About Neptune Developers Limited
Data last updated:
Neptune Developers Limited is a public limited company based in Mumbai, Maharashtra, India. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. Management control has been transferred to an insolvency professional. It operates in the real estate development and construction segment of the real estate and construction sector. It was incorporated on 15 July 2004.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U70102MH2004PLC147510. Its GSTIN is 27AACCN0234C2Z2 (Maharashtra). The company holds 2 GST registrations, of which 1 is active.
The company has an authorised share capital of ₹155 Cr and a paid-up capital of ₹115.44 Cr. It was formerly known as Neptune Developers Private Limited. It is led by directors including Girish Maganlal Limbachiya and Alpesh Ravichandra Gandhi.
Its last annual general meeting (AGM) was held on 30 September 2019, and its latest financial statements are for the year ended 31 March 2019. The registered office is at Mumbai, Maharashtra.
As per the financials filed for FY 2019, the company reported a revenue of ₹24.62 Cr, a decline of 83% compared to the previous year. For the same year it recorded a net loss of ₹192.2 Cr and EBITDA of -₹63.26 Cr (EBITDA margin -256.9%). Revenue has declined at a compounded annual rate (CAGR) of 8% over three years and 11% over five years.
The company has about 31 employees on its provident fund (EPFO) records. Its group structure includes 11 subsidiaries.
As per MCA filings, the company has open charges of ₹660.1 Cr and satisfied charges of ₹277.42 Cr on record. Court records list 128 cases involving the company, including 38 filed by the company and 90 filed against it; 38 cases are pending. The company has 1 deal on record (1 funding round), with disclosed funding of ₹208.47 Cr; the latest was in April 2008.
The last known website on record is neptunegroup.in.
CIN History
Neptune Developers has one previous CIN (Corporate Identification Number): U70102MH2004PTC147510. The current CIN is U70102MH2004PLC147510, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U70102MH2004PLC147510 | Current |
| U70102MH2004PTC147510 | Previous |
- EmailLocked
- TelephoneLocked
- Website
- Social MediaLocked
- Registered Address4th Floor Eastern Business District Near Mangatram Petrol Pump Lbs Road, Bh Andup (W) India, Mumbai, Maharashtra, India – 400078
- IndustryReal Estate and Construction, Real Estate Builders & Developers
- 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
- One PDF report, delivered after checkout
Business Activity
The main business activity of Neptune Developers is construction. In detail, this covers buildings.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| F | Construction | F1 | Buildings | Locked |
Business activity turnover details
Turnover share and past changes in activity are in the company report.
- Turnover contribution
- Historical classifications
- Filing-level activity changes
Financials of Neptune Developers Limited
FY 2019 filings availableNeptune Developers Limited reported revenue of ₹24.62 Cr (down 83% YoY) for FY 2019.
Compounded Annual Growth Rate (CAGR)
Revenue has declined at a compounded annual rate (CAGR) of 11% over five years, including a 83% fall in the latest year. EBITDA fell 151% 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 2018-19 | FY 2014-15 to FY 2017-18in the company report |
|---|---|---|
| Profit and Loss Statement | ||
| Revenue from Operations | •••• | |
| Other Income | •••• | |
| Total Revenue | ₹24.62 Cr | |
| Cost of Materials Consumed | •••• | |
| Employee Benefit Expense | •••• | |
| Finance Costs | •••• | |
| Depreciation and Amortisation | •••• | |
| Other Expenses | •••• | |
| Total Expenses | •••• | |
| EBITDA | -₹63.26 Cr | |
| Profit Before Tax | •••• | |
| Tax Expense | •••• | |
| Net Profit (PAT) | -₹192.2 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 2018-19 | FY 2014-15 to FY 2017-18in the company report |
|---|---|---|
| Profitability | ||
| EBITDA Margin | -256.9% | |
| Net Profit Margin | •••• | |
| 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 | •••• | |
Paid data: the figures shown as dots, and every line for FY 2014-15 to FY 2017-18, are available after purchase of the company report. Figures as filed with the MCA in Form AOC-4. The full year-wise statements and ratios of Neptune Developers are in the company report.
: available in the company report
Board of Directors of Neptune Developers Limited
Neptune Developers has 4 current directors and 18 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Girish Maganlal Limbachiya | Director | 19 Jun 2025 | 1 Years 4 Months | As last reported |
| Alpesh Ravichandra Gandhi Also directs: Shree Yashodanand Realtors Private Limited, Eknath Infra Holding Private Limited, SS Buildcon Private Limited and 5 more | Director | 19 Jun 2025 | 1 Years 4 Months | As last reported |
| Sheetal Girish Rathod | Director | 01 Aug 2017 | 9 Years 2 Months | As last reported |
| Rahul Vijaykumar Parekh Also directs: Shree Naman Sahyadri Projects Private Limited, Prizma Industrial Parks LLP, Shree Naman Land Developers LLP and 5 more | Director | 19 Jun 2025 | 1 Years 4 Months | As last reported |
Auditor Details
Neptune Developers Limited is audited by B.P Sanghani & Associates for the financial year 2019.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| B.P Sanghani & Associates | Locked | Locked | Locked |
: available in the company report
Ownership and Shareholding
: available in the company report
Charges & Borrowings
| Date | Lender | Amount | Status |
|---|---|---|---|
| 27 Mar 2019 | Others | ₹120 Cr | Open |
| 30 Dec 2017 | Others | ₹30 Cr | Open |
| 29 Dec 2017 | Others | ₹145 Cr | Open |
| 10 Mar 2017 | Others | ₹30 Cr | Open |
| 05 May 2016 | Others | ₹235 Cr | Open |
Total charge records: 12 View all charges
Deals & Funding
Neptune Developers Limited has 1 deal on record (1 funding round), with disclosed funding of ₹208.47 Cr; the latest was in April 2008.
