DPDiamond Power Infrastructure522163Senior KMP change

CFO change: Kundip S. Thakker appointed CFO, Pawan Lohiya re-designated Deputy CFO

Board approved Mr. Kundip S. Thakker as Chief Financial Officer & KMP from Oct 20, 2026.

By ScoutQuest · Mon 19 Oct 2026, 5:58 PM IST · 3 min read

New CFO effective date

Mr. Kundip S. Thakker as Chief Financial Officer & KMP from Oct 20, 2026

Outgoing CFO cessation

Mr. Pawan Lohiya ceases as CFO & KMP at close of business on Oct 19, 2026

Re-designation

re-designated Deputy CFO from Oct 20, 2026

What the update says

• The Board, 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 of the Company 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.
• 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.
• The Board approved his re-designation as Deputy Chief Financial Officer of the Company with effect from October 20, 2026, and he continues in the employment of the Company.
• The stated reason for the cessation is that it follows the appointment of Mr. Thakker as CFO; the update records that the cessation is not on account of resignation.

Profile of the incoming CFO

• Mr. Thakker is a finance professional with over 26 years of experience in financial management, strategic planning, corporate finance, treasury, fundraising, financial controls and business performance management across diverse industries.
• Most recently he was 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.
• He has received the CFO of the Year (2025), Finance Leader of the Year (2025) and Best Treasurer of the Year (2024) awards.
• The update confirms 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 any order of SEBI or any other authority.

How to read this

• This is a change in the person holding the top finance role, with a handover on consecutive days: the outgoing CFO ceases at the close of business on October 19, 2026, and the new CFO takes charge on October 20, 2026.
• The outgoing CFO is not leaving the Company; he moves to the role of Deputy Chief Financial Officer, so both executives remain in the finance function.
• The incoming CFO's stated track record covers treasury, banking limits, fundraising and investor relations, including a private equity raise of ₹175 crore and a ₹1,000 crore QIP in earlier roles.
• The update states the cessation is not on account of resignation, so it reads as a planned succession rather than an exit.

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