MSME (Udyam registered) Ministry of MSME
- Category
- Small (2020-21)
- Udyam number
- UDYAM-DL-01-0002118
Csep Research Foundation - research & development in New Delhi, Delhi, India. FY 2026 financials & compliance.
Revenue · FY 2025
₹23.95 Cr
▼ 11% YoY
Net loss · FY 2025
₹3.6 Cr
Net margin -15%
EBITDA · FY 2025
-₹3.28 Cr
EBITDA margin -13.7%
Authorised capital
₹20 Lakh
Registered with MCA
Paid-up capital
₹1 Lakh
Issued & subscribed
Company age
13 yrs
Est. 2013
Directors on board
12
As per MCA filings
Key managerial staff
1
CEO, CFO, company secretary
About Csep Research Foundation
Data last updated:
Csep Research Foundation is a private not for profit company based in New Delhi, Delhi, India. It operates in the research and development sector. It was incorporated on 21 February 2013 and has been in existence for over 13 years.
Its director Kiran Mazumdar-Shaw is #102 among India's richest people (2026). Its director Hari Bhartia is #252 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Delhi, under CIN U74999DL2013NPL248687. Its GSTIN is 07AAFCB3689J2Z9 (Delhi). The company holds 2 GST registrations, of which 1 is active.
The company has an authorised share capital of ₹20 Lakh and a paid-up capital of ₹1 Lakh. It was formerly known as Brookings Institution India Center and Csep Foundation. It is led by directors including Kiran Mazumdar Shaw and Hari Shanker Bhartia.
Its last annual general meeting (AGM) was held on 25 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at 6 Diplomatic Encl Dr. Jose P. Rizal Marg Chanakyapuri, New Delhi, Delhi, India – 110021.
As per the financials filed for FY 2025, the company reported a revenue of ₹23.95 Cr, a decline of 11% compared to the previous year. For the same year it recorded a net loss of ₹3.6 Cr (net margin -15%) and EBITDA of -₹3.28 Cr (EBITDA margin -13.7%). Revenue has grown at a compounded annual rate (CAGR) of 23% over three years and 18% over five years.
Csep Research Foundation is registered as a small enterprise under the Udyam registration framework (Reg. No. UDYAM-DL-01-0002118). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website csep.org.
Company Details of Csep Research Foundation
CIN U74999DL2013NPL248687
Registration Number 248687
Incorporation Date 21 February 2013
ROC Delhi
Listing Status Unlisted
Company Status Active
Date of Last AGM 25 September 2025
Date of Balance Sheet 31 March 2025
Compliance Status Active Compliant
MSME Classification Small
Udyam Registration UDYAM-DL-01-0002118
Name History of Csep Research Foundation
Csep Research Foundation has undergone 3 name changes throughout its history. The company was previously known as Brookings Institution India Center, Csep Foundation, and The India Policy Centre. The current legal name is Csep Research Foundation.
| Company Name | Status |
|---|---|
| Csep Research Foundation | Current |
| Brookings Institution India Center | Previous |
| Csep Foundation | Previous |
| The India Policy Centre | Previous |
Recognitions & Rankings of Csep Research Foundation
India's Richest People 2026 edition · 3 directors · Source: Hurun India
- #102 Kiran Mazumdar-Shaw ₹32,900 Cr
- #252 Hari Bhartia ₹14,600 Cr
- #793 Ajay S Shriram ₹3,900 Cr
Contact Details
- EmailLocked
- TelephoneLocked
- Website
- Social Media
- Registered Address6 Diplomatic Encl Dr. Jose P. Rizal Marg Chanakyapuri, New Delhi, Delhi, India – 110021
- IndustryResearch & Development, Research & Development
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Business Activity of Csep Research Foundation
The main business activity of Csep Research Foundation is professional, scientific and technical. In detail, this covers scientific research and development.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| M | Professional, Scientific and Technical | M5 | Scientific research and development | Locked |
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Business activity turnover details
Turnover share and past changes in activity are in the company report.
- Turnover contribution
- Historical classifications
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Financials of Csep Research Foundation FY 2025 filings available
Csep Research Foundation reported revenue of ₹23.95 Cr (down 11% YoY) for FY 2025.
Revenue · FY 2025
₹23.95 Cr ▼ 11%
Net loss · FY 2025
₹3.6 Cr margin -15%
EBITDA · FY 2025
-₹3.28 Cr margin -13.7%
Compounded Annual Growth Rate (CAGR) of Csep Research Foundation
Revenue CAGR growth
1 year
▼ 11%
3 years · compounded
▲ 23%
5 years · compounded
▲ 18%
EBITDA CAGR growth
3 years · compounded
▼ 39%
5 years · compounded
▼ 39%
Revenue fell 11% in the latest year, but over five years it has grown at a compounded annual rate (CAGR) of 18%. 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 Csep Research Foundation
| 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 | -₹3.28 Cr | •••• | •••• | •••• | •••• |
| Profit Before Tax | •••• | •••• | •••• | •••• | •••• |
| Tax Expense | •••• | •••• | •••• | •••• | •••• |
| Net Profit (PAT) | -₹3.6 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 Csep Research Foundation
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | -13.7% | •••• | •••• | •••• | •••• |
| Net Profit Margin | -15% | •••• | •••• | •••• | •••• |
| 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 Csep Research Foundation are in the company report.
