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Mahan Energen Limited
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MAHAN ENERGEN LIMITED

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MAHAN ENERGEN LIMITED

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Updated: 13 Jan 2026

Mahan Energen Limited is an energy company specializing in the development and operation of renewable energy projects. It focuses on generating electricity from solar and wind sources, contributing to clean energy solutions and sustainability in the energy sector across the country.

Mahan Energen Limited, is an unlisted public company incorporated on 19 October, 2005. It is classified as a public limited company and is located in , Gujarat. It's authorized share capital is INR 10,000.01 cr and the total paid-up capital is INR 897.00 cr.

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Industry and products

Electricity, Gas & Water

Generates, transmits, and distributes electricity through coal.

Company size

Auth Capital

₹ 10,000.0 Cr

Paidup Capital

₹ 897.0 Cr

Revenue

₹ 4000-4250 cr

Key Metrics

** All rupee values in INR crores. Based on March 2025 numbers.

Total Revenue

10.95%

₹ 4,220.0

EBITDA

24.06%

₹ 1,810.6

Net Profit

-87.76%

₹ 374.2

Networth

18.69%

₹ 3,444.2

Borrowings

45.23%

₹ 5,563.4

Assets

42.63%

₹ 11,324.4

Gross Margin

3.08

55.6 %

Operating Margin

5.05

43.8 %

Net Profit Margin

-71.49

8.9 %

Return on Equity

-94.47

10.9 %

ROCE

-3.92

15.5 %

Debt to Equity

0.3

1.6

Sales

Mar 2025

Net worth

Mar 2025

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Locations

India (3)

State	Type	Address

Locations on Map

People

Designation	Name	DIN/PAN	Tenure
Director	Shersingh Khyalia	02470485	4 years
Director	Sushama Oza	07145540	4 years
Additional Director	Kanti Biswas	06863504	1 years
Additional Director	Mehul Ganesh Rajput	10529340	2 years
Director	Sunil Sheshmal Tokarawat	09486893	2 years

Financial Highlights

** All numbers in INR crores

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales	692.0	1,393.6	2,730.7	3,769.8	4,137.2
Operating profit	-123.6	167.0	749.6	1,459.5	1,810.6
Net profit	-1,030.6	175.5	245.4	3,056.5	374.2
Gross margin	18.4	47.3	40.9	52.5	55.6
Operating margin	-17.9	12.0	27.4	38.7	43.8
Net margin	-148.2	9.9	8.9	80.4	8.9
Networth	-9,886.9	-2,092.2	-954.8	2,901.8	3,444.2
Borrowings	355.6	5,300.2	4,204.7	3,830.7	5,563.4
Assets	2,709.9	3,349.8	3,809.7	7,939.8	11,324.4
Debt to equity	-0.0	-2.5	-4.4	1.3	1.6
Current ratio	0.0	0.9	1.1	7.2	1.6
ROE	-	-	-	105.3	10.9
Days payable	328.0	26.0	106.0	30.0	33.0
WC days	-6,448.0	-17.0	19.0	135.0	42.0

Margins

Gross margin

Operating margin

Net margin

Balance Sheet

₹

** All numbers in INR crores

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	3,069.3	1.0	1.0	801.0	897.0
Reserves	-12,956.2	-2,093.2	-955.8	2,100.8	2,547.2
Borrowings +	355.6	5,300.2	4,204.7	3,830.7	5,563.4
Long term borrowings	30.5	4,650.2	3,704.7	3,830.7	5,288.8
Short term borrowings	325.1	650.0	500.0	-	274.5
Trade payables +	507.9	53.0	470.6	147.3	167.8
Days payable	328.0	26.0	106.0	30.0	33.0
Other liabilities +	12,241.1	141.8	559.9	1,207.3	2,316.9
Other non-current liabilities	141.0	79.0	71.9	983.9	1,824.1
Other current liabilities	11,592.2	9.8	17.4	76.1	324.9
Total liabilities	2,709.9	3,349.8	3,809.7	7,939.8	11,324.4
Fixed Assets +	2,493.3	2,394.2	2,495.3	5,602.5	9,430.7
Tangible assets	2,478.7	2,394.2	2,454.9	5,422.4	5,265.7
CWIP	14.6	-	40.2	178.7	4,150.0
Intangible assets	-	-	0.2	1.4	15.0
LT loans and advances	4.4	-	-	-	-
Other non-current assets	12.5	309.4	184.9	723.6	647.0
Current assets +	199.7	646.2	1,129.5	1,613.7	1,246.7
Inventories	48.0	50.2	241.4	290.1	168.9
Trade receivables	33.4	70.9	480.6	217.6	172.7
Cash and cash equivalents	8.3	202.4	8.4	438.4	110.5
ST loans and advances	13.6	-	-	0.4	0.2
Other current assets	96.3	322.7	399.0	667.1	794.5
Total assets	2,709.9	3,349.8	3,809.7	7,939.8	11,324.4

