Gagan Gases Ltd: Intrinsic Value & Share Price Analysis

Share Price and Basic Stock Data

Last Updated: June 24, 2025, 8:14 pm

Market Cap	9.72 Cr.
Current Price	21.5
High / Low	31.5/17.6
Stock P/E	36.0
Book Value	7.33
Dividend Yield	0.00 %
ROCE	10.6 %
ROE	8.49 %
Face Value	10.0
PEG Ratio	0.67

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Gagan Gases Ltd

Competitors of Gagan Gases Ltd

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Gagan Gases Ltd	9.72 Cr.	21.5	31.5/17.6	36.0	7.33	0.00 %	10.6 %	8.49 %	10.0
Bhagawati Oxygen Ltd	10.6 Cr.	45.9	84.7/36.3		17.2	0.00 %	6.85 %	10.6 %	10.0
Refex Industries Ltd	5,881 Cr.	455	600/155	31.1	96.8	0.02 %	25.3 %	22.0 %	2.00
Linde India Ltd	56,617 Cr.	6,639	9,333/5,202	126	443	0.06 %	17.0 %	12.4 %	10.0
Industry Average	31,249.00 Cr	1,790.35		64.37	141.08	0.02%	14.94%	13.37%	8.00

All Competitor Stocks of Gagan Gases Ltd

Quarterly Result

Metric	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Sales	0.77	0.90	0.59	0.37	0.34	0.34	0.55	0.60	0.64	1.34	1.43	1.86	1.05
Expenses	0.64	0.76	0.54	0.37	0.32	0.39	0.50	0.52	0.56	1.34	1.33	1.74	0.93
Operating Profit	0.13	0.14	0.05	0.00	0.02	-0.05	0.05	0.08	0.08	0.00	0.10	0.12	0.12
OPM %	16.88%	15.56%	8.47%	0.00%	5.88%	-14.71%	9.09%	13.33%	12.50%	0.00%	6.99%	6.45%	11.43%
Other Income	0.01	0.00	0.00	2.31	0.05	0.00	0.00	0.00	0.03	0.00	0.00	0.00	0.11
Interest	0.05	0.00	0.01	0.00	0.04	0.00	0.00	0.00	0.04	0.00	0.00	0.00	0.03
Depreciation	0.02	0.02	0.02	0.02	0.01	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Profit before tax	0.07	0.12	0.02	2.29	0.02	-0.07	0.03	0.06	0.05	-0.02	0.08	0.10	0.18
Tax %	314.29%	16.67%	100.00%	22.27%	200.00%	0.00%	0.00%	0.00%	60.00%	0.00%	0.00%	10.00%	38.89%
Net Profit	-0.14	0.10	0.00	1.79	-0.02	-0.06	0.04	0.07	0.02	-0.01	0.08	0.09	0.11
EPS in Rs	-0.31	0.22	0.00	3.96	-0.04	-0.13	0.09	0.15	0.04	-0.02	0.18	0.20	0.24

Last Updated: May 31, 2025, 5:59 am

Below is a detailed analysis of the quarterly data for Gagan Gases 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 1.05 Cr.. The value appears to be declining and may need further review. It has decreased from 1.86 Cr. (Dec 2024) to 1.05 Cr., marking a decrease of 0.81 Cr..
For Expenses, as of Mar 2025, the value is 0.93 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 1.74 Cr. (Dec 2024) to 0.93 Cr., marking a decrease of 0.81 Cr..
For Operating Profit, as of Mar 2025, the value is 0.12 Cr.. The value remains steady. There is no change compared to the previous period (Dec 2024) which recorded 0.12 Cr..
For OPM %, as of Mar 2025, the value is 11.43%. The value appears strong and on an upward trend. It has increased from 6.45% (Dec 2024) to 11.43%, marking an increase of 4.98%.
For Other Income, as of Mar 2025, the value is 0.11 Cr.. The value appears strong and on an upward trend. It has increased from 0.00 Cr. (Dec 2024) to 0.11 Cr., marking an increase of 0.11 Cr..
For Interest, as of Mar 2025, the value is 0.03 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 0.00 Cr. (Dec 2024) to 0.03 Cr., marking an increase of 0.03 Cr..
For Depreciation, as of Mar 2025, the value is 0.02 Cr.. The value remains steady. There is no change compared to the previous period (Dec 2024) which recorded 0.02 Cr..
For Profit before tax, as of Mar 2025, the value is 0.18 Cr.. The value appears strong and on an upward trend. It has increased from 0.10 Cr. (Dec 2024) to 0.18 Cr., marking an increase of 0.08 Cr..
For Tax %, as of Mar 2025, the value is 38.89%. The value appears to be increasing, which may not be favorable. It has increased from 10.00% (Dec 2024) to 38.89%, marking an increase of 28.89%.
For Net Profit, as of Mar 2025, the value is 0.11 Cr.. The value appears strong and on an upward trend. It has increased from 0.09 Cr. (Dec 2024) to 0.11 Cr., marking an increase of 0.02 Cr..
For EPS in Rs, as of Mar 2025, the value is 0.24. The value appears strong and on an upward trend. It has increased from 0.20 (Dec 2024) to 0.24, marking an increase of 0.04.

