About Gsec Limited
Data last updated:
Gsec Limited is a public limited company based in Ahmedabad, Gujarat, India, a subsidiary of Komal Infotech Private Limited. It operates in the air cargo services and logistics segment of the transport and logistics sector. It was incorporated on 14 October 1965 and has been in existence for over 61 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U52100GJ1965PLC001347. Its GSTIN is 24AAACG7985R2ZQ (Gujarat). The company holds 19 GST registrations, of which 8 are active.
The company has an authorised share capital of ₹15.03 Cr and a paid-up capital of ₹12.55 Cr. It was formerly known as Gujarat State Export Corpn Ltd. It is led by directors including Rakesh Shah Ramanlal (Managing Director) and Shaishav Rakeshkumar Shah (Managing Director).
Its last annual general meeting (AGM) was held on 27 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at Gujarat Chambers Building Ashram Road, Ahmedabad, Gujarat, India – 380009.
As per the financials filed for FY 2025, the company reported a revenue of ₹1,422.97 Cr, a growth of 103% compared to the previous year. For the same year it recorded a net profit of ₹99.12 Cr (net margin 7%) and EBITDA of ₹123.72 Cr (EBITDA margin 8.7%). Revenue has grown at a compounded annual rate (CAGR) of 40% over three years and 28% over five years.
The company has about 86 employees on its provident fund (EPFO) records. Its group structure includes 6 subsidiaries and 1 joint venture.
The company is associated with 1 brand: GSEC. As per MCA filings, the company has open charges of ₹49.5 Cr and satisfied charges of ₹182.15 Cr on record. Court records list 62 cases involving the company, including 33 filed by the company and 26 filed against it; 5 cases are pending. The company has 3 deals on record (3 funding rounds), with disclosed funding of ₹55.97 Cr; the latest was in March 2024. Its 10 peer companies in the Transport and Logistics industry (Air Cargo, Broking Services) are compared by revenue, 5 larger and 5 smaller; the largest is Ratanchand Investment Private Limited with revenue of ₹1,503.05 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 gsecl.co.in.
- EmailLocked
- TelephoneLocked
- Website
- Social Media
- Registered AddressGujarat Chambers Building Ashram Road, Ahmedabad, Gujarat, India – 380009
- IndustryTransport and Logistics, Air Cargo Services & Logistics
- 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
- One PDF report, delivered after checkout
Business Activity of Gsec Limited
The main business activities of Gsec are trade and transport and storage. In detail, this covers wholesale trading and air transport. 2 activity segments are registered with the MCA.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| G | Trade | G1 | Wholesale Trading | Locked |
| H | Transport and storage | H4 | Air transport | Locked |
Business activity turnover details
Turnover share and past changes in activity are in the company report.
- Turnover contribution
- Historical classifications
- Filing-level activity changes
Verified entity values are shown only after access is granted.
Financials of Gsec Limited FY 2025 filings available
Gsec Limited reported revenue of ₹1,422.97 Cr (up 103% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR) of Gsec Limited
Revenue has grown at a compounded annual rate (CAGR) of 28% over five years, including 103% growth in the latest year. EBITDA rose 251% 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 Gsec 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 | ₹123.72 Cr | •••• | •••• | •••• | •••• |
| Profit Before Tax | •••• | •••• | •••• | •••• | •••• |
| Tax Expense | •••• | •••• | •••• | •••• | •••• |
| Net Profit (PAT) | ₹99.12 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 Gsec Limited
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 8.7% | •••• | •••• | •••• | •••• |
| Net Profit Margin | 7% | •••• | •••• | •••• | •••• |
| 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 Gsec are in the company report.
Financial statements from 2015
Earlier years and trend charts are in the company report.
- Income statements
- Balance sheets
- Cash-flow statements
- Ratios and benchmarks
Verified entity values are shown only after access is granted.
