MSME (Udyam registered) Ministry of MSME
- Category
- Medium (2024-25)
- Udyam number
- UDYAM-WB-18-0003497
Merlin Projects Ltd. - real estate and construction in Kolkata, West Bengal, India. FY 2026 financials & compliance.
Revenue · FY 2025
₹386.4 Cr
▲ 6% YoY
Net profit · FY 2025
₹70.7 Cr
Net margin 18.3%
EBITDA · FY 2025
₹34.82 Cr
EBITDA margin 9%
Authorised capital
₹12 Cr
Registered with MCA
Paid-up capital
₹7.63 Cr
Issued & subscribed
Open charges
₹1,256.11 Cr
Satisfied ₹1,116.08 Cr
Company age
42 yrs
Est. 1984
Employees · EPFO
316
Provident fund records
About Merlin Projects Ltd.
Data last updated:
Merlin Projects Ltd. is a public limited company based in Kolkata, West Bengal, India. It operates in the real estate development and construction segment of the real estate and construction sector. It was incorporated on 11 October 1984 and has been in existence for over 42 years.
The company is registered with the Registrar of Companies (ROC), Kolkata, under CIN U70109WB1984PLC038040. Its GSTIN is 19AACCM0505B1Z5 (West Bengal). The company holds 3 GST registrations, of which 2 are active.
The company has an authorised share capital of ₹12 Cr and a paid-up capital of ₹7.63 Cr. It was formerly known as Merlin Projects Private Ltd. It is led by directors including Sushil Kumar Mohta (Managing Director) and Dilip Kumar Choudhary.
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 Merlin Oxford 2nd Floor 22 Prince Anwar Shah Road, Kolkata, West Bengal, India – 700033.
As per the financials filed for FY 2025, the company reported a revenue of ₹386.4 Cr, a growth of 6% compared to the previous year. For the same year it recorded a net profit of ₹70.7 Cr (net margin 18.3%) and EBITDA of ₹34.82 Cr (EBITDA margin 9%). Revenue has grown at a compounded annual rate (CAGR) of 11% over three years and 40% over five years.
The company has about 316 employees on its provident fund (EPFO) records.
As per MCA filings, the company has open charges of ₹1,256.11 Cr and satisfied charges of ₹1,116.08 Cr on record. Court records list 220 cases involving the company, including 158 filed by the company and 62 filed against it; 60 cases are pending. The company has 12 deals on record (9 secondary share transfers, 3 funding rounds), with disclosed funding of ₹19.73 Cr; the latest was in April 2022. Its 4 peer companies in the Real Estate industry (Builders and Developers), with the same principal business activity (buildings) are compared by revenue, 2 larger and 2 smaller; the largest is Hitech Competent Builders Private Limited with revenue of ₹387.23 Cr.
Merlin Projects Ltd. is registered as a medium enterprise under the Udyam registration framework (Reg. No. UDYAM-WB-18-0003497). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website merlinprojects.com.
Company details
CIN U70109WB1984PLC038040
Registration Number 038040
Incorporation Date 11 October 1984
ROC Kolkata
Listing Status Unlisted
Company Status Active
Date of Last AGM 30 September 2025
Date of Balance Sheet 31 March 2025
Compliance Status Active Compliant
MSME Classification Medium
Udyam Registration UDYAM-WB-18-0003497
CIN history
Merlin Projects has one previous CIN (Corporate Identification Number): U70109WB1984PTC038040. The current CIN is U70109WB1984PLC038040, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U70109WB1984PLC038040 | Current |
| U70109WB1984PTC038040 | Previous |
Key People
Sushil Kumar Mohta Managing Director Dilip Kumar Choudhary Director Dinesh G Sanghvi Director Recognitions & Rankings of Merlin Projects
Contact details
Merlin Projects Ltd.'s registered office is in Kolkata, West Bengal. Its website is merlinprojects.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressMerlin Oxford 2nd Floor 22 Prince Anwar Shah Road, Kolkata, West Bengal, India – 700033
- IndustryReal Estate and Construction, Real Estate Builders & Developers
To see the full contact details of Merlin Projects Ltd., buy the company report.
