About Kundan Refinery Private Limited
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Kundan Refinery Private Limited is a private limited company based in New Delhi, Delhi, India. It operates in the watches and jewelry manufacturing segment of the consumer goods sector. It was incorporated on 04 October 2019 and has been in existence for over 7 years.
The company is registered with the Registrar of Companies (ROC), Delhi, under CIN U36996DL2019PTC355852. Its GSTIN is 07AAHCK8220G1ZL (Delhi). The company holds 9 GST registrations, of which 7 are active.
The company has an authorised share capital of ₹5 Cr and a paid-up capital of ₹5 Cr. It is led by directors Ankit Goyal and Shubham Vishwakarma.
Its last annual general meeting (AGM) was held on 30 September 2025, and its latest financial statements are for the year ended 31 March 2024. The registered office is at Flat No.4 Second Floor 3 Scindhia House, New Delhi, Delhi, India – 110001.
As per the financials filed for FY 2025, the company reported a revenue of ₹20,252 Cr, a growth of 77% compared to the previous year. For the same year it recorded a net profit of ₹228.78 Cr (net margin 1.1%) and EBITDA of ₹290.91 Cr (EBITDA margin 1.4%). Revenue has grown at a compounded annual rate (CAGR) of 30% over three years and 581% over five years.
The company has about 100 employees on its provident fund (EPFO) records. Its group structure includes 1 subsidiary.
The company is associated with 3 brands: Kundan, Kundan Refinery and Kundan Bullion. As per MCA filings, the company has open charges of ₹31.44 Cr and satisfied charges of ₹27.25 Cr on record. Court records list 5 cases involving the company, including 2 filed by the company and 3 filed against it; 2 cases are pending. The company has 4 deals on record (2 secondary share transfers, 1 funding round, 1 convertible or debt financing), with disclosed funding of ₹134.5 Cr; the latest was in January 2022. Its 4 peer companies in the Consumer Products industry (Watches and Jewellery Manufacturers), with the same principal business activity (other manufacturing including jewellery, musical instruments, medical instruments, sports goods, etc. activities) are compared by revenue, 2 larger and 2 smaller; the largest is Rajesh Exports Limited with revenue of ₹2,80,918 Cr.
For more details, the company can be reached via its website kundanrefinery.com.
Company details
Contact details
Kundan Refinery Private Limited's registered office is in New Delhi, Delhi. Its website is kundanrefinery.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressFlat No.4 Second Floor 3 Scindhia House, New Delhi, Delhi, India – 110001
- IndustryConsumer Goods, Watches & Jewelry Manufacturing
To see the full contact details of Kundan Refinery Private Limited, 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
Brands
Kundan Refinery operates multiple associated brands including Kundan, Kundan Refinery, and Kundan Bullion. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Provides bullion trading, gold refining, mining, digital gold, and energy services. | kundangroup.com | |
| Alternative investment platform focused on precious metals | kundanbullion.in | |
| Gold and silver refining, coins, bars, and services in India. | kundanrefinery.com |
Business activity
The main business activity of Kundan Refinery is manufacturing. In detail, this covers other manufacturing including jewellery, musical instruments, medical instruments, sports goods, etc. activities.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C13 | Other manufacturing including jewellery, musical instruments, medical instruments, sports goods, etc. activities |
To see the full business activity and turnover split of Kundan Refinery Private Limited, buy the company report.
Financials of Kundan Refinery Private Limited
FY 2024 filings availableKundan Refinery Private Limited reported revenue of ₹20,252 Cr (up 77% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 581% over five years, including 77% growth in the latest year. EBITDA rose 90% 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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| EBITDA | ₹290.91 Cr | ||||
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| Net Profit (PAT) | ₹228.78 Cr | ||||
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Financial Ratios
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
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| Profitability | |||||
| EBITDA Margin | 1.4% | ||||
| Net Profit Margin | 1.1% | ||||
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To see the full financial statements and ratios of Kundan Refinery Private Limited, buy the company report.
