About Shah Foils Limited
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Shah Foils Limited is a public limited company based in Ahmedabad, Gujarat, India. It operates in the steel manufacturing and processing segment of the metals and mining sector. It was incorporated on 06 April 2004 and has been in existence for over 22 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U27209GJ2004PLC043927. Its GSTIN is 24AAICS0490F1ZI (Gujarat). The company holds 3 GST registrations, of which 1 is active.
The company has an authorised share capital of ₹7.5 Cr and a paid-up capital of ₹6.8 Cr. It was formerly known as Shah Foils Private Limited. It is led by directors including Kartik Ramesh Shah (Managing Director) and Nitisha Sharma.
Its last annual general meeting (AGM) was held on 30 September 2025, and its latest financial statements are for the year ended 31 March 2024. The registered office is at 26 Block B Galaxy Signature Science City Road Sola, Ahmedabad, Gujarat, India – 380060.
As per the financials filed for FY 2025, the company reported a revenue of ₹744.12 Cr, a decline of 21% compared to the previous year. For the same year it recorded a net profit of ₹13.11 Cr (net margin 1.8%) and EBITDA of ₹37.4 Cr (EBITDA margin 5%). Revenue has grown at a compounded annual rate (CAGR) of 4% over three years and 8% over five years.
The company has about 325 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Shah Foils. As per MCA filings, the company has open charges of ₹194.71 Cr and satisfied charges of ₹243.66 Cr on record. Court records list 23 cases involving the company, including 1 filed by the company and 22 filed against it; 3 cases are pending. The company has 8 deals on record (4 funding rounds, 4 secondary share transfers), with disclosed funding of ₹10.05 Cr; the latest was in March 2017. Its 10 peer companies in the Metals and Minerals industry (Steel), with the same principal business activity (metal and metal products) are compared by revenue, 5 larger and 5 smaller; the largest is Ambashakti Udyog Limited with revenue of ₹750.97 Cr. The company has 2 MSME Form 1 returns on record for the period ending Mar 2019, listing 9 overdue payments to 6 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 shahfoils.com.
Company details
CIN history
Shah Foils has one previous CIN (Corporate Identification Number): U27209GJ2004PTC043927. The current CIN is U27209GJ2004PLC043927, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U27209GJ2004PLC043927 | Current |
| U27209GJ2004PTC043927 | Previous |
Contact details
Shah Foils Limited's registered office is in Ahmedabad, Gujarat. Its website is shahfoils.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address26 Block B Galaxy Signature Science City Road Sola, Ahmedabad, Gujarat, India – 380060
- IndustryMetals and Minerals, Steel Manufacturing & Processing
To see the full contact details of Shah Foils 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
Brands
Shah Foils operates one associated brand: Shah Foils. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Cold rolled stainless steel coils and strips are manufactured. | shahfoils.com |
Business activity
The main business activity of Shah Foils 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 Shah Foils Limited, buy the company report.
Financials of Shah Foils Limited
FY 2024 filings availableShah Foils Limited reported revenue of ₹744.12 Cr (down 21% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR)
Revenue fell 21% in the latest year, but over five years it has grown at a compounded annual rate (CAGR) of 8%. EBITDA fell 3% 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 | ₹37.4 Cr | ||||
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| Tax Expense | |||||
| Net Profit (PAT) | ₹13.11 Cr | ||||
| Balance Sheet | |||||
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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 | 5% | ||||
| Net Profit Margin | 1.8% | ||||
| Return on Equity (ROE) | |||||
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To see the full financial statements and ratios of Shah Foils Limited, buy the company report.
