About Island Star Mall Developers Private Limited
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Island Star Mall Developers Private Limited is a private limited company based in Mumbai, Maharashtra, India, a subsidiary of The Phoenix Mills Limited. It operates in the mall and retail management segment of the business services sector. It was incorporated on 10 April 2006 and has been in existence for over 20 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U45200MH2006PTC161067. Its GSTIN is 27AABCI4988F1ZA (Maharashtra). The company holds 2 GST registrations, all of them active.
The company has an authorised share capital of ₹285 Cr and a paid-up capital of ₹233.11 Cr. It is led by directors including Sanjay Sudam Wagaskar (Managing Director) and Gajendra Rathaur Singh (Managing Director).
Its last annual general meeting (AGM) was held on 04 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at Mumbai, Maharashtra.
As per the financials filed for FY 2025, the company reported a revenue of ₹946.37 Cr, a growth of 47% compared to the previous year. For the same year it recorded a net profit of ₹391.68 Cr (net margin 41.4%) and EBITDA of ₹616.92 Cr (EBITDA margin 65.2%). Revenue has grown at a compounded annual rate (CAGR) of 71% over three years and 32% over five years.
The company has about 67 employees on its provident fund (EPFO) records. Its group structure includes 3 subsidiaries.
The company is associated with 2 brands: Phoenix Mills and Phoenix Marketcity. As per MCA filings, the company has open charges of ₹800 Cr and satisfied charges of ₹1,629 Cr on record. Court records list 43 cases involving the company, including 32 filed by the company and 11 filed against it; 9 cases are pending. The company has 22 deals on record (11 secondary share transfers, 9 funding rounds, 2 rights issues), with disclosed funding of ₹1,758.01 Cr; the latest was in December 2021. Its 4 peer companies in the Business Services industry (Mall Management), with the same principal business activity (real estate activities with own or leased property) are compared by revenue, 1 larger and 3 smaller; the largest is The Phoenix Mills Limited with revenue of ₹3,964.47 Cr. The company has 7 MSME Form 1 returns on record between 2020 and 2024, listing 7 overdue payments to 2 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 phoenixmarketcity.com.
Company details
Contact details
Island Star Mall Developers Private Limited's registered office is in Mumbai, Maharashtra. Its website is phoenixmarketcity.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressC/O Marketcity Resources Pvt Ltd R Hosiery Bldg Gr Floor Laxmi Woollen Mills Estate Ma, Halaxmi, Mumbai, Maharashtra, India – 400011
- IndustryBusiness Services, Mall & Retail Management
To see the full contact details of Island Star Mall Developers 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
Island Star Mall Developers operates two associated brands: Phoenix Mills and Phoenix Marketcity. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Residential and commercial property development services are provided. | thephoenixmills.com | |
| Multi-format retail mall chain, offering a range of retail, dining, and entertainment options to its customers across various locations | phoenixmarketcity.com |
Business activity
The main business activity of Island Star Mall Developers is real estate. In detail, this covers real estate activities with own or leased property.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| L | Real Estate | L1 | Real estate activities with own or leased property |
To see the full business activity and turnover split of Island Star Mall Developers Private Limited, buy the company report.
Financials of Island Star Mall Developers Private Limited
FY 2025 filings availableIsland Star Mall Developers Private Limited reported revenue of ₹946.37 Cr (up 47% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 32% over five years, including 47% growth in the latest year. EBITDA rose 48% 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 |
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| EBITDA | ₹616.92 Cr | ||||
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| Net Profit (PAT) | ₹391.68 Cr | ||||
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Financial Ratios
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
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| Profitability | |||||
| EBITDA Margin | 65.2% | ||||
| Net Profit Margin | 41.4% | ||||
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To see the full financial statements and ratios of Island Star Mall Developers Private Limited, buy the company report.
