- Category
- Medium (2024-25)
- Udyam number
- UDYAM-GJ-01-0073856

About Milton Industries Limited
Data last updated:
Milton Industries Limited is a public limited company based in Ahmedabad, Gujarat, India. It operates in the leather goods manufacturing segment of the consumer goods sector. It was incorporated on 23 August 1985 and has been in existence for over 41 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN L20299GJ1985PLC008047. Its GSTIN is 24AABCM0398K1ZD (Gujarat). The company holds 2 GST registrations, all of them active. It is a listed company as per MCA records. Its shares are listed on NSE: MILTON.
The company has an authorised share capital of ₹17 Cr and a paid-up capital of ₹17 Cr. It was formerly known as Milton Laminates Limited and Milton Laminates Private Limited. It is led by directors including Vijay Pal Jain (Managing Director) and Saket Jain (Whole-Time Director).
Its last annual general meeting (AGM) was held on 30 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at 1/2 Chitra – Ami Appartment Opp. La Gajjar Chamber Ashram Road, Ahmedabad, Gujarat, India – 380009.
As per the latest standalone financials for FY 2025-26, the company reported a revenue of ₹46.41 Cr, a growth of 5.1% compared to the previous year. For the same year it recorded a net profit of ₹1.8 Cr (net margin 3.9%) and EBITDA of ₹4.42 Cr (EBITDA margin 9.5%). The net worth stands at ₹49.25 Cr (up 3.8% YoY). Total assets are valued at ₹66.75 Cr (down 2.5% YoY).
The company has about 91 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Milton Industries. As per MCA filings, the company has open charges of ₹71.56 Cr and satisfied charges of ₹29.2 Cr on record. Court records list 50 cases involving the company, including 30 filed by the company and 20 filed against it; 4 cases are pending. The company has 12 deals on record (11 market trades, 1 ipo); the latest was in August 2026. The company has 3 MSME Form 1 returns on record between 2018 and 2019, listing 104 overdue payments to 19 micro and small suppliers.
Milton Industries Limited is registered as a medium enterprise under the Udyam registration framework (Reg. No. UDYAM-GJ-01-0073856). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website miltonindustries.in.
Company details
Name history
Milton Industries has undergone 2 name changes throughout its history. The company was previously known as Milton Laminates Limited, and Milton Laminates Private Limited. The current legal name is Milton Industries Limited.
| Company Name | Status |
|---|---|
| Milton Industries Limited | Current |
| Milton Laminates Limited | Previous |
| Milton Laminates Private Limited | Previous |
CIN history
Milton Industries has one previous CIN (Corporate Identification Number): U20299GJ1985PLC008047. The current CIN is L20299GJ1985PLC008047, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L20299GJ1985PLC008047 | Current |
| U20299GJ1985PLC008047 | Previous |
Recognitions & Rankings of Milton Industries
Contact details
Milton Industries Limited's registered office is in Ahmedabad, Gujarat. Its website is miltonindustries.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address1/2 Chitra – Ami Appartment Opp. La Gajjar Chamber Ashram Road, Ahmedabad, Gujarat, India – 380009
- IndustryConsumer Goods, Leather Goods Manufacturing
To see the full contact details of Milton Industries 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
Milton Industries operates one associated brand: Milton Industries. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Automotive and pneumatic tools are manufactured by Milton Industries. | miltonindustries.in |
Business activity
The main business activity of Milton Industries is manufacturing. In detail, this covers wood and wood products, furniture, paper and paper products.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C3 | Wood and wood products, furniture, paper and paper products |
To see the full business activity and turnover split of Milton Industries Limited, buy the company report.
