MSME (Udyam registered) Ministry of MSME
- Category
- Medium (2023-24)
- Udyam number
- UDYAM-PY-03-0000143
Tristar Formulations Private Limited - pharma in Puducherry, India. FY 2026 financials & compliance.
Revenue · FY 2025
₹43.68 Cr
▼ 25% YoY
Net loss · FY 2025
₹6.05 Cr
Net margin -13.8%
EBITDA · FY 2025
-₹2.62 Cr
EBITDA margin -6%
Authorised capital
₹60 Lakh
Registered with MCA
Paid-up capital
₹55.26 Lakh
Issued & subscribed
Open charges
₹27.4 Cr
Satisfied ₹13.2 Cr
Company age
22 yrs
Est. 2004
Directors on board
2
As per MCA filings
About Tristar Formulations Private Limited
Data last updated:
Tristar Formulations Private Limited is a private limited company based in Puducherry, India, a subsidiary of Madras Pharma Holdings Private Limited. It operates in the drug formulation and development segment of the pharmaceuticals sector. It was incorporated on 19 February 2004 and has been in existence for over 22 years.
The company is registered with the Registrar of Companies (ROC), Pondicherry, under CIN U24231PY2004PTC001758. Its GSTIN is 34AACCT0498A1ZO (Puducherry).
The company has an authorised share capital of ₹60 Lakh and a paid-up capital of ₹55.26 Lakh. It is led by directors Asaithambi Thoothappa Udayar (Whole-Time Director) and Ogra Selvanathan Kumaran.
Its last annual general meeting (AGM) was held on 26 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at Plot No.A – 116 27th Cross Mettupalayam Indl. Estate Pondicherry, Puducherry, India – 605009.
As per the financials filed for FY 2025, the company reported a revenue of ₹43.68 Cr, a decline of 25% compared to the previous year. For the same year it recorded a net loss of ₹6.05 Cr (net margin -13.8%) and EBITDA of -₹2.62 Cr (EBITDA margin -6%). Revenue has declined at a compounded annual rate (CAGR) of 14% over three years and 5% over five years.
As per MCA filings, the company has open charges of ₹27.4 Cr and satisfied charges of ₹13.2 Cr on record. Court records list 12 cases involving the company, including 9 filed by the company and 3 filed against it; 3 cases are pending. The company has 4 deals on record (3 secondary share transfers, 1 funding round), with disclosed funding of ₹50 Lakh; the latest was in February 2021. Its 6 peer companies in the Pharma industry (Formulations), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products) are compared by revenue, 4 larger and 2 smaller; the largest is Affine Formulations Limited with revenue of ₹44.05 Cr. The company has 1 MSME Form 1 return on record for the period ending Jan 2019, listing 5 overdue payments to 2 micro and small suppliers.
Tristar Formulations Private Limited is registered as a medium enterprise under the Udyam registration framework (Reg. No. UDYAM-PY-03-0000143). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website madraspharma.com.
Company details
CIN U24231PY2004PTC001758
Registration Number 001758
Incorporation Date 19 February 2004
ROC Pondicherry
Listing Status Unlisted
Company Status Active
Date of Last AGM 26 September 2025
Date of Balance Sheet 31 March 2025
Parent Company Madras Pharma Holdings Private Limited
Compliance Status Active Compliant
MSME Classification Medium
Udyam Registration UDYAM-PY-03-0000143
Recognitions & Rankings of Tristar Formulations
Contact details
Tristar Formulations Private Limited's registered office is in Puducherry, Puducherry. Its website is madraspharma.com. Its e-mail address is in the company report.
- Email
- Website
- Registered AddressPlot No.A – 116 27th Cross Mettupalayam Indl. Estate Pondicherry, Puducherry, India – 605009
- IndustryPharma, Drug Formulation & Development
To see the full contact details of Tristar Formulations Private Limited, buy the company report.
Comprehensive company report
Tristar Formulations Private 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
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Business activity
The main business activity of Tristar Formulations is manufacturing. In detail, this covers chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C6 | Chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products |
To see the full business activity and turnover split of Tristar Formulations Private Limited, buy the company report.
Financials of Tristar Formulations Private Limited
FY 2025 filings availableTristar Formulations Private Limited reported revenue of ₹43.68 Cr (down 25% YoY) for FY 2025.
