About Milan Laboratories (India) Private Limited
Data last updated:
Milan Laboratories (India) Private Limited is a private limited company based in Thane, Maharashtra, India. It operates in the drug formulation and development segment of the pharmaceuticals sector. It was incorporated on 26 March 2003 and has been in existence for over 23 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U24230MH2003PTC139736. Its GSTIN is 27AADCM5148B1ZQ (Maharashtra). The company holds 2 GST registrations, all of them active.
The company has an authorised share capital of ₹2 Cr and a paid-up capital of ₹1.98 Cr. It is led by directors including Upendra Madan Despande and Rohini Rajeev Dongre.
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 303/304 3rd Floor Odyssey IT Park Wagle Estate MIDC Thane(W), Maharashtra, India – 400604.
As per the financials filed for FY 2024, the company reported a revenue of ₹429.23 Cr, a growth of 42% compared to the previous year. For the same year it recorded a net profit of ₹52.95 Cr (net margin 12.3%) and EBITDA of ₹105.17 Cr (EBITDA margin 24.5%). Revenue has grown at a compounded annual rate (CAGR) of 15% over three years and 20% over five years.
The company has about 628 employees on its provident fund (EPFO) records. Its group structure includes 1 subsidiary.
The company is associated with 1 brand: Milan Laboratories. As per MCA filings, the company has open charges of ₹70.39 Cr and satisfied charges of ₹79.75 Cr on record. Court records list 4 cases involving the company, including 2 filed by the company and 2 filed against it; 2 cases are pending. The company has 1 deal on record (1 secondary share transfer); the latest was in March 2018. Its 9 peer companies in the Pharma industry (Formulations), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products) are compared by revenue, 5 larger and 4 smaller; the largest is Medispray Laboratories Private Limited with revenue of ₹444.46 Cr. The company has 7 MSME Form 1 returns on record between 2019 and 2024, listing 1,021 overdue payments to 97 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 milanlabs.com.
Company details
Contact details
Milan Laboratories (India) Private Limited's registered office is in Thane, Maharashtra. Its website is milanlabs.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address303/304 3rd Floor Odyssey IT Park Wagle Estate MIDC Thane(W), Maharashtra, India – 400604
- IndustryPharma, Drug Formulation & Development
To see the full contact details of Milan Laboratories (India) Private 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
Milan Laboratories (India) operates one associated brand: Milan Laboratories. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Pharmaceutical manufacturing and exporting with WHO-cGMP compliance. | milanlabs.com |
Business activity
The main business activity of Milan Laboratories (India) 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 Milan Laboratories (India) Private Limited, buy the company report.
Financials of Milan Laboratories (India) Private Limited
FY 2024 filings availableMilan Laboratories (India) Private Limited reported revenue of ₹429.23 Cr (up 42% YoY) for FY 2024.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 20% over five years, including 42% 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 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | |||||
| Other Income | |||||
| Total Revenue | ₹429.23 Cr | ||||
| Cost of Materials Consumed | |||||
| Employee Benefit Expense | |||||
| Finance Costs | |||||
| Depreciation and Amortisation | |||||
| Other Expenses | |||||
| Total Expenses | |||||
| EBITDA | ₹105.17 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹52.95 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 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 24.5% | ||||
| Net Profit Margin | 12.3% | ||||
| 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 Milan Laboratories (India) Private Limited, buy the company report.