Financials of Milton Industries Limited
FY 2025-26 filings availableMilton Industries Limited reported revenue of ₹46.41 Cr (up 5.1% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · StandaloneRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 46.41 | 44.17 | 89.06 | 60.95 | 59.66 | 42.19 | 68.16 |
| Revenue growth | +5.1% | -50.4% | +46.1% | +2.2% | +41.4% | -38.1% | - |
| EBITDA | 4.42 | 2.66 | 7.01 | 5.85 | 6.27 | 6.24 | 8.25 |
| EBITDA margin | +9.5% | +6.0% | +7.9% | +9.6% | +10.5% | +14.8% | +12.1% |
| Profit before tax | 2.45 | 1.55 | 4.28 | 4.07 | 4.24 | 3.73 | 4.91 |
| Net profit | 1.80 | 1.19 | 3.18 | 2.87 | 3.24 | 2.64 | 3.50 |
| Net profit margin | +3.9% | +2.7% | +3.6% | +4.7% | +5.4% | +6.3% | +5.1% |
| EPS (₹) | 1.06 | 0.70 | 1.88 | 1.69 | 1.91 | 1.56 | 2.05 |
| Balance sheet | |||||||
| Total assets | 66.75 | 68.49 | 62.05 | 60.02 | 49.54 | 49.83 | 50.83 |
| Net worth | 49.25 | 47.45 | 46.25 | 43.07 | 40.20 | 36.94 | 34.30 |
| Total debt | 16.93 | 20.42 | 15.22 | 16.46 | 8.89 | 12.68 | 16.39 |
| Cash & bank | 6.39 | 3.57 | 2.25 | 3.16 | 4.50 | 1.83 | 1.49 |
| Net working capital | 56.03 | 57.45 | 50.80 | 47.56 | 37.37 | 36.94 | 39.26 |
| Cash flow | |||||||
| Cash from operations | 7.91 | (2.76) | 2.24 | (8.35) | 8.10 | 7.71 | 5.20 |
| Cash from investing | (0.04) | 0.57 | (0.02) | 0.78 | (0.33) | (2.00) | (3.06) |
| Cash from financing | (5.05) | 3.51 | (3.13) | 6.22 | (5.10) | (5.37) | (1.64) |
Financial Statements
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 46.41 | 44.17 | 89.06 | 60.95 | 59.66 | 42.19 | 68.16 |
| Revenue growth | +5.1% | -50.4% | +46.1% | +2.2% | +41.4% | -38.1% | - |
| Other income | 0.79 | 1.75 | 0.24 | 0.27 | 0.70 | 0.55 | 0.13 |
| Total expenses | 41.99 | 41.51 | 82.05 | 55.10 | 53.39 | 35.95 | 59.91 |
| Employee cost | 0.00 | 5.38 | 5.36 | 4.57 | 4.43 | 4.22 | 3.96 |
| EBITDA | 4.42 | 2.66 | 7.01 | 5.85 | 6.27 | 6.24 | 8.25 |
| EBITDA margin | +9.5% | +6.0% | +7.9% | +9.6% | +10.5% | +14.8% | +12.1% |
| Depreciation | 1.20 | 1.17 | 1.09 | 1.08 | 1.45 | 1.29 | 1.41 |
| Interest | 1.56 | 1.69 | 1.88 | 0.97 | 1.28 | 1.77 | 2.06 |
| Profit before tax | 2.45 | 1.55 | 4.28 | 4.07 | 4.24 | 3.73 | 4.91 |
| Tax | 0.65 | 0.36 | 1.10 | 1.20 | 1.00 | 1.09 | 1.41 |
| Net profit | 1.80 | 1.19 | 3.18 | 2.87 | 3.24 | 2.64 | 3.50 |
| Net profit margin | +3.9% | +2.7% | +3.6% | +4.7% | +5.4% | +6.3% | +5.1% |
| EPS (₹) | 1.06 | 0.70 | 1.88 | 1.69 | 1.91 | 1.56 | 2.05 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 17.00 | 17.00 | 17.00 | 17.00 | 17.00 | 17.00 | 17.00 |
| Reserves & surplus | 32.25 | 30.45 | 29.25 | 26.07 | 23.20 | 19.94 | 17.30 |
| Shareholders' funds (net worth) | 49.25 | 47.45 | 46.25 | 43.07 | 40.20 | 36.94 | 34.30 |
| Secured loans | 16.64 | 19.02 | 13.05 | 13.28 | 5.30 | 6.37 | 11.29 |
| Unsecured loans | 0.29 | 1.40 | 2.17 | 3.18 | 3.59 | 6.31 | 5.10 |
| Total debt | 16.93 | 20.42 | 15.22 | 16.46 | 8.89 | 12.68 | 16.39 |
