Fortune MNC 500 India 2026 edition
Rank#195- Total income
- ₹3,575 Cr
- Profit
- ₹108 Cr
Last year #186
Piaggio Vehicles Private Limited - automotive in Pune, Maharashtra, India. FY 2026 financials & compliance.
Revenue · FY 2024
₹3,584.16 Cr
▲ 11% YoY
Net profit · FY 2024
₹108.15 Cr
Net margin 3%
EBITDA · FY 2024
₹330.46 Cr
EBITDA margin 9.2%
Authorised capital
₹40 Cr
Registered with MCA
Paid-up capital
₹34 Cr
Issued & subscribed
Open charges
₹5 Cr
Satisfied ₹251.8 Cr
Company age
28 yrs
Est. 1998
Employees · EPFO
1,483
Provident fund records
About Piaggio Vehicles Private Limited
Data last updated:
Piaggio Vehicles Private Limited is a private limited company based in Pune, Maharashtra, India, a subsidiary of Piaggio & C. Spa. It operates in the motorcycles and scooters segment of the automotive sector. It was incorporated on 17 February 1998 and has been in existence for over 28 years.
Piaggio Vehicles is ranked #195 on the Fortune MNC 500 India (2026).
The company is registered with the Registrar of Companies (ROC), Pune, under CIN U34102MH1998PTC113606. Its GSTIN is 27AABCP1225G1ZT (Maharashtra). The company holds 23 GST registrations, of which 15 are active.
The company has an authorised share capital of ₹40 Cr and a paid-up capital of ₹34 Cr. It was formerly known as Piaggio Greaves Vehicles Private Limited and Piaggio Greaves Vehicles Limited. It is led by directors including Diego Graffi (Managing Director) and Stefano Mascagni (Whole-Time Director).
Its last annual general meeting (AGM) was held on 30 September 2024, and its latest financial statements are for the year ended 31 March 2024. The registered office is at E 2 MIDC Industrial Areabaramati, Pune, Maharashtra, India – 413133.
As per the financials filed for FY 2024, the company reported a revenue of ₹3,584.16 Cr, a growth of 11% compared to the previous year. For the same year it recorded a net profit of ₹108.15 Cr (net margin 3%) and EBITDA of ₹330.46 Cr (EBITDA margin 9.2%). Revenue has declined at a compounded annual rate (CAGR) of 14% over three years and 1% over five years.
The company has about 1,483 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Piaggio Apé. As per MCA filings, the company has open charges of ₹5 Cr and satisfied charges of ₹251.8 Cr on record. Court records list 177 cases involving the company, including 89 filed by the company and 89 filed against it; 62 cases are pending. The company has 3 deals on record (2 secondary share transfers, 1 funding round), with disclosed funding of ₹64 Cr; the latest was in December 2018. Its 7 peer companies in the Automobiles industry (Two and Three Wheelers), with the same principal business activity (motor vehicles, trailers, semi trailers and other transport vehicles) are compared by revenue, 3 larger and 4 smaller; the largest is Honda Motorcycle and Scooter India Pvt Ltd with revenue of ₹39,970 Cr. The company has 69 MSME Form 1 returns on record between 2014 and 2024, listing 1,08,157 overdue payments to 88 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 piaggio-cv.co.in.
Company details
CIN U34102MH1998PTC113606
Registration Number 113606
Incorporation Date 17 February 1998
ROC Pune
Listing Status Unlisted
Company Status Active
Date of Last AGM 30 September 2024
Date of Balance Sheet 31 March 2024
Parent Company Piaggio & C. Spa
Compliance Status Active Compliant
Name history
Piaggio Vehicles has undergone 2 name changes throughout its history. The company was previously known as Piaggio Greaves Vehicles Private Limited, and Piaggio Greaves Vehicles Limited. The current legal name is Piaggio Vehicles Private Limited.
| Company Name | Status |
|---|---|
| Piaggio Vehicles Private Limited | Current |
| Piaggio Greaves Vehicles Private Limited | Previous |
| Piaggio Greaves Vehicles Limited | Previous |
Key People
Diego Graffi Managing Director Stefano Mascagni Whole-Time Director Fabio Grimaldi Director Recognitions & Rankings of Piaggio Vehicles
Contact details
Piaggio Vehicles Private Limited's registered office is in Pune, Maharashtra. Its website is piaggio-cv.co.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressE 2 MIDC Industrial Areabaramati, Pune, Maharashtra, India – 413133
- IndustryAutomotive, Motorcycles & Scooters
To see the full contact details of Piaggio Vehicles Private Limited, buy the company report.
