MSME (Udyam registered) Ministry of MSME
- Category
- Small (2024-25)
- Udyam number
- UDYAM-MH-18-0026765
Icorets Private Limited - e-commerce in Mumbai, Maharashtra, India. FY 2026 financials & compliance.
Revenue · FY 2024
₹33.32 Cr
▲ 147% YoY
Net profit · FY 2024
₹45.12 Lakh
Net margin 1.4%
EBITDA · FY 2024
₹74.57 Lakh
EBITDA margin 2.2%
Authorised capital
₹1 Lakh
Registered with MCA
Paid-up capital
₹1 Lakh
Issued & subscribed
Open charges
₹3.2 Cr
Secured borrowings
Company age
10 yrs
Est. 2016
Directors on board
2
As per MCA filings
About Icorets Private Limited
Data last updated:
Icorets Private Limited is a private limited company based in Mumbai, Maharashtra, India. It operates in the personalized gifts and merchandise segment of the e-commerce sector. It was incorporated on 27 May 2016 and has been in existence for over 10 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U74999MH2016PTC281723. Its GSTIN is 27AAECI1569D1ZO (Maharashtra). The company holds 2 GST registrations, all of them active.
The company has an authorised share capital of ₹1 Lakh and a paid-up capital of ₹1 Lakh. It is led by directors Usha Srichand Kukreja and Ravi Srichand Kukreja.
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 150 New Satguru Nanik Industrial Premises Coop Soc Plot No. 498 Goregaon East, Mumbai, Maharashtra, India – 400063.
As per the financials filed for FY 2024, the company reported a revenue of ₹33.32 Cr, a growth of 147% compared to the previous year. For the same year it recorded a net profit of ₹45.12 Lakh (net margin 1.4%) and EBITDA of ₹74.57 Lakh (EBITDA margin 2.2%). Revenue has grown at a compounded annual rate (CAGR) of 32% over three years and 88% over five years.
The company is associated with 1 brand: playR. As per MCA filings, the company has open charges of ₹3.2 Cr on record. Court records list 7 cases involving the company, including 3 filed by the company and 4 filed against it; 7 cases are pending.
Icorets Private Limited is registered as a small enterprise under the Udyam registration framework (Reg. No. UDYAM-MH-18-0026765). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website icorets.com.
Company Details of Icorets Private Limited
CIN U74999MH2016PTC281723
Registration Number 281723
Incorporation Date 27 May 2016
ROC Mumbai
Listing Status Unlisted
Company Status Active
Date of Last AGM 30 September 2025
Date of Balance Sheet 31 March 2025
Compliance Status Active Compliant
MSME Classification Small
Udyam Registration UDYAM-MH-18-0026765
Recognitions & Rankings of Icorets
Contact Details
- EmailLocked
- TelephoneLocked
- Website
- Social MediaLocked
- Registered Address150 New Satguru Nanik Industrial Premises Coop Soc Plot No. 498 Goregaon East, Mumbai, Maharashtra, India – 400063
- IndustryE-Commerce, Personalized Gifts & Merchandise
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Associated Brands with Icorets Private Limited
Icorets operates one associated brand: playR. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Online seller of sports apparel, jerseys, and equipment for cricket enthusiasts. | playr.co.in |
Business Activity of Icorets Private Limited
The main business activities of Icorets are information and communication and trade. In detail, this covers other information & communication service activities and wholesale trading. 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 |
|---|---|---|---|---|
| J | Information and communication | J8 | Other information & communication service activities | Locked |
| G | Trade | G1 | Wholesale Trading | Locked |
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Business activity turnover details
Turnover share and past changes in activity are in the company report.
- Turnover contribution
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- Filing-level activity changes
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Financials of Icorets Private Limited FY 2025 filings available
Icorets Private Limited reported revenue of ₹33.32 Cr (up 147% YoY) for FY 2024.
Revenue · FY 2024
₹33.32 Cr ▲ 147%
Net profit · FY 2024
₹45.12 Lakh margin 1.4%
EBITDA · FY 2024
₹74.57 Lakh margin 2.2%
Compounded Annual Growth Rate (CAGR) of Icorets Private Limited
Revenue CAGR growth
1 year
▲ 147%
3 years · compounded
▲ 32%
5 years · compounded
▲ 88%
EBITDA CAGR growth
1 year
▲ 881%
3 years · compounded
▲ 21%
5 years · compounded
▲ 108%
Revenue has grown at a compounded annual rate (CAGR) of 88% over five years, including 147% growth in the latest year. EBITDA rose 881% 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 Icorets Private Limited
| Metrics | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|
| 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 | ₹74.57 Lakh | •••• | •••• | •••• | •••• |
| Profit Before Tax | •••• | •••• | •••• | •••• | •••• |
| Tax Expense | •••• | •••• | •••• | •••• | •••• |
| Net Profit (PAT) | ₹45.12 Lakh | •••• | •••• | •••• | •••• |
| 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 Icorets Private Limited
| Metrics | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 2.2% | •••• | •••• | •••• | •••• |
| Net Profit Margin | 1.4% | •••• | •••• | •••• | •••• |
| 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 | •••• | •••• | •••• | •••• | •••• |
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 Icorets are in the company report.
