About Belstar Microfinance Limited
Data last updated:
Belstar Microfinance Limited is a public limited company based in Chennai, Tamil Nadu, India, a subsidiary of Muthoot Finance Limited. It operates in the microfinance institutions segment of the financial services sector. It was incorporated on 11 January 1988 and has been in existence for over 38 years.
The company is registered with the Registrar of Companies (ROC), Chennai, under CIN U06599TN1988PLC081652. Its GSTIN is 33AAACB5855H1ZT (Tamil Nadu). The company holds 22 GST registrations, all of them active.
The company has an authorised share capital of ₹100 Cr and a paid-up capital of ₹54.84 Cr. It was formerly known as Belstar Microfinance Private Limited and Belstar Investment and Finance Private Limited. It is led by directors including Balasubramanian Balakumaran (Whole-Time Director) and Chinnasamy Ganesan.
Its last annual general meeting (AGM) was held on 01 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at Chennai, Tamil Nadu.
As per the financials filed for FY 2025, the company reported a revenue of ₹2,124.99 Cr, a growth of 15% compared to the previous year. For the same year it recorded a net profit of ₹33.66 Cr (net margin 1.6%) and EBITDA of ₹691.33 Cr (EBITDA margin 32.5%). Revenue has grown at a compounded annual rate (CAGR) of 43% over three years and 34% over five years.
The company has about 8,926 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Belstar Investment and Finance. As per MCA filings, the company has open charges of ₹12,135 Cr and satisfied charges of ₹12,240 Cr on record. Court records list 40 cases involving the company, including 5 filed by the company and 6 filed against it; 28 cases are pending. The company has 35 deals on record (25 secondary share transfers, 8 funding rounds, 2 rights issues), with disclosed funding of ₹703.78 Cr; the latest was in May 2024. Its 10 peer companies in the BFSI industry (Large NBFC, Micro Finance Institutions, Systemically Important Non Deposit NBFC) are compared by revenue, 5 larger and 5 smaller; the largest is Northern Arc Capital Limited with revenue of ₹2,355.74 Cr.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website belstar.in.
Name History of Belstar Microfinance Limited
Belstar Microfinance has undergone 2 name changes throughout its history. The company was previously known as Belstar Microfinance Private Limited, and Belstar Investment And Finance Private Limited. The current legal name is Belstar Microfinance Limited.
| Company Name | Status |
|---|---|
| Belstar Microfinance Limited | Current |
| Belstar Microfinance Private Limited | Previous |
| Belstar Investment And Finance Private Limited | Previous |
CIN History of Belstar Microfinance Limited
Belstar Microfinance has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is U06599TN1988PLC081652, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U06599TN1988PLC081652 | Current |
| U06599KA1988PTC008848 | Previous |
| U06599TN1988PTC081652 | Previous |
- EmailLocked
- TelephoneLocked
- Website
- Social MediaLocked
- Registered AddressM V Square No 4/14, Soundarapandian Street Ashok Nagar, Chennai, Tamil Nadu, India – 600083
- IndustryFinancial Services, Microfinance Institutions, NBFC
- 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
- One PDF report, delivered after checkout
Associated Brands with Belstar Microfinance Limited
Belstar Microfinance operates one associated brand: Belstar Investment and Finance. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Micro loans are extended to SHG members for enterprise setup. | belstar.in |
Business Activity of Belstar Microfinance Limited
The main business activity of Belstar Microfinance is financial and insurance service. In detail, this covers other financial activities.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| K | Financial and insurance Service | K8 | Other financial activities | 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 Belstar Microfinance Limited FY 2025 filings available
Belstar Microfinance Limited reported revenue of ₹2,124.99 Cr (up 15% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR) of Belstar Microfinance Limited
Revenue has grown at a compounded annual rate (CAGR) of 34% over five years, including 15% growth in the latest year. EBITDA rose 18% 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 Belstar Microfinance 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 | ₹691.33 Cr | •••• | •••• | •••• | •••• |
| Profit Before Tax | •••• | •••• | •••• | •••• | •••• |
| Tax Expense | •••• | •••• | •••• | •••• | •••• |
| Net Profit (PAT) | ₹33.66 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 Belstar Microfinance Limited
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 32.5% | •••• | •••• | •••• | •••• |
| Net Profit Margin | 1.6% | •••• | •••• | •••• | •••• |
| 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 Belstar Microfinance 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.
