CFO cessation from close of 19th October, 2026; interim CFO till 31st December, 2026, new CFO from 1st January, 2027

Board meeting outcome dated 12th October, 2026.

Mon 12 Oct 2026

CFO Resignation Effective

close of 19th October, 2026

Interim CFO Tenure

20th October, 2026 to 31st December, 2026

New CFO Effective

1st January, 2027 (full time)

What the company informed the exchanges

The Board of Directors, at its meeting held on 12th October, 2026, noted and accepted the resignation of Mr. Pushkar Patwardhan as the Chief Financial Officer and Key Managerial Personnel of the company, with effect from the close of 19th October, 2026. The update states he has decided to pursue a career opportunity outside the Mahindra Group, and his letter records that 19th October, 2026 will be his last day of service.

Who takes over

• Ms. Manaswini Goel has been appointed as Chief Financial Officer and Key Managerial Personnel, designated as Interim Chief Financial Officer, for the period from 20th October, 2026 to 31st December, 2026.
• Mr. Surender Kalra has been appointed as Chief Financial Officer and Key Managerial Personnel with effect from 1st January, 2027, with a term described as full time.
• Mr. Ashudeep Saddi has been appointed as Chief Human Resources Officer (CHRO) and Senior Management Personnel with effect from 19th October, 2026.

What the update says about the appointees

• Ms. Manaswini Goel is the Chief Financial Officer for the Aerospace, Advanced Technologies, and Trucks & Buses businesses at Mahindra Group, where the update says she drives capital efficiency, strategic financial planning, business performance and value creation. She joined the Mahindra Group in 2015 and has served as Group Head - Corporate Finance and Treasury for the Mahindra Group, and as Treasurer of Mahindra & Mahindra Financial Services Limited. The update notes she played a key role in Mahindra & Mahindra's acquisition of a stake in SML Isuzu Limited (now SML Mahindra). 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 and brings 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.
• Mr. Ashudeep Saddi brings nearly 30 years of HR experience across consumer durables, telecom, FMCG, engineering and manufacturing sectors. He joins from Voltas, where he works as 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 the sequence

• The CFO transition is split into two parts. From 20th October, 2026, Ms. Goel holds the CFO and KMP role on an interim basis till 31st December, 2026, and Mr. Kalra takes over as CFO and KMP from 1st January, 2027.
• The HR leadership change takes effect from 19th October, 2026, with Mr. Ashudeep Saddi joining as CHRO and Senior Management Personnel.
• The overall perception of a CFO exit can be one of transition to watch; here the update sets out a successor arrangement, with an interim CFO in place immediately after the cessation date and a full-time CFO named from 1st January, 2027.

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