Promoter holding
64.27%
IT
Iron Triangle Limited - Due diligence report
A 360° intelligence report on Iron Triangle Limited: trust score, financial health, credit view, compliance, directors, growth and distress …
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Iron Triangle Limited — 360° Intelligence Report
Generated from MCA filings & public records60/100
Trust Score
Moderate
Iron Triangle Limited is assessed as Moderate with a Trust Score of 60/100. Iron Triangle Limited is an active public limited indian non-government company incorporated in 2002, operating in the Infrastructure and Utilities sector. Reported revenue has declined across its recent filed years. It was profitable in its latest filed year. Based on MCA filings and public records, it currently shows a high compliance risk and moderate financial risk profile.
Report generated on 30 Sep 2026 from the latest processed filings. Iron Triangle Limited snapshot & full profile →
Automated indicators derived from public MCA / GST / EPFO records - not a credit rating, not investment, legal or financial advice. Spotted an inaccuracy? Report an error.
02
Score Card
Higher is safer · rule-based & explainableTrust ScoreModerate
60/100
Overall counterparty trust - the headline number of this report.
Compliance ScoreCaution Indicated
20/100
Statutory standing - status, filings, auditor, MSME and litigation.
Financial Health ScoreModerate
65/100
Profitability, leverage and liquidity from filed statements.
Credit Risk ScoreModerate
60/100
Debt capacity, gearing and security cover for lenders.
Director Stability ScoreLow Risk
90/100
Board strength, DIN status, churn and network.
Growth ScoreModerate
55/100
Revenue, profit, asset and hiring momentum.
Distress ScoreModerate
65/100
Early-warning signals - higher means fewer warnings.
03
Financial Intelligence Dashboard
Consolidated · 5 filed year(s)Unlock the full 5-year financial dashboard with charts and year-wise figures.
Get full accessScores and observations on this page are already computed from the real filings - only the underlying figures are locked.
04
Credit & Compliance Intelligence
Why the scores are what they are
Credit Risk Score: 60/100 Moderate
- Open charges exceed net worth - secured lenders rank ahead.
- Profitable - internal accruals available.
- Externally credit-rated (A).
Charges position: 25 open (944.63 cr) · 134 satisfied (697.50 cr).
Banking relationships (from registered charges)
| Lender | Charges | Amount |
|---|---|---|
| Others | 10 | 48.0 cr |
| Oriental Bank Of Commerce | 4 | 48.0 cr |
| Hdfc Bank Limited | 37 | 48.0 cr |
| Standard Chartered Bank | 5 | 48.0 cr |
| Axis Bank Limited | 3 | 48.0 cr |
| 3I Infotech Trusteeship Services Limited | 1 | 48.0 cr |
Compliance Score: 20/100 Caution Indicated
- Company status is Active as per MCA.
- Balance sheet slightly behind (Mar 2025).
- Flagged by authority: BANKS.
- Litigation present in 3 court forum(s).
- 1 auditor resignation(s) filed - latest: P G M S & Associates on 2022-09-19.
- Delayed payments to MSME suppliers disclosed (1 disclosure(s)).
- 11 active GST registration(s).
Legal cases on record (3)
05
Director Intelligence
Stability score: 90/100| Name | DIN / PAN | Designation | Appointed | Tenure | DIN status |
|---|---|---|---|---|---|
| Abhijeet Prafulbhai Javia | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| BHOVAN PARSHOTTAM RANGANI | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| ANKUR BHUPENDRAKUMAR PACHANI | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| KISHORKUMAR VIRJI VIRAMGAMA | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| MEGHA KAMAL SAMDANI | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| TRUPALKUMAR JAYANTIBHAI PATEL | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
- 6 directors on the board.
- No disqualified or deactivated DINs.
- 1 director exit(s) in the last 3 years.
- Average tenure above 5 years.
