India's Richest People 2026 edition · 2 directors · Source: Hurun India
- #748 Hardik Kothiya & family ₹4,200 Cr
- #748 Chirag Nakrani & family ₹4,200 Cr
Revenue · FY 2025
₹2,832.89 Cr
▲ 122% YoY
Net profit · FY 2025
₹329.57 Cr
Net margin 11.6%
EBITDA · FY 2025
₹474.82 Cr
EBITDA margin 16.8%
Authorised capital
₹100 Cr
Registered with MCA
Paid-up capital
₹61.2 Cr
Issued & subscribed
Open charges
₹4,732.2 Cr
Satisfied ₹48 Cr
Company age
4 yrs
Est. 2022
Employees · EPFO
1,576
Provident fund records
About Rayzon Solar Limited
Data last updated:
Rayzon Solar Limited is a public limited company based in Surat, Gujarat, India. It operates in the power equipment manufacturers segment of the energy and power sector. It was incorporated on 20 June 2022.
Its director Hardik Kothiya and family are #748 among India's richest people (2026). Its director Chirag Nakrani and family are #748 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U29309GJ2022PLC133026. Its GSTIN is 24AALCR9668R1Z5 (Gujarat). The company holds 2 GST registrations, of which 1 is active.
The company has an authorised share capital of ₹100 Cr and a paid-up capital of ₹61.2 Cr. It is led by directors including Chirag Devchandbhai Nakrani (Managing Director) and Hardik Ashokbhai Kothiya (Managing Director).
Its last annual general meeting (AGM) was held on 05 September 2026, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Surat, Gujarat.
As per the financials filed for FY 2025, the company reported a revenue of ₹2,832.89 Cr, a growth of 122% compared to the previous year. For the same year it recorded a net profit of ₹329.57 Cr (net margin 11.6%) and EBITDA of ₹474.82 Cr (EBITDA margin 16.8%).
The company has about 1,576 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Rayzon Solar. As per MCA filings, the company has open charges of ₹4,732.2 Cr and satisfied charges of ₹48 Cr on record. Court records list 1 case involving the company, including 1 filed against it; 1 case is pending. The company has 2 deals on record (1 rights issue, 1 funding round), with disclosed funding of ₹137.81 Cr; the latest was in April 2025.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website rayzonsolar.com.
Company details
CIN U29309GJ2022PLC133026
Registration Number 133026
Incorporation Date 20 June 2022
ROC Ahmedabad
Listing Status Unlisted
Company Status Active
Date of Last AGM 05 September 2026
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant
CIN history
Rayzon Solar has one previous CIN (Corporate Identification Number): U29309GJ2022PTC133026. The current CIN is U29309GJ2022PLC133026, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U29309GJ2022PLC133026 | Current |
| U29309GJ2022PTC133026 | Previous |
Key People
Chirag Devchandbhai Nakrani Managing Director Hardik Ashokbhai Kothiya Managing Director Ashokbhai Manjibhai Kothiya Whole-Time Director Recognitions & Rankings of Rayzon Solar
Contact details
Rayzon Solar Limited's registered office is in Surat, Gujarat. Its website is rayzonsolar.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address1104 – 1107 & 1109 – 1110 11th Floor Millenium Business Hub, Opp. Deep Kamal Mall Varachha Road Sarthana Jakatnaka, Surat, Gujarat, India – 395006
- IndustryEnergy and Power, Power Equipment Manufacturers
To see the full contact details of Rayzon Solar Limited, buy the company report.
Comprehensive company report
Rayzon Solar 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
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included
Brands
Rayzon Solar operates one associated brand: Rayzon Solar. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Manufacturer of photovoltaic solar modules | rayzonsolar.com |
Business activity
The main business activity of Rayzon Solar 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 Rayzon Solar Limited, buy the company report.
Financials of Rayzon Solar Limited
FY 2026 filings availableRayzon Solar Limited reported revenue of ₹2,832.89 Cr (up 122% YoY) for FY 2025.
Revenue · FY 2025
₹2,832.89 Cr ▲ 122%
Net profit · FY 2025
₹329.57 Cr margin 11.6%
EBITDA · FY 2025
₹474.82 Cr margin 16.8%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▲ 122%
EBITDA CAGR growth
1 year
▲ 380%
Revenue rose 122% in the latest year. EBITDA rose 380% in the latest year. All are worked out from the filed statements.
