About Spice Islands Industries Limited
Data last updated:
Spice Islands Industries Limited is a public limited company based in Mumbai, Maharashtra, India. It operates in the leather segment of the apparel and fashion sector. It was incorporated on 23 December 1988 and has been in existence for over 38 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN L11040MH1988PLC050197. Its GSTIN is 27AAACS5606D1ZO (Maharashtra). The company holds 3 GST registrations, of which 1 is active. It is a listed company as per MCA records. Its shares are listed on BSE: 526827.
The company has an authorised share capital of ₹15 Cr and a paid-up capital of ₹6.23 Cr. It was formerly known as Spice Island Apparels Private Limited. It is led by directors including Sandeep Jamnadas Merchant (Whole-Time Director) and Shikha Sethia.
Its last annual general meeting (AGM) was held on 24 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Mumbai, Maharashtra.
As per the latest standalone financials for FY 2025-26, the company reported a revenue of ₹17.89 Cr, reflecting significant growth compared to the previous year. For the same year it recorded a net profit of ₹5.64 Cr (net margin 31.5%) and EBITDA of ₹2.46 Cr (EBITDA margin 13.8%). The net worth stands at ₹14.02 Cr (up 494.1% YoY). Total assets are valued at ₹14.61 Cr (up 301.4% YoY).
As per MCA filings, the company has satisfied charges of ₹8.04 Cr on record. Court records list 6 cases involving the company, including 4 filed by the company and 2 filed against it; 1 case is pending. The company has 35 deals on record (35 market trades); the latest was in January 2026.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website spiceislandsindia.com.
Company details
Name history
Spice Islands Industries has undergone 2 name changes throughout its history. The company was previously known as Spice Island Apparels Private Limited, and Spice Islands Industries Limited. The current legal name is Spice Islands Industries Limited.
| Company Name | Status |
|---|---|
| Spice Islands Industries Limited | Current |
| Spice Island Apparels Private Limited | Previous |
CIN history
Spice Islands Industries has 3 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L11040MH1988PLC050197, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L11040MH1988PLC050197 | Current |
| U17121MH1988PLC050197 | Previous |
| L11045MH1988PLC050197 | Previous |
| L17121MH1988PLC050197 | Previous |
Contact details
Spice Islands Industries Limited's registered office is in Mumbai, Maharashtra.
- Registered AddressUnit 3043 – 3048 3rd Fl Bhandup Industrial Estate Pannalal Silk Mills Compd L.B.S. Marg, Bhandup – W, Mumbai, Maharashtra, India – 400078
- IndustryAppreal & Fashion, Leather, Apparel, Textile
- 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 Spice Islands Industries 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 |
Financials of Spice Islands Industries Limited
FY 2025-26 filings availableSpice Islands Industries Limited reported revenue of ₹17.89 Cr (up 2193.6% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · StandaloneRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 17.89 | 0.78 | 0.00 | 0.86 | 2.68 | 6.60 | 15.64 |
