Insight & Analysis

The power of connection: in conversation with Finance Leader SRF’s Sugandha Singhal

Published: Mar 2026
Sugandha Singhal, Vice President and Head of Treasury, SRF Limited

Sugandha Singhal

Vice President and Head of Treasury
SRF Limited

Sugandha Singhal is Senior Vice President and Head of Treasury at SRF Limited, where she leads treasury strategy, risk management and working capital optimisation. She has been recognised with multiple industry awards, including the Adam Smith Awards Asia, for her excellence in corporate finance and leadership.

When the brightest minds in finance come together it’s no exaggeration to say sparks fly, ideas ignite, challenges get solved and innovation accelerates. With this vision in mind, in September 2024 we launched the Finance Leaders Forum, an exclusive powerhouse gathering of financial executives, Adam Smith Award Alumni and industry experts. Through hands-on, interactive workshops, participants dive deep into cutting-edge best practice and technical excellence and have an opportunity to share and sharpen the leadership and strategic skills that define today’s finance trailblazers.

This year we will host forums across the globe including, Amsterdam, Silicon Valley, New York, Hong Kong and Mumbai. It was Mumbai where Adam Smith Award winner Sugandha Singhal, Senior Vice President, Head of Treasury at SRF Limited spoke last year, sharing her insights on leadership, best practice and the value of experience. In the first of a new, regular series, Sugandha relates her origin story and her passion for finance.

Are you interested in getting involved? Check out our upcoming Finance Leaders Forums.

Tell us your origin story

My story begins with a deep belief in the power of education and equal opportunity. Losing my father at the age of 12 was a turning point, but it also ignited my determination to shape my own path. I enrolled myself in a progressive institute that attracted volunteer professors who believed in giving back – an environment that taught me the value of knowledge, inclusivity and extending help today so that others are empowered to do the same tomorrow.

When I joined SRF in 2005, I was among very few women in a manufacturing environment. I started as EA to the CEO, where I quickly found myself at the heart of business transformation – including turning around a business that was once recommended for shutdown. Every role thereafter pushed me beyond my comfort zone, culminating in a pivotal move to treasury at age 32, with no prior experience, two young daughters and a husband pursuing a PhD abroad.

What I lacked in background, I compensated with determination, learning agility and a relentless belief in “Nulli Secundus” ie second to none.

Describe the most exciting part of the work that you do.

Sugandha Singhal, Vice President and Head of Treasury, SRF Limited

What excites me the most is the intersection of finance, technology and transformation – turning a traditionally back office function into a strategic engine for growth.

Whether it is digitising treasury across five countries, unlocking billions in liquidity, implementing market first financing structures, or building in house systems for compliance, deal monitoring and loan management – every innovation directly strengthens the organisation.

Treasury processes today sit at the centre of expansion decisions, pricing models, risk management and sustainability strategy. Being able to blend analytical thinking with cross functional collaboration – and to see the impact across the company – is what energises me every day.

What’s the biggest professional challenge you faced in the last year and in the last decade?

In the last year the biggest challenge I faced was navigating rapidly shifting geopolitical dynamics that altered global trade, capital flows and risk assumptions, leading to new and evolving business models. The key was enabling swift adaptation while ensuring minimal business disruption. This required agile decision‑making, proactive scenario planning, and close coordination across functions to maintain liquidity, resilience and operational continuity amid heightened uncertainty.

In the last decade, the most defining challenge was transitioning into treasury without prior experience – no regulatory knowledge, no accounting background, no network and limited support as a working mother. I was considered “too old” at 32 to start an unrelated career. Yet, this became my superpower. I leveraged my business understanding to reinvent treasury, transform digital processes, optimise capital, renegotiate interest rates and build scalable systems across geographies – ultimately becoming the youngest Group Treasurer at SRF and among the very few women in India leading a global treasury function.

Who or what has helped you the most professionally?

Three forces have shaped my journey:

Values and upbringing: my early exposure to inclusive education and the belief that knowledge must be shared became the bedrock of my leadership style.

Supportive leaders: SRF’s leadership trusted me with roles far outside my profile – from turnaround strategy to union resolution to treasury transformation – giving me the room to fail, learn and grow.

My team: I consciously built a diverse, collaborative, “One Finance” culture where success is celebrated collectively. Watching people grow – often into careers they didn’t think possible – has been one of my greatest sources of strength.

Describe your dream mentor and mentee.

Sugandha Singhal, Vice President and Head of Treasury, SRF Limited

My dream mentor is someone who embodies integrity, inclusivity and innovation – who inspires by doing rather than directing. A mentor who values ethics, sees potential beyond credentials and encourages bold, unconventional thinking aligns deeply with my own value system.

My dream mentee is someone curious, committed and courageous. I believe attitude matters more than experience. My ideal mentee is someone willing to learn, unlearn, take risks, and operate with empathy. I especially enjoy mentoring people breaking barriers – women returning from maternity, young professionals overwhelmed by workplace pressures, and those trying to carve new paths in unfamiliar domains.

Anything else on your professional horizon you’d like to share with us all.

As I look ahead, one of my strongest focus areas is how senior leaders must evolve in a rapidly changing world. With the acceleration of AI and digital transformation, leadership today requires more than experience – it requires continuous learning. Age is no longer a differentiator; curiosity, adaptability and willingness to reskill are. Professionals at senior levels need to actively adopt new technologies and ways of working to remain relevant and effective.

AI will not replace leadership judgement, but it will fundamentally reshape how decisions are made. I believe leaders have a responsibility to upskill themselves first and then enable their teams to evolve alongside technology rather than fear it.

Equally important is the need to adapt leadership styles to a multi generational workforce. Each generation brings different expectations, motivations and communication styles. A command and control approach is no longer effective. Today’s leaders must demonstrate empathy, flexibility and trust, creating environments where younger talent feels heard while leveraging the experience of seasoned professionals.

My aspiration is to continue evolving as a leader who embraces change – technological and human – building teams that are future ready, resilient, and confident in navigating continuous transformation.

Explore the key highlights from previous Finance Leaders Forums, and keep up to date with the programme and our future locations.

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