Chief Financial Officer (CFO)
Thermodyne Engineering Systems and Associated Businesses
Location Ghaziabad headquarters; office-based
Reporting to Founder & CEO
Annual CTC ₹10–20 lakh, depending on capability and experience
IncentivesPerformance-linked incentives may be offered
Experience 15–20 years of overall experience, including 3–5 years of directly relevant experience in manufacturing finance leadership, financial transformation, or corporate/IPO readiness
Working hours: Monday–Saturday, 9:00 a.m.–6:00 p.m.
Travel: Approximately 2–3 day visits to Alwar per month; other travel as required
About the Business
Thermodyne Engineering Systems (TES) is an engineering and manufacturing business with annual turnover of ~₹50 crore and manufacturing facilities in Ghaziabad and Alwar. Its activities include boiler manufacturing, installation, service and AMC, exports, and trading.
TES plans to transition from a proprietorship to a private limited or limited company within one year, pursue acquisitions of complementary businesses, and progress towards an IPO and stock-exchange listing within the next three years.
Role Purpose
We seek a hands-on, strategic CFO who will build reliable accounting, accurate job costing, effective financial controls, and insightful dashboards while leading the financial preparation for corporate transition, acquisitions, fundraising, and an IPO.
The CFO will report directly to the Founder & CEO, lead the existing three-person accounts team, and oversee finance across TES, associated businesses, and future corporate entities.
Expected strategic result: Drive TES’s transition to a listed company within the next three years, achieving IPO readiness and supporting execution of the public issue and listing, subject to applicable eligibility, approvals, and market conditions.
Key Responsibilities1. Accounting and Management Reporting
- Establish accurate, timely, and auditable accounting with clear reconciliation and review procedures.
- Implement disciplined monthly closing and deliver reliable management accounts.
- Develop weekly and monthly dashboards covering cash position, profit and loss, order margins, overdue receivables, inventory, factory performance, and forecasts.
- Explain financial variances and recommend specific corrective actions.
- Strengthen Tally Prime usage, automated voucher controls, data accuracy, financial integration, and reporting automation.
2. Job Costing, Cost Centres and Budgetary Control
- Implement order-wise costing from quotation through manufacturing, dispatch, installation, and warranty.
- Capture material, labour, subcontracting, freight, installation, overheads, and other attributable costs.
- Compare estimated and actual order profitability and address cost overruns.
- Establish cost centres across factories, departments, and business activities.
- Introduce annual budgets, periodic forecasts, and monthly budget-versus-actual reviews.
- Deliver measurable cost optimisation while protecting quality, productivity, and delivery commitments.
3. Cash Flow, Working Capital and Banking
- Establish rolling cash-flow forecasts, supplier payment schedules, and weekly cash reviews.
- Monitor customer credit exposure, overdue receivables, and payment-after-dispatch arrangements.
- Implement inventory ageing, inventory turnover analysis, stock reconciliation, and work-in-progress valuation.
- Manage banking relationships, performance bank guarantees, advance bank guarantees, and associated facilities.
- Arrange suitable financing for growth, acquisitions, and working capital when required.
4. Internal Controls, SOPs and Compliance
- Develop and enforce practical SOPs for purchase approvals, vendor selection, expenses, payroll, payments, and customer credit.
- Establish delegation of authority, segregation of duties, and supporting-document requirements.
- Coordinate stock verification, internal audits, and closure of control weaknesses.
- Own taxation, statutory compliance, audit coordination, and financial risk management, supported by external specialists where required.
- Maintain a compliance calendar and ensure timely filings, reconciliations, and resolution of outstanding matters.
5. Corporate Transition and IPO Readiness
- Lead the financial workstream for transitioning TES from a proprietorship to a corporate entity within one year.
- Coordinate with the CEO, auditors, company secretary, legal advisers, and other specialists on the transition roadmap.
- Establish a three-year IPO and listing preparation plan with clear milestones, responsibilities, and progress reviews.
- Strengthen financial statements, audit trails, internal controls, governance, and reporting to support public-market readiness.
- Coordinate financial due diligence, information preparation, and responses required by fundraising and IPO advisers.
- Support appointment and coordination of merchant bankers and other advisers, preparation of financial disclosures, and execution of the IPO and listing process.
- Prepare the finance function for ongoing reporting and compliance responsibilities after listing.
6. Acquisitions, Fundraising and Strategic Decisions
- Evaluate acquisition opportunities, including complementary businesses in southern and eastern India.
- Lead financial due diligence, valuation analysis, funding assessment, and financial integration planning.
- Develop financial models and business cases for expansion, capital expenditure, and new investments.
- Support fundraising, investor discussions, and financing negotiations.
- Advise the CEO on pricing, profitability, capital allocation, and financial risks.
7. Team Leadership and Execution
- Develop the existing accounts team through training, clear responsibilities, and performance reviews.
- Work closely with purchase, stores, production, sales, service, and HR to improve financial data and process adherence.
- Visit Alwar regularly to review factory controls, inventory, costing, and performance.
- Present financial findings clearly and drive agreed actions to completion.
Authority and Accountability
Within the approved delegation of authority, the CFO will be empowered to:
- Enforce financial controls and documentation requirements.
- Challenge expenditure and escalate exceptions.
- Establish customer credit limits and payment controls.
- Participate in pricing, funding, acquisitions, and investment decisions.
- Recommend changes to systems, processes, and finance-team structure.
The CFO will be accountable for reporting accuracy, financial visibility, cost control, compliance discipline, and delivery of the agreed corporate-transition and IPO-readiness milestones.
Candidate Requirements
- 15–20 years of overall experience, including 3–5 years of directly relevant experience.
- Chartered Accountant preferred; CA Intermediate candidates with strong demonstrated capability will also be considered.
- Proven experience in manufacturing finance, job costing, budgeting, working capital, internal controls, and management reporting.
- Ability to build processes and SOPs in a growing, owner-managed business.
- Practical proficiency in Tally Prime, Excel, financial dashboards, and process automation.
- Ability to combine strategic financial leadership with hands-on implementation.
- Strong integrity, commercial judgement, communication, and team-development skills.
Strongly preferred experience:
- Engineering, capital equipment, or customised manufacturing.
- Transition of a proprietorship into a company.
- IPO preparation, public-issue execution, or listed-company finance.
- Acquisitions, financial due diligence, fundraising, and post-acquisition integration.
Expected Results and Milestones
Timeline Expected Results
First 90 days Assess accounting and controls; establish a closing calendar, cash-flow forecast, supplier payment schedule, compliance tracker, and initial dashboards; pilot job costing and cost centres; prepare the corporate-transition and IPO-readiness roadmap.
Within six months Deliver reliable monthly accounts, accurate order costing, budgetary control, inventory/WIP reporting, stronger cash visibility, improved collections, measurable cost optimisation, and stronger financial controls. Establish suitable banking facilities where needed.
Within one year Complete the financial workstream supporting TES’s transition to a private limited or limited company; embed SOPs and dashboards across both factories; establish financial readiness for acquisitions and fundraising.
Within three years Achieve IPO readiness and drive the planned transition of TES to a listed company, coordinating the financial, governance, due-diligence, and adviser workstreams through public issue and listing, subject to eligibility, approvals, and market conditions.
Performance measures: Timely monthly closing, reporting accuracy, job-costing coverage, budget control, forecast reliability, overdue collections, inventory efficiency, verified cost savings, compliance timeliness, and achievement of corporate-transition and IPO milestones.
- We seek a CFO who turns accounting data into better decisions, builds disciplined financial processes, and leads TES’s financial journey towards becoming a listed company.
