About Gitanjali Gems Ltd
Data last updated:
Gitanjali Gems Ltd is a public limited company based in Mumbai, Maharashtra, India. The company is currently under liquidation, meaning its assets are being sold to settle outstanding debts. It may not have the legal capacity to fulfil new contracts. It operates in the watches and jewelry manufacturing segment of the consumer goods sector. It was incorporated on 21 August 1986.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN L36911MH1986PLC040689. Its GSTIN is 36AAACG1642F1Z1 (Telangana). The company holds 8 GST registrations, of which 1 is active. It is recorded as listed by MCA, but trading in its shares on BSE (532715) has been suspended, so they do not currently trade on a stock exchange.
The company has an authorised share capital of ₹167.25 Cr and a paid-up capital of ₹118.62 Cr. It is led by director Mehul Chinubhai Choksi (Managing Director).
Its last annual general meeting (AGM) was held on 28 September 2017, and its latest financial statements are for the year ended 31 March 2017. The registered office is at A – 1 7th Floor Laxmi Tower Bandra Kurla Complex Bandra (East), Mumbai, Maharashtra, India – 400051.
As per the financials filed for FY 2017, the company reported a revenue of ₹16,831 Cr, a growth of 19% compared to the previous year. For the same year it recorded a net profit of ₹133.24 Cr (net margin 0.8%) and EBITDA of ₹904.23 Cr (EBITDA margin 5.4%). Revenue has grown at a compounded annual rate (CAGR) of 11% over three years.
The company has about 631 employees on its provident fund (EPFO) records. Its group structure includes 34 subsidiaries.
The company is associated with 1 brand: Gitanjali Gems. As per MCA filings, the company has open charges of ₹14,264 Cr and satisfied charges of ₹6,139.42 Cr on record. Court records list 160 cases involving the company, including 26 filed by the company and 134 filed against it; 48 cases are pending. The company has 74 deals on record (57 market trades, 15 funding rounds, 1 convertible or debt financing), with disclosed funding of ₹1,300.01 Cr; the latest was in June 2018. Its 5 peer companies in the Consumer Products industry (Watches and Jewellery Manufacturers), with the same principal business activity (other manufacturing including jewellery, musical instruments, medical instruments, sports goods, etc. activities) are compared by revenue, 3 larger and 2 smaller; the largest is Rajesh Exports Limited with revenue of ₹2,80,918 Cr.
The last known website on record is gitanjaligroup.com.
Company details
Contact details
Gitanjali Gems Ltd's registered office is in Mumbai, Maharashtra. Its website is gitanjaligroup.com. Its e-mail address is in the company report.
- Email
- Website
- Registered AddressA – 1 7th Floor Laxmi Tower Bandra Kurla Complex Bandra (East), Mumbai, Maharashtra, India – 400051
- IndustryConsumer Goods, Watches & Jewelry Manufacturing
To see the full contact details of Gitanjali Gems Ltd, 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
Gitanjali Gems operates one associated brand: Gitanjali Gems. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Potato farming, grain marketing, and equipment services are provided in Maine. | gitanjaligroup.com |
Business activity
The main business activities of Gitanjali Gems are manufacturing and trade. In detail, this covers other manufacturing including jewellery, musical instruments, medical instruments, sports goods, etc. activities and wholesale trading. 2 activity segments are registered with the MCA.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C13 | Other manufacturing including jewellery, musical instruments, medical instruments, sports goods, etc. activities | |
| G | Trade | G1 | Wholesale Trading |
To see the full business activity and turnover split of Gitanjali Gems Ltd, buy the company report.
Financials of Gitanjali Gems Ltd
FY 2017 filings availableGitanjali Gems Ltd reported revenue of ₹16,831 Cr (up 19% YoY) for FY 2017.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 11% over three years, including 19% growth in the latest year. EBITDA fell 13% 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 2016-17 | FY 2015-16 | FY 2014-15 |
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| EBITDA | ₹904.23 Cr | ||
| Profit Before Tax | |||
| Tax Expense | |||
| Net Profit (PAT) | ₹133.24 Cr | ||
| Balance Sheet | |||
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Financial Ratios
| Metrics | FY 2016-17 | FY 2015-16 | FY 2014-15 |
|---|---|---|---|
| Profitability | |||
| EBITDA Margin | 5.4% | ||
| Net Profit Margin | 0.8% | ||
| Return on Equity (ROE) | |||
| Return on Capital Employed (ROCE) | |||
| Return on Assets (ROA) | |||
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| Net Profit Growth | |||
To see the full financial statements and ratios of Gitanjali Gems Ltd, buy the company report.
