MSME (Udyam registered) Ministry of MSME
- Category
- Medium (2024-25)
- Udyam number
- UDYAM-GJ-01-0067187
Market Cap
₹27.76 Cr
MITTALSTL · BSE
Share Price
₹24.00
0.00% today
Revenue
₹149 Cr
FY 2025-26 · +8.6% YoY
EBITDA
₹7.50 Cr
Margin 5.0%
Net Profit
₹3.45 Cr
FY 2025-26 · +0.6% YoY
P/E (TTM)
8.0x
P/B 0.5x
ROE
10.2%
ROCE 12.8%
Debt / Equity
0.67
Interest cover 33.9x
About Mittal Sections Limited
Data last updated:
Mittal Sections Limited is a public limited company based in Ahmedabad, Gujarat, India. It operates in the steel manufacturing and processing segment of the metals and mining sector. It was incorporated on 02 April 2009 and has been in existence for over 17 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN L27109GJ2009PLC056527. Its GSTIN is 24AAFCM9771Q1ZM (Gujarat). It is a listed company as per MCA records. Its shares are listed on BSE: 544575.
The company has an authorised share capital of ₹12 Cr and a paid-up capital of ₹11.57 Cr. It is led by directors including Ajaykumar Balwantrai Mittal (Managing Director) and Atul Balwantrai Mittal (Whole-Time Director).
Its last annual general meeting (AGM) was held on 18 September 2026, and its latest financial statements are for the year ended 31 March 2026. The registered office is at 01 Sona Roopa Apartment Opp. Lal Bunglow C.G. Road Navrangpura, Ahmedabad, Gujarat, India – 380009.
As per the latest standalone financials for FY 2025-26, the company reported a revenue of ₹148.58 Cr, a growth of 8.6% compared to the previous year. For the same year it recorded a net profit of ₹3.45 Cr (net margin 2.3%) and EBITDA of ₹7.5 Cr (EBITDA margin 5%). The net worth stands at ₹58.03 Cr (up 470.6% YoY). Total assets are valued at ₹83.04 Cr (up 163.9% YoY).
The company has about 10 employees on its provident fund (EPFO) records.
As per MCA filings, the company has open charges of ₹75.46 Cr and satisfied charges of ₹102.65 Cr on record. Court records list 1 case involving the company, including 1 filed against it. The company has 3 deals on record (2 market trades, 1 ipo); the latest was in March 2026. Its 7 peer companies in the Metals and Minerals industry (Steel), with the same principal business activity (metal and metal products) are compared by revenue, 2 larger and 5 smaller; the largest is Shree Radhakrishna Alloys Private Limited with revenue of ₹137.51 Cr. The company has 2 MSME Form 1 returns on record for the period ending Sep 2019, listing 19 overdue payments to 8 micro and small suppliers.
Mittal Sections Limited is registered as a medium enterprise under the Udyam registration framework (Reg. No. UDYAM-GJ-01-0067187). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website abmittalgroup.com.
Company details
CIN L27109GJ2009PLC056527
Registration Number 056527
Incorporation Date 02 April 2009
ROC Ahmedabad
Listing Status Listed - Listed on BSE (544575)
Company Status Active
Date of Last AGM 18 September 2026
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant
MSME Classification Medium
Udyam Registration UDYAM-GJ-01-0067187
CIN history
Mittal Sections has one previous CIN (Corporate Identification Number): U27109GJ2009PLC056527. The current CIN is L27109GJ2009PLC056527, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L27109GJ2009PLC056527 | Current |
| U27109GJ2009PLC056527 | Previous |
Key People
Ajaykumar Balwantrai Mittal Managing Director Atul Balwantrai Mittal Whole-Time Director Sushiladevi Balwantrai Mittal Director Recognitions & Rankings of Mittal Sections
Contact details
Mittal Sections Limited's registered office is in Ahmedabad, Gujarat.
- Registered Address01 Sona Roopa Apartment Opp. Lal Bunglow C.G. Road Navrangpura, Ahmedabad, Gujarat, India – 380009
- IndustryMetals and Minerals, Steel Manufacturing & Processing
Comprehensive company report
Mittal Sections 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
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included
Business activity
The main business activity of Mittal Sections is manufacturing. In detail, this covers metal and metal products.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C7 | Metal and metal products |
To see the full business activity and turnover split of Mittal Sections Limited, buy the company report.
