India's Richest People 2026 edition · 1 director · Source: Hurun India
- #793 Pankaj Munjal & family ₹3,900 Cr
Revenue · FY 2025
₹129.03 Cr
▲ 3% YoY
Net loss · FY 2025
₹50.89 Cr
Net margin -39.4%
EBITDA · FY 2025
-₹20.23 Cr
EBITDA margin -15.7%
Authorised capital
₹370 Cr
Registered with MCA
Paid-up capital
₹345 Cr
Issued & subscribed
Open charges
₹300.5 Cr
Satisfied ₹336.94 Cr
Company age
6 yrs
Est. 2020
Employees · EPFO
453
Provident fund records
About HMC E-Valley Private Limited
Data last updated:
HMC E-Valley Private Limited is a private limited company based in Ludhiana, Punjab, India, a subsidiary of Hero Cycles Limited. It operates in the bicycle mfg and retail segment of the automotive sector. It was incorporated on 22 January 2020 and has been in existence for over 6 years.
Its director Pankaj Munjal and family are #793 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Chandigarh, under CIN U35911PB2020PTC050642. Its GSTIN is 03AAFCH1898H1ZI (Punjab).
The company has an authorised share capital of ₹370 Cr and a paid-up capital of ₹345 Cr. It was formerly known as Hero E-Cycles Private Limited. It is led by directors including Aditya Munjal (Whole-Time Director) and Abhishek Munjal.
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 Hero Nagar G.T. Road, Ludhiana, Punjab, India – 141003.
As per the financials filed for FY 2025, the company reported a revenue of ₹129.03 Cr, a growth of 3% compared to the previous year. For the same year it recorded a net loss of ₹50.89 Cr (net margin -39.4%) and EBITDA of -₹20.23 Cr (EBITDA margin -15.7%). Revenue has grown at a compounded annual rate (CAGR) of 23% over three years.
The company has about 453 employees on its provident fund (EPFO) records.
As per MCA filings, the company has open charges of ₹300.5 Cr and satisfied charges of ₹336.94 Cr on record. Court records list 2 cases involving the company, including 2 filed by the company; 2 cases are pending. The company has 4 deals on record (2 funding rounds, 2 acquisitions), with disclosed funding of ₹115 Cr; the latest was in November 2023. Its 4 peer companies in the Automobiles industry (Cycles), with the same principal business activity (motor vehicles, trailers, semi trailers and other transport vehicles) are compared by revenue, 3 larger and 1 smaller; the largest is Stryder Cycle Private Limited with revenue of ₹224.64 Cr. The company has 3 MSME Form 1 returns on record between 2022 and 2023, listing 3 overdue payments to 2 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website herocycles.com.
Company details
CIN U35911PB2020PTC050642
Registration Number 050642
Incorporation Date 22 January 2020
ROC Chandigarh
Listing Status Unlisted
Company Status Active
Date of Last AGM 30 September 2025
Date of Balance Sheet 31 March 2025
Parent Company Hero Cycles Limited
Compliance Status Active Compliant
Recognitions & Rankings of HMC E-Valley
Contact details
HMC E-Valley Private Limited's registered office is in Ludhiana, Punjab. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Social Media
- Registered AddressHero Nagar G.T. Road, Ludhiana, Punjab, India – 141003
- IndustryAutomotive, Bicycle Mfg & Retail
To see the full contact details of HMC E-Valley Private Limited, buy the company report.
Comprehensive company report
HMC E-Valley Private 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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Business activity
The main business activity of HMC E-Valley is manufacturing. In detail, this covers motor vehicles, trailers, semi trailers and other transport vehicles.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C11 | Motor vehicles, trailers, semi trailers and other Transport Vehicles |
To see the full business activity and turnover split of HMC E-Valley Private Limited, buy the company report.
Financials of HMC E-Valley Private Limited
FY 2025 filings availableHMC E-Valley Private Limited reported revenue of ₹129.03 Cr (up 3% YoY) for FY 2025.
Revenue · FY 2025
₹129.03 Cr ▲ 3%
Net loss · FY 2025
₹50.89 Cr margin -39.4%
EBITDA · FY 2025
-₹20.23 Cr margin -15.7%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▲ 3%
3 years · compounded
▲ 23%
EBITDA CAGR growth
1 year
▲ 5%
3 years · compounded
▼ 3%
Revenue has grown at a compounded annual rate (CAGR) of 23% over three years, including 3% growth in the latest year. EBITDA rose 5% 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 |
|---|---|---|---|---|---|
| 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 | -₹20.23 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | -₹50.89 Cr | ||||
| Balance Sheet | |||||
| Share Capital | |||||
| Reserves and Surplus | |||||
| Net Worth (Total Equity) | |||||
| Long-term Borrowings | |||||
| Short-term Borrowings | |||||
| Trade Payables | |||||
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| Fixed Assets | |||||
| Investments | |||||
| Inventories | |||||
| Trade Receivables | |||||
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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 | -15.7% | ||||
| Net Profit Margin | -39.4% | ||||
| 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 | |||||
To see the full financial statements and ratios of HMC E-Valley Private Limited, buy the company report.
