India's Richest People 2026 edition · 1 director · Source: Hurun India
- #697 Onkar Singh Pahwa & family ₹4,600 Cr
Revenue · FY 2025
₹976.6 Cr
▼ 18% YoY
Net profit · FY 2025
₹44.08 Cr
Net margin 4.5%
EBITDA · FY 2025
₹79.12 Cr
EBITDA margin 8.1%
Authorised capital
₹2 Cr
Registered with MCA
Paid-up capital
₹87.05 Lakh
Issued & subscribed
Open charges
₹274.7 Cr
Satisfied ₹551.98 Cr
Company age
75 yrs
Est. 1951
Employees · EPFO
1,467
Provident fund records
About Avon Cycles Ltd
Data last updated:
Avon Cycles Ltd is a public limited company based in Ludhiana, Punjab, India. It operates in the wind energy solutions segment of the environmental services sector. It was incorporated on 01 October 1951 and has been in existence for over 75 years.
Its director Onkar Singh Pahwa and family are #697 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Chandigarh, under CIN U35921PB1951PLC001699. Its GSTIN is 03AABCA4140R1ZR (Punjab). The company holds 17 GST registrations, of which 11 are active.
The company has an authorised share capital of ₹2 Cr and a paid-up capital of ₹87.05 Lakh. It is led by directors including Rishi Pahwa (Managing Director) and Onkar Singh Pahwa (Managing Director).
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 G T Roaddhandari Kalan Ludhiana, Punjab, India – 141003.
As per the financials filed for FY 2025, the company reported a revenue of ₹976.6 Cr, a decline of 18% compared to the previous year. For the same year it recorded a net profit of ₹44.08 Cr (net margin 4.5%) and EBITDA of ₹79.12 Cr (EBITDA margin 8.1%). Revenue has grown at a compounded annual rate (CAGR) of 4% over three years and 4% over five years.
The company has about 1,467 employees on its provident fund (EPFO) records. Its group structure includes 1 subsidiary.
The company is associated with 2 brands: Avon E-world and Avon Cycles. As per MCA filings, the company has open charges of ₹274.7 Cr and satisfied charges of ₹551.98 Cr on record. Court records list 513 cases involving the company, including 427 filed by the company and 86 filed against it; 69 cases are pending. The company has 9 deals on record (9 secondary share transfers); the latest was in September 2023. Its 4 peer companies in the Automobiles industry (Cycles), with the same principal business activity (motor vehicles, trailers, semi trailers and other transport vehicles) are compared by revenue, 1 larger and 3 smaller; the largest is Hero Cycles Limited with revenue of ₹1,840.75 Cr. The company has 3 MSME Form 1 returns on record between 2019 and 2021, listing 168 overdue payments to 120 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 avoncycles.com.
Company details
CIN U35921PB1951PLC001699
Registration Number 001699
Incorporation Date 01 October 1951
ROC Chandigarh
Listing Status Unlisted
Company Status Active
Date of Last AGM 30 September 2025
Date of Balance Sheet 31 March 2025
Compliance Status Active Compliant
CIN history
Avon Cycles has one previous CIN (Corporate Identification Number): L35921PB1951PLC001699. The current CIN is U35921PB1951PLC001699, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U35921PB1951PLC001699 | Current |
| L35921PB1951PLC001699 | Previous |
Key People
Rishi Pahwa Managing Director Onkar Singh Pahwa Managing Director Mandeep Singh Pahwa Managing Director Recognitions & Rankings of Avon Cycles
Contact details
Avon Cycles Ltd's registered office is in Ludhiana, Punjab. Its website is avoncycles.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressG T Roaddhandari Kalan Ludhiana, Punjab, India – 141003
- IndustryEnvironment, Wind Energy Solutions, Solar Energy Solutions
To see the full contact details of Avon Cycles Ltd, buy the company report.
Comprehensive company report
Avon Cycles Ltd - 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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Brands
Avon Cycles operates two associated brands: Avon E-world and Avon Cycles. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Offers electric vehicles like scooters and rickshaws for eco-friendly urban transport. | eworldofavon.com | |
| Bicycle manufacturing, sales, and related services in India. | avoncycles.com |
Business activity
The main business activity of Avon Cycles is manufacturing. In detail, this covers motor vehicles, trailers, semi trailers and other transport vehicles.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C11 | Motor vehicles, trailers, semi trailers and other Transport Vehicles |
To see the full business activity and turnover split of Avon Cycles Ltd, buy the company report.
