Kirloskar Ferrous Industries has appointed Ajay Shiram Patil as joint managing director, effective September 21, 2026. The board also named Ankur Gupta as deputy chief financial officer.

Patil’s appointment is subject to member approval and covers a three-year term ending September 20, 2029. He joins from RSB Transmission (India) Limited, where he served as global chief financial officer.

Leadership Changes

The board’s decision adds depth to the executive structure. Gupta assumes the role of deputy CFO effective October 1, 2026, after serving with Motherson Sumi Systems Limited and Surya Roshni.

These appointments signal a focus on experienced management for future growth initiatives.

Background on Ajay Patil

Mr. Patil brings 36 years of experience in driving profitable growth, corporate governance, business strategy, capital allocation, enterprise transformation, mergers and acquisitions, joint ventures, sustainability and enterprise risk management.

His career spans listed companies, private equity-backed businesses, multinational corporations and joint ventures. Over the years, he has held positions of increasing responsibility with leading diversified industrial technology companies such as Cummins, Honeywell, and Eaton, progressing to regional and global leadership roles with executive responsibilities across Asia Pacific, the Middle East, Africa, the Americas and global operations.

Ajay is a Cost and Management Accountant (CMA) and holds a Master's degree in Commerce. He has been associated with the School of Sustainability at the Indian Institute of Technology (IIT) Madras.

Management Commentary

Commenting on this, R. V. Gumaste, Managing Director at Kirloskar Ferrous Industries Limited (KFIL), said, “We are pleased to welcome Ajay to our leadership team. His extensive expertise in business strategy and transformation will bring significant value to our organisation. This appointment further strengthens the leadership bandwidth and aligns with our priorities of sustainable growth, enhancing KFIL’s position in the market.”

About Kirloskar Ferrous Industries Limited

Founded in 1991, Kirloskar Ferrous Industries Limited is one of India’s largest castings and pig iron manufacturers. The company caters to various industry sectors, such as tractors, automobiles and diesel engines. The manufacturing facilities at Koppal, Hiriyrur, Solapur and Rajpura have the unique capability of producing a range of products that include grey iron castings up to 1000 kg pieces.

The company also produces various grades of pig iron such as SG iron grade, basic steel grade and foundry grade. Kirloskar Ferrous Industries Limited is expanding its manufacturing capacities in pig iron and casting. The company has 3D printing facilities, enabling fast development of new products and capability ramp-ups. The company supplies fully machined castings and has added a coke oven manufacturing facility with waste-heat recovery power. KFIL’s product range now extends to alloy steel and seamless tubes.

The company has established a recognisable position in alloy steel and seamless tubes, catering to bearing, boiler tube, and automotive piping applications.

Kirloskar Ferrous Industries Limited has commenced operations of an additional 35 MW DC Solar Plant at Mantha, Helas, Jalna, Maharashtra, on August 6, 2026. The commissioning of this facility enhances the company's total solar capacity at the Jalna location to 105 MW DC. This expansion supports the company's strategy to utilise captive power generation for its operations, aiming to reduce overall power costs through self-sufficiency.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and serves as a continuation of earlier communications regarding the project, specifically referencing letter No. 3148/25 dated January 31, 2025. The company informed BSE Limited via Ref No. 3359/26 on August 7, 2026, confirming that installation works are complete and operations have officially begun.

Project Financials and Funding

The project cost for the capacity enhancement was approximately ₹97 crore, net of recoverable taxes. The company financed this expenditure through a combination of borrowing and internal accruals. The following table summarises the key parameters of the project:

Operational Impact

Power generated from the solar plants will be utilised for captive consumption by Kirloskar Ferrous Industries. The primary benefit cited by management is the reduction in power costs associated with grid purchases or alternative energy sources. By shifting to captive solar power, the company aims to stabilise its energy expenditure profile against market volatility in electricity prices. The use of internal accruals alongside borrowing reflects a balanced approach to capital allocation, preserving liquidity while securing long-term cost savings on power bills.