About Hero Ecotech Limited
Data last updated:
Hero Ecotech Limited is a public limited company based in Ludhiana, Punjab, India. It operates in the bicycle mfg and retail segment of the automotive sector. It was incorporated on 06 November 2008 and has been in existence for over 18 years.
The company is registered with the Registrar of Companies (ROC), Chandigarh, under CIN U35900PB2008PLC034755. Its GSTIN is 03AACCH1308R1ZN (Punjab). The company holds 17 GST registrations, of which 8 are active.
The company has an authorised share capital of ₹5 Cr and a paid-up capital of ₹5 Cr. It is led by directors including Gaurav Munjal (Managing Director) and Anil Kumar.
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 Phase VIII Focal Point, Ludhiana, Punjab, India – 141010.
As per the financials filed for FY 2025, the company reported a revenue of ₹715.75 Cr, a growth of 47% compared to the previous year. For the same year it recorded a net loss of ₹41.62 Cr (net margin -5.8%) and EBITDA of -₹21.18 Cr (EBITDA margin -3%). Revenue has grown at a compounded annual rate (CAGR) of 11% over three years and 17% over five years.
The company has about 514 employees on its provident fund (EPFO) records.
As per MCA filings, the company has open charges of ₹153.99 Cr and satisfied charges of ₹44.5 Cr on record. Court records list 212 cases involving the company, including 186 filed by the company and 26 filed against it; 25 cases are pending. The company has 3 deals on record (2 funding rounds, 1 secondary share transfer), with disclosed funding of ₹46.8 Cr; the latest was in June 2023. Its 5 peer companies in the Automobiles industry (Cycles), with the same principal business activity (motor vehicles, trailers, semi trailers and other transport vehicles) are compared by revenue, 2 larger and 3 smaller; the largest is Hero Cycles Limited with revenue of ₹1,840.75 Cr. The company has 34 MSME Form 1 returns on record between 2013 and 2024, listing 9,374 overdue payments to 233 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 heroecotech.in.
Company details
CIN history
Hero Ecotech has one previous CIN (Corporate Identification Number): U35900DL2008PLC184705. The current CIN is U35900PB2008PLC034755, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U35900PB2008PLC034755 | Current |
| U35900DL2008PLC184705 | Previous |
Contact details
Hero Ecotech Limited's registered office is in Ludhiana, Punjab. Its website is heroecotech.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressPhase VIII Focal Point, Ludhiana, Punjab, India – 141010
- IndustryAutomotive, Bicycle Mfg & Retail
To see the full contact details of Hero Ecotech 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
Business activity
The main business activity of Hero Ecotech is manufacturing. In detail, this covers motor vehicles, trailers, semi trailers and other transport vehicles.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C11 | Motor vehicles, trailers, semi trailers and other Transport Vehicles |
To see the full business activity and turnover split of Hero Ecotech Limited, buy the company report.
Financials of Hero Ecotech Limited
FY 2024 filings availableHero Ecotech Limited reported revenue of ₹715.75 Cr (up 47% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 17% over five years, including 47% growth in the latest year. EBITDA fell 190% 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 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | |||||
| Other Income | |||||
| Total Revenue | |||||
| Cost of Materials Consumed | |||||
| Employee Benefit Expense | |||||
| Finance Costs | |||||
| Depreciation and Amortisation | |||||
| Other Expenses | |||||
| Total Expenses | |||||
| EBITDA | -₹21.18 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | -₹41.62 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 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | -3% | ||||
| Net Profit Margin | -5.8% | ||||
| 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 Hero Ecotech Limited, buy the company report.