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: June 16, 2025, 1:21 pm

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales	1.73	1.56	1.15	0.58	0.48	0.57	1.25	2.17	2.90	2.21	2.13	5.69
Expenses	1.86	1.48	1.01	0.39	0.44	0.38	1.15	1.89	2.52	2.00	1.96	5.35
Operating Profit	-0.13	0.08	0.14	0.19	0.04	0.19	0.10	0.28	0.38	0.21	0.17	0.34
OPM %	-7.51%	5.13%	12.17%	32.76%	8.33%	33.33%	8.00%	12.90%	13.10%	9.50%	7.98%	5.98%
Other Income	0.02	0.09	0.08	0.01	0.01	0.02	0.02	0.02	0.01	2.36	0.03	0.11
Interest	0.22	0.03	0.01	0.01	0.00	0.00	0.01	0.07	0.05	0.05	0.04	0.03
Depreciation	0.13	0.07	0.07	0.06	0.06	0.05	0.06	0.07	0.07	0.07	0.07	0.07
Profit before tax	-0.46	0.07	0.14	0.13	-0.01	0.16	0.05	0.16	0.27	2.45	0.09	0.35
Tax %	-6.52%	-28.57%	14.29%	15.38%	-100.00%	12.50%	0.00%	81.25%	81.48%	24.08%	33.33%	25.71%
Net Profit	-0.44	0.09	0.12	0.11	0.00	0.14	0.05	0.03	0.06	1.87	0.06	0.27
EPS in Rs	-0.97	0.20	0.27	0.24	0.00	0.31	0.11	0.07	0.13	4.14	0.13	0.60
Dividend Payout %	0.00%	0.00%	0.00%	0.00%		0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	120.45%	33.33%	-8.33%	-100.00%	-64.29%	-40.00%	100.00%	3016.67%	-96.79%	350.00%
Change in YoY Net Profit Growth (%)	0.00%	-87.12%	-41.67%	-91.67%	35.71%	24.29%	140.00%	2916.67%	-3113.46%	446.79%

Gagan Gases Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 10 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	14%
5 Years:	35%
3 Years:	25%
TTM:	167%

Compounded Profit Growth
10 Years:	12%
5 Years:	40%
3 Years:	65%
TTM:	350%

Stock Price CAGR
10 Years:	16%
5 Years:	24%
3 Years:	32%
1 Year:	-4%

Return on Equity
10 Years:	6%
5 Years:	5%
3 Years:	6%
Last Year:	8%

Last Updated: Unknown

No data available for the Balance Sheet data table.

Reserves and Borrowings Chart

Cash Flow

Month	Month		Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity +	-0.24	0.29	0.23	0.16	0.03	0.16	-0.28	0.28	0.11	-0.03	0.09	0.26
Cash from Investing Activity +	0.00	0.00	0.02	0.00	0.00	-0.13	0.04	0.01	0.01	0.13	0.12	-0.07
Cash from Financing Activity +	0.29	-0.25	-0.31	-0.13	0.07	-0.06	0.29	-0.20	-0.23	-0.15	-0.02	-0.03
Net Cash Flow	0.05	0.04	-0.06	0.03	0.11	-0.03	0.05	0.09	-0.12	-0.05	0.20	0.16

Free Cash Flow Chart

No data available for the Financial Efficiency data table.

