India's Richest People 2026 edition · 1 director · Source: Hurun India
- #331 Narendrakumar Baldota & family ₹11,400 Cr
Revenue · FY 2025
₹2,645.79 Cr
▲ 18% YoY
Net profit · FY 2025
₹849.42 Cr
Net margin 32.1%
EBITDA · FY 2025
₹1,300.43 Cr
EBITDA margin 49.2%
Authorised capital
₹75 Cr
Registered with MCA
Paid-up capital
₹38.4 Cr
Issued & subscribed
Open charges
₹2,772.55 Cr
Satisfied ₹1,006.28 Cr
Company age
65 yrs
Est. 1961
Employees · EPFO
644
Provident fund records
About MSPL Limited
Data last updated:
MSPL Limited is a public limited company based in Mumbai, Maharashtra, India. It operates in the wind energy solutions segment of the environmental services sector. It was incorporated on 18 October 1961 and has been in existence for over 65 years.
Its director Narendrakumar Baldota and family are #331 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U13100MH1961PLC012160. Its GSTIN is 27AABCM1040N1ZK (Maharashtra). The company holds 15 GST registrations, of which 8 are active.
The company has an authorised share capital of ₹75 Cr and a paid-up capital of ₹38.4 Cr. It was formerly known as Minerals Sales Ltd and Minerals Sales P Ltd. It is led by directors including Rahul Kumar Narendrakumar Baldota (Managing Director) and Narendrakumar Abheraj Baldota (Managing Director).
Its last annual general meeting (AGM) was held on 29 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at No.117 Baldotabhavan Maharshikarveroad, Mumbai, Maharashtra, India – 400020.
As per the financials filed for FY 2025, the company reported a revenue of ₹2,645.79 Cr, a growth of 18% compared to the previous year. For the same year it recorded a net profit of ₹849.42 Cr (net margin 32.1%) and EBITDA of ₹1,300.43 Cr (EBITDA margin 49.2%). Revenue has grown at a compounded annual rate (CAGR) of 9% over three years and 13% over five years.
The company has about 644 employees on its provident fund (EPFO) records. Its group structure includes 2 subsidiaries.
The company is associated with 1 brand: Baldota Group. As per MCA filings, the company has open charges of ₹2,772.55 Cr and satisfied charges of ₹1,006.28 Cr on record. Court records list 690 cases involving the company, including 270 filed by the company and 420 filed against it; 64 cases are pending. The company has 6 deals on record (6 secondary share transfers); the latest was in April 2016. The company has 2 MSME Form 1 returns on record between 2015 and 2019, listing 6 overdue payments to 6 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 baldota.co.in.
Company details
CIN U13100MH1961PLC012160
Registration Number 012160
Incorporation Date 18 October 1961
ROC Mumbai
Listing Status Unlisted
Company Status Active
Date of Last AGM 29 September 2025
Date of Balance Sheet 31 March 2025
Compliance Status Active Compliant
Name history
MSPL has undergone 2 name changes throughout its history. The company was previously known as Minerals Sales Ltd, and Minerals Sales P Ltd. The current legal name is Mspl Limited.
| Company Name | Status |
|---|---|
| MSPL Limited | Current |
| Minerals Sales Ltd | Previous |
| Minerals Sales P Ltd | Previous |
Key People
Rahul Kumar Narendrakumar Baldota Managing Director Narendrakumar Abheraj Baldota Managing Director Shrenik Kumar Narendrakumar Baldota Managing Director Recognitions & Rankings of MSPL
Contact details
MSPL Limited's registered office is in Mumbai, Maharashtra. Its website is baldota.co.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressNo.117 Baldotabhavan Maharshikarveroad, Mumbai, Maharashtra, India – 400020
- IndustryEnvironment, Wind Energy Solutions
To see the full contact details of MSPL Limited, buy the company report.
