About Belstar Microfinance Limited
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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 35 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 7 peer companies in the BFSI industry (Large NBFC, Micro Finance Institutions, Systemically Important Non Deposit NBFC), with the same principal business activity (other financial activities) are compared by revenue, 4 larger and 3 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.
Company details
Name history
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
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 |
Contact details
Belstar Microfinance Limited's registered office is in Chennai, Tamil Nadu. Its website is belstar.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered AddressM V Square No 4/14, Soundarapandian Street Ashok Nagar, Chennai, Tamil Nadu, India – 600083
- IndustryFinancial Services, Microfinance Institutions, NBFC
To see the full contact details of Belstar Microfinance 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
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
The main business activity of Belstar Microfinance is financial and insurance service. In detail, this covers other financial activities.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| K | Financial and insurance Service | K8 | Other financial activities |
To see the full business activity and turnover split of Belstar Microfinance Limited, buy the company report.
Financials of Belstar Microfinance Limited
FY 2025 filings availableBelstar Microfinance Limited reported revenue of ₹2,124.99 Cr (up 15% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR)
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
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
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| EBITDA | ₹691.33 Cr | ||||
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| Net Profit (PAT) | ₹33.66 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 | 32.5% | ||||
| Net Profit Margin | 1.6% | ||||
| Return on Equity (ROE) | |||||
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To see the full financial statements and ratios of Belstar Microfinance Limited, buy the company report.
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
Belstar Microfinance Limited is compared with the 7 companies closest to it by revenue in the BFSI industry (Large NBFC, Micro Finance Institutions, Systemically Important Non Deposit NBFC), with the same principal business activity (other financial activities), from the latest filed financials of each company.
| 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 | |||
| Icm Finance Private Limited | ₹2,260.31 Cr (FY 2025) | -23.0% | Kolkata, West Bengal, India | |||
| Satin Creditcare Network Limited | ₹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 Limitedthis company | ₹2,124.99 Cr (FY 2025) | ₹33.66 Cr | 1.6% | 15.0% | 8,926 | Chennai, Tamil Nadu, India |
| Annapurna Finance Private Limited | ₹2,074.26 Cr (FY 2024) | 32.0% | Bhubaneswar, Odisha, India | |||
| Ifci Limited | ₹2,064.16 Cr (FY 2025) | -2.0% | New Delhi, Delhi, India | |||
| Jagran Media Network Investment Private Limited | ₹1,994.92 Cr (FY 2025) | -2.0% | Uttar Pradesh, India |
To see the full peer comparison of Belstar Microfinance Limited, buy the company report.
Auditor
Belstar Microfinance Limited is audited by N SANKARAN & CO for the financial year 2018.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| N SANKARAN & CO | FY 2018 | 003590S |
Shareholding
The shareholding of Belstar Microfinance 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 Belstar Microfinance Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 22 Dec 2025 | 101203282 | Others | ₹200 Cr | Open | |
| 27 Nov 2025 | 101192752 | Others | ₹100 Cr | Open | |
| 06 Oct 2025 | 101166162 | Others | ₹100 Cr | Open | |
| 30 Sep 2025 | 101162655 | Idbi Bank Limited | ₹100 Cr | Open | |
| 29 Sep 2025 | 101164091 | Others | ₹150 Cr | Open |
To see the full charge records of Belstar Microfinance Limited, buy the company report.
Total charge records: 317 View all charges
Deals & funding
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 |
To see the full deal history of Belstar Microfinance 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
Belstar Microfinance Limited has 40 court cases on record: 5 filed by Belstar Microfinance, 35 filed against it. 28 cases are pending and 12 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 35 | 35 | 25 |
| High courts | 5 | 0 | 3 |
Cases on record (5 of 40)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, BIDAR, Karnataka | Court case (ECA) | 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, Coimbatore, Tamil Nadu | Civil suit | Filed against the company by an individual | Pending |
| District court, Cuddalore, Tamil Nadu | Court case (IP) | Filed against the company | Pending |
| District court, Cuddalore, Tamil Nadu | Civil suit | Filed against the company | Pending |
To see the full case history of Belstar Microfinance 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
Belstar Microfinance Limited was last rated by Care on 10 Aug 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Care | 10 Aug 2022 |
To see the full credit ratings and regulatory alerts of Belstar Microfinance Limited, buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Belstar Microfinance Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Employees & EPFO
Belstar Microfinance Limited has a workforce of 8,926 employees on its EPFO records as of Apr 06, 2024, across 1 active EPFO establishment.
GST
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 |
To see the full GST registrations and return filing status of Belstar Microfinance Limited, buy the company report.
Recent activity
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 in the company report.
News
Frequently asked questions
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 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
The latest financial statements of Belstar Microfinance on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 01 September 2025. Year-wise statements from 2015 are in the company report.
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 35 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, Icm Finance Private Limited, Satin Creditcare Network Limited, Wadhawan Global Capital Limited, Annapurna Finance Private Limited and 2 more, all in the BFSI industry (Large NBFC, Micro Finance Institutions, Systemically Important Non Deposit NBFC), with the same principal business activity (other financial activities).
Vadakke Anavanghot Prasanth ceased to be Additional Director on 17 Jul 2025. Jayaraman Balakrishnan was appointed as CEO on 18 Jun 2025. Vadakke Anavanghot Prasanth was appointed as Director on 28 Apr 2025. Belstar Microfinance has 42 board changes on record in total.
Belstar Microfinance can be reached through the website belstar.in. Its registered office is in Chennai, Tamil Nadu, India.