Financials of Mittal Sections Limited
FY 2025-26 filings availableMittal Sections Limited reported revenue of ₹148.58 Cr (up 8.6% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · StandaloneRevenue
₹149 Cr
+8.6% YoY
EBITDA
₹7.50 Cr
+1.4% YoY
Profit After Tax
₹3.45 Cr
+0.6% YoY
Net Worth
₹58.03 Cr
+470.6% YoY
Total Assets
₹83.04 Cr
+163.9% YoY
Total Debt
₹24.81 Cr
+17.6% YoY
Revenue 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 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | 149 | 137 | 161 | 167 | 149 | 88.61 |
| Revenue growth | +8.6% | -15.3% | -3.4% | +12.2% | +68.2% | - |
| EBITDA | 7.50 | 7.40 | 5.37 | 3.10 | 2.94 | 1.58 |
| EBITDA margin | +5.1% | +5.4% | +3.3% | +1.9% | +2.0% | +1.8% |
| Profit before tax | 5.11 | 4.91 | 2.61 | 0.77 | 0.80 | (0.82) |
| Net profit | 3.45 | 3.43 | 1.90 | 0.52 | 0.55 | (0.74) |
| Net profit margin | +2.3% | +2.5% | +1.2% | +0.3% | +0.4% | -0.8% |
| EPS (₹) | 2.99 | 4.37 | 7.22 | 2.13 | 2.29 | (2.32) |
| Balance sheet | ||||||
| Total assets | 83.04 | 31.47 | 21.92 | 25.39 | 17.97 | 21.71 |
| Net worth | 58.03 | 10.17 | 6.73 | 4.83 | 4.28 | 3.68 |
| Total debt | 24.81 | 21.10 | 15.00 | 20.39 | 13.54 | 17.89 |
| Cash & bank | 2.59 | 0.04 | 0.03 | 0.03 | 0.06 | 0.06 |
| Net working capital | 22.85 | 8.22 | 14.54 | 16.64 | 9.12 | 12.65 |
| Cash flow | ||||||
| Cash from operations | (6.32) | 0.03 | 7.47 | (4.32) | 6.55 | (2.59) |
| Cash from investing | (37.05) | (4.42) | (0.11) | (0.77) | (0.81) | (0.32) |
| Cash from financing | 45.91 | 4.39 | (7.36) | 5.07 | (5.75) | 2.55 |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 26 Oct 2026
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|---|
| Revenue | 149 | 137 | 161 | 167 | 149 | 88.61 |
| Revenue growth | +8.6% | -15.3% | -3.4% | +12.2% | +68.2% | - |
| Other income | 0.82 | 0.21 | 0.17 | 0.35 | 0.09 | 0.17 |
| Total expenses | 141 | 129 | 156 | 164 | 146 | 87.03 |
| Employee cost | 1.60 | 1.28 | 1.04 | 1.06 | 0.87 | 0.59 |
| EBITDA | 7.50 | 7.40 | 5.37 | 3.10 | 2.94 | 1.58 |
| EBITDA margin | +5.1% | +5.4% | +3.3% | +1.9% | +2.0% | +1.8% |
| Depreciation | 1.01 | 0.99 | 0.96 | 0.90 | 0.83 | 0.86 |
| Interest | 2.20 | 1.71 | 1.97 | 1.78 | 1.40 | 1.71 |
| Profit before tax | 5.11 | 4.91 | 2.61 | 0.77 | 0.80 | (0.82) |
| Tax | 1.66 | 1.48 | 0.71 | 0.20 | 0.20 | (0.21) |
| Net profit | 3.45 | 3.43 | 1.90 | 0.52 | 0.55 | (0.74) |
| Net profit margin | +2.3% | +2.5% | +1.2% | +0.3% | +0.4% | -0.8% |
| EPS (₹) | 2.99 | 4.37 | 7.22 | 2.13 | 2.29 | (2.32) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|---|
| Equity & liabilities | ||||||
| Share capital | 11.57 | 7.87 | 2.62 | 2.62 | 2.62 | 2.62 |
| Reserves & surplus | 46.46 | 2.30 | 4.11 | 2.21 | 1.66 | 1.06 |
| Shareholders' funds (net worth) | 58.03 | 10.17 | 6.73 | 4.83 | 4.28 | 3.68 |
| Secured loans | 10.68 | 11.66 | 10.65 | 12.42 | 12.33 | 14.84 |
| Unsecured loans | 14.13 | 9.44 | 4.35 | 7.97 | 1.21 | 3.05 |
