About Troikaa Pharmaceuticals Limited
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Troikaa Pharmaceuticals Limited is a public limited company based in Ahmedabad, Gujarat, India. It operates in the drug formulation and development segment of the pharmaceuticals sector. It was incorporated on 31 May 1994 and has been in existence for over 32 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U24100GJ1994PLC022162. Its GSTIN is 24AABCT6866H1Z4 (Gujarat). The company holds 29 GST registrations, of which 24 are active.
The company has an authorised share capital of ₹68 Cr and a paid-up capital of ₹62.55 Cr. It was formerly known as Troikaa Exports Limited and Troikaa Exports Pvt Ltd. It is led by directors including Ketan Rajnikant Patel (Managing Director) and Milan Rajnikant Patel (Managing Director).
Its last annual general meeting (AGM) was held on 06 August 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at Ahmedabad, Gujarat.
As per the financials filed for FY 2025, the company reported a revenue of ₹1,099.57 Cr, a growth of 12% compared to the previous year. For the same year it recorded a net loss of ₹27.83 Cr (net margin -2.5%) and EBITDA of ₹108.56 Cr (EBITDA margin 9.9%). Revenue has grown at a compounded annual rate (CAGR) of 11% over three years and 12% over five years.
The company has about 3,558 employees on its provident fund (EPFO) records. Its group structure includes 1 subsidiary.
As per MCA filings, the company has open charges of ₹900.89 Cr and satisfied charges of ₹112.48 Cr on record. Court records list 2 cases involving the company, including 2 filed by the company.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website troikaa.com.
Company details
Name history
Troikaa Pharmaceuticals has undergone 3 name changes throughout its history. The company was previously known as Troikaa Exports Limited, Troikaa Exports Pvt Ltd, and Troikaa Exports Ltd. The current legal name is Troikaa Pharmaceuticals Limited.
| Company Name | Status |
|---|---|
| Troikaa Pharmaceuticals Limited | Current |
| Troikaa Exports Limited | Previous |
| Troikaa Exports Pvt Ltd | Previous |
| Troikaa Exports Ltd | Previous |
CIN history
Troikaa Pharmaceuticals has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is U24100GJ1994PLC022162, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U24100GJ1994PLC022162 | Current |
| U51909GJ1994PLC022162 | Previous |
| U51909GJ1994PTC022162 | Previous |
Contact details
Troikaa Pharmaceuticals Limited's registered office is in Ahmedabad, Gujarat. Its website is troikaa.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressTroikaa House Commerce House – 1, Satya Marg, Ahmedabad, Gujarat, India – 380054
- IndustryPharma, Drug Formulation & Development
To see the full contact details of Troikaa Pharmaceuticals 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
Business activity
The main business activity of Troikaa Pharmaceuticals 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 Troikaa Pharmaceuticals Limited, buy the company report.
Financials of Troikaa Pharmaceuticals Limited
FY 2025 filings availableTroikaa Pharmaceuticals Limited reported revenue of ₹1,099.57 Cr (up 12% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 12% over five years, including 12% growth in the latest year. EBITDA rose 11% 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 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | |||||
| Other Income | |||||
| Total Revenue | ₹1,099.57 Cr | ||||
| Cost of Materials Consumed | |||||
| Employee Benefit Expense | |||||
| Finance Costs | |||||
| Depreciation and Amortisation | |||||
| Other Expenses | |||||
| Total Expenses | |||||
| EBITDA | ₹108.56 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | -₹27.83 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 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 9.9% | ||||
| Net Profit Margin | -2.5% | ||||
| 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 Troikaa Pharmaceuticals Limited, buy the company report.
