About Jay Formulations Ltd
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Jay Formulations Ltd is a public limited company based in Ahmedabad, Gujarat, India. It operates in the drug formulation and development segment of the pharmaceuticals sector. It was incorporated on 15 June 1988 and has been in existence for over 38 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U17119GJ1988PLC010855. Its GSTIN is 24AAACJ3799G1ZF (Gujarat).
The company has an authorised share capital of ₹3.05 Cr and a paid-up capital of ₹2 Cr. It was formerly known as Bhavik Textiles Pvt Ltd. It is led by directors including Hemant Bhogilal Mehta and Hitendra Nihalchand Mehta.
Its last annual general meeting (AGM) was held on 30 September 2024, and its latest financial statements are for the year ended 31 March 2024. The registered office is at 13 First Floor Harikrishnacomplex B/H Dipalee Cinema Ashram Road, Ahmedabad, Gujarat, India – 380009.
As per the financials filed for FY 2021, the company reported a revenue of ₹138.71 Cr, a growth of 11% compared to the previous year. For the same year it recorded a net loss of ₹27.22 Cr (net margin -19.6%) and EBITDA of -₹17.12 Cr (EBITDA margin -12.3%). Revenue has grown at a compounded annual rate (CAGR) of 21% over three years and 16% over five years.
As per MCA filings, the company has open charges of ₹73.81 Cr and satisfied charges of ₹13 Lakh on record. Court records list 77 cases involving the company, including 13 filed by the company and 64 filed against it; 36 cases are pending. The company has 14 deals on record (12 funding rounds, 2 secondary share transfers), with disclosed funding of ₹16.56 Cr; the latest was in July 2020.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website jayformulations.in.
Company details
Contact details
Jay Formulations Ltd's registered office is in Ahmedabad, Gujarat. Its website is jayformulations.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered Address13 First Floor Harikrishnacomplex B/H Dipalee Cinema Ashram Road, Ahmedabad, Gujarat, India – 380009
- IndustryPharma, Drug Formulation & Development
To see the full contact details of Jay Formulations 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
Business activity
The main business activity of Jay Formulations is manufacturing. In detail, this covers computer, electronic, communication and scientific measuring & control equipment.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C9 | Computer, electronic, Communication and scientific measuring & control equipment |
To see the full business activity and turnover split of Jay Formulations Ltd, buy the company report.
Financials of Jay Formulations Ltd
FY 2024 filings availableJay Formulations Ltd reported revenue of ₹138.71 Cr (up 11% YoY) for FY 2021.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 16% over five years, including 11% growth in the latest year. EBITDA fell 327% 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 2020-21 | FY 2019-20 | FY 2018-19 | FY 2017-18 | FY 2016-17 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | |||||
| Other Income | |||||
| Total Revenue | ₹138.71 Cr | ||||
| Cost of Materials Consumed | |||||
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| Depreciation and Amortisation | |||||
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| Total Expenses | |||||
| EBITDA | -₹17.12 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | -₹27.22 Cr | ||||
| Balance Sheet | |||||
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Financial Ratios
| Metrics | FY 2020-21 | FY 2019-20 | FY 2018-19 | FY 2017-18 | FY 2016-17 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | -12.3% | ||||
| Net Profit Margin | -19.6% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
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| Receivable Days | |||||
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| Net Profit Growth | |||||
To see the full financial statements and ratios of Jay Formulations Ltd, buy the company report.
Board of directors of Jay Formulations Ltd
Jay Formulations has 3 current directors and 7 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Hemant Bhogilal Mehta Also directs: Oceanic Techno Chem Private Limited, Aquatic Remedies Limited, Aquatic Formulations (India) Limited and 1 more | Additional Director | 05 May 2025 | 1 Years 6 Months | Current |
| Hitendra Nihalchand Mehta Also directs: Oceanic Techno Chem Private Limited, Aquatic Remedies Limited, Aquatic Formulations (India) Limited and 1 more | Additional Director | 05 May 2025 | 1 Years 6 Months | Current |
| Darshan Bhogilal Mehta Also directs: Oceanic Techno Chem Private Limited, Aquatic Remedies Limited, Aquatic Formulations (India) Limited and 3 more | Additional Director | 05 May 2025 | 1 Years 6 Months | Current |
Auditor
Jay Formulations Ltd is audited by Nimesh Hariya & Associates for the financial year 2021.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Nimesh Hariya & Associates | FY 2021 | 140587W |
Shareholding
The shareholding of Jay Formulations Ltd is on record for 4 financial years, the latest being FY 2019, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|
| Promoters | ||||
| Domestic institutional investors (DII) | ||||
| Foreign institutional investors (FII) | ||||
| Public | ||||
| Others |
To see the full shareholding pattern of Jay Formulations Ltd, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 08 Jan 2021 | 100406695 | Sidbi | ₹2.8 Cr | Open | |
| 02 Jan 2021 | 100411118 | Tata Capital Financial Services Limited | ₹1.24 Cr | Open | |
| 08 Sep 2020 | 100408793 | Others | ₹12.5 Lakh | Open | |
| 30 Jul 2020 | 100362447 | Others | ₹12.39 Lakh | Open | |
| 24 Jul 2020 | 100352446 | Sidbi | ₹2.8 Cr | Open |
To see the full charge records of Jay Formulations Ltd, buy the company report.
