MSME (Udyam registered) Ministry of MSME
- Udyam number
- UDYAM-MH-33-0222007
Polygel Industries Private Limited - chemicals and materials in Thane, Maharashtra, India. FY 2026 financials & compliance.
Revenue · FY 2025
₹109.83 Cr
▲ 302% YoY
Net profit · FY 2025
₹6.85 Cr
Net margin 6.2%
EBITDA · FY 2025
₹24.25 Cr
EBITDA margin 22.1%
Authorised capital
₹55 Cr
Registered with MCA
Paid-up capital
₹20.57 Cr
Issued & subscribed
Open charges
₹30 Cr
Satisfied ₹92.43 Cr
Company age
32 yrs
Est. 1994
Employees · EPFO
127
Provident fund records
About Polygel Industries Private Limited
Data last updated:
Polygel Industries Private Limited is a private limited company based in Thane, Maharashtra, India, a subsidiary of Polygel Global Pte Ltd. It operates in the specialty chemicals segment of the chemicals and materials sector. It was incorporated on 04 August 1994 and has been in existence for over 32 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U58200MH1994PTC080074. Its GSTIN is 27AAACK4105F1Z0 (Maharashtra). The company holds 14 GST registrations, of which 1 is active.
The company has an authorised share capital of ₹55 Cr and a paid-up capital of ₹20.57 Cr. It was formerly known as Khukri Polytex Pvt Ltd and Polygel Technologies (India) Private Limited. It is led by directors including Luv Nandkishore Shah (Managing Director) and Ranjit Singh.
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 Square Business Park, Sector 30, Thane, Maharashtra.
As per the financials filed for FY 2025, the company reported a revenue of ₹109.83 Cr, reflecting significant growth compared to the previous year. For the same year it recorded a net profit of ₹6.85 Cr (net margin 6.2%) and EBITDA of ₹24.25 Cr (EBITDA margin 22.1%). Revenue has grown at a compounded annual rate (CAGR) of 76% over three years.
The company has about 127 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Polygel Industries. As per MCA filings, the company has open charges of ₹30 Cr and satisfied charges of ₹92.43 Cr on record. Court records list 27 cases involving the company, including 15 filed by the company and 12 filed against it; 4 cases are pending. The company has 23 deals on record (15 secondary share transfers, 8 funding rounds), with disclosed funding of ₹72.42 Cr; the latest was in September 2022. Its 6 peer companies in the Chemicals industry (Specialty Chemicals), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products) are compared by revenue, 5 larger and 1 smaller; the largest is VDH Chem Tech Private Limited with revenue of ₹113.57 Cr. The company has 3 MSME Form 1 returns on record between 2019 and 2020, listing 405 overdue payments to 19 micro and small suppliers.
Polygel Industries Private Limited is registered as an MSME under the Udyam registration framework (Reg. No. UDYAM-MH-33-0222007). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website polygelglobal.com.
Company details
CIN U58200MH1994PTC080074
Registration Number 080074
Incorporation Date 04 August 1994
ROC Mumbai
Listing Status Unlisted
Company Status Active
Date of Last AGM 30 September 2025
Date of Balance Sheet 31 March 2025
Parent Company Polygel Global Pte Ltd
Compliance Status Active Compliant
MSME Classification MSME
Udyam Registration UDYAM-MH-33-0222007
Name history
Polygel Industries has undergone 2 name changes throughout its history. The company was previously known as Khukri Polytex Pvt Ltd, and Polygel Technologies (India) Private Limited. The current legal name is Polygel Industries Private Limited.
| Company Name | Status |
|---|---|
| Polygel Industries Private Limited | Current |
| Khukri Polytex Pvt Ltd | Previous |
| Polygel Technologies (India) Private Limited | Previous |
CIN history
Polygel Industries has one previous CIN (Corporate Identification Number): U17120MH1994PTC080074. The current CIN is U58200MH1994PTC080074, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U58200MH1994PTC080074 | Current |
| U17120MH1994PTC080074 | Previous |
Recognitions & Rankings of Polygel Industries
Contact details
Polygel Industries Private Limited's registered office is in Thane, Maharashtra. Its website is polygelglobal.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered AddressOffice No. 2204 G – Square Business Park, Plot No. 25 & 26 Sector 30 Vashi Navi Mumbai, Thane, Maharashtra, India – 400705
- IndustryChemicals and Materials, Specialty Chemicals
To see the full contact details of Polygel Industries Private Limited, buy the company report.
