LGB Forge Limited announced key leadership and strategic decisions following its Board of Directors meeting held on March 10, 2026. The company disclosed significant changes in its executive team alongside approval for a major asset disposal transaction, as detailed in the official board meeting outcome submitted to BSE Limited.

CFO Leadership Transition

The board accepted the resignation of Smt. Geetha Manjari from her position as Chief Financial Officer and Key Managerial Personnel, effective from closure of business hours on March 10, 2026. Her resignation was attributed to personal reasons, specifically citing superannuation age as mentioned in her resignation letter dated February 7, 2026.

Sri. Venkatesan N has been appointed as the new Chief Financial Officer effective March 11, 2026, following recommendations from the Nomination and Remuneration Committee and Audit Committee. The appointment was made pursuant to Section 203 of the Companies Act, 2013.

New CFO Profile and Experience

Sri. Venkatesan N brings extensive financial expertise to his new role. His professional background includes:

• Over 25 years of experience in finance and accounting
• Expertise in costing and working capital monitoring
• Strong background in internal auditing
• Experience in direct and indirect taxation compliance
• Proficiency in financial planning and audit management
• Skills in financial reporting processes and regulatory compliance

The new CFO is not related to any director of the company, ensuring independence in his role.

Asset Disposal Approval

The board approved the sale of non-core land assets situated at Kallapalayam Village, Coimbatore, to M/s. LGB Educational Foundation, a trust belonging to the promoter group.

Related Party Transaction Details

The transaction qualifies as a related party transaction since M/s. LGB Educational Foundation is a trust where promoter group members serve as trustees. The key trustees include:

• Sri B. Vijayakumar (Promoter & Director)
• Smt. Rajsri Vijayakumar (Promoter & Managing Director)
• Sri Rajaram C (Director)

The company emphasized that the transaction will be conducted on an arm's length basis, with the sale price not falling below fair market value as determined by independent valuation. The disposal is part of the company's strategy to unlock value from idle assets and utilize proceeds for working capital requirements.

Regulatory Compliance and Approvals

The board approved conducting a postal ballot to obtain shareholder approval for the material related party transaction. The postal ballot notice will be submitted to stock exchanges in due course. The transaction does not fall under Regulation 37A of the SEBI (LODR) Regulations, 2015, as it is not pursuant to a scheme of arrangement.

The board meeting commenced at 12:15 PM and concluded at 1:10 PM on March 10, 2026. All information has been made available on the company's website as per regulatory requirements under SEBI Master Circular guidelines.

LGB Forge Limited announced its unaudited financial results for the quarter and nine months ended December 31, 2025, revealing a challenging operational environment with widened losses despite mixed revenue performance.

Financial Performance Overview

The company's financial performance showed significant deterioration in profitability metrics for the third quarter of FY26:

Nine-Month Performance Analysis

For the nine-month period ended December 31, 2025, LGB Forge demonstrated contrasting trends with improved revenue but deteriorated bottom-line performance:

Cost Structure and Operational Challenges

The company's expense analysis reveals several pressure points affecting profitability. Total expenses for Q3 FY26 reached ₹2,519.29 lakhs compared to ₹2,493.11 lakhs in Q3 FY25. Key expense categories included:

Impact of New Labour Codes

A significant development affecting the company's financial results was the implementation of new labour codes. The company reported exceptional items of ₹64.80 lakhs for Q3 FY26, representing increased employee benefit provisions due to the consolidation of multiple labour laws into four unified Labour Codes effective from November 21, 2025. This one-time impact was treated as exceptional items due to its material and non-recurring nature.

Board Meeting Outcomes and Corporate Governance Updates

The Board of Directors, in their meeting held on February 5, 2026, approved several key appointments and considered the unaudited financial results:

Sri. G. Jawaharlal brings three decades of experience in internal audit, including risk-based internal audit across various manufacturing sectors. M/s. N.R.D. Associates offers comprehensive services including audit functions, taxation services, and regulatory compliance with a team of five partners and 60 employees.

Business Segment and Outlook

LGB Forge Limited operates in the manufacturing of forged and machined components, representing a single reportable segment under Ind AS 108. The company maintains its paid-up equity share capital at ₹2,382.02 lakhs with a face value of Re.1 per share. The financial results were reviewed by the statutory auditors M/s. N.R. Doraiswami & Co. and approved by the Audit Committee and Board of Directors.