| Revenue growth | +2193.6% | - | -100.0% | -67.9% | -59.4% | -57.8% | - |
| EBITDA | 2.46 | (0.97) | (0.90) | (0.22) | (1.16) | (1.90) | (2.78) |
| EBITDA margin | +13.8% | -124.4% | - | -25.6% | -43.3% | -28.8% | -17.8% |
| Profit before tax | 5.62 | 1.11 | 0.33 | (0.10) | (1.31) | (2.19) | (2.95) |
| Net profit | 5.64 | 0.47 | 0.31 | (0.07) | (1.08) | (1.93) | (2.84) |
| Net profit margin | +31.5% | +60.3% | - | -8.1% | -40.3% | -29.2% | -18.2% |
| EPS (₹) | 9.08 | 1.11 | 0.74 | (0.28) | (3.06) | (5.07) | (6.83) |
| Balance sheet | |||||||
| Total assets | 14.61 | 3.64 | 0.36 | 0.03 | 0.39 | 2.83 | 5.10 |
| Net worth | 14.02 | 2.36 | (0.30) | (0.62) | (0.52) | 0.77 | 2.95 |
| Total debt | 0.59 | 1.28 | 0.63 | 0.63 | 0.87 | 2.01 | 1.92 |
| Cash & bank | 4.36 | 0.34 | 0.18 | 0.07 | 0.15 | 0.43 | 0.92 |
| Net working capital | 7.37 | 0.57 | (0.52) | (1.53) | (1.60) | 0.15 | 1.82 |
| Cash flow | |||||||
| Cash from operations | 2.94 | 0.30 | (0.20) | 0.07 | 0.76 | (0.90) | (0.24) |
| Cash from investing | (5.69) | (2.91) | 0.37 | 0.15 | 0.15 | 0.50 | 2.12 |
| Cash from financing | 5.28 | 2.77 | (0.06) | (0.30) | (1.20) | (0.08) | (1.72) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 17.83 | 10.91 | 3.32 | 1.74 | 1.93 | 0.34 | 0.33 | 0.10 |
| Revenue growth (YoY) | +823.8% | +3108.8% | +906.1% | +1640.0% | - | - | - | - |
| Other income | 0.89 | 2.00 | 0.48 | 0.72 | 0.09 | 1.81 | 0.09 | 0.06 |
| Total expenses | 17.27 | 9.79 | 2.31 | 1.66 | 1.65 | 0.55 | 0.60 | 0.45 |
| EBITDA | 0.56 | 1.12 | 1.01 | 0.08 | 0.28 | (0.21) | (0.27) | (0.35) |
| EBITDA margin | +3.1% | +10.3% | +30.4% | +4.6% | +14.5% | -61.8% | -81.8% | -350.0% |
| Depreciation | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | (0.01) |
| Interest | 0.02 | 0.03 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 |
| Profit before tax | 1.41 | 3.07 | 1.46 | 0.77 | 0.34 | 1.57 | (0.21) | (0.30) |
| Tax | 0.01 | (0.01) | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.64 |
Financial Statements
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 17.83 | 10.91 | 3.32 | 1.74 | 1.93 | 0.34 | 0.33 | 0.10 |
| Revenue growth (YoY) | +823.8% | +3108.8% | +906.1% | +1640.0% | - | - | - | - |
| Other income | 0.89 | 2.00 | 0.48 | 0.72 | 0.09 | 1.81 | 0.09 | 0.06 |
| Total expenses | 17.27 | 9.79 | 2.31 | 1.66 | 1.65 | 0.55 | 0.60 | 0.45 |
| EBITDA | 0.56 | 1.12 | 1.01 | 0.08 | 0.28 | (0.21) | (0.27) | (0.35) |
| EBITDA margin | +3.1% | +10.3% | +30.4% | +4.6% | +14.5% | -61.8% | -81.8% | -350.0% |
| Depreciation | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | (0.01) |
| Interest | 0.02 | 0.03 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 |
| Profit before tax | 1.41 | 3.07 | 1.46 | 0.77 | 0.34 | 1.57 | (0.21) | (0.30) |
| Tax | 0.01 | (0.01) | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.64 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 17.89 | 0.78 | 0.00 | 0.86 | 2.68 | 6.60 | 15.64 |