Peer Comparison of Gsec Limited
Gsec Limited is compared with the companies closest to it by revenue in the Transport and Logistics industry (Air Cargo, Broking Services). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Ratanchand Investment Private Limited | ₹1,503.05 Cr (FY 2025) | •••• | •••• | 4.0% | •••• | Mumbai, Maharashtra, India |
| B R Jalan Securities Private Limited | ₹1,480.76 Cr (FY 2025) | •••• | •••• | 39.0% | •••• | Mumbai, Maharashtra, India |
| Share India Securities Limited. Listed | ₹1,469.5 Cr (FY 2025) | •••• | •••• | -1.0% | •••• | Gandhinagar, Gujarat, India |
| Air India Sats Airport Services Private Limited | ₹1,448.75 Cr (FY 2025) | •••• | •••• | 44.0% | •••• | New Delhi, Delhi, India |
| Shorya Trading Company Private Limited | ₹1,433.04 Cr (FY 2025) | •••• | •••• | 88.0% | •••• | Karnal, Haryana, India |
| Gsec Limited this company | ₹1,422.97 Cr (FY 2025) | •••• | •••• | 103.0% | •••• | Ahmedabad, Gujarat, India |
| Shree Ashtvinayak Gems & Stones Private Limited | ₹1,361.98 Cr (FY 2016) | •••• | •••• | -9.0% | •••• | Delhi, India |
| Goldmine Commodities Private Limited | ₹1,360.68 Cr (FY 2025) | •••• | •••• | -50.0% | •••• | Ahmedabad, Gujarat, India |
| Goldman Sachs (India) Securities Private Limited | ₹1,359.06 Cr (FY 2025) | •••• | •••• | 6.0% | •••• | Mumbai, Maharashtra, India |
| Infotel Business Solutions Limited. | ₹1,338.28 Cr (FY 2025) | •••• | •••• | 401.0% | •••• | New Delhi, Delhi, India |
| Smart Equity Brokers Private Limited. | ₹1,319.47 Cr (FY 2025) | •••• | •••• | 1.0% | •••• | New Delhi, Delhi, India |
Peers are the five companies nearest above and the five nearest below Gsec by revenue in the Transport and Logistics industry (Air Cargo, Broking Services), 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 Gsec Limited
Gsec Limited is audited by B J S & Associates for the financial year 2022.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| B J S & Associates | Locked | Locked | Locked |
Complete auditor history
Appointment and cessation dates and past auditor changes are in the company report.
- Appointment status
- Appointment dates
- Cessation dates
- Auditor changes
Verified entity values are shown only after access is granted.
Board of Directors of Gsec Limited
Gsec has 6 current directors and 21 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Samir Mankad Hanskumar | Whole-Time Director | 01 Apr 2011 | 15 Years 6 Months | Current |
| Rakesh Shah Ramanlal Also directs: Novagreens Realities LLP, Imp Powers Limited, Electrify Energy Private Limited and 5 more | Managing Director | 08 Mar 2004 | 22 Years 7 Months | Current |
| Maheswar Sahu | Director | 06 Aug 2022 | 4 Years 2 Months | Current |
| Raji Shaishav Shah Also directs: Kalpavruksha Worldwide Private Limited, Komal Infotech Private Limited, Revossa Infraventure Private Limited and 1 more | Director | 30 Mar 2018 | 8 Years 6 Months | Current |
| Sandip Ashwinbhai Parikh Also directs: Pashupati Cotspin Limited, Hikal Limited, Monarch Networth Trustee Private Limited and 4 more | Director | 17 Feb 2016 | 10 Years 7 Months | Current |
| Shaishav Rakeshkumar Shah Also directs: Vishwa Imports LLP, Raisin Hospitality LLP, Securemax Consultancy Services LLP and 5 more | Managing Director | 12 Jun 2010 | 16 Years 3 Months | Current |
Ownership and Shareholding of Gsec Limited
Shareholding and ownership data
Promoter, institutional, public and beneficial ownership figures are in the company report.
- Ownership categories
- Historical changes
- Group structure
- FII and DII holdings
Verified entity values are shown only after access is granted.
