Diamond Power Infrastructure522163Senior KMP change

CFO appointed from October 20; outgoing CFO re-designated Deputy CFO, not a resignation

Kundip S. Thakker appointed Chief Financial Officer & KMP from October 20, 2026; he has over 26 years of finance experience, most recently CFO at Stelmec Limited.

By ScoutQuest · Mon 19 Oct 2026, 7:17 PM IST · 3 min read

CFO Appointment Effective Date: October 20, 2026
Incoming CFO Experience: over 26 years of finance experience
Previous Role: most recently CFO at Stelmec Limited

What was disclosed

Mr. Kundip S. Thakker has been appointed Chief Financial Officer and Key Managerial Personnel (KMP) of the company with effect from October 20, 2026. The role is a full-time employment position, so no fixed term applies.
Mr. Lohiya ceases to be Chief Financial Officer at close of business hours on October 19, 2026 and is re-designated Deputy Chief Financial Officer from October 20, 2026. He continues in the employment of the company. The company states the cessation is not on account of resignation.
A separate letter names the KMPs authorised to determine the materiality of an event or information and to make disclosures to the stock exchanges: Mr. Kundip Thakker (CFO) and Mr. Jayesh Patel (Company Secretary & Compliance Officer).

Profile of the incoming CFO

Over 26 years of experience in financial management, strategic planning, corporate finance, treasury, fundraising, financial controls and business performance management across industries.
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, about ten years at Blue Star Limited as Head – Treasury & Shared Services (P2P), handling 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, 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.
He has received the CFO of the Year (2025), Finance Leader of the Year (2025) and Best Treasurer of the Year (2024) awards.
The company states he is not related to any Director or KMP and has confirmed he is not debarred from holding the office by any order of SEBI or any other authority.

How to read this

This is a senior management change. The outgoing CFO stays with the company in a deputy role, which the update presents as a transition rather than a departure.
The figures of ₹175 crore, ₹6,000 crore, ₹1,000 crore and 16 banks relate to the incoming CFO's previous roles, not to the company's own operations or performance.
The other part of the update simply records which executives are authorised to decide whether an event is material and to inform the stock exchanges.

Terms to know

KMP (Key Managerial Personnel): senior executives such as the CFO and Company Secretary who carry specified legal responsibilities for disclosures.
Materiality: the test of whether an event or information is important enough that shareholders must be told about it.

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