Financial Statement Summary
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 |
|---|---|---|---|
| Profit and Loss Statement | |||
| Revenue from Operations | |||
| Other Income | |||
| Total Revenue | ₹2,832.89 Cr | ||
| Cost of Materials Consumed | |||
| Employee Benefit Expense | |||
| Finance Costs | |||
| Depreciation and Amortisation | |||
| Other Expenses | |||
| Total Expenses | |||
| EBITDA | ₹474.82 Cr | ||
| Profit Before Tax | |||
| Tax Expense | |||
| Net Profit (PAT) | ₹329.57 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 2024-25 | FY 2023-24 | FY 2022-23 |
|---|---|---|---|
| Profitability | |||
| EBITDA Margin | 16.8% | ||
| Net Profit Margin | 11.6% | ||
| 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 Rayzon Solar Limited, buy the company report.
Board of directors of Rayzon Solar Limited
Rayzon Solar has 9 current directors and 8 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Ashokbhai Manjibhai Kothiya | Whole-Time Director | 20 Jun 2022 | 4 Years 4 Months | Current |
| Devchandbhai Kalubhai Nakrani Also directs: Rayzon Energy Private Limited, Better Power Project Three Private Limited, Rayzon Project Private Limited and 1 more | Whole-Time Director | 20 Jun 2022 | 4 Years 4 Months | Current |
| Chirag Devchandbhai Nakrani | Managing Director | 20 Jun 2022 | 4 Years 4 Months | Current |
| Hardik Ashokbhai Kothiya | Managing Director | 20 Jun 2022 | 4 Years 4 Months | Current |
| Smita Kiran Davda Also directs: Trident Lifeline Limited | Director | 05 Jun 2025 | 1 Years 5 Months | Current |
| Binay Radhakisan Agarwal Also directs: Radhadarshan Petropack LLP, Aeroweaves LLP, Surat Mega Textile Processing Park Association and 4 more | Director | 30 Jan 2025 | 1 Years 9 Months | Current |
Showing 6 of 9 current directors. View all directors
Auditor
Rayzon Solar Limited is audited by Suresh I Surana & Associates for the financial year 2025.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Suresh I Surana & Associates | FY 2025 | 121749W |
Shareholding
The shareholding of Rayzon Solar Limited is on record for 2 financial years, the latest being FY 2024, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2024 | FY 2023 |
|---|---|---|
| Promoters | ||
| Domestic institutional investors (DII) | ||
| Foreign institutional investors (FII) | ||
| Public | ||
| Others |
To see the full shareholding pattern of Rayzon Solar Limited, buy the company report.
Charges & borrowings
Open charges
₹4,732.2 Cr
Satisfied charges
₹48 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 06 Aug 2026 | 101368003 | Others | ₹23.55 Cr | Open | |
| 17 Jul 2026 | 101346325 | State Bank of India | ₹300 Cr | Open | |
| 30 Jun 2026 | 101340242 | Others | ₹1,385 Cr | Open | |
| 27 May 2026 | 101295883 | Others | ₹1,385 Cr | Open | |
| 20 Mar 2026 | 101258838 | Others | ₹100 Cr | Open |
To see the full charge records of Rayzon Solar Limited, buy the company report.
Total charge records: 24 View all charges
Deals & funding
Rayzon Solar Limited has 2 deals on record (1 rights issue, 1 funding round), with disclosed funding of ₹137.81 Cr; the latest was in April 2025.
Total deals
2
Rights issue
1
Funding round
1
Disclosed funding
₹137.81 Cr
Deals on record (2 of 2)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Apr 2025 | Funding round | ₹137.81 Cr | Investors: 2 individuals |
| Aug 2022 | Rights issue | ₹2.99 Cr | Investors: 4 individuals |
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Rayzon Solar Limited has 1 court case on record: 1 filed against it. All case is pending.
Total cases
1
Filed against the company
1
Pending
1
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 1 | 1 | 1 |
Cases on record (1 of 1)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, SURAT, Gujarat | Court case (SPCS) | Filed against the company | Pending |
To see the full case history of Rayzon Solar 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 Rayzon Solar Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Employees & EPFO
Rayzon Solar Limited has a workforce of 1,576 employees on its EPFO records as of Nov 19, 2025, across 2 active EPFO establishments.
Employee count
1,576
Active EPFO establishments
2
Employee growth
51.68%
GST
Rayzon Solar has 2 GST registrations: 1 active and 1 cancelled or inactive.
