FS India Devco Private Limited
About FS India Devco Private Limited
Data last updated:
FS India Devco Private Limited is a private limited company based in New Delhi, Delhi, India, a subsidiary of First Solar Power India Private Limited. It operates in the solar energy solutions segment of the environmental services sector. It was incorporated on 08 July 2013 and has been in existence for over 13 years.
The company is registered with the Registrar of Companies (ROC), Delhi, under CIN U40102DL2013PTC338399. Its GSTIN is 07AAICM7957P2ZG (Delhi). The company holds 5 GST registrations, of which 1 is active.
The company has an authorised share capital of ₹25 Cr and a paid-up capital of ₹23.76 Cr. It was formerly known as Marikal Solar Parks Private Limited and First Solar Project Developers Private Limited. It is led by directors Nitin Grover and Himanshu Jangid.
Its last annual general meeting (AGM) was held on 30 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at 808 8th Floor Narain Manzil 23 Barakhamba Road, New Delhi, Delhi, India – 110001.
As per the financials filed for FY 2025, the company reported a revenue of ₹7.7 Cr, a decline of 5% compared to the previous year. For the same year it recorded a net profit of ₹5.87 Cr (net margin 76.2%) and EBITDA of ₹7.41 Cr (EBITDA margin 96.1%). Revenue has declined at a compounded annual rate (CAGR) of 52% over three years and 20% over five years.
The company has about 1 employee on its provident fund (EPFO) records. Its group structure includes 1 subsidiary.
The company is associated with 1 brand: First Solar. As per MCA filings, the company has satisfied charges of ₹568.27 Cr on record. The company has 5 deals on record (4 secondary share transfers, 1 funding round), with disclosed funding of ₹23.75 Cr; the latest was in March 2018. Its 5 peer companies in the Cleantech industry (Solar Power), with the same principal business activity (electric power generation, transmission and distribution) are compared by revenue, 2 larger and 3 smaller; the largest is Jyoti Solar Solutions Private Limited with revenue of ₹7.77 Cr. The company has 1 MSME Form 1 return on record for the period ending Mar 2022, listing 1 overdue payment to 1 micro and small supplier.
The current compliance status is marked as compliant by the Registrar of Companies.
Company details
Name history
FS India Devco has undergone 4 name changes throughout its history. The current legal name is Fs India Devco Private Limited.
| Company Name | Status |
|---|---|
| FS India Devco Private Limited | Current |
| Marikal Solar Parks Private Limited | Previous |
| First Solar Project Developers Private Limited | Previous |
| First Solar India Devco Private Limited | Previous |
| First Solar India Devco Private Limited | Previous |
CIN history
FS India Devco has one previous CIN (Corporate Identification Number): U40102TG2013PTC088838. The current CIN is U40102DL2013PTC338399, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U40102DL2013PTC338399 | Current |
| U40102TG2013PTC088838 | Previous |
Contact details
FS India Devco Private Limited's registered office is in New Delhi, Delhi. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Registered Address808 8th Floor Narain Manzil 23 Barakhamba Road, New Delhi, Delhi, India – 110001
- IndustryEnvironment, Solar Energy Solutions
To see the full contact details of FS India Devco Private 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
Brands
FS India Devco operates one associated brand: First Solar. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Provider of cadmium telluride-based flexible solar modules | firstsolar.com |
Financials of FS India Devco Private Limited
FY 2025 filings availableFS India Devco Private Limited reported revenue of ₹7.7 Cr (down 5% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR)
Revenue has declined at a compounded annual rate (CAGR) of 20% over five years, including a 5% fall in the latest year. EBITDA rose 15% 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 | ₹7.41 Cr | ||||
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| Net Profit (PAT) | ₹5.87 Cr | ||||
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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 | 96.1% | ||||
| Net Profit Margin | 76.2% | ||||
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To see the full financial statements and ratios of FS India Devco Private Limited, buy the company report.
Board of directors of FS India Devco Private Limited
FS India Devco has 2 current directors and 14 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Nitin Grover | Director | 23 Sep 2022 | 4 Years 1 Months | Current |
| Himanshu Jangid | Director | 11 Oct 2018 | 8 Years 0 Months | Current |
Peer comparison
FS India Devco Private Limited is compared with the 5 companies closest to it by revenue in the Cleantech industry (Solar Power), 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 |
|---|---|---|---|---|---|---|
| Jyoti Solar Solutions Private Limited | ₹7.77 Cr (FY 2025) | -1.0% | Bhubaneswar, Odisha, India | |||
| Capsol Energy Private Limited | ₹7.76 Cr (FY 2025) | -1.0% | Mumbai, Maharashtra, India | |||
| FS India Devco Private Limitedthis company | ₹7.7 Cr (FY 2025) | ₹5.87 Cr | 76.2% | -5.0% | 1 | New Delhi, Delhi, India |
| Sungold Energy Private Limited | ₹7.7 Cr (FY 2025) | 10.0% | New Delhi, Delhi, India | |||
| Azure Power ( Punjab ) Private Limited | ₹7.69 Cr (FY 2025) | 15.0% | New Delhi, Delhi, India | |||
| Arkha Solar Power Private Limited | ₹7.67 Cr (FY 2025) | 5.0% | Hyderabad, Telangana, India |
To see the full peer comparison of FS India Devco Private Limited, buy the company report.