| Revenue growth | +2193.6% | - | -100.0% | -67.9% | -59.4% | -57.8% | - |
| Other income | 3.29 | 2.20 | 1.33 | 0.22 | 0.11 | 0.15 | 0.51 |
| Total expenses | 15.43 | 1.75 | 0.90 | 1.08 | 3.84 | 8.50 | 18.42 |
| Employee cost | 1.43 | 0.17 | 0.04 | 0.04 | 0.20 | 0.69 | 2.58 |
| EBITDA | 2.46 | (0.97) | (0.90) | (0.22) | (1.16) | (1.90) | (2.78) |
| EBITDA margin | +13.8% | -124.4% | - | -25.6% | -43.3% | -28.8% | -17.8% |
| Depreciation | 0.08 | 0.06 | 0.04 | 0.04 | 0.15 | 0.30 | 0.39 |
| Interest | 0.05 | 0.06 | 0.06 | 0.06 | 0.11 | 0.14 | 0.29 |
| Profit before tax | 5.62 | 1.11 | 0.33 | (0.10) | (1.31) | (2.19) | (2.95) |
| Tax | (0.02) | 0.64 | 0.00 | 0.02 | 0.01 | 0.00 | (0.03) |
| Net profit | 5.64 | 0.47 | 0.31 | (0.07) | (1.08) | (1.93) | (2.84) |
| Net profit margin | +31.5% | +60.3% | - | -8.1% | -40.3% | -29.2% | -18.2% |
| EPS (₹) | 9.08 | 1.11 | 0.74 | (0.28) | (3.06) | (5.07) | (6.83) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 6.23 | 4.30 | 4.30 | 4.30 | 4.30 | 4.30 | 4.30 |
| Reserves & surplus | 7.79 | (4.12) | (4.60) | (4.92) | (4.82) | (3.53) | (1.35) |
| Shareholders' funds (net worth) | 14.02 | 2.36 | (0.30) | (0.62) | (0.52) | 0.77 | 2.95 |
| Secured loans | 0.00 | 0.00 | 0.00 | 0.00 | 0.62 | 1.51 | 1.33 |
| Unsecured loans | 0.59 | 1.28 | 0.63 | 0.63 | 0.25 | 0.50 | 0.59 |
| Total debt | 0.59 | 1.28 | 0.63 | 0.63 | 0.87 | 2.01 | 1.92 |
| Total liabilities | 14.61 | 3.64 | 0.36 | 0.03 | 0.39 | 2.83 | 5.10 |
| Assets | |||||||
| Gross block | 3.05 | 0.91 | 0.30 | 0.95 | 1.54 | 1.96 | 3.41 |
| Net block | 2.82 | 0.76 | 0.21 | 0.60 | 0.84 | 1.25 | 2.08 |
| Capital work in progress | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.19 |
| Inventories | 0.19 | 0.13 | 0.00 | 0.00 | 0.02 | 0.11 | 0.73 |
| Sundry debtors | 2.86 | 1.18 | 0.11 | 0.06 | 0.77 | 0.68 | 1.12 |
| Cash & bank balances | 4.36 | 0.34 | 0.18 | 0.07 | 0.15 | 0.43 | 0.92 |
| Loans & advances | 3.03 | 0.36 | 0.10 | 0.26 | 0.59 | 1.13 | 2.34 |
| Total current assets | 10.44 | 2.01 | 0.39 | 0.39 | 1.53 | 2.35 | 5.11 |
| Total current liabilities | 3.07 | 1.44 | 0.91 | 1.92 | 3.13 | 2.20 | 3.29 |
| Net working capital | 7.37 | 0.57 | (0.52) | (1.53) | (1.60) | 0.15 | 1.82 |
| Total assets | 14.61 | 3.64 | 0.36 | 0.03 | 0.39 | 2.83 | 5.10 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 0.28 | 0.12 | 0.01 | 0.15 | 0.43 | 0.92 | 0.76 |
| Net cash from operating activities | 2.94 | 0.30 | (0.20) | 0.07 | 0.76 | (0.90) | (0.24) |
| Net cash from investing activities | (5.69) | (2.91) | 0.37 | 0.15 | 0.15 | 0.50 | 2.12 |
| Net cash from financing activities | 5.28 | 2.77 | (0.06) | (0.30) | (1.20) | (0.08) | (1.72) |
| Net change in cash | 2.52 | 0.16 | 0.10 | (0.08) | (0.28) | (0.48) | 0.16 |
| Closing cash | 4.36 | 0.34 | 0.18 | 0.07 | 0.15 | 0.43 | 0.92 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +2193.6% | - | -100.0% | -67.9% | -59.4% | -57.8% | - |
| EBITDA growth | +353.6% | -7.8% | -309.1% | +81.0% | +39.0% | +31.7% | - |
| PBT growth | +406.3% | +236.4% | +9998.0% | +92.4% | +40.2% | +25.8% | +35.9% |