Charges & Borrowings of Gsec Limited
| Date | Lender | Amount | Status |
|---|---|---|---|
| 30 Apr 2018 | State Bank of India | ₹49.5 Cr | Open |
| 03 Aug 2015 | Kotak Mahindra Prime Limited | ₹3 Cr | Satisfied |
| 03 Jan 2015 | Dcb Bank Limited | ₹45 Cr | Satisfied |
| 31 Mar 2013 | Kotak Mahindra Prime Limited | ₹3.14 Cr | Satisfied |
| 30 Aug 2008 | Uco Bank | ₹49 Cr | Satisfied |
Total charge records: 10 View all charges
Deals & Funding of Gsec Limited
Gsec Limited has 3 deals on record (3 funding rounds), with disclosed funding of ₹55.97 Cr; the latest was in March 2024.
Deals on record (3 of 3)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2024 | Funding round | ₹50 Cr | Investors: 2 individuals |
| Dec 2012 | Funding round | ₹2.97 Cr | Investors: Komal Infotech Private Limited |
| Aug 2010 | Funding round | ₹3 Cr | Investors: Komal Infotech Private Limited |
Full deal history
All 3 deals with amounts, valuations, instruments and every party are in the company report.
- Every funding round and share transfer
- Amounts and valuations
- Investors, buyers and sellers
- Instruments and deal dates
Verified entity values are shown only after access is granted.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal Cases of Gsec Limited
Gsec Limited has 62 court cases on record: 33 filed by Gsec, 26 filed against it, 3 where it is another party. 5 cases are pending and 57 are disposed. Status as checked between 21 Sep 2026 and 04 Oct 2026.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 34 | 10 | 2 |
| High courts | 24 | 13 | 1 |
| NCLAT | 4 | 3 | 2 |
Cases on record (5 of 62)
| Court | Type of case | Party | Status |
|---|---|---|---|
| NCLAT, New Delhi | Insolvency matter | Filed by the company against The Bank of Baroda Limited and 8 others | Pending |
| District court, Ahmedabad, Gujarat | Court case (SMST R) | Filed by the company against Clutch Auto Limited | Disposed |
| District court, Ahmedabad, Gujarat | Commercial matter | Filed by the company against Clutch Auto Limited | Disposed |
| District court, Ahmedabad, Gujarat | Commercial matter | Filed by the company against Neesa Infrastructure Limited | Disposed |
| High Court of Gujarat | Special civil application | Filed by the company against Aai Cargo Logistics & Allied Services Company Limited | Disposed |
Full case history
All 62 cases with case numbers, court, year-wise trend, opposite parties and decision dates are in the company report.
- Every case with its case number
- Year-wise trend
- Opposite parties
- Decision dates and orders
Verified entity values are shown only after access is granted.
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.
Associated Brands with Gsec Limited
Gsec operates one associated brand: GSEC. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Ocean freight forwarding and logistics services are provided globally. | gsecl.co.in |
Employees and EPFO Compliance at Gsec Limited
Gsec Limited has a workforce of 86 employees as of Apr 01, 2024.
Employee and EPFO history
Monthly headcount, contribution history and filing status are in the company report.
- Monthly headcount
- PF contributions
- ECR filing status
- Establishment history
Verified entity values are shown only after access is granted.
Group Structure of Gsec Limited
Gsec has 6 subsidiary companies, 1 joint venture, and 3 associated companies. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
| Company Name | CIN | Shares Held |
|---|---|---|
| Electrify Energy Private Limited | U31904GJ2020PTC116562 | Locked |
| Gsec Logistics Limited | U62200GJ2006PLC049049 | Locked |
| Aviserve Facilities Private Limited | U93000GJ2021PTC120845 | Locked |
| Gsec Air Services Private Limited | U93000GJ2021PTC120847 | Locked |
| Aviground Facilities Private Limited | U93090GJ2021PTC120287 | Locked |
| Avipark Facilities Private Limited | U93090GJ2021PTC120349 | Locked |
Showing major subsidiaries. Total: 6.
CIN History of Gsec Limited
Gsec has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is U52100GJ1965PLC001347, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U52100GJ1965PLC001347 | Current |
| U51909GJ1965PLC001347 | Previous |
| U52100GJ1965SGC001347 | Previous |
News related to Gsec Limited
Recent Activity on Gsec Limited
Gsec Limited has 23 board changes on record since 2004: 7 appointments and 16 cessations. The latest: Rajesh Rashiklal Bhanshali was appointed as CFO on 10 Sep 2024.
37 earlier events are listed in the company report.
