India's Richest People 2026 edition · 1 director · Source: Hurun India
- #1,482 Ketan Mehta ₹1,400 Cr
Revenue · FY 2025
₹1,198.39 Cr
▲ 15% YoY
Net profit · FY 2025
₹137.2 Cr
Net margin 11.4%
EBITDA · FY 2025
₹451.73 Cr
EBITDA margin 37.7%
Authorised capital
₹75.8 Cr
Registered with MCA
Paid-up capital
₹57.16 Cr
Issued & subscribed
Open charges
₹1,132.92 Cr
Satisfied ₹763.06 Cr
Company age
15 yrs
Est. 2011
Employees · EPFO
385
Provident fund records
About Rays Power Infra Limited
Data last updated:
Rays Power Infra Limited is a public limited company based in Mumbai, Maharashtra, India. It operates in the power epc segment of the energy and power sector. It was incorporated on 13 June 2011 and has been in existence for over 15 years.
Its director Ketan Mehta is #1,482 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U40106MH2011PLC267684. Its GSTIN is 27AAFCR3720A2ZU (Maharashtra). The company holds 17 GST registrations, of which 14 are active.
The company has an authorised share capital of ₹75.8 Cr and a paid-up capital of ₹57.16 Cr. It is led by directors including Ketan Mehta (Managing Director) and Pawan Kumar Sharma (Whole-Time Director).
Its last annual general meeting (AGM) was held on 18 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at 1st – 21 Evershine Mall North Meter Cabin 1 Malad West, Mumbai, Maharashtra, India – 400064.
As per the financials filed for FY 2025, the company reported a revenue of ₹1,198.39 Cr, a growth of 15% compared to the previous year. For the same year it recorded a net profit of ₹137.2 Cr (net margin 11.4%) and EBITDA of ₹451.73 Cr (EBITDA margin 37.7%). Revenue has grown at a compounded annual rate (CAGR) of 31% over three years and 43% over five years.
The company has about 385 employees on its provident fund (EPFO) records. Its group structure includes 11 subsidiaries.
The company is associated with 1 brand: Rays Power Infra. As per MCA filings, the company has open charges of ₹1,132.92 Cr and satisfied charges of ₹763.06 Cr on record. Court records list 36 cases involving the company, including 14 filed by the company and 22 filed against it; 7 cases are pending. The company has 16 deals on record (6 funding rounds, 5 secondary share transfers, 4 rights issues), with disclosed funding of ₹175.09 Cr; the latest was in September 2025. The company has 15 MSME Form 1 returns on record between 2019 and 2024, listing 216 overdue payments to 46 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 rayspowerinfra.com.
Company details
CIN U40106MH2011PLC267684
Registration Number 267684
Incorporation Date 13 June 2011
ROC Mumbai
Listing Status Unlisted
Company Status Active
Date of Last AGM 18 September 2025
Date of Balance Sheet 31 March 2025
Compliance Status Active Compliant
CIN history
Rays Power Infra has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is U40106MH2011PLC267684, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U40106MH2011PLC267684 | Current |
| U40106RJ2011PTC035489 | Previous |
| U40106MH2011PTC267684 | Previous |
Key People
Ketan Mehta Managing Director Pawan Kumar Sharma Whole-Time Director Sanjay Garudapally Whole-Time Director Recognitions & Rankings of Rays Power Infra
Contact details
Rays Power Infra Limited's registered office is in Mumbai, Maharashtra. Its website is rayspowerinfra.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address1st – 21 Evershine Mall North Meter Cabin 1 Malad West, Mumbai, Maharashtra, India – 400064
- IndustryEnergy and Power, Power EPC, BoP & BTG Services
To see the full contact details of Rays Power Infra Limited, buy the company report.
Comprehensive company report
Rays Power Infra 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
Rays Power Infra operates one associated brand: Rays Power Infra. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Turnkey solar engineering, procurement, and construction solutions are provided. | rayspowerinfra.com |
Business activity
The main business activity of Rays Power Infra is electricity, gas, steam and air condition supply. In detail, this covers electric power generation, transmission and distribution.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| D | Electricity, gas, steam and air condition supply | D1 | Electric power generation, transmission and distribution |
To see the full business activity and turnover split of Rays Power Infra Limited, buy the company report.