Financials of Avon Cycles Ltd
FY 2025 filings availableAvon Cycles Ltd reported revenue of ₹976.6 Cr (down 18% YoY) for FY 2025.
Revenue · FY 2025
₹976.6 Cr ▼ 18%
Net profit · FY 2025
₹44.08 Cr margin 4.5%
EBITDA · FY 2025
₹79.12 Cr margin 8.1%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▼ 18%
3 years · compounded
▲ 4%
5 years · compounded
▲ 4%
EBITDA CAGR growth
1 year
▼ 35%
3 years · compounded
▼ 12%
5 years · compounded
▼ 4%
Revenue fell 18% in the latest year, but over five years it has grown at a compounded annual rate (CAGR) of 4%. EBITDA fell 35% 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 | ₹79.12 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹44.08 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 | 8.1% | ||||
| Net Profit Margin | 4.5% | ||||
| Return on Equity (ROE) | |||||
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To see the full financial statements and ratios of Avon Cycles Ltd, buy the company report.
Board of directors of Avon Cycles Ltd
Avon Cycles has 7 current directors and 14 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Rishi Pahwa Also directs: Avon Fitness Machines Private Limited, Avon Newage Cycles Private Limited, Avon Energies and Investments Private Limited and 1 more | Managing Director | 01 Jun 2003 | 23 Years 4 Months | Current |
| Bhupinder Singh Dhiman | Director | 23 Aug 2022 | 4 Years 2 Months | Current |
| Gurpreet Kaur Also directs: Ceigall India Limited, Madhur Knit Crafts Limited, Ceigall Jalbehra Shahbad Greenfield Highway Private Limited and 2 more | Director | 04 Feb 2023 | 3 Years 8 Months | Current |
| Anil Arora | Director | 20 Nov 2017 | 8 Years 11 Months | Current |
| Bhavdeep Sardana Also directs: Capital Small Finance Bank Limited, Scott Industries Limited, Sukhjit Mega Food Park & Infra Limited and 1 more | Director | 30 Nov 2021 | 4 Years 10 Months | Current |
| Onkar Singh Pahwa Also directs: Avon Fitness Machines Private Limited, Avon Newage Cycles Private Limited, Avon Energies and Investments Private Limited and 3 more | Managing Director | 11 Apr 1983 | 43 Years 6 Months | Current |
Showing 6 of 7 current directors. View all directors
Peer comparison
Avon Cycles Ltd is compared with the 4 companies closest to it by revenue in the Automobiles industry (Cycles), with the same principal business activity (motor vehicles, trailers, semi trailers and other transport vehicles), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Hero Cycles Limited | ₹1,840.75 Cr (FY 2024) | -10.0% | Ludhiana, Punjab, India | |||
| Avon Cycles Ltdthis company | ₹976.6 Cr (FY 2025) | ₹44.08 Cr | 4.5% | -18.0% | 1,467 | Ludhiana, Punjab, India |
| Hero Ecotech Limited | ₹715.75 Cr (FY 2025) | 47.0% | Village Mangli, Punjab, India | |||
| S K Bikes Private Limited | ₹423.56 Cr (FY 2024) | 33.0% | Ludhiana, Punjab, India | |||
| Stryder Cycle Private Limited | ₹224.64 Cr (FY 2025) | 7.0% | Ludhiana, Punjab, India |
To see the full peer comparison of Avon Cycles Ltd, buy the company report.
Auditor
Avon Cycles Ltd is audited by Amanpreet & Co. for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Amanpreet & Co. | FY 2023 | 022778N |
Shareholding
The shareholding of Avon Cycles Ltd is on record for 5 financial years, the latest being FY 2023, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Avon Cycles Ltd, buy the company report.
