India's Richest People 2026 edition · 1 director · Source: Hurun India
- #1,028 Narain Holani & family ₹2,600 Cr
Revenue · FY 2025
₹558.51 Cr
▲ 3% YoY
Net profit · FY 2025
₹13.3 Cr
Net margin 2.4%
EBITDA · FY 2025
₹48.93 Cr
EBITDA margin 8.8%
Authorised capital
₹75 Cr
Registered with MCA
Paid-up capital
₹64.66 Cr
Issued & subscribed
Open charges
₹362.38 Cr
Satisfied ₹601.49 Cr
Company age
32 yrs
Est. 1994
Employees · EPFO
454
Provident fund records
About Finorchem Limited
Data last updated:
Finorchem Limited is a public limited company based in Kolkata, West Bengal, India, a subsidiary of Acme Chem Ltd. It operates in the specialty chemicals segment of the chemicals and materials sector. It was incorporated on 31 January 1994 and has been in existence for over 32 years.
Its director Narain Holani and family are #1,028 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Kolkata, under CIN U24299WB1994PLC240045. Its GSTIN is 19AABCM5966D1ZB (West Bengal). The company holds 10 GST registrations, of which 4 are active.
The company has an authorised share capital of ₹75 Cr and a paid-up capital of ₹64.66 Cr. It was formerly known as Merchem Private Limited and Grove Chemicals Private Limited. It is led by directors including Narain Holani (Managing Director) and Vishwanathramnath Balasubramaniyan (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 2025. The registered office is at 9E Saket Apartments 2 Ho Chi Minh Sarani, Kolkata, West Bengal, India – 700071.
As per the financials filed for FY 2025, the company reported a revenue of ₹558.51 Cr, a growth of 3% compared to the previous year. For the same year it recorded a net profit of ₹13.3 Cr (net margin 2.4%) and EBITDA of ₹48.93 Cr (EBITDA margin 8.8%). Revenue has grown at a compounded annual rate (CAGR) of 10% over three years and 24% over five years.
The company has about 454 employees on its provident fund (EPFO) records.
As per MCA filings, the company has open charges of ₹362.38 Cr and satisfied charges of ₹601.49 Cr on record. Court records list 215 cases involving the company, including 83 filed by the company and 133 filed against it; 35 cases are pending. The company has 15 deals on record (7 funding rounds, 6 secondary share transfers, 2 acquisitions), with disclosed funding of ₹62.66 Cr; the latest was in January 2022. Its 6 peer companies in the Chemicals industry (Specialty Chemicals), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products) are compared by revenue, 2 larger and 4 smaller; the largest is H.B. Fuller India Adhesives Private Limited with revenue of ₹575.65 Cr. The company has 9 MSME Form 1 returns on record between 2020 and 2024, listing 185 overdue payments to 101 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 finorchem.com.
Company details
CIN U24299WB1994PLC240045
Registration Number 240045
Incorporation Date 31 January 1994
ROC Kolkata
Listing Status Unlisted
Company Status Active
Date of Last AGM 25 September 2025
Date of Balance Sheet 31 March 2025
Parent Company Acme Chem Ltd
Compliance Status Active Compliant
Name history
Finorchem has undergone 3 name changes throughout its history. The company was previously known as Merchem Private Limited, Grove Chemicals Private Limited, and Merchem Limited. The current legal name is Finorchem Limited.
| Company Name | Status |
|---|---|
| Finorchem Limited | Current |
| Merchem Private Limited | Previous |
| Grove Chemicals Private Limited | Previous |
| Merchem Limited | Previous |
CIN history
Finorchem has one previous CIN (Corporate Identification Number): U24299KL1994PLC007681. The current CIN is U24299WB1994PLC240045, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U24299WB1994PLC240045 | Current |
| U24299KL1994PLC007681 | Previous |
Key People
Narain Holani Managing Director Vishwanathramnath Balasubramaniyan Whole-Time Director Shyam Kumar Taparia Whole-Time Director Recognitions & Rankings of Finorchem
Contact details
Finorchem Limited's registered office is in Kolkata, West Bengal. Its website is finorchem.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address9E Saket Apartments 2 Ho Chi Minh Sarani, Kolkata, West Bengal, India – 700071
- IndustryChemicals and Materials, Specialty Chemicals
To see the full contact details of Finorchem Limited, buy the company report.
