- Udyam number
- UDYAM-MH-19-0066259

About Nirav Commercials Limited
Data last updated:
Nirav Commercials Limited is a public limited company based in Mumbai, Maharashtra, India. It operates in the construction materials segment of the manufacturing sector. It was incorporated on 27 June 1985 and has been in existence for over 41 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN L51900MH1985PLC036668. Its GSTIN is 27AAACN7365G1ZB (Maharashtra). The company holds 2 GST registrations, all of them active. It is a listed company as per MCA records. Its shares are listed on BSE: 512425.
The company has an authorised share capital of ₹2 Cr and a paid-up capital of ₹39.2 Lakh. It is led by directors including Raghav Daga (Managing Director) and Santosh Mundhra.
Its last annual general meeting (AGM) was held on 02 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Mumbai, Maharashtra.
As per the latest standalone financials for FY 2025-26, the company reported a revenue of ₹12.89 Cr, a growth of 32.5% compared to the previous year. For the same year it recorded a net profit of ₹4 Lakh (net margin 0.3%) and EBITDA of -₹14 Lakh (EBITDA margin -1.1%). The net worth stands at ₹31.39 Cr (up 3% YoY). Total assets are valued at ₹31.39 Cr (down 2.5% YoY).
The company has about 10 employees on its provident fund (EPFO) records.
As per MCA filings, the company has open charges of ₹3.49 Cr on record. Court records list 1 case involving the company, including 1 filed by the company. The company has 2 deals on record (2 market trades); the latest was in July 2010. Its 5 peer companies in the Metals and Minerals industry (Metals), with the same principal business activity (metal and metal products) are compared by revenue, 2 larger and 3 smaller; the largest is Ayon Alloys Private Limited with revenue of ₹10.68 Cr.
Nirav Commercials Limited is registered as an MSME under the Udyam registration framework (Reg. No. UDYAM-MH-19-0066259). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website associatedgroup.com.
Company details
CIN history
Nirav Commercials has one previous CIN (Corporate Identification Number): U51900MH1985PLC036668. The current CIN is L51900MH1985PLC036668, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L51900MH1985PLC036668 | Current |
| U51900MH1985PLC036668 | Previous |
Recognitions & Rankings of Nirav Commercials
Contact details
Nirav Commercials Limited's registered office is in Mumbai, Maharashtra. Its website is associatedgroup.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered AddressB – 1 Tulsi Vihar, Dr. Ab Road Worli Naka, Mumbai, Maharashtra, India – 400018
- IndustryManufacturing, Construction Materials
To see the full contact details of Nirav Commercials 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
Business activity
The main business activity of Nirav Commercials is manufacturing. In detail, this covers metal and metal products.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C7 | Metal and metal products |
To see the full business activity and turnover split of Nirav Commercials Limited, buy the company report.