| Total debt | 24.81 | 21.10 | 15.00 | 20.39 | 13.54 | 17.89 |
| Total liabilities | 83.04 | 31.47 | 21.92 | 25.39 | 17.97 | 21.71 |
| Assets | ||||||
| Gross block | 16.73 | 16.40 | 15.50 | 15.21 | 14.37 | 14.05 |
| Net block | 6.79 | 7.45 | 7.56 | 8.23 | 8.28 | 8.31 |
| Capital work in progress | 19.90 | 3.74 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 0.01 | 0.01 | 0.03 | 0.04 | 0.04 | 0.04 |
| Inventories | 11.87 | 6.19 | 6.36 | 12.11 | 12.49 | 8.55 |
| Sundry debtors | 18.62 | 10.35 | 5.27 | 8.07 | 6.82 | 5.93 |
| Cash & bank balances | 2.59 | 0.04 | 0.03 | 0.03 | 0.06 | 0.06 |
| Loans & advances | 4.36 | 4.10 | 9.11 | 4.20 | 3.98 | 3.41 |
| Total current assets | 37.44 | 20.68 | 20.77 | 24.41 | 23.35 | 17.95 |
| Total current liabilities | 14.59 | 12.46 | 6.23 | 7.77 | 14.23 | 5.30 |
| Net working capital | 22.85 | 8.22 | 14.54 | 16.64 | 9.12 | 12.65 |
| Total assets | 83.04 | 31.47 | 21.92 | 25.39 | 17.97 | 21.71 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|---|
| Opening cash | 0.04 | 0.03 | 0.03 | 0.06 | 0.06 | 0.42 |
| Net cash from operating activities | (6.32) | 0.03 | 7.47 | (4.32) | 6.55 | (2.59) |
| Net cash from investing activities | (37.05) | (4.42) | (0.11) | (0.77) | (0.81) | (0.32) |
| Net cash from financing activities | 45.91 | 4.39 | (7.36) | 5.07 | (5.75) | 2.55 |
| Net change in cash | 2.55 | 0.01 | 0.00 | (0.02) | (0.01) | (0.36) |
| Closing cash | 2.59 | 0.04 | 0.03 | 0.03 | 0.06 | 0.06 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|---|
| Growth | ||||||
| Sales growth | +8.6% | -15.3% | -3.4% | +12.2% | +68.2% | - |
| EBITDA growth | +1.4% | +37.8% | +73.2% | +5.4% | +86.1% | - |
| PBT growth | +4.1% | +88.1% | +239.0% | -3.8% | +9998.0% | +9997.0% |
| Net income growth | +0.6% | +80.5% | +265.4% | -5.5% | +174.3% | - |
| Revenue CAGR (3Y) | -3.9% | -2.8% | +22.2% | - | - | - |
| EBITDA CAGR (3Y) | +34.3% | +36.0% | +50.4% | - | - | - |
| Profitability & leverage | ||||||
| Net income margin | +2.3% | +2.5% | +1.2% | +0.3% | +0.4% | -0.7% |
| Return on capital employed | +12.8% | +24.8% | +19.3% | +11.3% | +11.1% | 0.0% |
| Return on net worth | +10.2% | +40.7% | +32.7% | +11.2% | +15.1% | 0.0% |
| Debt / equity | 0.67 | 2.14 | 3.06 | 3.72 | 3.95 | 4.86 |
| Long-term debt / equity | 0.36 | 0.92 | 1.05 | 1.54 | 1.66 | 1.96 |
| Interest cover | 33.90 | 26.68 | 44.67 | 80.91 | 66.35 | 237.50 |
| Efficiency & per share | ||||||
| Fixed asset turnover | 10.51 | 10.09 | 10.52 | 11.30 | 12.38 | 7.44 |
| Inventory turnover | 19.27 | 25.65 | 17.49 | 13.59 | 16.72 | 12.23 |
| Debtors turnover | 12.01 | 20.61 | 24.21 | 22.46 | 27.59 | 17.63 |
| EPS (₹) | 2.99 | 4.37 | 7.22 | 2.13 | 2.29 | (2.32) |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 50.16 | 12.92 | 25.67 | 18.45 | 16.32 | 14.02 |
To see the full year-wise statements and ratios of Mittal Sections Limited, buy the company report.