Board of directors of Troikaa Pharmaceuticals Limited
Troikaa Pharmaceuticals has 12 current directors and 17 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Ketan Rajnikant Patel | Managing Director | 31 May 1994 | 32 Years 5 Months | Current |
| Milan Rajnikant Patel Also directs: Troikaa Pharmachem Private Limited | Managing Director | 31 May 1994 | 32 Years 5 Months | Current |
| Sushma Ketan Patel Also directs: Troikaa Pharmachem Private Limited | Whole-Time Director | 02 May 2016 | 10 Years 6 Months | Current |
| Binita Milan Patel Also directs: Troikaa Pharmachem Private Limited | Whole-Time Director | 02 May 2016 | 10 Years 6 Months | Current |
| Achyutkumar Dadubhai Patel Also directs: Troikaa Pharmachem Private Limited | Whole-Time Director | 24 Oct 2015 | 11 Years 0 Months | Current |
| Prakash Jayantilal Shah | Director | 08 Aug 2023 | 3 Years 2 Months | Current |
Peer comparison
Troikaa Pharmaceuticals Limited is compared with the 9 companies closest to it by revenue in the Pharma industry (Formulations, Pharmaceuticals), 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 |
|---|---|---|---|---|---|---|
| Hetero Healthcare Limited | ₹1,189.8 Cr (FY 2025) | 16.0% | Hyderabad, Telangana, India | |||
| BDR Pharmaceuticals International Private Limited | ₹1,137.31 Cr (FY 2025) | 2.0% | Mumbai, Maharashtra, India | |||
| Tirupati Medicare Limited | ₹1,119.15 Cr (FY 2025) | 6.0% | New Delhi, Delhi, India | |||
| Zuventus Healthcare Limited | ₹1,117.95 Cr (FY 2025) | 4.0% | Pune, Maharashtra, India | |||
| Medley Pharmaceuticals Limited | ₹1,114.92 Cr (FY 2025) | 8.0% | Mumbai, Maharashtra, India | |||
| Troikaa Pharmaceuticals Limitedthis company | ₹1,099.57 Cr (FY 2025) | -₹27.83 Cr | -2.5% | 12.0% | 3,558 | Ahmedabad, Gujarat, India |
| Tenshi Pharmaceuticals Private Limited | ₹1,071.06 Cr (FY 2024) | 98.0% | Bangalore, Karnataka, India | |||
| Centaur Pharmaceuticals Private Limited | ₹1,060.17 Cr (FY 2025) | 22.0% | Mumbai, Maharashtra, India | |||
| Blue Cross Laboratories Private Limited | ₹1,021.41 Cr (FY 2025) | 5.0% | Mumbai, Maharashtra, India | |||
| Win-Medicare Private Limited | ₹1,012.12 Cr (FY 2025) | 7.0% | New Delhi, Delhi, India |
To see the full peer comparison of Troikaa Pharmaceuticals Limited, buy the company report.
Auditor
Troikaa Pharmaceuticals Limited is audited by DHIREN SHAH & CO. for the financial year 2024.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| DHIREN SHAH & CO. | FY 2024 | 114633W |
Shareholding
The shareholding of Troikaa Pharmaceuticals 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 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Troikaa Pharmaceuticals Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 12 Aug 2026 | 101358774 | Others | ₹53.5 Cr | Open | |
| 29 Jun 2026 | 101322510 | Hdfc Bank Limited | ₹14.76 Lakh | Open | |
| 21 May 2026 | 101301250 | Hdfc Bank Limited | ₹17.49 Lakh | Open | |
| 25 Feb 2026 | 101243233 | Axis Bank Limited | ₹30 Cr | Open | |
| 17 Oct 2025 | 101172346 | Hdfc Bank Limited | ₹33.49 Lakh | Open |
To see the full charge records of Troikaa Pharmaceuticals Limited, buy the company report.
Total charge records: 49 View all charges
Legal cases
Troikaa Pharmaceuticals Limited has 2 court cases on record: 2 filed by Troikaa Pharmaceuticals. All cases are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 2 | 0 | 0 |
Cases on record (2 of 2)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court, GUJARAT | Court case (COMP) | Filed by the company against an individual | Disposed |
| High Court, GUJARAT | Commercial suit | Filed by the company against an individual | Disposed |
To see the full case history of Troikaa Pharmaceuticals 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
Troikaa Pharmaceuticals Limited has 9 MSME Form 1 returns on record between 2019 and 2024, listing 348 overdue payments to 55 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 55)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| Synzeal Research Private Limited | |||
| Assetcues Solutions Private Limited | |||
| June Enterprises Private Limited | |||
| Expresolv Limited |
To see the full MSME payment records of Troikaa Pharmaceuticals Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Troikaa Pharmaceuticals has 1 subsidiary company. This group structure data is as of FY 2024. The table lists each entity with its relationship and holding.
| Company Name | CIN | Shares held |
|---|---|---|
| Troikaa Pharmachem Private Limited | U24299GJ2021PTC127098 |
To see the full group structure of Troikaa Pharmaceuticals Limited, buy the company report.