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Financial statements from 2015
Earlier years and trend charts are in the company report.
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Board of Directors and KMP of Csep Research Foundation
Csep Research Foundation currently reports 11 directors and 1 key managerial person. 20 former directors have served the organization.
Current Directors and KMP
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Kiran Mazumdar Shaw | Director | 09 Nov 2021 | 4 Years 11 Months | Current |
| Hari Shanker Bhartia | Director | 22 Sep 2020 | 6 Years 1 Months | Current |
| Geetanjali Vikram Kirloskar Also directs: Kirloskar Proprietary Limited, Kirloskar Systems Private Limited, Bharat Toyota Tsusho Kirloskar Motor Private Limited and 5 more | Director | 16 Jun 2023 | 3 Years 4 Months | Current |
| Ajay Shridhar Shriram | Director | 28 Jan 2022 | 4 Years 8 Months | Current |
| Vikram Singh Mehta | Director | 22 Sep 2020 | 6 Years 1 Months | Current |
| Gaurav Dalmia Also directs: Gti Capital Advisory Services (India) LLP, Dalmia Principal Strategies LLP, Clover Advisory Services LLP and 4 more | Director | 22 Sep 2020 | 6 Years 1 Months | Current |
Showing 6 of 12 current directors and KMP. View all directors and KMP
Peer Comparison of Csep Research Foundation
Csep Research Foundation is compared with the companies closest to it by revenue in the same principal business activity (Scientific research and development). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| GV Safety Assessment Platform Private Limited | ₹24.49 Cr (FY 2025) | •••• | •••• | 110.0% | •••• | Hyderabad, Telangana, India |
| Club First Robotics Private Limited | ₹24.43 Cr (FY 2025) | •••• | •••• | -21.0% | •••• | Jaipur, Rajasthan, India |
| Orchid Scientific & Innovative India Private Limited | ₹24.22 Cr (FY 2024) | •••• | •••• | -45.0% | •••• | Nashik, Maharashtra, India |
| Kenpack Pharma Private Limited | ₹24.1 Cr (FY 2025) | •••• | •••• | 222.0% | •••• | Mumbai, Maharashtra, India |
| Cellworks Research India Private Limited | ₹23.98 Cr (FY 2024) | •••• | •••• | 15.0% | •••• | Bangalore, Karnataka, India |
| Csep Research Foundation this company | ₹23.95 Cr (FY 2025) | •••• | •••• | -11.0% | •••• | New Delhi, Delhi, India |
| Atgc Biotech Private Limited | ₹23.77 Cr (FY 2024) | •••• | •••• | 58.0% | •••• | Hyderabad, Telangana, India |
| Foundation for Innovative New Diagnostics India | ₹23.75 Cr (FY 2025) | •••• | •••• | -80.0% | •••• | New Delhi, Delhi, India |
| Pharmascroll Research and Consulting Private Limited | ₹23.68 Cr (FY 2025) | •••• | •••• | 70.0% | •••• | Hyderabad, Telangana, India |
| Appcure Labs Private Limited | ₹23.08 Cr (FY 2025) | •••• | •••• | 41.0% | •••• | Hyderabad, Telangana, India |
| Sanjay Knit Private Limited | ₹23.05 Cr (FY 2024) | •••• | •••• | 0.0% | •••• | Pune, Maharashtra, India |
Peers are the five companies nearest above and the five nearest below Csep Research Foundation by revenue in the same principal business activity (Scientific research and development), 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 Csep Research Foundation
Csep Research Foundation is audited by Suresh Surana & Associates LLP for the financial year 2023.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| Suresh Surana & Associates LLP | Locked | Locked | Locked |
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Complete auditor history
Appointment and cessation dates and past auditor changes are in the company report.
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Ownership and Shareholding of Csep Research Foundation
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Charges & Borrowings of Csep Research Foundation
Csep Research Foundation does not have any charges (loans) registered with the Registrar of Companies.
MSME Payment Delays by Csep Research Foundation
Csep Research Foundation has 4 MSME Form 1 returns on record between 2023 and 2024, listing 22 overdue payments to 5 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 5)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Lumax Tours & Travels Limited | •••• | •••• | •••• |
| Muhavra Enterprises Private Limited | •••• | •••• | •••• |
| Angel Enterprises | •••• | •••• | •••• |
| M S G Personnel Vision Private Limited | •••• | •••• | •••• |
| Washroom Hygiene Concepts Private Limited | •••• | •••• | •••• |
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Full MSME payment history
Every supplier, amount and due date from all 4 MSME Form 1 returns is in the company report.
