MSME (Udyam registered) Ministry of MSME
- Udyam number
- UDYAM-GJ-22-0029087
Ethics Innovations Private Limited
Ethics Innovations Private Limited - transport and logistics in Pipodara, Gujarat, India. FY 2026 financials & compliance.
Revenue · FY 2025
₹130.21 Cr
▲ 131% YoY
Net profit · FY 2025
₹1.21 Cr
Net margin 0.9%
EBITDA · FY 2025
₹2.11 Cr
EBITDA margin 1.6%
Authorised capital
₹1 Lakh
Registered with MCA
Paid-up capital
₹1 Lakh
Issued & subscribed
Open charges
₹4.46 Cr
Satisfied ₹7.98 Cr
Company age
9 yrs
Est. 2017
Employees · EPFO
59
Provident fund records
About Ethics Innovations Private Limited
Data last updated:
Ethics Innovations Private Limited is a private limited company based in Pipodara, Gujarat, India, a subsidiary of Ethics Infinity Private Limited. It operates in the cold storage and warehousing services segment of the transport and logistics sector. It was incorporated on 31 October 2017 and has been in existence for over 9 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U60300GJ2017PTC099613. Its GSTIN is 24AAECE8324Q1Z8 (Gujarat). The company holds 5 GST registrations, all of them active.
The company has an authorised share capital of ₹1 Lakh and a paid-up capital of ₹1 Lakh. It is led by directors including Rajendrakumar Vallabhbhai Asodaria (Managing Director) and Chiragbhai Trikambhai Lakhani (Managing Director).
Its last annual general meeting (AGM) was held on 30 September 2024, and its latest financial statements are for the year ended 31 March 2024. The registered office is at Block No. 48 Plot – K2 Tempogali Pipodara GIDC, Gujarat, India – 394110.
As per the financials filed for FY 2025, the company reported a revenue of ₹130.21 Cr, a growth of 131% compared to the previous year. For the same year it recorded a net profit of ₹1.21 Cr (net margin 0.9%) and EBITDA of ₹2.11 Cr (EBITDA margin 1.6%). Revenue has grown at a compounded annual rate (CAGR) of 43% over three years and 40% over five years.
The company has about 59 employees on its provident fund (EPFO) records.
As per MCA filings, the company has open charges of ₹4.46 Cr and satisfied charges of ₹7.98 Cr on record. Court records list 1 case involving the company.
Ethics Innovations Private Limited is registered as an MSME under the Udyam registration framework (Reg. No. UDYAM-GJ-22-0029087). The current compliance status is marked as compliant by the Registrar of Companies.
Company Details of Ethics Innovations Private Limited
CIN U60300GJ2017PTC099613
Registration Number 099613
Incorporation Date 31 October 2017
ROC Ahmedabad
Listing Status Unlisted
Company Status Active
Date of Last AGM 30 September 2024
Date of Balance Sheet 31 March 2024
Parent Company Ethics Infinity Private Limited
Compliance Status Active Compliant
MSME Classification MSME
Udyam Registration UDYAM-GJ-22-0029087
Key People
Rajendrakumar Vallabhbhai Asodaria Managing Director Chiragbhai Trikambhai Lakhani Managing Director Bipinbhai Ishwarbhai Kevadiya Managing Director Recognitions & Rankings of Ethics Innovations
Contact Details
- EmailLocked
- TelephoneLocked
- WebsiteLocked
- Social MediaLocked
- Registered AddressBlock No. 48 Plot – K2 Tempogali Pipodara GIDC, Gujarat, India – 394110
- IndustryTransport and Logistics, Cold Storage & Warehousing Services
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Business Activity of Ethics Innovations Private Limited
The main business activity of Ethics Innovations is transport and storage. In detail, this covers warehousing and storage.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| H | Transport and storage | H6 | Warehousing and storage | Locked |
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Business activity turnover details
Turnover share and past changes in activity are in the company report.
- Turnover contribution
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Financials of Ethics Innovations Private Limited FY 2024 filings available
Ethics Innovations Private Limited reported revenue of ₹130.21 Cr (up 131% YoY) for FY 2025.
Revenue · FY 2025
₹130.21 Cr ▲ 131%
Net profit · FY 2025
₹1.21 Cr margin 0.9%
EBITDA · FY 2025
₹2.11 Cr margin 1.6%
Compounded Annual Growth Rate (CAGR) of Ethics Innovations Private Limited
Revenue CAGR growth
1 year
▲ 131%
3 years · compounded
▲ 43%
5 years · compounded
▲ 40%
EBITDA CAGR growth
1 year
▲ 213%
3 years · compounded
▼ 7%
5 years · compounded
▼ 4%
Revenue has grown at a compounded annual rate (CAGR) of 40% over five years, including 131% growth in the latest year. EBITDA rose 213% 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 Ethics Innovations Private 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 | ₹2.11 Cr | •••• | •••• | •••• | •••• |
| Profit Before Tax | •••• | •••• | •••• | •••• | •••• |
| Tax Expense | •••• | •••• | •••• | •••• | •••• |
| Net Profit (PAT) | ₹1.21 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 Ethics Innovations Private Limited
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 1.6% | •••• | •••• | •••• | •••• |
| Net Profit Margin | 0.9% | •••• | •••• | •••• | •••• |
| 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 Ethics Innovations are in the company report.
