CFO exits Modern Engineering, replacement lined up
Francisca Rosario resigns effective June 30; Navraj Bhatt, a CA from Man Infra, takes over from July 1. For a ₹48 cr market-cap firm with a recent Tata Steel order, the finance helm change is material.
— 3 earlier stories on Modern Engineering And Projects Ltd. →What's new
- CFO Francisca Rosario resigns effective June 30, 2026, for an alternate career opportunity.
- Board appoints Navraj Bhatt, a CA with 10 years' experience, as new CFO from July 1.
- This is a first-time disclosure with no prior indication; immediate replacement softens the blow.
Why this matters
For a nano-cap with a market cap of just ₹48 cr and a recent transformational order from Tata Steel, losing the CFO creates uncertainty. The Q4 profit already crashed 96% to ₹0.37 cr. A new finance chief brings fresh eyes, but the transition risks execution momentum.
What we're watching
- Whether the new CFO signals any change in financial strategy or capital allocation.
- Any impact on the Tata Steel order's execution timeline or billing milestones.
- The next quarter's profit performance to gauge leadership stability.
The full read
Modern Engineering just lost its CFO. Francisca Rosario leaves effective June 30 for a standard career move. The board acted the same day, appointing Navraj Bhatt (a CA with 10 years at Man Infra Construction) from July 1. The immediate handover smoothes the transition, but the context gives it weight. This is a ₹48-crore market-cap company. Its Q4 profit collapsed 96% to ₹0.37 crore. And it recently clinched a large order from Tata Steel, which now has to be executed under new finance leadership. For a nano-cap, a KMP change at this juncture is a test of stability. The new CFO has relevant experience, but the quarter ahead will show whether the ship holds course.
Questions answered
- Why did the CFO resign?
- Francisca Rosario resigned to pursue an alternate career opportunity outside the organization. It is a standard reason and not related to a dispute.
- Who is the new CFO and what is his background?
- Navraj Bhatt is a chartered accountant with ten years of experience. He previously worked at Man Infra Construction Limited in Mumbai.
- How significant is a CFO change for a company of this size?
- Very. With a market cap of ₹48 cr, any key managerial personnel change can affect investor confidence, especially after a 96% profit drop in Q4 and a large Tata Steel order pending execution.
- What is Modern Engineering's recent financial performance?
- For Q4 FY26, net profit fell 96% to ₹0.37 cr from ₹9.36 cr a year earlier. Full-year profit grew, but the quarterly decline was steep.
Modern Engineering And Projects Ltd.
Latest quarter · Mar 2026
Leverage & growth
Story so far
All notes on MEAPL →- 30 Jun 2026 · 5:01 PM IST CFO exits Modern Engineering, replacement lined up
- 41d ago Modern Engineering's Q4 profit crashes 96% even as the full year grows
- 41d ago Modern Engineering approves routine Q4 and FY26 results
- 41d ago Modern Engineering posts FY26 profit, but Q4 profit fell 96%.