India's Richest People 2026 edition · 1 director · Source: Hurun India
- #1,202 Madan Sardarmal Kothari & Family ₹2,000 Cr
Revenue · FY 2025
₹1,512.45 Cr
▲ 19% YoY
Net profit · FY 2025
₹37.12 Cr
Net margin 2.5%
EBITDA · FY 2025
₹61.25 Cr
EBITDA margin 4%
Authorised capital
₹6 Cr
Registered with MCA
Paid-up capital
₹4.5 Cr
Issued & subscribed
Open charges
₹116.82 Cr
Satisfied ₹11 Cr
Company age
29 yrs
Est. 1997
Employees · EPFO
42
Provident fund records
About Master Chains N Jewels Limited
Data last updated:
Master Chains N Jewels Limited is a public limited company based in Mumbai, Maharashtra, India. It operates in the watches and jewelry manufacturing segment of the consumer goods sector. It was incorporated on 12 May 1997 and has been in existence for over 29 years.
Its director Madan Sardarmal Kothari and Family is #1,202 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U36911MH1997PLC107966. Its GSTIN is 27AACCM3570C1ZR (Maharashtra). The company holds 4 GST registrations, all of them active.
The company has an authorised share capital of ₹6 Cr and a paid-up capital of ₹4.5 Cr. It was formerly known as Master Chains N Jewels Private Limited. It is led by directors including Madan Sardarmal Kothari and Khushbu Raj Kothari.
Its last annual general meeting (AGM) was held on 30 September 2024, and its latest financial statements are for the year ended 31 March 2024. The registered office is at Mumbai, Maharashtra.
As per the financials filed for FY 2025, the company reported a revenue of ₹1,512.45 Cr, a growth of 19% compared to the previous year. For the same year it recorded a net profit of ₹37.12 Cr (net margin 2.5%) and EBITDA of ₹61.25 Cr (EBITDA margin 4%). Revenue has grown at a compounded annual rate (CAGR) of 12% over three years and 19% over five years.
The company has about 42 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Master Chain. As per MCA filings, the company has open charges of ₹116.82 Cr and satisfied charges of ₹11 Cr on record. Court records list 16 cases involving the company, including 13 filed by the company and 3 filed against it; 8 cases are pending. The company has 4 deals on record (3 secondary share transfers, 1 funding round), with disclosed funding of ₹2.16 Cr; the latest was in March 2014.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website masterchain.com.
Company details
CIN U36911MH1997PLC107966
Registration Number 107966
Incorporation Date 12 May 1997
ROC Mumbai
Listing Status Unlisted
Company Status Active
Date of Last AGM 30 September 2024
Date of Balance Sheet 31 March 2024
Compliance Status Active Compliant
CIN history
Master Chains N Jewels has one previous CIN (Corporate Identification Number): U36911MH1997PTC107966. The current CIN is U36911MH1997PLC107966, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U36911MH1997PLC107966 | Current |
| U36911MH1997PTC107966 | Previous |
Key People
Madan Sardarmal Kothari Director Khushbu Raj Kothari Director Raj Madanlal Kothari Director Recognitions & Rankings of Master Chains N Jewels
Contact details
Master Chains N Jewels Limited's registered office is in Mumbai, Maharashtra.
- Registered AddressOffice No. 301 & 303 3rd Floor 99/103 Jewel Crown Bhagwan Bhuvan, Mumbadevi Road Tambakata Pydhonie, Mumbai, Maharashtra, India – 400003
- IndustryConsumer Goods, Watches & Jewelry Manufacturing
Comprehensive company report
Master Chains N Jewels Limited - one report that includes everything
- 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
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Brands
Master Chains N Jewels operates one associated brand: Master Chain. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Gold jewelry manufacturing and exporting in India. | masterchain.com |
Business activity
The main business activity of Master Chains N Jewels is trade. In detail, this covers wholesale trading.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| G | Trade | G1 | Wholesale Trading |
To see the full business activity and turnover split of Master Chains N Jewels Limited, buy the company report.
Financials of Master Chains N Jewels Limited
FY 2024 filings availableMaster Chains N Jewels Limited reported revenue of ₹1,512.45 Cr (up 19% YoY) for FY 2025.
