Aarti Pharmalabs appoints Vibha Thakkar CFO as Piyush Lakhani resigns

Management change
Pharmaceuticals

Blacklitt Research28 October 20263 min read

A pile of white and green-capped tablets and capsules with a glass thermometer lying across them. — Steve Buissinne (stevepb), via Wikimedia Commons (CC0). Illustrative image.

Aarti Pharmalabs (NSE: AARTIPHARM) appointed Vibha Thakkar as Chief Financial Officer with effect from 31 Oct 2026, to succeed Piyush Lakhani, who resigned from the role, it said in a filing on 28 Oct 2026. Lakhani will be relieved from services at close of business on 30 Oct 2026.

Key highlights

Lakhani relieved from services: close of business, 30 Oct 2026
Thakkar effective as CFO and Key Managerial Personnel: 31 Oct 2026
Board meeting: 28 Oct 2026, 2:00 p.m. to 7:10 p.m.

The CFO change in numbers

Item	Detail
Outgoing officer	Piyush Lakhani, Chief Financial Officer and Key Managerial Personnel
Reason given	Resignation to pursue an alternate career opportunity outside the organization
Relieving date	Close of business, 30 Oct 2026
Incoming officer	Vibha Thakkar, Chief Financial Officer and Key Managerial Personnel
Effective date	31 Oct 2026
Recommended by	Nomination and Remuneration Committee and Audit Committee
Thakkar's previous role	AVP-Finance & Accounts, NOCIL Limited
Resignation letter	Dated 8 Jul 2026, enclosed as Annexure B

Lakhani's resignation and relieving date

The Board noted and took on record the resignation of Piyush Lakhani as Chief Financial Officer and Key Managerial Personnel at its meeting on 28 Oct 2026. Lakhani resigned to pursue an alternate career opportunity outside the organization, according to the filing, and will be relieved from services at close of business on 30 Oct 2026.

His resignation letter, enclosed as Annexure B, is dated 8 Jul 2026 and carries an acceptance note.

Vibha Thakkar's background and appointment

Vibha Thakkar is a Chartered Accountant from the Institute of Chartered Accountants of India (ICAI) with over 18 years of experience across finance functions in speciality chemicals, FMCG, automotive, pharmaceuticals and Big4 consulting, the filing says. She most recently served as AVP-Finance & Accounts at NOCIL Limited.

She holds a Bachelors degree in Commerce and has completed the General Management Program from the Indian School of Business (ISB). The Nomination and Remuneration Committee and the Audit Committee recommended her appointment, which takes effect on 31 Oct 2026.

Results and a stamp duty matter in the same filing

The Board also approved the unaudited standalone and consolidated results for the quarter and half year ended 30 Sep 2026, on the recommendation of the Audit Committee. Consolidated revenue from operations for the quarter was ₹610.45 crore, and consolidated net profit was ₹71.47 crore, with limited review reports from Gokhale & Sathe LLP.

The results notes also cover a stamp duty order from the Gujarat Collector dated 29 Aug 2026, which determined duty of ₹25.00 crore and levied penalties of ₹34.50 crore. The Company has recognised a provision of ₹2.04 crore as an exceptional item and disclosed ₹57.46 crore as a contingent liability. It has challenged the order in the Gujarat High Court, where the writ petition is pending.

What the CFO change means for Aarti Pharmalabs shareholders

The CFO role changes hands on 31 Oct 2026, with Thakkar taking over the day after Lakhani's relieving date. The filing does not give Thakkar's remuneration or the name of Lakhani's next employer.

The next dated step in the filing is Thakkar's effective date of 31 Oct 2026. The stamp duty matter has no date in the filing; the writ petition is pending and no interim order has been passed.

Reference: Original filing (PDF)

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