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Financial statements from FY 2017
Earlier years and trend charts are in the company report.
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Board of Directors of Icorets Private Limited
Icorets has 2 current directors and 1 former director. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Usha Srichand Kukreja Also directs: Blutree Solutions Private Limited, Bidoya Com Private Limited | Director | 01 Aug 2024 | 2 Years 2 Months | Current |
| Ravi Srichand Kukreja | Director | 27 May 2016 | 10 Years 4 Months | Current |
Peer Comparison of Icorets Private Limited
Icorets Private Limited is compared with the companies closest to it by revenue in the Ecommerce and Internet industry (Customized Gifts). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Dhawala Online Solutions Private Limited | ₹52.16 Cr (FY 2024) | •••• | •••• | -16.0% | •••• | Bangalore, Karnataka, India |
| Anand Diaries Private Limited | ₹51.97 Cr (FY 2025) | •••• | •••• | 16.0% | •••• | New Delhi, Delhi, India |
| Srihitha Shopping Services Private Limited | ₹51.89 Cr (FY 2024) | •••• | •••• | -5.0% | •••• | Hyderabad, Telangana, India |
| Touchstone Enterprises Private Limited | ₹37.27 Cr (FY 2025) | •••• | •••• | 3.0% | •••• | Bangalore, Karnataka, India |
| Mobassure Techno Services Private Limited | ₹34.78 Cr (FY 2025) | •••• | •••• | -80.0% | •••• | Jaipur, Rajasthan, India |
| Icorets Private Limited this company | ₹33.32 Cr (FY 2024) | •••• | •••• | 147.0% | •••• | Mumbai, Maharashtra, India |
| Golden Touch Artware Private Limited | ₹31.21 Cr (FY 2025) | •••• | •••• | 32.0% | •••• | Delhi, India |
| Net Avenue Technologies Limited | ₹27.74 Cr (FY 2025) | •••• | •••• | 3.0% | •••• | Chennai, Tamil Nadu, India |
| Magnus Cadeaux India Private Limited | ₹25.96 Cr (FY 2025) | •••• | •••• | -8.0% | •••• | Bangalore, Karnataka, India |
| Sparket Marketing Pvt Ltd | ₹25.94 Cr (FY 2024) | •••• | •••• | 2.0% | •••• | Kolkata, West Bengal, India |
| Super Gifts (India) Private Limited | ₹23.6 Cr (FY 2025) | •••• | •••• | 85.0% | •••• | Hyderabad, Telangana, India |
Peers are the five companies nearest above and the five nearest below Icorets by revenue in the Ecommerce and Internet industry (Customized Gifts), 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 Icorets Private Limited
Icorets Private Limited is audited by SARC & ASSOCIATES for the financial year 2023.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| SARC & ASSOCIATES | Locked | Locked | Locked |
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Complete auditor history
Appointment and cessation dates and past auditor changes are in the company report.
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Ownership and Shareholding of Icorets Private Limited
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Shareholding and ownership data
Promoter, institutional, public and beneficial ownership figures are in the company report.
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Charges & Borrowings of Icorets Private Limited
Open charges
₹3.2 Cr
Satisfied charges
None
Breakdown by lending institutions
Latest charge details
| Date | Lender | Amount | Status |
|---|---|---|---|
| 25 Nov 2022 | Hdfc Bank Limited | ₹3.2 Cr | Open |
Total charge records: 1 View all charges
Legal Cases of Icorets Private Limited
Icorets Private Limited has 7 court cases on record: 3 filed by Icorets, 4 filed against it. All cases are pending.
