MD & CEO Ketan Kulkarni resigns to take Group role; Vijay Nehra appointed MD & CEO from January 2027

Leadership change at the top.

Mon 28 Sep 2026

Outgoing MD & CEO

Mr. Ketan Kulkarni, resigns effective close of business on December 31, 2026

New Role for Outgoing Leader

Chief Growth Officer for the Allcargo Group from January 01, 2027

Incoming MD & CEO

Mr. Vijay Nehra appointed as Chief Transformation Officer & MD Designate from October 01, 2026

Re-designation Period

Managing Director & CEO for 5 consecutive years from January 01, 2027, subject to shareholder approval

Transition Overlap

October 01, 2026 to December 31, 2026

What was announced

The Governance and Nomination & Remuneration Committee and the Board met on September 28, 2026 and approved a change at the top of the company.

• Mr. Ketan Kulkarni resigned as Managing Director & CEO, effective from the close of business hours on December 31, 2026.
• He is not leaving the group: he moves to a new role as Chief Growth Officer for the Allcargo Group with effect from January 01, 2027.
• His letter states there is no material reason for the resignation other than taking up the new group role, and he requested a waiver of the 6 (six) months' notice requirement since his tenure runs up to December 31, 2026.

The incoming leader

Mr. Vijay Nehra has been appointed as:

• Chief Transformation Officer & MD Designate with effect from October 01, 2026 till December 31, 2026.
• Additional Director with effect from October 01, 2026, to be re-designated as Managing Director & CEO for a period of 5 (Five) consecutive years from January 01, 2027, subject to the approval of shareholders.

His background

His profile covers general management, business transformation, supply chain and operations across financial services, pharmaceuticals, FMCG, e-commerce and technology-led businesses. Most recently he was CEO of Ozone Pharmaceuticals Group, where he led its transition from a promoter-operated enterprise to a professionally managed organization and led the onboarding of a private equity partner. Earlier he was Chief Operating Officer of RattanIndia Enterprises Limited with P&L responsibility across e-commerce, electric mobility, drones and fintech, and held senior roles in the Indiabulls Group. At Hindustan Unilever Limited he worked across sales, planning, logistics, customer service and supply chain. He began his career as a Master Mariner and Merchant Ship Captain. He holds a Post Graduate Programme in Management from the Indian School of Business, Hyderabad, and a Bachelor of Nautical Sciences from T. S. Chanakya, University of Mumbai.

Points to note

• Mr. Nehra is not related to any Director, Key Managerial Personnel, Promoter or Promoter group of the company.
• He is not debarred from accessing capital markets or from holding the position of Director in any listed company.
• There is an overlap period from October 01, 2026 to December 31, 2026, during which the outgoing MD & CEO continues and the incoming leader serves as MD Designate, allowing for a handover.

Investors may read a CEO transition either as continuity risk or as a planned succession; here the outgoing MD & CEO stays within the group and a transition period has been built in. The final re-designation as MD & CEO requires shareholder approval.

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