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Financial statements from FY 2018
Earlier years and trend charts are in the company report.
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Board of Directors of Ethics Innovations Private Limited
Ethics Innovations has 4 current directors and 5 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Rajendrakumar Vallabhbhai Asodaria Also directs: Ethics Infotech LLP, Ethics Infinity Private Limited, Ethics Creation Private Limited and 5 more | Managing Director | 05 Dec 2018 | 7 Years 10 Months | Current |
| Sagar Jaysukhbhai Sejpal Also directs: Kanase Manufacturing Private Limited | Director | 22 Aug 2023 | 3 Years 1 Months | Current |
| Chiragbhai Trikambhai Lakhani Also directs: Ethics Infotech LLP, Ethics Infinity Private Limited, Ethics Creation Private Limited and 5 more | Managing Director | 01 Mar 2018 | 8 Years 7 Months | Current |
| Bipinbhai Ishwarbhai Kevadiya Also directs: Ethics Infotech LLP, Ethics Infinity Private Limited, Ethics Creation Private Limited and 5 more | Managing Director | 31 Oct 2017 | 8 Years 11 Months | Current |
Peer Comparison of Ethics Innovations Private Limited
Ethics Innovations Private Limited is compared with the companies closest to it by revenue in the Transport and Logistics industry (Cold Storage and Warehousing). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Access Warehousing Private Limited | ₹136.62 Cr (FY 2025) | •••• | •••• | 52.0% | •••• | Bangalore, Karnataka, India |
| Aright Energy Private Limited | ₹136.02 Cr (FY 2025) | •••• | •••• | •••• | New Delhi, Delhi, India | |
| Essvy Constructions India Private Limited | ₹133.8 Cr (FY 2025) | •••• | •••• | -14.0% | •••• | Hyderabad, Telangana, India |
| Swamy Sons (Agencies) Private Limited | ₹133.6 Cr (FY 2023) | •••• | •••• | 25.0% | •••• | Hyderabad, Telangana, India |
| CRD Agro Foods Limited | ₹131.64 Cr (FY 2025) | •••• | •••• | 18.0% | •••• | Mathura, Uttar Pradesh, India |
| Ethics Innovations Private Limited this company | ₹130.21 Cr (FY 2025) | •••• | •••• | 131.0% | •••• | Pipodara, Gujarat, India |
| Central Railside Warehouse Company Limited | ₹128.55 Cr (FY 2022) | •••• | •••• | 31.0% | •••• | New Delhi, Delhi, India |
| Rajtara Ventures Private Limited | ₹128.23 Cr (FY 2023) | •••• | •••• | 233.0% | •••• | Latur, Maharashtra, India |
| Indraprastha Ice and Cold Storage Private Limited | ₹127.03 Cr (FY 2025) | •••• | •••• | 82.0% | •••• | Delhi, India |
| Spear Logistics Private Limited | ₹124.55 Cr (FY 2017) | •••• | •••• | -8.0% | •••• | Pune, Maharashtra, India |
| Samay Agro Products Private Limited | ₹124.23 Cr (FY 2025) | •••• | •••• | 465273.0% | •••• | Nagpur, Maharashtra, India |
Peers are the five companies nearest above and the five nearest below Ethics Innovations by revenue in the Transport and Logistics industry (Cold Storage and Warehousing), 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 Ethics Innovations Private Limited
Ethics Innovations Private Limited is audited by K A R M A & Co. LLP for the financial year 2023.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| K A R M A & Co. 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 Ethics Innovations Private Limited
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Charges & Borrowings of Ethics Innovations Private Limited
Open charges
₹4.46 Cr
Satisfied charges
₹7.98 Cr
Breakdown by lending institutions
Latest charge details
| Date | Lender | Amount | Status |
|---|---|---|---|
| 10 Oct 2022 | Others | ₹4.46 Cr | Open |
| 01 Jul 2019 | Others | ₹3.99 Cr | Satisfied |
| 29 Jun 2019 | Others | ₹3.99 Cr | Satisfied |
Total charge records: 3 View all charges
Legal Cases of Ethics Innovations Private Limited
Ethics Innovations Private Limited has 1 court case on record: 1 where it is another party. All case is disposed. Status as checked on 03 Oct 2026.
Total cases
1
Disposed
1
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 1 | 0 | 0 |
Cases on record (1 of 1)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court of Orissa | Writ petition | Company is another party | Disposed |
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Full case history
All 1 cases with case numbers, court, year-wise trend, opposite parties and decision dates are in the company report.
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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 Ethics Innovations Private Limited
Ethics Innovations Private Limited has a workforce of 59 employees as of Apr 05, 2024.
