India's Richest People 2026 edition · 1 director · Source: Hurun India
- #437 Rakesh Ramanlal Shah & family ₹8,200 Cr
Revenue · FY 2025
₹1,422.97 Cr
▲ 103% YoY
Net profit · FY 2025
₹99.12 Cr
Net margin 7%
EBITDA · FY 2025
₹123.72 Cr
EBITDA margin 8.7%
Authorised capital
₹15.03 Cr
Registered with MCA
Paid-up capital
₹12.55 Cr
Issued & subscribed
Open charges
₹49.5 Cr
Satisfied ₹182.15 Cr
Company age
61 yrs
Est. 1965
Employees · EPFO
86
Provident fund records
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.
Its director Rakesh Ramanlal Shah and family are #437 among India's richest people (2026).
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 74 cases involving the company, including 37 filed by the company and 37 filed against it; 6 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.
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.
Company details
CIN U52100GJ1965PLC001347
Registration Number 001347
Incorporation Date 14 October 1965
ROC Ahmedabad
Listing Status Unlisted
Company Status Active
Date of Last AGM 27 September 2025
Date of Balance Sheet 31 March 2025
Parent Company Komal Infotech Private Limited
Compliance Status Active Compliant
CIN history
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 |
Key People
Rakesh Shah Ramanlal Managing Director Shaishav Rakeshkumar Shah Managing Director Samir Mankad Hanskumar Whole-Time Director Recognitions & Rankings of Gsec
Contact details
Gsec Limited's registered office is in Ahmedabad, Gujarat. Its website is gsecl.co.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressGujarat Chambers Building Ashram Road, Ahmedabad, Gujarat, India – 380009
- IndustryTransport and Logistics, Air Cargo Services & Logistics
To see the full contact details of Gsec Limited, buy the company report.
Comprehensive company report
Gsec Limited - one report that includes everything
- 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
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Brands
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 |
Business activity
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 | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| G | Trade | G1 | Wholesale Trading | |
| H | Transport and storage | H4 | Air transport |
To see the full business activity and turnover split of Gsec Limited, buy the company report.
Financials of Gsec Limited
FY 2025 filings availableGsec Limited reported revenue of ₹1,422.97 Cr (up 103% YoY) for FY 2025.
Revenue · FY 2025
₹1,422.97 Cr ▲ 103%
Net profit · FY 2025
₹99.12 Cr margin 7%
EBITDA · FY 2025
₹123.72 Cr margin 8.7%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▲ 103%
3 years · compounded
▲ 40%
5 years · compounded
▲ 28%
EBITDA CAGR growth
1 year
▲ 251%
3 years · compounded
▲ 49%
5 years · compounded
▲ 73%
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
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
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| Total Expenses | |||||
| EBITDA | ₹123.72 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹99.12 Cr | ||||
| Balance Sheet | |||||
| Share Capital | |||||
| Reserves and Surplus | |||||
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| Long-term Borrowings | |||||
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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 | 8.7% | ||||
| Net Profit Margin | 7% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
| Liquidity and Debt | |||||
| Current Ratio | |||||
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| Efficiency and Growth | |||||
| Asset Turnover | |||||
| Receivable Days | |||||
| Payable Days | |||||
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| Revenue Growth | |||||
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To see the full financial statements and ratios of Gsec Limited, buy the company report.
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.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Samir Mankad Hanskumar | Whole-Time Director | 01 Apr 2011 | 15 Years 7 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 8 Months | Current |
| Maheswar Sahu | Director | 06 Aug 2022 | 4 Years 3 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 7 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 8 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 4 Months | Current |
Auditor
Gsec Limited is audited by B J S & Associates for the financial year 2022.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| B J S & Associates | FY 2022 | 113268W |
Shareholding
The shareholding of Gsec 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 Gsec Limited, buy the company report.
Charges & borrowings
Open charges
₹49.5 Cr
Satisfied charges
₹182.15 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 30 Apr 2018 | 100179410 | State Bank of India | ₹49.5 Cr | Open | |
| 03 Aug 2015 | 10584537 | Kotak Mahindra Prime Limited | ₹3 Cr | Satisfied | |
| 03 Jan 2015 | 10546251 | Dcb Bank Limited | ₹45 Cr | Satisfied | |
| 31 Mar 2013 | 10422522 | Kotak Mahindra Prime Limited | ₹3.14 Cr | Satisfied | |
| 30 Aug 2008 | 10122003 | Uco Bank | ₹49 Cr | Satisfied |
To see the full charge records of Gsec Limited, buy the company report.
Total charge records: 10 View all charges
Deals & funding
Gsec Limited has 3 deals on record (3 funding rounds), with disclosed funding of ₹55.97 Cr; the latest was in March 2024.
