About Maharashtra State Power Generation Company Limited
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Maharashtra State Power Generation Company Limited is a public limited state government company based in Mumbai, Maharashtra, India, a subsidiary of Mseb Holding Company Limited. It operates in the thermal power generation and plants segment of the energy and power sector. It was incorporated on 31 May 2005 and has been in existence for over 21 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U40100MH2005SGC153648. Its GSTIN is 27AAECM2935R1ZV (Maharashtra). The company holds 3 GST registrations, of which 2 are active.
The company has an authorised share capital of ₹40,000 Cr and a paid-up capital of ₹26,304 Cr. It is led by directors including Radhakrishnan Balasubramanian (Managing Director) and Abhay Arun Harne (Whole-Time Director).
Its last annual general meeting (AGM) was held on 25 September 2025, and its latest financial statements are for the year ended 31 March 2024. The registered office is at Prakashgad Plot No G – 9 Anant Kanekar Marg Bandra (East), Mumbai, Maharashtra, India – 400051.
As per the financials filed for FY 2025, the company reported a revenue of ₹38,334 Cr, a growth of 16% compared to the previous year. For the same year it recorded a net profit of ₹357.86 Cr (net margin 0.9%) and EBITDA of ₹7,199.12 Cr (EBITDA margin 18.8%). Revenue has grown at a compounded annual rate (CAGR) of 18% over three years and 9% over five years.
Its group structure includes 3 subsidiaries.
The company is associated with 1 brand: Mahagenco. As per MCA filings, the company has open charges of ₹77,432 Cr and satisfied charges of ₹15,966 Cr on record. Court records list 721 cases involving the company, including 168 filed by the company and 554 filed against it; 226 cases are pending. The company has 17 deals on record (8 secondary share transfers, 4 funding rounds, 3 acquisitions), with disclosed funding of ₹3,482.88 Cr; the latest was in December 2023. Its 8 peer companies in the Cleantech industry (Hydro Power, Solar Power, Thermal Power Plants), with the same principal business activity (electric power generation, transmission and distribution) are compared by revenue, 3 larger and 5 smaller; the largest is The Tata Power Company Limited with revenue of ₹66,809 Cr. The company has 9 MSME Form 1 returns on record between 2017 and 2023, listing 294 overdue payments to 126 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 mahagenco.in.
Company details
CIN history
Maharashtra State Power Generation Company has one previous CIN (Corporate Identification Number): U40100MH2005GOI153648. The current CIN is U40100MH2005SGC153648, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U40100MH2005SGC153648 | Current |
| U40100MH2005GOI153648 | Previous |
Contact details
Maharashtra State Power Generation Company Limited's registered office is in Mumbai, Maharashtra. Its website is mahagenco.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered AddressPrakashgad Plot No G – 9 Anant Kanekar Marg Bandra (East), Mumbai, Maharashtra, India – 400051
- IndustryEnergy and Power, Thermal Power Generation & Plants
To see the full contact details of Maharashtra State Power Generation 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
Brands
Maharashtra State Power Generation Company operates one associated brand: MAHAGENCO. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Power generation and related energy services in Maharashtra. | mahagenco.in |
Business activity
The main business activity of Maharashtra State Power Generation 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 Maharashtra State Power Generation Company Limited, buy the company report.
Financials of Maharashtra State Power Generation Company Limited
FY 2024 filings availableMaharashtra State Power Generation Company Limited reported revenue of ₹38,334 Cr (up 16% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 9% over five years, including 16% growth in the latest year. EBITDA rose 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 | ₹7,199.12 Cr | ||||
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| Tax Expense | |||||
| Net Profit (PAT) | ₹357.86 Cr | ||||
| Balance Sheet | |||||
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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 | 18.8% | ||||
| Net Profit Margin | 0.9% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
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To see the full financial statements and ratios of Maharashtra State Power Generation Company Limited, buy the company report.
