Awfis Space Solutions CFO Ravi Dugar resigns; says, 'I have decided to pursue better career opportunities'

Awfis Space Solutions Limited has announced a change in its finance leadership, with chief financial officer (CFO) Ravi Dugar set to step down early next month and the board approving the appointment of Sumit Rochlani as his successor.

In a regulatory filing, the company said its board of directors, at a meeting held on January 05, 2026, accepted Dugar’s resignation from the position of Chief Financial Officer and Key Managerial Personnel.

Dugar will continue in service until February 02, 2026, after which he will be formally relieved. He has cited the decision to pursue other career opportunities.

In his resignation letter addressed to the board, Dugar said, "After much reflection , I have decided to pursue better career opportunities & serving Awfis for over three years has been one of the most rewarding chapters of my professional journey. Together, we navigated various financial landscapes while strengthening governance frameworks and most notably, achieved the landmark milestone of taking the Awfis public. Contributing to the successful IPO and witnessing the transformation of Awfis into a listed entity has been a source of immense pride and fulfilment. I am deeply grateful for the trust and support extended to me by the Board, my colleagues and the wider team throughout this tenure. The collaborative spirit and resilience of this organization have been truly inspiring, and I am confident that Awfis will continue to scale greater height."

The board has approved the appointment of Sumit Rochlani as Chief Financial Officer with effect from February 03, 2026, following recommendations from the Nomination and Remuneration Committee and approval of the Audit Committee. Rochlani will join as a Key Managerial Personnel and part of the senior management team.

Rochlani is a chartered accountant, having qualified from the Institute of Chartered Accountants of India in 2009, and brings more than 14 years of experience across audit, controllership, financial planning and analysis, corporate finance, and indirect taxation.

He previously served as Head of Finance at Awfis between May 2020 and May 2022. Before and after his earlier stint at the coworking firm, he was associated with aerospace major Boeing for over a decade in total.

The leadership change comes at a time when Awfis has reported mixed financial performance. In the second quarter of FY26, the Peak XV-backed company recorded a 25.5% year-on-year increase in revenue from operations to Rs 366.9 crore, driven largely by growth in its coworking business. However, net profit declined by nearly 60% to around Rs 16 crore, as expenses, including depreciation and finance costs, rose at a faster pace.

The board has also authorised the chief financial officer, as part of the company’s Key Managerial Personnel, to determine the materiality of events or information and ensure timely disclosures under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, read with the SEBI Master Circular dated November 11, 2024.