MSME (Udyam registered) Ministry of MSME
- Category
- Medium (2024-25)
- Udyam number
- UDYAM-GJ-01-0027354
Indo Colchem Limited - chemicals and materials in Ahmedabad, Gujarat, India. FY 2026 financials & compliance.
Revenue · FY 2025
₹167.58 Cr
▼ 10% YoY
Net profit · FY 2025
₹1.27 Cr
Net margin 0.8%
EBITDA · FY 2025
₹7.64 Cr
EBITDA margin 4.6%
Authorised capital
₹14 Cr
Registered with MCA
Paid-up capital
₹10 Cr
Issued & subscribed
Open charges
₹86.2 Cr
Satisfied ₹84.41 Cr
Company age
40 yrs
Est. 1986
Employees · EPFO
60
Provident fund records
About Indo Colchem Limited
Data last updated:
Indo Colchem Limited is a public limited company based in Ahmedabad, Gujarat, India. It operates in the dyes and pigments segment of the chemicals and materials sector. It was incorporated on 26 September 1986 and has been in existence for over 40 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U24100GJ1986PLC009016. Its GSTIN is 24AAACI4393K1ZF (Gujarat).
The company has an authorised share capital of ₹14 Cr and a paid-up capital of ₹10 Cr. It was formerly known as Ms Papers Private Limited and Indo Colchem Private Limited. It is led by directors including Chirag Satish Shah (Managing Director) and Rahul Hareshbhai Modi.
Its last annual general meeting (AGM) was held on 30 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at 36 2 Phase Iigidc Estate Vatva, Ahmedabad, Gujarat, India – 382445.
As per the financials filed for FY 2025, the company reported a revenue of ₹167.58 Cr, a decline of 10% compared to the previous year. For the same year it recorded a net profit of ₹1.27 Cr (net margin 0.8%) and EBITDA of ₹7.64 Cr (EBITDA margin 4.6%).
The company has about 60 employees on its provident fund (EPFO) records. Its group structure includes 1 subsidiary.
As per MCA filings, the company has open charges of ₹86.2 Cr and satisfied charges of ₹84.41 Cr on record. Court records list 716 cases involving the company, including 423 filed by the company and 298 filed against it; 118 cases are pending. The company has 9 deals on record (9 secondary share transfers); the latest was in March 2019. Its 9 peer companies in the Chemicals industry (Dyes and Pigments), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products) are compared by revenue, 5 larger and 4 smaller; the largest is Merck Performance Materials Private Limited with revenue of ₹183.8 Cr.
Indo Colchem Limited is registered as a medium enterprise under the Udyam registration framework (Reg. No. UDYAM-GJ-01-0027354). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website indocol.com.
Company Details of Indo Colchem Limited
CIN U24100GJ1986PLC009016
Registration Number 009016
Incorporation Date 26 September 1986
ROC Ahmedabad
Listing Status Unlisted
Company Status Active
Date of Last AGM 30 September 2025
Date of Balance Sheet 31 March 2025
Compliance Status Active Compliant
MSME Classification Medium
Udyam Registration UDYAM-GJ-01-0027354
Name History
Indo Colchem has undergone 4 name changes throughout its history. The current legal name is Indo Colchem Limited.
| Company Name | Status |
|---|---|
| Indo Colchem Limited | Current |
| Ms Papers Private Limited | Previous |
| Indo Colchem Private Limited | Previous |
| M S Papers Pvt Ltd | Previous |
CIN History
Indo Colchem has 3 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is U24100GJ1986PLC009016, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U24100GJ1986PLC009016 | Current |
| U24231GJ1986PLC009016 | Previous |
| U24231GJ1986PTC009016 | Previous |
| U24100GJ1986PTC009016 | Previous |
Key People
Chirag Satish Shah Managing Director Rahul Hareshbhai Modi Director Kusum Satish Shah Director Recognitions & Rankings of Indo Colchem
Contact Details
- EmailLocked
- TelephoneLocked
- Website
- Social Media
- Registered Address36 2 Phase Iigidc Estate Vatva, Ahmedabad, Gujarat, India – 382445
- IndustryChemicals and Materials, Dyes & Pigments, Colorants
Comprehensive company report
Indo Colchem 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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Business Activity
The main business activity of Indo Colchem is manufacturing. In detail, this covers chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products.
| 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 |
Premium access
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 Indo Colchem Limited
FY 2025 filings availableIndo Colchem Limited reported revenue of ₹167.58 Cr (down 10% YoY) for FY 2025.