Comprehensive company report
Polygel Industries 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
Polygel Industries operates one associated brand: Polygel Industries. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Chemical company specializing in high-quality polymers, speciality chemicals, and additives for everyday consumer goods and industrial applications | polygelglobal.net |
Business activity
The main business activity of Polygel Industries is manufacturing. In detail, this covers chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C6 | Chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products |
To see the full business activity and turnover split of Polygel Industries Private Limited, buy the company report.
Financials of Polygel Industries Private Limited
FY 2025 filings availablePolygel Industries Private Limited reported revenue of ₹109.83 Cr (up 302% YoY) for FY 2025.
Revenue · FY 2025
₹109.83 Cr ▲ 302%
Net profit · FY 2025
₹6.85 Cr margin 6.2%
EBITDA · FY 2025
₹24.25 Cr margin 22.1%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▲ 302%
3 years · compounded
▲ 76%
EBITDA CAGR growth
1 year
▲ 937%
3 years · compounded
▲ 83%
5 years · compounded
▲ 52%
Revenue has grown at a compounded annual rate (CAGR) of 76% over three years, including 302% growth in the latest year. EBITDA rose 937% 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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| Depreciation and Amortisation | |||||
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| Total Expenses | |||||
| EBITDA | ₹24.25 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹6.85 Cr | ||||
| Balance Sheet | |||||
| Share Capital | |||||
| 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 | 22.1% | ||||
| Net Profit Margin | 6.2% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
| Liquidity and Debt | |||||
| Current Ratio | |||||
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| Efficiency and Growth | |||||
| Asset Turnover | |||||
| Receivable Days | |||||
| Payable Days | |||||
| Inventory Days | |||||
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| Net Profit Growth | |||||
To see the full financial statements and ratios of Polygel Industries Private Limited, buy the company report.
Board of directors of Polygel Industries Private Limited
Polygel Industries has 6 current directors and 16 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Luv Nandkishore Shah | Managing Director | 02 Dec 1996 | 29 Years 10 Months | Current |
| Ranjit Singh | Director | 20 Oct 2023 | 3 Years 0 Months | Current |
| Nand Kishore Shah Also directs: Polygel Performance Material Private Limited, Zxprc (India) Private Limited, Pegasus Constchem Private Limited and 3 more | Director | 30 Sep 2013 | 13 Years 0 Months | Current |
| Rahul Vijay Raichand Also directs: PSL India Private Limited, Flying Fox Wellness Private Limited, Khukri Enterprises Private Limited and 2 more | Director | 19 Mar 2018 | 8 Years 7 Months | Current |
| Anil Sayaji Phatangare | Director | 30 Sep 2024 | 2 Years 0 Months | Current |
| Chetan Navin Shah Also directs: Devkrish Infrastructure LLP, Ip Avenue Facility Management LLP, Devkrish Six Infra LLP and 5 more | Director | 20 Oct 2023 | 3 Years 0 Months | Current |
Peer comparison
Polygel Industries Private Limited is compared with the 6 companies closest to it by revenue in the Chemicals industry (Specialty Chemicals), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| VDH Chem Tech Private Limited | ₹113.57 Cr (FY 2025) | -28.0% | Delhi, India | |||
| K B Chlorination Private Limited | ₹112.4 Cr (FY 2025) | 27.0% | Vadodara, Gujarat, India | |||
| Nerofix Private Limited | ₹110.49 Cr (FY 2022) | 58.0% | Mumbai, Maharashtra, India | |||
| Shivam Additives Private Limited | ₹109.84 Cr (FY 2025) | 11.0% | Hanumangarh, Rajasthan, India | |||
| Gujarat Multi Gas Base Chemicals Private Limited | ₹109.84 Cr (FY 2025) | -13.0% | Mensana, Gujarat, India | |||
| Polygel Industries Private Limitedthis company | ₹109.83 Cr (FY 2025) | ₹6.85 Cr | 6.2% | 302.0% | 127 | Thane, Maharashtra, India |
| Somu Solvents Private Limited | ₹108.17 Cr (FY 2025) | 7.0% | Bangalore, Karnataka, India |
To see the full peer comparison of Polygel Industries Private Limited, buy the company report.
