MSME (Udyam registered) Ministry of MSME
- Category
- Small (2024-25)
- Udyam number
- UDYAM-GJ-01-0096263
Mundra Solar Limited - energy and power in Ahmedabad, Gujarat, India. Directors, charges & compliance details.
Revenue · FY 2026
₹8.56 Cr
▼ 92% YoY
Net profit · FY 2026
₹8.28 Cr
Net margin 96.8%
EBITDA · FY 2026
₹8.52 Cr
EBITDA margin 99.6%
Authorised capital
₹5 Lakh
Registered with MCA
Paid-up capital
₹5 Lakh
Issued & subscribed
Satisfied charges
₹544 Cr
No open charges
Company age
11 yrs
Est. 2015
Directors on board
3
As per MCA filings
About Mundra Solar Limited
Data last updated:
Mundra Solar Limited was a public limited company based in Ahmedabad, Gujarat, India, operated as a subsidiary of Adani Green Technology Limited. The company has been struck off by the Registrar of Companies, typically due to non-filing of annual returns or failure to commence business. It is no longer operational and cannot enter into any legal contracts or agreements. It operated in the power equipment manufacturers segment of the energy and power sector. It was incorporated on 16 June 2015.
The company was registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U40101GJ2015PLC083552. Its GSTIN is 24AAJCM7846E2ZA (Gujarat). The company held 4 GST registrations, of which 3 are active.
The company had an authorised share capital of ₹5 Lakh and a paid-up capital of ₹5 Lakh. It was led by directors including Rahul Krishanlal Bhutiani (Managing Director) and Dharmesh Arvindbhai Parekh.
Its last annual general meeting (AGM) was held on 05 May 2026, and its latest financial statements are for the year ended 31 March 2026. The registered office was at Ahmedabad, Gujarat.
As per the financials filed for FY 2026, the company reported a revenue of ₹8.56 Cr, a decline of 92% compared to the previous year. For the same year it recorded a net profit of ₹8.28 Cr (net margin 96.8%) and EBITDA of ₹8.52 Cr (EBITDA margin 99.6%). Revenue has declined at a compounded annual rate (CAGR) of 35% over three years and 1% over five years.
The company was associated with 2 brands: Mundra energy and Adani Solar. As per MCA filings, the company had satisfied charges of ₹544 Cr on record.
Mundra Solar Limited was registered as a small enterprise under the Udyam registration framework (Reg. No. UDYAM-GJ-01-0096263). The last known website on record is adanisolar.com.
Company details
CIN U40101GJ2015PLC083552
Registration Number 083552
Incorporation Date 16 June 2015
ROC Ahmedabad
Listing Status Unlisted
Company Status Struck Off
Date of Last AGM 05 May 2026
Date of Balance Sheet 31 March 2026
Parent Company Adani Green Technology Limited
Compliance Status Active Compliant
MSME Classification Small
Udyam Registration UDYAM-GJ-01-0096263
Key People
Rahul Krishanlal Bhutiani Managing Director Dharmesh Arvindbhai Parekh Director Dhirav Hemendrakumar Shah Director Recognitions & Rankings of Mundra Solar
Contact details
Mundra Solar Limited's registered office is in Ahmedabad, Gujarat. Its website is adanisolar.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressAdani Corporate House Shantigram Near Vaishno Devi Circle S. G. Highway, Khodiyar, Ahmedabad, Gujarat, India – 382421
- IndustryEnergy and Power, Power Equipment Manufacturers
To see the full contact details of Mundra Solar Limited, buy the company report.
Comprehensive company report
Mundra Solar 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
Mundra Solar operates two associated brands: Mundra energy and Adani Solar. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Manufactures and supplies solar water heaters, cookers, PV systems, and street lights. | mundraenergy.com | |
| Manufactures high-quality solar cells and modules to promote sustainable energy solutions. | adanisolar.com |
Business activity
The main business activity of Mundra Solar is manufacturing. In detail, this covers repair and installation of machinery and equipment.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | 33 | Repair and installation of machinery and equipment |
To see the full business activity and turnover split of Mundra Solar Limited, buy the company report.
Financials of Mundra Solar Limited
FY 2026 filings availableMundra Solar Limited reported revenue of ₹8.56 Cr (down 92% YoY) for FY 2026.
Revenue · FY 2026
₹8.56 Cr ▼ 92%
Net profit · FY 2026
₹8.28 Cr margin 96.8%
EBITDA · FY 2026
₹8.52 Cr margin 99.6%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▼ 92%
3 years · compounded
▼ 35%
5 years · compounded
▼ 1%
EBITDA CAGR growth
1 year
▼ 92%
3 years · compounded
▲ 37%
5 years · compounded
▲ 121%
Revenue has declined at a compounded annual rate (CAGR) of 1% over five years, including a 92% fall in the latest year. EBITDA fell 92% 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 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | |||||
| Other Income | |||||
| Total Revenue | ₹8.56 Cr | ||||
| Cost of Materials Consumed | |||||
| Employee Benefit Expense | |||||
| Finance Costs | |||||
| Depreciation and Amortisation | |||||
| Other Expenses | |||||
| Total Expenses | |||||
| EBITDA | ₹8.52 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹8.28 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 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 99.6% | ||||
| Net Profit Margin | 96.8% | ||||
| 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 | |||||
To see the full financial statements and ratios of Mundra Solar Limited, buy the company report.
Board of directors of Mundra Solar Limited
Mundra Solar has 3 current directors and 9 former directors. Current directors are listed first, with their designation and appointment date.