Charges & borrowings
Open charges
₹274.7 Cr
Satisfied charges
₹551.98 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 19 Jan 2019 | 100239808 | Others | ₹50 Cr | Open | |
| 19 Jan 2019 | 100239811 | Others | ₹10 Cr | Open | |
| 29 Jul 2015 | 10590972 | Others | ₹50 Cr | Open | |
| 07 Oct 2011 | 10314728 | Axis Bank Limited | ₹20 Cr | Open | |
| 03 Dec 2003 | 90169877 | State Bank of India | ₹10 Cr | Open |
To see the full charge records of Avon Cycles Ltd, buy the company report.
Total charge records: 69 View all charges
Deals & funding
Avon Cycles Ltd has 9 deals on record (9 secondary share transfers); the latest was in September 2023.
Total deals
9
Secondary share transfers
9
Deals on record (5 of 9)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Sep 2023 | Secondary share transfer | Undisclosed | Buyer: Sarabjit Kaur Pahwa Family Trust 2, Onkar Pahwa Family Trust 1, Sarabjit Kaur Pahwa Family Trust 1 Seller: 3 individuals |
| Nov 2022 | Secondary share transfer | Undisclosed | Buyer: Sarabjit Kaur Pahwa Family Trust 2, Onkar Pahwa Family Trust 1, Onkar Pahwa Family Trust 2, an individual Seller: Pahwa Estates and Holdings Private Limited , 2 individuals |
| Nov 2021 | Secondary share transfer | Undisclosed | Seller: Kaushalya Devi Pahwa Trust |
| Sep 2017 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
| Mar 2009 | Secondary share transfer | Undisclosed | Buyer: Pahwa Estates and Holdings Private Limited , an individual Seller: Pahwa Circles Private Limited, Sohan Lal Pahwa HUF |
To see the full deal history of Avon Cycles Ltd, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Avon Cycles Ltd has 513 court cases on record: 427 filed by Avon Cycles, 86 filed against it. 69 cases are pending and 444 are disposed.
Total cases
513
Filed by the company
427
Filed against the company
86
Pending
69
Disposed
444
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 411 | 23 | 51 |
| High courts | 93 | 59 | 17 |
| Supreme Court | 7 | 4 | 1 |
| NCLT | 2 | 0 | 0 |
Cases on record (5 of 513)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court, PUNJAB | Revision petition | Filed against the company by Swani Motors Services Private Limited | Pending |
| District court, Ludhiana, Punjab | Civil suit | Filed against the company by Hero Cycles Limited | Pending |
| High Court, PUNJAB | Writ petition | Filed against the company by Misra Boilers Private Limited | Pending |
| High Court of Delhi | Arbitration matter | Filed by the company against CSC E Governance Services India Ltd | Disposed |
| District court, Ludhiana, Punjab | Commercial suit | Filed by the company against CSD Trading Corporation Pvt Ltd | Disposed |
To see the full case history of Avon Cycles Ltd, 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.
Credit ratings & regulatory alerts
Avon Cycles Ltd was last rated by Crisil on 27 Mar 2020.
| Rating agency | Rated on | Rating |
|---|---|---|
| Crisil | 27 Mar 2020 |
To see the full credit ratings and regulatory alerts of Avon Cycles Ltd, buy the company report.
MSME payment delays
Avon Cycles Ltd has 3 MSME Form 1 returns on record between 2019 and 2021, listing 168 overdue payments to 120 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 120)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| an individual supplier | |||
| Jiwan Udyog | |||
| Indian Gases | |||
| Bhogal Sales Corporation |
To see the full MSME payment records of Avon Cycles Ltd, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Avon Cycles has 1 subsidiary company. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
1
Subsidiary companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| Avon Newage Cycles Private Limited | U35999PB2020PTC051894 |
To see the full group structure of Avon Cycles Ltd, buy the company report.
Employees & EPFO
Avon Cycles Ltd has a workforce of 1,467 employees on its EPFO records as of Apr 04, 2024, across 3 active EPFO establishments.
Employee count
1,467
Active EPFO establishments
3
Employee growth
0.34%
GST
Avon Cycles has 17 GST registrations: 11 active and 6 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
17
Active
11
Cancelled / inactive
6
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 03AABCA4140R1ZR | Punjab | Active | 01 Jul 2017 |
| 10AABCA4140R1ZW | Bihar | Active | 01 Jul 2017 |
| 19AABCA4140R1ZE | West Bengal | Active | 01 Jul 2017 |
| 23AABCA4140R1ZP | Madhya Pradesh | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Avon Cycles Ltd, buy the company report.