Employee count
59
Active EPFO establishments
1
Employee growth
-14.49%
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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 Ethics Innovations Private Limited
Ethics Innovations Private Limited has 9 board changes on record since 2017: 4 appointments and 5 cessations. The latest: Sagar Jaysukhbhai Sejpal ceased to be Director on 19 Nov 2023.
AGM
Ethics Innovations Private Limited last Annual general meeting of members was held on 30 Sep 2024 as per latest MCA records.
Filing
Ethics Innovations Private Limited has filed its annual Financial statements for the year ended 31 Mar 2024 with Roc Ahmedabad.
Ceased
Sagar Jaysukhbhai Sejpal ceased to be Director.
Appointed
Sagar Jaysukhbhai Sejpal was appointed as Director.
Charges
A charge registered on 01 Jul 2019 via Charge ID 100276874 with Others was fully satisfied on 09 Nov 2022.
Charges
A charge registered on 29 Jun 2019 via Charge ID 100276873 with Others was fully satisfied on 09 Nov 2022.
Charges
A charge with Others amounted to Rs. 445.69 Lakh with Charge ID 100629407 was registered on 10 Oct 2022.
Charges
A charge with Others of Rs. 399.00 Lakh registered on 01 Jul 2019 with Charge ID 100276874 was modified on 15 Feb 2022.
Charges
A charge with Others of Rs. 399.00 Lakh registered on 29 Jun 2019 with Charge ID 100276873 was modified on 11 Feb 2022.
Ceased
Rajendrakumar Vallabhbhai Asodaria ceased to be Director.
Ceased
Bipinbhai Ishwarbhai Kevadiya ceased to be Director.
Ceased
Chiragbhai Trikambhai Lakhani ceased to be Director.
7 earlier events are listed in the company report.
Credit Ratings, Litigation & Regulatory Alerts for Ethics Innovations Private Limited
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MSME Payment Delays by Ethics Innovations Private Limited
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Subsidiaries & Group Companies of Ethics Innovations Private Limited
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GST Compliance of Ethics Innovations Private Limited
Ethics Innovations has 5 GST registrations: 5 active. The first 4 active GSTINs are listed below.
Total GSTINs
5
Active
5
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAECE8324Q1Z8 | Gujarat | Active | 22 Sep 2020 |
| 06AAECE8324Q1Z6 | Haryana | Active | 14 Mar 2018 |
| 18AAECE8324Q1Z1 | Assam | Active | 13 Dec 2018 |
| 29AAECE8324Q1ZY | Karnataka | Active | 04 Jan 2019 |
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GST registrations and filing compliance
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MCA Filings & Documents of Ethics Innovations Private Limited
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Frequently Asked Questions about Ethics Innovations Private Limited
Ethics Innovations is an active private limited company based in Pipodara, Gujarat, India. The company works in cold storage and warehousing services, within the transport and logistics industry. It was incorporated on 31 October 2017 (9+ years old) and is registered under CIN U60300GJ2017PTC099613.
Ethics Innovations reported revenue of ₹130.21 Cr for FY 2025 (up 131% YoY).
Ethics Innovations has 4 current directors:
- Rajendrakumar Vallabhbhai Asodaria - Managing Director
- Chiragbhai Trikambhai Lakhani - Managing Director
- Bipinbhai Ishwarbhai Kevadiya - Managing Director
- Sagar Jaysukhbhai Sejpal - Director
Ethics Innovations reported a net profit of ₹1.21 Cr (net margin 0.9%) and EBITDA of ₹2.11 Cr (EBITDA margin 1.6%) for FY 2025, as per its filed financial statements.
The compounded annual growth rate (CAGR) of the revenue of Ethics Innovations is 43% over three years and 40% over five years. In the latest year (FY 2025) revenue rose 131%. CAGR is the steady yearly rate that links the first and the last year.
The GSTIN of Ethics Innovations is 24AAECE8324Q1Z8, registered in Gujarat. The company has 5 GST registrations in all, of which 5 are active. Other active GSTINs include 06AAECE8324Q1Z6 (Haryana), 18AAECE8324Q1Z1 (Assam), 29AAECE8324Q1ZY (Karnataka).
The CIN (Corporate Identification Number) of Ethics Innovations is U60300GJ2017PTC099613. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Ethics Innovations has 1 court case on record.
Ethics Innovations was incorporated on 31 October 2017, making it 9+ years old. It is registered with the Registrar of Companies, Ahmedabad.
The peers of Ethics Innovations by revenue are Access Warehousing Private Limited, Aright Energy Private Limited, Essvy Constructions India Private Limited, Swamy Sons (Agencies) Private Limited, CRD Agro Foods Limited and 5 more, all in the Transport and Logistics industry (Cold Storage and Warehousing).
Sagar Jaysukhbhai Sejpal ceased to be Director on 19 Nov 2023. Sagar Jaysukhbhai Sejpal was appointed as Director on 22 Aug 2023. Rajendrakumar Vallabhbhai Asodaria ceased to be Director on 24 Feb 2020. Ethics Innovations has 9 board changes on record in total.