Board of directors and KMP of Island Star Mall Developers Private Limited
Island Star Mall Developers Private Limited currently reports 6 directors and 1 key managerial person. 35 former directors have served the organization.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Sumeet Anand Also directs: Indwest Advisors LLP, The Phoenix Mills Limited, Palladium Constructions Private Limited and 5 more | Director | 10 Oct 2024 | 2 Years 0 Months | Current |
| Varun Parwal | Director | 26 Nov 2022 | 3 Years 11 Months | Current |
| Sanjay Sudam Wagaskar Also directs: Mindstone Mall Developers Private Limited, Sheela Traders Private Limited, Shanthi Chandran Enterprisers Private Limited and 5 more | Managing Director | 18 Jul 2024 | 2 Years 3 Months | Current |
| Chalsani Rohan | Director | 02 Aug 2024 | 2 Years 3 Months | Current |
| Rajesh Meharia Also directs: Chonrev Retail Private Limited | Cfo | 22 Jul 2024 | 2 Years 3 Months | Current |
| Shweta Pradeep Vyas Also directs: Vamona Developers Private Limited, Alliance Spaces Private Limited, Offbeat Developers Private Limited and 4 more | Director | 27 Mar 2018 | 8 Years 7 Months | Current |
Peer comparison
Island Star Mall Developers Private Limited is compared with the 4 companies closest to it by revenue in the Business Services industry (Mall Management), with the same principal business activity (real estate activities with own or leased property), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| The Phoenix Mills Limited | ₹3,964.47 Cr (FY 2025) | -4.0% | Mumbai, Maharashtra, India | |||
| Island Star Mall Developers Private Limitedthis company | ₹946.37 Cr (FY 2025) | ₹391.68 Cr | 41.4% | 47.0% | 67 | Mumbai, Maharashtra, India |
| Rostrum Realty Private Limited | ₹748.81 Cr (FY 2025) | 16.0% | Mini Sectt, Haryana, India | |||
| Inorbit Malls (India) Private Limited | ₹740.44 Cr (FY 2025) | 16.0% | Mumbai, Maharashtra, India | |||
| Select Infrastructure Private Limited | ₹605.48 Cr (FY 2025) | 9.0% | Thane, Maharashtra, India |
To see the full peer comparison of Island Star Mall Developers Private Limited, buy the company report.
Auditor
Island Star Mall Developers Private Limited is audited by Price Waterhouse Chartered Accountants LLP for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Price Waterhouse Chartered Accountants LLP | FY 2023 | 012754N/N500016 |
Shareholding
The shareholding of Island Star Mall Developers 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 2019 | FY 2018 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Island Star Mall Developers Private Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 27 Aug 2022 | 100608506 | Others | ₹800 Cr | Open | |
| 13 Jul 2021 | 100461815 | Others | ₹325 Cr | Satisfied | |
| 19 Jul 2017 | 100113376 | Others | ₹160 Cr | Satisfied | |
| 24 Jul 2015 | 10583066 | Idbi Trusteeship Services Limited | ₹305 Cr | Satisfied | |
| 05 Jun 2012 | 10360660 | Idbi Trusteeship Services Limited | ₹400 Cr | Satisfied |
To see the full charge records of Island Star Mall Developers Private Limited, buy the company report.
Total charge records: 8 View all charges
Deals & funding
Island Star Mall Developers Private Limited has 22 deals on record (11 secondary share transfers, 9 funding rounds, 2 rights issues), with disclosed funding of ₹1,758.01 Cr; the latest was in December 2021.
Deals on record (5 of 22)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Dec 2021 | Rights issue | ₹700 Cr | Investors: The Phoenix Mills Limited , CPPIB |
| Jun 2021 | Rights issue | ₹400 Cr | Investors: The Phoenix Mills Limited , CPPIB |
| Apr 2017 | Funding round · Series B | ₹50 Cr | Investors: The Phoenix Mills Limited |
| Apr 2017 | Secondary share transfer | Undisclosed | Buyer: CPPIB Seller: The Phoenix Mills Limited |
| Dec 2016 | Secondary share transfer | Undisclosed | Buyer: The Phoenix Mills Limited Seller: Pinnacle Real Estate Development Private Limited |
To see the full deal history of Island Star Mall Developers Private 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
Island Star Mall Developers Private Limited has 43 court cases on record: 32 filed by Island Star Mall Developers, 11 filed against it. 9 cases are pending and 34 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 22 | 4 | 5 |
| District courts | 21 | 7 | 4 |
Cases on record (5 of 43)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, BENGALURU, Karnataka | Court case (Com.O.S.) | Filed by the company against C S Creamery Private Limited | Disposed |
| District court, BENGALURU, Karnataka | Court case (Com.O.S.) | Filed by the company against Tablez and Toyz Private Limited | Disposed |
| District court, Mumbai CMM Courts, Maharashtra | Court case (Summons Cases SS) | Filed by the company against Smaaash Leisure Limited and 3 others | Disposed |
| Bombay High Court | Court case (COMIP) | Filed against the company by Market City Resources Pvt. Ltd. and 5 Ors. | Disposed |
| Bombay High Court | Court case (NMCD) | Filed against the company by Market City Resources Pvt. Ltd. and 5 Ors. | Disposed |
To see the full case history of Island Star Mall Developers 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
Island Star Mall Developers Private Limited was last rated by Crisil on 13 Oct 2020.
| Rating agency | Rated on | Rating |
|---|---|---|
| Crisil | 13 Oct 2020 |
To see the full credit ratings and regulatory alerts of Island Star Mall Developers Private Limited, buy the company report.
