About Maharashtra Airport Development Company Limited
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Maharashtra Airport Development Company Limited is a public limited state government company based in Mumbai, Maharashtra, India. It operates in the airport infrastructure and development segment of the infrastructure and utilities sector. It was incorporated on 26 August 2002 and has been in existence for over 24 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U45203MH2002SGC136979. Its GSTIN is 27AADCM9623M1ZZ (Maharashtra). The company holds 2 GST registrations, all of them active.
The company has an authorised share capital of ₹20 Cr and a paid-up capital of ₹17.05 Cr. It is led by directors including Swati Madhukar Pandey (Managing Director) and Aseem Kumar Surendrakumar Gupta.
Its last annual general meeting (AGM) was held on 30 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at 8th Floor World Trade Centre – I Cuffe Parade, Mumbai, Maharashtra, India – 400005.
As per the financials filed for FY 2025, the company reported a revenue of ₹381.11 Cr. For the same year it recorded a net loss of ₹13.68 Cr (net margin -3.6%) and EBITDA of ₹51.67 Cr (EBITDA margin 13.6%). Revenue has grown at a compounded annual rate (CAGR) of 16% over three years and 6% over five years.
The company has about 144 employees on its provident fund (EPFO) records. Its group structure includes 1 subsidiary.
As per MCA filings, the company has open charges of ₹450 Cr and satisfied charges of ₹1,041 Cr on record. Court records list 536 cases involving the company, including 55 filed by the company and 481 filed against it; 233 cases are pending. The company has 5 deals on record (3 secondary share transfers, 2 funding rounds), with disclosed funding of ₹3 Cr; the latest was in November 2015. Its 6 peer companies in the Infrastructure industry (Airports), with the same principal business activity (services incidental to land, water & air transportation) are compared by revenue, 2 larger and 4 smaller; the largest is Lucknow International Airport Limited with revenue of ₹527.54 Cr.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website madcindia.org.
Company details
CIN history
Maharashtra Airport Development Company has one previous CIN (Corporate Identification Number): U45203MH2002PTC136979. The current CIN is U45203MH2002SGC136979, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U45203MH2002SGC136979 | Current |
| U45203MH2002PTC136979 | Previous |
Contact details
Maharashtra Airport Development Company Limited's registered office is in Mumbai, Maharashtra. Its website is madcindia.org. Its e-mail address is in the company report.
- Email
- Website
- Social Media
- Registered Address8th Floor World Trade Centre – I Cuffe Parade, Mumbai, Maharashtra, India – 400005
- IndustryInfrastructure and Utilities, Airport Infrastructure & Development
To see the full contact details of Maharashtra Airport Development 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 activities of Maharashtra Airport Development Company are transport and storage, real estate and electricity, gas, steam and air condition supply. In detail, this covers services incidental to land, water & air transportation, real estate activities with own or leased property and electric power generation, transmission and distribution. 3 activity segments are registered with the MCA.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| H | Transport and storage | H5 | Services incidental to land, water & air transportation | |
| L | Real Estate | L1 | Real estate activities with own or leased property | |
| D | Electricity, gas, steam and air condition supply | D1 | Electric power generation, transmission and distribution | |
| E | Water supply, sewerage and waste management | E1 | Water collection, treatment and supply |
To see the full business activity and turnover split of Maharashtra Airport Development Company Limited, buy the company report.
Financials of Maharashtra Airport Development Company Limited
FY 2025 filings availableMaharashtra Airport Development Company Limited reported revenue of ₹381.11 Cr for FY 2025.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 6% over five years. EBITDA rose 155% 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 | ₹51.67 Cr | ||||
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| Net Profit (PAT) | -₹13.68 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 | 13.6% | ||||
| Net Profit Margin | -3.6% | ||||
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To see the full financial statements and ratios of Maharashtra Airport Development Company Limited, buy the company report.
