About Forvol International Services Limited
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Forvol International Services Limited is a public limited company based in Mumbai, Maharashtra, India, a subsidiary of Shapoorji Pallonji And Company Private Limited. It operates in the travel and tour services segment of the transport and logistics sector. It was incorporated on 19 May 1977 and has been in existence for over 49 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U55100MH1977PLC019660. Its GSTIN is 27AAACF1650Q1ZE (Maharashtra). The company holds 10 GST registrations, of which 7 are active.
The company has an authorised share capital of ₹2 Cr and a paid-up capital of ₹1.8 Cr. It was formerly known as Forvol Tours and Transport Services Limited and Rajputana Palace Resorts Private Limited. It is led by directors including Aashutosh Arun Akshikar (Managing Director) and Mahesh Chelaram Tahilyani.
Its last annual general meeting (AGM) was held on 10 July 2026, and its latest financial statements are for the year ended 31 March 2026. The registered office is at 70 Nagindas Master Road Fort, Mumbai, Maharashtra, India – 400023.
As per the financials filed for FY 2025, the company reported a revenue of ₹7.8 Cr, a growth of 3% compared to the previous year. For the same year it recorded a net profit of ₹52.21 Lakh (net margin 6.7%) and EBITDA of ₹1.24 Cr (EBITDA margin 16%). Revenue has grown at a compounded annual rate (CAGR) of 36% over three years and 4% over five years.
The company has about 47 employees on its provident fund (EPFO) records.
As per MCA filings, the company has open charges of ₹4.25 Cr and satisfied charges of ₹4.33 Cr on record. Court records list 8 cases involving the company, including 5 filed by the company and 5 filed against it.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website forvoltravel.com.
Company details
Name history
Forvol International Services has undergone 2 name changes throughout its history. The company was previously known as Forvol Tours And Transport Services Limited, and Rajputana Palace Resorts Private Limited. The current legal name is Forvol International Services Limited.
| Company Name | Status |
|---|---|
| Forvol International Services Limited | Current |
| Forvol Tours And Transport Services Limited | Previous |
| Rajputana Palace Resorts Private Limited | Previous |
Contact details
Forvol International Services Limited's registered office is in Mumbai, Maharashtra. Its website is forvoltravel.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address70 Nagindas Master Road Fort, Mumbai, Maharashtra, India – 400023
- IndustryTransport and Logistics, Travel & Tour Services
To see the full contact details of Forvol International Services 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
Business activity
The main business activity of Forvol International Services is support service to organizations. In detail, this covers travel agency and tour operators.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| N | Support service to Organizations | N3 | Travel agency and tour operators |
To see the full business activity and turnover split of Forvol International Services Limited, buy the company report.
Financials of Forvol International Services Limited
FY 2026 filings availableForvol International Services Limited reported revenue of ₹7.8 Cr (up 3% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 4% over five years, including 3% growth in the latest year. EBITDA fell 23% 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 | ₹1.24 Cr | ||||
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| Net Profit (PAT) | ₹52.21 Lakh | ||||
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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 | 16% | ||||
| Net Profit Margin | 6.7% | ||||
| Return on Equity (ROE) | |||||
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To see the full financial statements and ratios of Forvol International Services Limited, buy the company report.
Board of directors of Forvol International Services Limited
Forvol International Services has 3 current directors and 9 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Aashutosh Arun Akshikar Also directs: Usmart Education Limited | Managing Director | 03 Aug 2020 | 6 Years 3 Months | Current |
| Mahesh Chelaram Tahilyani Also directs: Forbes & Company Limited, Forbes Precision Tools and Machine Parts Limited, Next Gen Publishing Private Limited and 2 more | Director | 28 Jul 2009 | 17 Years 3 Months | Current |
| Pallon Mistry Also directs: Mistry Ventures LLP, Afcons Infrastructure Limited, Shapoorji Pallonji Energy Private Limited and 5 more | Director | 01 Apr 2012 | 14 Years 7 Months | Current |
Peer comparison
Forvol International Services Limited is compared with the 5 companies closest to it by revenue in the Transport and Logistics industry (Tour and Travel Operators), with the same principal business activity (travel agency and tour operators), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Expressearth Digital Services Private Limited | ₹7.84 Cr (FY 2025) | 36.0% | Ghaziabad, Uttar Pradesh, India | |||
| Gargi Travels Private Limited | ₹7.83 Cr (FY 2023) | -62.0% | Delhi, India | |||
| Forvol International Services Limitedthis company | ₹7.8 Cr (FY 2025) | ₹52.21 Lakh | 6.7% | 3.0% | 47 | Mumbai, Maharashtra, India |
| Red Carpet Tours Private Limited. | ₹7.75 Cr (FY 2023) | 2094.0% | New Delhi, Delhi, India | |||
| Travel Siara Private Limited | ₹7.71 Cr (FY 2024) | 2.0% | Delhi, India | |||
| Plumeria International Destination Management Private Limited | ₹7.7 Cr (FY 2025) | 52.0% | Ernakulam, Kerala, India |
To see the full peer comparison of Forvol International Services Limited, buy the company report.