Board of directors of Gitanjali Gems Ltd
Gitanjali Gems has 1 current director and 16 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Mehul Chinubhai Choksi Also directs: Gitanjali Gold and Precious LLP, Gitanjali Realtors LLP, Mast Jewellery Distributions LLP and 5 more | Managing Director | 21 Aug 1986 | 40 Years 2 Months | As last reported |
Peer comparison
Gitanjali Gems Ltd is compared with the 5 companies closest to it by revenue in the Consumer Products industry (Watches and Jewellery Manufacturers), with the same principal business activity (other manufacturing including jewellery, musical instruments, medical instruments, sports goods, etc. activities), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Rajesh Exports Limited | ₹2,80,918 Cr (FY 2024) | -17.0% | Bangalore, Karnataka, India | |||
| Titan Company Limited | ₹60,942 Cr (FY 2025) | 18.0% | Hosur, Tamil Nadu, India | |||
| Kundan Refinery Private Limited | ₹20,252 Cr (FY 2025) | 77.0% | New Delhi, Delhi, India | |||
| Gitanjali Gems Ltdthis company | ₹16,831 Cr (FY 2017) | ₹133.24 Cr | 0.8% | 19.0% | 631 | Mumbai, Maharashtra, India |
| Kiran Gems Private Limited | ₹15,100 Cr (FY 2025) | -11.0% | Mumbai, Maharashtra, India | |||
| Swarn Shilp Chains & Jewellers Private Limited | ₹11,162 Cr (FY 2025) | 36.0% | Mumbai, Maharashtra, India |
To see the full peer comparison of Gitanjali Gems Ltd, buy the company report.
Auditor
Gitanjali Gems Ltd is audited by FORD RHODES PARKS & CO LLP for the financial year 2016.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| FORD RHODES PARKS & CO LLP | FY 2016 | 102860W |
Shareholding
The shareholding of Gitanjali Gems Ltd is on record for 2 financial years, the latest being FY 2017, split between promoters, domestic institutions, public shareholders and others.
| Shareholder category | FY 2017 | FY 2016 |
|---|---|---|
| Promoters | ||
| Domestic institutional investors (DII) | ||
| Public | ||
| Others |
To see the full shareholding pattern of Gitanjali Gems Ltd, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 21 Dec 2016 | 100068197 | Syndicate Bank | ₹40.36 Cr | Open | |
| 19 Aug 2016 | 100084504 | Others | ₹60 Cr | Open | |
| 29 Oct 2015 | 10602590 | Others | ₹109 Cr | Open | |
| 11 Jul 2015 | 10593885 | Union Bank of India | ₹21 Cr | Open | |
| 21 May 2015 | 10582094 | Corporation Bank | ₹52 Cr | Open |
To see the full charge records of Gitanjali Gems Ltd, buy the company report.
Total charge records: 151 View all charges
Deals & funding
Gitanjali Gems Ltd has 74 deals on record (57 market trades, 15 funding rounds, 1 convertible or debt financing), with disclosed funding of ₹1,300.01 Cr; the latest was in June 2018.
Deals on record (5 of 74)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jun 2018 | Market trade | ₹71.8 Lakh | Buyer: Akg Finvest Private Limited |
| May 2018 | Market trade | ₹38 Lakh | Buyer: Akg Finvest Private Limited Seller: Ganpati Dealcom Private Limited |
| May 2018 | Market trade | ₹25.1 Lakh | Buyer: NBN Fintrade Private Limited Seller: NBN Fintrade Private Limited |
| May 2018 | Market trade | ₹21.8 Lakh | Buyer: Ganpati Dealcom Private Limited |
| May 2018 | Market trade | ₹28.8 Lakh | Seller: J M Global Equities Private Limited |
To see the full deal history of Gitanjali Gems Ltd, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Gitanjali Gems Ltd has 160 court cases on record: 26 filed by Gitanjali Gems, 134 filed against it. 48 cases are pending and 112 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 89 | 81 | 31 |
| High courts | 59 | 41 | 10 |
| NCLAT | 7 | 7 | 6 |
| Supreme Court | 3 | 3 | 1 |
| NCLT | 2 | 2 | 0 |
Cases on record (5 of 160)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court, West Bengal | Court case (IPDATM) | Filed by the company against Maaya Shree Diamond Jewellers Pvt Ltd. and Anr | Disposed |
| NCLT, Mumbai | Insolvency matter | Filed against the company by Icici Bank Limited | Disposed |
| NCLT, Mumbai | Insolvency matter | Filed against the company by MMTC Limited | Disposed |
| High Court, GUJARAT | Court case (AO) | Filed by the company against Gitanjali Exports Corporation Limited and 17 others | Disposed |
| District court, Ahmedabad, Gujarat | Court case (CS CCC) | Filed by the company against Associated Broadcasting Company Private Limited and 4 others | Disposed |
To see the full case history of Gitanjali Gems Ltd, 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 Gitanjali Gems Ltd; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Group structure & subsidiaries
Gitanjali Gems has 34 subsidiary companies and 2 associated companies. This group structure data is as of FY 2017. The table lists each entity with its relationship and holding.