Revenue · FY 2025
₹43.68 Cr ▼ 25%
Net loss · FY 2025
₹6.05 Cr margin -13.8%
EBITDA · FY 2025
-₹2.62 Cr margin -6%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▼ 25%
3 years · compounded
▼ 14%
5 years · compounded
▼ 5%
EBITDA CAGR growth
1 year
▼ 247%
3 years · compounded
▼ 33%
5 years · compounded
▼ 19%
Revenue has declined at a compounded annual rate (CAGR) of 5% over five years, including a 25% fall in the latest year. EBITDA fell 247% 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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| Total Expenses | |||||
| EBITDA | -₹2.62 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | -₹6.05 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 | -6% | ||||
| Net Profit Margin | -13.8% | ||||
| Return on Equity (ROE) | |||||
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| Return on Assets (ROA) | |||||
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| Receivable Days | |||||
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To see the full financial statements and ratios of Tristar Formulations Private Limited, buy the company report.
Board of directors of Tristar Formulations Private Limited
Tristar Formulations has 2 current directors and 6 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Asaithambi Thoothappa Udayar | Whole-Time Director | 28 Feb 2004 | 22 Years 8 Months | Current |
| Ogra Selvanathan Kumaran | Director | 31 Jan 2011 | 15 Years 8 Months | Current |
Peer comparison
Tristar Formulations Private Limited is compared with the 6 companies closest to it by revenue in the Pharma industry (Formulations), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Affine Formulations Limited | ₹44.05 Cr (FY 2022) | 4.0% | Indore, Madhya Pradesh, India | |||
| Quality Pharma Products Private Limited | ₹43.95 Cr (FY 2025) | 22.0% | Assam, India | |||
| Varahi Pharma Private Limited | ₹43.85 Cr (FY 2021) | 46.0% | Hyderabad, Telangana, India | |||
| Medibest Pharma Private Limited | ₹43.84 Cr (FY 2024) | 65.0% | Hosur, Tamil Nadu, India | |||
| Tristar Formulations Private Limitedthis company | ₹43.68 Cr (FY 2025) | -₹6.05 Cr | -13.8% | -25.0% | Puducherry, India | |
| Dhara Lifescience Private Limited | ₹43.49 Cr (FY 2024) | -14.0% | Ahmedabad, Gujarat, India | |||
| Orchev Pharma Pvt Ltd | ₹43.44 Cr (FY 2025) | 14.0% | Rajkot, Gujarat, India |
To see the full peer comparison of Tristar Formulations Private Limited, buy the company report.
Auditor
Tristar Formulations Private Limited is audited by N.Rajaraman and Associates for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| N.Rajaraman and Associates | FY 2023 | 005078S |
Shareholding
The shareholding of Tristar Formulations Private Limited is on record for 5 financial years, the latest being FY 2024, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2024 | FY 2023 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Tristar Formulations Private Limited, buy the company report.
Charges & borrowings
Open charges
₹27.4 Cr
Satisfied charges
₹13.2 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 28 Nov 2022 | 100649220 | Hdfc Bank Limited | ₹2 Cr | Open | |
| 19 Jun 2017 | 100112850 | Hdfc Bank Limited | ₹10 Cr | Open | |
| 19 Jun 2017 | 100112851 | Hdfc Bank Limited | ₹15.4 Cr | Open | |
| 10 Sep 2012 | 10379373 | State Bank of India | ₹2.5 Cr | Satisfied | |
| 05 Oct 2007 | 10075100 | Indian Overseas Bank | ₹10 Cr | Satisfied |
To see the full charge records of Tristar Formulations Private Limited, buy the company report.
Total charge records: 7 View all charges
Deals & funding
Tristar Formulations Private Limited has 4 deals on record (3 secondary share transfers, 1 funding round), with disclosed funding of ₹50 Lakh; the latest was in February 2021.
Total deals
4
Secondary share transfers
3
Funding round
1
Disclosed funding
₹50 Lakh
Deals on record (4 of 4)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Feb 2021 | Secondary share transfer | Undisclosed | Seller: Madras Pharma Holdings Private Limited , 3 individuals |
| Mar 2014 | Secondary share transfer | Undisclosed | Buyer: 4 individuals Seller: 4 individuals |
| Nov 2013 | Funding round | ₹50 Lakh | Investors: Madras Pharma Holdings Private Limited |
| Aug 2007 | Secondary share transfer | Undisclosed | Buyer: 4 individuals Seller: 4 individuals |
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Tristar Formulations Private Limited has 12 court cases on record: 9 filed by Tristar Formulations, 3 filed against it. 3 cases are pending and 9 are disposed.
