Upal Developers Private Limited
About Upal Developers Private Limited
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Upal Developers Private Limited is a private limited company based in Mumbai, Maharashtra, India, a subsidiary of The Phoenix Mills Limited. It operates in the mall and retail management segment of the business services sector. It was incorporated on 16 January 2006 and has been in existence for over 20 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U45201MH2006PTC292993. Its GSTIN is 09AAACU7953K1ZR (Uttar Pradesh).
The company has an authorised share capital of ₹21 Cr and a paid-up capital of ₹19.6 Cr. It is led by directors including Sanjeev Sarin (Managing Director) and Shashie Kumar.
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 Mumbai, Maharashtra.
As per the financials filed for FY 2025, the company reported a revenue of ₹55.62 Cr, a growth of 4% compared to the previous year. For the same year it recorded a net profit of ₹19.03 Cr (net margin 34.2%) and EBITDA of ₹31.27 Cr (EBITDA margin 56.2%). Revenue has grown at a compounded annual rate (CAGR) of 14% over three years.
The company has about 28 employees on its provident fund (EPFO) records.
As per MCA filings, the company has open charges of ₹10 Cr and satisfied charges of ₹258.5 Cr on record. Court records list 17 cases involving the company, including 11 filed by the company and 6 filed against it; 7 cases are pending. The company has 10 deals on record (5 funding rounds, 5 secondary share transfers), with disclosed funding of ₹26.86 Cr; the latest was in September 2013. Its 6 peer companies in the Business Services industry (Mall Management), with the same principal business activity (real estate activities with own or leased property) are compared by revenue, 3 larger and 3 smaller; the largest is VR Vidarbha Limited with revenue of ₹62.57 Cr. The company has 8 MSME Form 1 returns on record between 2019 and 2022, listing 22 overdue payments to 5 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies.
Company details
CIN history
Upal Developers has 3 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is U45201MH2006PTC292993, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U45201MH2006PTC292993 | Current |
| U45201UP2006PTC031224 | Previous |
| U45201DL2006PTC218315 | Previous |
| U45201UP2006PTC069979 | Previous |
Contact details
Upal Developers Private Limited's registered office is in Mumbai, Maharashtra. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Registered AddressC/O Market City Resources Pvt. Ltd Second Floor R.R. Hosiery Bldg Shree Laxmi Woollen Mi, Lls Estate, Mumbai, Maharashtra, India – 400011
- IndustryBusiness Services, Mall & Retail Management
To see the full contact details of Upal Developers Private 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 Upal Developers is real estate. In detail, this covers real estate activities with own or leased property.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| L | Real Estate | L1 | Real estate activities with own or leased property |
To see the full business activity and turnover split of Upal Developers Private Limited, buy the company report.
Financials of Upal Developers Private Limited
FY 2025 filings availableUpal Developers Private Limited reported revenue of ₹55.62 Cr (up 4% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 14% over three years, including 4% growth in the latest year. EBITDA fell 2% 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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| EBITDA | ₹31.27 Cr | ||||
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| Net Profit (PAT) | ₹19.03 Cr | ||||
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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 | 56.2% | ||||
| Net Profit Margin | 34.2% | ||||
| Return on Equity (ROE) | |||||
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To see the full financial statements and ratios of Upal Developers Private Limited, buy the company report.