| Total liabilities | 66.75 | 68.49 | 62.05 | 60.02 | 49.54 | 49.83 | 50.83 |
| Assets | |||||||
| Gross block | 34.63 | 34.31 | 33.75 | 33.52 | 32.86 | 31.97 | 29.74 |
| Net block | 10.06 | 10.95 | 11.58 | 12.41 | 12.66 | 13.21 | 12.27 |
| Capital work in progress | 0.95 | 0.45 | 0.00 | 0.00 | 0.00 | 0.24 | 0.00 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Inventories | 27.52 | 27.77 | 24.99 | 23.41 | 21.32 | 17.53 | 17.04 |
| Sundry debtors | 20.74 | 20.54 | 24.52 | 26.49 | 20.18 | 26.01 | 27.74 |
| Cash & bank balances | 6.39 | 3.57 | 2.25 | 3.16 | 4.50 | 1.83 | 1.49 |
| Loans & advances | 8.78 | 12.24 | 9.21 | 7.63 | 2.62 | 5.19 | 12.50 |
| Total current assets | 63.43 | 64.12 | 60.97 | 60.69 | 48.62 | 50.56 | 58.77 |
| Total current liabilities | 7.40 | 6.67 | 10.17 | 13.13 | 11.25 | 13.62 | 19.51 |
| Net working capital | 56.03 | 57.45 | 50.80 | 47.56 | 37.37 | 36.94 | 39.26 |
| Total assets | 66.75 | 68.49 | 62.05 | 60.02 | 49.54 | 49.83 | 50.83 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 3.57 | 2.25 | 3.16 | 4.50 | 1.83 | 1.49 | 0.98 |
| Net cash from operating activities | 7.91 | (2.76) | 2.24 | (8.35) | 8.10 | 7.71 | 5.20 |
| Net cash from investing activities | (0.04) | 0.57 | (0.02) | 0.78 | (0.33) | (2.00) | (3.06) |
| Net cash from financing activities | (5.05) | 3.51 | (3.13) | 6.22 | (5.10) | (5.37) | (1.64) |
| Net change in cash | 2.82 | 1.32 | (0.90) | (1.34) | 2.67 | 0.34 | 0.51 |
| Closing cash | 6.39 | 3.57 | 2.25 | 3.16 | 4.50 | 1.83 | 1.49 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +5.1% | -50.4% | +46.1% | +2.2% | +41.4% | -38.1% | - |
| EBITDA growth | +66.2% | -62.1% | +19.8% | -6.7% | +0.5% | -24.4% | - |
| PBT growth | +58.1% | -63.8% | +5.2% | -4.0% | +13.7% | -24.0% | +77.3% |
| Net income growth | +51.3% | -62.6% | +10.8% | -11.4% | +22.7% | -24.6% | - |
| Revenue CAGR (3Y) | -8.7% | -9.5% | +28.3% | -3.7% | +3.5% | +2.7% | +16.2% |
| EBITDA CAGR (3Y) | -8.9% | -24.9% | +4.0% | -10.8% | +12.5% | +13.1% | +20.7% |
| Profitability & leverage | |||||||
| Net income margin | +3.9% | +2.7% | +3.6% | +4.7% | +5.4% | +6.3% | +5.1% |
| Return on capital employed | - | +5.0% | +10.1% | +9.2% | +11.2% | +11.0% | +14.2% |
| Return on net worth | - | +2.6% | +7.1% | +6.9% | +8.4% | +7.4% | +10.7% |
| Debt / equity | - | 0.38 | 0.35 | 0.30 | 0.28 | 0.41 | 0.50 |
| Long-term debt / equity | - | 0.05 | 0.08 | 0.09 | 0.15 | 0.18 | 0.16 |
| Interest cover | 48.45 | 113.42 | 31.76 | 20.34 | 26.56 | 35.76 | 30.12 |
| Efficiency & per share | |||||||
| Fixed asset turnover | - | 1.30 | 2.65 | 1.84 | 1.84 | 1.37 | 2.41 |
| Inventory turnover | - | 1.67 | 3.68 | 2.73 | 3.07 | 2.44 | 3.93 |
| Debtors turnover | - | 1.96 | 3.49 | 2.61 | 2.58 | 1.57 | 2.82 |
| EPS (₹) | 1.06 | 0.70 | 1.88 | 1.69 | 1.91 | 1.56 | 2.05 |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 0.00 | 27.92 | 27.21 | 25.34 | 23.65 | 21.74 | 20.18 |
To see the full year-wise statements and ratios of Milton Industries Limited, buy the company report.
