CFO change: Patwardhan to step down; Manaswini Goel interim CFO; Surender Kalra CFO from 1 Jan 2027

On 12 Oct 2026 the Board noted CFO Pushkar Patwardhan's cessation effective close of 19 Oct 2026, approved Manaswini Goel as Interim CFO (20 Oct-31 Dec 2026), Surender Kalra as CFO from 1 Jan 2027.

Mon 12 Oct 2026

CFO cessation effective

close of 19 Oct 2026

Interim CFO

Manaswini Goel, 20 Oct-31 Dec 2026

CFO from 1 Jan 2027

Surender Kalra

What was announced

The Board of SML Mahindra Limited met on 12 October 2026 and, on the recommendation of the Nomination and Remuneration Committee and the Audit Committee, noted and approved changes in the Company's Key Managerial Personnel and Senior Management Personnel. The changes centre on the office of the Chief Financial Officer, with an addition at the head of Human Resources.

The changes, one by one

• Cessation: 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; he has decided to pursue a career opportunity outside the Mahindra Group.
• Interim CFO: Ms. Manaswini Goel is appointed Chief Financial Officer and Key Managerial Personnel, designated as Interim Chief Financial Officer, for the period from 20 October 2026 to 31 December 2026.
• Incoming CFO: Mr. Surender Kalra is appointed Chief Financial Officer and Key Managerial Personnel with effect from 1 January 2027, on a full-time basis.
• CHRO: Mr. Ashudeep Saddi is appointed Chief Human Resources Officer and Senior Management Personnel with effect from 19 October 2026.

Why the CFO is changing

In his letter to the Board, Mr. Patwardhan said he is stepping down as Chief Financial Officer and Key Managerial Personnel to pursue a career opportunity outside the Mahindra Group, and that the close of 19 October 2026 will be his last day of service with the Company. He conveyed his thanks to the Board members, the leadership team and the team at SML Mahindra Limited and the Mahindra Group for their support during his association with the Company.

How the transition is sequenced

• The interim arrangement runs from 20 October 2026 to 31 December 2026.
• The permanent CFO takes charge from 1 January 2027, so the interim term ends the day before his appointment begins.
• The new CHRO's appointment is effective 19 October 2026, the same date on which the outgoing CFO's cessation takes effect at close.

Who the incoming appointees are

Ms. Manaswini Goel is the Chief Financial Officer for the Aerospace, Advanced Technologies, and Trucks & Buses businesses at Mahindra Group. In that role she drives capital efficiency, strategic financial planning, business performance and value creation, and played a key role in Mahindra & Mahindra's acquisition of a stake in SML Isuzu Limited (now SML Mahindra), strengthening the Group's position in the Trucks & Buses segment. She has served as Group Head - Corporate Finance and Treasury for the Mahindra Group and as Treasurer of Mahindra & Mahindra Financial Services Limited. She joined the Mahindra Group in 2015, and before that worked with HDFC and National Housing Bank, building experience across capital markets, treasury, funding, risk management and corporate finance. She holds a Bachelor's degree in Commerce from Shri Ram College of Commerce, University of Delhi, and is a Chartered Accountant, an associate of the ICAI and of the ICAEW.

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. He has held leadership roles across Finance & Accounts, Business Planning and Internal Audit, was part of the core team that navigated the integration of Punjab Tractors Ltd. into Mahindra & Mahindra, and since 2022 has been Vice President - Finance, Swaraj Division and a member of the Swaraj Executive Council.

Mr. Ashudeep Saddi is an MBA in HR from UBS, Chandigarh, and a Law Graduate from Panjab University, Chandigarh, with nearly 30 years of rich HR experience across consumer durables, telecom, FMCG, engineering and manufacturing. He joins from Voltas, where he is Head HR - International Operations Business Group. Prior to Voltas he held various positions with Vodafone, Samsung, Procter & Gamble, LG Electronics and Punjab Tractors Ltd., leading initiatives in organisational transformation, talent management, leadership development, industrial relations, employee engagement and culture building.

What to note

• Each change is disclosed with a specific effective date, so the transition timeline is set out: 19 October 2026, 20 October 2026, 31 December 2026 and 1 January 2027.
• The interim CFO's term and the permanent CFO's start date run back to back, with the interim period closing on 31 December 2026.
• The two CFO appointments are at Key Managerial Personnel level, while the CHRO appointment is at Senior Management Personnel level.

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