Comprehensive company report
MSPL 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
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Brands
MSPL operates one associated brand: Baldota Group. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Owner of wind power projects and iron ore mining facilities | baldota.co.in |
Business activity
The main business activities of MSPL are mining and quarrying, electricity, gas, steam and air condition supply and transport and storage. In detail, this covers mining of metal ores, electric power generation, transmission and distribution and air transport. 3 activity segments are registered with the MCA.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| B | Mining and quarrying | B3 | Mining of Metal Ores | |
| D | Electricity, gas, steam and air condition supply | D1 | Electric power generation, transmission and distribution | |
| H | Transport and storage | H4 | Air transport |
To see the full business activity and turnover split of MSPL Limited, buy the company report.
Financials of MSPL Limited
FY 2025 filings availableMSPL Limited reported revenue of ₹2,645.79 Cr (up 18% YoY) for FY 2025.
Revenue · FY 2025
₹2,645.79 Cr ▲ 18%
Net profit · FY 2025
₹849.42 Cr margin 32.1%
EBITDA · FY 2025
₹1,300.43 Cr margin 49.2%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▲ 18%
3 years · compounded
▲ 9%
5 years · compounded
▲ 13%
EBITDA CAGR growth
1 year
▲ 28%
3 years · compounded
▲ 4%
5 years · compounded
▲ 17%
Revenue has grown at a compounded annual rate (CAGR) of 13% over five years, including 18% growth in the latest year. EBITDA rose 28% 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 | ₹1,300.43 Cr | ||||
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| Net Profit (PAT) | ₹849.42 Cr | ||||
| Balance Sheet | |||||
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Financial Ratios
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 49.2% | ||||
| Net Profit Margin | 32.1% | ||||
| Return on Equity (ROE) | |||||
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To see the full financial statements and ratios of MSPL Limited, buy the company report.
Board of directors and KMP of MSPL Limited
MSPL Limited currently reports 6 directors and 2 key managerial personnel. 16 former directors have served the organization.
Current Directors and KMP
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Anil Chattar Singh Kavadiya Also directs: Avaan Shakti Limited | Cfo | 20 Jul 2023 | 3 Years 3 Months | Current |
| Rajan Dattatray Kamat | Director | 17 Dec 2022 | 3 Years 10 Months | Current |
| Meda Venkataiah Also directs: Ramgad Minerals and Mining Limited, Aaress Iron and Steel Limited | Director | 03 Sep 2015 | 11 Years 1 Months | Current |
| Rahul Kumar Narendrakumar Baldota | Managing Director | 29 Mar 2021 | 5 Years 6 Months | Current |
| Narendrakumar Abheraj Baldota | Managing Director | 31 Mar 2021 | 5 Years 6 Months | Current |
| Chennareddy Prasad | Company Secretary | 25 May 2018 | 8 Years 5 Months | Current |
Showing 6 of 8 current directors and KMP. View all directors and KMP
Auditor
MSPL Limited is audited by CHATURVEDI & SHAH LLP for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| CHATURVEDI & SHAH LLP | FY 2023 | 101720W |
Shareholding
The shareholding of MSPL Limited is on record for 5 financial years, the latest being FY 2021, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of MSPL Limited, buy the company report.
Charges & borrowings
Open charges
₹2,772.55 Cr
Satisfied charges
₹1,006.28 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 18 Feb 2025 | 101052510 | Axis Bank Limited | ₹3.51 Cr | Open | |
| 18 Feb 2025 | 101052508 | Axis Bank Limited | ₹4.39 Cr | Open | |
| 21 Nov 2024 | 101005885 | Axis Bank Limited | ₹7 Cr | Open | |
| 03 Oct 2024 | 100989913 | Others | ₹102 Cr | Open | |
| 18 Sep 2024 | 100985768 | Axis Bank Limited | ₹1.74 Cr | Open |
To see the full charge records of MSPL Limited, buy the company report.
