About Madhusudan Industries Limited
Data last updated: 14 July 2026
Madhusudan Industries Limited is a public limited company based in Rakhial, Gujarat, India. It specialises in real estate financing, a part of the broader financial services sector. Incorporated on 27 August 1945, the company has been in operation for over 81 years.
Registered with ROC Ahmedabad under CIN L29199GJ1945PLC000443. Listed on BSE: 515059.
Capital: an authorised share capital of ₹13 Cr and a paid-up capital of ₹2.69 Cr. It is led by directors including Rajesh Bhikhubhai Shah and Plakkal Kandakutty Shashidharan.
Last AGM: 20 August 2025. Financial statements filed for year ended 31 March 2025. Office: Survey No. 359/B 359/C 361 & 362 Tal.: Dehgam, Rakhial, Gujarat, India – 382315.
As per BSE-filed standalone financials for FY 2026, the company reported a revenue of ₹1.33 Cr, a growth of 4.6% compared to the previous year. The net worth stands at ₹27.41 Cr (down 1.61% YoY). Total assets are valued at ₹30.38 Cr (down 2.65% YoY).
The company has a workforce of approximately 5 employees as per the latest available data.
As per MCA filings, the company has open charges of ₹59.8 Cr and satisfied charges of ₹3.78 Cr on record.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website madhusudan-india.com.
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Registered AddressSurvey No. 359/B 359/C 361 & 362 Tal.: Dehgam, Rakhial, Gujarat, India – 382315
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IndustryFinancial Services, Real Estate Financing
- Historical Financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Litigation, compliance and MCA filings
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Business Activity of Madhusudan Industries Limited
Madhusudan Industries Limited operates primarily in the support service to organizations sector. The company has 1 registered business activity segment, reflecting its diverse operational portfolio.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| Locked | Support service to Organizations | Locked | Other support services to organizations | Locked |
Detailed business activity records for Madhusudan Industries Limited
Activity codes and turnover contribution percentages require an active report plan.
- Activity group codes
- Detailed activity codes
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Verified entity values are shown only after access is granted.
Auditor Details of Madhusudan Industries Limited
Madhusudan Industries Limited is audited by N M NAGRI & CO (ICAI peer reviewed, certificate valid till 2027-05-31) for the financial year 2026, as reported in its BSE exchange filings. The statutory auditor is responsible for expressing an independent opinion on whether the financial statements present a true and fair view in accordance with applicable accounting standards.
| Name | Financial year | Audit opinion |
|---|---|---|
| N M NAGRI & CO (ICAI peer reviewed, certificate valid till 2027-05-31) | FY 2026 | Declaration of unmodified opinion |
Board of Directors of Madhusudan Industries Limited
Madhusudan Industries Limited is currently managed by 6 directors, with 11 former directors having served the organization. The current Directors play a crucial role in shaping the company's strategic direction and governance.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Rajesh Bhikhubhai Shah | Director | 25 Sep 2006 | 19 Years 9 Months | Current |
| Plakkal Kandakutty Shashidharan | Director | 26 Feb 2013 | 13 Years 4 Months | Current |
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Daarrpan Rajeshbhai Shah
Also directs:
Purohit Construction Limited
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Director | 30 Dec 2021 | 4 Years 6 Months | Current |
|
Premchand Mangilal Surana
Also directs:
Goodluck Carriers Llp
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Director | 30 Jul 2013 | 12 Years 11 Months | Current |
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Jwalasingh Tulsiram Rajput
Also directs:
Gujarat Soaps Private Ltd
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Director | 27 May 2025 | 1 Years 1 Months | Current |
| Dipti Niketan Zaveri | Director | 07 Aug 2023 | 2 Years 11 Months | Current |
Financials of Madhusudan Industries Limited FY 2026 filings available
Madhusudan Industries Limited reported revenue of ₹1.33 Cr (up 4.6% YoY) for FY 2026.