Board of directors and KMP of Maharashtra State Power Generation Company Limited
Maharashtra State Power Generation Company Limited currently reports 5 directors and 1 key managerial person. 42 former directors have served the organization.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Abhay Arun Harne Also directs: Mahaguj Collieries Limited, Mahagenco Renewable Energy Limited, Dhopave Coastal Power Limited and 1 more | Whole-Time Director | 20 Jun 2023 | 3 Years 4 Months | Current |
| Sanjay Manoharrao Marudkar Also directs: Dhopave Coastal Power Limited | Whole-Time Director | 29 Jun 2022 | 4 Years 3 Months | Current |
| Abha Shukla | Director | 21 Nov 2022 | 3 Years 11 Months | Current |
| Radhakrishnan Balasubramanian Also directs: Mseb Holding Company Limited, Mahaguj Collieries Limited, Mahagenco Renewable Energy Limited and 2 more | Managing Director | 26 Dec 2024 | 1 Years 10 Months | Current |
| Vishwas Vasant Pathak | Director | 01 Sep 2025 | 1 Years 1 Months | Current |
| Manesh Vishwanath Waghirkar Also directs: Mahaguj Collieries Limited, Mahagenco Renewable Energy Limited, Dhopave Coastal Power Limited and 2 more | Cfo | 09 Jul 2025 | 1 Years 3 Months | Current |
Peer comparison
Maharashtra State Power Generation Company Limited is compared with the 8 companies closest to it by revenue in the Cleantech industry (Hydro Power, Solar Power, Thermal Power Plants), 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 |
|---|---|---|---|---|---|---|
| The Tata Power Company Limited | ₹66,809 Cr (FY 2025) | 4.0% | Mumbai, Maharashtra, India | |||
| Adani Power Limited | ₹58,906 Cr (FY 2025) | -2.0% | Ahmedabad, Gujarat, India | |||
| Punjab State Power Corporation Limited | ₹43,965 Cr (FY 2024) | 12.0% | Patiala, Punjab, India | |||
| Maharashtra State Power Generation Company Limitedthis company | ₹38,334 Cr (FY 2025) | ₹357.86 Cr | 0.9% | 16.0% | Mumbai, Maharashtra, India | |
| Torrent Power Limited | ₹29,652 Cr (FY 2025) | 8.0% | Ahmedabad, Gujarat, India | |||
| Rajasthan Rajya Vidyut Utpadan Nigam Limited | ₹21,344 Cr (FY 2025) | 6.0% | Jaipur, Rajasthan, India | |||
| Bihar State Power (Holding) Company Limited | ₹19,718 Cr (FY 2021) | 8.0% | Patna, Bihar, India | |||
| Andhra Pradesh Power Generation Corporation Limited | ₹19,327 Cr (FY 2024) | 23.0% | Vijayawada, Andhra Pradesh, India | |||
| Cesc Ltd | ₹17,375 Cr (FY 2025) | 12.0% | Kolkata, West Bengal, India |
To see the full peer comparison of Maharashtra State Power Generation Company Limited, buy the company report.
Auditor
Maharashtra State Power Generation Company Limited is audited by Ummed Jain & Co. for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Ummed Jain & Co. | FY 2023 | 119250W |
Shareholding
The shareholding of Maharashtra State Power Generation 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 State Power Generation Company Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 30 Jul 2025 | 101138980 | Others | ₹1,558.42 Cr | Open | |
| 30 Jun 2025 | 101115501 | Others | ₹449 Cr | Open | |
| 30 Jun 2025 | 101115505 | Others | ₹500 Cr | Open | |
| 25 Jun 2025 | 101115779 | Indian Bank | ₹4,665 Cr | Open | |
| 23 Jun 2025 | 101114530 | Others | ₹2,048.8 Cr | Open |
To see the full charge records of Maharashtra State Power Generation Company Limited, buy the company report.
Total charge records: 96 View all charges
Deals & funding
Maharashtra State Power Generation Company Limited has 17 deals on record (8 secondary share transfers, 4 funding rounds, 3 acquisitions), with disclosed funding of ₹3,482.88 Cr; the latest was in December 2023.
Deals on record (5 of 17)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Dec 2023 | Funding round | ₹294.55 Cr | Investors: Mseb Holding Company Limited |
| Apr 2022 | Funding round | ₹559.19 Cr | Investors: Mseb Holding Company Limited |
| Aug 2020 | Funding round | ₹106.5 Cr | Investors: Mseb Holding Company Limited |
| Jun 2019 | Rights issue | ₹59.82 Cr | Investors: Mseb Holding Company Limited |
| Jul 2017 | Rights issue | ₹429.79 Cr | Investors: Mseb Holding Company Limited |
To see the full deal history of Maharashtra State Power Generation 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
Maharashtra State Power Generation Company Limited has 721 court cases on record: 168 filed by Maharashtra State Power Generation Company, 554 filed against it. 226 cases are pending and 495 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 489 | 405 | 143 |
| District courts | 167 | 114 | 62 |
| Supreme Court | 53 | 29 | 10 |
| NCLAT | 12 | 6 | 11 |
Cases on record (5 of 721)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Supreme Court | Court case (4301-Service Laws : Appointment, Compassionate appointment, temporary appointment, recruitment,probation and confirmation, suspension, reduction in rank, termination, dismissal, removal, retirement, disciplinary proceedings against employees) | Filed by the company against individuals | Disposed |
| Supreme Court | Court case (4301-Service Laws : Appointment, Compassionate appointment, temporary appointment, recruitment,probation and confirmation, suspension, reduction in rank, termination, dismissal, removal, retirement, disciplinary proceedings against employees) | Filed against the company by individuals | Pending |
| Bombay High Court | Interim or miscellaneous application | Filed against the company by Aavya Real Estate LLP, A Limited Liability Partnership Registered Under the LLP Act, 2008 and 1 other | Pending |
| Bombay High Court | Interim or miscellaneous application | Filed against the company by Mahalakshmi Infraprojects Private Limited | Pending |
| Bombay High Court | Court case (CARAP) | Filed against the company by Harji Engineering Works Pvt Ltd | Pending |
To see the full case history of Maharashtra State Power Generation 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 State Power Generation Company Limited was last rated by Care on 31 Mar 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Care | 31 Mar 2022 |
To see the full credit ratings and regulatory alerts of Maharashtra State Power Generation Company Limited, buy the company report.
