About Encube Ethicals Private Limited
Data last updated:
Encube Ethicals Private Limited is a private limited company based in Mumbai, Maharashtra, India. It operates in the drug formulation and development segment of the pharmaceuticals sector. It was incorporated on 07 September 1995 and has been in existence for over 31 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U24230MH1995PTC092485. Its GSTIN is 27AAACE1408R1ZH (Maharashtra). The company holds 13 GST registrations, of which 12 are active.
The company has an authorised share capital of ₹15 Cr and a paid-up capital of ₹10.13 Cr. It is led by directors including Mehul Madhusudan Shah (Managing Director) and Nilesh Navinchandra Maniar.
Its last annual general meeting (AGM) was held on 30 September 2025, and its latest financial statements are for the year ended 31 March 2024. The registered office is at 803 B Wing Hdil Kaledonia Sahar Road Andheri East, Mumbai, Maharashtra, India – 400069.
As per the financials filed for FY 2025, the company reported a revenue of ₹1,369 Cr, a growth of 25% compared to the previous year. For the same year it recorded a net profit of ₹249.6 Cr (net margin 18.2%) and EBITDA of ₹455.9 Cr (EBITDA margin 33.3%). Revenue has grown at a compounded annual rate (CAGR) of 23% over three years and 28% over five years.
The company has about 1,139 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Encube Ethicals. As per MCA filings, the company has open charges of ₹308.1 Cr and satisfied charges of ₹5.16 Cr on record. Court records list 6 cases involving the company, including 4 filed by the company and 2 filed against it; 1 case is pending.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website encubeethicals.com.
CIN History
Encube Ethicals has one previous CIN (Corporate Identification Number): U24230MH1995PLC092485. The current CIN is U24230MH1995PTC092485, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U24230MH1995PTC092485 | Current |
| U24230MH1995PLC092485 | Previous |
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- TelephoneLocked
- Website
- Social Media
- Registered Address803 B Wing Hdil Kaledonia Sahar Road Andheri East, Mumbai, Maharashtra, India – 400069
- IndustryPharma, Drug Formulation & Development
- 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
Encube Ethicals operates one associated brand: Encube Ethicals. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Contract development and manufacturing for topical semisolid formulations are provided. | encubeethicals.com |
Business Activity
The main business activities of Encube Ethicals are manufacturing and professional, scientific and technical. In detail, this covers chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products and scientific research and development. 2 activity segments are registered with the MCA.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| C | Manufacturing | C6 | Chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products | Locked |
| M | Professional, Scientific and Technical | M5 | Scientific research and development | 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
Financials of Encube Ethicals Private Limited
FY 2024 filings availableEncube Ethicals Private Limited reported revenue of ₹1,369 Cr (up 25% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 28% over five years, including 25% growth in the latest year. EBITDA rose 48% 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 2020-21 to FY 2023-24in the company report |
|---|---|---|
| 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 | ₹455.9 Cr | |
| Profit Before Tax | •••• | |
| Tax Expense | •••• | |
| Net Profit (PAT) | ₹249.6 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
| Metrics | FY 2024-25 | FY 2020-21 to FY 2023-24in the company report |
|---|---|---|
| Profitability | ||
| EBITDA Margin | 33.3% | |
| Net Profit Margin | 18.2% | |
| 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, and every line for FY 2020-21 to FY 2023-24, 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 Encube Ethicals are in the company report.