| Company Name | CIN | Shares held |
|---|---|---|
| Nakshatra World Limited | U01100MH1995PLC095425 | |
| Nakshatra World Limited | U01100MH1995PLC095425 | |
| Hyderabad Gems Sez Limited | U27205TG2004PLC044751 | |
| Hyderabad Gems Sez Limited | U27205TG2004PLC044751 | |
| Nakshatra Brands Limited | U36910MH2004PLC146406 | |
| Nakshatra Brands Limited | U36910MH2004PLC146406 |
To see the full group structure of Gitanjali Gems Ltd, buy the company report.
Employees & EPFO
Gitanjali Gems Ltd has a workforce of 631 employees on its EPFO records as of Apr 05, 2024, across 4 active EPFO establishments.
GST
Gitanjali Gems has 8 GST registrations: 1 active and 7 cancelled or inactive.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 36AAACG1642F1Z1 | Telangana | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Gitanjali Gems Ltd, buy the company report.
Recent activity
Gitanjali Gems Ltd has 33 board changes on record since 1986: 17 appointments and 16 cessations. The latest: Dhanesh Vrajlal Sheth ceased to be Whole-Time Director on 26 Sep 2020.
287 earlier events are in the company report.
News
Frequently asked questions
Gitanjali Gems is currently "Under Liquidation" as per MCA records. The company's assets are being sold to settle outstanding debts owed to creditors. A company under liquidation may not have the legal capacity to fulfil new contracts, and creditors are prioritised in the distribution of proceeds. This is a high-risk status - caution is strongly advised.
Gitanjali Gems is a company under liquidation, formerly operating as a public limited company based in Mumbai, Maharashtra, India. The company works in watches and jewelry manufacturing, within the consumer goods industry. It was incorporated on 21 August 1986 and is registered under CIN L36911MH1986PLC040689. Caution is advised - the company may not have the legal capacity to fulfil new agreements.
Gitanjali Gems has 1 current director:
- Mehul Chinubhai Choksi - Managing Director
The latest financial statements of Gitanjali Gems on record with the MCA are for the year ended 31 March 2017. Its last annual general meeting was held on 28 September 2017. Year-wise statements from 2015 are in the company report.
The CIN (Corporate Identification Number) of Gitanjali Gems is L36911MH1986PLC040689. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Gitanjali Gems is recorded as a listed company by MCA, but trading in its shares on BSE (532715) has been suspended, so they do not currently trade on a stock exchange.
Gitanjali Gems has open charges of ₹14,264 Cr and satisfied charges of ₹6,139.42 Cr as per latest MCA filings.
Gitanjali Gems has 160 court cases on record: 26 filed by the company and 134 filed against it. 48 are pending. Most are in the district courts.
Gitanjali Gems was incorporated on 21 August 1986. It is registered with the Registrar of Companies, Mumbai.
Gitanjali Gems has 74 deals on record (57 market trades, 15 funding rounds, 1 convertible or debt financing), with disclosed funding of ₹1,300.01 Cr; the latest was in June 2018.
The peers of Gitanjali Gems by revenue are Rajesh Exports Limited, Titan Company Limited, Kundan Refinery Private Limited, Kiran Gems Private Limited, Swarn Shilp Chains & Jewellers Private Limited, all in the Consumer Products industry (Watches and Jewellery Manufacturers), with the same principal business activity (other manufacturing including jewellery, musical instruments, medical instruments, sports goods, etc. activities).