Comprehensive company report
Merlin Projects Ltd. - 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 Merlin Projects is construction. In detail, this covers buildings.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| F | Construction | F1 | Buildings |
To see the full business activity and turnover split of Merlin Projects Ltd., buy the company report.
Financials of Merlin Projects Ltd.
FY 2025 filings availableMerlin Projects Ltd. reported revenue of ₹386.4 Cr (up 6% YoY) for FY 2025.
Revenue · FY 2025
₹386.4 Cr ▲ 6%
Net profit · FY 2025
₹70.7 Cr margin 18.3%
EBITDA · FY 2025
₹34.82 Cr margin 9%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▲ 6%
3 years · compounded
▼ 11%
5 years · compounded
▲ 40%
EBITDA CAGR growth
1 year
▲ 45%
3 years · compounded
▼ 26%
5 years · compounded
▲ 48%
Revenue has grown at a compounded annual rate (CAGR) of 40% over five years, including 6% growth in the latest year. EBITDA rose 45% 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 | ₹34.82 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹70.7 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 | 9% | ||||
| Net Profit Margin | 18.3% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
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To see the full financial statements and ratios of Merlin Projects Ltd., buy the company report.
Board of directors and KMP of Merlin Projects Ltd.
Merlin Projects Ltd. currently reports 5 directors and 1 key managerial person. 12 former directors have served the organization.
Current Directors and KMP
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Dilip Kumar Choudhary Also directs: Merlin Projects Real Estate LLP, Merlin Real Estate LLP., Sailendra Agro Private Limited and 5 more | Director | 02 Mar 2012 | 14 Years 7 Months | Current |
| Dinesh G Sanghvi Also directs: Merlin Projects Real Estate LLP, Merlin Real Estate LLP., Bengal Merlin Infrastructure Limited and 5 more | Director | 06 Feb 2006 | 20 Years 8 Months | Current |
| Sushil Kumar Mohta Also directs: Merlin Projects and Estates Chennai LLP, Merlin Realty & Projects LLP, Rubicon Builders LLP and 5 more | Managing Director | 29 Dec 1986 | 39 Years 10 Months | Current |
| Rajib Kumar Das Also directs: Fomalhaut Investment and Finance Pvt.Ltd. | Company Secretary | 16 Apr 2018 | 8 Years 6 Months | Current |
| Charulata Kabra | Director | 31 Mar 2022 | 4 Years 6 Months | Current |
| Khusboo Baheti | Director | 15 May 2023 | 3 Years 5 Months | Current |
Peer comparison
Merlin Projects Ltd. is compared with the 4 companies closest to it by revenue in the Real Estate industry (Builders and Developers), with the same principal business activity (buildings), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Hitech Competent Builders Private Limited | ₹387.23 Cr (FY 2025) | 10.0% | Bhiwadi, Rajasthan, India | |||
| S N N Builders Private Limited | ₹387.09 Cr (FY 2024) | 21.0% | Bangalore, Karnataka, India | |||
| Merlin Projects Ltd.this company | ₹386.4 Cr (FY 2025) | ₹70.7 Cr | 18.3% | 6.0% | 316 | Kolkata, West Bengal, India |
| Vamsiram Builders and Developers Private Limited | ₹385.33 Cr (FY 2025) | 19.0% | Hyderabad, Telangana, India | |||
| Appaswamy Real Estates Limited | ₹383.88 Cr (FY 2025) | 79.0% | Chennai, Tamil Nadu, India |
To see the full peer comparison of Merlin Projects Ltd., buy the company report.
Auditor
Merlin Projects Ltd. is audited by B Jain & Co. for the financial year 2025.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| B Jain & Co. | FY 2025 | 307100E |
Shareholding
The shareholding of Merlin Projects Ltd. 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 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Merlin Projects Ltd., buy the company report.
