Piyush Lakhani resigns as CFO, Vibha Thakkar appointed; Q2 net profit Rs. 6,355.29 lakhs
CFO change: Piyush Lakhani resigned as CFO & KMP, relieved at close of business on Oct 30, 2026.
By ScoutQuest · · 3 min read
- Q2 Revenue from Operations
- Rs. 61,258.69 lakhs
- Q2 Net Profit
- Rs. 6,355.29 lakhs
- CFO Transition
- Piyush Lakhani relieved close of business Oct 30, 2026; Vibha Thakkar appointed from Oct 31, 2026
Two items came from the board meeting of October 28, 2026: a change of Chief Financial Officer and the unaudited financial results for the quarter and half year ended September 30, 2026.
Change in management
- Shri Piyush Lakhani has resigned from the position of Chief Financial Officer and Key Managerial Personnel to pursue an alternate career opportunity outside the organization. He will be relieved from the services of the company with effect from the close of business hours on October 30, 2026.
- Smt. Vibha Thakkar has been appointed Chief Financial Officer and Key Managerial Personnel with effect from October 31, 2026, upon the recommendation of the Nomination and Remuneration Committee and the Audit Committee.
- She is a qualified Chartered Accountant from the Institute of Chartered Accountants of India with over 18 years of experience across finance functions in specialty chemicals, FMCG, automotive, pharmaceuticals and Big4 consulting. She most recently served as AVP-Finance & Accounts at NOCIL Limited, and earlier held senior leadership and key financial roles at VIP Industries Limited, Greaves Cotton Limited, Sandoz Private Limited and KPMG.
- The outgoing CFO is relieved at the close of business on October 30, 2026 and the new CFO takes charge from October 31, 2026, so the two dates are consecutive.
Results snapshot (standalone, quarter ended September 30, 2026)
- Revenue from operations: Rs. 61,258.69 lakhs, against Rs. 41,728.78 lakhs in the quarter ended September 30, 2025.
- Total income: Rs. 61,305.24 lakhs; total expenses Rs. 52,174.17 lakhs.
- Net profit for the period: Rs. 6,355.29 lakhs, against Rs. 2,549.88 lakhs a year earlier.
- Half year ended September 30, 2026: revenue from operations Rs. 1,14,787.47 lakhs and net profit Rs. 13,700.46 lakhs, against Rs. 79,259.84 lakhs and Rs. 7,124.93 lakhs respectively in the half year ended September 30, 2025.
- Earnings per share for the quarter: basic Rs. 7.25 and diluted Rs. 7.24.
Both standalone and consolidated results were approved, each with a Limited Review Report from the statutory auditors, Gokhale & Sathe LLP.
What the auditors drew attention to
- An Emphasis of Matter on the order dated 29 August 2026 of the Collector and Additional Superintendent of Stamps, Gandhinagar, determining stamp duty of Rs. 2,500.00 lakhs and levying penalties of Rs. 3,450.00 lakhs under the Gujarat Stamp Act, 1958, on the order of the National Company Law Tribunal, Ahmedabad Bench, sanctioning the Scheme of Arrangement under which the pharmaceutical undertaking of Aarti Industries Limited was demerged into the company.
- The company has recognised a provision of Rs. 204.00 lakhs, presented as an exceptional item, and has disclosed the balance of Rs. 5,746.00 lakhs as a contingent liability. It has challenged the order by a writ petition before the Hon'ble High Court of Gujarat, which is pending.
- The restatement of figures for the quarter and half year ended 30 September 2025 to recognise fair value loss of Rs. 992.93 lakhs and Rs. 1,456.67 lakhs respectively on a target redemption forward contract entered into during the year ended 31 March 2025.
- The auditors stated that their conclusion is not modified in respect of these matters.
The exceptional item shows up in the standalone profit and loss account as Rs. (204.00) lakhs for the quarter and half year, with profit before tax at Rs. 8,027.07 lakhs for the quarter after that item.
How to read it
- The resignation is stated to be to pursue an alternate career opportunity outside the organization, and a named successor with a Chartered Accountant background takes charge the very next day.
- Revenue from operations and net profit for both the quarter and the half year are higher than the corresponding periods of the previous year.
- The stamp duty order is a pending dispute: part of it is already provided for in the accounts and the balance is carried as a contingent liability, which means the final cash outflow will depend on how the writ petition is decided.
Also from Aarti Pharmalabs
Q2 FY27: net profit Rs. 6,575.29 lakhs; CFO resignation and new CFO appointed
28 Oct 2026
CFO resigns; Vibha Thakkar appointed CFO from October 31, 2026; Q2 and H1 results approved
28 Oct 2026
Board approves Sept-quarter results and CFO change; auditor Emphasis of Matter on stamp duty
28 Oct 2026
More numbers
- Q2 FY27 revenue from operations (standalone)61,258.69
- H1 FY27 revenue from operations (standalone)1,14,787.47
- Q2 FY27 net profit (standalone)6,355.29
- H1 FY27 net profit (standalone)13,700.46
- Stamp duty determined by Collector of Stamps, GandhinagarRs. 2,500.00 lakhs
- Penalties levied under Gujarat Stamp Act, 1958Rs. 3,450.00 lakhs
- Provision recognised as exceptional itemRs. 204.00 lakhs
- Balance disclosed as contingent liabilityRs. 5,746.00 lakhs
Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.