About Madhya Gujarat Vij Company Limited
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Madhya Gujarat Vij Company Limited is a public limited state government company based in Vadodara, Gujarat, India, a subsidiary of Gujarat Urja Vikas Nigam Limited. It operates in the power transmission and distribution services segment of the energy and power sector. It was incorporated on 15 September 2003 and has been in existence for over 23 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U40102GJ2003SGC042907. Its GSTIN is 24AADCM7439H1ZE (Gujarat).
The company has an authorised share capital of ₹1,000 Cr and a paid-up capital of ₹612.67 Cr. It is led by directors including Jenu Devan (Managing Director) and Tejas Dilipkumar Parmar (Managing Director).
Its last annual general meeting (AGM) was held on 12 December 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at Sardar Patel Vidyut Bhavan Race Course, Vadodara, Gujarat, India – 390007.
As per the financials filed for FY 2025, the company reported a revenue of ₹10,251 Cr, a growth of 1% compared to the previous year. For the same year it recorded a net profit of ₹101.09 Cr (net margin 1%) and EBITDA of ₹793.26 Cr (EBITDA margin 7.7%). Revenue has grown at a compounded annual rate (CAGR) of 9% over three years and 9% over five years.
The company has about 6,136 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: MGVCL. As per MCA filings, the company has open charges of ₹459 Cr and satisfied charges of ₹1,304.64 Cr on record. Court records list 21,028 cases involving the company, including 19,808 filed by the company and 1,227 filed against it; 674 cases are pending. The company has 13 deals on record (12 rights issues, 1 funding round), with disclosed funding of ₹212.59 Cr; the latest was in March 2025. Its 7 peer companies in the Power industry (Transmission and Distribution), with the same principal business activity (electric power generation, transmission and distribution) are compared by revenue, 4 larger and 3 smaller; the largest is Adani Electricity Mumbai Limited with revenue of ₹11,999 Cr. The company has 28 MSME Form 1 returns on record between 2019 and 2024, listing 3,113 overdue payments to 166 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 mgvcl.com.
Company details
Contact details
Madhya Gujarat Vij Company Limited's registered office is in Vadodara, Gujarat. Its website is mgvcl.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered AddressSardar Patel Vidyut Bhavan Race Course, Vadodara, Gujarat, India – 390007
- IndustryEnergy and Power, Power Transmission & Distribution Services
To see the full contact details of Madhya Gujarat Vij Company 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 Madhya Gujarat Vij Company 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 Madhya Gujarat Vij Company Limited, buy the company report.
Financials of Madhya Gujarat Vij Company Limited
FY 2025 filings availableMadhya Gujarat Vij Company Limited reported revenue of ₹10,251 Cr (up 1% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 9% over five years, including 1% growth in the latest year. EBITDA fell 36% 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 | ₹793.26 Cr | ||||
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| Net Profit (PAT) | ₹101.09 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 | 7.7% | ||||
| Net Profit Margin | 1% | ||||
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To see the full financial statements and ratios of Madhya Gujarat Vij Company Limited, buy the company report.
