Share Price and Basic Stock Data
Last Updated: November 26, 2025, 6:41 pm
| PEG Ratio | 3.05 |
|---|
Analyst Insight & Comprehensive Analysis
AI Stock Ranker – Real-Time Fundamental Strength Score
Business Overview and Revenue Trends
Alkosign Ltd operates in a sector that is not explicitly classified, yet its financial performance indicates a robust growth trajectory. The company reported sales of ₹21.25 Cr in September 2023, a significant increase from ₹12.27 Cr in March 2023 and ₹9.11 Cr in September 2022. This upward trend in sales is indicative of strong market demand and effective operational strategies. For the fiscal year ending March 2025, sales are projected to reach ₹51.53 Cr, up from ₹35.69 Cr in March 2024, demonstrating a compounded annual growth rate that positions the company favorably within its industry. The operating profit margin (OPM) stood at an impressive 40.47% in September 2023, reflecting operational efficiencies that enhance profitability. However, the company experienced fluctuations, as evidenced by a decline in OPM to -28.34% in March 2024, highlighting the need for continued focus on cost management and operational efficiency as sales scale up.
Profitability and Efficiency Metrics
Alkosign Ltd’s profitability metrics reveal a mixed performance. The net profit for the company was ₹5.80 Cr in September 2023, a marked improvement from ₹0.18 Cr in March 2023 and a loss of ₹0.63 Cr in September 2022. The earnings per share (EPS) surged to ₹5.37 during the same period, showcasing effective profit generation per share. However, the company faced challenges in March 2024, reporting a net profit decline to -₹5.02 Cr, which raises concerns about sustainability. The interest coverage ratio (ICR) at 7.47x indicates a strong ability to cover interest expenses, which is well above the industry norm, suggesting financial health. The Cash Conversion Cycle (CCC) stood at 240.36 days, reflecting operational efficiency but also indicating potential liquidity challenges, which could affect cash flow management as the company scales.
Balance Sheet Strength and Financial Ratios
Alkosign Ltd’s balance sheet exhibits a notable strength in liquidity with a current ratio of 2.54, suggesting that the company has more than sufficient current assets to cover its liabilities. The long-term debt to equity ratio is relatively low at 0.14, indicating conservative leverage that reduces financial risk. The return on equity (ROE) stood at 12.0%, demonstrating effective utilization of equity to generate profits. However, the price-to-book value ratio (P/BV) at 2.09x suggests that the stock may be trading at a premium compared to its book value, which could be a concern for value investors. The overall financial ratios signal a company that is managing its resources effectively, yet the elevated P/BV ratio could deter some investors seeking bargains in a competitive market.
Shareholding Pattern and Investor Confidence
The shareholding pattern of Alkosign Ltd reflects a diverse ownership structure, with promoters holding 43.35% of the company, while foreign institutional investors (FIIs) have increased their stake to 9.94%. Domestic institutional investors (DIIs) hold a modest 3.35% of the shares, and the public owns 43.36%. This distribution suggests a healthy mix of institutional and retail investor confidence. The gradual increase in promoter holdings from 40.32% in March 2024 to 43.35% in March 2025 may signal management’s commitment to the company’s future growth. However, the decline in public shareholding from 49.94% in March 2024 to 48.17% in March 2025 could indicate a shift in investor sentiment or profit-taking behavior among retail investors, which warrants close monitoring.
Outlook, Risks, and Final Insight
Looking ahead, Alkosign Ltd faces both opportunities and challenges. The strong revenue growth and improving profitability metrics position the company favorably for future expansion. However, the volatility in net profits and fluctuations in operating margins present notable risks that could impact investor confidence. The company’s ability to manage its cash conversion cycle effectively will be critical in maintaining liquidity as it scales operations. Additionally, external factors such as market competition and economic conditions could pose risks to growth. In conclusion, while Alkosign Ltd demonstrates strong fundamentals and growth potential, it must navigate these challenges to sustain its upward trajectory and enhance shareholder value in the long term.
Source: Getaka Fundamental Analysis | Generated using proprietary financial data.
