About Squad Forging India Private Limited
Data last updated:
Squad Forging India Private Limited is a private limited company based in Belgaum, Karnataka, India. It operates in the metal foundry and fabrication services segment of the engineering sector. It was incorporated on 19 January 2011 and has been in existence for over 15 years.
The company is registered with the Registrar of Companies (ROC), Bangalore, under CIN U28910KA2011PTC056681.
The company has an authorised share capital of ₹167.47 Cr and a paid-up capital of ₹167.42 Cr. It was formerly known as Setforge Quest Forging India Private Limited. It is led by directors including Bruno Guy Marie Durand and Rajeev Kaul.
Its last annual general meeting (AGM) was held on 27 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at Aequs SEZ No. 437/A Hattargi Village Hukkeri Taluk, Belgaum, Karnataka, India – 591243.
As per the financials filed for FY 2025, the company reported a revenue of ₹86.28 Cr, a growth of 38% compared to the previous year. For the same year it recorded a net profit of ₹10.39 Cr (net margin 12%) and EBITDA of ₹16.98 Cr (EBITDA margin 19.7%). Revenue has grown at a compounded annual rate (CAGR) of 47% over three years and 18% over five years.
The company has about 104 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Aequs. As per MCA filings, the company has open charges of ₹41.87 Cr and satisfied charges of ₹53.94 Cr on record. Court records list 1 case involving the company. The company has 14 deals on record (6 funding rounds, 5 rights issues, 3 secondary share transfers), with disclosed funding of ₹74.86 Cr; the latest was in December 2023. Its 10 peer companies in the Aviation industry (Aircraft and Components Manufacturing) are compared by revenue, 5 larger and 5 smaller; the largest is Latecoere India Private Limited with revenue of ₹91.46 Cr. The company has 14 MSME Form 1 returns on record between 2019 and 2024, listing 145 overdue payments to 18 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 squadforge.com.
- EmailLocked
- TelephoneLocked
- Website
- Social MediaLocked
- Registered AddressAequs SEZ No. 437/A Hattargi Village Hukkeri Taluk, Belgaum, Karnataka, India – 591243
- IndustryEngineering, Metal Foundry & Fabrication Services
- 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
- One PDF report, delivered after checkout
Business Activity of Squad Forging India Private Limited
The main business activity of Squad Forging India is manufacturing. In detail, this covers metal and metal products.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| C | Manufacturing | C7 | Metal and metal products | Locked |
Business activity turnover details
Turnover share and past changes in activity are in the company report.
- Turnover contribution
- Historical classifications
- Filing-level activity changes
Verified entity values are shown only after access is granted.
Financials of Squad Forging India Private Limited FY 2025 filings available
Squad Forging India Private Limited reported revenue of ₹86.28 Cr (up 38% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR) of Squad Forging India Private Limited
Revenue has grown at a compounded annual rate (CAGR) of 18% over five years, including 38% growth in the latest year. EBITDA rose 41% 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 of Squad Forging India Private Limited
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | •••• | •••• | •••• | •••• | •••• |
| Other Income | •••• | •••• | •••• | •••• | •••• |
| Total Revenue | •••• | •••• | •••• | •••• | •••• |
| Cost of Materials Consumed | •••• | •••• | •••• | •••• | •••• |
| Employee Benefit Expense | •••• | •••• | •••• | •••• | •••• |
| Finance Costs | •••• | •••• | •••• | •••• | •••• |
| Depreciation and Amortisation | •••• | •••• | •••• | •••• | •••• |
| Other Expenses | •••• | •••• | •••• | •••• | •••• |
| Total Expenses | •••• | •••• | •••• | •••• | •••• |
| EBITDA | ₹16.98 Cr | •••• | •••• | •••• | •••• |
| Profit Before Tax | •••• | •••• | •••• | •••• | •••• |
| Tax Expense | •••• | •••• | •••• | •••• | •••• |
| Net Profit (PAT) | ₹10.39 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 of Squad Forging India Private Limited
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 19.7% | •••• | •••• | •••• | •••• |
| Net Profit Margin | 12% | •••• | •••• | •••• | •••• |
| 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 | •••• | •••• | •••• | •••• | •••• |
Paid data: the figures shown as dots are available after purchase of the company report. Figures as filed with the MCA in Form AOC-4. The full year-wise statements and ratios of Squad Forging India are in the company report.
