Board notes CFO exit, names Interim CFO and a new CFO from 1 January 2027

Board met on 12 October 2026 and approved senior management changes.

Mon 12 Oct 2026

CFO Exit

Mr. Pushkar Patwardhan ceases as CFO & Key Managerial Personnel from close of 19 October 2026

Interim CFO Appointment

Ms. Manaswini Goel appointed CFO & KMP as Interim CFO, for 20 October 2026 to 31 December 2026

New CFO Appointment

Mr. Surender Kalra appointed CFO & KMP from 1 January 2027

The Board of Directors met on Monday, 12 October 2026 and approved changes in the company's key managerial personnel, centred on the office of the Chief Financial Officer. The changes were made on the recommendation of the Nomination and Remuneration Committee and the Audit Committee.

The CFO transition

• Mr. Pushkar Patwardhan ceases as Chief Financial Officer and Key Managerial Personnel with effect from the close of 19 October 2026. The Board noted and accepted his resignation, and he has decided to pursue a career opportunity outside the Mahindra Group. His letter to the Board states that 19 October 2026 will be his last day of service in the company.
• Ms. Manaswini Goel has been appointed as Chief Financial Officer and Key Managerial Personnel, designated as Interim Chief Financial Officer, for the period from 20 October 2026 to 31 December 2026.
• Mr. Surender Kalra has been appointed as Chief Financial Officer and Key Managerial Personnel with effect from 1 January 2027, with the term stated as full time.

Who is taking over

• Ms. Manaswini Goel is the Chief Financial Officer for the Aerospace, Advanced Technologies, and Trucks & Buses businesses at Mahindra Group, where her role covers capital efficiency, strategic financial planning, business performance and value creation. She played a key role in Mahindra & Mahindra's acquisition of a stake in SML Isuzu Limited (now SML Mahindra). She joined the Mahindra Group in 2015 and has earlier served as Group Head - Corporate Finance and Treasury, and as Treasurer of Mahindra & Mahindra Financial Services Limited. Before Mahindra she worked with HDFC and National Housing Bank. She is a Chartered Accountant, an associate of the ICAI and of the ICAEW, and holds a Bachelor's degree in Commerce from Shri Ram College of Commerce, University of Delhi.
• Mr. Surender Kalra is a Chartered Accountant with over three decades of experience across finance, governance, business planning and transformation. He has been associated with the Swaraj business for nearly 30 years, having joined erstwhile Punjab Tractors Ltd. in 1996 and continuing with Mahindra & Mahindra Limited following the acquisition in 2007. Since 2022 he has been serving as Vice President - Finance, Swaraj Division and is a member of the Swaraj Executive Council.

Human resources appointment

• Mr. Ashudeep Saddi has been appointed as Chief Human Resources Officer (CHRO) and Senior Management Personnel of the company with effect from 19 October 2026.
• He is an MBA in HR from UBS, Chandigarh and a law graduate from Panjab University, Chandigarh, with nearly 30 years of HR experience across consumer durables, telecom, FMCG, engineering and manufacturing. He joins from Voltas, where he is Head HR - International Operations Business Group, and has earlier held positions with Vodafone, Samsung, Procter & Gamble, LG Electronics and Punjab Tractors Ltd.

How to read this

• This is a management succession intimation. The company has named an interim CFO for the period from 20 October 2026 to 31 December 2026 and a permanent CFO effective 1 January 2027, so the finance function has a stated continuity plan.
• The stated reason for the CFO's exit is a career opportunity outside the Mahindra Group, and the intimation includes the letter received from him.
• For a reader tracking the company, such announcements are typically read as leadership transition news rather than as an operating or financial event.

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