Charges & borrowings
Open charges
₹1,256.11 Cr
Satisfied charges
₹1,116.08 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 04 Feb 2026 | 101241541 | Others | ₹300 Cr | Open | |
| 24 Oct 2025 | 101170863 | Others | ₹18.71 Lakh | Open | |
| 19 Sep 2025 | 101157757 | Canara Bank | ₹1.47 Cr | Open | |
| 26 Aug 2025 | 101151858 | Axis Bank Limited | ₹127 Cr | Open | |
| 11 Jul 2025 | 101129912 | Others | ₹20 Lakh | Open |
To see the full charge records of Merlin Projects Ltd., buy the company report.
Total charge records: 51 View all charges
Deals & funding
Merlin Projects Ltd. has 12 deals on record (9 secondary share transfers, 3 funding rounds), with disclosed funding of ₹19.73 Cr; the latest was in April 2022.
Total deals
12
Secondary share transfers
9
Funding rounds
3
Disclosed funding
₹19.73 Cr
Deals on record (5 of 12)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Feb 2015 | Secondary share transfer | Undisclosed | Buyer: Jupiter Mercantiles Pvt Ltd Seller: Best Property Consultancy Services Pvt Ltd , Gautam Commercial Private Limited , Innocent Merchandise Pvt. Ltd. |
| Nov 2012 | Secondary share transfer | Undisclosed | Buyer: Suprabhat Dealer Private Limited , Sunflower Investment Advisory Private Limited. , Yamini Barter Private Limited Seller: Innocent Merchandise Pvt. Ltd. , an individual |
| Mar 2012 | Secondary share transfer | Undisclosed | Buyer: Sunflower Investment Advisory Private Limited. Seller: an individual |
| Nov 2011 | Secondary share transfer | Undisclosed | Buyer: Abhinandan Suppliers Private Limited Seller: an individual |
| Oct 2010 | Secondary share transfer | Undisclosed | Buyer: Merlin Infra Projects Private Limited , Jupiter Mercantiles Pvt Ltd , 2 individuals Seller: Merlin Infra Projects Private Limited , 3 individuals |
To see the full deal history of Merlin Projects Ltd., buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Merlin Projects Ltd. has 220 court cases on record: 158 filed by Merlin Projects, 62 filed against it. 60 cases are pending and 160 are disposed.
Total cases
220
Filed by the company
158
Filed against the company
62
Pending
60
Disposed
160
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 141 | 29 | 30 |
| District courts | 60 | 24 | 29 |
| Supreme Court | 19 | 9 | 1 |
Cases on record (5 of 220)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Supreme Court | Court case (0304-Arbitration Law and Other Alternative Dispute Resolution : Challenge to arbitral award, matters relating to execution under Section 36, under Section 34/Section 37 of the Arbitration & Conciliation Act, 1996 and challenges to arbitral award under Arbitration Act, 1940) | Filed against the company by Kolkata Metropolitan Development Authority | Disposed |
| District court, North Twenty Four Parganas, West Bengal | Civil suit | Filed against the company by Sumitra Infratech Private Limited | Pending |
| District court, South Twenty Four Parganas, West Bengal | Court case (TS (Com)) | Filed against the company by Bhatter Projects Private Limited | Pending |
| District court, South Twenty Four Parganas, West Bengal | Court case (TS (Com)) | Filed against the company by Zoom Vanijya Private Limited | Pending |
| District court, South Twenty Four Parganas, West Bengal | Court case (TS (Com)) | Filed against the company by Innocent Merchandise Private Limited | Pending |
To see the full case history of Merlin Projects Ltd., 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
Merlin Projects Ltd. was last rated by Icra on 21 Sep 2021.
| Rating agency | Rated on | Rating |
|---|---|---|
| Icra | 21 Sep 2021 |
To see the full credit ratings and regulatory alerts of Merlin Projects Ltd., buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Merlin Projects Ltd.; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Employees & EPFO
Merlin Projects Ltd. has a workforce of 316 employees on its EPFO records as of Sep 25, 2025, across 2 active EPFO establishments.
Employee count
316
Active EPFO establishments
2
Employee growth
33.9%
GST
Merlin Projects has 3 GST registrations: 2 active and 1 cancelled or inactive.
