About Mahan Energen Limited
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Mahan Energen Limited is a public limited company based in Gandhinagar, Gujarat, India, a subsidiary of Essar Power Limited. It operates in the electric power generation segment of the energy sector. It was incorporated on 19 October 2005 and has been in existence for over 21 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U40100GJ2005PLC147690. Its GSTIN is 23AABCE6086C2ZY (Madhya Pradesh). The company holds 3 GST registrations, of which 1 is active.
The company has an authorised share capital of ₹10,000 Cr and a paid-up capital of ₹897 Cr. It was formerly known as Essar Power M P Limited. It is led by directors including Shersingh Bhagwanaram Khyalia and Sunil Sheshmal Tokarawat.
Its last annual general meeting (AGM) was held on 25 June 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at Gandhinagar, Gujarat.
As per the financials filed for FY 2026, the company reported a revenue of ₹3,614.16 Cr, a decline of 14% compared to the previous year. For the same year it recorded a net profit of ₹784.47 Cr (net margin 21.7%) and EBITDA of ₹1,599.34 Cr (EBITDA margin 44.3%). Revenue has grown at a compounded annual rate (CAGR) of 10% over three years and 39% over five years.
As per MCA filings, the company has open charges of ₹10,333 Cr and satisfied charges of ₹15,148 Cr on record. Court records list 76 cases involving the company, including 55 filed by the company and 21 filed against it; 38 cases are pending. The company has 17 deals on record (5 funding rounds, 4 rights issues, 4 secondary share transfers), with disclosed funding of ₹1,270.77 Cr; the latest was in November 2021. Its 7 peer companies in the Metals and Minerals industry (Mining, Thermal Power Plants), with the same principal business activity (electric power generation, transmission and distribution) are compared by revenue, 3 larger and 4 smaller; the largest is Il&Fs Tamil Nadu Power Company Limited with revenue of ₹4,572.59 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 essar.com.
Company details
CIN history
Mahan Energen has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is U40100GJ2005PLC147690, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U40100GJ2005PLC147690 | Current |
| U40100MH2005PLC156845 | Previous |
| U40100DL2005PLC201961 | Previous |
Contact details
Mahan Energen Limited's registered office is in Gandhinagar, Gujarat.
- Social Media
- Registered AddressAdani Corporate House Shantigram Near Vaishno Devi Circle, S. G. Highway Khodiyar, Gandhinagar, Gujarat, India – 382421
- IndustryEnergy, Electric Power Generation, Transmission And Distribution
- 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
Business activity
The main business activity of Mahan Energen is electricity, gas, steam and air condition supply. In detail, this covers electric power generation, transmission and distribution.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| D | Electricity, gas, steam and air condition supply | D1 | Electric power generation, transmission and distribution |
To see the full business activity and turnover split of Mahan Energen Limited, buy the company report.
Financials of Mahan Energen Limited
FY 2025 filings availableMahan Energen Limited reported revenue of ₹3,614.16 Cr (down 14% YoY) for FY 2026.
Compounded Annual Growth Rate (CAGR)
Revenue fell 14% in the latest year, but over five years it has grown at a compounded annual rate (CAGR) of 39%. 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 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
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| EBITDA | ₹1,599.34 Cr | ||||
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| Net Profit (PAT) | ₹784.47 Cr | ||||
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Financial Ratios
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
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| EBITDA Margin | 44.3% | ||||
| Net Profit Margin | 21.7% | ||||
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To see the full financial statements and ratios of Mahan Energen Limited, buy the company report.