Board of directors of Milan Laboratories (India) Private Limited
Milan Laboratories (India) has 4 current directors and 2 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Upendra Madan Despande | Director | 26 Mar 2003 | 23 Years 7 Months | Current |
| Rohini Rajeev Dongre Also directs: Oriental Grills Pvt Ltd | Director | 26 Mar 2003 | 23 Years 7 Months | Current |
| Sharwari Upendra Deshpande Also directs: Oriental Grills Pvt Ltd | Director | 13 Mar 2025 | 1 Years 7 Months | Current |
| Rahul Rajeev Dongre | Director | 23 May 2025 | 1 Years 5 Months | Current |
Peer comparison
Milan Laboratories (India) Private Limited is compared with the 9 companies closest to it by revenue in the Pharma industry (Formulations), 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 |
|---|---|---|---|---|---|---|
| Medispray Laboratories Private Limited | ₹444.46 Cr (FY 2025) | 7.0% | Goa, India | |||
| Copmed Pharmaceuticals Private Limited | ₹437.53 Cr (FY 2025) | -5.0% | New Delhi, Delhi, India | |||
| Hazelo Lab Private Limited | ₹431.64 Cr (FY 2024) | 3.0% | Chityal, Telangana, India | |||
| Zydus Hospira Oncology Private Limited | ₹430.96 Cr (FY 2025) | 66.0% | Village Matoda Tal Sanand, Gujarat, India | |||
| Halewood Laboratories Private Limited | ₹430.29 Cr (FY 2025) | 20.0% | Ahmedabad, Gujarat, India | |||
| Milan Laboratories (India) Private Limitedthis company | ₹429.23 Cr (FY 2024) | ₹52.95 Cr | 12.3% | 42.0% | 576 | Thane, Maharashtra, India |
| Escientia Advanced Sciences Private Limited | ₹423.15 Cr (FY 2024) | 114.0% | Shameerpet, Telangana, India | |||
| Recipharm Pharmaservices Private Limited | ₹421.11 Cr (FY 2025) | -3.0% | Mumbai, Maharashtra, India | |||
| Albert David Ltd | ₹420.01 Cr (FY 2024) | 18.0% | Kolkata, West Bengal, India | |||
| Aspiro Pharma Limited | ₹418.29 Cr (FY 2025) | 147.0% | Markook, Telangana, India |
To see the full peer comparison of Milan Laboratories (India) Private Limited, buy the company report.
Auditor
Milan Laboratories (India) Private Limited is audited by R. P. SHAH & CO. for the financial year 2024.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| R. P. SHAH & CO. | FY 2024 | 109759W |
Shareholding
The shareholding of Milan Laboratories (India) Private Limited is on record for 5 financial years, the latest being FY 2024, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2024 | 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 Milan Laboratories (India) Private Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 31 Jan 2024 | 100884144 | Standard Chartered Bank | ₹10 Cr | Open | |
| 11 Apr 2022 | 100567445 | Others | ₹20 Cr | Open | |
| 02 Jan 2021 | 100417839 | Standard Chartered Bank | ₹1 Cr | Open | |
| 02 Jan 2021 | 100417841 | Standard Chartered Bank | ₹5 Cr | Open | |
| 18 Sep 2019 | 100292828 | Others | ₹12.2 Cr | Open |
To see the full charge records of Milan Laboratories (India) Private Limited, buy the company report.
Total charge records: 20 View all charges
Deals & funding
Milan Laboratories (India) Private Limited has 1 deal on record (1 secondary share transfer); the latest was in March 2018.
Deals on record (1 of 1)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2018 | Secondary share transfer | Undisclosed | Buyer: 3 individuals Seller: 2 individuals |
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Milan Laboratories (India) Private Limited has 4 court cases on record: 2 filed by Milan Laboratories (India), 2 filed against it. 2 cases are pending and 2 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 2 | 2 | 1 |
| District courts | 1 | 0 | 1 |
| Supreme Court | 1 | 0 | 0 |
Cases on record (4 of 4)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Supreme Court | Court case (2903-Simple Money & Mortgage Matters Etc. : Others) | Filed by the company against Tapan Chakraborty S/D/W/Thru:- Late Kalidas Chakraborty Assistant General Manager (Human Resource and Administration) Bengal Chemicals and Pharmaceuticals Ltd 28, H.C. Dutta Road ,Kolkata , West Bengal and 1 other | Disposed |
| District court, Raigad, Maharashtra | Court case (Sum.Civ.Suit) | Filed by the company against Nirmal Industries, Through Its Proprietor Mr Nirmal Kumar Shah, | Pending |
| Bombay High Court | Writ petition | Filed against the company by Bengal Chemicals and Pharmaceutical Ltd. and Anr. | Pending |
| Bombay High Court | Court case (CAW) | Filed against the company by Bengal Chemicals and Pharmaceutical Ltd. and Anr. | Disposed |
To see the full case history of Milan Laboratories (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.
