About Associated Power Structures Limited
Data last updated:
Associated Power Structures Limited is a public limited company based in Vadodara, Gujarat, India. It operates in the telecom infrastructure segment of the telecommunications sector. It was incorporated on 21 May 1996 and has been in existence for over 30 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U29299GJ1996PLC029688. Its GSTIN is 24AABCA6602N1ZS (Gujarat). The company holds 18 GST registrations, of which 11 are active.
The company has an authorised share capital of ₹20 Cr and a paid-up capital of ₹10 Cr. It is led by directors including Satish Desai (Managing Director) and Parag Vinodchandra Kothari (Managing Director).
Its last annual general meeting (AGM) was held on 24 September 2025, and its latest financial statements are for the year ended 31 March 2024. The registered office is at 905/3 G.I.D.C. Industrial Estate Makarpura, Vadodara, Gujarat, India – 390010.
As per the financials filed for FY 2025, the company reported a revenue of ₹1,226.64 Cr, a growth of 95% compared to the previous year. For the same year it recorded a net profit of ₹63.29 Cr (net margin 5.2%) and EBITDA of ₹127.7 Cr (EBITDA margin 10.4%). Revenue has grown at a compounded annual rate (CAGR) of 34% over three years and 15% over five years.
The company has about 493 employees on its provident fund (EPFO) records.
As per MCA filings, the company has open charges of ₹2,298.81 Cr and satisfied charges of ₹406.91 Cr on record. Court records list 28 cases involving the company, including 14 filed by the company and 12 filed against it; 3 cases are pending. The company has 2 deals on record (1 secondary share transfer, 1 acquisition); the latest was in June 2026. Its 10 peer companies in the Power industry (EPC, BoP and BTG, Telecom Infrastructure) are compared by revenue, 5 larger and 5 smaller; the largest is GTL Infrastructure Ltd with revenue of ₹1,365.69 Cr. The company has 22 MSME Form 1 returns on record between 2019 and 2024, listing 2,941 overdue payments to 98 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website apspvt.com.
- EmailLocked
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- Social Media
- Registered Address905/3 G.I.D.C. Industrial Estate Makarpura, Vadodara, Gujarat, India – 390010
- IndustryTelecom, Telecom Infrastructure
- 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 of Associated Power Structures Limited
The main business activity of Associated Power Structures is manufacturing. In detail, this covers metal and metal products.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| C | Manufacturing | C7 | Metal and metal products | Locked |
Business activity turnover details
Turnover share and past changes in activity are in the company report.
- Turnover contribution
- Historical classifications
- Filing-level activity changes
Verified entity values are shown only after access is granted.
Financials of Associated Power Structures Limited FY 2024 filings available
Associated Power Structures Limited reported revenue of ₹1,226.64 Cr (up 95% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR) of Associated Power Structures Limited
Revenue has grown at a compounded annual rate (CAGR) of 15% over five years, including 95% growth in the latest year. EBITDA rose 144% 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 of Associated Power Structures Limited
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | •••• | •••• | •••• | •••• | •••• |
| Other Income | •••• | •••• | •••• | •••• | •••• |
| Total Revenue | •••• | •••• | •••• | •••• | •••• |
| Cost of Materials Consumed | •••• | •••• | •••• | •••• | •••• |
| Employee Benefit Expense | •••• | •••• | •••• | •••• | •••• |
| Finance Costs | •••• | •••• | •••• | •••• | •••• |
| Depreciation and Amortisation | •••• | •••• | •••• | •••• | •••• |
| Other Expenses | •••• | •••• | •••• | •••• | •••• |
| Total Expenses | •••• | •••• | •••• | •••• | •••• |
| EBITDA | ₹127.7 Cr | •••• | •••• | •••• | •••• |
| Profit Before Tax | •••• | •••• | •••• | •••• | •••• |
| Tax Expense | •••• | •••• | •••• | •••• | •••• |
| Net Profit (PAT) | ₹63.29 Cr | •••• | •••• | •••• | •••• |