Board of directors of Hero Ecotech Limited
Hero Ecotech has 6 current directors and 8 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Anil Kumar Also directs: Vardhman Acrylics Limited, Master Trust Limited, Shivganga Drillers Limited and 1 more | Director | 30 Sep 2018 | 8 Years 0 Months | Current |
| Harish Bhatt Also directs: Monga Brothers Limited | Director | 16 Feb 2017 | 9 Years 8 Months | Current |
| Gaurav Munjal Also directs: Fairwell Engineers Private Limited, Mediva Health Care Private Limited, Hero Eco Med Private Limited and 5 more | Managing Director | 06 Nov 2008 | 17 Years 11 Months | Current |
| Vijay Munjal Also directs: Ludhiana Angels Network LLP, Hero Electric Devices Private Limited, Fairwell Engineers Private Limited and 5 more | Director | 06 Nov 2008 | 17 Years 11 Months | Current |
| Shivom Munjal Also directs: Hero Electric Devices Private Limited, Kross Bikes Private Limited, Hero Exports Pvt Ltd and 2 more | Director | 06 Aug 2024 | 2 Years 2 Months | Current |
| Samita Munjal | Director | 30 Sep 2017 | 9 Years 0 Months | Current |
Peer comparison
Hero Ecotech Limited is compared with the 5 companies closest to it by revenue in the Automobiles industry (Cycles), with the same principal business activity (motor vehicles, trailers, semi trailers and other transport vehicles), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Hero Cycles Limited | ₹1,840.75 Cr (FY 2024) | -10.0% | Ludhiana, Punjab, India | |||
| Avon Cycles Ltd | ₹976.6 Cr (FY 2025) | -18.0% | Punjab, India | |||
| Hero Ecotech Limitedthis company | ₹715.75 Cr (FY 2025) | -₹41.62 Cr | -5.8% | 47.0% | 514 | Ludhiana, Punjab, India |
| S K Bikes Private Limited | ₹423.56 Cr (FY 2024) | 33.0% | Ludhiana, Punjab, India | |||
| Stryder Cycle Private Limited | ₹224.64 Cr (FY 2025) | 7.0% | Ludhiana, Punjab, India | |||
| Kohinoor Cycles Private Limited | ₹221.14 Cr (FY 2025) | 75.0% | Punjab, India |
To see the full peer comparison of Hero Ecotech Limited, buy the company report.
Auditor
Hero Ecotech Limited is audited by JSSM & CO for the financial year 2024.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| JSSM & CO | FY 2024 | 030701N |
Shareholding
The shareholding of Hero Ecotech 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 Hero Ecotech Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 30 Jan 2024 | 100878128 | Bank of India | ₹1.3 Cr | Open | |
| 22 Mar 2023 | 100695862 | Hdfc Bank Limited | ₹47 Cr | Open | |
| 21 Aug 2021 | 100475061 | Hdfc Bank Limited | ₹19 Lakh | Open | |
| 20 Mar 2020 | 100337610 | Axis Bank Limited | ₹49.51 Lakh | Open | |
| 21 Jun 2016 | 100040076 | Hdfc Bank Limited | ₹60 Cr | Open |
To see the full charge records of Hero Ecotech Limited, buy the company report.
Total charge records: 11 View all charges
Deals & funding
Hero Ecotech Limited has 3 deals on record (2 funding rounds, 1 secondary share transfer), with disclosed funding of ₹46.8 Cr; the latest was in June 2023.
Deals on record (3 of 3)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jun 2023 | Secondary share transfer | Undisclosed | Buyer: 2 individuals Seller: an individual |
| Feb 2012 | Funding round | ₹24.3 Cr | Investors: 2 individuals |
| Jan 2012 | Funding round | ₹22.5 Cr | Investors: an individual |
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Hero Ecotech Limited has 212 court cases on record: 186 filed by Hero Ecotech, 26 filed against it. 25 cases are pending and 187 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 169 | 12 | 18 |
| High courts | 39 | 10 | 7 |
| Supreme Court | 4 | 4 | 0 |
Cases on record (5 of 212)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Ludhiana, Punjab | Commercial suit | Filed by the company against M/S Conneqtor Cycle Private Limited | Pending |
| Supreme Court | Appeal | Filed against the company by Hero Cycles Limited | Disposed |
| Supreme Court | Court case (2804-Mercantile Laws, Commercial Transactions Including Banking : Trade Marks/Copy Rights/Patents/Design Act) | Filed against the company by Hero Cycles Ltd. . | Disposed |
| Patna High Court | Interim or miscellaneous application | Filed by the company against Hero Cycle Limited | Pending |
| High Court of Andhra Pradesh | Arbitration matter | Filed by the company against The State of Andhra Pradesh | Pending |
To see the full case history of Hero Ecotech 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
Hero Ecotech Limited was last rated by Care on 06 Jul 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Care | 06 Jul 2022 |
To see the full credit ratings and regulatory alerts of Hero Ecotech Limited, buy the company report.