Total cases
12
Filed by the company
9
Filed against the company
3
Pending
3
Disposed
9
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 6 | 2 | 2 |
| High courts | 4 | 0 | 1 |
| Supreme Court | 2 | 1 | 0 |
Cases on record (5 of 12)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Calcutta, West Bengal | Civil suit | Filed against the company by State ( Tarun Kumr Pal ,Drug Inspector) | Pending |
| District court, Puducherry | Court case (SPLCC) | Filed against the company | Pending |
| High Court of Delhi | Writ petition | Filed by the company against Union of India & Ors. | Pending |
| District court, Puducherry | Criminal miscellaneous application | Filed by the company | Disposed |
| Supreme Court | Court case (1807-Ordinary Civil Matters : Others) | Filed against the company by Union of India Drug Controller General of India Director General Director General Fda Bhawan, Ito , District: Kotla Road ,New Delhi , Delhi and 12 others | Disposed |
To see the full case history of Tristar Formulations Private 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
Tristar Formulations Private Limited has 1 MSME Form 1 return on record for the period ending Jan 2019, listing 5 overdue payments to 2 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 (2 of 2)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Ideal Cures Private Limited | |||
| Dhara Lifescience Private Limited |
To see the full MSME payment records of Tristar Formulations Private Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
GST
Tristar Formulations has 1 GST registration: 1 active.
Total GSTINs
1
Active
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 34AACCT0498A1ZO | Puducherry | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Tristar Formulations Private Limited, buy the company report.
Recent activity
Tristar Formulations Private Limited has 8 board changes on record since 2004: 2 appointments and 6 cessations. The latest: Rahimkhan Sowgathali ceased to be Additional Director on 26 Sep 2015.
Charges
A charge with Hdfc Bank Limited of Rs. 1,540.00 Lakh registered on 19 Jun 2017 with Charge ID 100112851 was modified on 11 Nov 2025.
AGM
Tristar Formulations Private Limited last Annual general meeting of members was held on 26 Sep 2025 as per latest MCA records.
Filing
Tristar Formulations Private Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Pondicherry.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 200.00 Lakh with Charge ID 100649220 was registered on 28 Nov 2022.
Charges
A charge with Hdfc Bank Limited of Rs. 1,000.00 Lakh registered on 19 Jun 2017 with Charge ID 100112850 was modified on 20 Apr 2022.
Charges
A charge registered on 10 Sep 2012 via Charge ID 10379373 with State Bank Of India was fully satisfied on 21 Jul 2017.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 1,000.00 Lakh with Charge ID 100112850 was registered on 19 Jun 2017.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 1,540.00 Lakh with Charge ID 100112851 was registered on 19 Jun 2017.
Charges
A charge with State Bank Of India of Rs. 250.00 Lakh registered on 10 Sep 2012 with Charge ID 10379373 was modified on 06 Mar 2017.
Ceased
Rahimkhan Sowgathali ceased to be Additional Director.
Charges
A charge registered on 05 Oct 2007 via Charge ID 10075100 with Indian Overseas Bank was fully satisfied on 24 Sep 2012.
Charges
A charge with State Bank Of India amounted to Rs. 250.00 Lakh with Charge ID 10379373 was registered on 10 Sep 2012.
14 earlier events are in the company report.
Frequently asked questions
Tristar Formulations is an active private limited company based in Puducherry, India. The company works in drug formulation and development, within the pharma industry. It was incorporated on 19 February 2004 (22+ years old) and is registered under CIN U24231PY2004PTC001758.
Tristar Formulations has 2 current directors:
- Asaithambi Thoothappa Udayar - Whole-Time Director
- Ogra Selvanathan Kumaran - Director
The latest financial statements of Tristar Formulations on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 26 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Tristar Formulations is 34AACCT0498A1ZO, registered in Puducherry.
The CIN (Corporate Identification Number) of Tristar Formulations is U24231PY2004PTC001758. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Tristar Formulations has 12 court cases on record: 9 filed by the company and 3 filed against it. 3 are pending. Most are in the district courts.
Tristar Formulations was incorporated on 19 February 2004, making it 22+ years old. It is registered with the Registrar of Companies, Pondicherry.
Tristar Formulations has 4 deals on record (3 secondary share transfers, 1 funding round), with disclosed funding of ₹50 Lakh; the latest was in February 2021.
The peers of Tristar Formulations by revenue are Affine Formulations Limited, Quality Pharma Products Private Limited, Varahi Pharma Private Limited, Medibest Pharma Private Limited, Dhara Lifescience Private Limited and 1 more, all in the Pharma industry (Formulations), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products).
Rahimkhan Sowgathali ceased to be Additional Director on 26 Sep 2015. Ogra Selvanathan Kumaran ceased to be Additional Director on 31 Aug 2011. Kadathur Balasubramanian Raja ceased to be Director on 04 Feb 2011. Tristar Formulations has 8 board changes on record in total.
Yes, Tristar Formulations is registered as a medium enterprise under Udyam registration (number: UDYAM-PY-03-0000143).
Tristar Formulations has 1 MSME Form 1 return on record for the period ending Jan 2019, listing 5 overdue payments to 2 micro and small suppliers. The latest return was filed on 29 May 2019.