Credit Ratings, Litigation & Regulatory Alerts for Gsec Limited
Credit ratings, litigation, and regulatory alerts
Credit ratings, court records and regulatory alerts are in the company report.
- Rating history
- Court and tribunal cases
- Regulatory alerts
- Director-linked violations
Verified entity values are shown only after access is granted.
MSME Payment Delays by Gsec Limited
MSME payment history
Amounts due to small suppliers, the reasons given and MSME-1 filings are in the company report.
- Outstanding amounts
- Delay periods and reasons
- MSME-1 filing history
- Vendor payment signals
Verified entity values are shown only after access is granted.
Subsidiaries & Group Companies of Gsec Limited
Corporate group structure
Parent, subsidiary, associate and joint venture records with holdings are in the company report.
- Parent company
- Subsidiaries and ownership
- Associates and joint ventures
- Entity investments
Verified entity values are shown only after access is granted.
GST Compliance of Gsec Limited
Gsec has 19 GST registrations: 8 active and 11 cancelled or inactive. The first 4 active GSTINs are listed below.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAACG7985R2ZQ | Gujarat | Active | 01 Jul 2017 |
| 24AAGCG7532A1Z1 | Gujarat | Active | 12 Jul 2017 |
| 22AAACG7985R1ZV | Chattisgarh | Active | 01 Jul 2017 |
| 23AAACG7985R2ZS | Madhya Pradesh | Active | 01 Jul 2017 |
GST registrations and filing compliance
State-wise GST registrations, return filing status and HSN or SAC codes are in the company report.
- GSTIN registrations
- State-wise filing status
- HSN and SAC details
- Tax jurisdiction records
Verified entity values are shown only after access is granted.
MCA Filings & Documents of Gsec Limited
MCA filings and documents
Filed forms, annual returns, financial statements and charge filings with their dates are in the company report.
- Incorporation documents
- Annual returns and statements
- Charge filings
- Complete filing index
Verified entity values are shown only after access is granted.
Frequently Asked Questions about Gsec Limited
Gsec is an active public limited company based in Ahmedabad, Gujarat, India. The company works in air cargo services and logistics, within the transport and logistics industry. It was incorporated on 14 October 1965 (61+ years old) and is registered under CIN U52100GJ1965PLC001347.
Gsec reported revenue of ₹1,422.97 Cr for FY 2025 (up 103% YoY).
Gsec has 6 current directors:
- Rakesh Shah Ramanlal - Managing Director
- Shaishav Rakeshkumar Shah - Managing Director
- Samir Mankad Hanskumar - Whole-Time Director
- Maheswar Sahu - Director
- Raji Shaishav Shah - Director
- Sandip Ashwinbhai Parikh - Director
Gsec reported a net profit of ₹99.12 Cr (net margin 7%) and EBITDA of ₹123.72 Cr (EBITDA margin 8.7%) for FY 2025, as per its filed financial statements.
The compounded annual growth rate (CAGR) of the revenue of Gsec is 40% over three years and 28% over five years. In the latest year (FY 2025) revenue rose 103%. CAGR is the steady yearly rate that links the first and the last year.
The GSTIN of Gsec is 24AAACG7985R2ZQ, registered in Gujarat. The company has 19 GST registrations in all, of which 8 are active and 11 are cancelled or inactive. Other active GSTINs include 24AAGCG7532A1Z1 (Gujarat), 22AAACG7985R1ZV (Chattisgarh), 23AAACG7985R2ZS (Madhya Pradesh).
The CIN (Corporate Identification Number) of Gsec is U52100GJ1965PLC001347. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Gsec has 62 court cases on record: 33 filed by the company and 26 filed against it. 5 are pending. Most are in the district courts.
Gsec was incorporated on 14 October 1965, making it 61+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Gsec has 3 deals on record (3 funding rounds), with disclosed funding of ₹55.97 Cr; the latest was in March 2024.
The peers of Gsec by revenue are Ratanchand Investment Private Limited, B R Jalan Securities Private Limited, Share India Securities Limited, Air India Sats Airport Services Private Limited, Shorya Trading Company Private Limited and 5 more, all in the Transport and Logistics industry (Air Cargo, Broking Services).