Promoter holding
64.27%
RP
Rays Power Infra Limited - Due diligence report
A 360° intelligence report on Rays Power Infra: trust score, financial health, credit view, compliance, directors, growth and distress signa…
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Rays Power Infra — 360° Intelligence Report
Generated from MCA filings & public records84/100
Trust Score
Low Risk
Rays Power Infra is assessed as Low Risk with a Trust Score of 84/100. Rays Power Infra is an active public limited indian non-government company incorporated in 2011, operating in the Energy and Power sector. The company has shown revenue growth across its recent filed years. It was profitable in its latest filed year. Based on MCA filings and public records, it currently shows a moderate compliance risk and low financial risk profile.
Report generated on 19 Aug 2026 from the latest processed filings. Rays Power Infra 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 ScoreLow Risk
84/100
Overall counterparty trust - the headline number of this report.
Compliance ScoreModerate
62/100
Statutory standing - status, filings, auditor, MSME and litigation.
Financial Health ScoreLow Risk
95/100
Profitability, leverage and liquidity from filed statements.
Credit Risk ScoreLow Risk
90/100
Debt capacity, gearing and security cover for lenders.
Director Stability ScoreLow Risk
95/100
Board strength, DIN status, churn and network.
Growth ScoreLow Risk
95/100
Revenue, profit, asset and hiring momentum.
Distress ScoreLow Risk
80/100
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: 90/100 Low Risk
- Liabilities ≈ 38% EBITDA - serviceable.
- Open charges exceed net worth - secured lenders rank ahead.
- Moderate gearing (D/E 1.42).
- Working-capital cover adequate.
- Profitable - internal accruals available.
- Externally credit-rated (A2).
Charges position: 22 open (1,132.92 cr) · 21 satisfied (763.06 cr).
Banking relationships (from registered charges)
| Lender | Charges | Amount |
|---|---|---|
| Others | 28 | 48.0 cr |
| Hdfc Bank Limited | 3 | 48.0 cr |
| State Bank Of India | 4 | 48.0 cr |
| Ptc India Financial Services Limited | 1 | 48.0 cr |
| Yes Bank Limited | 1 | 48.0 cr |
| Idbi Bank Limited | 1 | 48.0 cr |
Compliance Score: 62/100 Moderate
- Company status is Active as per MCA.
- Annual filings current (balance sheet Mar 2025).
- Litigation present in 4 court forum(s).
- 4 auditor resignation(s) filed - latest: S W M & ASSOCIATES on 2019-06-28.
- Delayed payments to MSME suppliers disclosed (16 disclosure(s)).
- 14 active GST registration(s).
Legal cases on record (4)
05
Director Intelligence
Stability score: 95/100| Name | DIN / PAN | Designation | Appointed | Tenure | DIN status |
|---|---|---|---|---|---|
| ASHISH JAIN | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| MAHENDRA KUMAR SINGH | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| RASHMI BAFNA | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| DEEPAK JANGID | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| AKHILESH KUMAR JAIN | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| PAWAN KUMAR SHARMA | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| KETAN MEHTA | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| SANJAY GARUDAPALLY | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
- 8 directors on the board.
- No disqualified or deactivated DINs.
- Stable board - no exits in 3 years.
- Average tenure above 5 years.
Director & KMP remuneration (FY 2024)
| 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 2024 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
6
Group entities
8
Capital events
8 allotment(s) · 0 transfer(s)
Promoters hold a dominant controlling stake - exact percentages are part of the full report.
| Group entity | Relationship | % held |
|---|---|---|
| Kavit Green Energy Private Limited | Subsidiary Company | 74.00% |
| Mandawa Solar Power Private Limited | Subsidiary Company | 74.00% |
| Rays Future Energy India Private Limited | Subsidiary Company | 74.00% |
| Rays Green Energy Manufacturing Private Limited | Subsidiary Company | 74.00% |
| Rays Power Innovation & Development Ventures Private Limited | Subsidiary Company | 74.00% |
| Shining Sun Power Jaipur Private Limited | Subsidiary Company | 74.00% |
| Sayala Solar Power Private Limited | Subsidiary Company | 74.00% |
| Shining Sun Power Private Limited | Subsidiary Company | 74.00% |
| Tuticorin Solar Projects Private Limited | Subsidiary Company | 74.00% |
| Raysalfa Power Private Limited | Subsidiary Company | 74.00% |
Key managerial personnel: ASHISH JAIN (CFO) · PAWAN KUMAR SHARMA (Whole-time director) · KETAN MEHTA (Managing Director) · SANJAY GARUDAPALLY (Whole-time director)
Full shareholding pattern, group structure & capital events →
07
Risk Intelligence Center
Growth 95 · Distress 80
Growth signals & trust indicators
Revenue acceleration: +2.1x over 4 year(s).
Profit expanded 24% year-on-year.
Asset base grew 0.86 - capacity expansion.
Net margin improved to 61%.
EPFO headcount growing - hiring signal.
Operating for 15+ years.
Active EPFO - real payroll on record.
Active GST registration(s).
Distress signals & risk flags
Outside liabilities up 38% in a year.
22 open charge(s) registered - assets are encumbered.
4 auditor resignation(s) on record - review the stated reasons.
MSME payment delays disclosed - latest outstanding 10.32 Lakh.
4 court case(s) on record - see the legal section for details.
08
Stakeholder Verdicts
Vendor · Banker · InvestorVendor due diligence74/100
Favourable indicators
Suitability as a supplier / customer counterparty.