Total charge records: 31 View all charges
Deals & funding
MSPL Limited has 6 deals on record (6 secondary share transfers); the latest was in April 2016.
Total deals
6
Secondary share transfers
6
Deals on record (5 of 6)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Aug 2009 | Secondary share transfer | Undisclosed | Buyer: Ramgad Minerals and Mining Limited Seller: 4 individuals |
| Dec 2008 | Secondary share transfer | Undisclosed | Buyer: Ramgad Minerals and Mining Limited , an individual Seller: 4 individuals |
| Sep 2008 | Secondary share transfer | Undisclosed | Buyer: Ramgad Minerals and Mining Limited Seller: 4 individuals |
| Mar 2008 | Secondary share transfer | Undisclosed | Buyer: Ramgad Minerals and Mining Limited Seller: 4 individuals |
| Oct 2007 | Secondary share transfer | Undisclosed | Buyer: Ramgad Minerals and Mining Limited Seller: an individual |
To see the full deal history of MSPL 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
MSPL Limited has 690 court cases on record: 270 filed by MSPL, 420 filed against it. 64 cases are pending and 626 are disposed.
Total cases
690
Filed by the company
270
Filed against the company
420
Pending
64
Disposed
626
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 374 | 187 | 46 |
| District courts | 284 | 212 | 17 |
| Supreme Court | 31 | 21 | 1 |
| NCLAT | 1 | 0 | 0 |
Cases on record (5 of 690)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court of Karnataka | Interim or miscellaneous application | Filed by the company against The Sandur Manganese and Iron Ores Limited | Pending |
| High Court of Karnataka | Appeal | Filed against the company by Ultra Tech Cement Limited | Pending |
| High Court of Karnataka | Writ petition | Filed by the company against Bangalore Electricity Supply Company Limited (Bescom), and 2 others | Pending |
| District court, BENGALURU, Karnataka | Court case (Com.A.A.) | Filed by the company against The Sandur Manganese and Iron Ores Limited | Disposed |
| District court, BENGALURU, Karnataka | Court case (Com.A.A.) | Filed against the company by Vestas Wind Technology India Pvt Ltd | Disposed |
To see the full case history of MSPL 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
MSPL Limited was last rated by Icra on 02 Dec 2021.
| Rating agency | Rated on | Rating |
|---|---|---|
| Icra | 02 Dec 2021 |
To see the full credit ratings and regulatory alerts of MSPL Limited, buy the company report.
MSME payment delays
MSPL Limited has 2 MSME Form 1 returns on record between 2015 and 2019, listing 6 overdue payments to 6 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 6)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| an individual supplier | |||
| Victory Windfarm Services Private Limited | |||
| an individual supplier | |||
| an individual supplier |
To see the full MSME payment records of MSPL Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
MSPL has 2 subsidiary companies and 2 associated companies. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
2
Subsidiary companies
2
Associated companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| Baldota Steel and Power Limited | U24109KA2023PLC171796 | |
| Aaress Iron and Steel Limited | U27103KA2005PLC037892 |
To see the full group structure of MSPL Limited, buy the company report.
Employees & EPFO
MSPL Limited has a workforce of 644 employees on its EPFO records as of Apr 07, 2024, across 2 active EPFO establishments.
Employee count
644
Active EPFO establishments
2
Employee growth
-18.58%
GST
MSPL has 15 GST registrations: 8 active and 7 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
15
Active
8
Cancelled / inactive
7
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AABCM1040N1ZK | Maharashtra | Active | 01 Jul 2017 |
| 29AABCM1040N1ZG | Karnataka | Active | 01 Jul 2017 |
| 30AABCM1040N2ZW | Goa | Active | 08 Aug 2017 |
| 24AABCM1040N1ZQ | Gujarat | Active | 31 Aug 2017 |
To see the full GST registrations and return filing status of MSPL Limited, buy the company report.