: available in the company report
Board of Directors of Encube Ethicals Private Limited
Encube Ethicals has 6 current directors and 6 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Mehul Madhusudan Shah | Managing Director | 07 Sep 1995 | 31 Years 1 Months | Current |
| Nilesh Navinchandra Maniar | Director | 30 Jan 2002 | 24 Years 8 Months | Current |
| Amit Varma Also directs: Cnext Health Solutions LLP, Nobel Hygiene Private Limited, Quadria Capital Advisors Private Limited and 5 more | Director | 28 Jun 2021 | 5 Years 3 Months | Current |
| Madhusudan Nyalchand Shah | Director | 07 Sep 1995 | 31 Years 1 Months | Current |
| Himanshu Mahendra Gandhi | Director | 30 Jan 2002 | 24 Years 8 Months | Current |
| Jinaraja Sanjeeva Poojary | Director | 26 Nov 2025 | 0 Years 10 Months | Current |
Peer Comparison
Encube Ethicals Private Limited is compared with the companies closest to it by revenue in the Pharma industry (Formulations), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Annora Pharma Private Limited | ₹1,493.96 Cr (FY 2025) | •••• | •••• | 22.0% | •••• | Gummadidala Mandal, Telangana, India |
| Synthimed Labs Private Limited | ₹1,478.44 Cr (FY 2025) | •••• | •••• | 25706.0% | •••• | Chandigarh, India |
| Onesource Specialty Pharma Limited | ₹1,462.33 Cr (FY 2025) | •••• | •••• | 730.0% | •••• | Thane, Maharashtra, India |
| Par Formulations Private Limited | ₹1,462.09 Cr (FY 2025) | •••• | •••• | 5.0% | •••• | Chennai, Tamil Nadu, India |
| Encube Ethicals Private Limited this company | ₹1,369 Cr (FY 2025) | •••• | •••• | 25.0% | •••• | Mumbai, Maharashtra, India |
| Sentiss Pharma Private Limited | ₹1,262.74 Cr (FY 2025) | •••• | •••• | 43.0% | •••• | New Delhi, Delhi, India |
| Innova Captab Limited | ₹1,255.72 Cr (FY 2025) | •••• | •••• | 15.0% | •••• | Thane, Maharashtra, India |
| Cipla Health Limited | ₹1,228.87 Cr (FY 2025) | •••• | •••• | 17.0% | •••• | Mumbai, Maharashtra, India |
Peers are the companies nearest to Encube Ethicals by revenue, above and below it, in the Pharma industry (Formulations), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products), from the latest filed financials of each company. Net profit, margin and employee counts of each peer are in the company report.
Auditor Details
Encube Ethicals Private Limited is audited by Shaparia Mehta & Associates Llp for the financial year 2023.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| Shaparia Mehta & Associates Llp | Locked | Locked | Locked |
: available in the company report
Ownership and Shareholding
: available in the company report
Charges & Borrowings
| Date | Lender | Amount | Status |
|---|---|---|---|
| 22 Mar 2019 | Citi Bank N.A. | ₹62.1 Cr | Open |
| 31 Jul 2009 | Hdfc Bank Limited | ₹246 Cr | Open |
| 20 Mar 2009 | Janakalyan Sahakari Bank Limited | ₹66 Lakh | Satisfied |
| 20 Mar 2009 | Janakalyan Sahakari Bank Limited | ₹50 Lakh | Satisfied |
| 03 Feb 2007 | Icici Bank Limited | ₹2 Cr | Satisfied |
Total charge records: 6 View all charges
Legal Cases
Encube Ethicals Private Limited has 6 court cases on record: 4 filed by Encube Ethicals, 2 filed against it. 1 case is pending and 5 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 3 | 2 | 0 |
| High courts | 2 | 0 | 1 |
| NCLT | 1 | 0 | 0 |
Cases on record (5 of 6)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court, TELANGANA | Petition | Filed by the company against Suven Life Sciences Ltd and 1 other | Disposed |
| Bombay High Court | Writ petition | Filed by the company against Union of India | Pending |
| District court, Sindhudurg, Maharashtra | Civil suit | Filed against the company by State of Maharashtra | Disposed |
| District court, Sindhudurg, Maharashtra | Criminal miscellaneous application | Filed by the company against State of Maharashtra | Disposed |
| NCLT, Mumbai | Court case (C.A.(CAA)) | Filed by the company | Disposed |
: available in 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.