Financials of Rays Power Infra Limited
FY 2025 filings availableRays Power Infra Limited reported revenue of ₹1,198.39 Cr (up 15% YoY) for FY 2025.
Revenue · FY 2025
₹1,198.39 Cr ▲ 15%
Net profit · FY 2025
₹137.2 Cr margin 11.4%
EBITDA · FY 2025
₹451.73 Cr margin 37.7%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▲ 15%
3 years · compounded
▲ 31%
5 years · compounded
▲ 43%
EBITDA CAGR growth
1 year
▲ 276%
3 years · compounded
▲ 54%
5 years · compounded
▲ 63%
Revenue has grown at a compounded annual rate (CAGR) of 43% over five years, including 15% growth in the latest year. EBITDA rose 276% 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 | ₹1,198.39 Cr | ||||
| Cost of Materials Consumed | |||||
| Employee Benefit Expense | |||||
| Finance Costs | |||||
| Depreciation and Amortisation | |||||
| Other Expenses | |||||
| Total Expenses | |||||
| EBITDA | ₹451.73 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹137.2 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 | 37.7% | ||||
| Net Profit Margin | 11.4% | ||||
| 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 Rays Power Infra Limited, buy the company report.
Board of directors of Rays Power Infra Limited
Rays Power Infra has 6 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 |
|---|---|---|---|---|
| Mahendra Kumar Singh Also directs: Shining Sun Power Private Limited | Director | 16 Oct 2023 | 3 Years 0 Months | Current |
| Rashmi Bafna | Director | 16 Oct 2023 | 3 Years 0 Months | Current |
| Akhilesh Kumar Jain Also directs: RMC Switchgears Limited, Insolation Energy Limited, RMC Solar Park Private Limited and 1 more | Director | 16 Oct 2023 | 3 Years 0 Months | Current |
| Pawan Kumar Sharma | Whole-Time Director | 13 Jun 2011 | 15 Years 4 Months | Current |
| Ketan Mehta | Managing Director | 05 Jan 2012 | 14 Years 9 Months | Current |
| Sanjay Garudapally | Whole-Time Director | 05 Jan 2012 | 14 Years 9 Months | Current |
Auditor
Rays Power Infra Limited is audited by G. M. Kapadia & Co. for the financial year 2025.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| G. M. Kapadia & Co. | FY 2025 | 104767W |
Shareholding
The shareholding of Rays Power Infra 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 Rays Power Infra Limited, buy the company report.
Charges & borrowings
Open charges
₹1,132.92 Cr
Satisfied charges
₹763.06 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 13 May 2026 | 101291356 | Others | ₹50 Cr | Open | |
| 19 Jan 2026 | 101226329 | Yes Bank Limited | ₹50 Cr | Open | |
| 17 Oct 2025 | 101179704 | Others | ₹50 Cr | Open | |
| 02 Apr 2025 | 101073457 | Idbi Bank Limited | ₹40 Cr | Open | |
| 27 Nov 2024 | 101016270 | Others | ₹1.32 Cr | Open |
To see the full charge records of Rays Power Infra Limited, buy the company report.
Total charge records: 43 View all charges
Deals & funding
Rays Power Infra Limited has 16 deals on record (6 funding rounds, 5 secondary share transfers, 4 rights issues), with disclosed funding of ₹175.09 Cr; the latest was in September 2025.