Financial statements from 2015
Earlier years and trend charts are in the company report.
- Income statements
- Balance sheets
- Cash-flow statements
- Ratios and benchmarks
Verified entity values are shown only after access is granted.
Peer Comparison of Squad Forging India Private Limited
Squad Forging India Private Limited is compared with the companies closest to it by revenue in the Aviation industry (Aircraft and Components Manufacturing). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Latecoere India Private Limited | ₹91.46 Cr (FY 2025) | •••• | •••• | 9.0% | •••• | Bangalore, Karnataka, India |
| Max Aerospace and Aviation Private Limited | ₹91.2 Cr (FY 2025) | •••• | •••• | 35.0% | •••• | Mumbai, Maharashtra, India |
| Ama Private Limited | ₹90.66 Cr (FY 2025) | •••• | •••• | -1.0% | •••• | Mumbai, Maharashtra, India |
| Aerostructures Assemblies India Private Limited | ₹88.66 Cr (FY 2025) | •••• | •••• | -16.0% | •••• | Belgaum, Karnataka, India |
| Star Aerospace Limited | ₹87 Cr (FY 2025) | •••• | •••• | 133.0% | •••• | New Delhi, Delhi, India |
| Squad Forging India Private Limited this company | ₹86.28 Cr (FY 2025) | •••• | •••• | 38.0% | •••• | Belgaum, Karnataka, India |
| Lohia Aerospace Systems Private Limited | ₹78.14 Cr (FY 2025) | •••• | •••• | 17.0% | •••• | Kanpur, Uttar Pradesh, India |
| Sec Industries Private Limited | ₹78.1 Cr (FY 2025) | •••• | •••• | 1.0% | •••• | Telangana, India |
| GKN Aerospace Engine Systems India Private Limited | ₹77.72 Cr (FY 2025) | •••• | •••• | 4.0% | •••• | Bangalore, Karnataka, India |
| Aerotrust Aviation Private Limited | ₹75.4 Cr (FY 2024) | •••• | •••• | 265.0% | •••• | New Delhi, Delhi, India |
| Ankit Fasteners Private Limited | ₹74.01 Cr (FY 2025) | •••• | •••• | 42.0% | •••• | Bangalore, Karnataka, India |
Peers are the five companies nearest above and the five nearest below Squad Forging India by revenue in the Aviation industry (Aircraft and Components Manufacturing), from the latest filed financials of each company. Net profit, margin and employee counts of each peer are in the company report.
Auditor Details of Squad Forging India Private Limited
Squad Forging India Private Limited is audited by Price Waterhouse Chartered Accountants LLP for the financial year 2023.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| Price Waterhouse Chartered Accountants LLP | Locked | Locked | Locked |
Complete auditor history
Appointment and cessation dates and past auditor changes are in the company report.
- Appointment status
- Appointment dates
- Cessation dates
- Auditor changes
Verified entity values are shown only after access is granted.
Board of Directors and KMP of Squad Forging India Private Limited
Squad Forging India Private Limited currently reports 6 directors and 1 key managerial person. 21 former directors have served the organization.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Bruno Guy Marie Durand | Nominee Director | 01 Mar 2024 | 2 Years 7 Months | Current |
| Mohan Shivamurthy Durvigere | Ceo | 27 Sep 2021 | 5 Years 0 Months | Current |
| Rajeev Kaul Also directs: Aequs Limited, Aequs Cookware Private Limited, Aerospace Processing India Private Limited and 1 more | Nominee Director | 19 Jan 2011 | 15 Years 8 Months | Current |
| Xavier Pierron Also directs: Aubert& Duval Engineering India Private Limited | Nominee Director | 30 Jun 2020 | 6 Years 3 Months | Current |
| Mohamed Bouzidi | Nominee Director | 02 Jul 2020 | 6 Years 3 Months | Current |
| Pierre Francis A Rega | Nominee Director | 19 May 2025 | 1 Years 4 Months | Current |
Ownership and Shareholding of Squad Forging India Private Limited
Shareholding and ownership data
Promoter, institutional, public and beneficial ownership figures are in the company report.