| Metrics | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue from Operations | ₹1.33 Cr | ₹1.27 Cr | ₹1.22 Cr | ₹1.16 Cr | ₹1.08 Cr | ₹91.31 Lakh | ₹1.03 Cr | ₹1.15 Cr |
| Other Income | ₹1.08 Cr | ₹1.33 Cr | ₹3.03 Cr | ₹3.31 Cr | ₹3.14 Cr | ₹4.93 Cr | ₹67.93 Lakh | ₹52.92 Lakh |
| Total Income | ₹2.41 Cr | ₹2.6 Cr | ₹4.25 Cr | ₹4.46 Cr | ₹4.22 Cr | ₹5.84 Cr | ₹1.71 Cr | ₹1.68 Cr |
| Cost of Materials Consumed | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 |
| Purchases of Stock-in-Trade | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 |
| Changes in Inventories | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 |
| Employee Benefit Expense | ₹74.14 Lakh | ₹66.87 Lakh | ₹60.11 Lakh | ₹53.98 Lakh | ₹48.87 Lakh | ₹53.13 Lakh | ₹51.49 Lakh | ₹49.61 Lakh |
| Finance Costs | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 |
| Depreciation & Amortisation | ₹8.62 Lakh | ₹9.32 Lakh | ₹10.47 Lakh | ₹12.95 Lakh | ₹11.25 Lakh | ₹10.02 Lakh | ₹10.78 Lakh | ₹12.8 Lakh |
| Other Expenses | ₹2.14 Cr | ₹2.36 Cr | ₹48.51 Lakh | ₹41.14 Lakh | ₹34.38 Lakh | ₹42.75 Lakh | ₹2.45 Cr | ₹80.09 Lakh |
| Total Expenses | ₹2.97 Cr | ₹3.12 Cr | ₹1.19 Cr | ₹1.08 Cr | ₹94.5 Lakh | ₹1.06 Cr | ₹3.07 Cr | ₹1.43 Cr |
| Profit Before Exceptional Items & Tax | -₹55.82 Lakh | -₹52.46 Lakh | ₹3.06 Cr | ₹3.38 Cr | ₹3.27 Cr | ₹4.79 Cr | -₹1.36 Cr | ₹25.03 Lakh |
| Exceptional Items | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 |
| Profit Before Tax | -₹55.82 Lakh | -₹52.46 Lakh | ₹3.06 Cr | ₹3.38 Cr | ₹3.27 Cr | ₹4.79 Cr | -₹1.36 Cr | ₹25.03 Lakh |
| Total Tax Expense | -₹14.13 Lakh | -₹13.31 Lakh | ₹73.86 Lakh | ₹97.58 Lakh | ₹78.5 Lakh | ₹1.2 Cr | -₹38.47 Lakh | ₹7.73 Lakh |
| Net Profit | -₹41.69 Lakh | -₹39.15 Lakh | ₹2.32 Cr | ₹2.41 Cr | ₹2.49 Cr | ₹3.58 Cr | -₹97.55 Lakh | ₹17.3 Lakh |
| Other Comprehensive Income | -₹3.26 Lakh | -₹2.78 Lakh | -₹2.44 Lakh | -₹53,000 | -₹1.55 Lakh | ₹90,000 | -₹1.25 Lakh | -₹2.13 Lakh |
| Total Comprehensive Income | -₹44.95 Lakh | -₹41.93 Lakh | ₹2.3 Cr | ₹2.4 Cr | ₹2.47 Cr | ₹3.59 Cr | -₹98.8 Lakh | ₹15.17 Lakh |
| EBITDA (computed) | -₹47.2 Lakh | -₹43.14 Lakh | ₹3.16 Cr | ₹3.51 Cr | ₹3.39 Cr | ₹4.89 Cr | -₹1.25 Cr | ₹37.83 Lakh |
| Basic EPS | ₹-0.78 | ₹-0.73 | ₹4.32 | ₹4.48 | ₹4.63 | ₹6.67 | ₹-1.81 | ₹0.32 |
| Diluted EPS | ₹-0.78 | ₹-0.73 | ₹4.32 | ₹4.48 | ₹4.63 | ₹6.67 | ₹-1.81 | ₹0.32 |
| Metrics | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | ₹30.38 Cr | ₹31.21 Cr | ₹32.02 Cr | ₹29.22 Cr | ₹26.28 Cr | ₹23.15 Cr | ₹18.51 Cr | ₹19.98 Cr |