| Balance Sheet | |||||
| Share Capital | •••• | •••• | •••• | •••• | •••• |
| Reserves and Surplus | •••• | •••• | •••• | •••• | •••• |
| Net Worth (Total Equity) | •••• | •••• | •••• | •••• | •••• |
| Long-term Borrowings | •••• | •••• | •••• | •••• | •••• |
| Short-term Borrowings | •••• | •••• | •••• | •••• | •••• |
| Trade Payables | •••• | •••• | •••• | •••• | •••• |
| Total Liabilities | •••• | •••• | •••• | •••• | •••• |
| Fixed Assets | •••• | •••• | •••• | •••• | •••• |
| Investments | •••• | •••• | •••• | •••• | •••• |
| Inventories | •••• | •••• | •••• | •••• | •••• |
| Trade Receivables | •••• | •••• | •••• | •••• | •••• |
| Cash and Bank Balance | •••• | •••• | •••• | •••• | •••• |
| Total Assets | •••• | •••• | •••• | •••• | •••• |
Financial Ratios of Associated Power Structures Limited
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 10.4% | •••• | •••• | •••• | •••• |
| Net Profit Margin | 5.2% | •••• | •••• | •••• | •••• |
| Return on Equity (ROE) | •••• | •••• | •••• | •••• | •••• |
| Return on Capital Employed (ROCE) | •••• | •••• | •••• | •••• | •••• |
| Return on Assets (ROA) | •••• | •••• | •••• | •••• | •••• |
| Liquidity and Debt | |||||
| Current Ratio | •••• | •••• | •••• | •••• | •••• |
| Quick Ratio | •••• | •••• | •••• | •••• | •••• |
| Debt-to-Equity Ratio | •••• | •••• | •••• | •••• | •••• |
| Interest Coverage Ratio | •••• | •••• | •••• | •••• | •••• |
| Efficiency and Growth | |||||
| Asset Turnover | •••• | •••• | •••• | •••• | •••• |
| Receivable Days | •••• | •••• | •••• | •••• | •••• |
| Payable Days | •••• | •••• | •••• | •••• | •••• |
| Inventory Days | •••• | •••• | •••• | •••• | •••• |
| Revenue Growth | •••• | •••• | •••• | •••• | •••• |
| Net Profit Growth | •••• | •••• | •••• | •••• | •••• |
Paid data: the figures shown as dots are available after purchase of the company report. Figures as filed with the MCA in Form AOC-4. The full year-wise statements and ratios of Associated Power Structures are in the company report.
Financial statements from 2015
Earlier years and trend charts are in the company report.
- Income statements
- Balance sheets
- Cash-flow statements
- Ratios and benchmarks
Verified entity values are shown only after access is granted.
Peer Comparison of Associated Power Structures Limited
Associated Power Structures Limited is compared with the companies closest to it by revenue in the Power industry (EPC, BoP and BTG, Telecom Infrastructure). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| GTL Infrastructure Ltd Listed | ₹1,365.69 Cr (FY 2025) | •••• | •••• | -4.0% | •••• | Thane, Maharashtra, India |
| Gamechange Solar Services India Private Limited | ₹1,327.52 Cr (FY 2025) | •••• | •••• | 64.0% | •••• | Bangalore South, Karnataka, India |
| Sherisha Technologies Private Limited | ₹1,315.39 Cr (FY 2023) | •••• | •••• | 204.0% | •••• | Kancheepuram District, Tamil Nadu, India |
| Tower Vision India Private Limited | ₹1,299.3 Cr (FY 2024) | •••• | •••• | 8.0% | •••• | Secunderabad, Telangana, India |
| WRSR Power Transmission Limited | ₹1,245.43 Cr (FY 2025) | •••• | •••• | 322.0% | •••• | Ahmedabad, Gujarat, India |
| Associated Power Structures Limited this company | ₹1,226.64 Cr (FY 2025) | •••• | •••• | 95.0% | •••• | Vadodara, Gujarat, India |
| Uneecops Technologies Limited | ₹1,211.13 Cr (FY 2025) | •••• | •••• | 127.0% | •••• | New Delhi, Delhi, India |
| Reliance Infratel Limited | ₹1,190 Cr (FY 2022) | •••• | •••• | -2.0% | •••• | Navi Mumbai, Maharashtra, India |
| Dinesh Engineers Limited | ₹1,131.53 Cr (FY 2024) | •••• | •••• | 169.0% | •••• | Navi Mumbai, Maharashtra, India |
| Powergrid Teleservices Limited | ₹1,128.1 Cr (FY 2025) | •••• | •••• | 24.0% | •••• | Delhi, India |
| Ge Power India Limited Listed | ₹1,118.39 Cr (FY 2025) | •••• | •••• | -1.0% | •••• | Mumbai, Maharashtra, India |
Peers are the five companies nearest above and the five nearest below Associated Power Structures by revenue in the Power industry (EPC, BoP and BTG, Telecom Infrastructure), from the latest filed financials of each company. Net profit, margin and employee counts of each peer are in the company report.