Board of directors of Maharashtra Airport Development Company Limited
Maharashtra Airport Development Company has 13 current directors and 93 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Aseem Kumar Surendrakumar Gupta Also directs: Mumbai Metro One Private Limited., Mumbai Railyway Vikas Corporation Limited, Mumbai Metro Rail Corporation Limited and 5 more | Director | 08 Jun 2023 | 3 Years 4 Months | Current |
| Abhijit Vishwanath Chaudhari | Director | 18 Jul 2023 | 3 Years 3 Months | Current |
| Swati Madhukar Pandey | Managing Director | 25 Jul 2023 | 3 Years 3 Months | Current |
| Vijay Jagdish Prasad Singhal | Director | 23 Feb 2024 | 2 Years 8 Months | Current |
| Devendra Gangadharrao Fadnavis Also directs: Mseb Holding Company Limited | Additional Director | 05 Dec 2024 | 1 Years 10 Months | Current |
| Pvelrasu Also directs: Pune (Purandar) International Airport Limited, Sicom Limited, Maharashtra Industrial Township Limited and 2 more | Additional Director | 30 Aug 2024 | 2 Years 2 Months | Current |
Peer comparison
Maharashtra Airport Development Company Limited is compared with the 6 companies closest to it by revenue in the Infrastructure industry (Airports), with the same principal business activity (services incidental to land, water & air transportation), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Lucknow International Airport Limited | ₹527.54 Cr (FY 2025) | 38.0% | Ahmedabad, Gujarat, India | |||
| TRV (Kerala) International Airport Limited | ₹406.82 Cr (FY 2025) | 26.0% | Ahmedabad, Gujarat, India | |||
| Maharashtra Airport Development Company Limitedthis company | ₹381.11 Cr (FY 2025) | -₹13.68 Cr | -3.6% | 144 | Mumbai, Maharashtra, India | |
| Jaipur International Airport Limited | ₹336.24 Cr (FY 2025) | 66.0% | Ahmedabad, Gujarat, India | |||
| Guwahati International Airport Limited | ₹313.88 Cr (FY 2025) | 57.0% | Ahmedabad, Gujarat, India | |||
| Mangaluru International Airport Limited | ₹200.83 Cr (FY 2025) | 37.0% | Ahmedabad, Gujarat, India | |||
| Kannur International Airport Limited | ₹195.22 Cr (FY 2025) | 92.0% | Kannur, Kerala, India |
To see the full peer comparison of Maharashtra Airport Development Company Limited, buy the company report.
Auditor
Maharashtra Airport Development Company Limited is audited by R. C. Jain & Associates LLP Chartered Accountants for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| R. C. Jain & Associates LLP Chartered Accountants | FY 2023 | 103952W/W 100156 |
Shareholding
The shareholding of Maharashtra Airport Development 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 Maharashtra Airport Development Company Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 28 Mar 2018 | 100229818 | Yes Bank Limited | ₹29 Cr | Satisfied | |
| 12 Feb 2013 | 10408250 | Housing and Urban Development Corporation Limited | ₹450 Cr | Satisfied | |
| 15 Nov 2010 | 10257725 | Syndicate Bank | ₹56 Cr | Satisfied | |
| 11 Nov 2010 | 10258896 | Syndicate Bank | ₹56 Cr | Satisfied | |
| 02 Sep 2010 | 10246700 | Bank of Maharashtra | ₹150 Cr | Satisfied |
To see the full charge records of Maharashtra Airport Development Company Limited, buy the company report.
Total charge records: 6 View all charges
Deals & funding
Maharashtra Airport Development Company Limited has 5 deals on record (3 secondary share transfers, 2 funding rounds), with disclosed funding of ₹3 Cr; the latest was in November 2015.
Deals on record (5 of 5)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Nov 2015 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
| Apr 2014 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
| Dec 2012 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: 4 individuals |
| Jun 2008 | Funding round | ₹2 Cr | Investors: Sicom Limited |
| Mar 2008 | Funding round | ₹1 Cr | Investors: Nagpur Municipal Corporation Duty |
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Maharashtra Airport Development Company Limited has 536 court cases on record: 55 filed by Maharashtra Airport Development Company, 481 filed against it. 233 cases are pending and 303 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 324 | 310 | 166 |
| High courts | 175 | 156 | 62 |
| NCLAT | 19 | 3 | 2 |
| Supreme Court | 17 | 11 | 3 |
| NCLT | 1 | 1 | 0 |
Cases on record (5 of 536)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Supreme Court | Court case (4602-Tenders/licenses/leases : Tenders/licenses/leases invited by the State Governments/ local bodies/ State public sector undertakings,including cancellation/award of tenders.) | Filed against the company by Anik Industries Ltd | Pending |
| NCLAT, NCLAT New Delhi | Interim or miscellaneous application | Filed by the company against Rankini Power Generation Private Limited and 2 others | Pending |
| High Court, MAHARASHTRA | Court case (CARBP) | Filed by the company against Sangeeta Aviation Services Private Limited | Pending |
| High Court, MAHARASHTRA | Writ petition | Filed against the company by M/S Lkcpl Projects Pvt. Ltd., Nagpur THR. Its Director, Pramod Satyanarayan Agrawal | Disposed |
| Bombay High Court | Arbitration matter | Filed by the company against Jayashree Advertising Private Limited | Disposed |
To see the full case history of Maharashtra Airport Development 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.
