About Prayatna Developers Limited
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Prayatna Developers Limited is a public limited company based in Ahmedabad, Gujarat, India, a subsidiary of Adani Green Energy Twenty Three Limited. It operates in the power infrastructure and energy projects segment of the infrastructure and utilities sector. It was incorporated on 23 June 2015 and has been in existence for over 11 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U70101GJ2015PLC083634. Its GSTIN is 24AAICP1893M2ZW (Gujarat). The company holds 7 GST registrations, of which 5 are active.
The company has an authorised share capital of ₹160 Cr and a paid-up capital of ₹136.71 Cr. It was formerly known as Prayatna Developers Private Limited. It is led by directors including Dhaval Bhavikbhai Shah (Managing Director) and Jay Himatlal Shah.
Its last annual general meeting (AGM) was held on 28 August 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at Ahmedabad, Gujarat.
As per the financials filed for FY 2025, the company reported a revenue of ₹260.83 Cr, a decline of 3% compared to the previous year. For the same year it recorded a net profit of ₹73.24 Cr (net margin 28.1%) and EBITDA of ₹242.16 Cr (EBITDA margin 92.8%). Revenue has grown at a compounded annual rate (CAGR) of 2% over five years.
The company has about 24 employees on its provident fund (EPFO) records.
As per MCA filings, the company has open charges of ₹4,005.06 Cr and satisfied charges of ₹4,726.44 Cr on record. Court records list 10 cases involving the company, including 2 filed by the company and 8 filed against it; 3 cases are pending. The company has 12 deals on record (4 convertible or debt financings, 3 secondary share transfers, 2 funding rounds), with disclosed funding of ₹422.4 Cr; the latest was in February 2022. Its 4 peer companies in the Cleantech industry (Solar Power), with the same principal business activity (electric power generation, transmission and distribution) are compared by revenue, 2 larger and 2 smaller; the largest is Kalpa Power Private Limited with revenue of ₹271.74 Cr. The company has 8 MSME Form 1 returns on record between 2019 and 2023, listing 40 overdue payments to 14 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 adani.com.
Company details
CIN history
Prayatna Developers has one previous CIN (Corporate Identification Number): U70101GJ2015PTC083634. The current CIN is U70101GJ2015PLC083634, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U70101GJ2015PLC083634 | Current |
| U70101GJ2015PTC083634 | Previous |
Contact details
Prayatna Developers Limited's registered office is in Ahmedabad, Gujarat.
- Social Media
- Registered AddressAdani Corporate House Shantigram Nr. Vaishno Devi Circle S G Highway Kh, Odiyar, Ahmedabad, Gujarat, India – 382421
- IndustryInfrastructure and Utilities, Power Infrastructure & Energy Projects
- 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 Prayatna Developers is electricity, gas, steam and air condition supply. In detail, this covers electric power generation, transmission and distribution.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| D | Electricity, gas, steam and air condition supply | D1 | Electric power generation, transmission and distribution |
To see the full business activity and turnover split of Prayatna Developers Limited, buy the company report.
Financials of Prayatna Developers Limited
FY 2025 filings availablePrayatna Developers Limited reported revenue of ₹260.83 Cr (down 3% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR)
Revenue fell 3% in the latest year, but over five years it has grown at a compounded annual rate (CAGR) of 2%. EBITDA rose 7% 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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| EBITDA | ₹242.16 Cr | ||||
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| Net Profit (PAT) | ₹73.24 Cr | ||||
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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 | 92.8% | ||||
| Net Profit Margin | 28.1% | ||||
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To see the full financial statements and ratios of Prayatna Developers Limited, buy the company report.