Total cases
7
Filed by the company
3
Filed against the company
4
Pending
7
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 6 | 3 | 6 |
| High courts | 1 | 1 | 1 |
Cases on record (5 of 7)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, New Delhi, Delhi | Cheque dishonour complaint | Filed against the company by Adidas India Marketing Private Limited | Pending |
| High Court of Delhi | Arbitration matter | Filed against the company by Adidas India Marketing Private Limited | Pending |
| District court, Mumbai CMM Courts, Maharashtra | Court case (SW CASES W) | Filed by the company against Marlex Products Limited and 6 Others | Pending |
| District court, Mumbai CMM Courts, Maharashtra | Court case (Summary Case) | Filed by the company against Baluja Sports Pvt Ltd and 2 others | Pending |
| District court, Mumbai CMM Courts, Maharashtra | Court case (SW CASES W) | Filed by the company against M/S RS Seven Lifestyle Pvt Ltd and 7 Others | Pending |
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Full case history
All 7 cases with case numbers, court, year-wise trend, opposite parties and decision dates are in the company report.
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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.
Employees and EPFO Compliance at Icorets Private Limited
Employment history and EPFO contributions of people linked to Icorets.
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Employee and EPFO history
Monthly headcount, contribution history and filing status are in the company report.
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Recent Activity on Icorets Private Limited
Icorets Private Limited has 3 board changes on record since 2016: 2 appointments and 1 cessation. The latest: Dharmil Shital Shah ceased to be Director on 01 Aug 2024.
AGM
Icorets Private Limited last Annual general meeting of members was held on 30 Sep 2025 as per latest MCA records.
Filing
Icorets Private Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Mumbai.
Ceased
Dharmil Shital Shah ceased to be Director.
Appointed
Usha Srichand Kukreja was appointed as Director.
Charges
A charge with Hdfc Bank Limited of Rs. 320.00 Lakh registered on 25 Nov 2022 with Charge ID 100645641 was modified on 14 Mar 2024.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 320.00 Lakh with Charge ID 100645641 was registered on 25 Nov 2022.
Appointed
Ravi Srichand Kukreja was appointed as Director.
Incorporation
27 May 2016
Icorets Private Limited was registered on 27 May 2016 with Roc Mumbai & aged 10 years 4 months as per MCA records.
Credit Ratings, Litigation & Regulatory Alerts for Icorets Private Limited
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MSME Payment Delays by Icorets Private Limited
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Amounts due to small suppliers, the reasons given and MSME-1 filings are in the company report.
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Subsidiaries & Group Companies of Icorets Private Limited
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Corporate group structure
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GST Compliance of Icorets Private Limited
Icorets has 2 GST registrations: 2 active.
Total GSTINs
2
Active
2
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAECI1569D1ZO | Maharashtra | Active | 29 Aug 2017 |
| 07AAECI1569D1ZQ | Delhi | Active | 13 Jan 2022 |
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MCA Filings & Documents of Icorets Private Limited
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Related news about Icorets Private Limited
Frequently Asked Questions about Icorets Private Limited
Icorets is an active private limited company based in Mumbai, Maharashtra, India. The company works in personalized gifts and merchandise, within the e-commerce industry. It was incorporated on 27 May 2016 (10+ years old) and is registered under CIN U74999MH2016PTC281723.
Icorets reported revenue of ₹33.32 Cr for FY 2024 (up 147% YoY).
Icorets has 2 current directors:
- Usha Srichand Kukreja - Director
- Ravi Srichand Kukreja - Director
Icorets reported a net profit of ₹45.12 Lakh (net margin 1.4%) and EBITDA of ₹74.57 Lakh (EBITDA margin 2.2%) for FY 2024, as per its filed financial statements.
The compounded annual growth rate (CAGR) of the revenue of Icorets is 32% over three years and 88% over five years. In the latest year (FY 2024) revenue rose 147%. CAGR is the steady yearly rate that links the first and the last year.
The GSTIN of Icorets is 27AAECI1569D1ZO, registered in Maharashtra. The company has 2 GST registrations in all, of which 2 are active. Other active GSTINs include 07AAECI1569D1ZQ (Delhi).
The CIN (Corporate Identification Number) of Icorets is U74999MH2016PTC281723. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Icorets has 7 court cases on record: 3 filed by the company and 4 filed against it. 7 are pending. Most are in the district courts.
Icorets was incorporated on 27 May 2016, making it 10+ years old. It is registered with the Registrar of Companies, Mumbai.
The peers of Icorets by revenue are Dhawala Online Solutions Private Limited, Anand Diaries Private Limited, Srihitha Shopping Services Private Limited, Touchstone Enterprises Private Limited, Mobassure Techno Services Private Limited and 5 more, all in the Ecommerce and Internet industry (Customized Gifts).
Dharmil Shital Shah ceased to be Director on 01 Aug 2024. Usha Srichand Kukreja was appointed as Director on 01 Aug 2024. Ravi Srichand Kukreja was appointed as Director on 27 May 2016.