Financials of Nirav Commercials Limited
FY 2025-26 filings availableNirav Commercials Limited reported revenue of ₹12.89 Cr (up 32.5% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · StandaloneRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 12.89 | 9.73 | 10.52 | 9.62 | 11.09 | 5.26 | 3.72 |
| Revenue growth | +32.5% | -7.5% | +9.4% | -13.3% | +110.8% | +41.4% | - |
| EBITDA | (0.14) | (0.42) | (0.15) | 0.06 | (0.05) | (0.45) | (1.21) |
| EBITDA margin | -1.1% | -4.3% | -1.4% | +0.6% | -0.5% | -8.6% | -32.5% |
| Profit before tax | 0.36 | 0.02 | 0.39 | 0.88 | 0.68 | 9.31 | 0.03 |
| Net profit | 0.04 | (0.01) | (0.09) | 0.62 | 1.43 | 9.07 | (0.16) |
| Net profit margin | +0.3% | -0.1% | -0.9% | +6.4% | +12.9% | +172.4% | -4.3% |
| EPS (₹) | 10.85 | 1.11 | 8.18 | 17.11 | 36.74 | 236.80 | 0.94 |
| Balance sheet | |||||||
| Total assets | 31.39 | 32.19 | 30.17 | 29.22 | 28.52 | 26.75 | 17.46 |
| Net worth | 31.39 | 30.47 | 29.87 | 29.12 | 28.52 | 26.75 | 17.46 |
| Total debt | 0.00 | 0.93 | 0.20 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash & bank | 0.05 | 0.09 | 0.20 | 1.74 | 0.27 | 0.18 | 0.32 |
| Net working capital | 4.95 | 5.64 | 4.47 | 9.80 | 11.65 | 24.33 | 13.25 |
| Cash flow | |||||||
| Cash from operations | (3.27) | (0.28) | 3.75 | 3.86 | 13.56 | (11.48) | (9.74) |
| Cash from investing | (0.67) | (1.03) | (6.29) | (2.79) | (14.01) | 10.79 | 8.73 |
| Cash from financing | 3.90 | 1.20 | 1.00 | 0.40 | 0.55 | 0.55 | 0.95 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.03 | 6.31 | 1.50 | 2.20 | 2.88 | 3.76 | 3.49 | 2.48 |
| Revenue growth (YoY) | -99.0% | +67.8% | -57.0% | -11.3% | +26.3% | - | - | - |
| Other income | 0.22 | 0.58 | 0.09 | 0.12 | 0.12 | 0.65 | 0.17 | 0.01 |
| Total expenses | 0.23 | 6.02 | 1.81 | 2.23 | 2.99 | 4.07 | 3.65 | 2.42 |
| EBITDA | (0.20) | 0.29 | (0.31) | (0.03) | (0.11) | (0.31) | (0.16) | 0.06 |
| EBITDA margin | -666.7% | +4.6% | -20.7% | -1.4% | -3.8% | -8.2% | -4.6% | +2.4% |
| Depreciation | 0.00 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.07 | 0.03 |
| Interest | 0.00 | 0.04 | 0.04 | 0.07 | 0.09 | 0.07 | 0.12 | 0.06 |
| Profit before tax | 0.02 | 0.79 | (0.30) | (0.02) | (0.12) | 0.23 | (0.18) | (0.02) |
| Tax | (0.09) | 0.18 | (0.11) | (0.10) | (0.03) | 0.03 | (0.04) | (0.01) |
Financial Statements
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.03 | 6.31 | 1.50 | 2.20 | 2.88 | 3.76 | 3.49 | 2.48 |
| Revenue growth (YoY) | -99.0% | +67.8% | -57.0% | -11.3% | +26.3% | - | - | - |
| Other income | 0.22 | 0.58 | 0.09 | 0.12 | 0.12 | 0.65 | 0.17 | 0.01 |
| Total expenses | 0.23 | 6.02 | 1.81 | 2.23 | 2.99 | 4.07 | 3.65 | 2.42 |
| EBITDA | (0.20) | 0.29 | (0.31) | (0.03) | (0.11) | (0.31) | (0.16) | 0.06 |
| EBITDA margin | -666.7% | +4.6% | -20.7% | -1.4% | -3.8% | -8.2% | -4.6% | +2.4% |
| Depreciation | 0.00 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.07 | 0.03 |
| Interest | 0.00 | 0.04 | 0.04 | 0.07 | 0.09 | 0.07 | 0.12 | 0.06 |
| Profit before tax | 0.02 | 0.79 | (0.30) | (0.02) | (0.12) | 0.23 | (0.18) | (0.02) |