Auditor
Forvol International Services Limited is audited by J.P.J. ASSOCIATES LLP for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| J.P.J. ASSOCIATES LLP | FY 2023 | 113012W/W100296 |
Shareholding
The shareholding of Forvol International Services 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 Forvol International Services Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 09 Jun 2022 | 100588527 | Idbi Bank Limited | ₹4.25 Cr | Open | |
| 25 Nov 2009 | 10192952 | Kotak Mahindra Prime Limited | ₹8.11 Lakh | Satisfied | |
| 06 Apr 2005 | 80040305 | Idbi Bank Limited | ₹4.25 Cr | Satisfied |
To see the full charge records of Forvol International Services Limited, buy the company report.
Total charge records: 3 View all charges
Legal cases
Forvol International Services Limited has 8 court cases on record: 5 filed by Forvol International Services, 5 filed against it. All cases are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 4 | 2 | 0 |
| High courts | 4 | 3 | 0 |
Cases on record (5 of 8)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Bombay High Court | Court case (CHS) | Filed against the company by Jindal Drugs Limited | Disposed |
| Bombay High Court | Appeal | Filed against the company by Forvol International Services Ltd. | Disposed |
| Bombay High Court | Company petition | Filed against the company by Forvol International Services Ltd. | Disposed |
| Bombay High Court | Appeal | Filed by the company against Forvol International Services Ltd. | Disposed |
| Bombay High Court | Company petition | Filed by the company against Forvol International Services Ltd. | Disposed |
To see the full case history of Forvol International Services 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 Forvol International Services Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Employees & EPFO
Forvol International Services Limited has a workforce of 47 employees on its EPFO records as of Apr 06, 2024, across 1 active EPFO establishment.
GST
Forvol International Services has 10 GST registrations: 7 active and 3 cancelled or inactive. The first 4 active GSTINs are listed below.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACF1650Q1ZE | Maharashtra | Active | 01 Jul 2017 |
| 27AAACF1650Q2ZD | Maharashtra | Active | 28 Mar 2025 |
| 07AAACF1650Q1ZG | Delhi | Active | 01 Jul 2017 |
| 19AAACF1650Q1ZB | West Bengal | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Forvol International Services Limited, buy the company report.
Recent activity
Forvol International Services Limited has 12 board changes on record since 2009: 3 appointments and 9 cessations. The latest: Vasant Narayan Sanzgiri ceased to be Director on 14 Dec 2020.
9 earlier events are in the company report.
Frequently asked questions
Forvol International Services is an active public limited company based in Mumbai, Maharashtra, India. The company works in travel and tour services, within the transport and logistics industry. It was incorporated on 19 May 1977 (49+ years old) and is registered under CIN U55100MH1977PLC019660.
Forvol International Services has 3 current directors:
- Aashutosh Arun Akshikar - Managing Director
- Mahesh Chelaram Tahilyani - Director
- Pallon Mistry - Director
The latest financial statements of Forvol International Services on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 10 July 2026. Year-wise statements from 2015 are in the company report.
The GSTIN of Forvol International Services is 27AAACF1650Q1ZE, registered in Maharashtra. The company has 10 GST registrations in all, of which 7 are active and 3 are cancelled or inactive. Other active GSTINs include 27AAACF1650Q2ZD (Maharashtra), 07AAACF1650Q1ZG (Delhi), 19AAACF1650Q1ZB (West Bengal).
The CIN (Corporate Identification Number) of Forvol International Services is U55100MH1977PLC019660. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Forvol International Services has 8 court cases on record: 5 filed by the company and 5 filed against it. Most are in the district courts.
Forvol International Services was incorporated on 19 May 1977, making it 49+ years old. It is registered with the Registrar of Companies, Mumbai.
The peers of Forvol International Services by revenue are Expressearth Digital Services Private Limited, Gargi Travels Private Limited, Red Carpet Tours Private Limited, Travel Siara Private Limited, Plumeria International Destination Management Private Limited, all in the Transport and Logistics industry (Tour and Travel Operators), with the same principal business activity (travel agency and tour operators).
Vasant Narayan Sanzgiri ceased to be Director on 14 Dec 2020. Aashutosh Arun Akshikar ceased to be Additional Director on 27 Aug 2020. Aashutosh Arun Akshikar was appointed as Managing Director on 03 Aug 2020. Forvol International Services has 12 board changes on record in total.
Forvol International Services can be reached through the website forvoltravel.com. Its registered office is in Mumbai, Maharashtra, India.
The registered office of Forvol International Services is at 70 Nagindas Master Road Fort, Mumbai, Maharashtra, India – 400023.
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