Board of directors and KMP of Madhya Gujarat Vij Company Limited
Madhya Gujarat Vij Company Limited currently reports 11 directors and 1 key managerial person. 46 former directors have served the organization.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Kiran Mukundrao Shringarpure | Director | 22 Jan 2024 | 2 Years 9 Months | Current |
| Sailaja Vishvesh Vachhrajani | Cfo | 25 Sep 2024 | 2 Years 0 Months | Current |
| Shanmuganathan Raman | Director | 22 Jan 2024 | 2 Years 9 Months | Current |
| Preeti Sharma | Nominee Director | 07 Jul 2025 | 1 Years 3 Months | Current |
| Ajay Pandey Also directs: Icrier and Vodafone Idea Centre for Telecom, Gyan Shala Foundation | Director | 22 Jan 2024 | 2 Years 9 Months | Current |
| Kamlesh Kumar Jangid | Nominee Director | 26 Jul 2023 | 3 Years 2 Months | Current |
Peer comparison
Madhya Gujarat Vij Company Limited is compared with the 7 companies closest to it by revenue in the Power industry (Transmission and Distribution), 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 |
|---|---|---|---|---|---|---|
| Adani Electricity Mumbai Limited | ₹11,999 Cr (FY 2025) | 18.0% | Ahmedabad, Gujarat, India | |||
| Tata Power Delhi Distribution Limited | ₹11,136 Cr (FY 2025) | 9.0% | Delhi, India | |||
| Uttarakhand Power Corporation Limited | ₹11,032 Cr (FY 2025) | 9.0% | Dehradun, Uttarakhand, India | |||
| South Bihar Power Distribution Company Limited | ₹10,342 Cr (FY 2021) | 16.0% | Patna, Bihar, India | |||
| Madhya Gujarat Vij Company Limitedthis company | ₹10,251 Cr (FY 2025) | ₹101.09 Cr | 1% | 1.0% | 6,136 | Vadodara, Gujarat, India |
| North Bihar Power Distribution Company Limited | ₹8,410.58 Cr (FY 2021) | 3.0% | Patna, Bihar, India | |||
| Gulbarga Electricity Supply Company Limited | ₹8,344.04 Cr (FY 2025) | -6.0% | Gulbarga, Karnataka, India | |||
| Bses Yamuna Power Limited | ₹7,753.85 Cr (FY 2025) | 7.0% | Delhi, India |
To see the full peer comparison of Madhya Gujarat Vij Company Limited, buy the company report.
Auditor
Madhya Gujarat Vij Company Limited is audited by Mukund & Rohit for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Mukund & Rohit | FY 2023 | 113375W |
Shareholding
The shareholding of Madhya Gujarat Vij Company 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 Madhya Gujarat Vij Company Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 08 Jan 2007 | 10033652 | Uco Bank | ₹459 Cr | Open | |
| 22 Dec 2014 | 10542057 | Bank of Baroda | ₹80 Cr | Satisfied | |
| 19 Dec 2014 | 10541994 | Power Finance Corporation Limited | ₹14.62 Cr | Satisfied | |
| 18 Jul 2014 | 10513515 | Power Finance Corporation Limited | ₹10.79 Cr | Satisfied | |
| 22 Oct 2012 | 10385383 | Bank of Baroda | ₹65 Cr | Satisfied |
To see the full charge records of Madhya Gujarat Vij Company Limited, buy the company report.
Total charge records: 15 View all charges
Deals & funding
Madhya Gujarat Vij Company Limited has 13 deals on record (12 rights issues, 1 funding round), with disclosed funding of ₹212.59 Cr; the latest was in March 2025.
Deals on record (5 of 13)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2025 | Rights issue | ₹476.32 Cr | Investors: Gujarat Urja Vikas Nigam Limited |
| Mar 2024 | Rights issue | ₹481.78 Cr | Investors: Gujarat Urja Vikas Nigam Limited |
| Mar 2023 | Rights issue | ₹169.52 Cr | Investors: Gujarat Urja Vikas Nigam Limited |
| Mar 2022 | Rights issue | ₹133.3 Cr | Investors: Gujarat Urja Vikas Nigam Limited |
| Jan 2020 | Rights issue | ₹339.97 Cr | Investors: Gujarat Urja Vikas Nigam Limited |
To see the full deal history of Madhya Gujarat Vij Company 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
Madhya Gujarat Vij Company Limited has 21,028 court cases on record: 19,808 filed by Madhya Gujarat Vij Company, 1,227 filed against it. 674 cases are pending and 20,354 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 20,061 | 586 | 418 |
| High courts | 932 | 618 | 243 |
| Supreme Court | 24 | 16 | 8 |
| NCLAT | 7 | 3 | 2 |
| NCLT | 4 | 4 | 3 |
Cases on record (5 of 21,028)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court of Gujarat | Special civil application | Filed against the company by Kores (India) Limited | Pending |
| District court, Vadodara, Gujarat | Commercial matter | Filed against the company by M/S. Diamond Power Infrastructure Limited Through Mr. Hetalkumar D . Hindocha | Pending |
| High Court of Gujarat | Special civil application | Filed against the company by Alembic Pharmaceuticals Ltd. | Disposed |
| NCLAT, NCLAT New Delhi | Interim or miscellaneous application | Filed against the company by an individual | Pending |
| District court, Ahmedabad, Gujarat | Court case (REF IT) | Filed against the company by an individual | Pending |
To see the full case history of Madhya Gujarat Vij Company 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
Madhya Gujarat Vij Company Limited has 28 MSME Form 1 returns on record between 2019 and 2024, listing 3,113 overdue payments to 166 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 166)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| an individual supplier | |||
| an individual supplier | |||
| an individual supplier | |||
| an individual supplier |
To see the full MSME payment records of Madhya Gujarat Vij Company Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
Madhya Gujarat Vij Company Limited has a workforce of 6,136 employees on its EPFO records as of Mar 30, 2024, across 5 active EPFO establishments.