Competitors of Alkosign Ltd
| Stock Name ⇩ | Market Cap ⇩ | Current Price ⇩ | High / Low ⇩ | Stock P/E ⇩ | Book Value ⇩ | Dividend Yield ⇩ | ROCE ⇩ | ROE ⇩ | Face Value ⇩ |
|---|---|---|---|---|---|---|---|---|---|
| Gujarat Metallic Coal & Coke Ltd | 5.94 Cr. | 30.0 | / | 77.6 | 0.00 % | 0.37 % | 2.00 % | 100 | |
| Gensol Engineering Ltd | 107 Cr. | 27.4 | 832/26.8 | 1.04 | 155 | 0.00 % | 14.3 % | 22.4 % | 10.0 |
| Fusion Micro Finance Ltd | 1,792 Cr. | 177 | 212/124 | 118 | 0.00 % | 2.96 % | 54.5 % | 10.0 | |
| Five X Tradecom Ltd | 0.99 Cr. | 0.48 | / | 9.35 | 0.00 % | 0.00 % | 0.00 % | 10.0 | |
| East West Holdings Ltd | 49.5 Cr. | 3.88 | 8.65/3.55 | 4.93 | 0.00 % | 6.98 % | 0.86 % | 2.00 | |
| Industry Average | 7,995.68 Cr | 225.62 | 433.91 | 219.29 | 0.24% | 11.73% | 22.92% | 9.00 |
Quarterly Result
| Metric | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Sales | 4.03 | 6.13 | 9.11 | 12.27 | 21.25 | 14.43 | 27.90 | 23.63 |
| Expenses | 3.38 | 5.91 | 8.18 | 10.38 | 12.65 | 18.52 | 23.06 | 20.67 |
| Operating Profit | 0.65 | 0.22 | 0.93 | 1.89 | 8.60 | -4.09 | 4.84 | 2.96 |
| OPM % | 16.13% | 3.59% | 10.21% | 15.40% | 40.47% | -28.34% | 17.35% | 12.53% |
| Other Income | -0.00 | 0.06 | 0.03 | 0.22 | 0.04 | 0.24 | 0.15 | 0.16 |
| Interest | 0.40 | 0.44 | 0.64 | 0.87 | 0.45 | 1.22 | 0.51 | 0.57 |
| Depreciation | 0.69 | 0.97 | 0.94 | 1.00 | 1.20 | 1.25 | 1.17 | 1.25 |
| Profit before tax | -0.44 | -1.13 | -0.62 | 0.24 | 6.99 | -6.32 | 3.31 | 1.30 |
| Tax % | -6.82% | -15.04% | 1.61% | 25.00% | 17.02% | -20.73% | -0.00% | 65.38% |
| Net Profit | -0.41 | -0.96 | -0.63 | 0.18 | 5.80 | -5.02 | 3.31 | 0.46 |
| EPS in Rs | -1.17 | -0.77 | 0.22 | 5.37 | -4.65 | 3.06 | 0.43 |
Last Updated: August 20, 2025, 12:05 am
Below is a detailed analysis of the quarterly data for Alkosign Ltd based on the most recent figures (Mar 2025) and their trends compared to the previous period:
- For Sales, as of Mar 2025, the value is 23.63 Cr.. The value appears to be declining and may need further review. It has decreased from 27.90 Cr. (Sep 2024) to 23.63 Cr., marking a decrease of 4.27 Cr..
- For Expenses, as of Mar 2025, the value is 20.67 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 23.06 Cr. (Sep 2024) to 20.67 Cr., marking a decrease of 2.39 Cr..
- For Operating Profit, as of Mar 2025, the value is 2.96 Cr.. The value appears to be declining and may need further review. It has decreased from 4.84 Cr. (Sep 2024) to 2.96 Cr., marking a decrease of 1.88 Cr..
- For OPM %, as of Mar 2025, the value is 12.53%. The value appears to be declining and may need further review. It has decreased from 17.35% (Sep 2024) to 12.53%, marking a decrease of 4.82%.
- For Other Income, as of Mar 2025, the value is 0.16 Cr.. The value appears strong and on an upward trend. It has increased from 0.15 Cr. (Sep 2024) to 0.16 Cr., marking an increase of 0.01 Cr..
- For Interest, as of Mar 2025, the value is 0.57 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 0.51 Cr. (Sep 2024) to 0.57 Cr., marking an increase of 0.06 Cr..
- For Depreciation, as of Mar 2025, the value is 1.25 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 1.17 Cr. (Sep 2024) to 1.25 Cr., marking an increase of 0.08 Cr..
- For Profit before tax, as of Mar 2025, the value is 1.30 Cr.. The value appears to be declining and may need further review. It has decreased from 3.31 Cr. (Sep 2024) to 1.30 Cr., marking a decrease of 2.01 Cr..
- For Tax %, as of Mar 2025, the value is 65.38%. The value appears to be increasing, which may not be favorable. It has increased from 0.00% (Sep 2024) to 65.38%, marking an increase of 65.38%.