Total deals
3
Funding rounds
3
Disclosed funding
₹55.97 Cr
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 |
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Gsec Limited has 74 court cases on record: 37 filed by Gsec, 37 filed against it. 6 cases are pending and 68 are disposed.
Total cases
74
Filed by the company
37
Filed against the company
37
Pending
6
Disposed
68
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 34 | 10 | 2 |
| High courts | 29 | 20 | 1 |
| NCLT | 5 | 3 | 1 |
| NCLAT | 4 | 3 | 2 |
| Supreme Court | 2 | 1 | 0 |
Cases on record (5 of 74)
| Court | Type of case | Party | Status |
|---|---|---|---|
| NCLT, Ahmedabad | Insolvency matter | Filed by the company against Amit Jain RP of Neesa Leisure Ltd. and 2 others | Pending |
| NCLAT, NCLAT New Delhi | Insolvency matter | Filed by the company against Bank of Baroda and 8 others | Pending |
| High Court, GUJARAT | Special civil application | Filed against the company by Chetan Meditech Pvt Ltd Through Its Managing Director & Ceo | Pending |
| District court, Pune, Maharashtra | Court case (R.C.A.) | Filed by the company against Autofield Engineers Pvt.Ltd. Etc 1 and 1 other | Pending |
| NCLT, Ahmedabad | Insolvency matter | Filed against the company by Coc of Neesa Leisure Ltd. Through R.R.Mahapatra of Assets Care & Reconstruction Enterprise Limited | Disposed |
To see the full case history of Gsec 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.
Credit ratings & regulatory alerts
Gsec Limited was last rated by Crisil on 25 Oct 2019.
| Rating agency | Rated on | Rating |
|---|---|---|
| Crisil | 25 Oct 2019 |
To see the full credit ratings and regulatory alerts of Gsec Limited, buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Gsec Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Group structure & subsidiaries
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.
6
Subsidiary companies
1
Joint ventures
3
Associated companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| Electrify Energy Private Limited | U31904GJ2020PTC116562 | |
| Gsec Logistics Limited | U62200GJ2006PLC049049 | |
| Aviserve Facilities Private Limited | U93000GJ2021PTC120845 | |
| Gsec Air Services Private Limited | U93000GJ2021PTC120847 | |
| Aviground Facilities Private Limited | U93090GJ2021PTC120287 | |
| Avipark Facilities Private Limited | U93090GJ2021PTC120349 |
To see the full group structure of Gsec Limited, buy the company report.
Employees & EPFO
Gsec Limited has a workforce of 86 employees on its EPFO records as of Apr 01, 2024, across 1 active EPFO establishment.
Employee count
86
Active EPFO establishments
1
Employee growth
-5.49%
GST
Gsec has 19 GST registrations: 8 active and 11 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
19
Active
8
Cancelled / inactive
11
| 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 |
To see the full GST registrations and return filing status of Gsec Limited, buy the company report.
Recent activity
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.
AGM
Gsec Limited last Annual general meeting of members was held on 27 Sep 2025 as per latest MCA records.
Filing
Gsec Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Ahmedabad.
Appointed
Rajesh Rashiklal Bhanshali was appointed as CFO.
Ceased
Dinesh Chhabildas Shah ceased to be CFO.
Ceased
Darshil Hemendrakumar Shah ceased to be Company Secretary.
Appointed
Maheswar Sahu was appointed as Director.
Ceased
Raji Shaishav Shah ceased to be Whole-Time Director.
Ceased
Shaishav Rakeshkumar Shah ceased to be Whole-Time Director.
Ceased
Sandip Ashwinbhai Parikh ceased to be Director.
Ceased
Shailesh Indradaman Patwari ceased to be Additional Director.
Charges
A charge registered on 03 Aug 2015 via Charge ID 10584537 with Kotak Mahindra Prime Limited was fully satisfied on 18 Dec 2020.
Ceased
Natwarlal Meghjibhai Patel ceased to be Director.
37 earlier events are in the company report.
News
Frequently asked questions
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 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
The latest financial statements of Gsec on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 27 September 2025. Year-wise statements from 2015 are in the company report.
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 74 court cases on record: 37 filed by the company and 37 filed against it. 6 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.
Rajesh Rashiklal Bhanshali was appointed as CFO on 10 Sep 2024. Dinesh Chhabildas Shah ceased to be CFO on 01 May 2024. Darshil Hemendrakumar Shah ceased to be Company Secretary on 15 Jul 2023. Gsec has 23 board changes on record in total.
Gsec can be reached through the website gsecl.co.in. Its registered office is in Ahmedabad, Gujarat, India.
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