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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 Csep Research Foundation
Employment history and EPFO contributions of people linked to Csep Research Foundation.
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Employee and EPFO history
Monthly headcount, contribution history and filing status are in the company report.
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Recent Activity on Csep Research Foundation
Csep Research Foundation has 33 board changes on record since 2014: 12 appointments and 21 cessations. The latest: Geetanjali Vikram Kirloskar ceased to be Additional Director on 03 Sep 2023.
AGM
Csep Research Foundation last Annual general meeting of members was held on 25 Sep 2025 as per latest MCA records.
Filing
Csep Research Foundation has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Delhi.
Ceased
Geetanjali Vikram Kirloskar ceased to be Additional Director.
Appointed
Geetanjali Vikram Kirloskar was appointed as Director.
Appointed
Laveesh Bhandari was appointed as CEO.
Ceased
Ajay Shridhar Shriram ceased to be Additional Director.
Ceased
Kiran Mazumdar Shaw ceased to be Additional Director.
Ceased
Naushad Darius Forbes ceased to be Additional Director.
Ceased
Nirajkumar Ramkrishnaji Bajaj ceased to be Additional Director.
Ceased
Sanjay Omprakash Nayar ceased to be Director.
Appointed
Nirajkumar Ramkrishnaji Bajaj was appointed as Director.
Appointed
Naushad Darius Forbes was appointed as Director.
24 earlier events are listed in the company report.
Credit Ratings, Litigation & Regulatory Alerts for Csep Research Foundation
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Credit ratings, litigation, and regulatory alerts
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Subsidiaries & Group Companies of Csep Research Foundation
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GST Compliance of Csep Research Foundation
Csep Research Foundation has 2 GST registrations: 1 active and 1 cancelled or inactive.
Total GSTINs
2
Active
1
Cancelled / inactive
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 07AAFCB3689J2Z9 | Delhi | Active | 20 Nov 2024 |
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MCA Filings & Documents of Csep Research Foundation
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Frequently Asked Questions about Csep Research Foundation
Csep Research Foundation is an active private not for profit company based in New Delhi, Delhi, India. The company works in the research and development industry. It was incorporated on 21 February 2013 (13+ years old) and is registered under CIN U74999DL2013NPL248687.
Csep Research Foundation reported revenue of ₹23.95 Cr for FY 2025 (down 11% YoY).
Csep Research Foundation has 12 current directors and KMP:
- Kiran Mazumdar Shaw - Director
- Hari Shanker Bhartia - Director
- Geetanjali Vikram Kirloskar - Director
- Ajay Shridhar Shriram - Director
- Vikram Singh Mehta - Director
- Gaurav Dalmia - Director
- Naushad Darius Forbes - Director
- Rakesh Mohan - Director
- Sanjay Omprakash Nayar - Director
- Nirajkumar Ramkrishnaji Bajaj - Director
- Pallavi Shardul Shroff - Director
- Laveesh Bhandari - Ceo
Csep Research Foundation reported a net loss of ₹3.6 Cr (net margin -15%) and EBITDA of -₹3.28 Cr (EBITDA margin -13.7%) for FY 2025, as per its filed financial statements.
The compounded annual growth rate (CAGR) of the revenue of Csep Research Foundation is 23% over three years and 18% over five years. In the latest year (FY 2025) revenue fell 11%. CAGR is the steady yearly rate that links the first and the last year.
The GSTIN of Csep Research Foundation is 07AAFCB3689J2Z9, registered in Delhi. The company has 2 GST registrations in all, of which 1 is active and 1 is cancelled or inactive.
The CIN (Corporate Identification Number) of Csep Research Foundation is U74999DL2013NPL248687. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Csep Research Foundation was incorporated on 21 February 2013, making it 13+ years old. It is registered with the Registrar of Companies, Delhi.
The peers of Csep Research Foundation by revenue are GV Safety Assessment Platform Private Limited, Club First Robotics Private Limited, Orchid Scientific & Innovative India Private Limited, Kenpack Pharma Private Limited, Cellworks Research India Private Limited and 5 more, all in the same principal business activity (Scientific research and development).
Geetanjali Vikram Kirloskar ceased to be Additional Director on 03 Sep 2023. Geetanjali Vikram Kirloskar was appointed as Director on 16 Jun 2023. Laveesh Bhandari was appointed as CEO on 02 May 2023. Csep Research Foundation has 33 board changes on record in total.
Yes, Csep Research Foundation is registered as a small enterprise under Udyam registration (number: UDYAM-DL-01-0002118).
Csep Research Foundation has 4 MSME Form 1 returns on record between 2023 and 2024, listing 22 overdue payments to 5 micro and small suppliers. The latest return was filed on 30 Apr 2024.