Auditor
Polygel Industries Private Limited is audited by Kirtane & Pandit LLP for the financial year 2024.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Kirtane & Pandit LLP | FY 2024 | 105215W / W100057 |
Shareholding
The shareholding of Polygel Industries Private Limited is on record for 5 financial years, the latest being FY 2024, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Polygel Industries Private Limited, buy the company report.
Charges & borrowings
Open charges
₹30 Cr
Satisfied charges
₹92.43 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 24 Jan 2025 | 101062035 | Uco Bank | ₹20 Cr | Open | |
| 04 Nov 2024 | 100996808 | Others | ₹10 Cr | Open | |
| 16 Jun 2022 | 100586982 | Others | ₹28 Lakh | Satisfied | |
| 22 Feb 2022 | 100541974 | Others | ₹55.68 Lakh | Satisfied | |
| 29 Nov 2021 | 100529258 | Others | ₹5.29 Cr | Satisfied |
To see the full charge records of Polygel Industries Private Limited, buy the company report.
Total charge records: 35 View all charges
Deals & funding
Polygel Industries Private Limited has 23 deals on record (15 secondary share transfers, 8 funding rounds), with disclosed funding of ₹72.42 Cr; the latest was in September 2022.
Total deals
23
Secondary share transfers
15
Funding rounds
8
Disclosed funding
₹72.42 Cr
Deals on record (5 of 23)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jan 2020 | Secondary share transfer | Undisclosed | Buyer: Aved Holdings Pte Ltd Polygel Global Pte Limited., 2 individuals Seller: 4 individuals |
| Aug 2018 | Secondary share transfer | Undisclosed | Buyer: Polygel Venture Limited Seller: Imkemex Marketing Private Limited |
| Mar 2018 | Secondary share transfer | Undisclosed | Buyer: Pegasus Constchem Private Limited , 3 individuals Seller: 4 individuals |
| Aug 2017 | Secondary share transfer | Undisclosed | Buyer: Pegasus Constchem Private Limited , 3 individuals Seller: 4 individuals |
| Sep 2015 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: Pegasus Constchem Private Limited |
To see the full deal history of Polygel Industries Private 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
Polygel Industries Private Limited has 27 court cases on record: 15 filed by Polygel Industries, 12 filed against it. 4 cases are pending and 23 are disposed.
Total cases
27
Filed by the company
15
Filed against the company
12
Pending
4
Disposed
23
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 18 | 9 | 4 |
| High courts | 8 | 2 | 0 |
| NCLAT | 1 | 1 | 0 |
Cases on record (5 of 27)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Aurangabad, Maharashtra | Civil suit | Filed against the company by The State of Maharashtra | Pending |
| District court, Mumbai City Civil Court, Maharashtra | Commercial matter | Filed against the company by Ramniklal S. Gosalia and Co. Through Mayur Sindhwa | Pending |
| District court, Thane, Maharashtra | Civil suit | Filed by the company against Umesh Ingle Prop. M/S. Unicon Group | Pending |
| District court, Silvassa, DNH at Silvasa | Court case (RCC-PFA CASES) | Filed against the company by an individual | Pending |
| District court, Mumbai City Civil Court, Maharashtra | Interim or miscellaneous application | Filed against the company by Ramniklal S. Gosalia and Co. Through Mayur Sindhwa | Disposed |
To see the full case history of Polygel Industries 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.
MSME payment delays
Polygel Industries Private Limited has 3 MSME Form 1 returns on record between 2019 and 2020, listing 405 overdue payments to 19 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 19)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Patil Dyestuff Industries | |||
| an individual supplier | |||
| Jaysons Chemicals Industries | |||
| Adani International | |||
| Bhavya Containers & Estate Co |
To see the full MSME payment records of Polygel Industries Private Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Polygel Industries has 1 associated company. This group structure data is as of FY 2024. The table lists each entity with its relationship and holding.