Comprehensive company report
Piaggio Vehicles Private 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
Piaggio Vehicles operates one associated brand: Piaggio Apé. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Motor and three-wheeler vehicles are manufactured and marketed. | piaggio-cv.co.in |
Business activity
The main business activity of Piaggio Vehicles is manufacturing. In detail, this covers motor vehicles, trailers, semi trailers and other transport vehicles.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C11 | Motor vehicles, trailers, semi trailers and other Transport Vehicles |
To see the full business activity and turnover split of Piaggio Vehicles Private Limited, buy the company report.
Financials of Piaggio Vehicles Private Limited
FY 2024 filings availablePiaggio Vehicles Private Limited reported revenue of ₹3,584.16 Cr (up 11% YoY) for FY 2024.
Revenue · FY 2024
₹3,584.16 Cr ▲ 11%
Net profit · FY 2024
₹108.15 Cr margin 3%
EBITDA · FY 2024
₹330.46 Cr margin 9.2%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▲ 11%
3 years · compounded
▲ 14%
5 years · compounded
▼ 1%
EBITDA CAGR growth
1 year
▲ 121%
3 years · compounded
▲ 12%
5 years · compounded
▼ 12%
Revenue rose 11% in the latest year, though over five years it has declined at a compounded annual rate (CAGR) of 1%. EBITDA rose 121% 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 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | |||||
| Other Income | |||||
| Total Revenue | ₹3,584.16 Cr | ||||
| Cost of Materials Consumed | |||||
| Employee Benefit Expense | |||||
| Finance Costs | |||||
| Depreciation and Amortisation | |||||
| Other Expenses | |||||
| Total Expenses | |||||
| EBITDA | ₹330.46 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹108.15 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 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 9.2% | ||||
| Net Profit Margin | 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 | |||||
To see the full financial statements and ratios of Piaggio Vehicles Private Limited, buy the company report.
Board of directors of Piaggio Vehicles Private Limited
Piaggio Vehicles has 4 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 |
|---|---|---|---|---|
| Fabio Grimaldi | Director | 26 Apr 2021 | 5 Years 6 Months | Current |
| Mauro Prignoli | Director | 27 Apr 2015 | 11 Years 6 Months | Current |
| Stefano Mascagni | Whole-Time Director | 16 Dec 2021 | 4 Years 10 Months | Current |
| Diego Graffi | Managing Director | 09 Jun 2017 | 9 Years 4 Months | Current |
Peer comparison
Piaggio Vehicles Private Limited is compared with the 7 companies closest to it by revenue in the Automobiles industry (Two and Three Wheelers), with the same principal business activity (motor vehicles, trailers, semi trailers and other transport vehicles), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Honda Motorcycle and Scooter India Pvt Ltd | ₹39,970 Cr (FY 2025) | 23.0% | Manesar, Haryana, India | |||
| Eicher Motors Limited | ₹20,175 Cr (FY 2025) | 15.0% | New Delhi, Delhi, India | |||
| Suzuki Motorcycle India Private Limited | ₹10,041 Cr (FY 2025) | 13.0% | Gurgaon, Haryana, India | |||
| Piaggio Vehicles Private Limitedthis company | ₹3,584.16 Cr (FY 2024) | ₹108.15 Cr | 3% | 11.0% | 1,483 | Pune, Maharashtra, India |
| Atul Auto Ltd | ₹725.2 Cr (FY 2025) | 37.0% | Rajkot Rajkot, Gujarat, India | |||
| India Kawasaki Motors Private Limited | ₹409.15 Cr (FY 2025) | 6.0% | Khed, Maharashtra, India | |||
| J. S. Auto Private Limited | ₹160.18 Cr (FY 2025) | -7.0% | Kanpur, Uttar Pradesh, India | |||
| LML Limited | ₹157.79 Cr (FY 2016) | -24.0% | Kanpur, Uttar Pradesh, India |
To see the full peer comparison of Piaggio Vehicles Private Limited, buy the company report.