Board of directors of Shah Foils Limited
Shah Foils has 4 current directors and 9 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Nitisha Sharma | Director | 19 Mar 2020 | 6 Years 7 Months | Current |
| Ankur Rajnikant Patwa Also directs: Sun Mark Stainless Private Limited | Director | 07 Jan 2022 | 4 Years 9 Months | Current |
| Kartik Ramesh Shah Also directs: Whitesalt Commune LLP, Stellinox Stainless Private Limited | Managing Director | 06 Apr 2004 | 22 Years 6 Months | Current |
| Lekhraj Parasmalji Kanungo Also directs: Smita Impex LLP, M. Nahar and Bafna Housing LLP, M. Nahar and Bafna Developers LLP and 4 more | Additional Director | 01 Apr 2010 | 16 Years 7 Months | Current |
Peer comparison
Shah Foils Limited is compared with the 10 companies closest to it by revenue in the Metals and Minerals industry (Steel), 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 |
|---|---|---|---|---|---|---|
| Ambashakti Udyog Limited | ₹750.97 Cr (FY 2025) | -15.0% | New Delhi, Delhi, India | |||
| R. P. Multimetals Limited | ₹745.97 Cr (FY 2025) | -18.0% | Amloh (P), Punjab, India | |||
| Oasis Enterprises Private Limited | ₹745.8 Cr (FY 2025) | 14.0% | New Delhi, Delhi, India | |||
| Venus Wire Industries Private Limited. | ₹745.69 Cr (FY 2024) | -17.0% | Mumbai, Maharashtra, India | |||
| Supershakti Metaliks Limited | ₹744.66 Cr (FY 2025) | 1.0% | Kolkata, West Bengal, India | |||
| Shah Foils Limitedthis company | ₹744.12 Cr (FY 2025) | ₹13.11 Cr | 1.8% | -21.0% | 325 | Ahmedabad, Gujarat, India |
| Shivam Iron & Steel Company Limited | ₹742.68 Cr (FY 2025) | -2.0% | Kolkata, West Bengal, India | |||
| Vardhman Adarsh Ispat Private Limited | ₹740.13 Cr (FY 2025) | 40.0% | New Delhi, Delhi, India | |||
| Mangala Ispat (Jaipur) Limited | ₹738.28 Cr (FY 2025) | 17.0% | Amber, Rajasthan, India | |||
| Geetai Steels Private Limited | ₹738.15 Cr (FY 2025) | -17.0% | Jalna, Maharashtra, India | |||
| Rajshri Iron Industries Private Limited | ₹736.94 Cr (FY 2024) | 122.0% | Kolkata, West Bengal, India |
To see the full peer comparison of Shah Foils Limited, buy the company report.
Auditor
Shah Foils Limited is audited by BHANWAR JAIN & CO for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| BHANWAR JAIN & CO | FY 2023 | 117340W |
Shareholding
The shareholding of Shah Foils 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 Shah Foils Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 21 Mar 2025 | 101090724 | Others | ₹40 Cr | Open | |
| 26 Sep 2024 | 100988802 | Hdfc Bank Limited | ₹106.89 Cr | Open | |
| 26 Sep 2024 | 100987471 | The Hongkong and Shanghai Banking Corporation Limited | ₹47.67 Cr | Open | |
| 15 Feb 2023 | 100685079 | Hdfc Bank Limited | ₹14.79 Lakh | Open | |
| 22 Mar 2021 | 100434733 | State Bank of India | ₹6 Cr | Satisfied |
To see the full charge records of Shah Foils Limited, buy the company report.
Total charge records: 14 View all charges
Deals & funding
Shah Foils Limited has 8 deals on record (4 funding rounds, 4 secondary share transfers), with disclosed funding of ₹10.05 Cr; the latest was in March 2017.
Deals on record (5 of 8)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2017 | Secondary share transfer | Undisclosed | Buyer: 4 individuals Seller: Suryakiran Rolling Mills Pvt Ltd |
| Apr 2015 | Funding round | ₹4 Cr | Investors: Suryakiran Rolling Mills Pvt Ltd |
| Feb 2009 | Funding round | ₹2.3 Cr | Investors: Suryakiran Rolling Mills Pvt Ltd , Smita Exim Private Limited , 2 individuals |
| Feb 2008 | Funding round | ₹1.5 Cr | Investors: Suryakiran Rolling Mills Pvt Ltd , Smita Exim Private Limited , 2 individuals |
| Jul 2007 | Secondary share transfer | Undisclosed | Buyer: 4 individuals Seller: Master Utensils Private Limited , 3 individuals |
To see the full deal history of Shah Foils 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
Shah Foils Limited has 23 court cases on record: 1 filed by Shah Foils, 22 filed against it. 3 cases are pending and 20 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 10 | 10 | 0 |
| High courts | 10 | 9 | 2 |
| Supreme Court | 3 | 3 | 1 |
Cases on record (5 of 23)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Supreme Court | Court case (2406-Indirect Taxation : Goods and Services Tax, Integrated Goods and Services Tax, State Goods and Services Tax, UT Goods and Services Tax.) | Filed against the company by Commissioner of Customs Mundra | Disposed |
| Supreme Court | Court case (2401-Indirect Taxation : Customs Act, Customs Tariff Act, Export, Import and Anti-Dumping duty) | Filed against the company by Commissioner of Customs, Mundra | Pending |
| High Court of Gujarat | Court case (TAXAP) | Filed against the company by The Principal Commissioner of Income Tax (Central) , Ahmedabad | Pending |
| High Court of Gujarat | Court case (TAXAP) | Filed against the company by The Principal Commissioner of Income Tax (Central), Ahmedabad | Pending |
| High Court, GUJARAT | Appeal | Filed against the company by The Principal Commissioner of Income Tax (Central), Ahmedabad | Disposed |
To see the full case history of Shah Foils 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
Shah Foils Limited was last rated by Crisil on 15 Apr 2020.
