Polycab India Names Niyant Maru as New CFO

Polycab India has appointed Niyant Maru as its new Chief Financial Officer (CFO), effective October 28. The move comes right after Gandharv Tongia stepped down as CFO on October 27 due to personal reasons.

Maru, 62, joined Polycab just last week as Executive President – Finance. A chartered accountant with a commerce degree from Gujarat University (1984), he brings over 35 years of experience across industries like cosmetics, steel, telecom, hospitality, real estate, infrastructure, and aviation.

He spent nearly three decades with the Tata Group, most recently serving as CFO of Vistara Airlines before its merger with Air India. After the merger, he became Senior Vice President – Finance at Air India, retiring in May 2025. He will continue his advisory role there for the remaining term.

• Polycab India appoints Niyant Maru as new CFO after Gandharv Tongia steps down
• Former Vistara CFO Niyant Maru joins Polycab India as Chief Financial Officer
• Polycab names veteran finance leader Niyant Maru as new CFO effective October 28

Polycab, a top player in wires, cables, and fast-moving electrical goods, sees Maru’s deep expertise as key to supporting its growth. A company spokesperson said his experience in mergers and expansion will help drive future plans.

The leadership change follows strong results. In the July–September quarter, Polycab’s profit jumped 56.7% to ₹674.7 crore from ₹430 crore a year earlier. Revenue rose 18% to ₹6,339 crore. For the first half of the fiscal year, profits reached ₹1,242 crore.

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With India’s infrastructure sector booming, Maru’s financial leadership is expected to keep Polycab on a steady path. Shares rose 2% in early trading today.