Board of directors of Prayatna Developers Limited
Prayatna Developers has 5 current directors and 18 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Jay Himatlal Shah Also directs: Ocean Sparkle Limited, Alipurduar Transmission Limited, Amaya Exim Private Limited and 3 more | Director | 31 Mar 2021 | 5 Years 7 Months | Current |
| Dhaval Bhavikbhai Shah Also directs: Adani Agri Logistics (Hoshangabad) Limited, Adani Agri Logistics (Satna) Limited, Adani Agri Logistics (Ujjain) Limited and 5 more | Managing Director | 13 Jan 2016 | 10 Years 9 Months | Current |
| Rajiv Mehta Also directs: Parampujya Solar Energy Limited, Adani Green Energy Sixty Five Limited, Adani Green Energy Sixty Six Limited and 5 more | Director | 25 Oct 2021 | 5 Years 0 Months | Current |
| Chitra Jatinder Bhatnagar Also directs: Alipurduar Transmission Limited, Parampujya Solar Energy Limited, Shanti Sagar International Dredging Limited and 5 more | Director | 19 Aug 2016 | 10 Years 2 Months | Current |
| Keyur Jaykant Vora Also directs: Adani Green Energy (Up) Limited, Urjasetu Renewables Limited, Hydrobloom Power Limited and 5 more | Additional Director | 04 Dec 2025 | 0 Years 11 Months | Current |
Peer comparison
Prayatna Developers Limited is compared with the 4 companies closest to it by revenue in the Cleantech industry (Solar Power), with the same principal business activity (electric power generation, transmission and distribution), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Kalpa Power Private Limited | ₹271.74 Cr (FY 2025) | 150.0% | Baner, Maharashtra, India | |||
| Watsun Infrabuild Private Limited | ₹265.69 Cr (FY 2025) | -5.0% | Bhuj, Gujarat, India | |||
| Prayatna Developers Limitedthis company | ₹260.83 Cr (FY 2025) | ₹73.24 Cr | 28.1% | -3.0% | Ahmedabad, Gujarat, India | |
| Ostro Energy Private Limited | ₹251.6 Cr (FY 2025) | 10.0% | New Delhi, Delhi, India | |||
| Bhoruka Power Corporation Limited | ₹250.4 Cr (FY 2024) | -5.0% | Bangalore - 56001, Karnataka, India |
To see the full peer comparison of Prayatna Developers Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 09 Apr 2024 | 100906877 | Idbi Trusteeship Services Limited | ₹3,399.46 Cr | Open | |
| 03 Feb 2022 | 100560040 | Idbi Trusteeship Services Limited | ₹205.6 Cr | Open | |
| 18 Oct 2019 | 100295695 | Idbi Trusteeship Services Limited | ₹400 Cr | Open | |
| 29 Jan 2021 | 100417965 | Idbi Trusteeship Services Limited | ₹30 Cr | Satisfied | |
| 13 Sep 2019 | 100289340 | Idbi Trusteeship Services Limited | ₹3,471 Cr | Satisfied |
To see the full charge records of Prayatna Developers Limited, buy the company report.
Total charge records: 12 View all charges
Deals & funding
Prayatna Developers Limited has 12 deals on record (4 convertible or debt financings, 3 secondary share transfers, 2 funding rounds), with disclosed funding of ₹422.4 Cr; the latest was in February 2022.
Deals on record (5 of 12)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Apr 2020 | Secondary share transfer | Undisclosed | Buyer: Adani Green Energy Twenty Three Limited Seller: Adani Green Energy Limited |
| Apr 2018 | Secondary share transfer | Undisclosed | Buyer: Adani Green Energy Limited Seller: Adani Enterprises Limited |
| Aug 2016 | Funding round | ₹36.8 Cr | Investors: Adani Enterprises Limited |
| Feb 2016 | Other deal · Series I | ₹12 Cr | Buyer: Adani Enterprises Limited |
| Nov 2015 | Funding round | ₹24 Cr | Investors: Adani Enterprises Limited |
To see the full deal history of Prayatna Developers 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
Prayatna Developers Limited has 10 court cases on record: 2 filed by Prayatna Developers, 8 filed against it. 3 cases are pending and 7 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 4 | 3 | 0 |
| High courts | 4 | 3 | 2 |
| Supreme Court | 2 | 2 | 1 |
Cases on record (5 of 10)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Supreme Court | Appeal | Filed against the company by Jaipur Vidyut Vitran Nigam Ltd. | Pending |
| High Court, ANDHRAPRADESH | Writ petition | Filed against the company by Transmission Corporation of Andhra Pradesh Ltd. and 1 other | Pending |
| High Court, ANDHRAPRADESH | Writ petition | Filed against the company by Transmission Corporation of Andhra Pradesh Ltd., and 1 other | Disposed |
| High Court, ANDHRAPRADESH | Writ petition | Filed by the company against Assistant Commissioner and 1 other | Pending |
| Supreme Court | Appeal | Filed against the company by Commissioner and 2 others | Disposed |
To see the full case history of Prayatna Developers 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
Prayatna Developers Limited was last rated by Indiarating on 05 Feb 2021.
| Rating agency | Rated on | Rating |
|---|---|---|
| Indiarating | 05 Feb 2021 |
To see the full credit ratings and regulatory alerts of Prayatna Developers Limited, buy the company report.
