MSME (Udyam registered) Ministry of MSME
- Category
- Micro (2024-25)
- Udyam number
- UDYAM-GJ-24-0024203
Mi Solar (India) Private Limited - environment in Vadodara, Gujarat, India. FY 2026 financials & compliance.
Revenue · FY 2023
₹3.89 Cr
▲ 433% YoY
Net profit · FY 2023
₹18.68 Lakh
Net margin 4.8%
EBITDA · FY 2023
₹80.54 Lakh
EBITDA margin 20.7%
Authorised capital
₹3.01 Cr
Registered with MCA
Paid-up capital
₹3.01 Cr
Issued & subscribed
Open charges
₹8.84 Cr
Secured borrowings
Company age
10 yrs
Est. 2016
Employees · EPFO
1
Provident fund records
About Mi Solar (India) Private Limited
Data last updated:
Mi Solar (India) Private Limited is a private limited company based in Vadodara, Gujarat, India, a subsidiary of Madhav Infra Projects Limited. It operates in the solar energy solutions segment of the environmental services sector. It was incorporated on 15 February 2016 and has been in existence for over 10 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U93000GJ2016PTC086089. Its GSTIN is 24AAKCM1812H1ZQ (Gujarat). The company holds 7 GST registrations, of which 5 are active.
The company has an authorised share capital of ₹3.01 Cr and a paid-up capital of ₹3.01 Cr. It is led by directors Mohanan Shankaran Choran and Amit Khurana Ashok.
Its last annual general meeting (AGM) was held on 24 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at Madhav House Near Pancharatna Building Subhanpura, Vadodara, Gujarat, India – 390023.
As per the financials filed for FY 2023, the company reported a revenue of ₹3.89 Cr, reflecting significant growth compared to the previous year. For the same year it recorded a net profit of ₹18.68 Lakh (net margin 4.8%) and EBITDA of ₹80.54 Lakh (EBITDA margin 20.7%). Revenue has declined at a compounded annual rate (CAGR) of 69% over three years and 13% over five years.
The company has about 1 employee on its provident fund (EPFO) records. Its group structure includes 1 subsidiary.
The company is associated with 1 brand: Mi Solar. As per MCA filings, the company has open charges of ₹8.84 Cr on record. Court records list 2 cases involving the company, including 2 filed against it. The company has 2 deals on record (1 funding round, 1 secondary share transfer), with disclosed funding of ₹3 Cr; the latest was in March 2017.
Mi Solar (India) Private Limited is registered as a micro enterprise under the Udyam registration framework (Reg. No. UDYAM-GJ-24-0024203). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website misolar.in.
Company details
CIN U93000GJ2016PTC086089
Registration Number 086089
Incorporation Date 15 February 2016
ROC Ahmedabad
Listing Status Unlisted
Company Status Active
Date of Last AGM 24 September 2025
Date of Balance Sheet 31 March 2025
Parent Company Madhav Infra Projects Limited
Compliance Status Active Compliant
MSME Classification Micro
Udyam Registration UDYAM-GJ-24-0024203
CIN history
Mi Solar (India) has one previous CIN (Corporate Identification Number): U40106GJ2016PTC086089. The current CIN is U93000GJ2016PTC086089, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U93000GJ2016PTC086089 | Current |
| U40106GJ2016PTC086089 | Previous |
Recognitions & Rankings of Mi Solar (India)
Contact details
Mi Solar (India) Private Limited's registered office is in Vadodara, Gujarat. Its website is misolar.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered AddressMadhav House Near Pancharatna Building Subhanpura, Vadodara, Gujarat, India – 390023
- IndustryEnvironment, Solar Energy Solutions
To see the full contact details of Mi Solar (India) Private Limited, buy the company report.
Comprehensive company report
Mi Solar (India) Private 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
Mi Solar (India) operates one associated brand: Mi Solar. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Specializes in solar project engineering, procurement, and construction services. | misolar.in |
Financials of Mi Solar (India) Private Limited
FY 2025 filings availableMi Solar (India) Private Limited reported revenue of ₹3.89 Cr (up 433% YoY) for FY 2023.
