Western Securities Limited
About Western Securities Limited
Data last updated:
Western Securities Limited is a public limited company based in Mumbai, Maharashtra, India, a subsidiary of Hindustan Construction Company Limited. It operates in the insurance brokerage and advisory segment of the financial services sector. It was incorporated on 17 September 1985 and has been in existence for over 41 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U67120MH1985PLC037511. Its GSTIN is 27AAACW0431C1ZX (Maharashtra).
The company has an authorised share capital of ₹2.01 Cr and a paid-up capital of ₹2 Cr. It is led by directors including Ajit Gulabchand and Shalaka Gulabchand Dhawan.
Its last annual general meeting (AGM) was held on 30 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 ₹2.37 Cr, reflecting significant growth compared to the previous year. For the same year it recorded a net profit of ₹1.36 Cr (net margin 57.2%) and EBITDA of ₹1.88 Cr (EBITDA margin 79.2%). Revenue has grown at a compounded annual rate (CAGR) of 45% over three years and 20% over five years.
The current compliance status is marked as compliant by the Registrar of Companies.
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- Registered AddressHincon House Lal Bahadur Shashtri Marg Vikhroli (Wes, T), Mumbai, Maharashtra, India – 400083
- IndustryFinancial Services, Insurance Brokerage & Advisory
- 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 Western Securities Limited
The main business activity of Western Securities is financial and insurance activities. In detail, this covers activities auxiliary to financial service and insurance activities.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| K | Financial and insurance activities | 66 | Activities auxiliary to financial service and insurance activities | 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 Western Securities Limited FY 2025 filings available
Western Securities Limited reported revenue of ₹2.37 Cr (up 296% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR) of Western Securities Limited
Revenue has grown at a compounded annual rate (CAGR) of 20% over five years, including 296% growth in the latest year. EBITDA rose 541% 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 Western Securities 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 | ₹1.88 Cr | •••• | •••• | •••• | •••• |
| Profit Before Tax | •••• | •••• | •••• | •••• | •••• |
| Tax Expense | •••• | •••• | •••• | •••• | •••• |
| Net Profit (PAT) | ₹1.36 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 Western Securities Limited
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 79.2% | •••• | •••• | •••• | •••• |
| Net Profit Margin | 57.2% | •••• | •••• | •••• | •••• |
| 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 Western Securities 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.
Board of Directors of Western Securities Limited
Western Securities has 3 current directors and 7 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Ajit Gulabchand Also directs: Hindustan Construction Company Limited, Champali Garden Private Limited, Seamarine Investments Private Limited and 4 more | Director | 19 Sep 1997 | 29 Years 1 Months | Current |
| Shalaka Gulabchand Dhawan Also directs: Champali Garden Private Limited, Seamarine Investments Private Limited, Shalaka Investment Private Limited and 4 more | Director | 02 May 2018 | 8 Years 5 Months | Current |
| Parmita Mandal Also directs: Badarpur Faridabad Tollway Limited | Additional Director | 11 Feb 2025 | 1 Years 8 Months | Current |
Peer Comparison of Western Securities Limited
Western Securities Limited is compared with the companies closest to it by revenue in the BFSI industry (Insurance Broking Firms). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Integrated Risk Insurance Brokers Limited | ₹2.44 Cr (FY 2024) | •••• | •••• | 322.0% | •••• | Chandigarh, India |
| Connect Insurance Broking Services Private Limited | ₹2.43 Cr (FY 2025) | •••• | •••• | 11.0% | •••• | Hyderabad, Telangana, India |
| Bima Leap Insurance Broker Limited | ₹2.42 Cr (FY 2024) | •••• | •••• | 563.0% | •••• | Delhi, India |
| Aparys Insurance Broking Private Limited | ₹2.4 Cr (FY 2024) | •••• | •••• | •••• | Mumbai, Maharashtra, India | |
| Advance India Insurance Broker Services Limited | ₹2.38 Cr (FY 2024) | •••• | •••• | 359.0% | •••• | Jalandhar, Punjab, India |
| Western Securities Limited this company | ₹2.37 Cr (FY 2025) | •••• | •••• | 296.0% | •••• | Mumbai, Maharashtra, India |
| Gosure Digital Interfaces Private Limited | ₹2.32 Cr (FY 2025) | •••• | •••• | 501.0% | •••• | Hyderabad, Telangana, India |
| Glide Insurance Broking Services Private Limited | ₹2.3 Cr (FY 2023) | •••• | •••• | -7.0% | •••• | Hyderabad, Telangana, India |
| Cosmos Insurance Brokers Private Limited | ₹2.3 Cr (FY 2025) | •••• | •••• | 13.0% | •••• | Kochi, Kerala, India |
| Equirus Private Limited | ₹2.28 Cr (FY 2024) | •••• | •••• | 76.0% | •••• | Mumbai, Maharashtra, India |
| Virtual Galaxy Insurance Brokers Private Limited | ₹2.24 Cr (FY 2025) | •••• | •••• | 9.0% | •••• | Bangalore, Karnataka, India |
Peers are the five companies nearest above and the five nearest below Western Securities by revenue in the BFSI industry (Insurance Broking Firms), 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 Western Securities Limited
Western Securities Limited is audited by MEHTA & PAI for the financial year 2023.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| MEHTA & PAI | 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.