MSME payment delays
Prayatna Developers Limited has 8 MSME Form 1 returns on record between 2019 and 2023, listing 40 overdue payments to 14 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 14)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Reconnect Energy Solutions Limited | |||
| Voltonik Systems LLP | |||
| an individual supplier | |||
| an individual supplier | |||
| an individual supplier |
To see the full MSME payment records of Prayatna Developers Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
GST
Prayatna Developers has 7 GST registrations: 5 active and 2 cancelled or inactive. The first 4 active GSTINs are listed below.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAICP1893M2ZW | Gujarat | Active | 30 Aug 2017 |
| 03AAICP1893M1Z1 | Punjab | Active | 01 Jul 2017 |
| 08AAICP1893M1ZR | Rajasthan | Active | 01 Jul 2017 |
| 09AAICP1893M1ZP | Uttar Pradesh | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Prayatna Developers Limited, buy the company report.
Recent activity
Prayatna Developers Limited has 23 board changes on record since 2016: 5 appointments and 18 cessations. The latest: Keyur Jaykant Vora was appointed as Additional Director on 04 Dec 2025.
46 earlier events are in the company report.
News
Frequently asked questions
Prayatna Developers is an active public limited company based in Ahmedabad, Gujarat, India. The company works in power infrastructure and energy projects, within the infrastructure and utilities industry. It was incorporated on 23 June 2015 (11+ years old) and is registered under CIN U70101GJ2015PLC083634.
Prayatna Developers has 5 current directors:
- Dhaval Bhavikbhai Shah - Managing Director
- Jay Himatlal Shah - Director
- Rajiv Mehta - Director
- Chitra Jatinder Bhatnagar - Director
- Keyur Jaykant Vora - Additional Director
The latest financial statements of Prayatna Developers on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 28 August 2025. Year-wise statements from FY 2016 are in the company report.
The GSTIN of Prayatna Developers is 24AAICP1893M2ZW, registered in Gujarat. The company has 7 GST registrations in all, of which 5 are active and 2 are cancelled or inactive. Other active GSTINs include 03AAICP1893M1Z1 (Punjab), 08AAICP1893M1ZR (Rajasthan), 09AAICP1893M1ZP (Uttar Pradesh).
The CIN (Corporate Identification Number) of Prayatna Developers is U70101GJ2015PLC083634. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Prayatna Developers has 10 court cases on record: 2 filed by the company and 8 filed against it. 3 are pending. Most are in the district courts.
Prayatna Developers was incorporated on 23 June 2015, making it 11+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Prayatna Developers has 12 deals on record (4 convertible or debt financings, 3 secondary share transfers, 2 funding rounds), with disclosed funding of ₹422.4 Cr; the latest was in February 2022.
The peers of Prayatna Developers by revenue are Kalpa Power Private Limited, Watsun Infrabuild Private Limited, Ostro Energy Private Limited, Bhoruka Power Corporation Limited, all in the Cleantech industry (Solar Power), with the same principal business activity (electric power generation, transmission and distribution).
Keyur Jaykant Vora was appointed as Additional Director on 04 Dec 2025. Satyajeet Ghoshal ceased to be Additional Director on 04 Dec 2025. Rajiv Mehta ceased to be Additional Director on 25 Jul 2022. Prayatna Developers has 23 board changes on record in total.
Prayatna Developers has 8 MSME Form 1 returns on record between 2019 and 2023, listing 40 overdue payments to 14 micro and small suppliers. The latest return was filed on 18 Dec 2023.
Prayatna Developers can be reached through the website adani.com. Its registered office is in Ahmedabad, Gujarat, India.
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