Board of directors of Milton Industries Limited
Milton Industries has 9 current directors and 15 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Saket Jain Also directs: Heritage Decor Limited, Milton Exports (India) Pvt Ltd | Whole-Time Director | 07 Oct 2011 | 15 Years 0 Months | Current |
| Vijay Pal Jain | Managing Director | 23 Aug 1985 | 41 Years 2 Months | Current |
| Neha Jain | Director | 06 Oct 1996 | 30 Years 0 Months | Current |
| Vikas Jain Also directs: Valley Velvette Private Limited | Whole-Time Director | 22 Nov 2010 | 15 Years 11 Months | Current |
| Abhaykumar Mahipalsingh Jain Also directs: Heritage Decor Limited, Milton Exports (India) Pvt Ltd | Whole-Time Director | 07 Oct 2011 | 15 Years 0 Months | Current |
| Ajay Mahipal Singh Jain | Whole-Time Director | 22 Nov 2010 | 15 Years 11 Months | Current |
Auditor
Milton Industries Limited is audited by KPSJ and Associates LLP for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| KPSJ and Associates LLP | FY 2023 | 120693W |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 73.00%, foreign institutional investors hold 0.00%, domestic institutional investors hold 0.00% and retail and other public shareholders hold 27.00%.
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 73.00% | 73.00% | 73.00% | 73.00% |
| Public | 27.00% | 27.00% | 27.00% | 27.00% |
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 12 Sep 2022 | 100649344 | Others | ₹9.95 Cr | Open | |
| 04 Jun 2021 | 100471846 | Others | ₹9.95 Cr | Open | |
| 10 Mar 2007 | 10039826 | Sate Bank of India | ₹5.91 Cr | Open | |
| 04 Feb 2006 | 80031512 | Sate Bank of India | ₹6.15 Cr | Open | |
| 10 Aug 2005 | 90107388 | State Bank of India | ₹19.8 Cr | Open |
To see the full charge records of Milton Industries Limited, buy the company report.
Total charge records: 27 View all charges
Deals & funding
Milton Industries Limited has 12 deals on record (11 market trades, 1 ipo); the latest was in August 2026.
Deals on record (5 of 12)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Aug 2026 | Market trade | ₹1.42 Cr | Buyer: Trade Pulse Broking Private Limited Seller: an individual |
| Jul 2026 | Market trade | ₹59.5 Lakh | Buyer: Trade Pulse Broking Private Limited Seller: Patanjali Agro India Private Limited |
| May 2026 | Market trade | ₹36.6 Lakh | Buyer: Patanjali Agro India Private Limited Seller: an individual |
| May 2026 | Market trade | ₹88.8 Lakh | Buyer: Patanjali Agro India Private Limited Seller: an individual |
| Apr 2022 | Market trade | ₹27 Lakh | Seller: Beeline Broking Limited |
To see the full deal history of Milton Industries 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
Milton Industries Limited has 50 court cases on record: 30 filed by Milton Industries, 20 filed against it. 4 cases are pending and 46 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 29 | 14 | 2 |
| District courts | 17 | 4 | 1 |
| Supreme Court | 3 | 1 | 0 |
| NCLT | 1 | 1 | 1 |
Cases on record (5 of 50)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, West, Delhi | Court case (Civ DJ) | Filed against the company by Oum Lamitech Pvt Ltd | Pending |
| District court, Ahmedabad, Gujarat | Commercial matter | Filed by the company against Acme India Industries Pvt Ltd. and 1 other | Disposed |
| District court, Sabarkantha at Himmatnagar, Gujarat | Commercial matter | Filed by the company against VR Manufacturers Pvt. Ltd. | Disposed |
| District court, Ahmedabad, Gujarat | Court case (CR EN) | Filed by the company against Acme India Industries Private Limited and 1 other | Disposed |
| District court, Ahmedabad, Gujarat | Criminal complaint | Filed by the company against Acme India Industries Private Limited and 1 other | Disposed |
To see the full case history of Milton Industries 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
Milton Industries Limited was last rated by Care on 11 Jul 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Care | 11 Jul 2022 |
To see the full credit ratings and regulatory alerts of Milton Industries Limited, buy the company report.