Board of directors of HMC E-Valley Private Limited
HMC E-Valley has 5 current directors and 7 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Aditya Munjal Also directs: Hero Cycles Limited, Ut Bikes Private Limited, Firefox Bikes Private Limited and 5 more | Whole-Time Director | 30 Jul 2020 | 6 Years 3 Months | Current |
| Abhishek Munjal Also directs: Hero Motors Limited, ZF Hero Chassis Systems Private Limited, Hero Cycles Limited and 5 more | Director | 30 Jul 2020 | 6 Years 3 Months | Current |
| Pankaj Munjal Also directs: Hero Motors Limited, Munjal Kiriu Industries Private Limited, ZF Hero Chassis Systems Private Limited and 5 more | Director | 22 Jan 2020 | 6 Years 9 Months | Current |
| Amit Gupta Also directs: Hero Motors Limited, Munjal Kiriu Industries Private Limited, ZF Hero Chassis Systems Private Limited and 5 more | Director | 22 Jan 2020 | 6 Years 9 Months | Current |
| Ashok Kumar Taneja | Additional Director | 02 Sep 2024 | 2 Years 2 Months | Current |
Peer comparison
HMC E-Valley Private Limited is compared with the 4 companies closest to it by revenue in the Automobiles industry (Cycles), with the same principal business activity (motor vehicles, trailers, semi trailers and other transport vehicles), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Stryder Cycle Private Limited | ₹224.64 Cr (FY 2025) | 7.0% | Ludhiana, Punjab, India | |||
| Kohinoor Cycles Private Limited | ₹221.14 Cr (FY 2025) | 75.0% | Punjab, India | |||
| Sprandom Private Limited | ₹130.62 Cr (FY 2025) | 1.0% | Ludhiana, Punjab, India | |||
| HMC E-Valley Private Limitedthis company | ₹129.03 Cr (FY 2025) | -₹50.89 Cr | -39.4% | 3.0% | 453 | Ludhiana, Punjab, India |
| Jagdambay Cycles Private Limited | ₹121.49 Cr (FY 2025) | 7.0% | Ludhiana, Punjab, India |
To see the full peer comparison of HMC E-Valley Private Limited, buy the company report.
Auditor
HMC E-Valley Private Limited is audited by B D Bansal & Co for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| B D Bansal & Co | FY 2023 | 000621N |
Shareholding
The shareholding of HMC E-Valley Private Limited is on record for 3 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 |
|---|---|---|---|
| Promoters | |||
| Domestic institutional investors (DII) | |||
| Foreign institutional investors (FII) | |||
| Public | |||
| Others |
To see the full shareholding pattern of HMC E-Valley Private Limited, buy the company report.
Charges & borrowings
Open charges
₹300.5 Cr
Satisfied charges
₹336.94 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 05 Sep 2024 | 100974645 | Sbicap Trustee Company Limited | ₹128 Cr | Open | |
| 05 Sep 2024 | 100974864 | Others | ₹157.5 Cr | Open | |
| 21 Jul 2022 | 100594508 | Others | ₹15 Cr | Open | |
| 03 Jun 2022 | 100579067 | Others | ₹75 Cr | Satisfied | |
| 08 Mar 2022 | 100554573 | Others | ₹49 Cr | Satisfied |
To see the full charge records of HMC E-Valley Private Limited, buy the company report.
Total charge records: 8 View all charges
Deals & funding
HMC E-Valley Private Limited has 4 deals on record (2 funding rounds, 2 acquisitions), with disclosed funding of ₹115 Cr; the latest was in November 2023.
Total deals
4
Funding rounds
2
Acquisitions
2
Disclosed funding
₹115 Cr
Deals on record (4 of 4)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Nov 2023 | Funding round | ₹75 Cr | Investors: Hero Cycles Limited |
| Mar 2023 | Acquisition | ₹100 Cr | Buyer: Hero Cycles Limited |
| Apr 2021 | Funding round | ₹40 Cr | Investors: Hero Cycles Limited |
| Nov 2020 | Acquisition | ₹49.99 Cr | Buyer: Hero Cycles Limited |
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
HMC E-Valley Private Limited has 2 court cases on record: 2 filed by HMC E-Valley. All cases are pending.