Credit ratings & regulatory alerts
Maharashtra Airport Development Company Limited was last rated by Care on 23 Dec 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Care | 23 Dec 2022 |
To see the full credit ratings and regulatory alerts of Maharashtra Airport Development Company Limited, buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Maharashtra Airport Development Company Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Group structure & subsidiaries
Maharashtra Airport Development Company has 1 subsidiary company and 1 associated company. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
| Company Name | CIN | Shares held |
|---|---|---|
| Mihan India Limited | U74990MH2009PLC193150 |
To see the full group structure of Maharashtra Airport Development Company Limited, buy the company report.
Employees & EPFO
Maharashtra Airport Development Company Limited has a workforce of 144 employees on its EPFO records as of Sep 23, 2025, across 1 active EPFO establishment.
GST
Maharashtra Airport Development Company has 2 GST registrations: 2 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AADCM9623M1ZZ | Maharashtra | Active | 01 Jul 2017 |
| 27AADCM9623M2ZY | Maharashtra | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Maharashtra Airport Development Company Limited, buy the company report.
Recent activity
Maharashtra Airport Development Company Limited has 106 board changes on record since 2006: 15 appointments and 91 cessations. The latest: Vivek Laxmikant Bhimanwar was appointed as Additional Director on 01 Jul 2025.
110 earlier events are in the company report.
Frequently asked questions
Maharashtra Airport Development Company is an active public limited state government company based in Mumbai, Maharashtra, India. The company works in airport infrastructure and development, within the infrastructure and utilities industry. It was incorporated on 26 August 2002 (24+ years old) and is registered under CIN U45203MH2002SGC136979.
Maharashtra Airport Development Company has 13 current directors:
- Swati Madhukar Pandey - Managing Director
- Aseem Kumar Surendrakumar Gupta - Director
- Abhijit Vishwanath Chaudhari - Director
- Vijay Jagdish Prasad Singhal - Director
- Devendra Gangadharrao Fadnavis - Additional Director
- Pvelrasu - Additional Director
- Vipin Vithoba Itankar - Director
- Anbalagan Ponnusamy - Additional Director
- Sanjay Jagdishchandra Sethi - Director
- Om Prakash Gupta - Director
- Sanjay Meena - Director
- Vijaya Lakshmi Bidari Shankar - Director
- Vivek Laxmikant Bhimanwar - Additional Director
The latest financial statements of Maharashtra Airport Development Company on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 30 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Maharashtra Airport Development Company is 27AADCM9623M1ZZ, registered in Maharashtra. The company has 2 GST registrations in all, of which 2 are active. Other active GSTINs include 27AADCM9623M2ZY (Maharashtra).
The CIN (Corporate Identification Number) of Maharashtra Airport Development Company is U45203MH2002SGC136979. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Maharashtra Airport Development Company has 536 court cases on record: 55 filed by the company and 481 filed against it. 233 are pending. Most are in the district courts.
Maharashtra Airport Development Company was incorporated on 26 August 2002, making it 24+ years old. It is registered with the Registrar of Companies, Mumbai.
Maharashtra Airport Development Company has 5 deals on record (3 secondary share transfers, 2 funding rounds), with disclosed funding of ₹3 Cr; the latest was in November 2015.
The peers of Maharashtra Airport Development Company by revenue are Lucknow International Airport Limited, TRV (Kerala) International Airport Limited, Jaipur International Airport Limited, Guwahati International Airport Limited, Mangaluru International Airport Limited and 1 more, all in the Infrastructure industry (Airports), with the same principal business activity (services incidental to land, water & air transportation).
Vivek Laxmikant Bhimanwar was appointed as Additional Director on 01 Jul 2025. Anbalagan Ponnusamy was appointed as Additional Director on 26 Dec 2024. Devendra Gangadharrao Fadnavis was appointed as Additional Director on 05 Dec 2024. Maharashtra Airport Development Company has 106 board changes on record in total.
Maharashtra Airport Development Company can be reached through the website madcindia.org. Its registered office is in Mumbai, Maharashtra, India.
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