MSME payment delays
Maharashtra State Power Generation Company Limited has 9 MSME Form 1 returns on record between 2017 and 2023, listing 294 overdue payments to 126 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 126)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| an individual supplier | |||
| an individual supplier | |||
| San Engineering and Loco Co Ltd | |||
| an individual supplier |
To see the full MSME payment records of Maharashtra State Power Generation Company Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Maharashtra State Power Generation Company has 3 subsidiary companies. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
| Company Name | CIN | Shares held |
|---|---|---|
| Mahaguj Collieries Limited | U10102MH2006SGC165327 | |
| Mahagenco Ash Management Services Limited | U40105MH2007SGC173433 | |
| Dhopave Coastal Power Limited | U40108MH2007SGC168836 |
To see the full group structure of Maharashtra State Power Generation Company Limited, buy the company report.
GST
Maharashtra State Power Generation Company has 3 GST registrations: 2 active and 1 cancelled or inactive.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAECM2935R1ZV | Maharashtra | Active | 01 Jul 2017 |
| 22AAECM2935R1Z5 | Chattisgarh | Active | 30 Oct 2017 |
To see the full GST registrations and return filing status of Maharashtra State Power Generation Company Limited, buy the company report.
Recent activity
Maharashtra State Power Generation Company Limited has 48 board changes on record since 2007: 6 appointments and 42 cessations. The latest: Vishwas Vasant Pathak was appointed as Director on 01 Sep 2025.
183 earlier events are in the company report.
News
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Frequently asked questions
Maharashtra State Power Generation Company is an active public limited state government company based in Mumbai, Maharashtra, India. The company works in thermal power generation and plants, within the energy and power industry. It was incorporated on 31 May 2005 (21+ years old) and is registered under CIN U40100MH2005SGC153648.
Maharashtra State Power Generation Company has 6 current directors and KMP:
- Radhakrishnan Balasubramanian - Managing Director
- Abhay Arun Harne - Whole-Time Director
- Sanjay Manoharrao Marudkar - Whole-Time Director
- Abha Shukla - Director
- Vishwas Vasant Pathak - Director
- Manesh Vishwanath Waghirkar - Cfo
The latest financial statements of Maharashtra State Power Generation Company on record with the MCA are for the year ended 31 March 2024. Its last annual general meeting was held on 25 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Maharashtra State Power Generation Company is 27AAECM2935R1ZV, registered in Maharashtra. The company has 3 GST registrations in all, of which 2 are active and 1 is cancelled or inactive. Other active GSTINs include 22AAECM2935R1Z5 (Chattisgarh).
The CIN (Corporate Identification Number) of Maharashtra State Power Generation Company is U40100MH2005SGC153648. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Maharashtra State Power Generation Company has 721 court cases on record: 168 filed by the company and 554 filed against it. 226 are pending. Most are in the high courts.
Maharashtra State Power Generation Company was incorporated on 31 May 2005, making it 21+ years old. It is registered with the Registrar of Companies, Mumbai.
Maharashtra State Power Generation Company has 17 deals on record (8 secondary share transfers, 4 funding rounds, 3 acquisitions), with disclosed funding of ₹3,482.88 Cr; the latest was in December 2023.
The peers of Maharashtra State Power Generation Company by revenue are The Tata Power Company Limited, Adani Power Limited, Punjab State Power Corporation Limited, Torrent Power Limited, Rajasthan Rajya Vidyut Utpadan Nigam Limited and 3 more, all in the Cleantech industry (Hydro Power, Solar Power, Thermal Power Plants), with the same principal business activity (electric power generation, transmission and distribution).
Vishwas Vasant Pathak was appointed as Director on 01 Sep 2025. Manesh Vishwanath Waghirkar was appointed as CFO on 09 Jul 2025. Anbalagan Ponnusamy ceased to be Managing Director on 26 Dec 2024. Maharashtra State Power Generation Company has 48 board changes on record in total.
Maharashtra State Power Generation Company has 9 MSME Form 1 returns on record between 2017 and 2023, listing 294 overdue payments to 126 micro and small suppliers. The latest return was filed on 17 Jan 2024.
Maharashtra State Power Generation Company can be reached through the website mahagenco.in. Its registered office is in Mumbai, Maharashtra, India.