Comprehensive company report
Finorchem 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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Business activity
The main business activity of Finorchem is manufacturing. In detail, this covers chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C6 | Chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products |
To see the full business activity and turnover split of Finorchem Limited, buy the company report.
Financials of Finorchem Limited
FY 2025 filings availableFinorchem Limited reported revenue of ₹558.51 Cr (up 3% YoY) for FY 2025.
Revenue · FY 2025
₹558.51 Cr ▲ 3%
Net profit · FY 2025
₹13.3 Cr margin 2.4%
EBITDA · FY 2025
₹48.93 Cr margin 8.8%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▲ 3%
3 years · compounded
▲ 10%
5 years · compounded
▲ 24%
EBITDA CAGR growth
1 year
▼ 26%
3 years · compounded
▼ 14%
5 years · compounded
▼ 1%
Revenue has grown at a compounded annual rate (CAGR) of 24% over five years, including 3% growth in the latest year. EBITDA fell 26% 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 | ₹48.93 Cr | ||||
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| Tax Expense | |||||
| Net Profit (PAT) | ₹13.3 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 | 8.8% | ||||
| Net Profit Margin | 2.4% | ||||
| Return on Equity (ROE) | |||||
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To see the full financial statements and ratios of Finorchem Limited, buy the company report.
Board of directors and KMP of Finorchem Limited
Finorchem Limited currently reports 7 directors and 1 key managerial person. 28 former directors have served the organization.
Current Directors and KMP
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Vishwanathramnath Balasubramaniyan | Whole-Time Director | 10 Feb 2021 | 5 Years 8 Months | Current |
| Shyam Kumar Taparia | Whole-Time Director | 21 Nov 2022 | 3 Years 11 Months | Current |
| Balakrishnan Unnikrishnan Nair | Company Secretary | 10 Feb 2021 | 5 Years 8 Months | Current |
| Aditi Holani Also directs: Acme Chem Ltd | Whole-Time Director | 07 Dec 2021 | 4 Years 10 Months | Current |
| Narain Holani | Managing Director | 19 Mar 2019 | 7 Years 7 Months | Current |
| Varsha Holani | Whole-Time Director | 07 Dec 2021 | 4 Years 10 Months | Current |
Showing 6 of 8 current directors and KMP. View all directors and KMP
Peer comparison
Finorchem Limited is compared with the 6 companies closest to it by revenue in the Chemicals industry (Specialty Chemicals), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| H.B. Fuller India Adhesives Private Limited | ₹575.65 Cr (FY 2025) | 14.0% | Shirwal, Maharashtra, India | |||
| Dfe Pharma India Private Limited | ₹571.98 Cr (FY 2025) | 26.0% | Cuddalore, Tamil Nadu, India | |||
| Finorchem Limitedthis company | ₹558.51 Cr (FY 2025) | ₹13.3 Cr | 2.4% | 3.0% | 454 | Kolkata, West Bengal, India |
| Fineotex Chemical Limited | ₹557.64 Cr (FY 2025) | -5.0% | Mumbai, Maharashtra, India | |||
| Benzo Chem Industries Pvt Ltd | ₹554.12 Cr (FY 2025) | 13.0% | Mumbai, Maharashtra, India | |||
| Ganga Rasayanie Pvt Ltd | ₹550.14 Cr (FY 2024) | 2.0% | Kolkata, West Bengal, India | |||
| Nitta Gelatin India Limited | ₹544.58 Cr (FY 2025) | 0.0% | Ernakulam, Kerala, India |
To see the full peer comparison of Finorchem Limited, buy the company report.
Auditor
Finorchem Limited is audited by LODHA & CO for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| LODHA & CO | FY 2023 | 301051E |
Shareholding
The shareholding of Finorchem 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 Finorchem Limited, buy the company report.
