About Mutual Industries Limited
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Mutual Industries Limited is a public limited company based in Mumbai, Maharashtra, India. It operates in the plastic-based products segment of the manufacturing sector. It was incorporated on 28 September 1990 and has been in existence for over 36 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U99999MH1990PLC058368. Its GSTIN is 27AAACM3522G1ZT (Maharashtra). The company holds 5 GST registrations, of which 4 are active.
The company has an authorised share capital of ₹10 Cr and a paid-up capital of ₹5.64 Cr. It was formerly known as Mutual Mecaplast Ltd. It is led by directors including Apurva Kiritkumar Gandhi (Whole-Time Director) and Harin Kiritkumar Gandhi (Whole-Time Director).
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 Mumbai, Maharashtra.
As per the financials filed for FY 2025, the company reported a revenue of ₹95.9 Cr, a decline of 26% compared to the previous year. For the same year it recorded a net loss of ₹10.43 Cr (net margin -10.9%) and EBITDA of ₹8.97 Cr (EBITDA margin 9.4%). Revenue has grown at a compounded annual rate (CAGR) of 1% over five years.
The company has about 191 employees on its provident fund (EPFO) records. Its group structure includes 1 subsidiary.
The company is associated with 1 brand: Mutual Industries. As per MCA filings, the company has open charges of ₹211.99 Cr and satisfied charges of ₹632.44 Cr on record. Court records list 46 cases involving the company, including 32 filed by the company and 14 filed against it; 19 cases are pending. The company has 8 deals on record (7 secondary share transfers, 1 funding round), with disclosed funding of ₹2.24 Cr; the latest was in March 2024. Its 7 peer companies in the Manufacturing industry (Plastic Based Products), with the same principal business activity (plastic products, non-metallic mineral products, rubber products, fabricated metal products) are compared by revenue, 4 larger and 3 smaller; the largest is Topsack Exports Private Limited with revenue of ₹97.88 Cr. The company has 10 MSME Form 1 returns on record between 2019 and 2024, listing 1,115 overdue payments to 89 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 mutual-industries.com.
Company details
CIN history
Mutual Industries has one previous CIN (Corporate Identification Number): U25209MH1990PTC058368. The current CIN is U99999MH1990PLC058368, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U99999MH1990PLC058368 | Current |
| U25209MH1990PTC058368 | Previous |
Contact details
Mutual Industries Limited's registered office is in Mumbai, Maharashtra. Its website is mutual-industries.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address701/702 Heritage Plaza Gundavali, Nityanand Nagar Telli Galli X Road, Mumbai, Maharashtra, India – 400069
- IndustryManufacturing, Plastic-Based Products
To see the full contact details of Mutual Industries Limited, buy the company report.
- 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
Brands
Mutual Industries operates one associated brand: Mutual Industries. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Offers innovative engineered polymer components, systems, and manufacturing processes worldwide. | mutual-industries.com |
Business activity
The main business activity of Mutual Industries is manufacturing. In detail, this covers plastic products, non-metallic mineral products, rubber products, fabricated metal products.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C8 | Plastic products, non-metallic mineral products, rubber products, fabricated metal products |
To see the full business activity and turnover split of Mutual Industries Limited, buy the company report.
Financials of Mutual Industries Limited
FY 2025 filings availableMutual Industries Limited reported revenue of ₹95.9 Cr (down 26% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR)
Revenue fell 26% in the latest year, but over five years it has grown at a compounded annual rate (CAGR) of 1%. EBITDA fell 57% 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 |
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| Total Expenses | |||||
| EBITDA | ₹8.97 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | -₹10.43 Cr | ||||
| Balance Sheet | |||||
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| Reserves and Surplus | |||||
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Financial Ratios
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 9.4% | ||||
| Net Profit Margin | -10.9% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
| Liquidity and Debt | |||||
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| 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 Mutual Industries Limited, buy the company report.