- For Net Profit, as of Mar 2025, the value is 0.46 Cr.. The value appears to be declining and may need further review. It has decreased from 3.31 Cr. (Sep 2024) to 0.46 Cr., marking a decrease of 2.85 Cr..
- For EPS in Rs, as of Mar 2025, the value is 0.43. The value appears to be declining and may need further review. It has decreased from 3.06 (Sep 2024) to 0.43, marking a decrease of 2.63.
Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.
Profit & Loss - Annual Report
Last Updated: November 15, 2025, 4:00 am
| Metric | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Sales | 13.24 | 13.24 | 10.16 | 21.38 | 35.69 | 51.53 | 49.97 |
| Expenses | 11.85 | 11.85 | 9.28 | 18.55 | 31.18 | 43.72 | 45.06 |
| Operating Profit | 1.39 | 1.39 | 0.88 | 2.83 | 4.51 | 7.81 | 4.91 |
| OPM % | 10.50% | 10.50% | 8.66% | 13.24% | 12.64% | 15.16% | 9.83% |
| Other Income | 0.03 | 0.03 | 0.05 | 0.25 | 0.28 | 0.32 | 0.32 |
| Interest | 0.31 | 0.31 | 0.84 | 1.51 | 1.67 | 1.09 | 1.17 |
| Depreciation | 0.20 | 0.20 | 1.66 | 1.95 | 2.45 | 2.42 | 2.36 |
| Profit before tax | 0.91 | 0.91 | -1.57 | -0.38 | 0.67 | 4.62 | 1.70 |
| Tax % | 27.47% | 27.47% | -12.74% | 21.05% | -16.42% | 18.40% | |
| Net Profit | 0.66 | 0.66 | -1.38 | -0.46 | 0.78 | 3.77 | 0.85 |
| EPS in Rs | -1.68 | -0.56 | 0.72 | 3.49 | 0.79 | ||
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 9.23% | 0.00% |
YoY Net Profit Growth
| Year | 2020-2021 | 2021-2022 | 2022-2023 | 2023-2024 | 2024-2025 |
|---|---|---|---|---|---|
| YoY Net Profit Growth (%) | 0.00% | -309.09% | 66.67% | 269.57% | 383.33% |
| Change in YoY Net Profit Growth (%) | 0.00% | -309.09% | 375.76% | 202.90% | 113.77% |
Alkosign Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 5 years from 2020-2021 to 2024-2025.
Growth
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 31% |
| 3 Years: | 72% |
| TTM: | 44% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 42% |
| 3 Years: | 68% |
| TTM: | 409% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 22% |
| 1 Year: | -9% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 5% |
| 3 Years: | 6% |
| Last Year: | 12% |
Last Updated: September 5, 2025, 2:11 pm
No data available for the Balance Sheet data table.
Cash Flow
| Month | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|
Financial Efficiency Indicators
| Month | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|
| Debtor Days | 137.56 | 137.56 | 83.71 | 47.12 | 57.58 | 84.57 |
| Inventory Days | 115.21 | 115.21 | 202.07 | 267.67 | 278.07 | 203.40 |
| Days Payable | 98.90 | 98.90 | 31.43 | 32.54 | 97.88 | 47.61 |
| Cash Conversion Cycle | 153.88 | 153.88 | 254.34 | 282.25 | 237.77 | 240.36 |
| Working Capital Days | -164.03 | -163.20 | -105.26 | -14.00 | 109.33 | 120.13 |
| ROCE % | 5.77% | -2.89% | 3.69% | 6.06% | 12.78% |
This stock is not held by any mutual fund.
