Foseco India Limited has announced key changes to its board of directors following a meeting held on February 25, 2026. The company has appointed a new Non-Executive Director and extended the tenure of its Managing Director, strengthening its leadership structure.

New Director Appointment

The board has appointed Mr. Henry James Knowles as Non-Executive Non-Independent Director (Additional Director), effective February 26, 2026. The appointment was made on the recommendation of the Nomination and Remuneration Committee.

Mr. Knowles brings over 30 years of experience as a corporate lawyer, having worked in private practice and with publicly listed global manufacturing companies in London and Tokyo. He currently serves as General Counsel and Company Secretary of Vesuvius plc, the ultimate holding company, a position he has held since joining the Vesuvius Group in September 2013. He will be liable to retire by rotation and is not related to any existing directors of the company.

Managing Director Re-appointment

The board has also re-appointed Mr. Prasad Chavare as Managing Director and Chief Executive Officer for an extended term. His current tenure was set to expire on May 31, 2026.

Mr. Chavare holds a Bachelor of Engineering (Mechanical) from Pune University and a Master of Business Administration in Marketing Management from the same institution. He brings extensive experience across diverse industries including automotive, power generation, and turnkey projects, having previously worked with Cummins Technologies India Private Limited.

Regulatory Compliance

Both appointments comply with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has confirmed that neither director is debarred from holding office by SEBI or any other authority, making them eligible for their respective appointments.

The appointments reflect Foseco India's commitment to strengthening its board composition with experienced professionals who bring valuable expertise to guide the company's strategic direction and operations.

Foseco India Limited has announced its audited financial results for Q4FY25 alongside the board's recommendation for a final dividend of Rs 25 per share for FY25. The company demonstrated robust operational performance with significant year-over-year improvements in key financial metrics.

Q4FY25 Financial Performance

The company delivered strong quarterly results with substantial growth across major financial parameters:

Annual FY25 Performance Highlights

For the full financial year ended December 31, 2025, Foseco India achieved remarkable growth:

Board Meeting Outcomes and Dividend Declaration

The board meeting held on February 25, 2026, addressed key agenda items including the approval of audited financial results for the quarter and year ended December 31, 2025. The board recommended a final dividend of Rs 25 per share, representing 250% on the face value of Rs 10 per equity share.

Major Corporate Development - Morganite Crucible Acquisition

During the financial year, Foseco India Limited completed a significant acquisition by obtaining 75% equity stake in Morganite Crucible (India) Limited for an aggregate consideration of Rs 6,380.04 crores through a share swap arrangement.

Exceptional Items and Open Offer

The company reported exceptional items of Rs 93.08 crores during FY25, primarily related to pre-acquisition expenses for the Morganite Crucible acquisition. Additionally, Rs 2,181 crores was deposited in an escrow account for the mandatory open offer, which concluded on January 13, 2026, with 99,081 shares tendered for Rs 154.28 crores.

Regulatory Compliance and Future Outlook

The company has fulfilled all regulatory requirements under Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The proposed final dividend is subject to approval by shareholders at the upcoming Annual General Meeting. Foseco India continues to operate in the metallurgical products and services segment with strong fundamentals and strategic growth through acquisitions.