Employees & EPFO
Troikaa Pharmaceuticals Limited has a workforce of 3,558 employees on its EPFO records as of Feb 24, 2025, across 1 active EPFO establishment.
GST
Troikaa Pharmaceuticals has 29 GST registrations: 24 active and 5 cancelled or inactive. The first 4 active GSTINs are listed below.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AABCT6866H1Z4 | Gujarat | Active | 01 Jul 2017 |
| 24AABCT6866H2Z3 | Gujarat | Active | 01 Jul 2017 |
| 24AABCT6866H3Z2 | Gujarat | Active | 09 Jul 2017 |
| 02AABCT6866H1ZA | Himachal Pradesh | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Troikaa Pharmaceuticals Limited, buy the company report.
Recent activity
Troikaa Pharmaceuticals Limited has 27 board changes on record since 1994: 12 appointments and 15 cessations. The latest: Chandrakant Kantilal Thakkar was appointed as Additional Director on 15 May 2026.
98 earlier events are in the company report.
News
Frequently asked questions
Troikaa Pharmaceuticals is an active public limited company based in Ahmedabad, Gujarat, India. The company works in drug formulation and development, within the pharma industry. It was incorporated on 31 May 1994 (32+ years old) and is registered under CIN U24100GJ1994PLC022162.
Troikaa Pharmaceuticals has 12 current directors:
- Ketan Rajnikant Patel - Managing Director
- Milan Rajnikant Patel - Managing Director
- Sushma Ketan Patel - Whole-Time Director
- Binita Milan Patel - Whole-Time Director
- Achyutkumar Dadubhai Patel - Whole-Time Director
- Asheel Ketan Patel - Whole-Time Director
- Nisheel Ketan Patel - Whole-Time Director
- Kush Milan Patel - Whole-Time Director
- Prakash Jayantilal Shah - Director
- Padmin Hasitkant Buch - Additional Director
- Subir Kumar Das - Director
- Chandrakant Kantilal Thakkar - Additional Director
The latest financial statements of Troikaa Pharmaceuticals on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 06 August 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Troikaa Pharmaceuticals is 24AABCT6866H1Z4, registered in Gujarat. The company has 29 GST registrations in all, of which 24 are active and 5 are cancelled or inactive. Other active GSTINs include 24AABCT6866H2Z3 (Gujarat), 24AABCT6866H3Z2 (Gujarat), 02AABCT6866H1ZA (Himachal Pradesh).
The CIN (Corporate Identification Number) of Troikaa Pharmaceuticals is U24100GJ1994PLC022162. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Troikaa Pharmaceuticals has 2 court cases on record: 2 filed by the company.
Troikaa Pharmaceuticals was incorporated on 31 May 1994, making it 32+ years old. It is registered with the Registrar of Companies, Ahmedabad.
The peers of Troikaa Pharmaceuticals by revenue are Hetero Healthcare Limited, BDR Pharmaceuticals International Private Limited, Tirupati Medicare Limited, Zuventus Healthcare Limited, Medley Pharmaceuticals Limited and 4 more, all in the Pharma industry (Formulations, Pharmaceuticals), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products).
Chandrakant Kantilal Thakkar was appointed as Additional Director on 15 May 2026. Padmin Hasitkant Buch was appointed as Additional Director on 15 May 2026. Kush Milan Patel was appointed as Whole-Time Director on 08 Aug 2025. Troikaa Pharmaceuticals has 27 board changes on record in total.
Troikaa Pharmaceuticals has 9 MSME Form 1 returns on record between 2019 and 2024, listing 348 overdue payments to 55 micro and small suppliers. The latest return was filed on 01 May 2024.
Troikaa Pharmaceuticals can be reached through the website troikaa.com. Its registered office is in Ahmedabad, Gujarat, India.
The registered office of Troikaa Pharmaceuticals is at Troikaa House Commerce House – 1, Satya Marg, Ahmedabad, Gujarat, India – 380054.
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