- Check the compliance flags before onboarding.
- 1 distress signal(s) - see Risk Center.
- Financial filings available for verification.
Banker assessment84/100
Favourable lending indicators
Indicative lending comfort for banks, NBFCs and trade credit.
- Debt capacity assessed from filed statements.
- 22 open charge(s) of 1,132.92 cr already registered.
- Compliance gaps should be priced into terms.
Investor view92/100
Positive growth indicators
Growth quality and scalability through an investor lens.
- 5 growth signal(s) detected.
- Margin and return trends computable from filings.
- Management team looks stable.
09
MCA Filings & Events Timeline
Latest 15 events13 May 2026
Charge created
Others - 50.00 cr
19 Jan 2026
Charge created
Yes Bank Limited - 50.00 cr
17 Oct 2025
Charge created
Others - 50.00 cr
18 Sep 2025
Last AGM held
Annual general meeting
16 Jul 2025
Charge satisfied
State Bank Of India
24 Jun 2025
Charge satisfied
Hdfc Bank Limited
09 Apr 2025
Charge satisfied
Others
02 Apr 2025
Charge created
Idbi Bank Limited - 40.00 cr
31 Mar 2025
Latest balance sheet
Filed with ROC
18 Mar 2025
Charge satisfied
Others
27 Nov 2024
Charge created
Others - 1.32 cr
26 Sep 2024
Charge created
Others - 54.50 cr
22 Aug 2024
Charge created
Others - 55.00 cr
21 Aug 2024
Charge created
Others - 1.08 cr
30 May 2024
Charge created
Others - 36.00 cr
10
Key Observations
Auto-generated from the data aboveRevenue grew 1.42 over the last 4 financial year(s).
Net profit margin moved from 2.1x to 24%.
Debt-to-equity stands at 0.86 - manageable leverage.
Net worth is positive.
8 active director(s) / partner(s); board looks stable and experienced.
14 active GST registration(s) indicate ongoing business operations.
Operates a group structure with 6 subsidiary(ies) - assess on a consolidated basis.
Carries an external credit rating of A2 from Crisil.
EPFO-registered employer - verifiable payroll history exists.
Promoters hold a dominant controlling stake as per the FY 2024 annual return.
Director / KMP remuneration is disclosed in the latest annual return - exact figures available in the full report.
Capital has been raised through 8 security allotment(s) - amounts available in the full report.
| Company | CIN | Location |
|---|---|---|
| Gnal | U24100GJ2015PTC085247 | Vadodara, Gujarat, India |
| Gkempl | L74900PN2008PLC132926 | Pune City, Maharashtra, India |
| Harsha-Abakus | L29307GJ2010PLC063233 | Sanand, Gujarat, India |
| Satish Sugars Limited | U46620KA2000PLC026920 | Gokak Taluk, Karnataka, India |
| Gh2 Solar Limited | U35105DL2013PLC249995 | New Delhi, Delhi, India |
| Gujarat Industrial Power | L99999GJ1985PLC007868 | Vadodara, Gujarat, India |
| Avadh Sugar & Energy Limited | L15122UP2015PLC069635 | Sitapur, Uttar Pradesh, India |
| Magadh Sugar & Energy | L15122UP2015PLC069632 | Sitapur, Uttar Pradesh, India |
12
Who Uses This Report
CA · CS · Banker · Investor · VendorChartered Accountants (CA)
Verify Rays Power Infra before audits and certifications: compliance score 62/100, filing history, auditor history and charge records in one place - instead of pulling each MCA form separately.
Company Secretaries (CS)
Track statutory health of Rays Power Infra: 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: Favourable lending indicators. Credit risk score 90/100, existing charge position and lender relationships - a first-pass credit memo before formal appraisal.
Investors & Analysts
Investor view: Positive growth indicators. Growth score 95/100, margin trends, ownership structure and peer set for Rays Power Infra - screening before a deeper diligence.
Vendors & Procurement Teams
Vendor verdict: Favourable indicators. Trust score 84/100, distress signals and MSME payment-delay disclosures - know whether Rays Power Infra pays its suppliers before you extend credit terms.
Lawyers & Compliance Teams
Litigation footprint (4 case(s) on record), regulatory flags, charge documents trail and director networks for Rays Power Infra - groundwork for KYC, onboarding and disputes.
13
Frequently Asked Questions
Is Rays Power Infra an active company?
Rays Power Infra has MCA status “Active” with a compliance score of 62/100 (Moderate).
Is Rays Power Infra financially healthy?
Rays Power Infra has a Financial Health Score of 95/100 (Low Risk) based on its filed financial statements.
Should I do business with Rays Power Infra?
Its overall Trust Score is 84/100 (Low Risk). Vendor verdict: Favourable indicators. Review the risk flags in the Risk Intelligence Center before deciding.
Who controls Rays Power Infra?
Promoters hold a dominant controlling stake - exact percentages are in the full report. 8 active director(s) are on record.
Does Rays Power Infra have loans or charges against its assets?
22 open charge(s) are registered against its assets, and 21 earlier charge(s) stand satisfied.
Is Rays Power Infra up to date with its ROC filings?
Annual filings current (balance sheet Mar 2025). Overall compliance score: 62/100 (Moderate).
Is it risky to lend to Rays Power Infra?
Its Credit Risk Score is 90/100 (Low Risk). Banker verdict: Favourable lending indicators.
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.