Revenue · FY 2025
₹167.58 Cr ▼ 10%
Net profit · FY 2025
₹1.27 Cr margin 0.8%
EBITDA · FY 2025
₹7.64 Cr margin 4.6%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▼ 10%
EBITDA CAGR growth
1 year
▲ 5%
3 years · compounded
▲ 9%
Revenue fell 10% in the latest year. EBITDA rose 5% 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 2020-21 to FY 2023-24in the company report |
|---|---|---|
| Profit and Loss Statement | ||
| Revenue from Operations | •••• | |
| Other Income | •••• | |
| Total Revenue | ₹167.58 Cr | |
| Cost of Materials Consumed | •••• | |
| Employee Benefit Expense | •••• | |
| Finance Costs | •••• | |
| Depreciation and Amortisation | •••• | |
| Other Expenses | •••• | |
| Total Expenses | •••• | |
| EBITDA | ₹7.64 Cr | |
| Profit Before Tax | •••• | |
| Tax Expense | •••• | |
| Net Profit (PAT) | ₹1.27 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 2020-21 to FY 2023-24in the company report |
|---|---|---|
| Profitability | ||
| EBITDA Margin | 4.6% | |
| Net Profit Margin | 0.8% | |
| 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 2020-21 to FY 2023-24, 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 Indo Colchem are in the company report.
: available in the company report
Board of Directors of Indo Colchem Limited
Indo Colchem has 8 current directors and 17 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Rahul Hareshbhai Modi Also directs: Oceanic Foods Limited | Director | 20 Oct 2023 | 3 Years 0 Months | Current |
| Kusum Satish Shah Also directs: Strategic Investors LLP | Director | 30 Sep 2010 | 16 Years 0 Months | Current |
| Bharatbhai Ishwarbhai Rabari | Director | 28 Dec 2022 | 3 Years 9 Months | Current |
| Nikunjbhai Rasiklal Shah | Director | 05 Nov 2022 | 3 Years 11 Months | Current |
| Chirag Satish Shah Also directs: Strategic Investors LLP, Clairvoyance Industries Private Limited, The Rang Udhyog Private Limited and 3 more | Managing Director | 01 Jun 2012 | 14 Years 4 Months | Current |
| Satish Sampatraj Shah Also directs: Strategic Investors LLP, Clairvoyance Industries Private Limited, The Rang Udhyog Private Limited and 2 more | Director | 01 Jul 2009 | 17 Years 3 Months | Current |
Showing 6 of 8 current directors. View all directors
Peer Comparison
Indo Colchem Limited is compared with the companies closest to it by revenue in the Chemicals industry (Dyes and Pigments), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Merck Performance Materials Private Limited | ₹183.8 Cr (FY 2025) | •••• | •••• | -1.0% | •••• | Mumbai, Maharashtra, India |
| Alps Chemicals Private Limited | ₹180.41 Cr (FY 2025) | •••• | •••• | 12.0% | •••• | Ahmedabad, Gujarat, India |
| CHT (India) Private Limited | ₹171.68 Cr (FY 2025) | •••• | •••• | 15.0% | •••• | Navi Mumbai, Maharashtra, India |
| Shree Swati Texdyes Private Limited | ₹168.65 Cr (FY 2025) | •••• | •••• | 96.0% | •••• | Ahmedabad, Gujarat, India |
| Aries Colorchem Private Limited | ₹167.93 Cr (FY 2025) | •••• | •••• | 21.0% | •••• | Ahmedabad, Gujarat, India |
| Indo Colchem Limited this company | ₹167.58 Cr (FY 2025) | •••• | •••• | -10.0% | •••• | Ahmedabad, Gujarat, India |
| Navpad Pigments Private Limited | ₹166.16 Cr (FY 2025) | •••• | •••• | 12.0% | •••• | Kadi, Gujarat, India |
| Vipul Organics Limited Listed | ₹163.14 Cr (FY 2025) | •••• | •••• | 8.0% | •••• | Mumbai, Maharashtra, India |
| A-One Phthalo Colors Private Limited | ₹162.69 Cr (FY 2025) | •••• | •••• | 19.0% | •••• | Ahmedabad, Gujarat, India |
| S P S Processors Private Limited | ₹159.93 Cr (FY 2022) | •••• | •••• | 61.0% | •••• | Ahmedabad, Gujarat, India |
Peers are the companies nearest to Indo Colchem by revenue, above and below it, in the Chemicals industry (Dyes and Pigments), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products), from the latest filed financials of each company. Net profit, margin and employee counts of each peer are in the company report.