| Tax | (0.09) | 0.18 | (0.11) | (0.10) | (0.03) | 0.03 | (0.04) | (0.01) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 12.89 | 9.73 | 10.52 | 9.62 | 11.09 | 5.26 | 3.72 |
| Revenue growth | +32.5% | -7.5% | +9.4% | -13.3% | +110.8% | +41.4% | - |
| Other income | 0.91 | 0.83 | 0.80 | 0.90 | 0.80 | 9.82 | 1.30 |
| Total expenses | 13.03 | 10.15 | 10.67 | 9.56 | 11.14 | 5.71 | 4.93 |
| Employee cost | 1.46 | 1.36 | 1.17 | 0.77 | 0.78 | 0.66 | 0.96 |
| EBITDA | (0.14) | (0.42) | (0.15) | 0.06 | (0.05) | (0.45) | (1.21) |
| EBITDA margin | -1.1% | -4.3% | -1.4% | +0.6% | -0.5% | -8.6% | -32.5% |
| Depreciation | 0.15 | 0.14 | 0.12 | 0.04 | 0.05 | 0.05 | 0.05 |
| Interest | 0.26 | 0.25 | 0.14 | 0.04 | 0.02 | 0.01 | 0.01 |
| Profit before tax | 0.36 | 0.02 | 0.39 | 0.88 | 0.68 | 9.31 | 0.03 |
| Tax | (0.06) | (0.02) | 0.06 | 0.20 | (0.75) | 0.05 | 0.00 |
| Net profit | 0.04 | (0.01) | (0.09) | 0.62 | 1.43 | 9.07 | (0.16) |
| Net profit margin | +0.3% | -0.1% | -0.9% | +6.4% | +12.9% | +172.4% | -4.3% |
| EPS (₹) | 10.85 | 1.11 | 8.18 | 17.11 | 36.74 | 236.80 | 0.94 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 |
| Reserves & surplus | 31.00 | 30.08 | 29.48 | 28.73 | 28.13 | 26.36 | 17.07 |
| Shareholders' funds (net worth) | 31.39 | 30.47 | 29.87 | 29.12 | 28.52 | 26.75 | 17.46 |
| Secured loans | 0.00 | 0.93 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Unsecured loans | 0.00 | 0.00 | 0.20 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total debt | 0.00 | 0.93 | 0.20 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total liabilities | 31.39 | 32.19 | 30.17 | 29.22 | 28.52 | 26.75 | 17.46 |
| Assets | |||||||
| Gross block | 1.14 | 2.07 | 2.11 | 1.68 | 1.66 | 1.66 | 1.70 |
| Net block | 0.29 | 0.80 | 0.61 | 0.30 | 0.33 | 0.37 | 0.38 |
| Capital work in progress | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 26.27 | 25.66 | 24.94 | 19.04 | 16.41 | 2.03 | 3.72 |
| Inventories | 0.00 | 2.66 | 2.18 | 2.47 | 2.11 | 1.75 | 2.74 |
| Sundry debtors | 0.00 | 1.61 | 1.06 | 2.29 | 1.13 | 1.43 | 0.81 |
| Cash & bank balances | 0.05 | 0.09 | 0.20 | 1.74 | 0.27 | 0.18 | 0.32 |
| Loans & advances | 5.05 | 2.56 | 2.65 | 5.20 | 9.42 | 21.71 | 10.66 |
| Total current assets | 5.10 | 6.92 | 6.09 | 11.70 | 12.93 | 25.07 | 14.53 |
| Total current liabilities | 0.15 | 1.28 | 1.62 | 1.90 | 1.28 | 0.74 | 1.28 |
| Net working capital | 4.95 | 5.64 | 4.47 | 9.80 | 11.65 | 24.33 | 13.25 |
| Total assets | 31.39 | 32.19 | 30.17 | 29.22 | 28.52 | 26.75 | 17.46 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 0.09 | 0.20 | 1.74 | 0.27 | 0.18 | 0.32 | 0.38 |
| Net cash from operating activities | (3.27) | (0.28) | 3.75 | 3.86 | 13.56 | (11.48) | (9.74) |
| Net cash from investing activities | (0.67) | (1.03) | (6.29) | (2.79) | (14.01) | 10.79 | 8.73 |
| Net cash from financing activities | 3.90 | 1.20 | 1.00 | 0.40 | 0.55 | 0.55 | 0.95 |
| Net change in cash | (0.04) | (0.11) | (1.54) | 1.47 | 0.09 | (0.14) | (0.06) |