| Net income growth | +1100.0% | +51.6% | +542.9% | +93.5% | +44.0% | +32.0% | - |
| Revenue CAGR (3Y) | +175.0% | -33.7% | -100.0% | -62.0% | -46.0% | -38.8% | -4.1% |
| EBITDA CAGR (3Y) | - | -5.8% | -22.1% | -57.1% | -35.1% | +6.6% | +15.8% |
| Profitability & leverage | |||||||
| Net income margin | +31.5% | +60.3% | - | -14.0% | -49.3% | -33.2% | -18.7% |
| Return on capital employed | +35.9% | +10.4% | +7.8% | 0.0% | 0.0% | 0.0% | 0.0% |
| Return on net worth | +37.9% | +4.7% | +7.7% | 0.0% | 0.0% | 0.0% | 0.0% |
| Debt / equity | 0.11 | 0.93 | 0.00 | 0.00 | 11.49 | 1.06 | 0.61 |
| Long-term debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 1.78 | 0.09 | 0.02 |
| Interest cover | 2.10 | -5.83 | -6.38 | -23.08 | -8.40 | -6.36 | -9.15 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 9.04 | 1.29 | 0.00 | 0.69 | 1.53 | 2.46 | 4.69 |
| Inventory turnover | 111.81 | 12.00 | 0.00 | 86.00 | 41.23 | 15.71 | 17.57 |
| Debtors turnover | 8.86 | 1.21 | 0.00 | 2.07 | 3.70 | 7.33 | 9.28 |
| EPS (₹) | 9.08 | 1.11 | 0.74 | (0.28) | (3.06) | (5.07) | (6.83) |
| Dividend per share (₹) | 1.60 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 22.49 | 0.42 | (0.70) | (1.45) | (1.21) | 1.79 | 6.87 |
To see the full year-wise statements and ratios of Spice Islands Industries Limited, buy the company report.
Board of directors and KMP of Spice Islands Industries Limited
Spice Islands Industries Limited currently reports 5 directors and 1 key managerial person. 22 former directors have served the organization.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Faraaz Irfan Chapra Also directs: Alkham Foods LLP, Vision Siddhivi Reality Private Limited, Chapra Capital Ventures Private Limited and 2 more | Cfo | 10 Apr 2024 | 2 Years 6 Months | Current |
| Shikha Sethia Also directs: Arkance in Private Limited | Director | 08 Nov 2023 | 2 Years 11 Months | Current |
| Shivanand Rama Hemmady Also directs: The Central Province Railways Company Limited, Killick Paints Private Limited, Lodestar Slotted Angles Limited and 5 more | Director | 08 Nov 2023 | 2 Years 11 Months | Current |
| Sandeep Jamnadas Merchant Also directs: Fotoset Trading Private Limited | Whole-Time Director | 08 Nov 2023 | 2 Years 11 Months | Current |
| Chirag Chandulal Rajapopat | Director | 10 Apr 2024 | 2 Years 6 Months | Current |
| Nitu Vishwakarma | Additional Director | 20 May 2026 | 0 Years 5 Months | Current |
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 31 Jul 2020 | 100360504 | Others | ₹31 Lakh | Satisfied | |
| 16 Aug 2016 | 100052126 | Others | ₹25 Lakh | Satisfied | |
| 10 Sep 2015 | 10599306 | Kotak Mahindra Prime Limited | ₹35 Lakh | Satisfied | |
| 26 Jun 2015 | 10583673 | Kotak Mahindra Prime Limited | ₹11.2 Lakh | Satisfied | |
| 28 May 2015 | 10580372 | Kotak Mahindra Prime Limited | ₹19.43 Lakh | Satisfied |
To see the full charge records of Spice Islands Industries Limited, buy the company report.
Total charge records: 10 View all charges
Deals & funding
Spice Islands Industries Limited has 35 deals on record (35 market trades); the latest was in January 2026.