- Ownership categories
- Historical changes
- Group structure
- FII and DII holdings
Verified entity values are shown only after access is granted.
Charges & Borrowings of Squad Forging India Private Limited
| Date | Lender | Amount | Status |
|---|---|---|---|
| 05 Jul 2018 | Hdfc Bank Limited | ₹41.87 Cr | Open |
| 11 Apr 2014 | Export-Import Bank of India | ₹15.44 Cr | Satisfied |
| 13 Sep 2012 | Export-Import Bank of India | ₹38.5 Cr | Satisfied |
Total charge records: 3 View all charges
Deals & Funding of Squad Forging India Private Limited
Squad Forging India Private Limited has 14 deals on record (6 funding rounds, 5 rights issues, 3 secondary share transfers), with disclosed funding of ₹74.86 Cr; the latest was in December 2023.
Deals on record (5 of 14)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Dec 2023 | Rights issue | ₹12.8 Cr | Investors: Aequs Limited , an individual |
| Jun 2023 | Secondary share transfer | Undisclosed | Buyer: Aequs Limited Seller: Aerospace Manufacturing Holdings Private Limited |
| Jun 2021 | Rights issue | ₹37.32 Cr | Investors: Aequs Limited , an individual |
| May 2018 | Funding round | ₹30.18 Cr | Investors: Aequs Limited , an individual |
| Jul 2017 | Funding round | ₹14.52 Cr | Investors: Aequs Limited |
Full deal history
All 14 deals with amounts, valuations, instruments and every party are in the company report.
- Every funding round and share transfer
- Amounts and valuations
- Investors, buyers and sellers
- Instruments and deal dates
Verified entity values are shown only after access is granted.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal Cases of Squad Forging India Private Limited
Squad Forging India Private Limited has 1 court case on record: 1 where it is another party. All case is disposed. Status as checked on 03 Oct 2026.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 1 | 0 | 0 |
Cases on record (1 of 1)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court of Karnataka | Writ petition | Company is another party | Disposed |
Full case history
All 1 cases with case numbers, court, year-wise trend, opposite parties and decision dates are in the company report.
- Every case with its case number
- Year-wise trend
- Opposite parties
- Decision dates and orders
Verified entity values are shown only after access is granted.
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 by Squad Forging India Private Limited
Squad Forging India Private Limited has 14 MSME Form 1 returns on record between 2019 and 2024, listing 145 overdue payments to 18 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 18)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Dexterous Toolroom & Engineering | •••• | •••• | •••• |
| Neptune Container Line & Logistics Private Limited | •••• | •••• | •••• |
| Freyer International Logistics Private Limited | •••• | •••• | •••• |
| MTMS Engineers Private Limited | •••• | •••• | •••• |
| an individual supplier | •••• | •••• | •••• |
Full MSME payment history
Every supplier, amount and due date from all 14 MSME Form 1 returns is in the company report.
- Every reported supplier due
- Amounts and due dates
- Reasons given in each return
- Period-by-period history
Verified entity values are shown only after access is granted.
Individuals and sole proprietors among the suppliers are not named. Amounts, due dates and filing dates are in the company report.
Employees and EPFO Compliance at Squad Forging India Private Limited
Squad Forging India Private Limited has a workforce of 104 employees as of Apr 05, 2024.
Employee and EPFO history
Monthly headcount, contribution history and filing status are in the company report.
- Monthly headcount
- PF contributions
- ECR filing status
- Establishment history
Verified entity values are shown only after access is granted.