Total deals
16
Funding rounds
6
Secondary share transfers
5
Rights issues
4
Convertible or debt financing
1
Disclosed funding
₹175.09 Cr
Deals on record (5 of 16)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jul 2024 | Funding round · Pre Ipo | ₹125.5 Cr | Investors: Weststone Management Consultancy Private Limited , Vimana Capital Management LLP , 2 individuals |
| Mar 2018 | Secondary share transfer | Undisclosed | Seller: Shining Sun Solar Commotrade Private Limited , Touch Point Sales Private Limited , Axis Dealtrade Private Limited |
| Sep 2015 | Rights issue | ₹17.79 Cr | Investors: Shining Sun Solar Commotrade Private Limited , Touch Point Sales Private Limited |
| Mar 2015 | Secondary share transfer | Undisclosed | Buyer: 3 individuals Seller: Rays Power Consultants Private Limited |
| Mar 2014 | Funding round | ₹7.92 Cr | Investors: Rays Power Consultants Private Limited |
To see the full deal history of Rays Power Infra 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
Rays Power Infra Limited has 36 court cases on record: 14 filed by Rays Power Infra, 22 filed against it. 7 cases are pending and 29 are disposed.
Total cases
36
Filed by the company
14
Filed against the company
22
Pending
7
Disposed
29
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 24 | 10 | 5 |
| District courts | 11 | 11 | 1 |
| Supreme Court | 1 | 1 | 1 |
Cases on record (5 of 36)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Supreme Court | Court case (2401-Indirect Taxation : Customs Act, Customs Tariff Act, Export, Import and Anti-Dumping duty) | Filed against the company by The Commissioner of Customs and 6 others | Pending |
| High Court of Delhi | Court case (RFA(COMM)) | Filed against the company by Swastik Pipe Ltd | Pending |
| High Court of Delhi | Writ petition | Filed by the company against NTPC Green Energy Limited & Anr. | Pending |
| High Court of Karnataka | Appeal | Filed by the company against Central Transmission Utility of India Limited and 8 others | Disposed |
| District court, West, Delhi | Commercial suit | Filed against the company by Swastik Pipe Ltd | Disposed |
To see the full case history of Rays Power Infra 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
Rays Power Infra Limited was last rated by Crisil on 22 Jun 2020.
| Rating agency | Rated on | Rating |
|---|---|---|
| Crisil | 22 Jun 2020 |
To see the full credit ratings and regulatory alerts of Rays Power Infra Limited, buy the company report.
MSME payment delays
Rays Power Infra Limited has 15 MSME Form 1 returns on record between 2019 and 2024, listing 216 overdue payments to 46 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 46)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| an individual supplier | |||
| an individual supplier | |||
| Vrinda Nano Technologies | |||
| E-Procurement Technologies Limited |
To see the full MSME payment records of Rays Power Infra Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Rays Power Infra has 11 subsidiary companies and 2 associated companies. This group structure data is as of FY 2024. The table lists each entity with its relationship and holding.
11
Subsidiary companies
2
Associated companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| Rays Green Energy Manufacturing Private Limited | U27200RJ2022PTC080641 | |
| Tuticorin Solar Projects Private Limited | U40100RJ2017PTC058130 | |
| Mandawa Solar Power Private Limited | U40100RJ2022PTC080861 | |
| Honavar Solar Power Private Limited | U40100RJ2022PTC081513 | |
| Shining Sun Power Private Limited | U40104MH2014PTC267611 | |
| Rays Future Energy India Private Limited | U40106RJ2016PTC054937 |
To see the full group structure of Rays Power Infra Limited, buy the company report.
Employees & EPFO
Rays Power Infra Limited has a workforce of 385 employees on its EPFO records as of Oct 10, 2025, across 1 active EPFO establishment.
Employee count
385
Active EPFO establishments
1
Employee growth
21.84%
GST
Rays Power Infra has 17 GST registrations: 14 active and 3 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
17
Active
14
Cancelled / inactive
3
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAFCR3720A2ZU | Maharashtra | Active | 07 Apr 2025 |
| 05AAFCR3720A1Z1 | Uttarakhand | Active | 01 Jul 2017 |
| 08AAFCR3720A1ZV | Rajasthan | Active | 01 Jul 2017 |
| 09AAFCR3720A1ZT | Uttar Pradesh | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Rays Power Infra Limited, buy the company report.
Recent activity
Rays Power Infra Limited has 15 board changes on record since 2011: 8 appointments and 7 cessations. The latest: Akhilesh Kumar Jain was appointed as Director on 16 Oct 2023.