MSME Payment Delays
Encube Ethicals Private Limited has 11 MSME Form 1 returns on record between 2017 and 2024, listing 546 overdue payments to 124 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 124)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Av Holidays | •••• | •••• | •••• |
| Abteck Automation Private Limited | •••• | •••• | •••• |
| an individual supplier | •••• | •••• | •••• |
| an individual supplier | •••• | •••• | •••• |
| an individual supplier | •••• | •••• | •••• |
: available in the company report
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
Encube Ethicals Private Limited has a workforce of 1,139 employees as of Apr 06, 2024.
: available in the company report
Recent Activity
Encube Ethicals Private Limited has 10 board changes on record since 1995: 6 appointments and 4 cessations. The latest: Jinaraja Sanjeeva Poojary was appointed as Director on 26 Nov 2025.
15 earlier events are listed in the company report.
Credit Ratings, Litigation & Regulatory Alerts
: available in the company report
Subsidiaries & Group Companies
: available in the company report
GST Compliance
Encube Ethicals has 13 GST registrations: 12 active and 1 cancelled or inactive. The first 4 active GSTINs are listed below.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACE1408R1ZH | Maharashtra | Active | 01 Jul 2017 |
| 27AAACE1408R2ZG | Maharashtra | Active | 03 Aug 2017 |
| 30AAACE1408R1ZU | Goa | Active | 01 Jul 2017 |
| 23AAACE1408R1ZP | Madhya Pradesh | Active | 29 Jan 2022 |
: available in the company report
MCA Filings & Documents
: available in the company report
Related news
Frequently Asked Questions
Encube Ethicals is an active private limited company based in Mumbai, Maharashtra, India. The company works in drug formulation and development, within the pharma industry. It was incorporated on 07 September 1995 (31+ years old) and is registered under CIN U24230MH1995PTC092485.
Encube Ethicals has 6 current directors:
- Mehul Madhusudan Shah - Managing Director
- Nilesh Navinchandra Maniar - Director
- Amit Varma - Director
- Madhusudan Nyalchand Shah - Director
- Himanshu Mahendra Gandhi - Director
- Jinaraja Sanjeeva Poojary - Director
The latest financial statements of Encube Ethicals on record with the MCA are for the year ended 31 March 2024. Its last annual general meeting was held on 30 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Encube Ethicals is 27AAACE1408R1ZH, registered in Maharashtra. The company has 13 GST registrations in all, of which 12 are active and 1 is cancelled or inactive. Other active GSTINs include 27AAACE1408R2ZG (Maharashtra), 30AAACE1408R1ZU (Goa), 23AAACE1408R1ZP (Madhya Pradesh).
The CIN (Corporate Identification Number) of Encube Ethicals is U24230MH1995PTC092485. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Encube Ethicals has 6 court cases on record: 4 filed by the company and 2 filed against it. 1 is pending. Most are in the district courts.
Encube Ethicals was incorporated on 07 September 1995, making it 31+ years old. It is registered with the Registrar of Companies, Mumbai.
The peers of Encube Ethicals by revenue are Annora Pharma Private Limited, Synthimed Labs Private Limited, Onesource Specialty Pharma Limited, Par Formulations Private Limited, Sentiss Pharma Private Limited and 2 more, all in the Pharma industry (Formulations), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products).
Jinaraja Sanjeeva Poojary was appointed as Director on 26 Nov 2025. Amit Varma was appointed as Director on 28 Jun 2021. Amit Varma ceased to be Additional Director on 28 Jun 2021. Encube Ethicals has 10 board changes on record in total.
Encube Ethicals has 11 MSME Form 1 returns on record between 2017 and 2024, listing 546 overdue payments to 124 micro and small suppliers. The latest return was filed on 30 Apr 2024.
Encube Ethicals can be reached through the website encubeethicals.com. Its registered office is in Mumbai, Maharashtra, India.
The registered office of Encube Ethicals is at 803 B Wing Hdil Kaledonia Sahar Road Andheri East, Mumbai, Maharashtra, India – 400069.