Recent Activity on Squad Forging India Private Limited
Squad Forging India Private Limited has 25 board changes on record since 2011: 7 appointments and 18 cessations. The latest: Etienne Francois Marie Galan was appointed as Nominee Director on 08 Nov 2025.
24 earlier events are listed in the company report.
Credit Ratings, Litigation & Regulatory Alerts for Squad Forging India Private Limited
Credit ratings, litigation, and regulatory alerts
Credit ratings, court records and regulatory alerts are in the company report.
- Rating history
- Court and tribunal cases
- Regulatory alerts
- Director-linked violations
Verified entity values are shown only after access is granted.
Subsidiaries & Group Companies of Squad Forging India Private Limited
Corporate group structure
Parent, subsidiary, associate and joint venture records with holdings are in the company report.
- Parent company
- Subsidiaries and ownership
- Associates and joint ventures
- Entity investments
Verified entity values are shown only after access is granted.
GST Compliance of Squad Forging India Private Limited
GST registrations and filing compliance
State-wise GST registrations, return filing status and HSN or SAC codes are in the company report.
- GSTIN registrations
- State-wise filing status
- HSN and SAC details
- Tax jurisdiction records
Verified entity values are shown only after access is granted.
MCA Filings & Documents of Squad Forging India Private Limited
MCA filings and documents
Filed forms, annual returns, financial statements and charge filings with their dates are in the company report.
- Incorporation documents
- Annual returns and statements
- Charge filings
- Complete filing index
Verified entity values are shown only after access is granted.
Frequently Asked Questions about Squad Forging India Private Limited
Squad Forging India is an active private limited company based in Belgaum, Karnataka, India. The company works in metal foundry and fabrication services, within the engineering industry. It was incorporated on 19 January 2011 (15+ years old) and is registered under CIN U28910KA2011PTC056681.
Squad Forging India reported revenue of ₹86.28 Cr for FY 2025 (up 38% YoY).
Squad Forging India has 7 current directors and KMP:
- Bruno Guy Marie Durand - Nominee Director
- Rajeev Kaul - Nominee Director
- Xavier Pierron - Nominee Director
- Mohamed Bouzidi - Nominee Director
- Pierre Francis A Rega - Nominee Director
- Etienne Francois Marie Galan - Nominee Director
- Mohan Shivamurthy Durvigere - Ceo
Squad Forging India reported a net profit of ₹10.39 Cr (net margin 12%) and EBITDA of ₹16.98 Cr (EBITDA margin 19.7%) for FY 2025, as per its filed financial statements.
The compounded annual growth rate (CAGR) of the revenue of Squad Forging India is 47% over three years and 18% over five years. In the latest year (FY 2025) revenue rose 38%. CAGR is the steady yearly rate that links the first and the last year.
The CIN (Corporate Identification Number) of Squad Forging India is U28910KA2011PTC056681. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Squad Forging India has 1 court case on record.
Squad Forging India was incorporated on 19 January 2011, making it 15+ years old. It is registered with the Registrar of Companies, Bangalore.
Squad Forging India has 14 deals on record (6 funding rounds, 5 rights issues, 3 secondary share transfers), with disclosed funding of ₹74.86 Cr; the latest was in December 2023.
The peers of Squad Forging India by revenue are Latecoere India Private Limited, Max Aerospace and Aviation Private Limited, Ama Private Limited, Aerostructures Assemblies India Private Limited, Star Aerospace Limited and 5 more, all in the Aviation industry (Aircraft and Components Manufacturing).
Etienne Francois Marie Galan was appointed as Nominee Director on 08 Nov 2025. Bruno Guy Marie Durand ceased to be Nominee Director on 19 May 2025. Pierre Francis A Rega was appointed as Nominee Director on 19 May 2025. Squad Forging India has 25 board changes on record in total.
Squad Forging India has 14 MSME Form 1 returns on record between 2019 and 2024, listing 145 overdue payments to 18 micro and small suppliers. The latest return was filed on 29 Apr 2024.