MSME payment delays
Island Star Mall Developers Private Limited has 7 MSME Form 1 returns on record between 2020 and 2024, listing 7 overdue payments to 2 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 (2 of 2)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Unifynd Technologies Private Limited | |||
| Diya Energy |
To see the full MSME payment records of Island Star Mall Developers Private Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Island Star Mall Developers has 3 subsidiary companies. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
| Company Name | CIN | Shares held |
|---|---|---|
| Insight Mall Developers Private Limited | U55101MH2007PTC169124 | |
| Alyssum Developers Private Limited | U70109MH2017PTC292588 | |
| Sparkle One Mall Developers Private Limited | U70109MH2017PTC299103 |
To see the full group structure of Island Star Mall Developers Private Limited, buy the company report.
Employees & EPFO
Island Star Mall Developers Private Limited has a workforce of 67 employees on its EPFO records as of Apr 08, 2024, across 1 active EPFO establishment.
GST
Island Star Mall Developers has 2 GST registrations: 2 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AABCI4988F1ZA | Maharashtra | Active | 01 Jul 2017 |
| 29AABCI4988F1Z6 | Karnataka | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Island Star Mall Developers Private Limited, buy the company report.
Recent activity
Island Star Mall Developers Private Limited has 39 board changes on record since 2008: 7 appointments and 32 cessations. The latest: Sumeet Anand ceased to be Additional Director on 03 Sep 2025.
49 earlier events are in the company report.
Frequently asked questions
Island Star Mall Developers is an active private limited company based in Mumbai, Maharashtra, India. The company works in mall and retail management, within the business services industry. It was incorporated on 10 April 2006 (20+ years old) and is registered under CIN U45200MH2006PTC161067.
Island Star Mall Developers has 7 current directors and KMP:
- Sanjay Sudam Wagaskar - Managing Director
- Gajendra Rathaur Singh - Managing Director
- Sumeet Anand - Director
- Varun Parwal - Director
- Chalsani Rohan - Director
- Shweta Pradeep Vyas - Director
- Rajesh Meharia - Cfo
The latest financial statements of Island Star Mall Developers on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 04 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Island Star Mall Developers is 27AABCI4988F1ZA, registered in Maharashtra. The company has 2 GST registrations in all, of which 2 are active. Other active GSTINs include 29AABCI4988F1Z6 (Karnataka).
The CIN (Corporate Identification Number) of Island Star Mall Developers is U45200MH2006PTC161067. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Island Star Mall Developers has 43 court cases on record: 32 filed by the company and 11 filed against it. 9 are pending. Most are in the high courts.
Island Star Mall Developers was incorporated on 10 April 2006, making it 20+ years old. It is registered with the Registrar of Companies, Mumbai.
Island Star Mall Developers has 22 deals on record (11 secondary share transfers, 9 funding rounds, 2 rights issues), with disclosed funding of ₹1,758.01 Cr; the latest was in December 2021.
The peers of Island Star Mall Developers by revenue are The Phoenix Mills Limited, Rostrum Realty Private Limited, Inorbit Malls (India) Private Limited, Select Infrastructure Private Limited, all in the Business Services industry (Mall Management), with the same principal business activity (real estate activities with own or leased property).
Sumeet Anand ceased to be Additional Director on 03 Sep 2025. Sumeet Anand was appointed as Director on 10 Oct 2024. Chalsani Rohan ceased to be Additional Director on 10 Sep 2024. Island Star Mall Developers has 39 board changes on record in total.
Island Star Mall Developers has 7 MSME Form 1 returns on record between 2020 and 2024, listing 7 overdue payments to 2 micro and small suppliers. The latest return was filed on 30 Apr 2024.
Island Star Mall Developers can be reached through the website phoenixmarketcity.com. Its registered office is in Mumbai, Maharashtra, India.
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