| Rating agency | Rated on | Rating |
|---|---|---|
| Crisil | 15 Apr 2020 |
To see the full credit ratings and regulatory alerts of Shah Foils Limited, buy the company report.
MSME payment delays
Shah Foils Limited has 2 MSME Form 1 returns on record for the period ending Mar 2019, listing 9 overdue payments to 6 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 6)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| Varia Pratik Engineering | |||
| an individual supplier | |||
| Apc Air Systems Private Limited | |||
| an individual supplier |
To see the full MSME payment records of Shah Foils Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Shah Foils has 2 associated companies. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
Employees & EPFO
Shah Foils Limited has a workforce of 325 employees on its EPFO records as of Mar 28, 2024, across 1 active EPFO establishment.
GST
Shah Foils has 3 GST registrations: 1 active and 2 cancelled or inactive.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAICS0490F1ZI | Gujarat | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Shah Foils Limited, buy the company report.
Recent activity
Shah Foils Limited has 13 board changes on record since 2004: 4 appointments and 9 cessations. The latest: Mahendra Manilal Shah ceased to be Director on 23 Oct 2024.
36 earlier events are in the company report.
Frequently asked questions
Shah Foils is an active public limited company based in Ahmedabad, Gujarat, India. The company works in steel manufacturing and processing, within the metals and minerals industry. It was incorporated on 06 April 2004 (22+ years old) and is registered under CIN U27209GJ2004PLC043927.
Shah Foils has 4 current directors:
- Kartik Ramesh Shah - Managing Director
- Nitisha Sharma - Director
- Ankur Rajnikant Patwa - Director
- Lekhraj Parasmalji Kanungo - Additional Director
The latest financial statements of Shah Foils on record with the MCA are for the year ended 31 March 2024. Its last annual general meeting was held on 30 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Shah Foils is 24AAICS0490F1ZI, registered in Gujarat. The company has 3 GST registrations in all, of which 1 is active and 2 are cancelled or inactive.
The CIN (Corporate Identification Number) of Shah Foils is U27209GJ2004PLC043927. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Shah Foils has 23 court cases on record: 1 filed by the company and 22 filed against it. 3 are pending. Most are in the district courts.
Shah Foils was incorporated on 06 April 2004, making it 22+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Shah Foils has 8 deals on record (4 funding rounds, 4 secondary share transfers), with disclosed funding of ₹10.05 Cr; the latest was in March 2017.
The peers of Shah Foils by revenue are Ambashakti Udyog Limited, R. P. Multimetals Limited, Oasis Enterprises Private Limited, Venus Wire Industries Private Limited, Supershakti Metaliks Limited and 5 more, all in the Metals and Minerals industry (Steel), with the same principal business activity (metal and metal products).
Mahendra Manilal Shah ceased to be Director on 23 Oct 2024. Ramesh Manilal Shah ceased to be Director on 23 Oct 2024. Ankur Rajnikant Patwa ceased to be Additional Director on 30 Sep 2022. Shah Foils has 13 board changes on record in total.
Shah Foils has 2 MSME Form 1 returns on record for the period ending Mar 2019, listing 9 overdue payments to 6 micro and small suppliers. The latest return was filed on 08 Jun 2019.
Shah Foils can be reached through the website shahfoils.com. Its registered office is in Ahmedabad, Gujarat, India.
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