RHI Magnesita India Limited appoints Bajaj CFO from January 2027

RHI Magnesita India Limited will appoint Abhishek Bajaj as chief financial officer and key managerial personnel from 1 January 2027, after Azim Syed’s resignation takes effect at the close of business on 31 December 2026. Bajaj brings more than two decades of finance experience, including capital markets, treasury and mergers and acquisitions.

Why is RHI Magnesita India changing its CFO?

RHI Magnesita India is changing its CFO because Azim Syed resigned to continue in a senior leadership role at another company in the RHI Magnesita Group. Syed’s resignation from the positions of chief financial officer and key managerial personnel takes effect at the close of business on 31 December 2026, according to his resignation letter dated 13 November 2026.

Syed said that taking the senior group role would leave him unable to devote the time and attention necessary to meet the duties and responsibilities of RHI Magnesita India’s CFO position. He also confirmed in the 13 November 2026 letter that there were no material reasons for the resignation other than those he stated. The company’s Annexure-B classifies the change as a resignation.

The filing identifies the succession date but does not disclose a notice-period arrangement, a transition process or any continuing role for Syed at RHI Magnesita India after 31 December 2026. It also does not identify a separate investor-relations designation in either the resignation disclosure or the appointment disclosure.

When will Abhishek Bajaj become CFO of RHI Magnesita India?

Abhishek Bajaj will become CFO and key managerial personnel of RHI Magnesita India on 1 January 2027. The board approved his appointment at its meeting on 13 November 2026, following recommendations from the Nomination and Remuneration Committee and the Audit Committee.

The effective date directly follows Syed’s 31 December 2026 cessation date. The announcement therefore sets a dated succession rather than saying the company will conduct an external search. The filing does not disclose Bajaj’s remuneration, the length of his appointment or any terms beyond his designation as CFO and key managerial personnel from 1 January 2027.

Before the appointment takes effect, Bajaj is CFO of RHI Magnesita India Refractories Limited and Head of Finance and financial planning and analysis, or FP&A, for the India Region of the RHI Magnesita Group. The 13 November 2026 disclosure does not say whether he will retain either of those responsibilities after assuming the CFO role at RHI Magnesita India.

What experience does Abhishek Bajaj bring to RHI Magnesita India?

Bajaj brings more than two decades of experience across financial strategy, corporate finance, domestic and international taxation, treasury, capital markets, mergers and acquisitions, enterprise risk management, corporate governance and business transformation. RHI Magnesita India said in its 13 November 2026 profile that his career has included leadership exposure at listed companies, multinational corporations, promoter-led enterprises and Big Four consulting environments.

He is a Fellow Member of the Institute of Chartered Accountants of India and holds a Bachelor of Commerce (Honours) degree from the University of Delhi. The company said Bajaj has led capital-market transactions, strategic investment initiatives, finance-transformation programmes and operational-excellence projects, although the appointment disclosure gives no transaction values, cost targets or performance targets.

Before joining the RHI Magnesita Group, Bajaj held senior finance leadership roles at Dalmia Bharat Refractories Limited and Eli Global. The 13 November 2026 disclosure says those roles covered turnaround initiatives, FP&A, mergers and acquisitions, financial controllership and performance management. Earlier, at KPMG India, he led audit and assurance engagements for listed and multinational organisations in multiple industries.

What was RHI Magnesita India’s latest financial context?

RHI Magnesita India reported lower consolidated revenue but higher consolidated profit after tax for the quarter ended 30 September 2026 than for the quarter ended 30 September 2025. Revenue from operations declined to Rs 1,030.2923 crore from Rs 1,035.3565 crore, while profit after tax rose to Rs 62.0973 crore from Rs 38.3457 crore.

For the half-year ended 30 September 2026, RHI Magnesita India reported consolidated revenue from operations of Rs 2,044.2597 crore and consolidated profit after tax of Rs 126.7051 crore. The Audit Committee reviewed, and the board approved, the consolidated financial results on 13 November 2026, the same date on which it approved Bajaj’s appointment.

The results state that the group is primarily engaged in manufacturing refractories and monolithics and has no reportable operating segments under Indian Accounting Standard 108 on operating segments. In the year ended 31 March 2026, the group recognised a Rs 556.2403 crore impairment provision against the carrying value of goodwill of RHI Magnesita India Refractories Limited, citing evolving market conditions and geopolitical developments.

Conclusion

RHI Magnesita India has set a dated finance leadership change, with Syed leaving the CFO and key managerial personnel positions on 31 December 2026 and Bajaj taking them up on 1 January 2027. Bajaj moves from existing group finance roles and brings experience in areas including capital markets, taxation, treasury, governance and mergers and acquisitions, while the latest quarter showed a rise in profit after tax despite lower revenue.

The next disclosed milestone is Bajaj’s 1 January 2027 effective date. Investors can watch for any subsequent company disclosure on his responsibilities at RHI Magnesita India Refractories Limited and the India Region FP&A function, as well as management commentary in later results on the Rs 556.2403 crore goodwill impairment recognised for the year ended 31 March 2026.