About Thirdware Solution Limited
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Thirdware Solution Limited was a public limited company based in Mumbai, Maharashtra, India, operated as a subsidiary of Tech Mahindra Limited. The company has been amalgamated - it was merged with another entity and no longer exists as a separate legal entity. It operated in the IT products retail and distribution segment of the technology and IT services sector. It was incorporated on 20 June 1995.
The company was registered with the Registrar of Companies (ROC), Mumbai, under CIN U72900MH1995PLC089765. Its GSTIN is 27AABCT0556A1ZT (Maharashtra). The company held 4 GST registrations, of which 3 are active.
The company had an authorised share capital of ₹8 Cr and a paid-up capital of ₹4.7 Cr. It was formerly known as Thirdware Solution Private Limited. It was led by directors including Heena Nikhil Shah and Padala Ramkrishna Rao.
Its last annual general meeting (AGM) was held on 15 July 2024, and its latest financial statements are for the year ended 31 March 2024. The registered office was at Oberoi Garden Estate Near Chandivali Studio Wing – I, Andheri (E) Mumbai, Maharashtra, India – 400072.
As per the financials filed for FY 2024, the company reported a revenue of ₹361.21 Cr, a growth of 7% compared to the previous year. For the same year it recorded a net profit of ₹97.16 Cr (net margin 26.9%) and EBITDA of ₹135.16 Cr (EBITDA margin 37.4%). Revenue has grown at a compounded annual rate (CAGR) of 14% over three years and 8% over five years.
The company had about 621 employees on its provident fund (EPFO) records before it was dissolved.
The company was associated with 1 brand: Thirdware. As per MCA filings, the company had satisfied charges of ₹113.81 Cr on record. Court records list 7 cases involving the company, including 4 filed by the company and 3 filed against it; 2 cases are pending. The company has 4 deals on record (4 secondary share transfers); the latest was in March 2023. Its 3 peer companies in the Information Technology industry (IT Consulting and Services, IT Products Retail and Distribution), with the same principal business activity (computer programming, consultancy and related activities) are compared by revenue, 2 larger and 1 smaller; the largest is Ust Global Technology Services (India) Private Limited with revenue of ₹367.67 Cr. The company has 7 MSME Form 1 returns on record between 2019 and 2024, listing 50 overdue payments to 16 micro and small suppliers.
The last known website on record is thirdware.com.
Company details
Contact details
Thirdware Solution Limited's registered office is in Mumbai, Maharashtra. Its website is thirdware.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered AddressOberoi Garden Estate Near Chandivali Studio Wing – I, Andheri (E) Mumbai, Maharashtra, India – 400072
- IndustryInformation Technology, IT Products Retail & Distribution, IT Consulting & Support Services
To see the full contact details of Thirdware Solution 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
Thirdware Solution operates one associated brand: Thirdware. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Software solutions are delivered by Thirdware since its 1995 founding. | thirdware.com |
Business activity
The main business activity of Thirdware Solution is information and communication. In detail, this covers computer programming, consultancy and related activities.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| J | Information and communication | J6 | Computer programming, consultancy and related activities |
To see the full business activity and turnover split of Thirdware Solution Limited, buy the company report.
Financials of Thirdware Solution Limited
FY 2024 filings availableThirdware Solution Limited reported revenue of ₹361.21 Cr (up 7% YoY) for FY 2024.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 8% over five years, including 7% growth in the latest year. EBITDA rose 94% 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 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | |||||
| Other Income | |||||
| Total Revenue | ₹361.21 Cr | ||||
| Cost of Materials Consumed | |||||
| Employee Benefit Expense | |||||
| Finance Costs | |||||
| Depreciation and Amortisation | |||||
| Other Expenses | |||||
| Total Expenses | |||||
| EBITDA | ₹135.16 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹97.16 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 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 37.4% | ||||
| Net Profit Margin | 26.9% | ||||
| 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 Thirdware Solution Limited, buy the company report.
Board of directors of Thirdware Solution Limited
Thirdware Solution has 3 current directors and 20 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Heena Nikhil Shah | Director | 18 Apr 2024 | 2 Years 6 Months | As last reported |
| Padala Ramkrishna Rao Also directs: Vistaragreens Private Limited | Director | 09 Feb 2023 | 3 Years 9 Months | As last reported |
| Nalin Mittal Also directs: Dr Rakesh Chandra Sanjeevani Research Foundation | Director | 03 Jun 2022 | 4 Years 5 Months | As last reported |
Peer comparison
Thirdware Solution Limited is compared with the 3 companies closest to it by revenue in the Information Technology industry (IT Consulting and Services, IT Products Retail and Distribution), with the same principal business activity (computer programming, consultancy and related activities), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Ust Global Technology Services (India) Private Limited | ₹367.67 Cr (FY 2025) | 17.0% | Kochi, Kerala, India | |||
| Headstrong Services India Private Limited | ₹365.73 Cr (FY 2025) | 1.0% | Delhi, India | |||
| Thirdware Solution Limitedthis company | ₹361.21 Cr (FY 2024) | ₹97.16 Cr | 26.9% | 7.0% | 621 | Mumbai, Maharashtra, India |
| Gspann Technologies (India) Private Limited | ₹360.79 Cr (FY 2025) | 8.0% | New Delhi, Delhi, India |
To see the full peer comparison of Thirdware Solution Limited, buy the company report.