GST
Madhya Gujarat Vij Company has 1 GST registration: 1 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AADCM7439H1ZE | Gujarat | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Madhya Gujarat Vij Company Limited, buy the company report.
Recent activity
Madhya Gujarat Vij Company Limited has 55 board changes on record since 2006: 12 appointments and 43 cessations. The latest: Jai Prakash Shivahare ceased to be Nominee Director on 06 Nov 2025.
77 earlier events are in the company report.
News
Frequently asked questions
Madhya Gujarat Vij Company is an active public limited state government company based in Vadodara, Gujarat, India. The company works in power transmission and distribution services, within the energy and power industry. It was incorporated on 15 September 2003 (23+ years old) and is registered under CIN U40102GJ2003SGC042907.
Madhya Gujarat Vij Company has 12 current directors and KMP:
- Jenu Devan - Managing Director
- Tejas Dilipkumar Parmar - Managing Director
- Kiran Mukundrao Shringarpure - Director
- Shanmuganathan Raman - Director
- Preeti Sharma - Nominee Director
- Ajay Pandey - Director
- Kamlesh Kumar Jangid - Nominee Director
- Nisarg Joshi - Nominee Director
- Jai Prakash Shivahare - Nominee Director
- Stuti Charan - Nominee Director
- Sourav Nandy - Nominee Director
- Sailaja Vishvesh Vachhrajani - Cfo
The latest financial statements of Madhya Gujarat Vij Company on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 12 December 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Madhya Gujarat Vij Company is 24AADCM7439H1ZE, registered in Gujarat.
The CIN (Corporate Identification Number) of Madhya Gujarat Vij Company is U40102GJ2003SGC042907. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Madhya Gujarat Vij Company has 21,028 court cases on record: 19,808 filed by the company and 1,227 filed against it. 674 are pending. Most are in the district courts.
Madhya Gujarat Vij Company was incorporated on 15 September 2003, making it 23+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Madhya Gujarat Vij Company has 13 deals on record (12 rights issues, 1 funding round), with disclosed funding of ₹212.59 Cr; the latest was in March 2025.
The peers of Madhya Gujarat Vij Company by revenue are Adani Electricity Mumbai Limited, Tata Power Delhi Distribution Limited, Uttarakhand Power Corporation Limited, South Bihar Power Distribution Company Limited, North Bihar Power Distribution Company Limited and 2 more, all in the Power industry (Transmission and Distribution), with the same principal business activity (electric power generation, transmission and distribution).
Jai Prakash Shivahare ceased to be Nominee Director on 06 Nov 2025. Preeti Sharma was appointed as Nominee Director on 07 Jul 2025. Jenu Devan was appointed as Managing Director on 24 Jun 2025. Madhya Gujarat Vij Company has 55 board changes on record in total.
Madhya Gujarat Vij Company has 28 MSME Form 1 returns on record between 2019 and 2024, listing 3,113 overdue payments to 166 micro and small suppliers. The latest return was filed on 26 Apr 2024.
Madhya Gujarat Vij Company can be reached through the website mgvcl.com. Its registered office is in Vadodara, Gujarat, India.