Revenue · FY 2023
₹3.89 Cr ▲ 433%
Net profit · FY 2023
₹18.68 Lakh margin 4.8%
EBITDA · FY 2023
₹80.54 Lakh margin 20.7%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▲ 433%
3 years · compounded
▲ 69%
5 years · compounded
▼ 13%
EBITDA CAGR growth
1 year
▲ 32%
3 years · compounded
▲ 174%
5 years · compounded
▼ 12%
Revenue rose 433% in the latest year, though over five years it has declined at a compounded annual rate (CAGR) of 13%. EBITDA rose 32% 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 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | ₹3.89 Cr | ||||
| Other Income | |||||
| Total Revenue | |||||
| Cost of Materials Consumed | |||||
| Employee Benefit Expense | |||||
| Finance Costs | |||||
| Depreciation and Amortisation | |||||
| Other Expenses | |||||
| Total Expenses | |||||
| EBITDA | ₹80.54 Lakh | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹18.68 Lakh | ||||
| 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 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 20.7% | ||||
| Net Profit Margin | 4.8% | ||||
| 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 Mi Solar (India) Private Limited, buy the company report.
Board of directors of Mi Solar (India) Private Limited
Mi Solar (India) has 2 current directors and 4 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Mohanan Shankaran Choran Also directs: Badi Baktara Toll Private Limited, Kriscon Services Private Limited, MSK Infrastructure Private Limited and 1 more | Director | 11 May 2019 | 7 Years 5 Months | Current |
| Amit Khurana Ashok | Director | 15 Feb 2016 | 10 Years 8 Months | Current |
Auditor
Mi Solar (India) Private Limited is audited by PARTH SHAH AND ASSOCIATES for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| PARTH SHAH AND ASSOCIATES | FY 2023 | 144251W |
Shareholding
The shareholding of Mi Solar (India) Private 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 Mi Solar (India) Private Limited, buy the company report.
Charges & borrowings
Open charges
₹8.84 Cr
Satisfied charges
None
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 24 Oct 2024 | 101002637 | Sidbi | ₹2 Cr | Open | |
| 05 Jan 2022 | 100520782 | Sidbi | ₹54 Lakh | Open | |
| 03 Jul 2020 | 100346880 | Sidbi | ₹60 Lakh | Open | |
| 24 Mar 2017 | 100086409 | Sidbi | ₹5.7 Cr | Open |
Total charge records: 4 View all charges
Deals & funding
Mi Solar (India) Private Limited has 2 deals on record (1 funding round, 1 secondary share transfer), with disclosed funding of ₹3 Cr; the latest was in March 2017.
Total deals
2
Funding round
1
Secondary share transfer
1
Disclosed funding
₹3 Cr
Deals on record (2 of 2)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2017 | Funding round | ₹3 Cr | Investors: Madhav Infra Projects Limited , Waa Solar Limited , an individual |
| Mar 2016 | Secondary share transfer | Undisclosed | Buyer: Madhav Infra Projects Limited , Armaan Amit Trust Seller: an individual |
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Mi Solar (India) Private Limited has 2 court cases on record: 2 filed against it. All cases are disposed.
Total cases
2
Filed against the company
2
Disposed
2
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 2 | 2 | 0 |
Cases on record (2 of 2)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Vadodara, Gujarat | Criminal complaint | Filed against the company by Government of Gujarat | Disposed |
| District court, Vadodara, Gujarat | Criminal complaint | Filed against the company by Government of Gujarat | Disposed |
To see the full case history of Mi Solar (India) Private 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
Mi Solar (India) Private Limited was last rated by Icra on 04 Nov 2020.
| Rating agency | Rated on | Rating |
|---|---|---|
| Icra | 04 Nov 2020 |
To see the full credit ratings and regulatory alerts of Mi Solar (India) Private Limited, buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Mi Solar (India) Private Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Group structure & subsidiaries
Mi Solar (India) has 1 subsidiary company. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
1
Subsidiary companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| Waa Solar Limited | L40106GJ2009PLC076764 |
To see the full group structure of Mi Solar (India) Private Limited, buy the company report.