Total cases
2
Filed by the company
2
Pending
2
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 2 | 0 | 2 |
Cases on record (2 of 2)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Ludhiana, Punjab | Commercial suit | Filed by the company against M/S Mama Motors | Pending |
| District court, Ludhiana, Punjab | Commercial suit | Filed by the company against an individual | Pending |
To see the full case history of HMC E-Valley Private 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
HMC E-Valley Private Limited was last rated by Crisil on 20 Oct 2021.
| Rating agency | Rated on | Rating |
|---|---|---|
| Crisil | 20 Oct 2021 |
To see the full credit ratings and regulatory alerts of HMC E-Valley Private Limited, buy the company report.
MSME payment delays
HMC E-Valley Private Limited has 3 MSME Form 1 returns on record between 2022 and 2023, listing 3 overdue payments to 2 micro and small suppliers. 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 (2 of 2)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| Rdevis Engineers Private Limited |
To see the full MSME payment records of HMC E-Valley Private Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
HMC E-Valley Private Limited has a workforce of 453 employees on its EPFO records as of Apr 06, 2024, across 1 active EPFO establishment.
Employee count
453
Active EPFO establishments
1
Employee growth
-22.56%
GST
HMC E-Valley has 1 GST registration: 1 active.
Total GSTINs
1
Active
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 03AAFCH1898H1ZI | Punjab | Active | 19 Mar 2020 |
To see the full GST registrations and return filing status of HMC E-Valley Private Limited, buy the company report.
Recent activity
HMC E-Valley Private Limited has 15 board changes on record since 2020: 10 appointments and 5 cessations. The latest: Shashi Kant Rai ceased to be Director on 10 Jun 2025.
AGM
Hmc E-Valley Private Limited last Annual general meeting of members was held on 30 Sep 2025 as per latest MCA records.
Ceased
Shashi Kant Rai ceased to be Director.
Ceased
Navin Paul ceased to be Director.
Filing
Hmc E-Valley Private Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Chandigarh.
Charges
A charge with Sbicap Trustee Company Limited of Rs. 128.00 Cr registered on 05 Sep 2024 with Charge ID 100974645 was modified on 07 Dec 2024.
Charges
A charge registered on 23 Mar 2021 via Charge ID 100454105 with Others was fully satisfied on 05 Dec 2024.
Charges
A charge registered on 23 Mar 2021 via Charge ID 100453975 with Others was fully satisfied on 05 Dec 2024.
Charges
A charge registered on 08 Mar 2022 via Charge ID 100554574 with Others was fully satisfied on 29 Nov 2024.
Charges
A charge registered on 03 Jun 2022 via Charge ID 100579067 with Others was fully satisfied on 25 Nov 2024.
Charges
A charge with Others amounted to Rs. 157.50 Cr with Charge ID 100974864 was registered on 05 Sep 2024.
Charges
A charge with Sbicap Trustee Company Limited amounted to Rs. 128.00 Cr with Charge ID 100974645 was registered on 05 Sep 2024.
Appointed
Ashok Kumar Taneja was appointed as Additional Director.
21 earlier events are in the company report.
Frequently asked questions
HMC E-Valley is an active private limited company based in Ludhiana, Punjab, India. The company works in bicycle mfg and retail, within the automotive industry. It was incorporated on 22 January 2020 (6+ years old) and is registered under CIN U35911PB2020PTC050642.
HMC E-Valley has 5 current directors:
- Aditya Munjal - Whole-Time Director
- Abhishek Munjal - Director
- Pankaj Munjal - Director
- Amit Gupta - Director
- Ashok Kumar Taneja - Additional Director
The latest financial statements of HMC E-Valley 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 FY 2020 are in the company report.
The GSTIN of HMC E-Valley is 03AAFCH1898H1ZI, registered in Punjab.
The CIN (Corporate Identification Number) of HMC E-Valley is U35911PB2020PTC050642. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
HMC E-Valley has 2 court cases on record: 2 filed by the company. 2 are pending.
HMC E-Valley was incorporated on 22 January 2020, making it 6+ years old. It is registered with the Registrar of Companies, Chandigarh.
HMC E-Valley has 4 deals on record (2 funding rounds, 2 acquisitions), with disclosed funding of ₹115 Cr; the latest was in November 2023.
The peers of HMC E-Valley by revenue are Stryder Cycle Private Limited, Kohinoor Cycles Private Limited, Sprandom Private Limited, Jagdambay Cycles Private Limited, all in the Automobiles industry (Cycles), with the same principal business activity (motor vehicles, trailers, semi trailers and other transport vehicles).
Shashi Kant Rai ceased to be Director on 10 Jun 2025. Navin Paul ceased to be Director on 04 Jun 2025. Ashok Kumar Taneja was appointed as Additional Director on 02 Sep 2024. HMC E-Valley has 15 board changes on record in total.
HMC E-Valley has 3 MSME Form 1 returns on record between 2022 and 2023, listing 3 overdue payments to 2 micro and small suppliers. The latest return was filed on 03 Jan 2024.
HMC E-Valley can be reached through the website herocycles.com. Its registered office is in Ludhiana, Punjab, India.
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