Hurun India Rich List 2026 edition · 1 director
- #331 Narendrakumar Baldota & family ₹11,400 Cr
Revenue · FY 2025
₹24.95 Cr
▲ 3% YoY
Net profit · FY 2025
₹1.83 Cr
Net margin 7.3%
EBITDA · FY 2025
₹3.08 Cr
EBITDA margin 12.3%
Authorised capital
₹25 Cr
Registered with MCA
Paid-up capital
₹20.75 Cr
Issued & subscribed
Satisfied charges
₹48.04 Cr
No open charges
Company age
20 yrs
Est. 2006
Employees · EPFO
134
Provident fund records
About MSPL Gases Limited
Data last updated:
MSPL Gases Limited is a public limited company based in Mumbai, Maharashtra, India. It operates in the industrial and specialty gases segment of the chemicals and materials sector. It was incorporated on 03 January 2006 and has been in existence for over 20 years.
Its director Narendrakumar Baldota and family are #331 on the Hurun India Rich List 2026.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U23201MH2006PLC158596. Its GSTIN is 27AAECM5806B1ZS (Maharashtra). The company holds 7 GST registrations, of which 6 are active.
The company has an authorised share capital of ₹25 Cr and a paid-up capital of ₹20.75 Cr. It is led by directors including Surya Prakash Chotia (Whole-Time Director) and Rajan Dattatray Kamat.
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 Baldota Bhavan No 117 Maharashi Karve Road Churchgate, Mumbai, Maharashtra, India – 400020.
As per the financials filed for FY 2025, the company reported a revenue of ₹24.95 Cr, a growth of 3% compared to the previous year. For the same year it recorded a net profit of ₹1.83 Cr (net margin 7.3%) and EBITDA of ₹3.08 Cr (EBITDA margin 12.3%). Revenue has declined at a compounded annual rate (CAGR) of 6% over three years and 1% over five years.
The company has about 134 employees on its provident fund (EPFO) records.
The company is associated with 2 brands: MSPL Gases and Baldota Group. As per MCA filings, the company has satisfied charges of ₹48.04 Cr on record. Court records list 32 cases involving the company, including 32 filed by the company; 1 case is pending.
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 of MSPL Gases Limited
CIN U23201MH2006PLC158596
Registration Number 158596
Incorporation Date 03 January 2006
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
CIN History of MSPL Gases Limited
MSPL Gases has one previous CIN (Corporate Identification Number): U23201MH2006PTC158596. The current CIN is U23201MH2006PLC158596, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U23201MH2006PLC158596 | Current |
| U23201MH2006PTC158596 | Previous |
Key People
Surya Prakash Chotia Whole-Time Director Rajan Dattatray Kamat Director Rahul Kumar Narendrakumar Baldota Director Recognitions & Rankings of MSPL Gases
Contact Details
- EmailLocked
- TelephoneLocked
- Website
- Social Media
- Registered AddressBaldota Bhavan No 117 Maharashi Karve Road Churchgate, Mumbai, Maharashtra, India – 400020
- IndustryChemicals and Materials, Industrial & Specialty Gases
Comprehensive company report
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Associated Brands with MSPL Gases Limited
MSPL Gases operates two associated brands: MSPL Gases and Baldota Group. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Manufacturing and supplying industrial gases, including oxygen and nitrogen, for various sectors in India. | msplgases.com | |
| Owner of wind power projects and iron ore mining facilities | baldota.co.in |
Business Activity of MSPL Gases Limited
The main business activities of MSPL Gases are manufacturing and electricity, gas, steam and air condition supply. In detail, this covers chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products and electric power generation, transmission and distribution. 2 activity segments are registered with the MCA.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| C | Manufacturing | C6 | Chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products | Locked |
| D | Electricity, gas, steam and air condition supply | D1 | Electric power generation, transmission and distribution | Locked |
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Business activity turnover details
Turnover share and past changes in activity are in the company report.
- Turnover contribution
- Historical classifications
- Filing-level activity changes
Verified entity values are shown only after access is granted.
Financials of MSPL Gases Limited FY 2025 filings available
MSPL Gases Limited reported revenue of ₹24.95 Cr (up 3% YoY) for FY 2025.
