About Mahindra Defence Systems Limited
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Mahindra Defence Systems Limited is a public limited company based in Mumbai, Maharashtra, India, a subsidiary of Mahindra And Mahindra Limited. It operates in the defence vehicles and armored transport segment of the aerospace, maritime and defence sector. It was incorporated on 30 July 2012 and has been in existence for over 14 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U75220MH2012PLC233889. Its GSTIN is 27AAICM0849A1ZP (Maharashtra). The company holds 8 GST registrations, of which 6 are active.
The company has an authorised share capital of ₹315 Cr and a paid-up capital of ₹18.11 Cr. It is led by directors including Jasbir Solanki (Whole-Time Director) and Abanti Sankaranarayanan.
Its last annual general meeting (AGM) was held on 22 June 2026, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Mahindra Towers P.K. Kurne Chowk Dr. G. M. Bhosale Marg Worli, Mumbai, Maharashtra, India – 400018.
As per the financials filed for FY 2026, the company reported a revenue of ₹828.94 Cr, a decline of 16% compared to the previous year. For the same year it recorded a net profit of ₹35.96 Cr (net margin 4.3%) and EBITDA of ₹90.75 Cr (EBITDA margin 10.9%). Revenue has grown at a compounded annual rate (CAGR) of 30% over three years and 13% over five years.
The company has about 412 employees on its provident fund (EPFO) records. Its group structure includes 1 subsidiary.
The company is associated with 1 brand: Mahindra. As per MCA filings, the company has open charges of ₹850 Cr and satisfied charges of ₹338 Cr on record. Court records list 16 cases involving the company, including 5 filed by the company and 11 filed against it; 3 cases are pending. The company has 6 deals on record (4 rights issues, 2 funding rounds), with disclosed funding of ₹30.6 Cr; the latest was in September 2025. The company has 14 MSME Form 1 returns on record between 2017 and 2024, listing 363 overdue payments to 117 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 mahindra.com.
Company details
Contact details
Mahindra Defence Systems Limited's registered office is in Mumbai, Maharashtra. Its website is mahindra.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressMahindra Towers P.K. Kurne Chowk Dr. G. M. Bhosale Marg Worli, Mumbai, Maharashtra, India – 400018
- IndustryAerospace, Maritime and Defense, Defence Vehicles & Armored Transport
To see the full contact details of Mahindra Defence Systems 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
Mahindra Defence Systems operates one associated brand: Mahindra. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Diversified operations span automotive, agriculture, and financial services. | mahindra.com |
Business activity
The main business activities of Mahindra Defence Systems are manufacturing and information and communication. In detail, this covers manufacture of electrical equipment and other information & communication service activities. 2 activity segments are registered with the MCA.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | 27 | Manufacture of electrical equipment | |
| J | Information and communication | J8 | Other information & communication service activities |
To see the full business activity and turnover split of Mahindra Defence Systems Limited, buy the company report.
Financials of Mahindra Defence Systems Limited
FY 2026 filings availableMahindra Defence Systems Limited reported revenue of ₹828.94 Cr (down 16% YoY) for FY 2026.
Compounded Annual Growth Rate (CAGR)
Revenue fell 16% in the latest year, but over five years it has grown at a compounded annual rate (CAGR) of 13%. EBITDA fell 28% 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 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | |||||
| Other Income | |||||
| Total Revenue | ₹828.94 Cr | ||||
| Cost of Materials Consumed | |||||
| Employee Benefit Expense | |||||
| Finance Costs | |||||
| Depreciation and Amortisation | |||||
| Other Expenses | |||||
| Total Expenses | |||||
| EBITDA | ₹90.75 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹35.96 Cr | ||||
| Balance Sheet | |||||
| Share Capital | |||||
| Reserves and Surplus | |||||
| Net Worth (Total Equity) | |||||
| Long-term Borrowings | |||||
| Short-term Borrowings | |||||
| Trade Payables | |||||
| Total Liabilities | |||||
| Fixed Assets | |||||
| Investments | |||||
| Inventories | |||||
| Trade Receivables | |||||
| Cash and Bank Balance | |||||
| Total Assets | |||||
Financial Ratios
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 10.9% | ||||
| Net Profit Margin | 4.3% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
| Liquidity and Debt | |||||
| Current Ratio | |||||
| Quick Ratio | |||||
| Debt-to-Equity Ratio | |||||
| Interest Coverage Ratio | |||||
| Efficiency and Growth | |||||
| Asset Turnover | |||||
| Receivable Days | |||||
| Payable Days | |||||
| Inventory Days | |||||
| Revenue Growth | |||||
| Net Profit Growth | |||||
To see the full financial statements and ratios of Mahindra Defence Systems Limited, buy the company report.