Revenue · FY 2025
₹1,512.45 Cr ▲ 19%
Net profit · FY 2025
₹37.12 Cr margin 2.5%
EBITDA · FY 2025
₹61.25 Cr margin 4%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▲ 19%
3 years · compounded
▲ 12%
5 years · compounded
▲ 19%
EBITDA CAGR growth
1 year
▲ 52%
3 years · compounded
▲ 43%
5 years · compounded
▲ 29%
Revenue has grown at a compounded annual rate (CAGR) of 19% over five years, including 19% growth in the latest year. EBITDA rose 52% 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 | ₹61.25 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹37.12 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 | 4% | ||||
| Net Profit Margin | 2.5% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
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| Payable Days | |||||
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To see the full financial statements and ratios of Master Chains N Jewels Limited, buy the company report.
Board of directors of Master Chains N Jewels Limited
Master Chains N Jewels has 4 current directors and 1 former director. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Madan Sardarmal Kothari Also directs: Master Lifespaces Private Limited, Sruti Tradeplace Private Limited, GJF Events and Promotions Federation and 1 more | Director | 12 May 1997 | 29 Years 5 Months | Current |
| Khushbu Raj Kothari Also directs: Aurous Jewels LLP | Director | 30 Sep 2025 | 1 Years 1 Months | Current |
| Raj Madanlal Kothari Also directs: Master Lifespaces Private Limited, Aurous Jewels LLP | Director | 20 Feb 2004 | 22 Years 8 Months | Current |
| Taruna Madan Kothari | Director | 05 Sep 2025 | 1 Years 2 Months | Current |
Charges & borrowings
Open charges
₹116.82 Cr
Satisfied charges
₹11 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 29 Jul 2022 | 100614462 | Others | ₹75 Cr | Open | |
| 25 May 2007 | 10055417 | Others | ₹41.82 Cr | Open | |
| 23 Jun 2022 | 100586139 | Yes Bank Limited | ₹11 Cr | Satisfied |
To see the full charge records of Master Chains N Jewels Limited, buy the company report.
Total charge records: 3 View all charges
Deals & funding
Master Chains N Jewels Limited has 4 deals on record (3 secondary share transfers, 1 funding round), with disclosed funding of ₹2.16 Cr; the latest was in March 2014.
Total deals
4
Secondary share transfers
3
Funding round
1
Disclosed funding
₹2.16 Cr
Deals on record (4 of 4)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2014 | Secondary share transfer | Undisclosed | Buyer: 3 individuals Seller: 2 individuals |
| Sep 2009 | Secondary share transfer | Undisclosed | Buyer: Madan Sardarmal Kothari (Huf), an individual Seller: Seatrans Dan Shipping Private Limited , Parmatma Tours Travels Limited, Arjit Securities Private Limited |
| Oct 2008 | Funding round | ₹2.16 Cr | Investors: Terry Towel Indusries Limited , Vitthal Finserve Private Limited , Yamroosh Investments Private Limited |
| Dec 2007 | Secondary share transfer | Undisclosed | Buyer: Madan Sardarmal Kothari (Huf), 3 individuals Seller: 4 individuals |
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Master Chains N Jewels Limited has 16 court cases on record: 13 filed by Master Chains N Jewels, 3 filed against it. 8 cases are pending and 8 are disposed.
Total cases
16
Filed by the company
13
Filed against the company
3
Pending
8
Disposed
8
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 14 | 3 | 7 |
| High courts | 2 | 0 | 1 |
Cases on record (5 of 16)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Chennai, Tamil Nadu | Civil suit | Filed against the company by Abhis Gemglow Jewellers Private Limited, Rep by Its Authorized Signatory, S.K.Selvakumar | Pending |
| District court, BENGALURU, Karnataka | Criminal complaint | Filed by the company against Abhis Gemglow Jewellers Pvt Ltd | Pending |
| District court, Mumbai CMM Courts, Maharashtra | Court case (Summary Case) | Filed by the company against an individual | Pending |
| District court, Mumbai CMM Courts, Maharashtra | Interim or miscellaneous application | Filed by the company against The State of Maharashtra Through Pydhonie Police Station | Pending |
| Bombay High Court | Writ petition | Filed by the company against Dy Commissioner of Income Tax Circle 7 1 1 Mumbai and 2 Ors | Pending |
To see the full case history of Master Chains N Jewels 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
Master Chains N Jewels Limited was last rated by Crisil on 29 Oct 2020.
| Rating agency | Rated on | Rating |
|---|---|---|
| Crisil | 29 Oct 2020 |
To see the full credit ratings and regulatory alerts of Master Chains N Jewels Limited, buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Master Chains N Jewels Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
GST
Master Chains N Jewels has 4 GST registrations: 4 active.
