Mahindra appoints Ankit Dhanuka as CFO of First Choice Wheels effective April 2026

Mahindra & Mahindra has named Ankit Dhanuka as Chief Financial Officer of Mahindra First Choice Wheels Ltd. (MFCWL), effective April 1, 2026. He will replace Vishal Agarwal, who will leave the group to pursue opportunities elsewhere. This leadership change comes as Mahindra First Choice Wheels navigates a rapidly evolving used vehicle market, marked by increasing formalization and digitalization.

Key Highlights

• Ankit Dhanuka was appointed CFO of Mahindra First Choice Wheels effective April 1, 2026.
• Vishal Agarwal exits after over 15 years with Mahindra Group and two years as CFO
• Dhanuka brings 15 years of experience in finance and leadership from within Mahindra
• Mahindra projects 4.6 to 4.65 million passenger vehicle dispatches for FY26
• Sanand facility to produce Intelligent Power Modules for electric vehicles

Leadership Transition Details

Vishal Agarwal has served Mahindra Group for over 15 years, taking on various roles before becoming CFO of MFCWL in January 2024. During his tenure, Agarwal focused on strengthening finance and accounting processes. He also led digitization efforts that improved internal systems and controls. His departure aligns with a period of transition for MFCWL, as the used vehicle ecosystem shifts toward organized, digital platforms.

Ankit Dhanuka steps into the CFO role from within the Mahindra Group, reflecting the company's preference for internal leadership mobility. Dhanuka most recently served as head of strategic initiatives and deal value creation (finance & accounts) for the automotive & farm equipment sector. In this capacity, he worked on investor engagement and value creation across businesses such as Mahindra Electric Automobile Ltd (MEAL) and Last Mile Mobility (LMM). He also contributed to the acquisition of SML.

Background and Market Context

Dhanuka is a chartered accountant and company secretary with over 15 years of experience in strategic finance, mergers and acquisitions, and performance management. His previous roles at Tata Steel, EY, and PwC provided him with both operational and advisory experience. Dhanuka is also part of Mahindra’s Accelerated Leadership Track (MALT) program, which develops future leaders within the group.

The appointment of Dhanuka ensures continuity in MFCWL’s finance function as the business faces a more competitive and organized market. Access to capital, efficient execution, and digital integration are becoming critical for success in the used vehicle sector.

Industry Developments

For the full financial year 2026, Mahindra estimates passenger vehicle dispatches to the domestic market will reach 4.6 to 4.65 million units. The company’s two-wheeler production for FY26 is projected at about 5.7 million units. Additionally, Mahindra’s Sanand facility will manufacture Intelligent Power Modules, which are essential components for electric vehicles and industrial applications.

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Conclusion

With this appointment, Mahindra underscores its commitment to strengthening financial governance and accelerating growth within the pre-owned car segment. Ankit Dhanuka’s extensive experience in financial management is expected to drive strategic investments and operational excellence for Mahindra First Choice Wheels, aligning with the company’s vision for innovation, sustainability, and leadership in India’s dynamic automotive market.