About Substance Advisory Private Limited
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Substance Advisory Private Limited is a private limited company based in Kolkata, West Bengal, India. It operates in the business and IT consulting segment of the business process outsourcing sector. It was incorporated on 14 October 2009 and has been in existence for over 17 years.
The company is registered with the Registrar of Companies (ROC), Kolkata, under CIN U74140WB2009PTC138872. Its GSTIN is 19AABCU1196M1ZU (West Bengal).
The company has an authorised share capital of ₹5 Lakh and a paid-up capital of ₹3.55 Lakh. It was formerly known as Utopia Advisors Private Limited. It is led by directors Abhishek Jhawar and Aditi Jhawar.
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 Ps Pace Fl 503 1/1A Mahendra Roy Lane, Kolkata, West Bengal, India – 700046.
As per the financials filed for FY 2024, the company reported a revenue of ₹64.29 Lakh, a decline of 73% compared to the previous year. For the same year it recorded a net profit of ₹7.04 Lakh (net margin 11%) and EBITDA of ₹18.81 Lakh (EBITDA margin 29.3%). Revenue has grown at a compounded annual rate (CAGR) of 65% over three years and 1% over five years.
The company is associated with 1 brand: Substance Advisory.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website utopiaadvisors.com.
Company details
Contact details
Substance Advisory Private Limited's registered office is in Kolkata, West Bengal. Its website is utopiaadvisors.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered AddressPs Pace Fl 503 1/1A Mahendra Roy Lane, Kolkata, West Bengal, India – 700046
- IndustryBusiness Outsourcing, Business & IT Consulting
To see the full contact details of Substance Advisory Private Limited, buy the company report.
- 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
Brands
Substance Advisory operates one associated brand: Substance Advisory. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Investment banking and advisory services in finance and corporate matters are provided by Substance Advisory Pvt. Ltd. | substanceadvisory.com |
Business activity
The main business activity of Substance Advisory is financial and insurance service. In detail, this covers banking activities by central, commercial and saving banks.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| K | Financial and insurance Service | K1 | Banking activities by Central, Commercial and Saving banks |
To see the full business activity and turnover split of Substance Advisory Private Limited, buy the company report.
Financials of Substance Advisory Private Limited
FY 2025 filings availableSubstance Advisory Private Limited reported revenue of ₹64.29 Lakh (down 73% YoY) for FY 2024.
Compounded Annual Growth Rate (CAGR)
Revenue fell 73% in the latest year, but over five years it has grown at a compounded annual rate (CAGR) of 1%. EBITDA fell 85% 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 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
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| EBITDA | ₹18.81 Lakh | ||||
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| Net Profit (PAT) | ₹7.04 Lakh | ||||
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Financial Ratios
| Metrics | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
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| EBITDA Margin | 29.3% | ||||
| Net Profit Margin | 11% | ||||
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To see the full financial statements and ratios of Substance Advisory Private Limited, buy the company report.
Board of directors of Substance Advisory Private Limited
Substance Advisory has 2 current directors and 4 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Abhishek Jhawar Also directs: Ace Advisors LLP, Spa Capital Advisors Limited | Director | 14 Oct 2009 | 17 Years 0 Months | Current |
| Aditi Jhawar Also directs: Ace Advisors LLP | Director | 13 Apr 2018 | 8 Years 6 Months | Current |
Auditor
Substance Advisory Private Limited is audited by S S LOHIA AND CO. for the financial year 2017.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| S S LOHIA AND CO. | FY 2017 | 314154E |
Shareholding
The shareholding of Substance Advisory Private Limited is on record for 2 financial years, the latest being FY 2017, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2017 | FY 2016 |
|---|---|---|
| Promoters | ||
| Domestic institutional investors (DII) | ||
| Foreign institutional investors (FII) | ||
| Public | ||
| Others |
To see the full shareholding pattern of Substance Advisory Private Limited, buy the company report.
Legal cases
No court or tribunal cases involving Substance Advisory Private Limited are on our record; a case search with case numbers, parties and status is in the company report Buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Substance Advisory Private Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
GST
Substance Advisory has 1 GST registration: 1 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 19AABCU1196M1ZU | West Bengal | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Substance Advisory Private Limited, buy the company report.
Recent activity
Substance Advisory Private Limited has 6 board changes on record since 2009: 2 appointments and 4 cessations. The latest: Shrikant Jhawar ceased to be Director on 16 Apr 2018.
Frequently asked questions
Substance Advisory is an active private limited company based in Kolkata, West Bengal, India. The company works in business and IT consulting, within the business outsourcing industry. It was incorporated on 14 October 2009 (17+ years old) and is registered under CIN U74140WB2009PTC138872.
Substance Advisory has 2 current directors:
- Abhishek Jhawar - Director
- Aditi Jhawar - Director
The latest financial statements of Substance Advisory 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 Substance Advisory is 19AABCU1196M1ZU, registered in West Bengal.
The CIN (Corporate Identification Number) of Substance Advisory is U74140WB2009PTC138872. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Substance Advisory was incorporated on 14 October 2009, making it 17+ years old. It is registered with the Registrar of Companies, Kolkata.
Shrikant Jhawar ceased to be Director on 16 Apr 2018. Aditi Jhawar was appointed as Director on 13 Apr 2018. Amit Kumar Kishorpuria ceased to be Director on 24 Sep 2010. Substance Advisory has 6 board changes on record in total.
Substance Advisory can be reached through the website utopiaadvisors.com. Its registered office is in Kolkata, West Bengal, India.
The registered office of Substance Advisory is at Ps Pace Fl 503 11A Mahendra Roy Lane, Kolkata, West Bengal, India – 700046.
Substance Advisory operates in the business outsourcing industry, in the business and IT consulting segment.