Board of Directors and KMP of Belstar Microfinance Limited
Belstar Microfinance Limited currently reports 10 directors and 2 key managerial personnel. 31 former directors have served the organization.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Muralidharan Lakshmanan | Cfo | 04 Feb 2017 | 9 Years 8 Months | Current |
| Balasubramanian Balakumaran | Whole-Time Director | 29 Apr 2021 | 5 Years 5 Months | Current |
| Chinnasamy Ganesan Also directs: R K C G & Associates LLP, The Karur Vysya Bank Limited | Director | 14 Mar 2020 | 6 Years 7 Months | Current |
| Vijay Nallan Chakravarthi Also directs: Ananda Strategies LLP, Ananda One Strategies LLP, Northern Arc Capital Limited and 3 more | Director | 29 Mar 2022 | 4 Years 6 Months | Current |
| Kuttickattu Rajappan Bijimon Also directs: B 7 Consulting LLP, Emgee Board and Paper Mills (P) Ltd, Muthoot Money Limited and 5 more | Director | 27 Jun 2016 | 10 Years 3 Months | Current |
| Vadakke Anavanghot Prasanth Also directs: Indbank Merchant Banking Services Limited | Director | 28 Apr 2025 | 1 Years 5 Months | Current |
Peer Comparison of Belstar Microfinance Limited
Belstar Microfinance Limited is compared with the companies closest to it by revenue in the BFSI industry (Large NBFC, Micro Finance Institutions, Systemically Important Non Deposit NBFC). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Northern Arc Capital Limited | ₹2,355.74 Cr (FY 2025) | •••• | •••• | 24.0% | •••• | Chennai, Tamil Nadu, India |
| Avanse Financial Services Limited | ₹2,351.75 Cr (FY 2025) | •••• | •••• | 36.0% | •••• | Mumbai, Maharashtra, India |
| Icm Finance Private Limited | ₹2,260.31 Cr (FY 2025) | •••• | •••• | -23.0% | •••• | Kolkata, West Bengal, India |
| Satin Creditcare Network Limited Listed | ₹2,240.53 Cr (FY 2024) | •••• | •••• | 44.0% | •••• | Delhi, India |
| Wadhawan Global Capital Limited | ₹2,175.8 Cr (FY 2018) | •••• | •••• | 267.0% | •••• | Mumbai, Maharashtra, India |
| Belstar Microfinance Limited this company | ₹2,124.99 Cr (FY 2025) | •••• | •••• | 15.0% | •••• | Chennai, Tamil Nadu, India |
| Annapurna Finance Private Limited | ₹2,074.26 Cr (FY 2024) | •••• | •••• | 32.0% | •••• | Bhubaneswar, Odisha, India |
| Ifci Limited Listed | ₹2,064.16 Cr (FY 2025) | •••• | •••• | -2.0% | •••• | New Delhi, Delhi, India |
| PHL Fininvest Private Limited | ₹2,007.92 Cr (FY 2021) | •••• | •••• | 4.0% | •••• | Mumbai, Maharashtra, India |
| Jagran Media Network Investment Private Limited | ₹1,994.92 Cr (FY 2025) | •••• | •••• | -2.0% | •••• | Uttar Pradesh, India |
| Incred Financial Services Limited | ₹1,882.62 Cr (FY 2025) | •••• | •••• | 46.0% | •••• | Mumbai, Maharashtra, India |
Peers are the five companies nearest above and the five nearest below Belstar Microfinance by revenue in the BFSI industry (Large NBFC, Micro Finance Institutions, Systemically Important Non Deposit NBFC), from the latest filed financials of each company. Net profit, margin and employee counts of each peer are in the company report.