Board of Directors of Associated Power Structures Limited
Associated Power Structures has 6 current directors and 5 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Bhadresh Bhupendrabhai Chauhan Also directs: Atlanta Electricals Limited | Director | 15 Jul 2025 | 1 Years 2 Months | Current |
| Deepak Ranjit Asher Also directs: Innovative Carbon Solutions LLP | Director | 15 Jul 2025 | 1 Years 2 Months | Current |
| Satish Desai Also directs: Affinity Spaces LLP, Aps Family Trusteeship Private Limited | Managing Director | 21 May 1996 | 30 Years 4 Months | Current |
| Parag Vinodchandra Kothari Also directs: Affinity Spaces LLP, Aps Family Trusteeship Private Limited | Managing Director | 21 May 1996 | 30 Years 4 Months | Current |
| Ajay Patel Also directs: Aps Family Trusteeship Private Limited | Managing Director | 21 May 1996 | 30 Years 4 Months | Current |
| Sonal Jayantilal Kotak | Director | 15 Jul 2025 | 1 Years 2 Months | Current |
Charges & Borrowings of Associated Power Structures Limited
| Date | Lender | Amount | Status |
|---|---|---|---|
| 04 Sep 2025 | Others | ₹5 Cr | Open |
| 31 Jul 2025 | Others | ₹1.83 Cr | Open |
| 11 Jun 2025 | Idbi Bank Limited | ₹90 Cr | Open |
| 02 Jun 2025 | Hdfc Bank Limited | ₹1.3 Cr | Open |
| 14 May 2025 | Sbicap Trustee Company Limited | ₹80 Cr | Open |
Total charge records: 47 View all charges
Deals & Funding of Associated Power Structures Limited
Associated Power Structures Limited has 2 deals on record (1 secondary share transfer, 1 acquisition); the latest was in June 2026.
Deals on record (2 of 2)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jun 2026 | Acquisition | ₹1,225 Cr | Buyer: Waaree Renewable Technologies Limited |
| Sep 2024 | Secondary share transfer | Undisclosed | Buyer: 4 individuals Seller: 4 individuals |
Full deal history
All 2 deals with amounts, valuations, instruments and every party are in the company report.
- Every funding round and share transfer
- Amounts and valuations
- Investors, buyers and sellers
- Instruments and deal dates
Verified entity values are shown only after access is granted.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal Cases of Associated Power Structures Limited
Associated Power Structures Limited has 28 court cases on record: 14 filed by Associated Power Structures, 12 filed against it, 2 where it is another party. 3 cases are pending and 25 are disposed. Status as checked between 21 Sep 2026 and 05 Oct 2026.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 13 | 0 | 1 |
| District courts | 11 | 8 | 1 |
| Supreme Court | 4 | 4 | 1 |
Cases on record (5 of 28)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Bombay High Court | Court case (CARAP) | Filed by the company against Sun Pharma Laboratories Limited | Disposed |
| District court, Vadodara, Gujarat | Commercial matter | Filed by the company against Independent Mobile Infrastructure Private Limited | Disposed |
| Bombay High Court | Arbitration matter | Filed by the company against Nupower Technologies Private Limited | Disposed |
| High Court of Gujarat | Court case (MCA) | Filed by the company against Bharat Sanchar Nigam Limited | Disposed |
| High Court of Gujarat | Special civil application | Filed by the company against Bharat Sanchar Nigam Limited | Disposed |
Full case history
All 28 cases with case numbers, court, year-wise trend, opposite parties and decision dates are in the company report.
- Every case with its case number
- Year-wise trend
- Opposite parties
- Decision dates and orders
Verified entity values are shown only after access is granted.
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 by Associated Power Structures Limited
Associated Power Structures Limited has 22 MSME Form 1 returns on record between 2019 and 2024, listing 2,941 overdue payments to 98 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 98)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Aakash Gases Private Limited | •••• | •••• | •••• |
| Raki & Sons | •••• | •••• | •••• |
| an individual supplier | •••• | •••• | •••• |
| an individual supplier | •••• | •••• | •••• |
| Raki & Sons | •••• | •••• | •••• |
Full MSME payment history
Every supplier, amount and due date from all 22 MSME Form 1 returns is in the company report.
- Every reported supplier due
- Amounts and due dates
- Reasons given in each return
- Period-by-period history
Verified entity values are shown only after access is granted.
Individuals and sole proprietors among the suppliers are not named. Amounts, due dates and filing dates are in the company report.
Employees and EPFO Compliance at Associated Power Structures Limited
Employment history and EPFO contributions of people linked to Associated Power Structures.
Employee and EPFO history
Monthly headcount, contribution history and filing status are in the company report.
- Monthly headcount
- PF contributions
- ECR filing status
- Establishment history
Verified entity values are shown only after access is granted.