Directors (as last reported)
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Dharmesh Arvindbhai Parekh Also directs: Vishakha Renewables Private Limited, Adani Green Technology Limited, Mundra Solar Energy Limited and 2 more | Director | 22 May 2019 | 7 Years 5 Months | As last reported |
| Dhirav Hemendrakumar Shah Also directs: Adani Green Technology Limited, Adani Tradecom Limited | Director | 15 Feb 2021 | 5 Years 8 Months | As last reported |
| Rahul Krishanlal Bhutiani Also directs: Adani Green Technology Limited, Mundra Solar Energy Limited, Mundra Solar Technopark Private Limited and 1 more | Managing Director | 01 Sep 2025 | 1 Years 2 Months | As last reported |
Auditor
Mundra Solar Limited is audited by SHAHA AND SHAH ASSOCIATES for the financial year 2026.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| SHAHA AND SHAH ASSOCIATES | FY 2026 | 113742W |
Shareholding
The shareholding of Mundra Solar Limited is on record for 5 financial years, the latest being FY 2026, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Mundra Solar Limited, buy the company report.
Charges & borrowings
Open charges
None
Satisfied charges
₹544 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 09 Jan 2024 | 100850636 | Others | ₹544 Cr | Satisfied |
To see the full charge records of Mundra Solar Limited, buy the company report.
Total charge records: 1 View all charges
Legal cases
No court or tribunal cases involving Mundra Solar Limited are on our record; a case search with case numbers, parties and status is in the company report Buy the company report.
MSME payment delays
Mundra Solar Limited has 7 MSME Form 1 returns on record between 2018 and 2021, listing 15 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 |
|---|---|---|---|
| Vikram India Ltd | |||
| an individual supplier | |||
| Sensehawk India Private Limited | |||
| Satyukt Analytics Private Limited | |||
| Shah and Shah Associates |
To see the full MSME payment records of Mundra Solar Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Mundra Solar has 1 associated company. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
1
Associated companies
GST
Mundra Solar has 4 GST registrations: 3 active and 1 cancelled or inactive.
Total GSTINs
4
Active
3
Cancelled / inactive
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAJCM7846E2ZA | Gujarat | Active | 16 Oct 2022 |
| 24AAJCM7846E3Z9 | Gujarat | Active | 13 Jan 2023 |
| 08AAJCM7846E1Z5 | Rajasthan | Active | 26 Jun 2020 |
To see the full GST registrations and return filing status of Mundra Solar Limited, buy the company report.
Recent activity
Mundra Solar Limited has 12 board changes on record since 2018: 3 appointments and 9 cessations. The latest: Rahul Krishanlal Bhutiani was appointed as Managing Director on 01 Sep 2025.
AGM
Mundra Solar Limited last Annual general meeting of members was held on 05 May 2026 as per latest MCA records.
Filing
Mundra Solar Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Ahmedabad.
Appointed
Rahul Krishanlal Bhutiani was appointed as Managing Director.
Ceased
Rahul Krishanlal Bhutiani ceased to be Additional Director.
Charges
A charge registered on 09 Jan 2024 via Charge ID 100850636 with Others was fully satisfied on 18 Oct 2024.
Charges
A charge with Others amounted to Rs. 54,400.00 Lakh with Charge ID 100850636 was registered on 09 Jan 2024.
Ceased
Harsh Vardhan Govil ceased to be Director.
Ceased
Dhirav Hemendrakumar Shah ceased to be Additional Director.
Appointed
Dhirav Hemendrakumar Shah was appointed as Director.
Ceased
Anshul Khandelwal ceased to be Additional Director.
Ceased
Dharmesh Arvindbhai Parekh ceased to be Additional Director.
Ceased
Anil Kumar Gupta ceased to be Director.
5 earlier events are in the company report.
News
Frequently asked questions
Mundra Solar has a status of "Struck Off" as per MCA records. This means the company has been officially removed from the Register of Companies, typically due to non-filing of annual returns or failure to commence business within one year of incorporation. A struck-off company cannot enter into any legal contracts or agreements, and any dealings with such an entity carry significant legal and financial risk.
Mundra Solar was a public limited company based in Ahmedabad, Gujarat, India. The company worked in power equipment manufacturers, within the energy and power industry. It was incorporated on 16 June 2015 and is registered under CIN U40101GJ2015PLC083552. The company has been struck off by the Registrar of Companies and is no longer operational.
Mundra Solar had 3 directors:
- Rahul Krishanlal Bhutiani - Managing Director
- Dharmesh Arvindbhai Parekh - Director
- Dhirav Hemendrakumar Shah - Director
The CIN (Corporate Identification Number) of Mundra Solar is U40101GJ2015PLC083552. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
The registered office of Mundra Solar is at Adani Corporate House Shantigram Near Vaishno Devi Circle S. G. Highway, Khodiyar, Ahmedabad, Gujarat, India – 382421.
Mundra Solar was incorporated on 16 June 2015. It is registered with the Registrar of Companies, Ahmedabad.
Yes, Mundra Solar is registered as a small enterprise under Udyam registration (number: UDYAM-GJ-01-0096263).
Mundra Solar can be reached through the website adanisolar.com. Its registered office is in Ahmedabad, Gujarat, India.
The latest financial statements of Mundra Solar on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 05 May 2026. Year-wise statements from FY 2016 are in the company report.
The GSTIN of Mundra Solar is 24AAJCM7846E2ZA, registered in Gujarat. The company has 4 GST registrations in all, of which 3 are active and 1 is cancelled or inactive. Other active GSTINs include 24AAJCM7846E3Z9 (Gujarat), 08AAJCM7846E1Z5 (Rajasthan).
Mundra Solar operated in the energy and power industry, in the power equipment manufacturers segment. It worked in this industry before it was struck off.
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