Board of directors of Mahindra Defence Systems Limited
Mahindra Defence Systems has 5 current directors and 24 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Abanti Sankaranarayanan Also directs: Mahindra Last Mile Mobility Limited, Novavayu Aerospace Limited, Mahindra Advanced Technologies Limited and 3 more | Director | 28 Oct 2022 | 4 Years 0 Months | Current |
| Ruzbeh Baman Irani Also directs: Mahindra Advanced Technologies Limited, Mahindra Holidays & Resorts India Limited, Mahindra Airways Limited and 1 more | Director | 16 Mar 2018 | 8 Years 7 Months | Current |
| Jasbir Solanki | Whole-Time Director | 26 Aug 2025 | 1 Years 2 Months | Current |
| Manaswini Goel Also directs: Novavayu Aerospace Limited, Mahindra Advanced Technologies Limited, Mahindra Aerostructures Private Limited and 4 more | Director | 15 Jul 2025 | 1 Years 3 Months | Current |
| Vinod Kumar Sahay Also directs: Novavayu Aerospace Limited, Mahindra Advanced Technologies Limited, Mahindra Aerostructures Private Limited and 3 more | Director | 23 Oct 2024 | 2 Years 0 Months | Current |
Auditor
Mahindra Defence Systems Limited is audited by B S R & Co. LLP for the financial year 2026.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| B S R & Co. LLP | FY 2026 | 101248W/W-100022 |
Shareholding
The shareholding of Mahindra Defence Systems Limited is on record for 5 financial years, the latest being FY 2025, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2025 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Mahindra Defence Systems Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 13 Sep 2021 | 100478265 | Axis Bank Limited | ₹200 Cr | Open | |
| 01 Nov 2013 | 10468271 | Hdfc Bank Limited | ₹650 Cr | Open | |
| 11 Jan 2016 | 10616438 | Hdfc Bank Limited | ₹292 Cr | Satisfied | |
| 14 Nov 2013 | 10469448 | Hdfc Bank Limited | ₹26 Cr | Satisfied | |
| 25 Nov 2010 | 10258928 | Hdfc Bank Limited | ₹20 Cr | Satisfied |
To see the full charge records of Mahindra Defence Systems Limited, buy the company report.
Total charge records: 5 View all charges
Deals & funding
Mahindra Defence Systems Limited has 6 deals on record (4 rights issues, 2 funding rounds), with disclosed funding of ₹30.6 Cr; the latest was in September 2025.
Deals on record (5 of 6)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Sep 2025 | Rights issue | ₹101 Cr | Investors: Mahindra Advanced Technologies Limited |
| Feb 2018 | Rights issue | ₹43.2 Cr | Investors: Mahindra and Mahindra Limited |
| Mar 2016 | Rights issue | ₹164 Cr | Investors: Mahindra and Mahindra Limited |
| May 2014 | Rights issue | ₹55.1 Cr | Investors: Mahindra and Mahindra Limited |
| Sep 2013 | Funding round | ₹28.27 Cr | Investors: Mahindra and Mahindra Limited |
To see the full deal history of Mahindra Defence Systems 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
Mahindra Defence Systems Limited has 16 court cases on record: 5 filed by Mahindra Defence Systems, 11 filed against it. 3 cases are pending and 13 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 10 | 9 | 2 |
| High courts | 3 | 1 | 1 |
| NCLT | 2 | 0 | 0 |
| Supreme Court | 1 | 1 | 0 |
Cases on record (5 of 16)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Bombay High Court | Writ petition | Filed against the company by Ranjana Industries Thro. Its Sole Proprietor | Pending |
| District court, Faridabad, Haryana | Court case (TRF) | Filed against the company by State of Haryana | Pending |
| District court, South West, Delhi | Civil suit | Filed against the company by State | Pending |
| District court, Palwal, Haryana | Court case (SUMM) | Filed against the company by an individual | Disposed |
| District court, Faridabad, Haryana | Court case (TRF) | Filed against the company by State of Haryana | Disposed |
To see the full case history of Mahindra Defence Systems 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
Mahindra Defence Systems Limited has 14 MSME Form 1 returns on record between 2017 and 2024, listing 363 overdue payments to 117 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 117)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| Gilpin Tours and Travel Management India Private Limited | |||
| an individual supplier | |||
| an individual supplier | |||
| an individual supplier |
To see the full MSME payment records of Mahindra Defence Systems Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Mahindra Defence Systems has 1 subsidiary 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 |
|---|---|---|
| Mahindra Telephonics Integrated Systems Limited | U75302MH2013PLC242268 |
To see the full group structure of Mahindra Defence Systems Limited, buy the company report.