Board of directors of Mittal Sections Limited
Mittal Sections has 5 current directors and 10 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Sushiladevi Balwantrai Mittal Also directs: Armaanya Textiles Limited, Abhyaryan Texfab Limited | Director | 02 Apr 2009 | 17 Years 6 Months | Current |
| Atul Balwantrai Mittal | Whole-Time Director | 02 Apr 2009 | 17 Years 6 Months | Current |
| Ajaykumar Balwantrai Mittal | Managing Director | 01 Feb 2020 | 6 Years 8 Months | Current |
| Aishwarya Singhvi Also directs: Nurture Well Industries Limited, Rubfila International Ltd, Trom Industries Limited and 2 more | Director | 31 Jul 2024 | 2 Years 2 Months | Current |
| Dhruvi Shyam Kapadia Also directs: Bhatia Colour Chem Limited, Kansal Spinning Mills Private Limited | Director | 31 Jul 2024 | 2 Years 2 Months | Current |
Peer comparison
Mittal Sections Limited is compared with the 7 companies closest to it by revenue in the Metals and Minerals industry (Steel), with the same principal business activity (metal and metal products), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Mittal Sections Limitedthis company | ₹148.58 Cr (FY 2026) | ₹3.45 Cr | 2.3% | 8.6% | Ahmedabad, Gujarat, India | |
| Shree Radhakrishna Alloys Private Limited | ₹137.51 Cr (FY 2025) | -13.0% | Kanpur, Uttar Pradesh, India | |||
| Laxmi Rolling and Strips Private Limited | ₹137.25 Cr (FY 2025) | -25.0% | Bangalore, Karnataka, India | |||
| Sachi Steel Solutions Private Limited | ₹136.71 Cr (FY 2025) | 16.0% | Ahmedabad, Gujarat, India | |||
| Kamper Concast Limited | ₹136.56 Cr (FY 2022) | 59.0% | Patna, Bihar, India | |||
| Dhiman Industries Private Limited | ₹136.39 Cr (FY 2025) | -17.0% | New Delhi, Delhi, India | |||
| Shilphy Steels Pvt Ltd | ₹136.38 Cr (FY 2025) | -21.0% | Raipur, Chhattisgarh, India | |||
| Peb Steel Lloyd (India) Limited | ₹136.37 Cr (FY 2025) | 14.0% | New Delhi, Delhi, India |
To see the full peer comparison of Mittal Sections Limited, buy the company report.
Charges & borrowings
Open charges
₹75.46 Cr
Satisfied charges
₹102.65 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 14 Jul 2026 | 101352618 | Hdfc Bank Limited | ₹99.65 Lakh | Open | |
| 10 Jun 2026 | 101309267 | Hdfc Bank Limited | ₹53.78 Lakh | Open | |
| 17 Apr 2026 | 101283344 | Hdfc Bank Limited | ₹66.54 Cr | Open | |
| 21 Oct 2024 | 101000890 | Others | ₹7.28 Cr | Open | |
| 27 Jan 2020 | 100320265 | Hdfc Bank Limited | ₹11.47 Lakh | Open |
To see the full charge records of Mittal Sections Limited, buy the company report.
Total charge records: 11 View all charges
Deals & funding
Mittal Sections Limited has 3 deals on record (2 market trades, 1 ipo); the latest was in March 2026.
Total deals
3
Market trades
2
IPO
1
Deals on record (3 of 3)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2026 | Market trade | ₹19.5 Lakh | Seller: Craft Emerging Market Fund Pcc- Elite Capital Fund |
| Oct 2025 | Market trade | ₹2.11 Cr | Buyer: Neo Apex Venture LLP , Soham Fincare India LLP , Xtended Business Reporting Limited Seller: Sunflower Broking Private Limited , Neo Apex Venture LLP , Soham Fincare India LLP |
| Oct 2025 | IPO | ₹52.91 Cr | Investors: Public Market Investors |
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Mittal Sections Limited has 1 court case on record: 1 filed against it. All case is disposed.