Charges & borrowings
Open charges
₹362.38 Cr
Satisfied charges
₹601.49 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 23 Aug 2024 | 100966965 | Others | ₹13 Lakh | Open | |
| 19 Jul 2024 | 100966873 | Others | ₹5.4 Lakh | Open | |
| 03 May 2024 | 100912752 | Citi Bank N.A. | ₹37.81 Cr | Open | |
| 12 Apr 2024 | 100920620 | Hdfc Bank Limited | ₹42.12 Lakh | Open | |
| 04 Mar 2024 | 100892747 | Others | ₹30 Cr | Open |
To see the full charge records of Finorchem Limited, buy the company report.
Total charge records: 33 View all charges
Deals & funding
Finorchem Limited has 15 deals on record (7 funding rounds, 6 secondary share transfers, 2 acquisitions), with disclosed funding of ₹62.66 Cr; the latest was in January 2022.
Total deals
15
Funding rounds
7
Secondary share transfers
6
Acquisitions
2
Disclosed funding
₹62.66 Cr
Deals on record (5 of 15)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jan 2022 | Funding round | ₹27.95 Cr | Investors: Narain Holani HUF, 3 individuals |
| Feb 2020 | Acquisition | ₹12 Cr | Buyer: Acme Chem Ltd |
| Feb 2020 | Funding round | ₹2 Cr | Investors: Acme Chem Ltd |
| Jun 2019 | Acquisition | ₹26 Cr | Buyer: Acme Chem Ltd |
| Mar 2019 | Funding round | ₹70.7 Lakh | Investors: Acme Chem Ltd , 3 individuals |
To see the full deal history of Finorchem 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
Finorchem Limited has 215 court cases on record: 83 filed by Finorchem, 133 filed against it. 35 cases are pending and 180 are disposed.
Total cases
215
Filed by the company
83
Filed against the company
133
Pending
35
Disposed
180
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 116 | 97 | 18 |
| High courts | 76 | 20 | 9 |
| NCLAT | 18 | 14 | 8 |
| NCLT | 4 | 2 | 0 |
| Supreme Court | 1 | 0 | 0 |
Cases on record (5 of 215)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Calcutta High Court | Court case (IP-COM) | Filed against the company by Nocil Ltd | Pending |
| High Court | Criminal complaint | Filed against the company by Travancore Rayons Ltd.,(In Liqn.) Rep. by Official Liquidator, | Pending |
| NCLAT, NCLAT Chennai | Court case (TA (AT)) | Filed by the company against Grove Limited and 3 others | Pending |
| NCLAT, NCLAT New Delhi | Interim or miscellaneous application | Filed by the company against Grove Limited and 3 others | Pending |
| NCLAT, Chairperson Court | Tribunal matter | Filed by the company against Grove Limited and 3 others | Pending |
To see the full case history of Finorchem 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
Finorchem Limited was last rated by Icra on 28 Sep 2021.
| Rating agency | Rated on | Rating |
|---|---|---|
| Icra | 28 Sep 2021 |
To see the full credit ratings and regulatory alerts of Finorchem Limited, buy the company report.
MSME payment delays
Finorchem Limited has 9 MSME Form 1 returns on record between 2020 and 2024, listing 185 overdue payments to 101 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 101)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Lalani Innovations Private Limited | |||
| Swarnim Technocrats | |||
| Natural Enterprise | |||
| VJPN Engineering Private Limited | |||
| an individual supplier |
To see the full MSME payment records of Finorchem Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
Finorchem Limited has a workforce of 454 employees on its EPFO records as of Apr 03, 2024, across 3 active EPFO establishments.
Employee count
454
Active EPFO establishments
3
Employee growth
26.46%
GST
Finorchem has 10 GST registrations: 4 active and 6 cancelled or inactive.
Total GSTINs
10
Active
4
Cancelled / inactive
6
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 19AABCM5966D1ZB | West Bengal | Active | 01 Jan 2021 |
| 19AABCM5966D2ZA | West Bengal | Active | 20 Aug 2024 |
| 32AABCM5966D1ZN | Kerala | Active | 01 Jul 2017 |
| 24AABCM5966D3ZI | Gujarat | Active | 22 May 2019 |
To see the full GST registrations and return filing status of Finorchem Limited, buy the company report.
Recent activity
Finorchem Limited has 35 board changes on record since 2008: 8 appointments and 27 cessations. The latest: Bhanwarlal Ramkumar Joshi ceased to be Additional Director on 27 Sep 2023.