Board of directors of Upal Developers Private Limited
Upal Developers has 4 current directors and 28 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Shashie Kumar Also directs: Marketworks Resources LLP, Blackwood Developers Private Limited, Destiny Retail Mall Developers Private Limited and 2 more | Director | 10 Jul 2024 | 2 Years 4 Months | Current |
| Sanjeev Sarin | Managing Director | 31 Mar 2020 | 6 Years 7 Months | Current |
| Amit Arora | Director | 31 Mar 2020 | 6 Years 7 Months | Current |
| Prashant Shriram Khandelwal | Director | 09 Feb 2018 | 8 Years 9 Months | Current |
Peer comparison
Upal Developers Private Limited is compared with the 6 companies closest to it by revenue in the Business Services industry (Mall Management), with the same principal business activity (real estate activities with own or leased property), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| VR Vidarbha Limited | ₹62.57 Cr (FY 2024) | 18.0% | Nagpur, Maharashtra, India | |||
| Adarsh Heights Private Limited | ₹58.2 Cr (FY 2025) | 6.0% | Kolkata, West Bengal, India | |||
| Arliga Galleria (India) Private Limited | ₹57.98 Cr (FY 2025) | 0.0% | Bangalore, Karnataka, India | |||
| Upal Developers Private Limitedthis company | ₹55.62 Cr (FY 2025) | ₹19.03 Cr | 34.2% | 4.0% | 28 | Mumbai, Maharashtra, India |
| Nexus Mangalore Retail Private Limited | ₹55.27 Cr (FY 2025) | -9.0% | Mangalore, Karnataka, India | |||
| Nexus Udaipur Retail Private Limited | ₹51.49 Cr (FY 2025) | 9.0% | Bangalore, Karnataka, India | |||
| G. S. Malls Private Limited | ₹51.16 Cr (FY 2024) | 11.0% | Jammu, Jammu and Kashmir, India |
To see the full peer comparison of Upal Developers Private Limited, buy the company report.
Auditor
Upal Developers Private Limited is audited by CHATURVEDI & SHAH LLP for the financial year 2022.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| CHATURVEDI & SHAH LLP | FY 2022 | 101720W/W100355 |
Shareholding
The shareholding of Upal Developers Private Limited is on record for 5 financial years, the latest being FY 2022, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Upal Developers Private Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 21 Feb 2017 | 100080114 | Others | ₹10 Cr | Satisfied | |
| 22 Dec 2016 | 100067622 | Others | ₹85 Cr | Satisfied | |
| 11 Oct 2014 | 10528535 | Bank of Baroda | ₹5 Cr | Satisfied | |
| 20 Aug 2013 | 10447212 | Bank of Baroda | ₹4 Cr | Satisfied | |
| 08 May 2012 | 10358973 | Bank of Baroda | ₹5 Lakh | Satisfied |
To see the full charge records of Upal Developers Private Limited, buy the company report.
Total charge records: 7 View all charges
Deals & funding
Upal Developers Private Limited has 10 deals on record (5 funding rounds, 5 secondary share transfers), with disclosed funding of ₹26.86 Cr; the latest was in September 2013.
Deals on record (5 of 10)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Sep 2013 | Secondary share transfer | Undisclosed | Buyer: Big Apple Real Estate Private Limited & Priyank Tayal, Big Apple Real Estate Private Limited Seller: Edelweiss Trustee Services Private Limited |
| Mar 2013 | Secondary share transfer | Undisclosed | Buyer: Big Apple Real Estate Private Limited Seller: Everstone Capital Management |
| Oct 2009 | Funding round | ₹13.8 Cr | Investors: Big Apple Real Estate Private Limited , Everstone Capital Management |
| Aug 2009 | Secondary share transfer | Undisclosed | Buyer: Big Apple Real Estate Private Limited Seller: Marketcity Developers Limited |
| Mar 2008 | Secondary share transfer | Undisclosed | Buyer: Marketcity Developers Limited, Edelweiss Trustee Services Private Limited, Big Apple Real Estate Private Limited Seller: Uniglobe Glycols Private Limited , U P Asbestos Limited , Moon Light Developers Private Limited, an individual |
To see the full deal history of Upal Developers Private 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
Upal Developers Private Limited has 17 court cases on record: 11 filed by Upal Developers, 6 filed against it. 7 cases are pending and 10 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 9 | 4 | 4 |
| District courts | 8 | 2 | 3 |
Cases on record (5 of 17)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Mumbai City Civil Court, Maharashtra | Court case (CRI REV APP) | Filed by the company against Zunero Retail India Pvt. Ltd. and Anothers 2 and 2 others | Pending |
| District court, Mumbai CMM Courts, Maharashtra | Court case (Summons Cases SS) | Filed by the company against M/S. Naushijaan Restaurants Pvt. Ltd. | Pending |
| Allahabad High Court | Tax appeal | Filed against the company by Prin. Commissioner CGST and Central Excise Lko | Pending |
| Allahabad High Court | Court case (STRE) | Filed by the company against The Commissioner Commercial Tax U.P., Lucknow | Pending |
| Allahabad High Court | Court case (STRE) | Filed by the company against The Commissioner,Commercial Tax,U.P.,Lucknow | Pending |
To see the full case history of Upal Developers 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.