Board of directors of Mutual Industries Limited
Mutual Industries has 4 current directors and 8 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Apurva Kiritkumar Gandhi | Whole-Time Director | 08 Aug 2019 | 7 Years 2 Months | Current |
| Drumil Jayantilal Gandhi Also directs: Mutual Automotive Private Limited, Mepl Siddhohum Private Limited, Mutual Engineering Private Limited and 2 more | Director | 14 Mar 2011 | 15 Years 7 Months | Current |
| Harin Kiritkumar Gandhi | Whole-Time Director | 14 Mar 2011 | 15 Years 7 Months | Current |
| Harnish Dharamdas Juthani Also directs: Arnish Laborates Private Limited | Director | 07 Apr 2022 | 4 Years 6 Months | Current |
Peer comparison
Mutual Industries Limited is compared with the 7 companies closest to it by revenue in the Manufacturing industry (Plastic Based Products), with the same principal business activity (plastic products, non-metallic mineral products, rubber products, fabricated metal products), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Topsack Exports Private Limited | ₹97.88 Cr (FY 2025) | -26.0% | Devanahalli, Karnataka, India | |||
| National Plastic Industries Limited | ₹97.57 Cr (FY 2025) | -2.0% | Mumbai, Maharashtra, India | |||
| M M Polymers Private Limited | ₹97.21 Cr (FY 2025) | 31.0% | Abhanpur, Chhattisgarh, India | |||
| G M Polyplast Limited | ₹96.24 Cr (FY 2025) | 4.0% | Mumbai, Maharashtra, India | |||
| Mutual Industries Limitedthis company | ₹95.9 Cr (FY 2025) | -₹10.43 Cr | -10.9% | -26.0% | 191 | Mumbai, Maharashtra, India |
| Apu Packaging India Private Limited | ₹95.87 Cr (FY 2025) | 28.0% | New Delhi, Delhi, India | |||
| Mangalam Plastic Components Private Limited | ₹95.3 Cr (FY 2025) | 76.0% | Vasai, Maharashtra, India | |||
| Surelock Private Limited | ₹94.77 Cr (FY 2025) | 14.0% | Mumbai, Maharashtra, India |
To see the full peer comparison of Mutual Industries Limited, buy the company report.
Auditor
Mutual Industries Limited is audited by Jayesh Sanghrajka & Co. LLP for the financial year 2024.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Jayesh Sanghrajka & Co. LLP | FY 2024 | 104184W |
Shareholding
The shareholding of Mutual Industries Limited is on record for 5 financial years, the latest being FY 2023, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Mutual Industries Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 25 Aug 2026 | 101373911 | Others | ₹79 Lakh | Open | |
| 07 Aug 2026 | 101356389 | Others | ₹79 Lakh | Open | |
| 22 Jul 2026 | 101350132 | Hdfc Bank Limited | ₹2.8 Cr | Open | |
| 01 Jun 2026 | 101327871 | Others | ₹25 Cr | Open | |
| 27 Mar 2026 | 101281369 | Others | ₹5 Cr | Open |
To see the full charge records of Mutual Industries Limited, buy the company report.
Total charge records: 73 View all charges
Deals & funding
Mutual Industries Limited has 8 deals on record (7 secondary share transfers, 1 funding round), with disclosed funding of ₹2.24 Cr; the latest was in March 2024.
Deals on record (5 of 8)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2024 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
| Mar 2021 | Secondary share transfer | Undisclosed | Buyer: 2 individuals Seller: 2 individuals |
| Mar 2020 | Secondary share transfer | Undisclosed | Buyer: 2 individuals Seller: 4 individuals |
| Mar 2019 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
| Mar 2017 | Secondary share transfer | Undisclosed | Seller: 4 individuals |
To see the full deal history of Mutual Industries 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
Mutual Industries Limited has 46 court cases on record: 32 filed by Mutual Industries, 14 filed against it. 19 cases are pending and 27 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 27 | 6 | 18 |
| High courts | 19 | 8 | 1 |
Cases on record (5 of 46)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Mumbai CMM Courts, Maharashtra | Court case (Summary Case) | Filed by the company against Mrigul Trademart LLP and 2 others | Pending |
| District court, Mumbai CMM Courts, Maharashtra | Court case (SUMMARY CASE) | Filed by the company against Enverde Altifarm Pvt. Ltd. and 3 others | Pending |
| District court, Mumbai CMM Courts, Maharashtra | Court case (Summary Case) | Filed by the company against Packnback Solutions Private Limited and 3 others | Pending |
| District court, Vadodara, Gujarat | Court case (EXE S) | Filed against the company by Banco Products ( India ) Ltd. Through Its Authorised Signatory Dinesh Kavthekar | Disposed |
| High Court, GUJARAT | Special civil application | Filed against the company by Symphony Comfort Systems Ltd (Now Known As Symphony Ltd)Sau and 1 other | Disposed |
To see the full case history of Mutual Industries 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
Mutual Industries Limited was last rated by Crisil on 03 Sep 2020.
| Rating agency | Rated on | Rating |
|---|---|---|
| Crisil | 03 Sep 2020 |
To see the full credit ratings and regulatory alerts of Mutual Industries Limited, buy the company report.