Charges
A charge with Others amounted to Rs. 50.00 Cr with Charge ID 101291356 was registered on 13 May 2026.
Charges
A charge with Others of Rs. 120.00 Cr registered on 29 Sep 2023 with Charge ID 100802135 was modified on 23 Feb 2026.
Charges
A charge with Yes Bank Limited amounted to Rs. 50.00 Cr with Charge ID 101226329 was registered on 19 Jan 2026.
Charges
A charge with Hdfc Bank Limited of Rs. 110.00 Cr registered on 05 Sep 2016 with Charge ID 100067393 was modified on 19 Dec 2025.
Charges
A charge with Others amounted to Rs. 50.00 Cr with Charge ID 101179704 was registered on 17 Oct 2025.
AGM
Rays Power Infra Limited last Annual general meeting of members was held on 18 Sep 2025 as per latest MCA records.
Charges
A charge with State Bank Of India of Rs. 30.00 Cr registered on 09 Aug 2017 with Charge ID 100126863 was modified on 16 Jul 2025.
Charges
A charge registered on 07 Dec 2016 via Charge ID 100076726 with State Bank Of India was fully satisfied on 16 Jul 2025.
Charges
A charge registered on 07 Dec 2016 via Charge ID 100076724 with State Bank Of India was fully satisfied on 16 Jul 2025.
Charges
A charge registered on 07 Dec 2016 via Charge ID 100076725 with State Bank Of India was fully satisfied on 16 Jul 2025.
Charges
A charge with Others of Rs. 71.52 Cr registered on 12 Mar 2024 with Charge ID 100891377 was modified on 02 Jul 2025.
Charges
A charge with Others of Rs. 110.00 Cr registered on 22 Apr 2024 with Charge ID 100910281 was modified on 25 Jun 2025.
87 earlier events are in the company report.
News
Frequently asked questions
Rays Power Infra is an active public limited company based in Mumbai, Maharashtra, India. The company works in power epc, within the energy and power industry. It was incorporated on 13 June 2011 (15+ years old) and is registered under CIN U40106MH2011PLC267684.
Rays Power Infra has 6 current directors:
- Ketan Mehta - Managing Director
- Pawan Kumar Sharma - Whole-Time Director
- Sanjay Garudapally - Whole-Time Director
- Mahendra Kumar Singh - Director
- Rashmi Bafna - Director
- Akhilesh Kumar Jain - Director
The latest financial statements of Rays Power Infra on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 18 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Rays Power Infra is 27AAFCR3720A2ZU, registered in Maharashtra. The company has 17 GST registrations in all, of which 14 are active and 3 are cancelled or inactive. Other active GSTINs include 05AAFCR3720A1Z1 (Uttarakhand), 08AAFCR3720A1ZV (Rajasthan), 09AAFCR3720A1ZT (Uttar Pradesh).
The CIN (Corporate Identification Number) of Rays Power Infra is U40106MH2011PLC267684. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Rays Power Infra has 36 court cases on record: 14 filed by the company and 22 filed against it. 7 are pending. Most are in the high courts.
Rays Power Infra was incorporated on 13 June 2011, making it 15+ years old. It is registered with the Registrar of Companies, Mumbai.
Rays Power Infra has 16 deals on record (6 funding rounds, 5 secondary share transfers, 4 rights issues), with disclosed funding of ₹175.09 Cr; the latest was in September 2025.
Akhilesh Kumar Jain was appointed as Director on 16 Oct 2023. Mahendra Kumar Singh was appointed as Director on 16 Oct 2023. Rashmi Bafna was appointed as Director on 16 Oct 2023. Rays Power Infra has 15 board changes on record in total.
Rays Power Infra has 15 MSME Form 1 returns on record between 2019 and 2024, listing 216 overdue payments to 46 micro and small suppliers. The latest return was filed on 30 Apr 2024.
Rays Power Infra can be reached through the website rayspowerinfra.com. Its registered office is in Mumbai, Maharashtra, India.