MSME payment delays
Milan Laboratories (India) Private Limited has 7 MSME Form 1 returns on record between 2019 and 2024, listing 1,021 overdue payments to 97 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 97)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Eneffen Technologies Private Limited | |||
| an individual supplier | |||
| Hightech Industries | |||
| an individual supplier | |||
| Innovative Print Pack Private Limited |
To see the full MSME payment records of Milan Laboratories (India) Private Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Milan Laboratories (India) has 1 subsidiary company. This group structure data is as of FY 2024. The table lists each entity with its relationship and holding.
| Company Name | CIN | Shares held |
|---|---|---|
| Oriental Grills Pvt Ltd | U28111MH1987PTC045449 |
To see the full group structure of Milan Laboratories (India) Private Limited, buy the company report.
Employees & EPFO
Milan Laboratories (India) Private Limited has a workforce of 576 employees on its EPFO records as of Feb 28, 2025, across 1 active EPFO establishment.
GST
Milan Laboratories (India) has 2 GST registrations: 2 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AADCM5148B1ZQ | Maharashtra | Active | 01 Jul 2017 |
| 24AADCM5148B1ZW | Gujarat | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Milan Laboratories (India) Private Limited, buy the company report.
Recent activity
Milan Laboratories (India) Private Limited has 6 board changes on record since 2003: 4 appointments and 2 cessations. The latest: Rahul Rajeev Dongre ceased to be Additional Director on 29 Sep 2025.
36 earlier events are in the company report.
Frequently asked questions
Milan Laboratories (India) is an active private limited company based in Thane, Maharashtra, India. The company works in drug formulation and development, within the pharma industry. It was incorporated on 26 March 2003 (23+ years old) and is registered under CIN U24230MH2003PTC139736.
Milan Laboratories (India) has 4 current directors:
- Upendra Madan Despande - Director
- Rohini Rajeev Dongre - Director
- Sharwari Upendra Deshpande - Director
- Rahul Rajeev Dongre - Director
The latest financial statements of Milan Laboratories (India) 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 Milan Laboratories (India) is 27AADCM5148B1ZQ, registered in Maharashtra. The company has 2 GST registrations in all, of which 2 are active. Other active GSTINs include 24AADCM5148B1ZW (Gujarat).
The CIN (Corporate Identification Number) of Milan Laboratories (India) is U24230MH2003PTC139736. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Milan Laboratories (India) has 4 court cases on record: 2 filed by the company and 2 filed against it. 2 are pending. Most are in the high courts.
Milan Laboratories (India) was incorporated on 26 March 2003, making it 23+ years old. It is registered with the Registrar of Companies, Mumbai.
Milan Laboratories (India) has 1 deal on record (1 secondary share transfer); the latest was in March 2018.
The peers of Milan Laboratories (India) by revenue are Medispray Laboratories Private Limited, Copmed Pharmaceuticals Private Limited, Hazelo Lab Private Limited, Zydus Hospira Oncology Private Limited, Halewood Laboratories Private Limited and 4 more, all in the Pharma industry (Formulations), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products).
Rahul Rajeev Dongre ceased to be Additional Director on 29 Sep 2025. Rahul Rajeev Dongre was appointed as Director on 23 May 2025. Sharwari Upendra Deshpande was appointed as Director on 13 Mar 2025. Milan Laboratories (India) has 6 board changes on record in total.
Milan Laboratories (India) has 7 MSME Form 1 returns on record between 2019 and 2024, listing 1,021 overdue payments to 97 micro and small suppliers. The latest return was filed on 23 Apr 2024.
Milan Laboratories (India) can be reached through the website milanlabs.com. Its registered office is in Thane, Maharashtra, India.
Sample company reports
The same report you get when you buy one: financials, directors, ownership, deals, charges, legal cases, brands and filings, with the Excel workbook alongside.