Total charge records: 15 View all charges
Deals & funding
Jay Formulations Ltd has 14 deals on record (12 funding rounds, 2 secondary share transfers), with disclosed funding of ₹16.56 Cr; the latest was in July 2020.
Deals on record (5 of 14)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jul 2020 | Funding round | ₹3.25 Cr | Investors: 2 individuals |
| May 2019 | Funding round | ₹2.01 Cr | Investors: an individual |
| Dec 2017 | Funding round | ₹4.85 Cr | Investors: 2 individuals |
| Mar 2016 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: 3 individuals |
| Mar 2016 | Funding round | ₹1.16 Cr | Investors: 3 individuals |
To see the full deal history of Jay Formulations 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
Jay Formulations Ltd has 77 court cases on record: 13 filed by Jay Formulations, 64 filed against it. 36 cases are pending and 41 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 56 | 55 | 33 |
| High courts | 12 | 5 | 1 |
| NCLT | 9 | 4 | 2 |
Cases on record (5 of 77)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Vadodara, Gujarat | Court case (CR A) | Filed by the company against Jna Electrical Pvt Ltd Authorised Person Account Manager Nisha Saji and 1 other | Pending |
| District court, Calcutta, West Bengal | Civil suit | Filed against the company by Ugro Capital Limited | Pending |
| District court, Chennai, Tamil Nadu | Court case (PC) | Filed against the company by Pon Pure Chemical India Private Limited Rep by Jino Antony | Pending |
| High Court, West Bengal | Arbitration matter | Filed against the company by M/S Ugro Capital Limited | Pending |
| District court, Ghaziabad, Uttar Pradesh | Criminal case | Filed against the company by M/S Sara Exports Ltd - Manoj Tomar | Pending |
To see the full case history of Jay Formulations 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.
Credit ratings & regulatory alerts
Jay Formulations Ltd was last rated by Icra on 16 Dec 2021.
| Rating agency | Rated on | Rating |
|---|---|---|
| Icra | 16 Dec 2021 |
To see the full credit ratings and regulatory alerts of Jay Formulations Ltd, buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Jay Formulations Ltd; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
GST
Jay Formulations has 1 GST registration: 1 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAACJ3799G1ZF | Gujarat | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Jay Formulations Ltd, buy the company report.
Recent activity
Jay Formulations Ltd has 12 board changes on record since 2013: 5 appointments and 7 cessations. The latest: Vinod Tarachand Agrawal ceased to be Irp/Rp/Liquidator on 16 Jun 2025.
23 earlier events are in the company report.
Frequently asked questions
Jay Formulations is an active public limited company based in Ahmedabad, Gujarat, India. The company works in drug formulation and development, within the pharma industry. It was incorporated on 15 June 1988 (38+ years old) and is registered under CIN U17119GJ1988PLC010855.
Jay Formulations has 3 current directors:
- Hemant Bhogilal Mehta - Additional Director
- Hitendra Nihalchand Mehta - Additional Director
- Darshan Bhogilal Mehta - Additional Director
The latest financial statements of Jay Formulations on record with the MCA are for the year ended 31 March 2024. Its last annual general meeting was held on 30 September 2024. Year-wise statements from 2015 are in the company report.
The GSTIN of Jay Formulations is 24AAACJ3799G1ZF, registered in Gujarat.
The CIN (Corporate Identification Number) of Jay Formulations is U17119GJ1988PLC010855. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Jay Formulations has 77 court cases on record: 13 filed by the company and 64 filed against it. 36 are pending. Most are in the district courts.
Jay Formulations was incorporated on 15 June 1988, making it 38+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Jay Formulations has 14 deals on record (12 funding rounds, 2 secondary share transfers), with disclosed funding of ₹16.56 Cr; the latest was in July 2020.
Vinod Tarachand Agrawal ceased to be Irp/Rp/Liquidator on 16 Jun 2025. Darshan Bhogilal Mehta was appointed as Additional Director on 05 May 2025. Hemant Bhogilal Mehta was appointed as Additional Director on 05 May 2025. Jay Formulations has 12 board changes on record in total.
Jay Formulations can be reached through the website jayformulations.in. Its registered office is in Ahmedabad, Gujarat, India.
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