MSME payment delays
Mutual Industries Limited has 10 MSME Form 1 returns on record between 2019 and 2024, listing 1,115 overdue payments to 89 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 89)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| Grand Polycoats Company Private Limited | |||
| Axonr Paints | |||
| Octaga Green Power and Sugar Company Limited | |||
| Rajiv Plastics Private Limited |
To see the full MSME payment records of Mutual Industries Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Mutual Industries has 1 subsidiary company and 1 associated company. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
| Company Name | CIN | Shares held |
|---|---|---|
| Mutual Styl Monde Private Limited | U25200MH2015PTC266621 |
To see the full group structure of Mutual Industries Limited, buy the company report.
Employees & EPFO
Mutual Industries Limited has a workforce of 191 employees on its EPFO records as of Nov 07, 2024, across 3 active EPFO establishments.
GST
Mutual Industries has 5 GST registrations: 4 active and 1 cancelled or inactive.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACM3522G1ZT | Maharashtra | Active | 01 Jul 2017 |
| 27AAACM3522G2ZS | Maharashtra | Active | 19 Jun 2020 |
| 26AAACM3522G1ZV | Dadra and Nagar Haveli and Daman and Diu | Active | 01 Jul 2017 |
| 24AAACM3522G1ZZ | Gujarat | Active | 13 Oct 2017 |
To see the full GST registrations and return filing status of Mutual Industries Limited, buy the company report.
Recent activity
Mutual Industries Limited has 11 board changes on record since 2007: 4 appointments and 7 cessations. The latest: Harnish Dharamdas Juthani was appointed as Director on 07 Apr 2022.
156 earlier events are in the company report.
Frequently asked questions
Mutual Industries is an active public limited company based in Mumbai, Maharashtra, India. The company works in plastic-based products, within the manufacturing industry. It was incorporated on 28 September 1990 (36+ years old) and is registered under CIN U99999MH1990PLC058368.
Mutual Industries has 4 current directors:
- Apurva Kiritkumar Gandhi - Whole-Time Director
- Harin Kiritkumar Gandhi - Whole-Time Director
- Drumil Jayantilal Gandhi - Director
- Harnish Dharamdas Juthani - Director
The latest financial statements of Mutual Industries 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 Mutual Industries is 27AAACM3522G1ZT, registered in Maharashtra. The company has 5 GST registrations in all, of which 4 are active and 1 is cancelled or inactive. Other active GSTINs include 27AAACM3522G2ZS (Maharashtra), 26AAACM3522G1ZV (Dadra and Nagar Haveli and Daman and Diu), 24AAACM3522G1ZZ (Gujarat).
The CIN (Corporate Identification Number) of Mutual Industries is U99999MH1990PLC058368. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Mutual Industries has 46 court cases on record: 32 filed by the company and 14 filed against it. 19 are pending. Most are in the district courts.
Mutual Industries was incorporated on 28 September 1990, making it 36+ years old. It is registered with the Registrar of Companies, Mumbai.
Mutual Industries has 8 deals on record (7 secondary share transfers, 1 funding round), with disclosed funding of ₹2.24 Cr; the latest was in March 2024.
The peers of Mutual Industries by revenue are Topsack Exports Private Limited, National Plastic Industries Limited, M M Polymers Private Limited, G M Polyplast Limited, Apu Packaging India Private Limited and 2 more, all in the Manufacturing industry (Plastic Based Products), with the same principal business activity (plastic products, non-metallic mineral products, rubber products, fabricated metal products).
Harnish Dharamdas Juthani was appointed as Director on 07 Apr 2022. Boman Khushroo Moradian ceased to be Additional Director on 30 Sep 2021. Dharmendra Kantilal Gandhi ceased to be Managing Director on 09 Aug 2019. Mutual Industries has 11 board changes on record in total.
Mutual Industries has 10 MSME Form 1 returns on record between 2019 and 2024, listing 1,115 overdue payments to 89 micro and small suppliers. The latest return was filed on 31 May 2024.
Mutual Industries can be reached through the website mutual-industries.com. Its registered office is in Mumbai, Maharashtra, India.
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