Total GSTINs
3
Active
2
Cancelled / inactive
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 19AACCM0505B1Z5 | West Bengal | Active | 01 Jul 2017 |
| 27AACCM0505B1Z8 | Maharashtra | Active | 18 Aug 2021 |
To see the full GST registrations and return filing status of Merlin Projects Ltd., buy the company report.
Recent activity
Merlin Projects Ltd. has 26 board changes on record since 1984: 16 appointments and 10 cessations. The latest: Saket Mohta ceased to be Managing Director on 18 May 2023.
Charges
A charge with Others of Rs. 300.00 Cr registered on 04 Feb 2026 with Charge ID 101241541 was modified on 13 Feb 2026.
Charges
A charge with Others amounted to Rs. 300.00 Cr with Charge ID 101241541 was registered on 04 Feb 2026.
Charges
A charge with Others amounted to Rs. 0.19 Cr with Charge ID 101170863 was registered on 24 Oct 2025.
AGM
Merlin Projects Ltd. last Annual general meeting of members was held on 30 Sep 2025 as per latest MCA records.
Charges
A charge with Canara Bank amounted to Rs. 1.47 Cr with Charge ID 101157757 was registered on 19 Sep 2025.
Charges
A charge with Axis Bank Limited amounted to Rs. 127.00 Cr with Charge ID 101151858 was registered on 26 Aug 2025.
Charges
A charge with Others amounted to Rs. 0.20 Cr with Charge ID 101129912 was registered on 11 Jul 2025.
Charges
A charge registered on 18 Sep 2023 via Charge ID 100788757 with Axis Bank Limited was fully satisfied on 24 Jun 2025.
Charges
A charge with Others amounted to Rs. 0.13 Cr with Charge ID 101085313 was registered on 23 Apr 2025.
Filing
Merlin Projects Ltd. has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Kolkata I.
Charges
A charge with Others amounted to Rs. 120.00 Cr with Charge ID 101062012 was registered on 04 Mar 2025.
Charges
A charge registered on 30 Aug 2021 via Charge ID 100481758 with Tata Capital Housing Finance Limited was fully satisfied on 31 Dec 2024.
118 earlier events are in the company report.
News
Frequently asked questions
Merlin Projects is an active public limited company based in Kolkata, West Bengal, India. The company works in real estate builders and developers, within the real estate and construction industry. It was incorporated on 11 October 1984 (42+ years old) and is registered under CIN U70109WB1984PLC038040.
Merlin Projects has 6 current directors and KMP:
- Sushil Kumar Mohta - Managing Director
- Dilip Kumar Choudhary - Director
- Dinesh G Sanghvi - Director
- Charulata Kabra - Director
- Khusboo Baheti - Director
- Rajib Kumar Das - Company Secretary
The latest financial statements of Merlin Projects 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 Merlin Projects is 19AACCM0505B1Z5, registered in West Bengal. The company has 3 GST registrations in all, of which 2 are active and 1 is cancelled or inactive. Other active GSTINs include 27AACCM0505B1Z8 (Maharashtra).
The CIN (Corporate Identification Number) of Merlin Projects is U70109WB1984PLC038040. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Merlin Projects has 220 court cases on record: 158 filed by the company and 62 filed against it. 60 are pending. Most are in the high courts.
Merlin Projects was incorporated on 11 October 1984, making it 42+ years old. It is registered with the Registrar of Companies, Kolkata.
Merlin Projects has 12 deals on record (9 secondary share transfers, 3 funding rounds), with disclosed funding of ₹19.73 Cr; the latest was in April 2022.
The peers of Merlin Projects by revenue are Hitech Competent Builders Private Limited, S N N Builders Private Limited, Vamsiram Builders and Developers Private Limited, Appaswamy Real Estates Limited, all in the Real Estate industry (Builders and Developers), with the same principal business activity (buildings).
Saket Mohta ceased to be Managing Director on 18 May 2023. Khusboo Baheti was appointed as Director on 15 May 2023. Charulata Kabra was appointed as Director on 31 Mar 2022. Merlin Projects has 26 board changes on record in total.
Yes, Merlin Projects is registered as a medium enterprise under Udyam registration (number: UDYAM-WB-18-0003497).