CIN History of Associated Power Structures Limited
Associated Power Structures has one previous CIN (Corporate Identification Number): U29299GJ1996PTC029688. The current CIN is U29299GJ1996PLC029688, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U29299GJ1996PLC029688 | Current |
| U29299GJ1996PTC029688 | Previous |
News related to Associated Power Structures Limited
Recent Activity on Associated Power Structures Limited
Associated Power Structures Limited has 11 board changes on record since 1996: 6 appointments and 5 cessations. The latest: Ajay Patel ceased to be Director on 27 Aug 2025.
88 earlier events are listed in the company report.
Credit Ratings, Litigation & Regulatory Alerts for Associated Power Structures Limited
Credit ratings, litigation, and regulatory alerts
Credit ratings, court records and regulatory alerts are in the company report.
- Rating history
- Court and tribunal cases
- Regulatory alerts
- Director-linked violations
Verified entity values are shown only after access is granted.
Subsidiaries & Group Companies of Associated Power Structures Limited
Corporate group structure
Parent, subsidiary, associate and joint venture records with holdings are in the company report.
- Parent company
- Subsidiaries and ownership
- Associates and joint ventures
- Entity investments
Verified entity values are shown only after access is granted.
GST Compliance of Associated Power Structures Limited
Associated Power Structures has 18 GST registrations: 11 active and 7 cancelled or inactive. The first 4 active GSTINs are listed below.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AABCA6602N1ZS | Gujarat | Active | 01 Jul 2017 |
| 09AABCA6602N1ZK | Uttar Pradesh | Active | 01 Jul 2017 |
| 10AABCA6602N1Z1 | Bihar | Active | 01 Jul 2017 |
| 29AABCA6602N1ZI | Karnataka | Active | 01 Jan 2018 |
GST registrations and filing compliance
State-wise GST registrations, return filing status and HSN or SAC codes are in the company report.
- GSTIN registrations
- State-wise filing status
- HSN and SAC details
- Tax jurisdiction records
Verified entity values are shown only after access is granted.
MCA Filings & Documents of Associated Power Structures Limited
MCA filings and documents
Filed forms, annual returns, financial statements and charge filings with their dates are in the company report.
- Incorporation documents
- Annual returns and statements
- Charge filings
- Complete filing index
Verified entity values are shown only after access is granted.
Frequently Asked Questions about Associated Power Structures Limited
Associated Power Structures is an active public limited company based in Vadodara, Gujarat, India. The company works in telecom infrastructure, within the telecom industry. It was incorporated on 21 May 1996 (30+ years old) and is registered under CIN U29299GJ1996PLC029688.
Associated Power Structures reported revenue of ₹1,226.64 Cr for FY 2025 (up 95% YoY).
Associated Power Structures has 6 current directors:
- Satish Desai - Managing Director
- Parag Vinodchandra Kothari - Managing Director
- Ajay Patel - Managing Director
- Bhadresh Bhupendrabhai Chauhan - Director
- Deepak Ranjit Asher - Director
- Sonal Jayantilal Kotak - Director
Associated Power Structures reported a net profit of ₹63.29 Cr (net margin 5.2%) and EBITDA of ₹127.7 Cr (EBITDA margin 10.4%) for FY 2025, as per its filed financial statements.
The compounded annual growth rate (CAGR) of the revenue of Associated Power Structures is 34% over three years and 15% over five years. In the latest year (FY 2025) revenue rose 95%. CAGR is the steady yearly rate that links the first and the last year.
The GSTIN of Associated Power Structures is 24AABCA6602N1ZS, registered in Gujarat. The company has 18 GST registrations in all, of which 11 are active and 7 are cancelled or inactive. Other active GSTINs include 09AABCA6602N1ZK (Uttar Pradesh), 10AABCA6602N1Z1 (Bihar), 29AABCA6602N1ZI (Karnataka).
The CIN (Corporate Identification Number) of Associated Power Structures is U29299GJ1996PLC029688. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Associated Power Structures has 28 court cases on record: 14 filed by the company and 12 filed against it. 3 are pending. Most are in the high courts.
Associated Power Structures was incorporated on 21 May 1996, making it 30+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Associated Power Structures has 2 deals on record (1 secondary share transfer, 1 acquisition); the latest was in June 2026.
The peers of Associated Power Structures by revenue are GTL Infrastructure Ltd, Gamechange Solar Services India Private Limited, Sherisha Technologies Private Limited, Tower Vision India Private Limited, WRSR Power Transmission Limited and 5 more, all in the Power industry (EPC, BoP and BTG, Telecom Infrastructure).
Ajay Patel ceased to be Director on 27 Aug 2025. Parag Vinodchandra Kothari ceased to be Director on 27 Aug 2025. Satish Desai ceased to be Director on 27 Aug 2025. Associated Power Structures has 11 board changes on record in total.