Ad-Manum Finance CEO Dharmendra Agrawal to Resign in 2026

Introduction

Ad-Manum Finance Limited, an Indore-based non-banking finance company (NBFC), has announced a significant leadership change. The company informed stakeholders that Mr. Dharmendra Agrawal will resign from his roles as Chief Executive Officer and Whole-Time Director, with the departure scheduled to be effective from April 3, 2026. Mr. Agrawal has cited personal interests as the reason for his decision to step down from the leadership position he has held since 2019.

The Search for New Leadership

The resignation of a key figure like the CEO invariably triggers a period of transition. The Board of Directors at Ad-Manum Finance is now tasked with the crucial responsibility of identifying and appointing a successor. This process will be closely watched by investors and the market, as the new leader will be responsible for steering the company through India's competitive financial landscape. The departure also creates vacancies in other areas, including the company's Corporate Social Responsibility (CSR) committee, which will need to be filled to ensure continuity in governance and corporate initiatives.

Dharmendra Agrawal's Tenure

Mr. Dharmendra Agrawal has been a central figure at Ad-Manum Finance for several years. He was appointed as a Whole-Time Director in September 2019 and subsequently took on the dual responsibility of CEO. During his tenure, he has guided the company's day-to-day operations and strategic implementation. With a reported total compensation of approximately ₹1.7 million, his leadership has coincided with the company's efforts to grow its core financial services business. His departure marks the end of a nearly seven-year period of stable leadership at the executive level.

A Snapshot of Ad-Manum Finance

Founded in 1986, Ad-Manum Finance Limited is a part of the Agarwal Group and has established itself as a notable player in the NBFC sector. The company's primary business involves providing financing for commercial and passenger vehicles. In addition to its core financial services, Ad-Manum has diversified its operations to include windmill power generation, reflecting a broader business strategy. The company's operations are centered in India, where it competes with a range of other financial institutions.

Recent Executive-Level Changes

Mr. Agrawal's upcoming departure is not the only recent high-level change at the company. In February 2025, Ad-Manum Finance announced the resignation of its Chief Financial Officer (CFO), Mr. Vikas Gupta, who also left for personal reasons. The company later appointed Mr. Dheeraj Bajoliya as the new CFO in August 2025. This pattern of shifts in key management positions suggests a period of significant organizational change for the company.

Governance and Board Dynamics

The board overseeing this transition has an average tenure of approximately 2.7 years, indicating a relatively dynamic governance structure. The board comprises a mix of independent and whole-time directors responsible for strategic oversight. Key members include Mr. Aseem Trivedi, Mr. Dhawal Bagmar, and Ms. Priyanka Jha, who will play a pivotal role in the selection of the next CEO and ensuring a smooth handover of responsibilities.

Financial Performance and Market Standing

Ad-Manum Finance operates with a market capitalization of around ₹38 crore. Its financial metrics provide a glimpse into its market valuation and performance.

The company has demonstrated steady revenue growth in recent years, as shown by its sales figures from operations in India.

Navigating a Competitive Market

The NBFC sector in India is highly competitive, with numerous players vying for market share. Ad-Manum Finance operates alongside peers such as AYEFin, Indifi, and Manappuram Finance. All these entities are subject to oversight from the Reserve Bank of India (RBI) and face stiff competition not only from other NBFCs but also from traditional banks, which often have a larger capital base and wider reach.

What Investors Will Be Watching

For investors and market analysts, the focus will now shift to the company's next steps. Key developments to monitor include the timeline for appointing a new CEO, the professional profile and experience of the selected candidate, and any subsequent strategic communications from the new leadership. The ability of the board to manage this transition effectively will be critical to maintaining investor confidence and ensuring the company's strategic direction remains clear.

Conclusion

The planned departure of CEO Dharmendra Agrawal marks a pivotal moment for Ad-Manum Finance. As the company prepares for this change, the board's primary focus will be on securing a successor who can build on the company's foundation and navigate the challenges of the NBFC industry. The market will await further announcements regarding the new leadership, which will be instrumental in shaping the company's trajectory in the coming years.