Auditor Details of Belstar Microfinance Limited
Belstar Microfinance Limited is audited by N SANKARAN & CO for the financial year 2018.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| N SANKARAN & CO | Locked | Locked | Locked |
Complete auditor history
Appointment and cessation dates and past auditor changes are in the company report.
- Appointment status
- Appointment dates
- Cessation dates
- Auditor changes
Verified entity values are shown only after access is granted.
Ownership and Shareholding of Belstar Microfinance Limited
Shareholding and ownership data
Promoter, institutional, public and beneficial ownership figures are in the company report.
- Ownership categories
- Historical changes
- Group structure
- FII and DII holdings
Verified entity values are shown only after access is granted.
Charges & Borrowings of Belstar Microfinance Limited
| Date | Lender | Amount | Status |
|---|---|---|---|
| 22 Dec 2025 | Others | ₹200 Cr | Open |
| 27 Nov 2025 | Others | ₹100 Cr | Open |
| 06 Oct 2025 | Others | ₹100 Cr | Open |
| 30 Sep 2025 | Idbi Bank Limited | ₹100 Cr | Open |
| 29 Sep 2025 | Others | ₹150 Cr | Open |
Total charge records: 317 View all charges
Deals & Funding of Belstar Microfinance Limited
Belstar Microfinance Limited has 35 deals on record (25 secondary share transfers, 8 funding rounds, 2 rights issues), with disclosed funding of ₹703.78 Cr; the latest was in May 2024.
Deals on record (5 of 35)
| When | Deal | Amount | Parties |
|---|---|---|---|
| May 2024 | Secondary share transfer | Undisclosed | Buyer: Muthoot Finance Limited Seller: Sarvam Financial Inclusion Trust |
| May 2024 | Secondary share transfer | Undisclosed | Buyer: Muthoot Finance Limited Seller: Hand in Hand Consulting Services Private Limited |
| Mar 2024 | Secondary share transfer | Undisclosed | Buyer: Muthoot Finance Limited Seller: Mahatma Gandhi Educational Trust, an individual |
| Mar 2024 | Rights issue | ₹300 Cr | Investors: Muthoot Finance Limited |
| Sep 2023 | Secondary share transfer | Undisclosed | Buyer: Muthoot Finance Limited |
Full deal history
All 35 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 Belstar Microfinance Limited
Belstar Microfinance Limited has 40 court cases on record: 5 filed by Belstar Microfinance, 6 filed against it, 29 where it is another party. 28 cases are pending and 12 are disposed. Status as checked between 21 Sep 2026 and 03 Oct 2026.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 35 | 6 | 25 |
| High courts | 5 | 0 | 3 |
Cases on record (5 of 40)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Tenkasi, Tamil Nadu | Court case (IP) | Filed against the company by an individual | Pending |
| District court, Coimbatore, Tamil Nadu | Civil suit | Filed against the company by an individual | Pending |
| District court, Bhilwara, Rajasthan | Court case (Labour / Industrial Main Case) | Filed against the company by an individual | Pending |
| District court, BIDAR, Karnataka | Court case (ECA) | Filed against the company by an individual | Pending |
| District court, Tiruchirappalli, Tamil Nadu | Court case (IP) | Company is another party | Pending |
Full case history
All 40 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.
Employees and EPFO Compliance at Belstar Microfinance Limited
Belstar Microfinance Limited has a workforce of 8,926 employees as of Apr 06, 2024.
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.
Recent Activity on Belstar Microfinance Limited
Belstar Microfinance Limited has 42 board changes on record since 2008: 12 appointments and 30 cessations. The latest: Vadakke Anavanghot Prasanth ceased to be Additional Director on 17 Jul 2025.
