relinquishes CFO role; new CFO to be appointed in due course

What changed

• Shri Prakash M. Patil (DIN: 00005618) has ceased to hold the positions of Chairman, Managing Director and Chief Executive Officer with effect from close of business hours on September 30, 2026.
• In his letter dated July 27, 2026 he said the resignation is on account of his intention to take early retirement, and that he believes this is an appropriate time for an orderly leadership transition.
• His current term was scheduled to expire on May 31, 2027, so he is stepping down ahead of that date.
• He confirmed there are no material reasons for his resignation other than early retirement, and said he will remain connected with the progress of the company.

The new Managing Director

• Shri Adhish P. Patil has been promoted to Managing Director with effect from October 1, 2026, following approval of members at the 41st Annual General Meeting held on September 26, 2026.
• Consequently, he has relinquished the office of Chief Financial Officer with effect from close of business hours on September 30, 2026.
• He has stated that he will continue to support and oversee the functions under the purview of the CFO along with his responsibilities as Managing Director.

What happens next

The company has said it will appoint a Chief Financial Officer in due course, in line with Regulation 26A(2) of the SEBI LODR Regulations.

How to read it

This is a planned succession at the top of the company, decided at the board meeting of July 31, 2026 and put to shareholders at the AGM. Both changes take effect at the same time, with the outgoing leader retiring early and the incoming Managing Director moving up from the finance role. Investors may watch for the announcement of the new CFO and for how responsibilities are distributed at the board level after the transition.

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