Board of directors of Kundan Refinery Private Limited
Kundan Refinery has 2 current directors and 9 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Ankit Goyal Also directs: Uday Edible Products Limited, Kundan Solar (Maharashtra) Private Limited, Kundan & Zeya Limited and 3 more | Additional Director | 08 Dec 2020 | 5 Years 10 Months | Current |
| Shubham Vishwakarma Also directs: Kundan Windmills Private Limited | Additional Director | 23 Feb 2025 | 1 Years 8 Months | Current |
Peer comparison
Kundan Refinery Private Limited is compared with the 4 companies closest to it by revenue in the Consumer Products industry (Watches and Jewellery Manufacturers), with the same principal business activity (other manufacturing including jewellery, musical instruments, medical instruments, sports goods, etc. activities), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Rajesh Exports Limited | ₹2,80,918 Cr (FY 2024) | -17.0% | Bangalore, Karnataka, India | |||
| Titan Company Limited | ₹60,942 Cr (FY 2025) | 18.0% | Hosur, Tamil Nadu, India | |||
| Kundan Refinery Private Limitedthis company | ₹20,252 Cr (FY 2025) | ₹228.78 Cr | 1.1% | 77.0% | 100 | New Delhi, Delhi, India |
| Gitanjali Gems Ltd | ₹16,831 Cr (FY 2017) | 19.0% | Mumbai, Maharashtra, India | |||
| Kiran Gems Private Limited | ₹15,100 Cr (FY 2025) | -11.0% | Mumbai, Maharashtra, India |
To see the full peer comparison of Kundan Refinery Private Limited, buy the company report.
Auditor
Kundan Refinery Private Limited is audited by Walker Chandiok & Co LLP for the financial year 2024.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Walker Chandiok & Co LLP | FY 2024 | 001076N/N500013 |
Shareholding
The shareholding of Kundan Refinery Private Limited is on record for 5 financial years, the latest being FY 2024, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Kundan Refinery Private Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 10 Dec 2024 | 101032562 | Others | ₹25 Cr | Open | |
| 26 Jul 2023 | 100780529 | Hdfc Bank Limited | ₹1 Cr | Open | |
| 24 Nov 2022 | 100702148 | Axis Bank Limited | ₹2.6 Cr | Open | |
| 16 Jun 2022 | 100589571 | Hdfc Bank Limited | ₹2.16 Cr | Open | |
| 21 May 2022 | 100579467 | Hdfc Bank Limited | ₹68.74 Lakh | Open |
To see the full charge records of Kundan Refinery Private Limited, buy the company report.
Total charge records: 7 View all charges
Deals & funding
Kundan Refinery Private Limited has 4 deals on record (2 secondary share transfers, 1 funding round, 1 convertible or debt financing), with disclosed funding of ₹134.5 Cr; the latest was in January 2022.
Deals on record (3 of 4)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jan 2022 | Secondary share transfer | Undisclosed | Buyer: Udit Garg Family Trust, Vidit Garg Family Trust, Pradeep Garg Family Trust Seller: 2 individuals |
| Jun 2020 | Funding round | ₹4.5 Cr | Investors: an individual |
| Dec 2019 | Secondary share transfer | Undisclosed | Buyer: 2 individuals Seller: Kundan Care Products Limited |
To see the full deal history of Kundan Refinery Private Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Kundan Refinery Private Limited has 5 court cases on record: 2 filed by Kundan Refinery, 3 filed against it. 2 cases are pending and 3 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 3 | 3 | 2 |
| High courts | 2 | 0 | 0 |
Cases on record (5 of 5)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Gurugram, Haryana | Court case (SUMM) | Filed against the company | Pending |
| District court, New Delhi, Delhi | Court case (TRAFFIC CHALLAN) | Filed against the company by State | Pending |
| High Court of Delhi | Writ petition | Filed by the company against Punjab National Bank & Ors. | Disposed |
| District court, South West, Delhi | Civil suit | Filed against the company by State | Disposed |
| High Court, HARYANA | Criminal miscellaneous application | Filed by the company against State Haryana | Disposed |
To see the full case history of Kundan Refinery 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.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Kundan Refinery Private Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Group structure & subsidiaries
Kundan Refinery has 1 subsidiary company. This group structure data is as of FY 2024. The table lists each entity with its relationship and holding.
