About Iron Triangle Limited
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Iron Triangle Limited is a public limited company based in Rajkot, Gujarat, India. It operates in the general construction services segment of the infrastructure and utilities sector. It was incorporated on 23 July 2002 and has been in existence for over 24 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U45203GJ2002PLC040988. Its GSTIN is 24AABCB9255E1ZV (Gujarat). The company holds 13 GST registrations, of which 11 are active.
The company has an authorised share capital of ₹10 Cr and a paid-up capital of ₹6.62 Cr. It was formerly known as Backbone Enterprises Limited. It is led by directors including Kishorkumar Virji Viramgama (Managing Director) and Bhovan Parshottam Rangani (Whole-Time 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 Backbone House M – 43 Gujarat Housing Board Kalavad Road, Rajkot, Gujarat, India – 360002.
As per the financials filed for FY 2025, the company reported a revenue of ₹719.82 Cr, a decline of 33% compared to the previous year. For the same year it recorded a net profit of ₹60.46 Cr (net margin 8.4%) and EBITDA of ₹81.22 Cr (EBITDA margin 11.3%). Revenue has declined at a compounded annual rate (CAGR) of 1% over three years and 2% over five years.
The company has about 102 employees on its provident fund (EPFO) records. Its group structure includes 1 subsidiary.
The company is associated with 1 brand: Iron Triangle. As per MCA filings, the company has open charges of ₹944.63 Cr and satisfied charges of ₹697.5 Cr on record. Court records list 148 cases involving the company, including 74 filed by the company and 74 filed against it; 23 cases are pending. The company has 10 deals on record (10 secondary share transfers); the latest was in March 2022. Its 3 peer companies in the Infrastructure industry (Construction Services, Solar Power), with the same principal business activity (roads, railways, utility projects) are compared by revenue, 2 larger and 1 smaller; the largest is R.M.N Infrastructures Limited with revenue of ₹735.33 Cr. The company has 1 MSME Form 1 return on record for the period ending Mar 2019, listing 1 overdue payment to 1 micro and small supplier.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website irontriangle.in.
Company details
Contact details
Iron Triangle Limited's registered office is in Rajkot, Gujarat. Its website is irontriangle.in. Its e-mail address is in the company report.
- Email
- Website
- Registered AddressBackbone House M – 43 Gujarat Housing Board Kalavad Road, Rajkot, Gujarat, India – 360002
- IndustryInfrastructure and Utilities, General Construction Services
To see the full contact details of Iron Triangle 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
Iron Triangle operates one associated brand: Iron Triangle. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Creates innovative technologies for residential and commercial properties. | irontriangle.in |
Business activity
The main business activity of Iron Triangle is construction. In detail, this covers roads, railways, utility projects.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| F | Construction | F2 | Roads, railways, Utility projects |
To see the full business activity and turnover split of Iron Triangle Limited, buy the company report.
Financials of Iron Triangle Limited
FY 2025 filings availableIron Triangle Limited reported revenue of ₹719.82 Cr (down 33% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR)
Revenue has declined at a compounded annual rate (CAGR) of 2% over five years, including a 33% fall in the latest year. EBITDA fell 16% 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 | ₹81.22 Cr | ||||
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| Net Profit (PAT) | ₹60.46 Cr | ||||
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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 | 11.3% | ||||
| Net Profit Margin | 8.4% | ||||
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To see the full financial statements and ratios of Iron Triangle Limited, buy the company report.