Board of directors and KMP of Mahan Energen Limited
Mahan Energen Limited currently reports 5 directors and 1 key managerial person. 45 former directors have served the organization.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Shersingh Bhagwanaram Khyalia Also directs: Adani Power Limited | Director | 16 Mar 2022 | 4 Years 7 Months | Current |
| Mehul Ganesh Rajput | Additional Director | 09 Jul 2024 | 2 Years 3 Months | Current |
| Nishit Harshadrai Dave Also directs: Vidarbha Industries Power Limited, Moxie Power Generation Limited, Mahan Fuel Management Limited and 5 more | Cfo | 12 Dec 2023 | 2 Years 10 Months | Current |
| Sunil Sheshmal Tokarawat Also directs: Adani Power Dahej Limited, Kutchh Power Generation Limited, Korba Power Limited and 2 more | Director | 18 May 2024 | 2 Years 5 Months | Current |
| Sushama Ashvin Oza Also directs: Korba Power Limited, Wardha Solar (Maharashtra) Limited, Adani Renewable Energy (RJ) Limited and 5 more | Director | 16 Mar 2022 | 4 Years 7 Months | Current |
| Kanti Biswas Also directs: Vidarbha Industries Power Limited, Moxie Power Generation Limited, Adani Power Dahej Limited and 4 more | Additional Director | 30 Sep 2024 | 2 Years 0 Months | Current |
Peer comparison
Mahan Energen Limited is compared with the 7 companies closest to it by revenue in the Metals and Minerals industry (Mining, Thermal Power Plants), with the same principal business activity (electric power generation, transmission and distribution), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Il&Fs Tamil Nadu Power Company Limited | ₹4,572.59 Cr (FY 2025) | -9.0% | Chennai, Tamil Nadu, India | |||
| Nabha Power Limited | ₹4,487.13 Cr (FY 2025) | 3.0% | Rajpura, Punjab, India | |||
| MB Power (Madhya Pradesh) Limited | ₹4,346.59 Cr (FY 2025) | 1.0% | Anuppur, Madhya Pradesh, India | |||
| Jhajjar Power Limited. | ₹4,108.77 Cr (FY 2025) | -1.0% | New Delhi, Delhi, India | |||
| Diliigent Power Private Limited | ₹4,100.46 Cr (FY 2024) | 14.0% | Bhopal, Madhya Pradesh, India | |||
| Ntpc-Sail Power Company Limited | ₹4,082.81 Cr (FY 2025) | 5.0% | New Delhi, Delhi, India | |||
| R.K.M Powergen Private Limited | ₹4,054.92 Cr (FY 2025) | 2.0% | Chennai, Tamil Nadu, India | |||
| Mahan Energen Limitedthis company | ₹3,614.16 Cr (FY 2026) | ₹784.47 Cr | 21.7% | -14.0% | Gandhinagar, Gujarat, India |
To see the full peer comparison of Mahan Energen Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 25 Mar 2025 | 101066953 | Idbi Trusteeship Services Limited | ₹210.52 Cr | Open | |
| 26 Sep 2024 | 100978855 | Idbi Trusteeship Services Limited | ₹1,415 Cr | Open | |
| 20 Jun 2023 | 100759245 | Idbi Trusteeship Services Limited | ₹8,707.6 Cr | Open | |
| 20 Mar 2024 | 100897967 | State Bank of India | ₹422.37 Cr | Satisfied | |
| 16 Mar 2022 | 100549204 | Idbi Trusteeship Services Limited | ₹1,900 Cr | Satisfied |
To see the full charge records of Mahan Energen Limited, buy the company report.
Total charge records: 17 View all charges
Deals & funding
Mahan Energen Limited has 17 deals on record (5 funding rounds, 4 rights issues, 4 secondary share transfers), with disclosed funding of ₹1,270.77 Cr; the latest was in November 2021.