| Closing cash | 0.05 | 0.09 | 0.20 | 1.74 | 0.27 | 0.18 | 0.32 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +32.5% | -7.5% | +9.4% | -13.3% | +110.8% | +41.4% | - |
| EBITDA growth | +66.7% | -180.0% | -350.0% | +220.0% | +88.9% | +62.8% | - |
| PBT growth | +1700.0% | -94.9% | -55.7% | +29.4% | -92.7% | - | -81.3% |
| Net income growth | +500.0% | +88.9% | -114.5% | -56.6% | -84.2% | +5768.8% | - |
| Revenue CAGR (3Y) | +10.3% | -4.3% | +26.0% | +37.3% | +29.9% | -4.7% | -31.8% |
| EBITDA CAGR (3Y) | - | +103.3% | -30.7% | - | -57.3% | +25.1% | - |
| Profitability & leverage | |||||||
| Net income margin | +3.3% | +0.4% | +3.1% | +7.1% | +12.9% | +176.1% | +0.8% |
| Return on capital employed | +0.8% | +0.7% | +0.1% | +3.2% | +2.6% | +42.2% | -0.8% |
| Return on net worth | +0.2% | -0.0% | -0.3% | +2.3% | +5.2% | +42.0% | -0.9% |
| Debt / equity | 0.01 | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Long-term debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest cover | -89.66 | -44.64 | -51.85 | 200.00 | -20.00 | -2.00 | -0.79 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 8.03 | 4.66 | 5.55 | 5.76 | 6.68 | 3.13 | 2.23 |
| Inventory turnover | 9.69 | 4.02 | 4.52 | 4.20 | 5.75 | 2.34 | 1.35 |
| Debtors turnover | 16.01 | 7.29 | 6.28 | 5.63 | 8.66 | 4.70 | 4.40 |
| EPS (₹) | 10.85 | 1.11 | 8.18 | 17.11 | 36.74 | 236.80 | 0.94 |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 800.89 | 777.41 | 762.02 | 743.03 | 727.67 | 682.47 | 445.35 |
To see the full year-wise statements and ratios of Nirav Commercials Limited, buy the company report.
Board of directors of Nirav Commercials Limited
Nirav Commercials has 4 current directors and 5 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Santosh Mundhra | Director | 29 Nov 2018 | 7 Years 11 Months | Current |
| Lalit Kumar Daga | Director | 10 Jul 1996 | 30 Years 4 Months | Current |
| Raghav Daga Also directs: Organic Biosystems LLP, Daga Rubber Works Private Limited, Associated Non-Ferrous Metals Pvt Ltd and 5 more | Managing Director | 29 Nov 2018 | 7 Years 11 Months | Current |
| Navinchandra Himchand Shah | Director | 30 May 2017 | 9 Years 5 Months | Current |
Peer comparison
Nirav Commercials Limited is compared with the 5 companies closest to it by revenue in the Metals and Minerals industry (Metals), with the same principal business activity (metal and metal products), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Nirav Commercials Limitedthis company | ₹12.89 Cr (FY 2026) | ₹4 Lakh | 0.3% | 32.5% | Mumbai, Maharashtra, India | |
| Ayon Alloys Private Limited | ₹10.68 Cr (FY 2024) | New Delhi, Delhi, India | ||||
| Gabion Industries Private Limited | ₹10.65 Cr (FY 2025) | -43.0% | Himachal Pradesh, India | |||
| Krishna Al-Cast Private Limited | ₹10.52 Cr (FY 2025) | -24.0% | Kolkata, West Bengal, India | |||
| Shripal Metal Limited | ₹10.5 Cr (FY 2024) | -32.0% | Mumbai, Maharashtra, India | |||
| Mabi Alluplast Private Limited | ₹10.45 Cr (FY 2024) | -54.0% | Pardi, Gujarat, India |
To see the full peer comparison of Nirav Commercials Limited, buy the company report.