Employees & EPFO
Mahindra Defence Systems Limited has a workforce of 412 employees on its EPFO records as of May 2026, across 3 active EPFO establishments.
Headcount by financial year
| Financial year | Employees (EPFO) |
|---|---|
| FY 2026-27 | 412 |
| FY 2025-26 | |
| FY 2024-25 | |
| FY 2023-24 | |
| FY 2022-23 | |
| FY 2021-22 | |
| FY 2020-21 | |
| FY 2019-20 | |
| FY 2018-19 | |
| FY 2017-18 | |
| FY 2016-17 |
To see the full employee and EPFO history of Mahindra Defence Systems Limited, buy the company report.
GST
Mahindra Defence Systems has 8 GST registrations: 6 active and 2 cancelled or inactive. The first 4 active GSTINs are listed below.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAICM0849A1ZP | Maharashtra | Active | 01 Jul 2017 |
| 06AAICM0849A1ZT | Haryana | Active | 01 Jul 2017 |
| 07AAICM0849A1ZR | Delhi | Active | 01 Jul 2017 |
| 08AAICM0849A1ZP | Rajasthan | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Mahindra Defence Systems Limited, buy the company report.
Recent activity
Mahindra Defence Systems Limited has 27 board changes on record since 2013: 5 appointments and 22 cessations. The latest: Jasbir Solanki ceased to be Whole-Time Director on 14 Sep 2025.
28 earlier events are in the company report.
News
Frequently asked questions
Mahindra Defence Systems is an active public limited company based in Mumbai, Maharashtra, India. The company works in defence vehicles and armored transport, within the aerospace, maritime and defense industry. It was incorporated on 30 July 2012 (14+ years old) and is registered under CIN U75220MH2012PLC233889.
Mahindra Defence Systems has 5 current directors:
- Jasbir Solanki - Whole-Time Director
- Abanti Sankaranarayanan - Director
- Ruzbeh Baman Irani - Director
- Manaswini Goel - Director
- Vinod Kumar Sahay - Director
The latest financial statements of Mahindra Defence Systems on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 22 June 2026. Year-wise statements from 2015 are in the company report.
The GSTIN of Mahindra Defence Systems is 27AAICM0849A1ZP, registered in Maharashtra. The company has 8 GST registrations in all, of which 6 are active and 2 are cancelled or inactive. Other active GSTINs include 06AAICM0849A1ZT (Haryana), 07AAICM0849A1ZR (Delhi), 08AAICM0849A1ZP (Rajasthan).
The CIN (Corporate Identification Number) of Mahindra Defence Systems is U75220MH2012PLC233889. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Mahindra Defence Systems has 16 court cases on record: 5 filed by the company and 11 filed against it. 3 are pending. Most are in the district courts.
Mahindra Defence Systems was incorporated on 30 July 2012, making it 14+ years old. It is registered with the Registrar of Companies, Mumbai.
Mahindra Defence Systems has 6 deals on record (4 rights issues, 2 funding rounds), with disclosed funding of ₹30.6 Cr; the latest was in September 2025.
Jasbir Solanki ceased to be Whole-Time Director on 14 Sep 2025. Manaswini Goel ceased to be Additional Director on 14 Sep 2025. Jasbir Solanki was appointed as Whole-Time Director on 26 Aug 2025. Mahindra Defence Systems has 27 board changes on record in total.
Mahindra Defence Systems has 14 MSME Form 1 returns on record between 2017 and 2024, listing 363 overdue payments to 117 micro and small suppliers. The latest return was filed on 30 Apr 2024.
Mahindra Defence Systems can be reached through the website mahindra.com. Its registered office is in Mumbai, Maharashtra, India.
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