Finolex Industries Limited has informed the Exchange regarding Resignation of Mr Rajesh Balkrishna Rathi as an Independent Director of the Company w.e.f. August 02, 2025.
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Finolex Industries' Board approved Q1 FY26 (quarter ended June 30, 2025) results, with standalone revenue from operations of ₹1,043.15 crore and profit after tax of ₹96.93 crore (EPS ₹1.57). The quarter included an exceptional gain of ₹416.99 crore from the transfer of leasehold land rights on about 25.27 acres at Chinchwad, Pune, which significantly boosted profitability. On the leadership front, Mr. Udipt Agarwal (currently CCO at Alkyl Amines Chemicals, ex-Cargill and BASF) has been appointed as the new Managing Director for a 5-year term effective November 1, 2025, while current MD Mr. Saurabh Dhanorkar will step down on October 25, 2025 upon attaining the age of 70. Mr. Rambabu Sanka joins as Director-Technical (5-year term), replacing Mr. Saumya Chakrabarti who resigned for personal reasons effective August 31, 2025. Independent Director Mr. Rajesh Balkrishna Rathi also resigned effective August 2, 2025, citing other professional commitments. The Board also appointed M/s. SVD & Associates as Secretarial Auditor for 5 years and fixed the 44th AGM for September 12, 2025.
The change at the top is a planned, orderly succession with an experienced external candidate lined up, which should reassure investors. The large exceptional gain from the Chinchwad land transfer lifts reported Q1 profits but is a one-off and should be set aside when assessing underlying earnings.