Auditor
Nirav Commercials Limited is audited by SURYAPRAKASH MAURYA & CO. for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| SURYAPRAKASH MAURYA & CO. | FY 2023 | 147410W |
Shareholding
Shareholding for the quarter ended Mar 2026: promoters hold 52.00%, foreign institutional investors hold 0.00%, domestic institutional investors hold 0.00% and retail and other public shareholders hold 48.00%.
| Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | |
|---|---|---|---|---|
| Promoters | 52.00% | 52.00% | 52.00% | 52.00% |
| Public | 48.00% | 48.00% | 48.00% | 48.00% |
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 17 Aug 2023 | 100785722 | Hdfc Bank Limited | ₹3 Cr | Open | |
| 29 May 2023 | 100739111 | Hdfc Bank Limited | ₹23.07 Lakh | Open | |
| 18 Jan 2002 | 90215756 | State Bank of India | ₹26 Lakh | Open |
To see the full charge records of Nirav Commercials Limited, buy the company report.
Total charge records: 3 View all charges
Deals & funding
Nirav Commercials Limited has 2 deals on record (2 market trades); the latest was in July 2010.
Deals on record (2 of 2)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jul 2010 | Market trade | ₹14.8 Lakh | Buyer: Dhyan Stock Broking Pvt Ltd Seller: Dhyan Stock Broking Pvt Ltd |
| Mar 2010 | Market trade | ₹69.5 Lakh | Buyer: Aashna Broking Services Private Limited , an individual Seller: Aashna Broking Services Private Limited , an individual |
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Nirav Commercials Limited has 1 court case on record: 1 filed by Nirav Commercials. All case is disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 1 | 0 | 0 |
Cases on record (1 of 1)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Calcutta High Court | Appeal | Filed by the company | Disposed |
To see the full case history of Nirav Commercials 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.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Nirav Commercials Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
GST
Nirav Commercials has 2 GST registrations: 2 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACN7365G1ZB | Maharashtra | Active | 01 Jul 2017 |
| 26AAACN7365G1ZD | Dadra and Nagar Haveli and Daman and Diu | Active | 01 Aug 2020 |
To see the full GST registrations and return filing status of Nirav Commercials Limited, buy the company report.
Recent activity
Nirav Commercials Limited has 14 board changes on record since 1988: 9 appointments and 5 cessations. The latest: Shiv Kumar Sharma ceased to be CFO on 19 Jul 2019.
9 earlier events are in the company report.
News
Frequently asked questions
Nirav Commercials is an active public limited company based in Mumbai, Maharashtra, India. The company works in construction materials, within the manufacturing industry. It was incorporated on 27 June 1985 (41+ years old) and is registered under CIN L51900MH1985PLC036668. Listed on BSE: 512425.
Nirav Commercials reported revenue of ₹12.89 Cr for FY 2025-26 (up 32.5% YoY) based on standalone financials.
Nirav Commercials has 4 current directors:
- Raghav Daga - Managing Director
- Santosh Mundhra - Director
- Lalit Kumar Daga - Director
- Navinchandra Himchand Shah - Director
The latest financial statements of Nirav Commercials on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 02 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Nirav Commercials is 27AAACN7365G1ZB, registered in Maharashtra. The company has 2 GST registrations in all, of which 2 are active. Other active GSTINs include 26AAACN7365G1ZD (Dadra and Nagar Haveli and Daman and Diu).
The CIN (Corporate Identification Number) of Nirav Commercials is L51900MH1985PLC036668. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Nirav Commercials is a listed company as per MCA records. Its shares are listed on BSE (code: 512425).
Nirav Commercials has 1 court case on record: 1 filed by the company.
Nirav Commercials was incorporated on 27 June 1985, making it 41+ years old. It is registered with the Registrar of Companies, Mumbai.
Nirav Commercials has 2 deals on record (2 market trades); the latest was in July 2010.
The peers of Nirav Commercials by revenue are Ayon Alloys Private Limited, Gabion Industries Private Limited, Krishna Al-Cast Private Limited, Shripal Metal Limited, Mabi Alluplast Private Limited, all in the Metals and Minerals industry (Metals), with the same principal business activity (metal and metal products).