Auditor Details
Indo Colchem Limited is audited by Nayan Patel & Associates for the financial year 2025.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| Nayan Patel & Associates | Locked | Locked | Locked |
: available in the company report
Ownership and Shareholding
: available in the company report
Charges & Borrowings
Open charges
₹86.2 Cr
Satisfied charges
₹84.41 Cr
Breakdown by lending institutions
Latest charge details
| Date | Lender | Amount | Status |
|---|---|---|---|
| 29 Jun 2026 | Hdfc Bank Limited | ₹2.19 Cr | Open |
| 28 Mar 2025 | The Hongkong and Shanghai Banking Corporation Limited | ₹15 Cr | Open |
| 16 Oct 2023 | Axis Bank Limited | ₹4 Cr | Open |
| 15 Mar 2019 | Axis Bank Limited | ₹11.2 Cr | Open |
| 06 Nov 2014 | Others | ₹33.51 Cr | Open |
Total charge records: 13 View all charges
Deals & Funding
Indo Colchem Limited has 9 deals on record (9 secondary share transfers); the latest was in March 2019.
Total deals
9
Secondary share transfers
9
Deals on record (5 of 9)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2019 | Secondary share transfer | Undisclosed | Buyer: Satishchand Sampatraj HUF, Sampatraj Satishchand HUF Seller: an individual |
| Dec 2018 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
| Dec 2017 | Secondary share transfer | Undisclosed | Seller: Satishchand Sampatraj HUF |
| Mar 2013 | Secondary share transfer | Undisclosed | Buyer: 4 individuals Seller: 4 individuals |
| Feb 2011 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: Indbank Merchant Banking Services Limited |
: 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
Indo Colchem Limited has 716 court cases on record: 423 filed by Indo Colchem, 298 filed against it. 118 cases are pending and 598 are disposed.
Total cases
716
Filed by the company
423
Filed against the company
298
Pending
118
Disposed
598
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 480 | 225 | 84 |
| High courts | 222 | 67 | 31 |
| Supreme Court | 8 | 3 | 2 |
| NCLT | 6 | 3 | 1 |
Cases on record (5 of 716)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Ludhiana, Punjab | Commercial suit | Filed against the company by Krecycling Private Limited | Pending |
| District court, West Godavari, Andhra Pradesh | Criminal case | Filed by the company against M/S.Jana Papers Pvt Ltd Prakash K and 1 other | Pending |
| High Court, MAHARASHTRA | Court case (ALP) | Filed by the company against Sachin Arts India Pvt Ltd. and 3 others | Pending |
| District court, Hyderabad Central, Telangana | Cheque dishonour complaint | Filed by the company against M/S Trident Sugars Ltd Rep by Its Director. Ramanath Ramanjula Nanda Kumar | Pending |
| High Court, ANDHRAPRADESH | Writ petition | Filed by the company against The Andhra Pradesh Central Power Distribution Corporation Limited and 1 other | 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
Indo Colchem Limited has a workforce of 60 employees as of Oct 10, 2025.
Employee count
60
Active EPFO establishments
1
Employee growth
3.45%
: available in the company report
Group Structure
Indo Colchem has 1 subsidiary company and 1 associated company. This group structure data is as of FY 2024. The table lists each entity with its relationship and holding.