Total GSTINs
2
Active
1
Cancelled / inactive
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AALCR9668R1Z5 | Gujarat | Active | 22 Jun 2022 |
To see the full GST registrations and return filing status of Rayzon Solar Limited, buy the company report.
Recent activity
Rayzon Solar Limited has 16 board changes on record since 2022: 10 appointments and 6 cessations. The latest: Smita Kiran Davda was appointed as Director on 05 Jun 2025.
AGM
Rayzon Solar Limited last Annual general meeting of members was held on 05 Sep 2026 as per latest MCA records.
Charges
A charge with Hdfc Bank Limited of Rs. 278.85 Cr registered on 12 Dec 2022 with Charge ID 100666584 was modified on 29 Aug 2026.
Charges
A charge with Others amounted to Rs. 23.55 Cr with Charge ID 101368003 was registered on 06 Aug 2026.
Charges
A charge with State Bank Of India amounted to Rs. 300.00 Cr with Charge ID 101346325 was registered on 17 Jul 2026.
Charges
A charge with The Hongkong And Shanghai Banking Corporation Limited of Rs. 300.00 Cr registered on 18 Jul 2024 with Charge ID 100959500 was modified on 17 Jul 2026.
Charges
A charge with Others of Rs. 150.00 Cr registered on 29 Aug 2025 with Charge ID 101159177 was modified on 13 Jul 2026.
Charges
A charge with Others amounted to Rs. 1,385.00 Cr with Charge ID 101340242 was registered on 30 Jun 2026.
Charges
A charge with Others amounted to Rs. 1,385.00 Cr with Charge ID 101295883 was registered on 27 May 2026.
Charges
A charge with Axis Bank Limited of Rs. 210.00 Cr registered on 30 Jul 2025 with Charge ID 101139286 was modified on 29 Apr 2026.
Filing
Rayzon Solar Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Ahmedabad.
Charges
A charge with Others amounted to Rs. 100.00 Cr with Charge ID 101258838 was registered on 20 Mar 2026.
Charges
A charge with Others of Rs. 100.00 Cr registered on 27 Feb 2025 with Charge ID 101064411 was modified on 27 Feb 2026.
39 earlier events are in the company report.
News
From our blog
Frequently asked questions
Rayzon Solar is an active public limited company based in Surat, Gujarat, India. The company works in power equipment manufacturers, within the energy and power industry. It was incorporated on 20 June 2022 (4+ years old) and is registered under CIN U29309GJ2022PLC133026.
Rayzon Solar has 9 current directors:
- Chirag Devchandbhai Nakrani - Managing Director
- Hardik Ashokbhai Kothiya - Managing Director
- Ashokbhai Manjibhai Kothiya - Whole-Time Director
- Devchandbhai Kalubhai Nakrani - Whole-Time Director
- Smita Kiran Davda - Director
- Binay Radhakisan Agarwal - Director
- Jay Ajit Chhaira - Director
- Ankit Naresh Mittal - Director
- Deepali Darshak Lakdawala - Director
The latest financial statements of Rayzon Solar on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 05 September 2026. Year-wise statements from FY 2023 are in the company report.
The GSTIN of Rayzon Solar is 24AALCR9668R1Z5, registered in Gujarat. The company has 2 GST registrations in all, of which 1 is active and 1 is cancelled or inactive.
The CIN (Corporate Identification Number) of Rayzon Solar is U29309GJ2022PLC133026. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Rayzon Solar has 1 court case on record: 1 filed against it. 1 is pending.
Rayzon Solar was incorporated on 20 June 2022, making it 4+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Rayzon Solar has 2 deals on record (1 rights issue, 1 funding round), with disclosed funding of ₹137.81 Cr; the latest was in April 2025.
Smita Kiran Davda was appointed as Director on 05 Jun 2025. Ashokbhai Manjibhai Kothiya ceased to be Director on 04 Jun 2025. Chirag Nakrani Devchandbhai ceased to be Director on 04 Jun 2025. Rayzon Solar has 16 board changes on record in total.
Rayzon Solar can be reached through the website rayzonsolar.com. Its registered office is in Surat, Gujarat, India.
Sample company reports
The same report you get when you buy one: financials, directors, ownership, deals, charges, legal cases, brands and filings, with the Excel workbook alongside.
Swiggy Limited Listed company · 92 pages
BharatPe (Resilient Innovations Pvt Ltd) Unlisted company · 78 pages