Diamond Power Infrastructure appointed Kundip Thakker as Chief Financial Officer and Key Managerial Personnel (KMP) effective October 20, 2026. The appointment follows the cessation of the previous CFO, who remains with the company in a re-designated role.

Thakker brings over 26 years of experience in financial management, strategic planning, corporate finance, treasury, fundraising, and financial controls across diverse industries. His professional background includes significant roles in capital markets and treasury operations for large enterprises.

Professional Background

Most recently, Thakker served as the Chief Financial Officer of Stelmec Limited, a medium-voltage switchgear and smart power solutions company. During his tenure there, he led financial strategy, controls, fundraising, investor relations, and IPO preparedness. This included overseeing a private equity raise of ₹175 crore in 2024.

Prior to joining Stelmec in June 2024, he spent approximately ten years at Blue Star Limited as Head of Treasury and Shared Services (P2P). In this role, he managed treasury and banking operations, working capital, foreign exchange exposure, trade finance, and banking limits of about ₹6,000 crore across 16 banks. He also handled capital raising activities, including a ₹1,000 crore Qualified Institutional Placement (QIP) in September 2023.

His earlier career includes senior finance and commercial roles at Black Box Limited (Essar Group), ABB Limited, Reliance Industries Limited, Navneet Education Limited, and Borkar Packaging Private Limited.

Qualifications and Recognition

Thakker is a Cost and Management Accountant (member of ICMAI) and holds an MBA in Finance from TIMS, Gujarat, along with a B.Com. from Gujarat University. He has completed the ICMAI Certificate Course in Treasury and International Banking and the IIM Indore Emerging CFO Programme.

He has received several industry awards, including:

• CFO of the Year (2025)
• Finance Leader of the Year (2025)
• Best Treasurer of the Year (2024)

Leadership Transition Details

The appointment necessitated a change in leadership structure. The previous CFO ceased to hold the position at the close of business hours on October 19, 2026. However, this was not due to resignation. The individual has been re-designated as Deputy Chief Financial Officer and continues to be employed by the company effective October 20, 2026.

The company confirmed that Thakker is not related to any Director or Key Managerial Personnel of the company and is not debarred from holding such office by any order of SEBI or other authorities. The disclosure was made pursuant to Regulation 30(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Diamond Power Infrastructure appointed Ashwani Saraf as Chief Operating Officer and designated him as Senior Management Personnel (SMP) with effect from October 3, 2026. The appointment was approved by the Board of Directors during its meeting held on the same day.

Concurrently, Kalpesh Patel ceased to be the Chief Operating Officer and SMP of the company with effect from the close of business hours on October 3, 2026. The company disclosed that Patel's cessation was due to his inability to continue in his position on account of health reasons.

Profile of new Chief Operating Officer

Ashwani Saraf is a manufacturing operations leader with over 30 years of experience in cables, automotive, power and telecom manufacturing. His background includes multi-plant and multi-country operations with full profit and loss accountability.

Most recently, Saraf served as Director – Production & Technical at JLLAPP, Jakarta, a joint venture between Jebsen & Jessen and LAPP Holding Asia. In this role, he led end-to-end cable manufacturing across ASEAN for a business valued at approximately $250 million. Prior to this, as Vice President – Manufacturing at LAPP India, he owned plant operations for a business of about ₹1,000 crore.

Saraf holds a B.E. in Mechanical Engineering from NIT Surathkal (1994) and is a Motorola University-certified Six Sigma Green Belt. He began his career at Tata Motors, rising from Graduate Engineer Trainee to Senior Manager over 12 years across plants in Pune, Jamshedpur and Lucknow.

Regulatory disclosures

The appointment and cessation were disclosed pursuant to Regulation 30 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure aligns with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

What the numbers show

The transition highlights a shift towards deep technical manufacturing expertise within the leadership team. Saraf’s profile reveals extensive experience managing large-scale cable businesses, specifically citing oversight of a $250 million operation in Jakarta and a ₹1,000 crore business at LAPP India. This concentration of experience in high-value cable manufacturing segments suggests a strategic focus on operational efficiency and scale in the core product lines.