1
Associated companies
Employees & EPFO
Polygel Industries Private Limited has a workforce of 127 employees on its EPFO records as of Apr 05, 2025, across 1 active EPFO establishment.
Employee count
127
Active EPFO establishments
1
Employee growth
-21.12%
GST
Polygel Industries has 14 GST registrations: 1 active and 13 cancelled or inactive.
Total GSTINs
14
Active
1
Cancelled / inactive
13
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACK4105F1Z0 | Maharashtra | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Polygel Industries Private Limited, buy the company report.
Recent activity
Polygel Industries Private Limited has 22 board changes on record since 1996: 6 appointments and 16 cessations. The latest: Anil Sayaji Phatangare was appointed as Director on 30 Sep 2024.
AGM
Polygel Industries Private Limited last Annual general meeting of members was held on 30 Sep 2025 as per latest MCA records.
Charges
A charge registered on 16 Jun 2022 via Charge ID 100586982 with Others was fully satisfied on 21 Aug 2025.
Charges
A charge registered on 22 Feb 2022 via Charge ID 100541974 with Others was fully satisfied on 21 Aug 2025.
Filing
Polygel Industries Private Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Mumbai.
Charges
A charge registered on 29 Nov 2021 via Charge ID 100529258 with Others was fully satisfied on 07 Mar 2025.
Charges
A charge with Uco Bank amounted to Rs. 20.00 Cr with Charge ID 101062035 was registered on 24 Jan 2025.
Charges
A charge with Others amounted to Rs. 10.00 Cr with Charge ID 100996808 was registered on 04 Nov 2024.
Appointed
Anil Sayaji Phatangare was appointed as Director.
Ceased
Girish Madhukar Nachane ceased to be Company Secretary.
Appointed
Chetan Navin Shah was appointed as Director.
Appointed
Ranjit Singh was appointed as Director.
Ceased
Bhatia Ranjeev ceased to be Nominee Director.
88 earlier events are in the company report.
Frequently asked questions
Polygel Industries is an active private limited company based in Thane, Maharashtra, India. The company works in specialty chemicals, within the chemicals and materials industry. It was incorporated on 04 August 1994 (32+ years old) and is registered under CIN U58200MH1994PTC080074.
Polygel Industries has 6 current directors:
- Luv Nandkishore Shah - Managing Director
- Ranjit Singh - Director
- Nand Kishore Shah - Director
- Rahul Vijay Raichand - Director
- Anil Sayaji Phatangare - Director
- Chetan Navin Shah - Director
The latest financial statements of Polygel 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 Polygel Industries is 27AAACK4105F1Z0, registered in Maharashtra. The company has 14 GST registrations in all, of which 1 is active and 13 are cancelled or inactive.
The CIN (Corporate Identification Number) of Polygel Industries is U58200MH1994PTC080074. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Polygel Industries has 27 court cases on record: 15 filed by the company and 12 filed against it. 4 are pending. Most are in the district courts.
Polygel Industries was incorporated on 04 August 1994, making it 32+ years old. It is registered with the Registrar of Companies, Mumbai.
Polygel Industries has 23 deals on record (15 secondary share transfers, 8 funding rounds), with disclosed funding of ₹72.42 Cr; the latest was in September 2022.
The peers of Polygel Industries by revenue are VDH Chem Tech Private Limited, K B Chlorination Private Limited, Nerofix Private Limited, Shivam Additives Private Limited, Gujarat Multi Gas Base Chemicals Private Limited and 1 more, all in the Chemicals industry (Specialty Chemicals), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products).
Anil Sayaji Phatangare was appointed as Director on 30 Sep 2024. Girish Madhukar Nachane ceased to be Company Secretary on 15 Dec 2023. Chetan Navin Shah was appointed as Director on 20 Oct 2023. Polygel Industries has 22 board changes on record in total.
Yes, Polygel Industries is registered as an MSME under Udyam registration (number: UDYAM-MH-33-0222007).
Polygel Industries has 3 MSME Form 1 returns on record between 2019 and 2020, listing 405 overdue payments to 19 micro and small suppliers. The latest return was filed on 22 Sep 2020.