SPML Infra appoints Arun Kumar Agarwal as CFO from December 1

SPML Infra Limited will appoint Arun Kumar Agarwal as chief financial officer from December 1, 2026, replacing Manoj Kumar Digga in the finance role while retaining him as executive director. Agarwal brings more than 29 years of finance and accounts experience, including 10 years at Larsen & Toubro Limited and finance leadership at VISA Industries Limited.

When does SPML Infra's CFO transition take effect?

SPML Infra's CFO transition takes effect on December 1, 2026, when Agarwal becomes chief financial officer and key managerial personnel (KMP), while Digga ceases to be CFO on the same date. The board approved both decisions on November 12, 2026, alongside the unaudited standalone and consolidated results for the second quarter ended September 30, 2026.

SPML Infra said its Nomination and Remuneration Committee and Audit Committee recommended Agarwal's appointment before board approval. The filing does not disclose a fixed tenure, remuneration or any additional executive position for Agarwal beyond CFO and KMP.

Agarwal will also be authorised from December 1, 2026, to determine the materiality of events or information and make required disclosures to stock exchanges. The authority was granted under Regulation 30(5) of the Securities and Exchange Board of India, or SEBI, Listing Obligations and Disclosure Requirements Regulations, 2015.

What experience does Arun Kumar Agarwal bring to SPML Infra?

Agarwal brings more than 29 years of finance and accounts experience covering treasury, fund management, strategic financial planning, finalisation of accounts under Indian Accounting Standards, audits, direct and indirect tax, transfer pricing, insurance, management information systems and budgeting. He qualified as a Cost and Management Accountant in 1997, when the qualification was known as ICWA and is now associated with the Institute of Cost Accountants of India.

SPML Infra said Agarwal obtained ranks in both the Inter and Final examinations for his 1997 cost-accountancy qualification. His education includes an MBA in Finance and Marketing from Utkal University, a B.Com. (Honours) from Calcutta University, an LLB and alumni status at the Indian Institute of Management Bangalore.

Most recently, Agarwal served as whole-time director and CFO of steel manufacturer VISA Industries Limited after joining the VISA Group in August 2008. His disclosed responsibilities there included finance and accounts, banking relationships, insolvency matters under the Insolvency and Bankruptcy Code, a demerger, and SAP and information-technology functions.

Before joining the VISA Group, Agarwal spent a decade from 1998 to 2008 at Larsen & Toubro Limited, where his last stated position was Head Zonal Accounts, East. The disclosure shows that his Larsen & Toubro tenure focused on accounts leadership, while the later VISA Industries role included wider banking, restructuring and technology responsibilities.

What happens to Manoj Kumar Digga after the CFO change?

Digga will remain an executive director on SPML Infra's board after ceasing to be CFO on December 1, 2026. The company identified him by Director Identification Number 01090626 and explicitly stated that his board service will continue.

The filing does not state a reason for Digga's CFO cessation, nor does it describe a resignation, removal, retirement or change to his executive-director responsibilities. It therefore discloses a transfer of the CFO role to Agarwal while maintaining Digga's board position.

SPML Infra also said that neither Agarwal nor Digga is related to any director. The disclosure was included in Annexure 1 under Regulation 30 and the SEBI master circular dated January 30, 2026, with no further detail on reporting lines, committee roles or a handover process.

What did the September 2026 review report disclose?

The September 2026 standalone review report disclosed that SPML Infra included joint-operation results in its statement and that the reviewer relied partly on other auditors and management-provided information. Maheshwari & Associates issued an unmodified limited-review conclusion for the quarter and six months ended September 30, 2026.

Twelve joint operations reviewed by other auditors had total assets of Rs 405.811 crore at September 30, 2026, revenue of Rs 85.9764 crore for the quarter and Rs 230.288 crore for the six months. Their net losses after tax rose from Rs 5.88 lakh for the quarter to Rs 22.41 lakh for the six-month period.

Two other joint operations, whose information had not been reviewed or audited by their respective auditors, had assets of Rs 11.7098 crore at September 30, 2026. They reported revenue of Rs 6.0863 crore for the quarter and Rs 7.9824 crore for the six months, with net profit after tax of Rs 2.33 lakh and Rs 2.32 lakh respectively.

Five additional joint operations were excluded because interim financial information was unavailable, and management said these operations were not material to the statement. Maheshwari & Associates did not modify its conclusion for the 12 operations reviewed by other auditors, the two unreviewed operations or the five excluded operations.

Conclusion

SPML Infra will place Agarwal in the CFO and KMP roles from December 1, 2026, while Digga remains executive director. The change brings a finance executive with more than 29 years of disclosed experience into responsibility for finance leadership and materiality-based exchange disclosures.

The next stated event is December 1, 2026, when Agarwal's appointment and Digga's CFO cessation become effective. Future SPML Infra filings may provide further detail on the leadership transition and on the five joint operations excluded from the September 30, 2026 standalone statement.