DPDiamond Power Infrastructure522163Senior KMP change

Board approves new Chief Financial Officer; Pawan Lohiya re-designated Deputy CFO

Board approved Mr. Kundip S. Thakker as Chief Financial Officer and Key Managerial Personnel with effect from October 20, 2026.

By ScoutQuest · Mon 19 Oct 2026, 6:59 PM IST · 3 min read

New CFO Effective Date

Mr. Kundip S. Thakker as Chief Financial Officer and Key Managerial Personnel with effect from October 20, 2026

Outgoing CFO Cessation Date

ceases as CFO at close of business on October 19, 2026; re-designated Deputy Chief Financial Officer from October 20, 2026

Incoming CFO Experience

over 26 years of finance experience, involved in a private equity raise of ₹175 crore in 2024

Appointment of the new Chief Financial Officer

• The Board of Directors, at its meeting held on Monday, October 19, 2026, approved the appointment of Mr. Kundip S. Thakker as Chief Financial Officer and Key Managerial Personnel with effect from October 20, 2026.
• The appointment was made on the recommendation of the Nomination and Remuneration Committee and with the approval of the Audit Committee.
• Term of appointment is stated as not applicable, since the CFO is appointed as a full-time employee of the Company.

Change in the CFO position

• Mr. Pawan Lohiya ceases to be the Chief Financial Officer and Key Managerial Personnel with effect from the close of business hours on October 19, 2026.
• He has been re-designated as Deputy Chief Financial Officer with effect from October 20, 2026, and continues in the employment of the Company.
• The update states that the cessation is not on account of resignation.
• The Board meeting commenced at 05:10 p.m. and concluded at 05:25 p.m.

Profile of the incoming CFO

• A finance professional with over 26 years of experience across financial management, strategic planning, corporate finance, treasury, fundraising, financial controls and business performance management.
• Most recently Chief Financial Officer of Stelmec Limited, Mumbai, a medium-voltage switchgear and smart power solutions company, where he led financial strategy, controls, fundraising, investor relations and IPO preparedness, including a private equity raise of ₹175 crore in 2024.
• Before joining Stelmec in June 2024, he spent about ten years at Blue Star Limited as Head – Treasury & Shared Services (P2P), managing treasury and banking operations, working capital, foreign exchange exposure, trade finance and banking limits of about ₹6,000 crore across 16 banks, and capital raising including a ₹1,000 crore QIP in September 2023.
• Earlier he held senior finance and commercial roles at Black Box Limited (Essar Group), ABB Limited, Reliance Industries Limited, Navneet Education Limited and Borkar Packaging Private Limited.
• He is a Cost and Management Accountant (member of ICMAI) and holds an MBA in Finance from TIMS, Gujarat, and a B.Com. from Gujarat University, and has completed ICMAI's Certificate Course in Treasury and International Banking and IIM Indore's Emerging CFO Programme.
• The update also notes he has received the CFO of the Year (2025), Finance Leader of the Year (2025) and Best Treasurer of the Year (2024) awards.
• He is not related to any Director or Key Managerial Personnel of the Company and has confirmed he is not debarred from holding such office by virtue of any order of SEBI or any other authority.

How to read this

• This is a senior management change at the CFO position, disclosed under the listing regulations. A notable feature is that the outgoing CFO stays with the Company as Deputy CFO, so the finance function retains his services even as the top finance role changes hands.
• The update describes the incoming CFO's prior roles in treasury, fundraising and financial controls, which is the background a reader can weigh when assessing the finance leadership.
• The disclosure is about who holds the CFO office and from when; the operational or financial effect of the change would depend on how the finance function is run going forward.

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