Deals on record (5 of 35)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jul 2011 | Market trade | ₹34.2 Lakh | Buyer: Manoj Dua Huf, NBN Fintrade Private Limited , an individual Seller: CM Securities Private Limited , NBN Fintrade Private Limited |
| Mar 2011 | Market trade | ₹24.4 Lakh | Buyer: CM Securities Private Limited Seller: 2 individuals |
| Mar 2011 | Market trade | ₹27 Lakh | Buyer: CM Securities Private Limited |
| Mar 2010 | Market trade | ₹10.7 Lakh | Seller: Shri Parasram Holdings Private Limited |
| Mar 2010 | Market trade | ₹76.6 Lakh | Buyer: Shri Parasram Holdings Private Limited , NBN Fintrade Private Limited Seller: NBN Fintrade Private Limited , an individual |
To see the full deal history of Spice Islands Industries 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
Spice Islands Industries Limited has 6 court cases on record: 4 filed by Spice Islands Industries, 2 filed against it. 1 case is pending and 5 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 3 | 1 | 1 |
| High courts | 3 | 1 | 0 |
Cases on record (5 of 6)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Mumbai City Civil Court, Maharashtra | Civil suit | Filed against the company by an individual | Pending |
| District court, Mumbai City Civil Court, Maharashtra | Court case (CHAMBER SUMMONS) | Filed by the company against an individual | Disposed |
| District court, Mumbai City Civil Court, Maharashtra | Commercial suit | Filed by the company against an individual | Disposed |
| Bombay High Court | Tax appeal | Filed against the company by The Commissioner of Income Tax-3, Mumbai. | Disposed |
| Bombay High Court | Court case (NMW) | Filed by the company against The Union of India and Ors | Disposed |
To see the full case history of Spice Islands Industries 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
Spice Islands Industries Limited was last rated by Icra on 28 Sep 2020.
| Rating agency | Rated on | Rating |
|---|---|---|
| Icra | 28 Sep 2020 |
To see the full credit ratings and regulatory alerts of Spice Islands Industries Limited, buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Spice Islands Industries Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
GST
Spice Islands Industries has 3 GST registrations: 1 active and 2 cancelled or inactive.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACS5606D1ZO | Maharashtra | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Spice Islands Industries Limited, buy the company report.
Recent activity
Spice Islands Industries Limited has 29 board changes on record since 2007: 8 appointments and 21 cessations. The latest: Nitu Vishwakarma was appointed as Additional Director on 20 May 2026.
42 earlier events are in the company report.
Frequently asked questions
Spice Islands Industries is an active public limited company based in Mumbai, Maharashtra, India. The company works in leather, within the apparel and fashion industry. It was incorporated on 23 December 1988 (38+ years old) and is registered under CIN L11040MH1988PLC050197. Listed on BSE: 526827.
Spice Islands Industries reported revenue of ₹17.89 Cr for FY 2025-26 (up 2193.6% YoY) based on standalone financials.
Spice Islands Industries has 6 current directors and KMP:
- Sandeep Jamnadas Merchant - Whole-Time Director
- Shikha Sethia - Director
- Shivanand Rama Hemmady - Director
- Chirag Chandulal Rajapopat - Director
- Nitu Vishwakarma - Additional Director
- Faraaz Irfan Chapra - Cfo
The latest financial statements of Spice Islands Industries on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 24 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Spice Islands Industries is 27AAACS5606D1ZO, registered in Maharashtra. 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 Spice Islands Industries is L11040MH1988PLC050197. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Spice Islands Industries is a listed company as per MCA records. Its shares are listed on BSE (code: 526827).
Spice Islands Industries has 6 court cases on record: 4 filed by the company and 2 filed against it. 1 is pending. Most are in the district courts.
Spice Islands Industries was incorporated on 23 December 1988, making it 38+ years old. It is registered with the Registrar of Companies, Mumbai.
Spice Islands Industries has 35 deals on record (35 market trades); the latest was in January 2026.
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