Board of directors of Iron Triangle Limited
Iron Triangle has 6 current directors and 11 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Abhijeet Prafulbhai Javia | Director | 20 Jan 2024 | 2 Years 9 Months | Current |
| Bhovan Parshottam Rangani Also directs: Backbone Realty Private Limited, Backbone MNMP Highway Private Limited, Club Privilege Private Limited and 1 more | Whole-Time Director | 23 Jul 2002 | 24 Years 3 Months | Current |
| Ankur Bhupendrakumar Pachani Also directs: Backbone Realty Private Limited, Backbone MNMP Highway Private Limited, Vaidehi Neurosciences Associates LLP and 5 more | Whole-Time Director | 15 Oct 2019 | 7 Years 0 Months | Current |
| Kishorkumar Virji Viramgama | Managing Director | 23 Jul 2002 | 24 Years 3 Months | Current |
| Megha Kamal Samdani | Director | 01 Apr 2022 | 4 Years 6 Months | Current |
| Trupalkumar Jayantibhai Patel Also directs: Integrity Data Services Private Limited | Director | 13 Jul 2018 | 8 Years 3 Months | Current |
Peer comparison
Iron Triangle Limited is compared with the 3 companies closest to it by revenue in the Infrastructure industry (Construction Services, Solar Power), with the same principal business activity (roads, railways, utility projects), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| R.M.N Infrastructures Limited | ₹735.33 Cr (FY 2025) | -14.0% | Hyderabad, Telangana, India | |||
| Tracks & Towers Infratech Private Limited (Part IX) | ₹727.97 Cr (FY 2025) | -25.0% | Hyderabad, Telangana, India | |||
| Iron Triangle Limitedthis company | ₹719.82 Cr (FY 2025) | ₹60.46 Cr | 8.4% | -33.0% | 102 | Rajkot, Gujarat, India |
| RPS Infra Projects Private Limited | ₹718.53 Cr (FY 2025) | 259.0% | Mumbai, Maharashtra, India |
To see the full peer comparison of Iron Triangle Limited, buy the company report.
Auditor
Iron Triangle Limited is audited by R. JAVIYA & CO. for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| R. JAVIYA & CO. | FY 2023 | 120300W |
Shareholding
The shareholding of Iron Triangle Limited 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 Iron Triangle Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 25 Jun 2024 | 100947486 | Others | ₹75 Cr | Open | |
| 30 Jun 2021 | 100457450 | Hdfc Bank Limited | ₹18.18 Lakh | Open | |
| 26 Nov 2018 | 100224768 | Hdfc Bank Limited | ₹60 Cr | Open | |
| 26 Jul 2018 | 100197487 | Others | ₹75 Cr | Open | |
| 28 Mar 2018 | 100171155 | Others | ₹1.08 Cr | Open |
To see the full charge records of Iron Triangle Limited, buy the company report.
Total charge records: 159 View all charges
Deals & funding
Iron Triangle Limited has 10 deals on record (10 secondary share transfers); the latest was in March 2022.
Deals on record (5 of 10)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2022 | Secondary share transfer | Undisclosed | Buyer: 3 individuals Seller: Bhupendrakumar Trikamjibhai Pachani Huf |
| Mar 2020 | Secondary share transfer | Undisclosed | Buyer: 2 individuals Seller: an individual |
| Sep 2019 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
| Aug 2019 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
| Aug 2019 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
To see the full deal history of Iron Triangle 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
Iron Triangle Limited has 148 court cases on record: 74 filed by Iron Triangle, 74 filed against it. 23 cases are pending and 125 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 81 | 54 | 15 |
| High courts | 57 | 12 | 6 |
| Supreme Court | 10 | 8 | 2 |
Cases on record (5 of 148)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court of Delhi | Court case (O.M.P. (COMM)) | Filed against the company by Jetpur Somnath Tollways Pvt. Ltd | Pending |
| High Court of Delhi | Court case (O.M.P. (COMM)) | Filed by the company against Jetpur Somnath Toll Ways Pvt Ltd | Pending |
| District court, Faridabad, Haryana | Commercial suit | Filed against the company by M/S Aggcon Equipments International Ltd | Pending |
| District court, Ahmedabad, Gujarat | Criminal complaint | Filed by the company against Kaushal Engineering Ltd and 3 others | Pending |
| District court, Ahmedabad, Gujarat | Criminal miscellaneous application | Filed by the company against RPW Projects Pvt Ltd and 6 others | Pending |
To see the full case history of Iron Triangle 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.