619 earlier events are listed in the company report.
Credit Ratings, Litigation & Regulatory Alerts for Belstar Microfinance 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.
MSME Payment Delays by Belstar Microfinance Limited
MSME payment history
Amounts due to small suppliers, the reasons given and MSME-1 filings are in the company report.
- Outstanding amounts
- Delay periods and reasons
- MSME-1 filing history
- Vendor payment signals
Verified entity values are shown only after access is granted.
Subsidiaries & Group Companies of Belstar Microfinance 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 Belstar Microfinance Limited
Belstar Microfinance has 22 GST registrations: 22 active. The first 4 active GSTINs are listed below.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 33AAACB5855H1ZT | Tamil Nadu | Active | 01 Jul 2017 |
| 33AAACB5855H2ZS | Tamil Nadu | Active | 31 Mar 2025 |
| 21AAACB5855H1ZY | Odisha | Active | 30 Jun 2017 |
| 27AAACB5855H1ZM | Maharashtra | Active | 01 Jul 2017 |
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 Belstar Microfinance 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.
Related news about Belstar Microfinance Limited
Frequently Asked Questions about Belstar Microfinance Limited
Belstar Microfinance is an active public limited company based in Chennai, Tamil Nadu, India. The company works in microfinance institutions, within the financial services industry. It was incorporated on 11 January 1988 (38+ years old) and is registered under CIN U06599TN1988PLC081652.
Belstar Microfinance reported revenue of ₹2,124.99 Cr for FY 2025 (up 15% YoY).
Belstar Microfinance has 12 current directors and KMP:
- Balasubramanian Balakumaran - Whole-Time Director
- Chinnasamy Ganesan - Director
- Vijay Nallan Chakravarthi - Director
- Kuttickattu Rajappan Bijimon - Director
- Vadakke Anavanghot Prasanth - Director
- Vadakkakara Antony George - Director
- Rajeswari Karthigeyan - Director
- Venkataraman Krishnamoorthy - Director
- George Muthoot Jacob - Director
- George Alexander - Director
- Muralidharan Lakshmanan - Cfo
- Jayaraman Balakrishnan - Ceo
Belstar Microfinance reported a net profit of ₹33.66 Cr (net margin 1.6%) and EBITDA of ₹691.33 Cr (EBITDA margin 32.5%) for FY 2025, as per its filed financial statements.
The compounded annual growth rate (CAGR) of the revenue of Belstar Microfinance is 43% over three years and 34% over five years. In the latest year (FY 2025) revenue rose 15%. CAGR is the steady yearly rate that links the first and the last year.
The GSTIN of Belstar Microfinance is 33AAACB5855H1ZT, registered in Tamil Nadu. The company has 22 GST registrations in all, of which 22 are active. Other active GSTINs include 33AAACB5855H2ZS (Tamil Nadu), 21AAACB5855H1ZY (Odisha), 27AAACB5855H1ZM (Maharashtra).
The CIN (Corporate Identification Number) of Belstar Microfinance is U06599TN1988PLC081652. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Belstar Microfinance has 40 court cases on record: 5 filed by the company and 6 filed against it. 28 are pending. Most are in the district courts.
Belstar Microfinance was incorporated on 11 January 1988, making it 38+ years old. It is registered with the Registrar of Companies, Chennai.
Belstar Microfinance has 35 deals on record (25 secondary share transfers, 8 funding rounds, 2 rights issues), with disclosed funding of ₹703.78 Cr; the latest was in May 2024.
The peers of Belstar Microfinance by revenue are Northern Arc Capital Limited, Avanse Financial Services Limited, Icm Finance Private Limited, Satin Creditcare Network Limited, Wadhawan Global Capital Limited and 5 more, all in the BFSI industry (Large NBFC, Micro Finance Institutions, Systemically Important Non Deposit NBFC).