Deals on record (1 of 1)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Apr 2008 | Funding round | ₹208.47 Cr | Investors: Piramal Investments |
: available in the company report
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal Cases
Neptune Developers Limited has 128 court cases on record: 38 filed by Neptune Developers, 90 filed against it. 38 cases are pending and 90 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 92 | 59 | 28 |
| High courts | 29 | 24 | 7 |
| NCLAT | 3 | 3 | 2 |
| Supreme Court | 2 | 2 | 1 |
| NCLT | 2 | 2 | 0 |
Cases on record (5 of 128)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Bombay High Court | Court case (S) | Filed against the company by Bennett Coleman and Company Limited | Pending |
| Bombay High Court | Interim or miscellaneous application | Filed against the company by Shree Naman Developers Private Limited | Pending |
| NCLAT, NCLAT New Delhi | Interim or miscellaneous application | Filed against the company by Central Bank of India and 2 others | Pending |
| District court, Mumbai CMM Courts, Maharashtra | Civil suit | Filed against the company by Axis Bank Ltd. Through Mr.Prakash Rao | Pending |
| District court, Thane, Maharashtra | Court case (R.C.A.) | Filed by the company against M/S. Balkrishna Industries Ltd and 2 others | Pending |
: available in 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.
Employees and EPFO Compliance
Neptune Developers Limited has a workforce of 31 employees as of Apr 05, 2024.
: available in the company report
Group Structure
Neptune Developers has 11 subsidiary companies. This group structure data is as of FY 2019. The table lists each entity with its relationship and holding.
| Company Name | CIN | Shares Held |
|---|---|---|
| Homeshell Estate Private Limited | U45201MH2016PTC288631 | Locked |
| Neptune Enclave Private Limited | U45202MH2008PTC177916 | Locked |
| Neptune Housing And Realty Private Limited | U45202MH2008PTC181599 | Locked |
| Neptune Homes Private Limited | U45202MH2008PTC181600 | Locked |
| Neptune Realtors & Developers Private Limited | U45202MH2008PTC181603 | Locked |
| Neptune Infra Ventures Private Limited | U45202MH2008PTC182853 | Locked |
Showing major subsidiaries. Total: 11.
Recent Activity
Neptune Developers Limited has 16 board changes on record since 2009: 4 appointments and 12 cessations. The latest: Alpesh Ravichandra Gandhi was appointed as Director on 19 Jun 2025.
27 earlier events are listed in the company report.
Credit Ratings, Litigation & Regulatory Alerts
: available in the company report
MSME Payment Delays
: available in the company report
Subsidiaries & Group Companies
: available in the company report
GST Compliance
Neptune Developers has 2 GST registrations: 1 active and 1 cancelled or inactive.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AACCN0234C2Z2 | Maharashtra | Active | 07 Jan 2022 |
: available in the company report
MCA Filings & Documents
: available in the company report
Frequently Asked Questions
Neptune Developers is undergoing "Corporate Insolvency Resolution Process" (CIRP) under the Insolvency and Bankruptcy Code, 2016. Management control has been transferred to an insolvency resolution professional. The company may not be able to independently enter into new commitments during this period. This is a high-risk status - verify the resolution status before any engagement.
Neptune Developers is a company under insolvency, formerly operating as a public limited company based in Mumbai, Maharashtra, India. The company works in real estate builders and developers, within the real estate and construction industry. It was incorporated on 15 July 2004 and is registered under CIN U70102MH2004PLC147510. Caution is advised - the company may not have the legal capacity to fulfil new agreements.
Neptune Developers has 4 current directors:
- Girish Maganlal Limbachiya - Director
- Alpesh Ravichandra Gandhi - Director
- Sheetal Girish Rathod - Director
- Rahul Vijaykumar Parekh - Director
The latest financial statements of Neptune Developers on record with the MCA are for the year ended 31 March 2019. Its last annual general meeting was held on 30 September 2019. Year-wise statements from 2015 are in the company report.
The CIN (Corporate Identification Number) of Neptune Developers is U70102MH2004PLC147510. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Neptune Developers has open charges of ₹660.1 Cr and satisfied charges of ₹277.42 Cr as per latest MCA filings.
Neptune Developers has 128 court cases on record: 38 filed by the company and 90 filed against it. 38 are pending. Most are in the district courts.
Neptune Developers was incorporated on 15 July 2004. It is registered with the Registrar of Companies, Mumbai.
Neptune Developers has 1 deal on record (1 funding round), with disclosed funding of ₹208.47 Cr; the latest was in April 2008.
Alpesh Ravichandra Gandhi was appointed as Director on 19 Jun 2025. Girish Maganlal Limbachiya was appointed as Director on 19 Jun 2025. Rahul Vijaykumar Parekh was appointed as Director on 19 Jun 2025. Neptune Developers has 16 board changes on record in total.