Credit ratings & regulatory alerts
Iron Triangle Limited was last rated by Icra on 25 Jan 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Icra | 25 Jan 2022 |
To see the full credit ratings and regulatory alerts of Iron Triangle Limited, buy the company report.
MSME payment delays
Iron Triangle Limited has 1 MSME Form 1 return on record for the period ending Mar 2019, listing 1 overdue payment to 1 micro and small supplier. 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 (1 of 1)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier |
To see the full MSME payment records of Iron Triangle Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Iron Triangle has 1 subsidiary company and 1 associated company. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
| Company Name | CIN | Shares held |
|---|---|---|
| Backbone MNMP Highway Private Limited | U45203GJ2011PTC067159 |
To see the full group structure of Iron Triangle Limited, buy the company report.
Employees & EPFO
Iron Triangle Limited has a workforce of 102 employees on its EPFO records as of Oct 10, 2025, across 1 active EPFO establishment.
GST
Iron Triangle has 13 GST registrations: 11 active and 2 cancelled or inactive. The first 4 active GSTINs are listed below.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AABCB9255E1ZV | Gujarat | Active | 01 Jul 2017 |
| 08AABCB9255E1ZP | Rajasthan | Active | 01 Jul 2017 |
| 21AABCB9255E1Z1 | Odisha | Active | 01 Jul 2017 |
| 22AABCB9255E1ZZ | Chattisgarh | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Iron Triangle Limited, buy the company report.
Recent activity
Iron Triangle Limited has 17 board changes on record since 2002: 6 appointments and 11 cessations. The latest: Abhijeet Prafulbhai Javia ceased to be Additional Director on 21 Mar 2024.
321 earlier events are in the company report.
Frequently asked questions
Iron Triangle is an active public limited company based in Rajkot, Gujarat, India. The company works in general construction services, within the infrastructure and utilities industry. It was incorporated on 23 July 2002 (24+ years old) and is registered under CIN U45203GJ2002PLC040988.
Iron Triangle has 6 current directors:
- Kishorkumar Virji Viramgama - Managing Director
- Bhovan Parshottam Rangani - Whole-Time Director
- Ankur Bhupendrakumar Pachani - Whole-Time Director
- Abhijeet Prafulbhai Javia - Director
- Megha Kamal Samdani - Director
- Trupalkumar Jayantibhai Patel - Director
The latest financial statements of Iron Triangle 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 Iron Triangle is 24AABCB9255E1ZV, registered in Gujarat. The company has 13 GST registrations in all, of which 11 are active and 2 are cancelled or inactive. Other active GSTINs include 08AABCB9255E1ZP (Rajasthan), 21AABCB9255E1Z1 (Odisha), 22AABCB9255E1ZZ (Chattisgarh).
The CIN (Corporate Identification Number) of Iron Triangle is U45203GJ2002PLC040988. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Iron Triangle has 148 court cases on record: 74 filed by the company and 74 filed against it. 23 are pending. Most are in the district courts.
Iron Triangle was incorporated on 23 July 2002, making it 24+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Iron Triangle has 10 deals on record (10 secondary share transfers); the latest was in March 2022.
The peers of Iron Triangle by revenue are R.M.N Infrastructures Limited, Tracks & Towers Infratech Private Limited (Part IX), RPS Infra Projects Private Limited, all in the Infrastructure industry (Construction Services, Solar Power), with the same principal business activity (roads, railways, utility projects).
Abhijeet Prafulbhai Javia ceased to be Additional Director on 21 Mar 2024. Abhijeet Prafulbhai Javia was appointed as Director on 20 Jan 2024. Megha Kamal Samdani ceased to be Additional Director on 30 Sep 2022. Iron Triangle has 17 board changes on record in total.
Iron Triangle has 1 MSME Form 1 return on record for the period ending Mar 2019, listing 1 overdue payment to 1 micro and small supplier. The latest return was filed on 08 Jun 2019.
Iron Triangle can be reached through the website irontriangle.in. Its registered office is in Rajkot, Gujarat, India.