Recent activity
MSPL Limited has 20 board changes on record since 2009: 8 appointments and 12 cessations. The latest: Madhava Ravindra ceased to be Director on 23 Sep 2024.
Charges
A charge registered on 05 Nov 2020 via Charge ID 100386884 with Axis Bank Limited was fully satisfied on 02 Nov 2025.
AGM
Mspl Limited last Annual general meeting of members was held on 29 Sep 2025 as per latest MCA records.
Charges
A charge registered on 10 Jul 2020 via Charge ID 100355253 with Hdfc Bank Limited was fully satisfied on 09 Jul 2025.
Filing
Mspl Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Mumbai.
Charges
A charge with Axis Bank Limited amounted to Rs. 3.51 Cr with Charge ID 101052510 was registered on 18 Feb 2025.
Charges
A charge with Axis Bank Limited amounted to Rs. 4.39 Cr with Charge ID 101052508 was registered on 18 Feb 2025.
Charges
A charge with Axis Bank Limited amounted to Rs. 7.00 Cr with Charge ID 101005885 was registered on 21 Nov 2024.
Charges
A charge registered on 18 Sep 2019 via Charge ID 100293131 with Hdfc Bank Limited was fully satisfied on 06 Oct 2024.
Charges
A charge with Others amounted to Rs. 102.00 Cr with Charge ID 100989913 was registered on 03 Oct 2024.
Ceased
Madhava Ravindra ceased to be Director.
Charges
A charge with Axis Bank Limited amounted to Rs. 1.74 Cr with Charge ID 100985768 was registered on 18 Sep 2024.
Charges
A charge with Sbicap Trustee Company Limited of Rs. 1,338.00 Cr registered on 12 Dec 2023 with Charge ID 100837813 was modified on 03 Sep 2024.
68 earlier events are in the company report.
Frequently asked questions
MSPL is an active public limited company based in Mumbai, Maharashtra, India. The company works in wind energy solutions, within the environment industry. It was incorporated on 18 October 1961 (65+ years old) and is registered under CIN U13100MH1961PLC012160.
MSPL has 8 current directors and KMP:
- Rahul Kumar Narendrakumar Baldota - Managing Director
- Narendrakumar Abheraj Baldota - Managing Director
- Shrenik Kumar Narendrakumar Baldota - Managing Director
- Rashmi Shrenik Baldota - Whole-Time Director
- Rajan Dattatray Kamat - Director
- Meda Venkataiah - Director
- Anil Chattar Singh Kavadiya - Cfo
- Chennareddy Prasad - Company Secretary
The latest financial statements of MSPL on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 29 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of MSPL is 27AABCM1040N1ZK, registered in Maharashtra. The company has 15 GST registrations in all, of which 8 are active and 7 are cancelled or inactive. Other active GSTINs include 29AABCM1040N1ZG (Karnataka), 30AABCM1040N2ZW (Goa), 24AABCM1040N1ZQ (Gujarat).
The CIN (Corporate Identification Number) of MSPL is U13100MH1961PLC012160. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
MSPL has 690 court cases on record: 270 filed by the company and 420 filed against it. 64 are pending. Most are in the high courts.
MSPL was incorporated on 18 October 1961, making it 65+ years old. It is registered with the Registrar of Companies, Mumbai.
MSPL has 6 deals on record (6 secondary share transfers); the latest was in April 2016.
Madhava Ravindra ceased to be Director on 23 Sep 2024. Jawahar Sinhari ceased to be CFO on 21 Jul 2023. Anil Chattar Singh Kavadiya was appointed as CFO on 20 Jul 2023. MSPL has 20 board changes on record in total.
MSPL has 2 MSME Form 1 returns on record between 2015 and 2019, listing 6 overdue payments to 6 micro and small suppliers. The latest return was filed on 16 May 2019.
MSPL can be reached through the website baldota.co.in. Its registered office is in Mumbai, Maharashtra, India.