Director & KMP remuneration (FY 2023)
| Name | Designation | Total remuneration |
|---|---|---|
| A K Sharma | Managing Director | 2.4 cr |
| R Mehta | Whole-time Director | 1.6 cr |
| S Iyer | CFO | 95.0 L |
Remuneration is disclosed in the latest annual return. Unlock full report
06
Ownership & Group Intelligence
As per FY 2025 annual returnPublic / other holding
35.73%
Equity shares
12,45,67,890
Equity paid-up
124.5 cr
Promoters on record
4
Ultimate holding entity
-
Subsidiaries
1
Group entities
2
Capital events
-
| Group entity | Relationship | % held |
|---|---|---|
| Backbone Mnmp Highway Private Limited | Subsidiary Company | 74.00% |
| Itl - Kec Jv | Joint Ventures | 74.00% |
| Itl-bnppl Jv | Joint Ventures | 74.00% |
| Itl-kcpl (jv) | Joint Ventures | 74.00% |
| Ashish Infra Pvt. Ltd. - Bel Jv | Joint Ventures | 74.00% |
| Backbone - Arss Jv | Joint Ventures | 74.00% |
| Backbone - Utkal Jv | Joint Ventures | 74.00% |
| Bbel - Atharva Jv | Joint Ventures | 74.00% |
| Bbel - Parth Jv | Joint Ventures | 74.00% |
| Bel - Nc Nahar Jv | Joint Ventures | 74.00% |
Key managerial personnel: BHOVAN PARSHOTTAM RANGANI (Whole-time director) · ANKUR BHUPENDRAKUMAR PACHANI (Whole-time director) · KISHORKUMAR VIRJI VIRAMGAMA (Managing Director)
Full shareholding pattern, group structure & capital events →
07
Risk Intelligence Center
Growth 55 · Distress 65
Growth signals & trust indicators
Profit expanded 38% year-on-year.
Net margin improved to 1.42.
Operating for 24+ years.
Active EPFO - real payroll on record.
Active GST registration(s).
Distress signals & risk flags
Revenue declined year-on-year.
Outside liabilities up 2.1x in a year.
Compliance score is weak (20/100).
25 open charge(s) registered - assets are encumbered.
1 auditor resignation(s) on record - review the stated reasons.
MSME payment delays disclosed - latest outstanding 58,500.00.
3 court case(s) on record - see the legal section for details.
08
Stakeholder Verdicts
Vendor · Banker · InvestorVendor due diligence46/100
Review suggested
Suitability as a supplier / customer counterparty.
- Check the compliance flags before onboarding.
- 2 distress signal(s) - see Risk Center.
- Financial filings available for verification.
Banker assessment52/100
Mixed indicators - deeper appraisal suggested
Indicative lending comfort for banks, NBFCs and trade credit.
- Debt capacity assessed from filed statements.
- 25 open charge(s) of 944.63 cr already registered.
- Compliance gaps should be priced into terms.
Investor view60/100
Mixed indicators
Growth quality and scalability through an investor lens.
- 2 growth signal(s) detected.
- Margin and return trends computable from filings.
- Management team looks stable.
09
MCA Filings & Events Timeline
Latest 15 events13 Jan 2026
Charge satisfied
State Bank Of India
30 Sep 2025
Last AGM held
Annual general meeting
24 Apr 2025
Charge satisfied
Hdfc Bank Limited
31 Mar 2025
Latest balance sheet
Filed with ROC
28 Nov 2024
Charge satisfied
Sbicap Trustee Company Limited
09 Oct 2024
Charge satisfied
Yes Bank Limited
25 Jun 2024
Charge created
Others - 75.00 cr
06 Jun 2024
Charge satisfied
Oriental Bank Of Commerce
21 Mar 2024
Director ceased
Abhijeet Prafulbhai Javia
20 Jan 2024
Director appointed
Abhijeet Prafulbhai Javia (Director)
18 Jan 2024
Charge satisfied
Others
10 Jul 2023
Charge satisfied
State Bank Of India
30 Sep 2022
Director ceased
NIDHI BHARATKUMAR RACHH
Director ceased
MEGHA KAMAL SAMDANI
30 Aug 2022
Charge created
Others - 30.00 cr
10
Key Observations
Auto-generated from the data aboveRevenue declined 24% over the last 4 financial year(s).
Net profit margin moved from 0.86 to 61%.
Net worth is positive.
6 active director(s) / partner(s); board looks stable and experienced.
