About Kushtagi Solar Power Private Limited
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Kushtagi Solar Power Private Limited is a private limited company based in Mumbai, Maharashtra, India, a subsidiary of Radiance Renewables Private Limited. It operates in the solar energy solutions segment of the environmental services sector. It was incorporated on 29 December 2017 and has been in existence for over 9 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U40106MH2017PTC415535. Its GSTIN is 29AAGCK9014R1ZR (Karnataka).
The company has an authorised share capital of ₹1 Lakh and a paid-up capital of ₹1 Lakh. It is led by directors Mallikarjuna Ukkadala and Urvi Nitesh Shah.
Its last annual general meeting (AGM) was held on 18 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at Mumbai, Maharashtra.
As per the financials filed for FY 2025, the company reported a revenue of ₹15.67 Cr, a decline of 6% compared to the previous year. For the same year it recorded a net profit of ₹1.38 Cr (net margin 8.8%) and EBITDA of ₹13.17 Cr (EBITDA margin 84%). Revenue has declined at a compounded annual rate (CAGR) of 2% over three years and 1% over five years.
As per MCA filings, the company has open charges of ₹62.5 Cr and satisfied charges of ₹58.5 Cr on record. Court records list 7 cases involving the company, including 1 filed by the company and 6 filed against it; 2 cases are pending. The company has 5 deals on record (4 acquisitions, 1 convertible or debt financing), with disclosed funding of ₹67 Lakh; the latest was in December 2019. Its 6 peer companies in the Cleantech industry (Solar Power), with the same principal business activity (electric power generation, transmission and distribution) are compared by revenue, 3 larger and 3 smaller; the largest is Ampin Power Systems Private Limited with revenue of ₹15.82 Cr. The company has 5 MSME Form 1 returns on record between 2019 and 2023, listing 20 overdue payments to 8 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 eversourcecapital.com.
Company details
CIN history
Kushtagi Solar Power has one previous CIN (Corporate Identification Number): U40106RJ2017PTC059892. The current CIN is U40106MH2017PTC415535, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U40106MH2017PTC415535 | Current |
| U40106RJ2017PTC059892 | Previous |
Contact details
Kushtagi Solar Power Private Limited's registered office is in Mumbai, Maharashtra. Its website is eversourcecapital.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address611 Synergy Court Off., Ramchandra Lane Kanchpada, Mumbai, Maharashtra, India – 400064
- IndustryEnvironment, Solar Energy Solutions
To see the full contact details of Kushtagi Solar Power 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
Business activity
The main business activity of Kushtagi Solar Power is electricity, gas, steam and air condition supply. In detail, this covers electric power generation, transmission and distribution.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| D | Electricity, gas, steam and air condition supply | D1 | Electric power generation, transmission and distribution |
To see the full business activity and turnover split of Kushtagi Solar Power Private Limited, buy the company report.
Financials of Kushtagi Solar Power Private Limited
FY 2025 filings availableKushtagi Solar Power Private Limited reported revenue of ₹15.67 Cr (down 6% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR)
Revenue has declined at a compounded annual rate (CAGR) of 1% over five years, including a 6% fall in the latest year. EBITDA fell 9% 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 | ₹13.17 Cr | ||||
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| Net Profit (PAT) | ₹1.38 Cr | ||||
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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 | 84% | ||||
| Net Profit Margin | 8.8% | ||||
| Return on Equity (ROE) | |||||
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To see the full financial statements and ratios of Kushtagi Solar Power Private Limited, buy the company report.
Board of directors of Kushtagi Solar Power Private Limited
Kushtagi Solar Power has 2 current directors and 6 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Mallikarjuna Ukkadala | Director | 14 Mar 2022 | 4 Years 7 Months | Current |
| Urvi Nitesh Shah | Director | 14 Mar 2022 | 4 Years 7 Months | Current |
Peer comparison
Kushtagi Solar Power Private Limited is compared with the 6 companies closest to it by revenue in the Cleantech industry (Solar Power), with the same principal business activity (electric power generation, transmission and distribution), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Ampin Power Systems Private Limited | ₹15.82 Cr (FY 2025) | -3.0% | New Delhi, Delhi, India | |||
| Radiance Ka Sunshine Seven Private Limited | ₹15.76 Cr (FY 2025) | -8.0% | Mumbai, Maharashtra, India | |||
| JSW Renewable Energy (Cement) Limited | ₹15.71 Cr (FY 2025) | 40.0% | Mumbai, Maharashtra, India | |||
| Kushtagi Solar Power Private Limitedthis company | ₹15.67 Cr (FY 2025) | ₹1.38 Cr | 8.8% | -6.0% | Mumbai, Maharashtra, India | |
| Renew Surya Alok Private Limited | ₹15.63 Cr (FY 2025) | 0.0% | New Delhi, Delhi, India | |||
| A. Energys Private Limited | ₹15.59 Cr (FY 2025) | 273.0% | Guwahati, Assam, India | |||
| Ostro Alpha Wind Private Limited | ₹15.56 Cr (FY 2025) | 2.0% | New Delhi, Delhi, India |
To see the full peer comparison of Kushtagi Solar Power Private Limited, buy the company report.
Auditor
Kushtagi Solar Power Private Limited is audited by B S R & Co. LLP for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| B S R & Co. LLP | FY 2023 | 101248W/W-100022 |
Shareholding
The shareholding of Kushtagi Solar Power Private 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 Kushtagi Solar Power Private Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 09 Dec 2022 | 100660300 | Others | ₹62.5 Cr | Open | |
| 25 Jun 2018 | 100200597 | Others | ₹58.5 Cr | Satisfied |
To see the full charge records of Kushtagi Solar Power Private Limited, buy the company report.