Financial Efficiency Indicators Chart

No valid data available for the Shareholding

Shareholding Pattern Chart

No. of Shareholders

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	0.59	0.13	4.13	0.13	0.07
Diluted EPS (Rs.)	0.59	0.13	4.13	0.13	0.07
Cash EPS (Rs.)	0.73	0.28	4.28	0.28	0.23
Book Value[Excl.RevalReserv]/Share (Rs.)	7.33	6.74	6.61	2.48	2.35
Book Value[Incl.RevalReserv]/Share (Rs.)	7.33	6.74	6.61	2.48	2.35
Revenue From Operations / Share (Rs.)	12.58	4.72	4.89	6.42	4.81
PBDIT / Share (Rs.)	0.98	0.42	5.68	0.87	0.66
PBIT / Share (Rs.)	0.83	0.27	5.53	0.71	0.50
PBT / Share (Rs.)	0.76	0.19	5.43	0.59	0.35
Net Profit / Share (Rs.)	0.58	0.13	4.13	0.12	0.07
PBDIT Margin (%)	7.85	8.96	116.20	13.70	13.77
PBIT Margin (%)	6.66	5.80	113.15	11.17	10.43
PBT Margin (%)	6.11	4.15	111.10	9.29	7.37
Net Profit Margin (%)	4.68	2.81	84.49	1.97	1.48
Return on Networth / Equity (%)	8.04	1.97	62.52	5.11	3.04
Return on Capital Employeed (%)	10.05	3.51	72.35	17.82	12.07
Return On Assets (%)	6.83	1.64	45.09	2.94	1.62
Long Term Debt / Equity (X)	0.11	0.01	0.00	0.01	0.18
Total Debt / Equity (X)	0.11	0.01	0.00	0.01	0.18
Asset Turnover Ratio (%)	1.51	0.54	0.72	1.48	1.15
Current Ratio (X)	26.04	24.99	5.02	8.53	8.68
Quick Ratio (X)	26.03	23.77	4.83	5.43	7.86
Inventory Turnover Ratio (X)	61.44	9.39	5.57	8.95	17.47
Interest Coverage Ratio (X)	14.18	5.45	56.92	7.27	4.50
Interest Coverage Ratio (Post Tax) (X)	9.46	2.71	42.38	2.05	1.48
Enterprise Value (Cr.)	8.81	8.94	4.75	4.35	2.59
EV / Net Operating Revenue (X)	1.55	4.19	2.15	1.50	1.19
EV / EBITDA (X)	19.73	46.77	1.85	10.94	8.66
MarketCap / Net Operating Revenue (X)	1.57	4.34	2.21	1.56	1.25
Price / BV (X)	2.69	3.04	1.64	4.04	2.55
Price / Net Operating Revenue (X)	1.57	4.34	2.21	1.56	1.25
EarningsYield	0.02	0.01	0.38	0.01	0.01

After reviewing the key financial ratios for Gagan Gases 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 0.59. This value is below the healthy minimum of 5. It has increased from 0.13 (Mar 24) to 0.59, marking an increase of 0.46.
For Diluted EPS (Rs.), as of Mar 25, the value is 0.59. This value is below the healthy minimum of 5. It has increased from 0.13 (Mar 24) to 0.59, marking an increase of 0.46.
For Cash EPS (Rs.), as of Mar 25, the value is 0.73. This value is below the healthy minimum of 3. It has increased from 0.28 (Mar 24) to 0.73, marking an increase of 0.45.
For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 7.33. It has increased from 6.74 (Mar 24) to 7.33, marking an increase of 0.59.
For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 7.33. It has increased from 6.74 (Mar 24) to 7.33, marking an increase of 0.59.
For Revenue From Operations / Share (Rs.), as of Mar 25, the value is 12.58. It has increased from 4.72 (Mar 24) to 12.58, marking an increase of 7.86.
For PBDIT / Share (Rs.), as of Mar 25, the value is 0.98. This value is below the healthy minimum of 2. It has increased from 0.42 (Mar 24) to 0.98, marking an increase of 0.56.
For PBIT / Share (Rs.), as of Mar 25, the value is 0.83. This value is within the healthy range. It has increased from 0.27 (Mar 24) to 0.83, marking an increase of 0.56.
For PBT / Share (Rs.), as of Mar 25, the value is 0.76. This value is within the healthy range. It has increased from 0.19 (Mar 24) to 0.76, marking an increase of 0.57.
For Net Profit / Share (Rs.), as of Mar 25, the value is 0.58. This value is below the healthy minimum of 2. It has increased from 0.13 (Mar 24) to 0.58, marking an increase of 0.45.
For PBDIT Margin (%), as of Mar 25, the value is 7.85. This value is below the healthy minimum of 10. It has decreased from 8.96 (Mar 24) to 7.85, marking a decrease of 1.11.
For PBIT Margin (%), as of Mar 25, the value is 6.66. This value is below the healthy minimum of 10. It has increased from 5.80 (Mar 24) to 6.66, marking an increase of 0.86.
For PBT Margin (%), as of Mar 25, the value is 6.11. This value is below the healthy minimum of 10. It has increased from 4.15 (Mar 24) to 6.11, marking an increase of 1.96.
For Net Profit Margin (%), as of Mar 25, the value is 4.68. This value is below the healthy minimum of 5. It has increased from 2.81 (Mar 24) to 4.68, marking an increase of 1.87.
For Return on Networth / Equity (%), as of Mar 25, the value is 8.04. This value is below the healthy minimum of 15. It has increased from 1.97 (Mar 24) to 8.04, marking an increase of 6.07.
For Return on Capital Employeed (%), as of Mar 25, the value is 10.05. This value is within the healthy range. It has increased from 3.51 (Mar 24) to 10.05, marking an increase of 6.54.
For Return On Assets (%), as of Mar 25, the value is 6.83. This value is within the healthy range. It has increased from 1.64 (Mar 24) to 6.83, marking an increase of 5.19.
For Long Term Debt / Equity (X), as of Mar 25, the value is 0.11. This value is below the healthy minimum of 0.2. It has increased from 0.01 (Mar 24) to 0.11, marking an increase of 0.10.
For Total Debt / Equity (X), as of Mar 25, the value is 0.11. This value is within the healthy range. It has increased from 0.01 (Mar 24) to 0.11, marking an increase of 0.10.
For Asset Turnover Ratio (%), as of Mar 25, the value is 1.51. It has increased from 0.54 (Mar 24) to 1.51, marking an increase of 0.97.
For Current Ratio (X), as of Mar 25, the value is 26.04. This value exceeds the healthy maximum of 3. It has increased from 24.99 (Mar 24) to 26.04, marking an increase of 1.05.
For Quick Ratio (X), as of Mar 25, the value is 26.03. This value exceeds the healthy maximum of 2. It has increased from 23.77 (Mar 24) to 26.03, marking an increase of 2.26.
For Inventory Turnover Ratio (X), as of Mar 25, the value is 61.44. This value exceeds the healthy maximum of 8. It has increased from 9.39 (Mar 24) to 61.44, marking an increase of 52.05.
For Interest Coverage Ratio (X), as of Mar 25, the value is 14.18. This value is within the healthy range. It has increased from 5.45 (Mar 24) to 14.18, marking an increase of 8.73.
For Interest Coverage Ratio (Post Tax) (X), as of Mar 25, the value is 9.46. This value is within the healthy range. It has increased from 2.71 (Mar 24) to 9.46, marking an increase of 6.75.
For Enterprise Value (Cr.), as of Mar 25, the value is 8.81. It has decreased from 8.94 (Mar 24) to 8.81, marking a decrease of 0.13.
For EV / Net Operating Revenue (X), as of Mar 25, the value is 1.55. This value is within the healthy range. It has decreased from 4.19 (Mar 24) to 1.55, marking a decrease of 2.64.
For EV / EBITDA (X), as of Mar 25, the value is 19.73. This value exceeds the healthy maximum of 15. It has decreased from 46.77 (Mar 24) to 19.73, marking a decrease of 27.04.
For MarketCap / Net Operating Revenue (X), as of Mar 25, the value is 1.57. This value is within the healthy range. It has decreased from 4.34 (Mar 24) to 1.57, marking a decrease of 2.77.
For Price / BV (X), as of Mar 25, the value is 2.69. This value is within the healthy range. It has decreased from 3.04 (Mar 24) to 2.69, marking a decrease of 0.35.
For Price / Net Operating Revenue (X), as of Mar 25, the value is 1.57. This value is within the healthy range. It has decreased from 4.34 (Mar 24) to 1.57, marking a decrease of 2.77.
For EarningsYield, as of Mar 25, the value is 0.02. This value is below the healthy minimum of 5. It has increased from 0.01 (Mar 24) to 0.02, marking an increase of 0.01.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Gagan Gases Ltd as of July 1, 2025 is: 18.28