Recent activity
Avon Cycles Ltd has 21 board changes on record since 1983: 7 appointments and 14 cessations. The latest: Mandeep Singh Pahwa ceased to be Whole-Time Director on 30 Apr 2025.
AGM
Avon Cycles Ltd last Annual general meeting of members was held on 30 Sep 2025 as per latest MCA records.
Charges
A charge registered on 11 Oct 1985 via Charge ID 90170339 with State Bank Of India was fully satisfied on 05 Sep 2025.
Charges
A charge registered on 28 Aug 1984 via Charge ID 90171613 with State Bank Of India was fully satisfied on 05 Sep 2025.
Ceased
Mandeep Singh Pahwa ceased to be Whole-Time Director.
Filing
Avon Cycles Ltd has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Chandigarh.
Charges
A charge registered on 15 Feb 2021 via Charge ID 100425464 with Hdfc Bank Limited was fully satisfied on 28 Mar 2025.
Charges
A charge registered on 12 Feb 2020 via Charge ID 100328055 with Hdfc Bank Limited was fully satisfied on 28 Mar 2025.
Charges
A charge registered on 11 Nov 2019 via Charge ID 100306177 with Hdfc Bank Limited was fully satisfied on 28 Mar 2025.
Charges
A charge registered on 11 Aug 2020 via Charge ID 100373906 with Others was fully satisfied on 29 Feb 2024.
Ceased
Gurpreet Kaur ceased to be Additional Director.
Charges
A charge registered on 17 Nov 2021 via Charge ID 100521921 with Hdfc Bank Limited was fully satisfied on 26 Jun 2023.
Charges
A charge registered on 29 Feb 2020 via Charge ID 100334042 with Others was fully satisfied on 28 Apr 2023.
167 earlier events are in the company report.
News
Frequently asked questions
Avon Cycles is an active public limited company based in Ludhiana, Punjab, India. The company works in wind energy solutions, within the environment industry. It was incorporated on 01 October 1951 (75+ years old) and is registered under CIN U35921PB1951PLC001699.
Avon Cycles has 7 current directors:
- Rishi Pahwa - Managing Director
- Onkar Singh Pahwa - Managing Director
- Mandeep Singh Pahwa - Managing Director
- Bhupinder Singh Dhiman - Director
- Gurpreet Kaur - Director
- Anil Arora - Director
- Bhavdeep Sardana - Director
The latest financial statements of Avon Cycles 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 Avon Cycles is 03AABCA4140R1ZR, registered in Punjab. The company has 17 GST registrations in all, of which 11 are active and 6 are cancelled or inactive. Other active GSTINs include 10AABCA4140R1ZW (Bihar), 19AABCA4140R1ZE (West Bengal), 23AABCA4140R1ZP (Madhya Pradesh).
The CIN (Corporate Identification Number) of Avon Cycles is U35921PB1951PLC001699. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Avon Cycles has 513 court cases on record: 427 filed by the company and 86 filed against it. 69 are pending. Most are in the district courts.
Avon Cycles was incorporated on 01 October 1951, making it 75+ years old. It is registered with the Registrar of Companies, Chandigarh.
Avon Cycles has 9 deals on record (9 secondary share transfers); the latest was in September 2023.
The peers of Avon Cycles by revenue are Hero Cycles Limited, Hero Ecotech Limited, S K Bikes Private Limited, Stryder Cycle Private Limited, all in the Automobiles industry (Cycles), with the same principal business activity (motor vehicles, trailers, semi trailers and other transport vehicles).
Mandeep Singh Pahwa ceased to be Whole-Time Director on 30 Apr 2025. Gurpreet Kaur ceased to be Additional Director on 29 Sep 2023. Gurpreet Kaur was appointed as Director on 04 Feb 2023. Avon Cycles has 21 board changes on record in total.
Avon Cycles has 3 MSME Form 1 returns on record between 2019 and 2021, listing 168 overdue payments to 120 micro and small suppliers. The latest return was filed on 21 Jul 2021.
Avon Cycles can be reached through the website avoncycles.com. Its registered office is in Ludhiana, Punjab, India.