Revenue · FY 2025
₹24.95 Cr ▲ 3%
Net profit · FY 2025
₹1.83 Cr margin 7.3%
EBITDA · FY 2025
₹3.08 Cr margin 12.3%
Compounded Annual Growth Rate (CAGR) of MSPL Gases Limited
Revenue CAGR growth
1 year
▲ 3%
3 years · compounded
▼ 6%
5 years · compounded
▼ 1%
EBITDA CAGR growth
1 year
▼ 3%
3 years · compounded
▼ 15%
5 years · compounded
▲ 45%
Revenue rose 3% in the latest year, though over five years it has declined at a compounded annual rate (CAGR) of 1%. EBITDA fell 3% 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 of MSPL Gases Limited
| 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 | ₹3.08 Cr | •••• | •••• | •••• | •••• |
| Profit Before Tax | •••• | •••• | •••• | •••• | •••• |
| Tax Expense | •••• | •••• | •••• | •••• | •••• |
| Net Profit (PAT) | ₹1.83 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 of MSPL Gases Limited
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 12.3% | •••• | •••• | •••• | •••• |
| Net Profit Margin | 7.3% | •••• | •••• | •••• | •••• |
| 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 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 MSPL Gases are in the company report.
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Financial statements from 2015
Earlier years and trend charts are in the company report.
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Board of Directors of MSPL Gases Limited
MSPL Gases has 6 current directors and 5 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Rajan Dattatray Kamat | Director | 29 Aug 2022 | 4 Years 1 Months | Current |
| Surya Prakash Chotia | Whole-Time Director | 14 Feb 2020 | 6 Years 8 Months | Current |
| Rahul Kumar Narendrakumar Baldota | Director | 03 Jan 2006 | 20 Years 9 Months | Current |
| Narendrakumar Abheraj Baldota | Director | 03 Jan 2006 | 20 Years 9 Months | Current |
| Rashmi Shrenik Baldota Also directs: MSPL Limited | Director | 06 Jan 2011 | 15 Years 9 Months | Current |
| Shrenik Kumar Narendrakumar Baldota | Director | 03 Jan 2006 | 20 Years 9 Months | Current |
Peer Comparison of MSPL Gases Limited
MSPL Gases Limited is compared with the companies closest to it by revenue in the Chemicals industry (Industrial Gases). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Atul Rubber Processors Private Limited | ₹26.65 Cr (FY 2025) | •••• | •••• | -14.0% | •••• | Raipur, Chhattisgarh, India |
| Sri Venkateswara Oxygen Private Limited | ₹26.07 Cr (FY 2024) | •••• | •••• | 54.0% | •••• | Coimbatore, Tamil Nadu, India |
| Jay Emm Gases Private Limited | ₹25.85 Cr (FY 2025) | •••• | •••• | 0.0% | •••• | New Delhi, Delhi, India |
| Super Gases & Appliances Pvt Ltd | ₹25.54 Cr (FY 2025) | •••• | •••• | 15.0% | •••• | Kharagpur, West Bengal, India |
| Jay Ess Industrial Gases Private Limited | ₹25.36 Cr (FY 2025) | •••• | •••• | 33.0% | •••• | Bathinda, Punjab, India |
| MSPL Gases Limited this company | ₹24.95 Cr (FY 2025) | •••• | •••• | 3.0% | •••• | Mumbai, Maharashtra, India |
| Aims Industries Private Limited | ₹23.84 Cr (FY 2025) | •••• | •••• | 0.0% | •••• | Vadodara, Gujarat, India |
| Suraj Air (India) Private Limited | ₹23.7 Cr (FY 2025) | •••• | •••• | 1.0% | •••• | Bangalore, Karnataka, India |
| Tri Gases Private Limited | ₹22.68 Cr (FY 2024) | •••• | •••• | -11.0% | •••• | Pune, Maharashtra, India |
| Sri Sudarsan Gases Private Limited | ₹22.03 Cr (FY 2025) | •••• | •••• | 9.0% | •••• | Hyderabad, Telangana, India |
| Arun Oxygen Limited | ₹21.53 Cr (FY 2025) | •••• | •••• | 26.0% | •••• | Haryana, India |
Peers are the five companies nearest above and the five nearest below MSPL Gases by revenue in the Chemicals industry (Industrial Gases), from the latest filed financials of each company. Net profit, margin and employee counts of each peer are in the company report.
