CFO transition: Patwardhan ceases 19 Oct 2026; Manaswini Goel Interim CFO, Surender Kalra CFO from 1 Jan 2027

Board on 12 Oct 2026 approved: Mr. Pushkar Patwardhan ceases as CFO & KMP from close of 19 Oct 2026; Ms. Manaswini Goel becomes Interim CFO & KMP from 20 Oct 2026 to 31 Dec 2026; Mr. Surender Kalra becomes CFO & KMP from 1 Jan 2027.

Mon 12 Oct 2026

CFO cessation date

ceases as CFO & KMP from close of 19 Oct 2026

Interim CFO tenure

Interim CFO & KMP from 20 Oct 2026 to 31 Dec 2026

Full-time CFO effective date

becomes CFO & KMP from 1 Jan 2027

What the Board approved

The Board of Directors, at its meeting held on Monday, the 12th October, 2026, acting on the recommendation of the Nomination and Remuneration Committee and the Audit Committee, noted and approved changes in the Key Managerial Personnel and Senior Management Personnel:

• Mr. Pushkar Patwardhan ceases as Chief Financial Officer and Key Managerial Personnel with effect from the close of 19th October, 2026. He has decided to pursue a career opportunity outside the Mahindra Group. His letter to the Board is enclosed with the update.
• 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 meeting of the Board commenced at 04:25 P.M. and concluded at 04:36 P.M.

Who the Interim CFO is

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 played a key role in Mahindra & Mahindra's acquisition of a stake in SML Isuzu Limited (now SML Mahindra). Earlier she served as Group Head - Corporate Finance and Treasury for the Mahindra Group, joined the Mahindra Group in 2015, and has also served as the Treasurer of Mahindra & Mahindra Financial Services Limited. Prior to Mahindra, she worked with organisations such as HDFC and National Housing Bank. 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 Institute of Chartered Accountants of India (ICAI) and of the Institute of Chartered Accountants in England and Wales (ICAEW).

Who the incoming CFO is

Mr. Surender Kalra is a Chartered Accountant who 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. Over his career 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 serving as Vice President - Finance, Swaraj Division, and is a member of the Swaraj Executive Council.

Who the new CHRO is

Mr. Ashudeep Saddi is an MBA in HR from UBS, Chandigarh, and a Law Graduate from Panjab University, Chandigarh. He brings nearly 30 years of HR experience across consumer durables, telecom, FMCG, engineering and manufacturing sectors. He joins from Voltas, where he currently works as Head HR - International Operations Business Group. Prior to Voltas, he held various positions with Vodafone, Samsung, Procter & Gamble, LG Electronics, and Punjab Tractors Ltd.

How the succession is spaced

• The outgoing CFO's last day in the Company is the close of 19th October, 2026.
• The Interim CFO's tenure begins 20th October, 2026 and runs to 31st December, 2026.
• The full-time CFO takes charge from 1st January, 2027, so the finance function has a named interim arranger and a named permanent appointment.
• The CHRO appointment takes effect from 19th October, 2026, the same date the CFO transition begins.

What this update is

It is an intimation of a change in Key Managerial Personnel and Senior Management Personnel, along with the prescribed details of each event and the outgoing CFO's letter to the Board.

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