Auditor
Piaggio Vehicles Private Limited is audited by Deloitte Haskins & Sells LLP for the financial year 2024.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Deloitte Haskins & Sells LLP | FY 2024 | 117366W/W-100018 |
Shareholding
The shareholding of Piaggio Vehicles Private 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 Piaggio Vehicles Private Limited, buy the company report.
Charges & borrowings
Open charges
₹5 Cr
Satisfied charges
₹251.8 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 30 Jun 2022 | 100592967 | Others | ₹5 Cr | Open | |
| 06 May 2014 | 10490814 | Icici Bank Limited | ₹65 Cr | Satisfied | |
| 07 Oct 1998 | 90090789 | Credit Agricole and Corporate & Investment Bank | ₹50 Cr | Satisfied | |
| 07 Sep 1998 | 90093686 | State Bank of India | ₹28.8 Cr | Satisfied | |
| 23 Jul 1998 | 90090738 | State Bank of India | ₹95 Cr | Satisfied |
To see the full charge records of Piaggio Vehicles Private Limited, buy the company report.
Total charge records: 6 View all charges
Deals & funding
Piaggio Vehicles Private Limited has 3 deals on record (2 secondary share transfers, 1 funding round), with disclosed funding of ₹64 Cr; the latest was in December 2018.
Total deals
3
Secondary share transfers
2
Funding round
1
Disclosed funding
₹64 Cr
Deals on record (3 of 3)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Dec 2018 | Secondary share transfer | Undisclosed | Seller: an individual |
| Dec 2017 | Secondary share transfer | Undisclosed | Seller: an individual |
| Sep 2013 | Funding round | ₹64 Cr | Investors: an individual |
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Piaggio Vehicles Private Limited has 177 court cases on record: 89 filed by Piaggio Vehicles, 89 filed against it. 62 cases are pending and 115 are disposed.
Total cases
177
Filed by the company
89
Filed against the company
89
Pending
62
Disposed
115
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 88 | 39 | 37 |
| High courts | 82 | 47 | 25 |
| Supreme Court | 6 | 3 | 0 |
| NCLT | 1 | 0 | 0 |
Cases on record (5 of 177)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Bombay High Court | Criminal complaint | Filed against the company by Pur Energy Private Limited and Anr | Pending |
| District court, Pune, Maharashtra | Court case (R.C.A.) | Filed against the company by SNG Motors Pvt.Ltd Through Anjanikumar Ganeriwala | Pending |
| High Court | Court case (CARAP) | Filed by the company against Petronas Lubricants India Pvt Ltd | Disposed |
| District court, Ernakulam, Kerala | Civil suit | Filed against the company by Retro Classics Pvt Ltd | Disposed |
| Bombay High Court | Tax appeal | Filed against the company by PR Commissioner of Income Tax 2 Pune | Pending |
To see the full case history of Piaggio Vehicles Private 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
Piaggio Vehicles Private Limited was last rated by Crisil on 27 Mar 2020.
| Rating agency | Rated on | Rating |
|---|---|---|
| Crisil | 27 Mar 2020 |
To see the full credit ratings and regulatory alerts of Piaggio Vehicles Private Limited, buy the company report.
MSME payment delays
Piaggio Vehicles Private Limited has 69 MSME Form 1 returns on record between 2014 and 2024, listing 1,08,157 overdue payments to 88 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 88)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Rui Steel India Private Limited | |||
| R N D Gears Private Limited | |||
| Budhale and Budhale (Unit No.4) | |||
| Precision Components | |||
| Sai Associate |
To see the full MSME payment records of Piaggio Vehicles Private Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
Piaggio Vehicles Private Limited has a workforce of 1,483 employees on its EPFO records as of Mar 30, 2024, across 1 active EPFO establishment.
Employee count
1,483
Active EPFO establishments
1
Employee growth
-6.73%
GST
Piaggio Vehicles has 23 GST registrations: 15 active and 8 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
23
Active
15
Cancelled / inactive
8
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AABCP1225G1ZT | Maharashtra | Active | 01 Jul 2017 |
| 27AABCP1225G2ZS | Maharashtra | Active | 01 Apr 2025 |
| 09AABCP1225G2ZQ | Uttar Pradesh | Active | 29 Aug 2017 |
| 18AABCP1225G1ZS | Assam | Active | 29 Aug 2017 |
To see the full GST registrations and return filing status of Piaggio Vehicles Private Limited, buy the company report.