Total GSTINs
4
Active
4
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AACCM3570C1ZR | Maharashtra | Active | 01 Jul 2017 |
| 29AACCM3570C1ZN | Karnataka | Active | 01 Jul 2017 |
| 36AACCM3570C1ZS | Telangana | Active | 01 Jul 2017 |
| 07AACCM3570C1ZT | Delhi | Active | 01 Nov 2020 |
To see the full GST registrations and return filing status of Master Chains N Jewels Limited, buy the company report.
Recent activity
Master Chains N Jewels Limited has 5 board changes on record since 1997: 4 appointments and 1 cessation. The latest: Khushbu Raj Kothari was appointed as Director on 30 Sep 2025.
Charges
A charge with Others of Rs. 41.82 Cr registered on 25 May 2007 with Charge ID 10055417 was modified on 29 Nov 2025.
Charges
A charge with Others of Rs. 75.00 Cr registered on 29 Jul 2022 with Charge ID 100614462 was modified on 10 Nov 2025.
Charges
A charge registered on 23 Jun 2022 via Charge ID 100586139 with Yes Bank Limited was fully satisfied on 31 Oct 2025.
Appointed
Khushbu Raj Kothari was appointed as Director.
Appointed
Taruna Madan Kothari was appointed as Director.
AGM
Master Chains N Jewels Limited last Annual general meeting of members was held on 30 Sep 2024 as per latest MCA records.
Filing
Master Chains N Jewels Limited has filed its annual Financial statements for the year ended 31 Mar 2024 with Roc Mumbai.
Charges
A charge with Yes Bank Limited of Rs. 11.00 Cr registered on 23 Jun 2022 with Charge ID 100586139 was modified on 18 Apr 2023.
Charges
A charge with Others amounted to Rs. 75.00 Cr with Charge ID 100614462 was registered on 29 Jul 2022.
Charges
A charge with Yes Bank Limited amounted to Rs. 11.00 Cr with Charge ID 100586139 was registered on 23 Jun 2022.
Ceased
Taruna Madan Kothari ceased to be Director.
Charges
A charge with Others amounted to Rs. 41.82 Cr with Charge ID 10055417 was registered on 25 May 2007.
3 earlier events are in the company report.
Frequently asked questions
Master Chains N Jewels is an active public limited company based in Mumbai, Maharashtra, India. The company works in watches and jewelry manufacturing, within the consumer goods industry. It was incorporated on 12 May 1997 (29+ years old) and is registered under CIN U36911MH1997PLC107966.
Master Chains N Jewels has 4 current directors:
- Madan Sardarmal Kothari - Director
- Khushbu Raj Kothari - Director
- Raj Madanlal Kothari - Director
- Taruna Madan Kothari - Director
The latest financial statements of Master Chains N Jewels on record with the MCA are for the year ended 31 March 2024. Its last annual general meeting was held on 30 September 2024. Year-wise statements from 2015 are in the company report.
The GSTIN of Master Chains N Jewels is 27AACCM3570C1ZR, registered in Maharashtra. The company has 4 GST registrations in all, of which 4 are active. Other active GSTINs include 29AACCM3570C1ZN (Karnataka), 36AACCM3570C1ZS (Telangana), 07AACCM3570C1ZT (Delhi).
The CIN (Corporate Identification Number) of Master Chains N Jewels is U36911MH1997PLC107966. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Master Chains N Jewels has 16 court cases on record: 13 filed by the company and 3 filed against it. 8 are pending. Most are in the district courts.
Master Chains N Jewels was incorporated on 12 May 1997, making it 29+ years old. It is registered with the Registrar of Companies, Mumbai.
Master Chains N Jewels has 4 deals on record (3 secondary share transfers, 1 funding round), with disclosed funding of ₹2.16 Cr; the latest was in March 2014.
Khushbu Raj Kothari was appointed as Director on 30 Sep 2025. Taruna Madan Kothari was appointed as Director on 05 Sep 2025. Taruna Madan Kothari ceased to be Director on 31 Mar 2017. Master Chains N Jewels has 5 board changes on record in total.
Master Chains N Jewels can be reached through the website masterchain.com. Its registered office is in Mumbai, Maharashtra, India.
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