| Non-current Assets | ₹15.82 Cr | ₹14.57 Cr | ₹15.81 Cr | ₹14.74 Cr | ₹12.23 Cr | ₹11.03 Cr | ₹7.93 Cr | ₹8.64 Cr |
| Current Assets | ₹14.56 Cr | ₹16.64 Cr | ₹16.2 Cr | ₹14.48 Cr | ₹14.06 Cr | ₹12.12 Cr | ₹10.58 Cr | ₹11.33 Cr |
| Property, Plant & Equipment | ₹1.63 Cr | ₹1.71 Cr | ₹1.8 Cr | ₹1.9 Cr | ₹2.02 Cr | ₹2.02 Cr | ₹2.12 Cr | ₹2.23 Cr |
| Inventories | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 |
| Trade Receivables | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹1,000 |
| Cash & Equivalents | ₹73.37 Lakh | ₹72.6 Lakh | ₹83.49 Lakh | ₹32.14 Lakh | ₹34.68 Lakh | ₹54.21 Lakh | ₹41.72 Lakh | ₹49.64 Lakh |
| Equity (Net Worth) | ₹27.41 Cr | ₹27.86 Cr | ₹28.28 Cr | ₹25.98 Cr | ₹23.58 Cr | ₹21.1 Cr | ₹17.51 Cr | ₹18.5 Cr |
| Equity Share Capital | ₹2.69 Cr | ₹2.69 Cr | ₹2.69 Cr | ₹2.69 Cr | ₹2.69 Cr | ₹2.69 Cr | ₹2.69 Cr | ₹2.69 Cr |
| Borrowings (Non-current) | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 |
| Borrowings (Current) | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 |
| Total Debt (computed) | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 |
| Current Liabilities | ₹31.25 Lakh | ₹24.81 Lakh | ₹22.59 Lakh | ₹28.22 Lakh | ₹26.67 Lakh | ₹24.41 Lakh | ₹25.58 Lakh | ₹22.32 Lakh |
| Total Liabilities | ₹2.97 Cr | ₹3.35 Cr | ₹3.74 Cr | ₹3.24 Cr | ₹2.71 Cr | ₹2.05 Cr | ₹1 Cr | ₹1.48 Cr |
| Metrics | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Operating Cash Flow | -₹63.11 Lakh | -₹67 Lakh | -₹32.08 Lakh | -₹1.36 Cr | -₹1.09 Cr |
| Investing Cash Flow | ₹63.88 Lakh | ₹56.11 Lakh | ₹83.43 Lakh | ₹1.33 Cr | ₹89.05 Lakh |
| Financing Cash Flow | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 |
| Capital Expenditure | ₹49,000 | ₹23,000 | ₹0 | ₹1.03 Lakh | ₹12.19 Lakh |
| Free Cash Flow (computed) | -₹63.6 Lakh | -₹67.23 Lakh | -₹32.08 Lakh | -₹1.37 Cr | -₹1.21 Cr |
| Dividends Paid | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 |
| Net Change in Cash | ₹77,000 | -₹10.89 Lakh | ₹51.35 Lakh | -₹2.54 Lakh | -₹19.53 Lakh |
| Metrics | Q4 FY26 | Q3 FY26 | Q2 FY26 | Q1 FY26 | Q4 FY25 | Q3 FY25 | Q2 FY25 | Q1 FY25 |
|---|---|---|---|---|---|---|---|---|
| Revenue from Operations | ₹33.63 Lakh | ₹33.64 Lakh | ₹33.69 Lakh | ₹31.96 Lakh | ₹32.02 Lakh | ₹32.03 Lakh | ₹32.02 Lakh | ₹31 Lakh |
| Other Income | ₹22.31 Lakh | -₹1.08 Cr | -₹1.02 Cr | ₹2.96 Cr | -₹1.38 Cr | -₹1 Cr | -₹32.32 Lakh | ₹4.03 Cr |
