India's Richest People 2026 edition · 1 director · Source: Hurun India
- #1,608 Rajiv Gandhi & family ₹1,200 Cr
Revenue · FY 2025
₹21.14 Cr
▼ 11% YoY
Net loss · FY 2025
₹5.93 Cr
Net margin -28.1%
EBITDA · FY 2025
-₹3.08 Cr
EBITDA margin -14.6%
Authorised capital
₹34 Cr
Registered with MCA
Paid-up capital
₹33.54 Cr
Issued & subscribed
Company age
17 yrs
Est. 2009
Employees · EPFO
86
Provident fund records
Directors on board
2
As per MCA filings
About Blue Ray Aviation Private Limited
Data last updated:
Blue Ray Aviation Private Limited is a private limited company based in Mehsana, Gujarat, India, a subsidiary of Shubhyan Motors Private Limited. It operates in the air charter and private aviation segment of the transport and logistics sector. It was incorporated on 21 August 2009 and has been in existence for over 17 years.
Its director Rajiv Gandhi and family are #1,608 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U62200GJ2009PTC120515. Its GSTIN is 24AAECB0600L1Z6 (Gujarat). The company holds 2 GST registrations, all of them active.
The company has an authorised share capital of ₹34 Cr and a paid-up capital of ₹33.54 Cr. It is led by directors Rajiv Dinesh Gandhi and Priya Rajiv Gandhi.
Its last annual general meeting (AGM) was held on 30 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at Brapl Hange Mehsana Airfield, Near Circuit House, Gujarat, India – 384002.
As per the financials filed for FY 2025, the company reported a revenue of ₹21.14 Cr, a decline of 11% compared to the previous year. For the same year it recorded a net loss of ₹5.93 Cr (net margin -28.1%) and EBITDA of -₹3.08 Cr (EBITDA margin -14.6%). Revenue has grown at a compounded annual rate (CAGR) of 6% over three years and 17% over five years.
The company has about 86 employees on its provident fund (EPFO) records.
Court records list 6 cases involving the company, including 3 filed by the company and 3 filed against it; 1 case is pending. The company has 13 deals on record (7 secondary share transfers, 4 funding rounds, 2 rights issues), with disclosed funding of ₹15.86 Cr; the latest was in May 2020.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website bluerayaviation.in.
Company details
CIN U62200GJ2009PTC120515
Registration Number 120515
Incorporation Date 21 August 2009
ROC Ahmedabad
Listing Status Unlisted
Company Status Active
Date of Last AGM 30 September 2025
Date of Balance Sheet 31 March 2025
Parent Company Shubhyan Motors Private Limited
Compliance Status Active Compliant
CIN history
Blue Ray Aviation has one previous CIN (Corporate Identification Number): U62200PN2009PTC134551. The current CIN is U62200GJ2009PTC120515, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U62200GJ2009PTC120515 | Current |
| U62200PN2009PTC134551 | Previous |
Recognitions & Rankings of Blue Ray Aviation
Contact details
Blue Ray Aviation Private Limited's registered office is in Mehsana, Gujarat. Its website is bluerayaviation.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressBrapl Hange Mehsana Airfield, Near Circuit House, Gujarat, India – 384002
- IndustryTransport and Logistics, Air Charter & Private Aviation
To see the full contact details of Blue Ray Aviation Private Limited, buy the company report.
Comprehensive company report
Blue Ray Aviation Private Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
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Business activity
The main business activities of Blue Ray Aviation are education and transport and storage. In detail, this covers higher education, technical & vocational education and services incidental to land, water & air transportation. 2 activity segments are registered with the MCA.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| P | Education | P2 | Higher education, technical & vocational education | |
| H | Transport and storage | H5 | Services incidental to land, water & air transportation |
To see the full business activity and turnover split of Blue Ray Aviation Private Limited, buy the company report.
Financials of Blue Ray Aviation Private Limited
FY 2025 filings availableBlue Ray Aviation Private Limited reported revenue of ₹21.14 Cr (down 11% YoY) for FY 2025.
Revenue · FY 2025
₹21.14 Cr ▼ 11%
Net loss · FY 2025
₹5.93 Cr margin -28.1%
EBITDA · FY 2025
-₹3.08 Cr margin -14.6%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▼ 11%
3 years · compounded
▲ 6%
5 years · compounded
▲ 17%
EBITDA CAGR growth
1 year
▼ 560%
3 years · compounded
▼ 44%
5 years · compounded
▼ 58%
Revenue fell 11% in the latest year, but over five years it has grown at a compounded annual rate (CAGR) of 17%. EBITDA fell 560% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
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| EBITDA | -₹3.08 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | -₹5.93 Cr | ||||
| Balance Sheet | |||||
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Financial Ratios
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | -14.6% | ||||
| Net Profit Margin | -28.1% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
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To see the full financial statements and ratios of Blue Ray Aviation Private Limited, buy the company report.
Board of directors of Blue Ray Aviation Private Limited
Blue Ray Aviation has 2 current directors and 8 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Rajiv Dinesh Gandhi | Director | 08 Mar 2019 | 7 Years 7 Months | Current |
| Priya Rajiv Gandhi Also directs: Hester Biosciences Limited, Texas Lifesciences Private Limited, Aerotrans Services Private Limited and 2 more | Director | 08 Mar 2019 | 7 Years 7 Months | Current |
Auditor
Blue Ray Aviation Private Limited is audited by J C PATEL AND COMPANY for the financial year 2024.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| J C PATEL AND COMPANY | FY 2024 | 148300W |
Shareholding
The shareholding of Blue Ray Aviation Private Limited is on record for 5 financial years, the latest being FY 2024, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Blue Ray Aviation Private Limited, buy the company report.