Auditor Details of MSPL Gases Limited
MSPL Gases Limited is audited by CHATURVEDI & SHAH LLP for the financial year 2023.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| CHATURVEDI & SHAH LLP | Locked | Locked | Locked |
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Complete auditor history
Appointment and cessation dates and past auditor changes are in the company report.
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Ownership and Shareholding of MSPL Gases Limited
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Shareholding and ownership data
Promoter, institutional, public and beneficial ownership figures are in the company report.
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Charges & Borrowings of MSPL Gases Limited
Open charges
None
Satisfied charges
₹48.04 Cr
Breakdown by lending institutions
Latest charge details
| Date | Lender | Amount | Status |
|---|---|---|---|
| 23 Jul 2016 | Others | ₹1.28 Cr | Satisfied |
| 29 Nov 2014 | Others | ₹5 Cr | Satisfied |
| 06 Apr 2013 | Punjab National Bank (International) Limited | ₹41.76 Cr | Satisfied |
Total charge records: 3 View all charges
Legal Cases of MSPL Gases Limited
MSPL Gases Limited has 32 court cases on record: 32 filed by MSPL Gases. 1 case is pending and 31 are disposed. Status as checked between 28 Sep 2026 and 04 Oct 2026.
Total cases
32
Filed by the company
32
Pending
1
Disposed
31
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 26 | 0 | 1 |
| High courts | 6 | 0 | 0 |
Cases on record (5 of 32)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Madras High Court | Writ petition | Filed by the company against Steel Authority of India Limited | Disposed |
| Madras High Court | Appeal | Filed by the company against Steel Authority of India Limited | Disposed |
| District court, VIJAYANAGAR, Karnataka | Criminal complaint | Filed by the company against an individual | Pending |
| District court, VIJAYANAGAR, Karnataka | Criminal complaint | Filed by the company against an individual | Disposed |
| District court, VIJAYANAGAR, Karnataka | Criminal complaint | Filed by the company against an individual | Disposed |
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Full case history
All 32 cases with case numbers, court, year-wise trend, opposite parties and decision dates are in the company report.
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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.
MSME Payment Delays by MSPL Gases Limited
MSPL Gases Limited has 5 MSME Form 1 returns on record between 2012 and 2019, listing 29 overdue payments to 10 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 10)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Amogh Gases Private Limited | •••• | •••• | •••• |
| Sailca Industries | •••• | •••• | •••• |
| The Southern Gas Limited | •••• | •••• | •••• |
| an individual supplier | •••• | •••• | •••• |
| an individual supplier | •••• | •••• | •••• |
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Full MSME payment history
Every supplier, amount and due date from all 5 MSME Form 1 returns is in the company report.
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Individuals and sole proprietors among the suppliers are not named. Amounts, due dates and filing dates are in the company report.
Employees and EPFO Compliance at MSPL Gases Limited
MSPL Gases Limited has a workforce of 134 employees as of Apr 05, 2024.
Employee count
134
Active EPFO establishments
1
Employee growth
-10.67%
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Employee and EPFO history
Monthly headcount, contribution history and filing status are in the company report.
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Recent Activity on MSPL Gases Limited
MSPL Gases Limited has 11 board changes on record since 2006: 6 appointments and 5 cessations. The latest: Madhava Ravindra ceased to be Director on 30 Mar 2025.
AGM
Mspl Gases Limited last Annual general meeting of members was held on 29 Sep 2025 as per latest MCA records.
Filing
Mspl Gases Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Mumbai.
Ceased
Madhava Ravindra ceased to be Director.
Ceased
Rajan Dattatray Kamat ceased to be Additional Director.
Appointed
Rajan Dattatray Kamat was appointed as Director.
Ceased
Ramkrishna Hemappa Sawkar ceased to be Director.
Charges
A charge registered on 23 Jul 2016 via Charge ID 100042860 with Others was fully satisfied on 10 Jan 2022.
Appointed
Surya Prakash Chotia was appointed as Whole-Time Director.
Ceased
Surya Prakash Chotia ceased to be Additional Director.