Employees & EPFO
Mi Solar (India) Private Limited has a workforce of 1 employees on its EPFO records as of Apr 10, 2024, across 1 active EPFO establishment.
Employee count
1
Active EPFO establishments
1
GST
Mi Solar (India) has 7 GST registrations: 5 active and 2 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
7
Active
5
Cancelled / inactive
2
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAKCM1812H1ZQ | Gujarat | Active | 01 Jul 2017 |
| 05AAKCM1812H1ZQ | Uttarakhand | Active | 01 Jul 2017 |
| 08AAKCM1812H1ZK | Rajasthan | Active | 01 Jul 2017 |
| 22AAKCM1812H1ZU | Chhattisgarh | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Mi Solar (India) Private Limited, buy the company report.
Recent activity
Mi Solar (India) Private Limited has 6 board changes on record since 2016: 2 appointments and 4 cessations. The latest: Mohanan Shankaran Choran ceased to be Additional Director on 30 Sep 2019.
AGM
Mi Solar (India) Private Limited last Annual general meeting of members was held on 24 Sep 2025 as per latest MCA records.
Filing
Mi Solar (India) Private Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Ahmedabad.
Charges
A charge with Sidbi amounted to Rs. 2.00 Cr with Charge ID 101002637 was registered on 24 Oct 2024.
Charges
A charge with Sidbi amounted to Rs. 0.54 Cr with Charge ID 100520782 was registered on 05 Jan 2022.
Charges
A charge with Sidbi amounted to Rs. 0.60 Cr with Charge ID 100346880 was registered on 03 Jul 2020.
Ceased
Mohanan Shankaran Choran ceased to be Additional Director.
Ceased
Gopal Hareshbhai Shah ceased to be Director.
Appointed
Mohanan Shankaran Choran was appointed as Director.
Ceased
Neelakshi Amit Khurana ceased to be Director.
Ceased
Rasika Vikramsinh Chauhan ceased to be Director.
Charges
A charge with Sidbi amounted to Rs. 5.70 Cr with Charge ID 100086409 was registered on 24 Mar 2017.
Appointed
Amit Khurana Ashok was appointed as Director.
1 earlier event is in the company report.
Frequently asked questions
Mi Solar (India) is an active private limited company based in Vadodara, Gujarat, India. The company works in solar energy solutions, within the environment industry. It was incorporated on 15 February 2016 (10+ years old) and is registered under CIN U93000GJ2016PTC086089.
Mi Solar (India) has 2 current directors:
- Mohanan Shankaran Choran - Director
- Amit Khurana Ashok - Director
The latest financial statements of Mi Solar (India) on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 24 September 2025. Year-wise statements from FY 2016 are in the company report.
The GSTIN of Mi Solar (India) is 24AAKCM1812H1ZQ, registered in Gujarat. The company has 7 GST registrations in all, of which 5 are active and 2 are cancelled or inactive. Other active GSTINs include 05AAKCM1812H1ZQ (Uttarakhand), 08AAKCM1812H1ZK (Rajasthan), 22AAKCM1812H1ZU (Chhattisgarh).
The CIN (Corporate Identification Number) of Mi Solar (India) is U93000GJ2016PTC086089. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Mi Solar (India) has 2 court cases on record: 2 filed against it.
Mi Solar (India) was incorporated on 15 February 2016, making it 10+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Mi Solar (India) has 2 deals on record (1 funding round, 1 secondary share transfer), with disclosed funding of ₹3 Cr; the latest was in March 2017.
Mohanan Shankaran Choran ceased to be Additional Director on 30 Sep 2019. Gopal Hareshbhai Shah ceased to be Director on 11 May 2019. Mohanan Shankaran Choran was appointed as Director on 11 May 2019. Mi Solar (India) has 6 board changes on record in total.
Yes, Mi Solar (India) is registered as a micro enterprise under Udyam registration (number: UDYAM-GJ-24-0024203).
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