MSME payment delays
Milton Industries Limited has 3 MSME Form 1 returns on record between 2018 and 2019, listing 104 overdue payments to 19 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 19)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| H. R. Refactory | |||
| Packwell Corporation | |||
| Shubham Chemicals and Solvents Limited | |||
| Goyal Chemicals | |||
| an individual supplier |
To see the full MSME payment records of Milton Industries Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
Milton Industries Limited has a workforce of 91 employees on its EPFO records as of Apr 09, 2024, across 2 active EPFO establishments.
GST
Milton Industries has 2 GST registrations: 2 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AABCM0398K1ZD | Gujarat | Active | 01 Jul 2017 |
| 07AABCM0398K1Z9 | Delhi | Active | 01 Oct 2022 |
To see the full GST registrations and return filing status of Milton Industries Limited, buy the company report.
Recent activity
Milton Industries Limited has 35 board changes on record since 1985: 22 appointments and 13 cessations. The latest: Ankur Ashokkumar Agrawal ceased to be Director on 07 Jan 2021.
87 earlier events are in the company report.
Frequently asked questions
Milton Industries is an active public limited company based in Ahmedabad, Gujarat, India. The company works in leather goods manufacturing, within the consumer goods industry. It was incorporated on 23 August 1985 (41+ years old) and is registered under CIN L20299GJ1985PLC008047. Listed on NSE: MILTON.
Milton Industries reported revenue of ₹46.41 Cr for FY 2025-26 (up 5.1% YoY) based on standalone financials.
Milton Industries has 9 current directors:
- Vijay Pal Jain - Managing Director
- Saket Jain - Whole-Time Director
- Vikas Jain - Whole-Time Director
- Abhaykumar Mahipalsingh Jain - Whole-Time Director
- Ajay Mahipal Singh Jain - Whole-Time Director
- Neha Jain - Director
- Rakesh Tarachand Mehtani - Director
- Maheshbhai Samatbhai Patel - Director
- Vaibhav Ajay Jain - Director
The latest financial statements of Milton Industries on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 30 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Milton Industries is 24AABCM0398K1ZD, registered in Gujarat. The company has 2 GST registrations in all, of which 2 are active. Other active GSTINs include 07AABCM0398K1Z9 (Delhi).
The CIN (Corporate Identification Number) of Milton Industries is L20299GJ1985PLC008047. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Milton Industries is a listed company as per MCA records. Its shares are listed on NSE (symbol: MILTON).
Milton Industries has 50 court cases on record: 30 filed by the company and 20 filed against it. 4 are pending. Most are in the high courts.
Milton Industries was incorporated on 23 August 1985, making it 41+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Milton Industries has 12 deals on record (11 market trades, 1 ipo); the latest was in August 2026.
Ankur Ashokkumar Agrawal ceased to be Director on 07 Jan 2021. Ishwar Singh ceased to be Director on 04 Sep 2019. Vaibhav Ajay Jain was appointed as Director on 02 Mar 2019. Milton Industries has 35 board changes on record in total.