Charges
A charge with Citi Bank N.A. of Rs. 37.81 Cr registered on 03 May 2024 with Charge ID 100912752 was modified on 01 Dec 2025.
AGM
Finorchem Limited last Annual general meeting of members was held on 25 Sep 2025 as per latest MCA records.
Charges
A charge registered on 11 Apr 2023 via Charge ID 100719900 with Hdfc Bank Limited was fully satisfied on 29 Aug 2025.
Charges
A charge with Axis Bank Limited of Rs. 35.00 Cr registered on 23 Jul 2021 with Charge ID 100468227 was modified on 16 Apr 2025.
Filing
Finorchem Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Kolkata.
Charges
A charge with Yes Bank Limited of Rs. 60.00 Cr registered on 27 Jan 2020 with Charge ID 100360377 was modified on 18 Mar 2025.
Charges
A charge with Others amounted to Rs. 0.13 Cr with Charge ID 100966965 was registered on 23 Aug 2024.
Charges
A charge with Others amounted to Rs. 0.05 Cr with Charge ID 100966873 was registered on 19 Jul 2024.
Charges
A charge with Citi Bank N.A. amounted to Rs. 37.81 Cr with Charge ID 100912752 was registered on 03 May 2024.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 0.42 Cr with Charge ID 100920620 was registered on 12 Apr 2024.
Charges
A charge with Others amounted to Rs. 30.00 Cr with Charge ID 100892747 was registered on 04 Mar 2024.
Charges
A charge registered on 11 Aug 2020 via Charge ID 100360813 with Others was fully satisfied on 15 Feb 2024.
103 earlier events are in the company report.
Frequently asked questions
Finorchem is an active public limited company based in Kolkata, West Bengal, India. The company works in specialty chemicals, within the chemicals and materials industry. It was incorporated on 31 January 1994 (32+ years old) and is registered under CIN U24299WB1994PLC240045.
Finorchem has 8 current directors and KMP:
- Narain Holani - Managing Director
- Vishwanathramnath Balasubramaniyan - Whole-Time Director
- Shyam Kumar Taparia - Whole-Time Director
- Aditi Holani - Whole-Time Director
- Varsha Holani - Whole-Time Director
- Rishabh Holani - Whole-Time Director
- Bhanwarlal Ramkumar Joshi - Director
- Balakrishnan Unnikrishnan Nair - Company Secretary
The latest financial statements of Finorchem on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 25 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Finorchem is 19AABCM5966D1ZB, registered in West Bengal. The company has 10 GST registrations in all, of which 4 are active and 6 are cancelled or inactive. Other active GSTINs include 19AABCM5966D2ZA (West Bengal), 32AABCM5966D1ZN (Kerala), 24AABCM5966D3ZI (Gujarat).
The CIN (Corporate Identification Number) of Finorchem is U24299WB1994PLC240045. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Finorchem has 215 court cases on record: 83 filed by the company and 133 filed against it. 35 are pending. Most are in the district courts.
Finorchem was incorporated on 31 January 1994, making it 32+ years old. It is registered with the Registrar of Companies, Kolkata.
Finorchem has 15 deals on record (7 funding rounds, 6 secondary share transfers, 2 acquisitions), with disclosed funding of ₹62.66 Cr; the latest was in January 2022.
The peers of Finorchem by revenue are H.B. Fuller India Adhesives Private Limited, Dfe Pharma India Private Limited, Fineotex Chemical Limited, Benzo Chem Industries Pvt Ltd, Ganga Rasayanie Pvt Ltd and 1 more, all in the Chemicals industry (Specialty Chemicals), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products).
Bhanwarlal Ramkumar Joshi ceased to be Additional Director on 27 Sep 2023. Shyam Kumar Taparia ceased to be Additional Director on 27 Sep 2023. Shyam Kumar Taparia was appointed as Whole-Time Director on 21 Nov 2022. Finorchem has 35 board changes on record in total.
Finorchem has 9 MSME Form 1 returns on record between 2020 and 2024, listing 185 overdue payments to 101 micro and small suppliers. The latest return was filed on 30 Apr 2024.
Finorchem can be reached through the website finorchem.com. Its registered office is in Kolkata, West Bengal, India.