MSME payment delays
Hero Ecotech Limited has 34 MSME Form 1 returns on record between 2013 and 2024, listing 9,374 overdue payments to 233 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 233)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| an individual supplier | |||
| SKS Eco Wheels Private Limited | |||
| an individual supplier | |||
| Hero Ecotech Limited |
To see the full MSME payment records of Hero Ecotech Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
Hero Ecotech Limited has a workforce of 514 employees on its EPFO records as of Sep 24, 2025, across 1 active EPFO establishment.
GST
Hero Ecotech has 17 GST registrations: 8 active and 9 cancelled or inactive. The first 4 active GSTINs are listed below.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 03AACCH1308R1ZN | Punjab | Active | 01 Jul 2017 |
| 07AACCH1308R1ZF | Delhi | Active | 01 Jul 2017 |
| 27AACCH1308R1ZD | Maharashtra | Active | 01 Jul 2017 |
| 22AACCH1308R1ZN | Chattisgarh | Active | 31 Aug 2020 |
To see the full GST registrations and return filing status of Hero Ecotech Limited, buy the company report.
Recent activity
Hero Ecotech Limited has 11 board changes on record since 2008: 6 appointments and 5 cessations. The latest: Shivom Munjal ceased to be Additional Director on 29 Sep 2024.
23 earlier events are in the company report.
Frequently asked questions
Hero Ecotech is an active public limited company based in Ludhiana, Punjab, India. The company works in bicycle mfg and retail, within the automotive industry. It was incorporated on 06 November 2008 (18+ years old) and is registered under CIN U35900PB2008PLC034755.
Hero Ecotech has 6 current directors:
- Gaurav Munjal - Managing Director
- Anil Kumar - Director
- Harish Bhatt - Director
- Vijay Munjal - Director
- Shivom Munjal - Director
- Samita Munjal - Director
The latest financial statements of Hero Ecotech 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 Hero Ecotech is 03AACCH1308R1ZN, registered in Punjab. The company has 17 GST registrations in all, of which 8 are active and 9 are cancelled or inactive. Other active GSTINs include 07AACCH1308R1ZF (Delhi), 27AACCH1308R1ZD (Maharashtra), 22AACCH1308R1ZN (Chattisgarh).
The CIN (Corporate Identification Number) of Hero Ecotech is U35900PB2008PLC034755. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Hero Ecotech has 212 court cases on record: 186 filed by the company and 26 filed against it. 25 are pending. Most are in the district courts.
Hero Ecotech was incorporated on 06 November 2008, making it 18+ years old. It is registered with the Registrar of Companies, Chandigarh.
Hero Ecotech has 3 deals on record (2 funding rounds, 1 secondary share transfer), with disclosed funding of ₹46.8 Cr; the latest was in June 2023.
The peers of Hero Ecotech by revenue are Hero Cycles Limited, Avon Cycles Ltd, S K Bikes Private Limited, Stryder Cycle Private Limited, Kohinoor Cycles Private Limited, all in the Automobiles industry (Cycles), with the same principal business activity (motor vehicles, trailers, semi trailers and other transport vehicles).
Shivom Munjal ceased to be Additional Director on 29 Sep 2024. Shivom Munjal was appointed as Director on 06 Aug 2024. Naveen Munjal ceased to be Director on 20 May 2024. Hero Ecotech has 11 board changes on record in total.
Hero Ecotech has 34 MSME Form 1 returns on record between 2013 and 2024, listing 9,374 overdue payments to 233 micro and small suppliers. The latest return was filed on 30 Apr 2024.
Hero Ecotech can be reached through the website heroecotech.in. Its registered office is in Ludhiana, Punjab, India.