| Total Income | ₹55.94 Lakh | -₹73.88 Lakh | -₹68.76 Lakh | ₹3.28 Cr | -₹1.06 Cr | -₹68.28 Lakh | -₹30,000 | ₹4.34 Cr |
| Cost of Materials Consumed | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 |
| Purchases of Stock-in-Trade | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 |
| Changes in Inventories | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 |
| Employee Benefit Expense | ₹17.33 Lakh | ₹25.73 Lakh | ₹15.16 Lakh | ₹15.92 Lakh | ₹20.13 Lakh | ₹15.83 Lakh | ₹15.6 Lakh | ₹15.31 Lakh |
| Finance Costs | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 |
| Depreciation & Amortisation | ₹2.13 Lakh | ₹2.18 Lakh | ₹2.2 Lakh | ₹2.11 Lakh | ₹2.34 Lakh | ₹2.34 Lakh | ₹2.32 Lakh | ₹2.32 Lakh |
| Other Expenses | ₹1.95 Cr | ₹6.82 Lakh | ₹6 Lakh | ₹6.54 Lakh | ₹2.15 Cr | ₹8.43 Lakh | ₹5.96 Lakh | ₹6.27 Lakh |
| Total Expenses | ₹2.14 Cr | ₹34.73 Lakh | ₹23.36 Lakh | ₹24.57 Lakh | ₹2.38 Cr | ₹26.6 Lakh | ₹23.88 Lakh | ₹23.9 Lakh |
| Profit Before Exceptional Items & Tax | -₹1.58 Cr | -₹1.09 Cr | -₹92.12 Lakh | ₹3.03 Cr | -₹3.44 Cr | -₹94.88 Lakh | -₹24.18 Lakh | ₹4.11 Cr |
| Exceptional Items | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 |
| Profit Before Tax | -₹1.58 Cr | -₹1.09 Cr | -₹92.12 Lakh | ₹3.03 Cr | -₹3.44 Cr | -₹94.88 Lakh | -₹24.18 Lakh | ₹4.11 Cr |
| Total Tax Expense | -₹39.83 Lakh | -₹26.69 Lakh | -₹23.81 Lakh | ₹76.2 Lakh | -₹86.54 Lakh | -₹24.67 Lakh | -₹5.45 Lakh | ₹1.03 Cr |
| Net Profit | -₹1.18 Cr | -₹81.92 Lakh | -₹68.31 Lakh | ₹2.27 Cr | -₹2.57 Cr | -₹70.21 Lakh | -₹18.73 Lakh | ₹3.07 Cr |
| Other Comprehensive Income | ₹2.19 Lakh | -₹1.82 Lakh | -₹2.94 Lakh | -₹69,000 | -₹95,000 | -₹61,000 | -₹61,000 | -₹61,000 |
| Total Comprehensive Income | -₹1.16 Cr | -₹83.74 Lakh | -₹71.25 Lakh | ₹2.26 Cr | -₹2.58 Cr | -₹70.82 Lakh | -₹19.34 Lakh | ₹3.07 Cr |
| EBITDA (computed) | -₹1.56 Cr | -₹1.06 Cr | -₹89.92 Lakh | ₹3.05 Cr | -₹3.42 Cr | -₹92.54 Lakh | -₹21.86 Lakh | ₹4.13 Cr |
| Basic EPS | ₹-2.20 | ₹-1.52 | ₹-1.27 | ₹4.22 | ₹-4.79 | ₹-1.31 | ₹-0.35 | ₹5.72 |
| Diluted EPS | ₹-2.20 | ₹-1.52 | ₹-1.27 | ₹4.22 | ₹-4.79 | ₹-1.31 | ₹-0.35 | ₹5.72 |
Shareholding Pattern of Madhusudan Industries Limited
As per the shareholding pattern filed with BSE for the quarter ended Mar 2026, promoters hold 56.08%, domestic institutional investors hold 0.19%, retail and other public shareholders hold 43.73% of Madhusudan Industries Limited. The company had 6,337 shareholders on record.
| Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | |
|---|---|---|---|---|---|---|
| Promoters | 56.08% | 56.08% | 56.08% | 56.08% | 56.08% | 56.08% |
| Public | 43.92% | 43.92% | 43.92% | 43.92% | 43.92% | 43.92% |
| Mar 2026 | Mar 2025 | Mar 2024 | |
|---|---|---|---|
| Promoters | 56.08% | 56.08% | 56.08% |
| Public | 43.92% | 43.92% | 43.92% |
| Promoter change (YoY, %pts) | +0.00 | +0.00 | - |
Charges & Borrowings of Madhusudan Industries Limited
| Date | Lender | Amount | Status |
|---|---|---|---|
| 17 Nov 2003 | Bank of Baroda | ₹12 Cr | Open |
| 25 Sep 2003 | Bank of Baroda | ₹1.5 Cr | Open |
| 27 Feb 2001 | Industrial Development Bank of India | ₹5 Cr | Open |
| 04 Feb 1997 | Bank of Baroda | ₹41.3 Cr | Open |
| 07 Mar 2009 | Bank of Baroda | ₹98 Lakh | Satisfied |
Total charge records: 8 View all charges
Employees and EPFO Compliance at Madhusudan Industries Limited
Madhusudan Industries Limited has a workforce of 5 employees as of Mar 21, 2024.
Employee and EPFO history for Madhusudan Industries Limited
Monthly headcount, contribution history, establishment records, and filing compliance require an active report plan.
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GST Compliance of Madhusudan Industries Limited
GST registrations and filing compliance for Madhusudan Industries Limited
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Credit Ratings, Litigation & Regulatory Alerts for Madhusudan Industries Limited
Credit ratings, litigation, and regulatory alerts for Madhusudan Industries Limited
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MSME Payment Delays by Madhusudan Industries Limited
MSME payment history for Madhusudan Industries Limited
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Subsidiaries & Group Companies of Madhusudan Industries Limited
Corporate group structure for Madhusudan Industries Limited
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MCA Filings & Documents of Madhusudan Industries Limited
MCA filings and documents for Madhusudan Industries Limited
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Recent Activity on Madhusudan Industries Limited
Frequently Asked Questions about Madhusudan Industries Limited
Madhusudan Industries Limited is an active public limited company in the financial services sector based in Rakhial, Gujarat, India. It was incorporated on 27 August 1945 (81+ years old) and is registered under CIN L29199GJ1945PLC000443. Listed on BSE: 515059. The company has 5 employees.
Madhusudan Industries Limited reported revenue of ₹1.33 Cr for FY 2026 (up 4.6% YoY) based on standalone BSE filings.
The current directors of Madhusudan Industries Limited are:
- Rajesh Bhikhubhai Shah - Director
- Plakkal Kandakutty Shashidharan - Director
- Daarrpan Rajeshbhai Shah - Director
- Premchand Mangilal Surana - Director
- Jwalasingh Tulsiram Rajput - Director
- Dipti Niketan Zaveri - Director
The primary industry of Madhusudan Industries Limited is financial services. The company specifically operates in real estate financing. The company is currently active in this sector.
Yes. Madhusudan Industries Limited is listed on BSE with code 515059.
Madhusudan Industries Limited can be reached at the registered office: Survey No. 359B 359C 361 & 362 Tal.: Dehgam, Rakhial, Gujarat, India – 382315, or through the website madhusudan-india.com.