Key Financial Ratios
| Month | Mar 25 | Mar 24 |
|---|---|---|
| FaceValue | 10.00 | 10.00 |
| Basic EPS (Rs.) | 5.24 | 1.22 |
| Diluted EPS (Rs.) | 5.24 | 1.22 |
| Cash EPS (Rs.) | 8.60 | 4.50 |
| Book Value[Excl.RevalReserv]/Share (Rs.) | 45.84 | 40.61 |
| Book Value[Incl.RevalReserv]/Share (Rs.) | 45.84 | 40.61 |
| Revenue From Operations / Share (Rs.) | 71.62 | 49.60 |
| PBDIT / Share (Rs.) | 11.29 | 6.66 |
| PBIT / Share (Rs.) | 7.93 | 3.25 |
| PBT / Share (Rs.) | 6.42 | 0.92 |
| Net Profit / Share (Rs.) | 5.24 | 1.09 |
| NP After MI And SOA / Share (Rs.) | 5.24 | 1.09 |
| PBDIT Margin (%) | 15.76 | 13.41 |
| PBIT Margin (%) | 11.07 | 6.54 |
| PBT Margin (%) | 8.96 | 1.86 |
| Net Profit Margin (%) | 7.31 | 2.19 |
| NP After MI And SOA Margin (%) | 7.31 | 2.19 |
| Return on Networth / Equity (%) | 11.42 | 2.68 |
| Return on Capital Employeed (%) | 15.05 | 6.57 |
| Return On Assets (%) | 7.38 | 1.57 |
| Long Term Debt / Equity (X) | 0.14 | 0.21 |
| Total Debt / Equity (X) | 0.38 | 0.47 |
| Current Ratio (X) | 2.54 | 2.21 |
| Quick Ratio (X) | 1.24 | 1.07 |
| Interest Coverage Ratio (X) | 7.47 | 2.87 |
| Interest Coverage Ratio (Post Tax) (X) | 4.46 | 1.47 |
| Enterprise Value (Cr.) | 78.34 | 130.32 |
| EV / Net Operating Revenue (X) | 1.52 | 3.65 |
| EV / EBITDA (X) | 9.64 | 27.21 |
| MarketCap / Net Operating Revenue (X) | 1.34 | 3.45 |
| Price / BV (X) | 2.09 | 4.21 |
| Price / Net Operating Revenue (X) | 1.34 | 3.45 |
| EarningsYield | 0.05 | 0.01 |
After reviewing the key financial ratios for Alkosign Ltd, here is a detailed analysis based on the latest available data and recent trends:
- For FaceValue, as of Mar 25, the value is 10.00. This value is within the healthy range. There is no change compared to the previous period (Mar 24) which recorded 10.00.
- For Basic EPS (Rs.), as of Mar 25, the value is 5.24. This value is within the healthy range. It has increased from 1.22 (Mar 24) to 5.24, marking an increase of 4.02.
- For Diluted EPS (Rs.), as of Mar 25, the value is 5.24. This value is within the healthy range. It has increased from 1.22 (Mar 24) to 5.24, marking an increase of 4.02.
- For Cash EPS (Rs.), as of Mar 25, the value is 8.60. This value is within the healthy range. It has increased from 4.50 (Mar 24) to 8.60, marking an increase of 4.10.
- For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 45.84. It has increased from 40.61 (Mar 24) to 45.84, marking an increase of 5.23.
- For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 45.84. It has increased from 40.61 (Mar 24) to 45.84, marking an increase of 5.23.
- For Revenue From Operations / Share (Rs.), as of Mar 25, the value is 71.62. It has increased from 49.60 (Mar 24) to 71.62, marking an increase of 22.02.
- For PBDIT / Share (Rs.), as of Mar 25, the value is 11.29. This value is within the healthy range. It has increased from 6.66 (Mar 24) to 11.29, marking an increase of 4.63.
- For PBIT / Share (Rs.), as of Mar 25, the value is 7.93. This value is within the healthy range. It has increased from 3.25 (Mar 24) to 7.93, marking an increase of 4.68.
- For PBT / Share (Rs.), as of Mar 25, the value is 6.42. This value is within the healthy range. It has increased from 0.92 (Mar 24) to 6.42, marking an increase of 5.50.
- For Net Profit / Share (Rs.), as of Mar 25, the value is 5.24. This value is within the healthy range. It has increased from 1.09 (Mar 24) to 5.24, marking an increase of 4.15.
- For NP After MI And SOA / Share (Rs.), as of Mar 25, the value is 5.24. This value is within the healthy range. It has increased from 1.09 (Mar 24) to 5.24, marking an increase of 4.15.
- For PBDIT Margin (%), as of Mar 25, the value is 15.76. This value is within the healthy range. It has increased from 13.41 (Mar 24) to 15.76, marking an increase of 2.35.
- For PBIT Margin (%), as of Mar 25, the value is 11.07. This value is within the healthy range. It has increased from 6.54 (Mar 24) to 11.07, marking an increase of 4.53.
- For PBT Margin (%), as of Mar 25, the value is 8.96. This value is below the healthy minimum of 10. It has increased from 1.86 (Mar 24) to 8.96, marking an increase of 7.10.
- For Net Profit Margin (%), as of Mar 25, the value is 7.31. This value is within the healthy range. It has increased from 2.19 (Mar 24) to 7.31, marking an increase of 5.12.
- For NP After MI And SOA Margin (%), as of Mar 25, the value is 7.31. This value is below the healthy minimum of 8. It has increased from 2.19 (Mar 24) to 7.31, marking an increase of 5.12.
