CFO change: Pushkar Patwardhan resigns; Manaswini Goel Interim CFO; Surender Kalra is CFO from 1st January, 2027

SML Mahindra: Mr. Pushkar Patwardhan ceases as CFO from close of 19th October, 2026; Ms. Manaswini Goel Interim CFO (20th October, 2026 to 31st December, 2026); Mr. Surender Kalra CFO from 1st January, 2027.

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 Date

1st January, 2027

Board approves a CFO succession plan

SML Mahindra Ltd has informed the exchanges about changes in its Key Managerial Personnel and Senior Management Personnel, approved by the Board at its meeting held on 12th October, 2026, on the recommendation of the Nomination and Remuneration Committee and the Audit Committee.

What the Board approved

• Mr. Pushkar Patwardhan ceases to be Chief Financial Officer and Key Managerial Personnel with effect from the close of 19th October, 2026. The Board noted and accepted his resignation; he has decided to pursue a career opportunity outside the Mahindra Group.
• Ms. Manaswini Goel is appointed 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 is appointed Chief Financial Officer and Key Managerial Personnel with effect from 1st January, 2027, on a full time basis.
• Mr. Ashudeep Saddi is appointed Chief Human Resources Officer (CHRO) and Senior Management Personnel with effect from 19th October, 2026.

The people stepping in

Ms. Manaswini Goel is the Chief Financial Officer for the Aerospace, Advanced Technologies, and Trucks & Buses businesses at Mahindra Group, where she drives 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), strengthening the Group's position in the Trucks & Buses segment. Earlier, she served as Group Head - Corporate Finance and Treasury for the Mahindra Group and as Treasurer of Mahindra & Mahindra Financial Services Limited, and has also worked with organisations such as HDFC and National Housing Bank. She is a Chartered Accountant, an associate of the ICAI and the ICAEW, and holds a Bachelor's degree in Commerce from Sri 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 joined erstwhile Punjab Tractors Ltd. in 1996 and continued with Mahindra & Mahindra Limited following the acquisition in 2007, holding leadership roles across Finance & Accounts, Business Planning and Internal Audit. He was part of the core team that navigated the integration of Punjab Tractors Ltd. into Mahindra & Mahindra, and since 2022 has been serving as Vice President - Finance, Swaraj Division, and is 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 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 change

A change of Chief Financial Officer is a senior management change. Here the Board has set out a staged handover - an interim CFO for the period from 20th October, 2026 to 31st December, 2026, followed by a CFO appointed with effect from 1st January, 2027 on a full time basis, alongside a new Chief Human Resources Officer taking charge from 19th October, 2026. The incoming CFO and CHRO have held senior finance and HR roles within the Mahindra Group and in other large organisations respectively.

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