Total charge records: 2 View all charges
Deals & funding
Kushtagi Solar Power Private Limited has 5 deals on record (4 acquisitions, 1 convertible or debt financing), with disclosed funding of ₹67 Lakh; the latest was in December 2019.
Deals on record (4 of 5)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Dec 2019 | Acquisition | Undisclosed | Buyer: EverSource Capital Seller: Shining Sun Power Private Limited , Rays Future Energy India Private Limited |
| Mar 2018 | Acquisition | ₹33 Cr | Buyer: Shining Sun Power Private Limited |
| Feb 2018 | Acquisition | Undisclosed | Buyer: Rays Future Energy India Private Limited Seller: Evexia Lifecare Limited |
| Jan 2018 | Acquisition | Undisclosed | Buyer: Evexia Lifecare Limited Seller: Shining Sun Power Private Limited , Shining Sun Power Private Limited & Kailash Chand Mor |
To see the full deal history of Kushtagi Solar Power 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
Kushtagi Solar Power Private Limited has 7 court cases on record: 1 filed by Kushtagi Solar Power, 6 filed against it. 2 cases are pending and 5 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 4 | 4 | 0 |
| High courts | 3 | 2 | 2 |
Cases on record (5 of 7)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court, KARNATAKA | Appeal | Filed against the company by Karnataka Power Transmission Corporation Limited | Pending |
| High Court of Karnataka | Writ petition | Filed by the company against Bangalore Electricity Supply Company Limited and 3 others | Disposed |
| High Court of Karnataka | Appeal | Filed against the company by Karnataka Electricity Regulatory Commission | Pending |
| District court, KOPPAL, Karnataka | Civil suit | Filed against the company by an individual | Disposed |
| District court, KOPPAL, Karnataka | Civil suit | Filed against the company by an individual | Disposed |
To see the full case history of Kushtagi Solar Power 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
Kushtagi Solar Power Private Limited was last rated by Care on 07 Feb 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Care | 07 Feb 2022 |
To see the full credit ratings and regulatory alerts of Kushtagi Solar Power Private Limited, buy the company report.
MSME payment delays
Kushtagi Solar Power Private Limited has 5 MSME Form 1 returns on record between 2019 and 2023, listing 20 overdue payments to 8 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 (5 of 8)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| an individual supplier | |||
| Aegeus Technologies Limited | |||
| Meissa Technologies Private Limited | |||
| Serve HR Private Limited |
To see the full MSME payment records of Kushtagi Solar Power Private Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
GST
Kushtagi Solar Power has 1 GST registration: 1 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 29AAGCK9014R1ZR | Karnataka | Active | 20 Feb 2018 |
To see the full GST registrations and return filing status of Kushtagi Solar Power Private Limited, buy the company report.
Recent activity
Kushtagi Solar Power Private Limited has 8 board changes on record since 2020: 2 appointments and 6 cessations. The latest: Mallikarjuna Ukkadala ceased to be Additional Director on 29 Sep 2022.
4 earlier events are in the company report.
Frequently asked questions
Kushtagi Solar Power is an active private limited company based in Mumbai, Maharashtra, India. The company works in solar energy solutions, within the environment industry. It was incorporated on 29 December 2017 (9+ years old) and is registered under CIN U40106MH2017PTC415535.
Kushtagi Solar Power has 2 current directors:
- Mallikarjuna Ukkadala - Director
- Urvi Nitesh Shah - Director
The latest financial statements of Kushtagi Solar Power on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 18 September 2025. Year-wise statements from FY 2018 are in the company report.
The GSTIN of Kushtagi Solar Power is 29AAGCK9014R1ZR, registered in Karnataka.
The CIN (Corporate Identification Number) of Kushtagi Solar Power is U40106MH2017PTC415535. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Kushtagi Solar Power has 7 court cases on record: 1 filed by the company and 6 filed against it. 2 are pending. Most are in the district courts.
Kushtagi Solar Power was incorporated on 29 December 2017, making it 9+ years old. It is registered with the Registrar of Companies, Mumbai.
Kushtagi Solar Power has 5 deals on record (4 acquisitions, 1 convertible or debt financing), with disclosed funding of ₹67 Lakh; the latest was in December 2019.
The peers of Kushtagi Solar Power by revenue are Ampin Power Systems Private Limited, Radiance Ka Sunshine Seven Private Limited, JSW Renewable Energy (Cement) Limited, Renew Surya Alok Private Limited, A. Energys Private Limited and 1 more, all in the Cleantech industry (Solar Power), with the same principal business activity (electric power generation, transmission and distribution).
Mallikarjuna Ukkadala ceased to be Additional Director on 29 Sep 2022. Urvi Nitesh Shah ceased to be Additional Director on 29 Sep 2022. Mallikarjuna Ukkadala was appointed as Director on 14 Mar 2022. Kushtagi Solar Power has 8 board changes on record in total.
Kushtagi Solar Power has 5 MSME Form 1 returns on record between 2019 and 2023, listing 20 overdue payments to 8 micro and small suppliers. The latest return was filed on 28 Oct 2023.
Kushtagi Solar Power can be reached through the website eversourcecapital.com. Its registered office is in Mumbai, Maharashtra, India.
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