Deals on record (5 of 17)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Nov 2021 | Acquisition | ₹3,000 Cr | Buyer: Adani Power Limited |
| Jan 2017 | Rights issue | ₹1,093.77 Cr | Investors: Essar Power Limited , Essar Power Holdings Limited |
| Aug 2015 | Rights issue | ₹334.29 Cr | Investors: Essar Power Limited |
| Sep 2014 | Secondary share transfer | Undisclosed | Buyer: Arcelorlmittal Nippon Steel India Limited, Essar Power Limited Seller: Essar Steel Limited |
| Oct 2012 | Funding round | ₹99 Cr | Investors: Essar Power Limited |
To see the full deal history of Mahan Energen 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
Mahan Energen Limited has 76 court cases on record: 55 filed by Mahan Energen, 21 filed against it. 38 cases are pending and 38 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 61 | 13 | 29 |
| District courts | 7 | 3 | 6 |
| NCLAT | 4 | 4 | 1 |
| Supreme Court | 2 | 1 | 2 |
| NCLT | 2 | 0 | 0 |
Cases on record (5 of 76)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Gautam Buddha Nagar, Uttar Pradesh | Civil suit | Filed by the company against Umbrella Enterprises Private Limited | Pending |
| High Court of Madhya Pradesh | Writ petition | Filed against the company by M P Power Management Company Limited | Pending |
| NCLAT, Chairperson Court | Tribunal matter | Filed against the company by Shaarc Projects Limited | Pending |
| Allahabad High Court | Writ petition | Filed by the company against U.P. Jal Vidyut Nigam Ltd. and 1 other | Pending |
| NCLAT, NCLAT New Delhi | Interim or miscellaneous application | Filed against the company by Shaarc Projects Limited | Disposed |
To see the full case history of Mahan Energen 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.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Mahan Energen Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
GST
Mahan Energen has 3 GST registrations: 1 active and 2 cancelled or inactive.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 23AABCE6086C2ZY | Madhya Pradesh | Active | 29 Sep 2020 |
To see the full GST registrations and return filing status of Mahan Energen Limited, buy the company report.
Recent activity
Mahan Energen Limited has 51 board changes on record since 2007: 6 appointments and 45 cessations. The latest: Purvee Dineshchandra Roy ceased to be Company Secretary on 05 Nov 2025.
87 earlier events are in the company report.
News
Frequently asked questions
Mahan Energen is an active public limited company based in Gandhinagar, Gujarat, India. The company works in electric power generation, within the energy industry. It was incorporated on 19 October 2005 (21+ years old) and is registered under CIN U40100GJ2005PLC147690.
Mahan Energen has 6 current directors and KMP:
- Shersingh Bhagwanaram Khyalia - Director
- Mehul Ganesh Rajput - Additional Director
- Sunil Sheshmal Tokarawat - Director
- Sushama Ashvin Oza - Director
- Kanti Biswas - Additional Director
- Nishit Harshadrai Dave - Cfo
The latest financial statements of Mahan Energen on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 25 June 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Mahan Energen is 23AABCE6086C2ZY, registered in Madhya Pradesh. The company has 3 GST registrations in all, of which 1 is active and 2 are cancelled or inactive.
The CIN (Corporate Identification Number) of Mahan Energen is U40100GJ2005PLC147690. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Mahan Energen has 76 court cases on record: 55 filed by the company and 21 filed against it. 38 are pending. Most are in the high courts.
Mahan Energen was incorporated on 19 October 2005, making it 21+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Mahan Energen has 17 deals on record (5 funding rounds, 4 rights issues, 4 secondary share transfers), with disclosed funding of ₹1,270.77 Cr; the latest was in November 2021.
The peers of Mahan Energen by revenue are Il&Fs Tamil Nadu Power Company Limited, Nabha Power Limited, MB Power (Madhya Pradesh) Limited, Jhajjar Power Limited, Diliigent Power Private Limited and 2 more, all in the Metals and Minerals industry (Mining, Thermal Power Plants), with the same principal business activity (electric power generation, transmission and distribution).
Purvee Dineshchandra Roy ceased to be Company Secretary on 05 Nov 2025. Kanti Biswas was appointed as Additional Director on 30 Sep 2024. Mehul Ganesh Rajput was appointed as Additional Director on 09 Jul 2024. Mahan Energen has 51 board changes on record in total.
Mahan Energen can be reached through the website essar.com. Its registered office is in Gandhinagar, Gujarat, India.