- For Return on Networth / Equity (%), as of Mar 25, the value is 11.42. This value is below the healthy minimum of 15. It has increased from 2.68 (Mar 24) to 11.42, marking an increase of 8.74.
- For Return on Capital Employeed (%), as of Mar 25, the value is 15.05. This value is within the healthy range. It has increased from 6.57 (Mar 24) to 15.05, marking an increase of 8.48.
- For Return On Assets (%), as of Mar 25, the value is 7.38. This value is within the healthy range. It has increased from 1.57 (Mar 24) to 7.38, marking an increase of 5.81.
- For Long Term Debt / Equity (X), as of Mar 25, the value is 0.14. This value is below the healthy minimum of 0.2. It has decreased from 0.21 (Mar 24) to 0.14, marking a decrease of 0.07.
- For Total Debt / Equity (X), as of Mar 25, the value is 0.38. This value is within the healthy range. It has decreased from 0.47 (Mar 24) to 0.38, marking a decrease of 0.09.
- For Current Ratio (X), as of Mar 25, the value is 2.54. This value is within the healthy range. It has increased from 2.21 (Mar 24) to 2.54, marking an increase of 0.33.
- For Quick Ratio (X), as of Mar 25, the value is 1.24. This value is within the healthy range. It has increased from 1.07 (Mar 24) to 1.24, marking an increase of 0.17.
- For Interest Coverage Ratio (X), as of Mar 25, the value is 7.47. This value is within the healthy range. It has increased from 2.87 (Mar 24) to 7.47, marking an increase of 4.60.
- For Interest Coverage Ratio (Post Tax) (X), as of Mar 25, the value is 4.46. This value is within the healthy range. It has increased from 1.47 (Mar 24) to 4.46, marking an increase of 2.99.
- For Enterprise Value (Cr.), as of Mar 25, the value is 78.34. It has decreased from 130.32 (Mar 24) to 78.34, marking a decrease of 51.98.
- For EV / Net Operating Revenue (X), as of Mar 25, the value is 1.52. This value is within the healthy range. It has decreased from 3.65 (Mar 24) to 1.52, marking a decrease of 2.13.
- For EV / EBITDA (X), as of Mar 25, the value is 9.64. This value is within the healthy range. It has decreased from 27.21 (Mar 24) to 9.64, marking a decrease of 17.57.
- For MarketCap / Net Operating Revenue (X), as of Mar 25, the value is 1.34. This value is within the healthy range. It has decreased from 3.45 (Mar 24) to 1.34, marking a decrease of 2.11.
- For Price / BV (X), as of Mar 25, the value is 2.09. This value is within the healthy range. It has decreased from 4.21 (Mar 24) to 2.09, marking a decrease of 2.12.
- For Price / Net Operating Revenue (X), as of Mar 25, the value is 1.34. This value is within the healthy range. It has decreased from 3.45 (Mar 24) to 1.34, marking a decrease of 2.11.
- For EarningsYield, as of Mar 25, the value is 0.05. This value is below the healthy minimum of 5. It has increased from 0.01 (Mar 24) to 0.05, marking an increase of 0.04.
Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.
Strength and Weakness
Unable to fetch valid data for stock valuation.Stock Analysis
- Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Alkosign Ltd:
- Net Profit Margin: 7.31%
- Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
- ROCE: 15.05% (Industry Average ROCE: 11.01%)
- ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
- ROE%: 11.42% (Industry Average ROE: 20.11%)
- ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
- Interest Coverage Ratio (Post Tax): 4.46
- Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
- Quick Ratio: 1.24
- Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
- Stock P/E: 86.3 (Industry average Stock P/E: 239.09)
- Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
- Total Debt / Equity: 0.38
- Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
Stock Rating: - Net Profit Margin: 7.31%
About the Company - Qualitative Analysis
| INDUSTRY | ADDRESS | CONTACT |
|---|---|---|
| Printing/Publishing/Stationery | Plot No. 12-A, Kalyan Bhiwandi Industrial Area, Thane Maharashtra 421311 | investor@alkosign.com https://www.alkosign.com |
| Management | |
|---|---|
| Name | Position Held |
| Mr. Samir Narendra Shah | Chairman & Managing Director |
| Mr. Shrenik Kamlesh Shah | Whole Time Director |
| Mr. Akshay Narendra Shah | Non Executive Director |
| Ms. Zeenal Shrenik Shah | Non Executive Director |
| Mr. Parshva Vinaykant Doshi | Ind. Non-Executive Director |
| Mr. Yogesh Ramgopal Gupta | Ind. Non-Executive Director |
| Ms. Seema Ashim Jhaveri | Ind. Non-Executive Director |