Auditor
Thirdware Solution Limited is audited by B S R & Co. LLP for the financial year 2024.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| B S R & Co. LLP | FY 2024 | 101248W/W-100022 |
Shareholding
The shareholding of Thirdware Solution 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 Thirdware Solution Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 03 Jun 2021 | 100453020 | Others | ₹18.75 Cr | Satisfied | |
| 03 Feb 2021 | 100417477 | Others | ₹18.75 Cr | Satisfied | |
| 07 Oct 2015 | 10624485 | Citi Bank N.A. | ₹25.56 Cr | Satisfied | |
| 18 May 2015 | 10569932 | Others | ₹18.75 Cr | Satisfied | |
| 16 Mar 2015 | 10560750 | Hdfc Bank Limited | ₹20 Cr | Satisfied |
To see the full charge records of Thirdware Solution Limited, buy the company report.
Total charge records: 7 View all charges
Deals & funding
Thirdware Solution Limited has 4 deals on record (4 secondary share transfers); the latest was in March 2023.
Deals on record (4 of 4)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2023 | Secondary share transfer | Undisclosed | Buyer: Tech Mahindra Limited Seller: Ford Business Services Centre Private Limited, 3 individuals |
| Aug 2018 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
| Mar 2010 | Secondary share transfer | Undisclosed | Buyer: 4 individuals Seller: 2 individuals |
| Mar 2009 | Secondary share transfer | Undisclosed | Buyer: 4 individuals Seller: an individual |
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Thirdware Solution Limited has 7 court cases on record: 4 filed by Thirdware Solution, 3 filed against it. 2 cases are pending and 5 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 4 | 2 | 2 |
| District courts | 1 | 0 | 0 |
| Supreme Court | 1 | 1 | 0 |
| NCLT | 1 | 0 | 0 |
Cases on record (5 of 7)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Bombay High Court | Court case (MVXA) | Filed against the company by The Additional Commissioner of Sales Tax, Vat - I | Pending |
| Bombay High Court | Court case (MVXA) | Filed against the company by The Addl. Commissioner of Sales Tax Vat-I Mumbai | Pending |
| NCLT, Mumbai | Court case (C.A.(CAA)) | Filed by the company | Disposed |
| High Court | Writ petition | Filed by the company against Deputy. Commissioner of Income Tax Circle 3( and 2 others | Disposed |
| Supreme Court | Appeal | Filed against the company by Deputy Commissioner of Income Tax Circle 3(3)(1) and 1 other | Disposed |
To see the full case history of Thirdware Solution 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
Thirdware Solution Limited has 7 MSME Form 1 returns on record between 2019 and 2024, listing 50 overdue payments to 16 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 16)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Dayanand Consultancy Service Private Limited | |||
| an individual supplier | |||
| Rova Business Solutions | |||
| Aimplus | |||
| S.V Shetty and Associates |
To see the full MSME payment records of Thirdware Solution Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
Thirdware Solution Limited has a workforce of 621 employees on its EPFO records as of Apr 09, 2024, across 1 active EPFO establishment.
GST
Thirdware Solution has 4 GST registrations: 3 active and 1 cancelled or inactive.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AABCT0556A1ZT | Maharashtra | Active | 01 Jul 2017 |
| 27AABCT0556A2ZS | Maharashtra | Active | 28 Aug 2017 |
| 33AABCT0556A1Z0 | Tamil Nadu | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Thirdware Solution Limited, buy the company report.
Recent activity
Thirdware Solution Limited has 22 board changes on record since 2007: 3 appointments and 19 cessations. The latest: Heena Nikhil Shah ceased to be Additional Director on 14 Jul 2024.
31 earlier events are in the company report.
Frequently asked questions
Thirdware Solution has been "Amalgamated" (merged) as per MCA records. The company was combined with another entity and no longer exists as a separate legal entity. Business activities, if any, continue under the successor entity.
Thirdware Solution was a public limited company based in Mumbai, Maharashtra, India. The company worked in IT products retail and distribution, within the information technology industry. It was incorporated on 20 June 1995 and is registered under CIN U72900MH1995PLC089765. The company is recorded as amalgamated in MCA records and no longer exists as a legal entity.
Thirdware Solution was incorporated on 20 June 1995. It is registered with the Registrar of Companies, Mumbai.
Thirdware Solution had 3 directors:
- Heena Nikhil Shah - Director
- Padala Ramkrishna Rao - Director
- Nalin Mittal - Director
The CIN (Corporate Identification Number) of Thirdware Solution is U72900MH1995PLC089765. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
The registered office of Thirdware Solution is at Oberoi Garden Estate Near Chandivali Studio Wing – I, Andheri E Mumbai, Maharashtra, India – 400072.
Thirdware Solution can be reached through the website thirdware.com. Its registered office is in Mumbai, Maharashtra, India.
The latest financial statements of Thirdware Solution on record with the MCA are for the year ended 31 March 2024. Its last annual general meeting was held on 15 July 2024. Year-wise statements from 2015 are in the company report.
The GSTIN of Thirdware Solution is 27AABCT0556A1ZT, registered in Maharashtra. The company has 4 GST registrations in all, of which 3 are active and 1 is cancelled or inactive. Other active GSTINs include 27AABCT0556A2ZS (Maharashtra), 33AABCT0556A1Z0 (Tamil Nadu).
Thirdware Solution operated in the information technology industry, in the IT products retail and distribution segment.
Thirdware Solution has 4 deals on record (4 secondary share transfers); the latest was in March 2023.
The peers of Thirdware Solution by revenue are Ust Global Technology Services (India) Private Limited, Headstrong Services India Private Limited, Gspann Technologies (India) Private Limited, all in the Information Technology industry (IT Consulting and Services, IT Products Retail and Distribution), with the same principal business activity (computer programming, consultancy and related activities).
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