Credit ratings & regulatory alerts
Upal Developers Private Limited was last rated by Crisil on 13 Oct 2020.
| Rating agency | Rated on | Rating |
|---|---|---|
| Crisil | 13 Oct 2020 |
To see the full credit ratings and regulatory alerts of Upal Developers Private Limited, buy the company report.
MSME payment delays
Upal Developers Private Limited has 8 MSME Form 1 returns on record between 2019 and 2022, listing 22 overdue payments to 5 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 5)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Jagdamba Service Solutions Private Limited | |||
| Dolphin Electro Magnetic Technologies Private Limited | |||
| Mufg Intime India Private Limited | |||
| an individual supplier | |||
| an individual supplier |
To see the full MSME payment records of Upal Developers Private Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
Upal Developers Private Limited has a workforce of 28 employees on its EPFO records as of Apr 08, 2024, across 2 active EPFO establishments.
GST
Upal Developers has 1 GST registration: 1 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 09AAACU7953K1ZR | Uttar Pradesh | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Upal Developers Private Limited, buy the company report.
Recent activity
Upal Developers Private Limited has 26 board changes on record since 2007: 4 appointments and 22 cessations. The latest: Shashie Kumar ceased to be Additional Director on 09 Sep 2024.
32 earlier events are in the company report.
Frequently asked questions
Upal Developers is an active private limited company based in Mumbai, Maharashtra, India. The company works in mall and retail management, within the business services industry. It was incorporated on 16 January 2006 (20+ years old) and is registered under CIN U45201MH2006PTC292993.
Upal Developers has 4 current directors:
- Sanjeev Sarin - Managing Director
- Shashie Kumar - Director
- Amit Arora - Director
- Prashant Shriram Khandelwal - Director
The latest financial statements of Upal Developers 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 Upal Developers is 09AAACU7953K1ZR, registered in Uttar Pradesh.
The CIN (Corporate Identification Number) of Upal Developers is U45201MH2006PTC292993. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Upal Developers has 17 court cases on record: 11 filed by the company and 6 filed against it. 7 are pending. Most are in the high courts.
Upal Developers was incorporated on 16 January 2006, making it 20+ years old. It is registered with the Registrar of Companies, Mumbai.
Upal Developers has 10 deals on record (5 funding rounds, 5 secondary share transfers), with disclosed funding of ₹26.86 Cr; the latest was in September 2013.
The peers of Upal Developers by revenue are VR Vidarbha Limited, Adarsh Heights Private Limited, Arliga Galleria (India) Private Limited, Nexus Mangalore Retail Private Limited, Nexus Udaipur Retail Private Limited and 1 more, all in the Business Services industry (Mall Management), with the same principal business activity (real estate activities with own or leased property).
Shashie Kumar ceased to be Additional Director on 09 Sep 2024. Shashie Kumar was appointed as Director on 10 Jul 2024. Amit Arora ceased to be Additional Director on 03 Dec 2020. Upal Developers has 26 board changes on record in total.
Upal Developers has 8 MSME Form 1 returns on record between 2019 and 2022, listing 22 overdue payments to 5 micro and small suppliers. The latest return was filed on 03 Nov 2022.
The registered office of Upal Developers is at CO Market City Resources Pvt. Ltd Second Floor R.R. Hosiery Bldg Shree Laxmi Woollen Mi, Lls Estate, Mumbai, Maharashtra, India – 400011.
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