Ownership and Shareholding of Western Securities 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 Western Securities Limited
Western Securities Limited does not have any charges (loans) registered with the Registrar of Companies.
Employees and EPFO Compliance at Western Securities Limited
Employment history and EPFO contributions of people linked to Western Securities.
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 Western Securities Limited
Western Securities Limited has 10 board changes on record since 1997: 3 appointments and 7 cessations. The latest: Parmita Mandal was appointed as Additional Director on 11 Feb 2025.
1 earlier event is listed in the company report.
Credit Ratings, Litigation & Regulatory Alerts for Western Securities 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.
MSME Payment Delays by Western Securities Limited
MSME payment history
Amounts due to small suppliers, the reasons given and MSME-1 filings are in the company report.
- Outstanding amounts
- Delay periods and reasons
- MSME-1 filing history
- Vendor payment signals
Verified entity values are shown only after access is granted.
Subsidiaries & Group Companies of Western Securities 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 Western Securities Limited
Western Securities has 1 GST registration: 1 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACW0431C1ZX | Maharashtra | Active | 01 Jul 2017 |
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 Western Securities 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 Western Securities Limited
Western Securities is an active public limited company based in Mumbai, Maharashtra, India. The company works in insurance brokerage and advisory, within the financial services industry. It was incorporated on 17 September 1985 (41+ years old) and is registered under CIN U67120MH1985PLC037511.
Western Securities reported revenue of ₹2.37 Cr for FY 2025 (up 296% YoY).
Western Securities has 3 current directors:
- Ajit Gulabchand - Director
- Shalaka Gulabchand Dhawan - Director
- Parmita Mandal - Additional Director
Western Securities reported a net profit of ₹1.36 Cr (net margin 57.2%) and EBITDA of ₹1.88 Cr (EBITDA margin 79.2%) for FY 2025, as per its filed financial statements.
The compounded annual growth rate (CAGR) of the revenue of Western Securities is 45% over three years and 20% over five years. In the latest year (FY 2025) revenue rose 296%. CAGR is the steady yearly rate that links the first and the last year.
The GSTIN of Western Securities is 27AAACW0431C1ZX, registered in Maharashtra.
The CIN (Corporate Identification Number) of Western Securities is U67120MH1985PLC037511. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Western Securities was incorporated on 17 September 1985, making it 41+ years old. It is registered with the Registrar of Companies, Mumbai.
The peers of Western Securities by revenue are Integrated Risk Insurance Brokers Limited, Connect Insurance Broking Services Private Limited, Bima Leap Insurance Broker Limited, Aparys Insurance Broking Private Limited, Advance India Insurance Broker Services Limited and 5 more, all in the BFSI industry (Insurance Broking Firms).
Parmita Mandal was appointed as Additional Director on 11 Feb 2025. Aniruddha Singh ceased to be Additional Director on 28 Sep 2022. Aditya Pratap Jain ceased to be Director on 04 May 2022. Western Securities has 10 board changes on record in total.
The registered office of Western Securities is at Hincon House Lal Bahadur Shashtri Marg Vikhroli Wes, T, Mumbai, Maharashtra, India – 400083.