Deals & funding
Blue Ray Aviation Private Limited has 13 deals on record (7 secondary share transfers, 4 funding rounds, 2 rights issues), with disclosed funding of ₹15.86 Cr; the latest was in May 2020.
Total deals
13
Secondary share transfers
7
Funding rounds
4
Rights issues
2
Disclosed funding
₹15.86 Cr
Deals on record (5 of 13)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jul 2018 | Rights issue | ₹15.77 Cr | Investors: 4 individuals |
| Apr 2018 | Secondary share transfer | Undisclosed | Buyer: 4 individuals Seller: 4 individuals |
| Sep 2017 | Secondary share transfer | Undisclosed | Buyer: Gsec Aviation Limited. , 3 individuals Seller: Shubhyan Motors Private Limited , Devera Infrastructure & Construction Private Limited , Devyani Alloys Private Limited , an individual |
| Sep 2017 | Funding round | ₹7.7 Cr | Investors: 4 individuals |
| Jul 2017 | Funding round | ₹6 Cr | Investors: Devera Infrastructure & Construction Private Limited , Devyani Alloys Private Limited , Shubhyan Motors Private Limited , an individual |
To see the full deal history of Blue Ray Aviation Private Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Blue Ray Aviation Private Limited has 6 court cases on record: 3 filed by Blue Ray Aviation, 3 filed against it. 1 case is pending and 5 are disposed.
Total cases
6
Filed by the company
3
Filed against the company
3
Pending
1
Disposed
5
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 4 | 3 | 1 |
| High courts | 2 | 0 | 0 |
Cases on record (5 of 6)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court, GUJARAT | Special civil application | Filed by the company against , Ahmedabad and 1 other | Disposed |
| District court, Mahesana, Gujarat | Court case (CR RA) | Filed by the company against individuals | Pending |
| District court, Mahesana, Gujarat | Criminal complaint | Filed against the company by Government of Gujarat | Disposed |
| District court, Ahmedabad, Gujarat | Court case (CS CCC) | Filed against the company by an individual | Disposed |
| District court, Ahmedabad, Gujarat | Criminal complaint | Filed against the company by an individual | Disposed |
To see the full case history of Blue Ray Aviation Private Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Blue Ray Aviation Private Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Employees & EPFO
Blue Ray Aviation Private Limited has a workforce of 86 employees on its EPFO records as of Apr 14, 2025, across 1 active EPFO establishment.
Employee count
86
Active EPFO establishments
1
Employee growth
-17.31%
GST
Blue Ray Aviation has 2 GST registrations: 2 active.
Total GSTINs
2
Active
2
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAECB0600L1Z6 | Gujarat | Active | 09 Feb 2018 |
| 27AAECB0600L1Z0 | Maharashtra | Active | 25 Aug 2017 |
To see the full GST registrations and return filing status of Blue Ray Aviation Private Limited, buy the company report.
Recent activity
Blue Ray Aviation Private Limited has 9 board changes on record since 2010: 2 appointments and 7 cessations. The latest: Priya Rajiv Gandhi ceased to be Additional Director on 23 Sep 2019.
AGM
Blue Ray Aviation Private Limited last Annual general meeting of members was held on 30 Sep 2025 as per latest MCA records.
Filing
Blue Ray Aviation Private Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Ahmedabad.
Ceased
Priya Rajiv Gandhi ceased to be Additional Director.
Ceased
Rajiv Dinesh Gandhi ceased to be Additional Director.
Ceased
Rajendra Pratap Wable ceased to be Director.
Ceased
Ranjeet Shivaji Patil ceased to be Director.
Appointed
Priya Rajiv Gandhi was appointed as Director.
Appointed
Rajiv Dinesh Gandhi was appointed as Director.
Ceased
Iqbal Osman Talab ceased to be Director.
Ceased
Salim Osman Talab ceased to be Director.
Ceased
Osman Hajiali Talab ceased to be Additional Director.
Incorporation
21 Aug 2009
Blue Ray Aviation Private Limited was registered on 21 Aug 2009 with Roc Ahmedabad & aged 17 years 2 months as per MCA records.
Frequently asked questions
Blue Ray Aviation is an active private limited company based in Mehsana, Gujarat, India. The company works in air charter and private aviation, within the transport and logistics industry. It was incorporated on 21 August 2009 (17+ years old) and is registered under CIN U62200GJ2009PTC120515.
Blue Ray Aviation has 2 current directors:
- Rajiv Dinesh Gandhi - Director
- Priya Rajiv Gandhi - Director
The latest financial statements of Blue Ray Aviation on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 30 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Blue Ray Aviation is 24AAECB0600L1Z6, registered in Gujarat. The company has 2 GST registrations in all, of which 2 are active. Other active GSTINs include 27AAECB0600L1Z0 (Maharashtra).
The CIN (Corporate Identification Number) of Blue Ray Aviation is U62200GJ2009PTC120515. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Blue Ray Aviation has 6 court cases on record: 3 filed by the company and 3 filed against it. 1 is pending. Most are in the district courts.
Blue Ray Aviation was incorporated on 21 August 2009, making it 17+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Blue Ray Aviation has 13 deals on record (7 secondary share transfers, 4 funding rounds, 2 rights issues), with disclosed funding of ₹15.86 Cr; the latest was in May 2020.
Priya Rajiv Gandhi ceased to be Additional Director on 23 Sep 2019. Rajiv Dinesh Gandhi ceased to be Additional Director on 23 Sep 2019. Rajendra Pratap Wable ceased to be Director on 12 Mar 2019. Blue Ray Aviation has 9 board changes on record in total.
Blue Ray Aviation can be reached through the website bluerayaviation.in. Its registered office is in Mehsana, Gujarat, India.
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