JTL Industries CFO Atul Garg resigns

JTL Industries announced the resignation of Atul Garg as chief financial officer (CFO) & key managerial personnel (KMP) effective from the close of business hours on 11 September 2025.

Simultaneously, Naveen Kumar Laroiya has been appointed as the new CFO and KMP with effect from the close of business hours on 11 September 2025.

Naveen Kumar Laroiya is a seasoned finance and commercial professional with 35 years of experience across India, Nepal, and Egypt. He has worked in diverse sectors including manufacturing, financial services, and multinational corporations. His expertise covers finance, accounting, direct and indirect taxation, corporate governance, and strategic planning.

Laroiya has also demonstrated strong leadership in SAP and ERP implementations, fundraising (both domestic and international), project execution, and internal controls. He has worked with reputed groups such as Aditya Birla, Paul Merchants, and Dhunseri Petrochem. His knowledge extends to corporate finance, audit, MIS, compliance, business restructuring, and liaison with regulatory bodies.

The company confirmed that there are no relationships between Mr. Laroiya and other directors or key managerial personnel.

This change is aimed at strengthening the companys financial leadership as it embarks on its next phase of growth.

Further, the company has entered into an agreement with Nalwa Steel and Power to form a consortium for jointly participating in an e-auction being organized by the Securities and Exchange Board of India (SEBI).

As per the agreement, both companies will bid in a 50:50 ratio under the consortium. The collaboration is limited to the purpose of bidding in the e-auction and does not involve any change in shareholding or governance rights. There is no shareholding between the parties, and the agreement does not grant any special rights such as the appointment of directors or rights related to capital structure. Additionally, both entities confirmed that they are not related to each other or to the promoter/promoter group of either company.

Since the transaction is not a related party transaction, questions of arms length terms or share issuance do not arise. No potential conflicts of interest or board nominations have been reported under this agreement. The company also clarified that in the event of any future amendment or termination of the agree.

JTL Industries is amongst the fastest-growing steel tube manufacturers, and its registered office is in Chandigarh. The company has manufacturing facilities in Punjab, Maharashtra, and Chhattisgarh. Its product offering includes GI pipes, MS black pipes, hollow sections, and solar structures, which cater to diverse industrial and infrastructural applications.

The companys consolidated net profit declined 46.83% to Rs 163.24 crore, despite a 5.47% increase in revenue from operations to Rs 5,438.60 crore in Q1 FY26 over Q1 FY25.

Shares of JTL Industries shed 0.81% to Rs 77.95 on the BSE.

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