Auditor
FS India Devco Private Limited is audited by Haribhakti & Co. LLP for the financial year 2022.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Haribhakti & Co. LLP | FY 2022 | Firms registration number of audit firm 103523W/W100048 |
Shareholding
The shareholding of FS India Devco Private Limited is on record for 5 financial years, the latest being FY 2022, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of FS India Devco Private Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 08 Dec 2016 | 100065331 | Others | ₹504.77 Cr | Satisfied | |
| 27 Mar 2015 | 10566354 | Axis Trustee Services Limited | ₹63.5 Cr | Satisfied |
To see the full charge records of FS India Devco Private Limited, buy the company report.
Total charge records: 2 View all charges
Deals & funding
FS India Devco Private Limited has 5 deals on record (4 secondary share transfers, 1 funding round), with disclosed funding of ₹23.75 Cr; the latest was in March 2018.
Deals on record (4 of 5)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2018 | Secondary share transfer | Undisclosed | Buyer: First Solar Power India Private Limited Seller: First Solar Fe Holdings Private Limited |
| Feb 2015 | Secondary share transfer | Undisclosed | Buyer: First Solar International Middle East FZ LLC Seller: Ecoren Energy Private Limited |
| Jul 2014 | Funding round | ₹23.75 Cr | Investors: First Solar Fe Holdings Private Limited |
| Feb 2014 | Secondary share transfer | Undisclosed | Buyer: First Solar Fe Holdings Private Limited Seller: Ecoren Energy Private Limited |
To see the full deal history of FS India Devco Private 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
No court or tribunal cases involving FS India Devco Private Limited are on our record; a case search with case numbers, parties and status is in the company report Buy the company report.
MSME payment delays
FS India Devco Private Limited has 1 MSME Form 1 return on record for the period ending Mar 2022, listing 1 overdue payment to 1 micro and small supplier. 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 (1 of 1)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Haribhakti & Co. LLP |
To see the full MSME payment records of FS India Devco Private Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
FS India Devco has 1 subsidiary company. This group structure data is as of FY 2022. The table lists each entity with its relationship and holding.
| Company Name | CIN | Shares held |
|---|---|---|
| Suntree Solar Energy Private Limited | U40102DL2015PTC338400 |
To see the full group structure of FS India Devco Private Limited, buy the company report.
Employees & EPFO
FS India Devco Private Limited has a workforce of 1 employees on its EPFO records as of Apr 02, 2024, across 1 active EPFO establishment.
GST
FS India Devco has 5 GST registrations: 1 active and 4 cancelled or inactive.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 07AAICM7957P2ZG | Delhi | Active | 05 Nov 2018 |
To see the full GST registrations and return filing status of FS India Devco Private Limited, buy the company report.
Recent activity
FS India Devco Private Limited has 14 board changes on record since 2014: 2 appointments and 12 cessations. The latest: Rupa Vijay ceased to be Company Secretary on 01 Aug 2023.
11 earlier events are in the company report.
Frequently asked questions
FS India Devco is an active private limited company based in New Delhi, Delhi, India. The company works in solar energy solutions, within the environment industry. It was incorporated on 08 July 2013 (13+ years old) and is registered under CIN U40102DL2013PTC338399.
FS India Devco has 2 current directors:
- Nitin Grover - Director
- Himanshu Jangid - Director
The latest financial statements of FS India Devco on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 30 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of FS India Devco is 07AAICM7957P2ZG, registered in Delhi. The company has 5 GST registrations in all, of which 1 is active and 4 are cancelled or inactive.
The CIN (Corporate Identification Number) of FS India Devco is U40102DL2013PTC338399. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
FS India Devco was incorporated on 08 July 2013, making it 13+ years old. It is registered with the Registrar of Companies, Delhi.
FS India Devco has 5 deals on record (4 secondary share transfers, 1 funding round), with disclosed funding of ₹23.75 Cr; the latest was in March 2018.
The peers of FS India Devco by revenue are Jyoti Solar Solutions Private Limited, Capsol Energy Private Limited, Sungold Energy Private Limited, Azure Power ( Punjab ) Private Limited, Arkha Solar Power Private Limited, all in the Cleantech industry (Solar Power), with the same principal business activity (electric power generation, transmission and distribution).
Rupa Vijay ceased to be Company Secretary on 01 Aug 2023. Nitin Grover ceased to be Additional Director on 30 Sep 2022. Nitin Grover was appointed as Director on 23 Sep 2022. FS India Devco has 14 board changes on record in total.
FS India Devco has 1 MSME Form 1 return on record for the period ending Mar 2022, listing 1 overdue payment to 1 micro and small supplier. The latest return was filed on 03 May 2022.
The registered office of FS India Devco is at 808 8th Floor Narain Manzil 23 Barakhamba Road, New Delhi, Delhi, India – 110001.
FS India Devco operates in the environment industry, in the solar energy solutions segment.