1
Subsidiary companies
1
Associated companies
Key Subsidiaries
| Company Name | CIN | Shares Held |
|---|---|---|
| Clairvoyance Chemtech Private Limited | U24304GJ2018PTC102466 | Locked |
Showing major subsidiaries. Total: 1.
Recent Activity
Indo Colchem Limited has 24 board changes on record since 2009: 8 appointments and 16 cessations. The latest: Piyushkumar Ranchhodbhai Patel was appointed as Director on 01 Apr 2024.
Charges
A charge registered on 05 Mar 2021 via Charge ID 100425799 with Others was fully satisfied on 30 Jun 2026.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 2.19 Cr with Charge ID 101335520 was registered on 29 Jun 2026.
Charges
A charge with Hdfc Bank Limited of Rs. 20.21 Cr registered on 01 Nov 2014 with Charge ID 10535723 was modified on 10 Jun 2026.
Charges
A charge registered on 18 Aug 2021 via Charge ID 100476003 with Axis Bank Limited was fully satisfied on 24 Mar 2026.
AGM
Indo Colchem Limited last Annual general meeting of members was held on 30 Sep 2025 as per latest MCA records.
Filing
Indo Colchem Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Ahmedabad.
Charges
A charge with The Hongkong And Shanghai Banking Corporation Limited amounted to Rs. 15.00 Cr with Charge ID 101076860 was registered on 28 Mar 2025.
Charges
A charge with Axis Bank Limited of Rs. 11.20 Cr registered on 15 Mar 2019 with Charge ID 100255627 was modified on 22 Jan 2025.
Appointed
Piyushkumar Ranchhodbhai Patel was appointed as Director.
Charges
A charge with Axis Bank Limited of Rs. 4.00 Cr registered on 16 Oct 2023 with Charge ID 100816261 was modified on 13 Mar 2024.
Charges
A charge with Others of Rs. 33.51 Cr registered on 06 Nov 2014 with Charge ID 10535714 was modified on 13 Mar 2024.
Appointed
Rahul Hareshbhai Modi was appointed as Director.
39 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
Indo Colchem has 1 GST registration: 1 active.
Total GSTINs
1
Active
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAACI4393K1ZF | Gujarat | Active | 01 Jul 2017 |
: available in the company report
MCA Filings & Documents
: available in the company report
Frequently Asked Questions
Indo Colchem is an active public limited company based in Ahmedabad, Gujarat, India. The company works in dyes and pigments, within the chemicals and materials industry. It was incorporated on 26 September 1986 (40+ years old) and is registered under CIN U24100GJ1986PLC009016.
Indo Colchem has 8 current directors:
- Chirag Satish Shah - Managing Director
- Rahul Hareshbhai Modi - Director
- Kusum Satish Shah - Director
- Bharatbhai Ishwarbhai Rabari - Director
- Nikunjbhai Rasiklal Shah - Director
- Satish Sampatraj Shah - Director
- Parimal Suryakant Patwa - Director
- Piyushkumar Ranchhodbhai Patel - Director
The latest financial statements of Indo Colchem on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 30 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Indo Colchem is 24AAACI4393K1ZF, registered in Gujarat.
The CIN (Corporate Identification Number) of Indo Colchem is U24100GJ1986PLC009016. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Indo Colchem has 716 court cases on record: 423 filed by the company and 298 filed against it. 118 are pending. Most are in the district courts.
Indo Colchem was incorporated on 26 September 1986, making it 40+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Indo Colchem has 9 deals on record (9 secondary share transfers); the latest was in March 2019.
The peers of Indo Colchem by revenue are Merck Performance Materials Private Limited, Alps Chemicals Private Limited, CHT (India) Private Limited, Shree Swati Texdyes Private Limited, Aries Colorchem Private Limited and 4 more, all in the Chemicals industry (Dyes and Pigments), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products).
Piyushkumar Ranchhodbhai Patel was appointed as Director on 01 Apr 2024. Rahul Hareshbhai Modi was appointed as Director on 20 Oct 2023. Dineshkumar Chhogalal Hundia ceased to be Director on 11 Oct 2023. Indo Colchem has 24 board changes on record in total.
Yes, Indo Colchem is registered as a medium enterprise under Udyam registration (number: UDYAM-GJ-01-0027354).