Ceased
Rashmi Shrenik Baldota ceased to be Whole-Time Director.
Charges
A charge registered on 29 Nov 2014 via Charge ID 100058427 with Others was fully satisfied on 29 Nov 2018.
Charges
A charge registered on 06 Apr 2013 via Charge ID 10421304 with Punjab National Bank (International) Limited was fully satisfied on 09 Aug 2018.
8 earlier events are listed in the company report.
Credit Ratings, Litigation & Regulatory Alerts for MSPL Gases Limited
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Credit ratings, litigation, and regulatory alerts
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Subsidiaries & Group Companies of MSPL Gases Limited
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Corporate group structure
Parent, subsidiary, associate and joint venture records with holdings are in the company report.
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GST Compliance of MSPL Gases Limited
MSPL Gases has 7 GST registrations: 6 active and 1 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
7
Active
6
Cancelled / inactive
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAECM5806B1ZS | Maharashtra | Active | 01 Jul 2017 |
| 29AAECM5806B1ZO | Karnataka | Active | 01 Jul 2017 |
| 30AAECM5806B1Z5 | Goa | Active | 01 Jul 2017 |
| 37AAECM5806B1ZR | Andhra Pradesh | Active | 01 Jul 2017 |
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GST registrations and filing compliance
State-wise GST registrations, return filing status and HSN or SAC codes are in the company report.
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MCA Filings & Documents of MSPL Gases Limited
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MCA filings and documents
Filed forms, annual returns, financial statements and charge filings with their dates are in the company report.
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Related news about MSPL Gases Limited
Frequently Asked Questions about MSPL Gases Limited
MSPL Gases is an active public limited company based in Mumbai, Maharashtra, India. The company works in industrial and specialty gases, within the chemicals and materials industry. It was incorporated on 03 January 2006 (20+ years old) and is registered under CIN U23201MH2006PLC158596.
MSPL Gases reported revenue of ₹24.95 Cr for FY 2025 (up 3% YoY).
MSPL Gases has 6 current directors:
- Surya Prakash Chotia - Whole-Time Director
- Rajan Dattatray Kamat - Director
- Rahul Kumar Narendrakumar Baldota - Director
- Narendrakumar Abheraj Baldota - Director
- Rashmi Shrenik Baldota - Director
- Shrenik Kumar Narendrakumar Baldota - Director
MSPL Gases reported a net profit of ₹1.83 Cr (net margin 7.3%) and EBITDA of ₹3.08 Cr (EBITDA margin 12.3%) for FY 2025, as per its filed financial statements.
The compounded annual growth rate (CAGR) of the revenue of MSPL Gases is -6% over three years and -1% over five years. In the latest year (FY 2025) revenue rose 3%. CAGR is the steady yearly rate that links the first and the last year.
The GSTIN of MSPL Gases is 27AAECM5806B1ZS, registered in Maharashtra. The company has 7 GST registrations in all, of which 6 are active and 1 is cancelled or inactive. Other active GSTINs include 29AAECM5806B1ZO (Karnataka), 30AAECM5806B1Z5 (Goa), 37AAECM5806B1ZR (Andhra Pradesh).
The CIN (Corporate Identification Number) of MSPL Gases is U23201MH2006PLC158596. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
MSPL Gases has 32 court cases on record: 32 filed by the company. 1 is pending. Most are in the district courts.
MSPL Gases was incorporated on 03 January 2006, making it 20+ years old. It is registered with the Registrar of Companies, Mumbai.
The peers of MSPL Gases by revenue are Atul Rubber Processors Private Limited, Sri Venkateswara Oxygen Private Limited, Jay Emm Gases Private Limited, Super Gases & Appliances Pvt Ltd, Jay Ess Industrial Gases Private Limited and 5 more, all in the Chemicals industry (Industrial Gases).
Madhava Ravindra ceased to be Director on 30 Mar 2025. Rajan Dattatray Kamat ceased to be Additional Director on 23 Sep 2022. Rajan Dattatray Kamat was appointed as Director on 29 Aug 2022. MSPL Gases has 11 board changes on record in total.
MSPL Gases has 5 MSME Form 1 returns on record between 2012 and 2019, listing 29 overdue payments to 10 micro and small suppliers. The latest return was filed on 18 May 2019.