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of July 1, 2025, Gagan Gases Ltd is Overvalued by 14.98% compared to the current share price 21.50

Intrinsic Value of Gagan Gases Ltd as of July 1, 2025 is: 28.09

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of July 1, 2025, Gagan Gases Ltd is Undervalued by 30.65% compared to the current share price 21.50

Last 5 Year EPS CAGR: 53.68%

*Investments are subject to market risks

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 Gagan Gases Ltd:
1. Net Profit Margin: 4.68%
  - 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.
2. ROCE: 10.05% (Industry Average ROCE: 14.94%)
  - 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.
3. ROE%: 8.04% (Industry Average ROE: 13.37%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 9.46
  - 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.
5. Quick Ratio: 26.03
  - 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.
6. Stock P/E: 36 (Industry average Stock P/E: 64.37)
  - 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.
7. Total Debt / Equity: 0.11
  - 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.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

Gagan Gases Ltd. is a Public Limited Listed company incorporated on 06/03/1986 and has its registered office in the State of Madhya Pradesh, India. Company's Corporate Identification Number(CIN) is L24111MP1986PLC004228 and registration number is 004228. Currently company belongs to the Industry of Industrial Gases. Company's Total Operating Revenue is Rs. 5.69 Cr. and Equity Capital is Rs. 4.52 Cr. for the Year ended 31/03/2025.

INDUSTRY	ADDRESS	CONTACT
Industrial Gases	40, Scheme No. 78, Part II, Nr. LCH Hospital, Indore Madhya Pradesh 452010	gm@gagangases.com www.gagangases.com

Management
Name	Position Held
Mr. Gagan Maheshwary	Managing Director
Mr. K R Maheshwary	Director
Mr. B S Rana	Director
Mr. Dinesh Kumar Randhar	Independent Director
Mrs. Usha Srivastava	Independent Director

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