11 active GST registration(s) indicate ongoing business operations.
Operates a group structure with 1 subsidiary(ies) - assess on a consolidated basis.
Carries an external credit rating of A from Icra.
EPFO-registered employer - verifiable payroll history exists.
Director / KMP remuneration is disclosed in the latest annual return - exact figures available in the full report.
| Company | CIN | Location |
|---|---|---|
| Om Infra | L27203RJ1971PLC003414 | Jaipur, Rajasthan, India |
| Anusha Projects | U14292TG2002PTC039674 | Hyderabad, Telangana, India |
| Azure Power | U40106DL2008PTC174774 | New Delhi, Delhi, India |
| Palsit Dankuni Tollway Private Limited | U45201MH2021PTC359020 | Mumbai, Maharashtra, India |
| Rps Infra Projects Private Limited | U45201MH2006PTC163522 | Mumbai, Maharashtra, India |
| Strata | U17299MH2004PTC148625 | Mumbai, Maharashtra, India |
| Udit Infraworld Private Limited | U15100MP2003PLC016278 | Rewa, Madhya Pradesh, India |
| Tracks & Towers Infratech Private Limited (Part Ix) | U45200TG2007PTC055302 | Hyderabad, Telangana, India |
12
Who Uses This Report
CA · CS · Banker · Investor · VendorChartered Accountants (CA)
Verify Iron Triangle Limited before audits and certifications: compliance score 20/100, filing history, auditor history and charge records in one place - instead of pulling each MCA form separately.
Company Secretaries (CS)
Track statutory health of Iron Triangle Limited: ACTIVE compliance status, annual-return recency, director DIN status, board churn and the events timeline - the inputs for secretarial audits and due-diligence certificates.
Bankers & NBFCs
Current banker verdict: Mixed indicators - deeper appraisal suggested. Credit risk score 60/100, existing charge position and lender relationships - a first-pass credit memo before formal appraisal.
Investors & Analysts
Investor view: Mixed indicators. Growth score 55/100, margin trends, ownership structure and peer set for Iron Triangle Limited - screening before a deeper diligence.
Vendors & Procurement Teams
Vendor verdict: Review suggested. Trust score 60/100, distress signals and MSME payment-delay disclosures - know whether Iron Triangle Limited pays its suppliers before you extend credit terms.
Lawyers & Compliance Teams
Litigation footprint (3 case(s) on record), regulatory flags, charge documents trail and director networks for Iron Triangle Limited - groundwork for KYC, onboarding and disputes.
13
Frequently Asked Questions
Is Iron Triangle Limited an active company?
Iron Triangle Limited has MCA status “Active” with a compliance score of 20/100 (Caution Indicated).
Is Iron Triangle Limited financially healthy?
Iron Triangle Limited has a Financial Health Score of 65/100 (Moderate) based on its filed financial statements.
Should I do business with Iron Triangle Limited?
Its overall Trust Score is 60/100 (Moderate). Vendor verdict: Review suggested. Review the risk flags in the Risk Intelligence Center before deciding.
Who controls Iron Triangle Limited?
See the directors and ownership sections above for board and shareholding detail. 6 active director(s) are on record.
Does Iron Triangle Limited have loans or charges against its assets?
25 open charge(s) are registered against its assets, and 134 earlier charge(s) stand satisfied.
Is Iron Triangle Limited up to date with its ROC filings?
Balance sheet slightly behind (Mar 2025). Overall compliance score: 20/100 (Caution Indicated).
Is it risky to lend to Iron Triangle Limited?
Its Credit Risk Score is 60/100 (Moderate). Banker verdict: Mixed indicators - deeper appraisal suggested.
Disclaimer: This report is generated automatically from MCA filings and public records as available
in our system at the time of the last update. Scores, bands and verdicts are rule-based derived indicators of the
underlying data - they are opinions generated by an algorithm, not statements of fact about the company, and are
not credit ratings (within the meaning of SEBI regulations), audits, or investment, legal or financial advice.
Verify from official sources and consult a qualified professional before any business, lending or investment decision.
If you represent this company and believe any information is inaccurate or outdated,
report it here and we will review promptly.