Total cases
1
Filed against the company
1
Disposed
1
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 1 | 1 | 0 |
Cases on record (1 of 1)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Ahmedabad, Gujarat | Court case (RECO33C 2 LC) | Filed against the company by an individual | Disposed |
To see the full case history of Mittal Sections 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
Mittal Sections Limited has 2 MSME Form 1 returns on record for the period ending Sep 2019, listing 19 overdue payments to 8 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 8)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Madhuraj Industrial Gases Private Limited | |||
| Saraswati Electric Co. | |||
| an individual supplier | |||
| an individual supplier | |||
| an individual supplier |
To see the full MSME payment records of Mittal Sections Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
GST
Mittal Sections has 1 GST registration: 1 active.
Total GSTINs
1
Active
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAFCM9771Q1ZM | Gujarat | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Mittal Sections Limited, buy the company report.
Recent activity
Mittal Sections Limited has 15 board changes on record since 2009: 5 appointments and 10 cessations. The latest: Aishwarya Singhvi was appointed as Director on 31 Jul 2024.
AGM
Mittal Sections Limited last Annual general meeting of members was held on 18 Sep 2026 as per latest MCA records.
Charges
A charge registered on 23 Dec 2022 via Charge ID 100677621 with Axis Bank Limited was fully satisfied on 10 Sep 2026.
Charges
A charge with Hdfc Bank Limited of Rs. 1.00 Cr registered on 14 Jul 2026 with Charge ID 101352618 was modified on 21 Jul 2026.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 1.00 Cr with Charge ID 101352618 was registered on 14 Jul 2026.
Charges
A charge with Hdfc Bank Limited of Rs. 66.54 Cr registered on 17 Apr 2026 with Charge ID 101283344 was modified on 14 Jul 2026.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 0.54 Cr with Charge ID 101309267 was registered on 10 Jun 2026.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 66.54 Cr with Charge ID 101283344 was registered on 17 Apr 2026.
Filing
Mittal Sections Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Ahmedabad.
Charges
A charge with Others amounted to Rs. 7.28 Cr with Charge ID 101000890 was registered on 21 Oct 2024.
Charges
A charge with Axis Bank Limited of Rs. 15.10 Cr registered on 23 Dec 2022 with Charge ID 100677621 was modified on 14 Sep 2024.
Appointed
Aishwarya Singhvi was appointed as Director.
Ceased
Aishwarya Singhvi ceased to be Additional Director.
30 earlier events are in the company report.
Frequently asked questions
Mittal Sections is an active public limited company based in Ahmedabad, Gujarat, India. The company works in steel manufacturing and processing, within the metals and minerals industry. It was incorporated on 02 April 2009 (17+ years old) and is registered under CIN L27109GJ2009PLC056527. Listed on BSE: 544575.
Mittal Sections reported revenue of ₹148.58 Cr for FY 2025-26 (up 8.6% YoY) based on standalone financials.
Mittal Sections has 5 current directors:
- Ajaykumar Balwantrai Mittal - Managing Director
- Atul Balwantrai Mittal - Whole-Time Director
- Sushiladevi Balwantrai Mittal - Director
- Aishwarya Singhvi - Director
- Dhruvi Shyam Kapadia - Director
The latest financial statements of Mittal Sections on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 18 September 2026. Year-wise statements from 2015 are in the company report.
The GSTIN of Mittal Sections is 24AAFCM9771Q1ZM, registered in Gujarat.
The CIN (Corporate Identification Number) of Mittal Sections is L27109GJ2009PLC056527. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Mittal Sections is a listed company as per MCA records. Its shares are listed on BSE (code: 544575).
Mittal Sections has 1 court case on record: 1 filed against it.
Mittal Sections was incorporated on 02 April 2009, making it 17+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Mittal Sections has 3 deals on record (2 market trades, 1 ipo); the latest was in March 2026.
The peers of Mittal Sections by revenue are Shree Radhakrishna Alloys Private Limited, Laxmi Rolling and Strips Private Limited, Sachi Steel Solutions Private Limited, Kamper Concast Limited, Dhiman Industries Private Limited and 2 more, all in the Metals and Minerals industry (Steel), with the same principal business activity (metal and metal products).
Aishwarya Singhvi was appointed as Director on 31 Jul 2024. Aishwarya Singhvi ceased to be Additional Director on 31 Jul 2024. Dhruvi Shyam Kapadia was appointed as Director on 31 Jul 2024. Mittal Sections has 15 board changes on record in total.