Recent activity
Piaggio Vehicles Private Limited has 20 board changes on record since 2008: 4 appointments and 16 cessations. The latest: Stefano Mascagni was appointed as Whole-Time Director on 16 Dec 2021.
AGM
Piaggio Vehicles Private Limited last Annual general meeting of members was held on 30 Sep 2024 as per latest MCA records.
Filing
Piaggio Vehicles Private Limited has filed its annual Financial statements for the year ended 31 Mar 2024 with Roc Pune.
Charges
A charge with Others amounted to Rs. 5.00 Cr with Charge ID 100592967 was registered on 30 Jun 2022.
Charges
A charge registered on 06 May 2014 via Charge ID 10490814 with Icici Bank Limited was fully satisfied on 22 Mar 2022.
Appointed
Stefano Mascagni was appointed as Whole-Time Director.
Ceased
Stefano Mascagni ceased to be Additional Director.
Ceased
Fabio Grimaldi ceased to be Additional Director.
Appointed
Fabio Grimaldi was appointed as Director.
Ceased
Ulisse Spada ceased to be Director.
Ceased
Praveen Kumar Agarwal ceased to be Additional Director.
Ceased
Ravinder Singh Chopra ceased to be Director.
Charges
A charge registered on 23 Jul 1998 via Charge ID 90090738 with State Bank Of India was fully satisfied on 30 Mar 2019.
24 earlier events are in the company report.
News
Frequently asked questions
Piaggio Vehicles is an active private limited company based in Pune, Maharashtra, India. The company works in motorcycles and scooters, within the automotive industry. It was incorporated on 17 February 1998 (28+ years old) and is registered under CIN U34102MH1998PTC113606.
Piaggio Vehicles has 4 current directors:
- Diego Graffi - Managing Director
- Stefano Mascagni - Whole-Time Director
- Fabio Grimaldi - Director
- Mauro Prignoli - Director
The latest financial statements of Piaggio Vehicles on record with the MCA are for the year ended 31 March 2024. Its last annual general meeting was held on 30 September 2024. Year-wise statements from 2015 are in the company report.
The GSTIN of Piaggio Vehicles is 27AABCP1225G1ZT, registered in Maharashtra. The company has 23 GST registrations in all, of which 15 are active and 8 are cancelled or inactive. Other active GSTINs include 27AABCP1225G2ZS (Maharashtra), 09AABCP1225G2ZQ (Uttar Pradesh), 18AABCP1225G1ZS (Assam).
The CIN (Corporate Identification Number) of Piaggio Vehicles is U34102MH1998PTC113606. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Piaggio Vehicles has 177 court cases on record: 89 filed by the company and 89 filed against it. 62 are pending. Most are in the district courts.
Piaggio Vehicles was incorporated on 17 February 1998, making it 28+ years old. It is registered with the Registrar of Companies, Pune.
Piaggio Vehicles has 3 deals on record (2 secondary share transfers, 1 funding round), with disclosed funding of ₹64 Cr; the latest was in December 2018.
The peers of Piaggio Vehicles by revenue are Honda Motorcycle and Scooter India Pvt Ltd, Eicher Motors Limited, Suzuki Motorcycle India Private Limited, Atul Auto Ltd, India Kawasaki Motors Private Limited and 2 more, all in the Automobiles industry (Two and Three Wheelers), with the same principal business activity (motor vehicles, trailers, semi trailers and other transport vehicles).
Stefano Mascagni was appointed as Whole-Time Director on 16 Dec 2021. Stefano Mascagni ceased to be Additional Director on 16 Dec 2021. Fabio Grimaldi ceased to be Additional Director on 30 Sep 2021. Piaggio Vehicles has 20 board changes on record in total.
Piaggio Vehicles has 69 MSME Form 1 returns on record between 2014 and 2024, listing 1,08,157 overdue payments to 88 micro and small suppliers. The latest return was filed on 23 Apr 2024.
Piaggio Vehicles can be reached through the website piaggio-cv.co.in. Its registered office is in Pune, Maharashtra, India.