| Company Name | CIN | Shares held |
|---|---|---|
| Kundan Concentrates Private Limited | U36996DL2023PTC409355 |
To see the full group structure of Kundan Refinery Private Limited, buy the company report.
Employees & EPFO
Kundan Refinery Private Limited has a workforce of 100 employees on its EPFO records as of Apr 09, 2024, across 1 active EPFO establishment.
GST
Kundan Refinery has 9 GST registrations: 7 active and 2 cancelled or inactive. The first 4 active GSTINs are listed below.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 07AAHCK8220G1ZL | Delhi | Active | 12 Oct 2019 |
| 07AAHCK8220G2ZK | Delhi | Active | 22 Mar 2025 |
| 06AAHCK8220G1ZN | Haryana | Active | 15 Oct 2019 |
| 27AAHCK8220G1ZJ | Maharashtra | Active | 02 Apr 2021 |
To see the full GST registrations and return filing status of Kundan Refinery Private Limited, buy the company report.
Recent activity
Kundan Refinery Private Limited has 11 board changes on record since 2019: 2 appointments and 9 cessations. The latest: Shubham Vishwakarma was appointed as Additional Director on 23 Feb 2025.
11 earlier events are in the company report.
From our blog
Frequently asked questions
Kundan Refinery is an active private limited company based in New Delhi, Delhi, India. The company works in watches and jewelry manufacturing, within the consumer goods industry. It was incorporated on 04 October 2019 (7+ years old) and is registered under CIN U36996DL2019PTC355852.
Kundan Refinery has 2 current directors:
- Ankit Goyal - Additional Director
- Shubham Vishwakarma - Additional Director
The latest financial statements of Kundan Refinery on record with the MCA are for the year ended 31 March 2024. 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 Kundan Refinery is 07AAHCK8220G1ZL, registered in Delhi. The company has 9 GST registrations in all, of which 7 are active and 2 are cancelled or inactive. Other active GSTINs include 07AAHCK8220G2ZK (Delhi), 06AAHCK8220G1ZN (Haryana), 27AAHCK8220G1ZJ (Maharashtra).
The CIN (Corporate Identification Number) of Kundan Refinery is U36996DL2019PTC355852. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Kundan Refinery has 5 court cases on record: 2 filed by the company and 3 filed against it. 2 are pending. Most are in the district courts.
Kundan Refinery was incorporated on 04 October 2019, making it 7+ years old. It is registered with the Registrar of Companies, Delhi.
Kundan Refinery has 4 deals on record (2 secondary share transfers, 1 funding round, 1 convertible or debt financing), with disclosed funding of ₹134.5 Cr; the latest was in January 2022.
The peers of Kundan Refinery by revenue are Rajesh Exports Limited, Titan Company Limited, Gitanjali Gems Ltd, Kiran Gems Private Limited, all in the Consumer Products industry (Watches and Jewellery Manufacturers), with the same principal business activity (other manufacturing including jewellery, musical instruments, medical instruments, sports goods, etc. activities).
Shubham Vishwakarma was appointed as Additional Director on 23 Feb 2025. Shubham Vishwakarma ceased to be Additional Director on 20 Feb 2025. Deepak Vidyasagar Katiyar ceased to be Additional Director on 29 Sep 2024. Kundan Refinery has 11 board changes on record in total.
Kundan Refinery can be reached through the website kundanrefinery.com. Its registered office is in New Delhi, Delhi, India.