Kalyani Forge CFO quits after auditor flags books for third year in a row
Jagdish Baheti tendered his resignation on March 16. The company filed it on June 10, six weeks after his effective date. No successor has been named.
— 3 earlier stories on Kalyani Forge Ltd. →What's new
- CFO Jagdish Baheti resigned effective April 30, citing personal reasons.
- The resignation letter was dated March 16 but disclosed only on June 10.
- The departure comes as the auditor issued a disclaimer of opinion for the third straight year.
Why this matters
A CFO departure at a nano-cap with a qualified audit trail is not routine. Baheti was the finance head during a period when auditors refused to sign off on the books. The delayed disclosure of his exit, and the fact that no successor is named, heightens uncertainty about financial oversight at a company that just reported record profit but can't get a clean audit opinion.
What we're watching
- The name and background of the next CFO hire.
- Whether the FY27 audit opinion finally clears.
- Any change to the quarterly closing process or internal controls.
The full read
Kalyani Forge's CFO Jagdish Baheti quit on April 30. The company didn't tell the market until June 10. The resignation letter was dated March 16, meaning the board sat on the disclosure for nearly three months while the year-end audit was underway. Managing director Viraj Kalyani had insisted Baheti finish the quarterly close and audit finalisation before walking out the door. That task now falls to someone who doesn't exist yet. At a company with a ₹216 crore market cap, the vacancy matters. Kalyani Forge just posted a record ₹9.32 crore net profit for FY26, but its auditor issued a disclaimer of opinion for the third straight year. The CFO who presided over that stretch is now gone, with no successor named and no clean audit opinion in sight. The delayed filing itself is a red flag in a year when the company's financial reporting credibility is already under a cloud.
Questions answered
- Why is the CFO resignation significant at Kalyani Forge?
- The company has received a disclaimer of opinion from its auditor for three consecutive years, including in the just-closed FY26 results. The CFO is the executive responsible for financial reporting and controls, and Baheti's exit leaves that role vacant during a critical period for fixing the audit trail.
- When did the CFO resign, and when was it disclosed?
- Baheti submitted his resignation letter on March 16, 2026, and his last day was April 30. The company disclosed the departure on June 10, more than six weeks after his effective date and after the FY26 annual results were published.
- What did the managing director ask Baheti to do before leaving?
- Viraj Kalyani insisted that Baheti complete the quarterly closing and finalise the annual audit before departing. Baheti was also required to hand over responsibilities and remain available for remote support during the transition.
- How large is the company?
- Kalyani Forge is a nano-cap with a market capitalisation of ₹216 crore. Its consolidated net profit for FY26 was ₹9.32 crore, a 14-year high.
Kalyani Forge Ltd.
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All notes on KALYANIFRG →- 11 Jun 2026 · 10:05 AM IST Kalyani Forge CFO quits after auditor flags books for third year in a row
- 2d ago Kalyani Forge sets 15% EBITDA floor, wins ₹20 cr EV axle order
- 16d ago Kalyani Forge hits 14-year profit high but management narrative slips
- 16d ago Kalyani Forge posts Q4 profit, but auditor flags books for third year