Percentage of assets	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	113.26	0.03	0.03	10.09	7.92
Reserves	-478.11	-62.49	-25.09	26.46	22.49
Borrowings +	13.12	158.23	110.37	48.25	49.13
Long term borrowings	1.13	138.82	97.24	48.25	46.7
Short term borrowings	12.0	19.4	13.12	0.0	2.42
Trade payables	18.74	1.58	12.35	1.86	1.48
Other liabilities +	451.72	4.23	14.7	15.21	20.46
Other non-current liabilities	5.2	2.36	1.89	12.39	16.11
Other current liabilities	427.78	0.29	0.46	0.96	2.87
Total liabilities
Fixed Assets +	92.01	71.47	65.5	70.56	83.28
Tangible assets	91.47	71.47	64.44	68.29	46.5
CWIP	0.54	0.0	1.05	2.25	36.65
Intangible assets	0.0	0.0	0.01	0.02	0.13
LT loans and advances	0.16	0.0	0.0	0.0	0.0
Other non-current assets	0.46	9.24	4.85	9.11	5.71
Current assets +	7.37	19.29	29.65	20.32	11.01
Inventories	1.77	1.5	6.34	3.65	1.49
Trade receivables	1.23	2.12	12.62	2.74	1.52
Cash and cash equivalents	0.31	6.04	0.22	5.52	0.98
ST loans and advances	0.5	0.0	0.0	0.0	0.0
Other current assets	3.55	9.63	10.47	8.4	7.02
Total assets

Total assets

Profit & Loss

₹

** All numbers in INR crores

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales +	692.0	1,393.6	2,730.7	3,769.8	4,137.2
Sales growth %	-7.65	101.38	95.95	38.05	9.74
Expenses +	1,725.9	1,600.0	2,506.3	2,782.7	3,037.5
Cost of goods	564.9	734.4	1,614.2	1,790.0	1,836.9
Employee cost	29.2	24.7	39.5	54.4	59.2
Other costs	221.5	467.6	327.3	466.0	430.4
Operating profit +	-123.6	167.0	749.6	1,459.5	1,810.6
Operating margin %	-17.9	12.0	27.4	38.7	43.8
Other income	3.3	381.9	21.1	33.8	82.8
Interest	844.3	288.4	436.8	373.9	440.7
Depreciation	65.9	84.9	88.5	98.4	270.2
Exceptional items	-	-	-	2,950.0	-
Profit before tax	-1,030.6	175.5	245.4	3,971.0	1,182.5
Tax	-	-	-	914.5	808.3
Profit - disc. ops	-	-	-	-	-
Net profit	-1,030.6	175.5	245.4	3,056.5	374.2
Net margin %	-148.2	9.9	8.9	80.4	8.9

Precentage of total income	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales	99.53	78.49	99.23	99.11	98.04
Expenses +	248.22	90.11	91.08	73.16	71.98
Cost of goods	81.24	41.36	58.66	47.06	43.53
Employee cost	4.2	1.39	1.44	1.43	1.4
Other costs	31.86	26.33	11.9	12.25	10.2
Operating profit	-17.78	9.41	27.24	38.37	42.91
Other income	0.47	21.51	0.77	0.89	1.96
Interest	121.44	16.25	15.87	9.83	10.44
Depreciation	9.48	4.78	3.22	2.59	6.4
Exceptional items	0.0	0.0	0.0	77.56	0.0
Profit before tax	-148.22	9.89	8.92	104.4	28.02
Tax	0.0	0.0	0.0	24.04	19.15
Profit - disc. ops	0.0	0.0	0.0	0.0	0.0
Net profit	-148.22	9.89	8.92	80.36	8.87

Revenue from operations

Ratios

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Solvency +
Total Debt/Equity	-0.0	-2.5	-4.4	1.3	1.6
Net Debt/Equity	-0.0	-2.4	-4.4	1.2	1.6
Total Debt/Assets	0.1	1.6	1.1	0.5	0.5
Total Assets/Equity	-0.3	-1.6	-4.0	2.7	3.3
Liquidity +
Current Ratio	0.0	0.9	1.1	7.2	1.6
Quick Ratio	0.0	0.8	0.9	5.9	1.4
Interest Coverage	-0.1	0.6	1.7	3.9	4.1
Performance
Gross Margin	18.4	47.3	40.9	52.5	55.6
Operating Margin	-17.9	12.0	27.4	38.7	43.8
Net Margin	-148.2	9.9	8.9	80.4	8.9
Return +
Return on Equity	-	-	-	105.3	10.9
Pre-tax ROCE	1.9	3.5	25.1	19.5	15.5
Return on Assets	-38.0	5.2	6.4	38.5	3.3
Pre-tax ROIC	2.0	2.7	20.4	21.6	17.3
Efficiency +
Days Payable	328.0	26.0	106.0	30.0	33.0
Days Inventory	31.0	25.0	55.0	59.0	34.0
Days Receivable	18.0	19.0	64.0	21.0	15.0
Fixed Asset Turnover	0.3	0.6	1.1	0.7	0.4
Total Asset Turnover	0.3	0.4	0.7	0.5	0.4
Working Capital
Cash Conversion Cycle	-279.0	18.0	13.0	50.0	16.0
Working Capital Days	-6,448.0	-17.0	19.0	135.0	42.0

Ratios

Current ratio

Debt/equity ratio

Charges on assets

Bank wise

Charges

IDBI Trusteeship Services Limited

No. of Loans: 3

Total Amount : 10,333.1 cr

Charge Holder	Amount	Date of creation/modification
IDBI Trusteeship Services Limited	1,415.0 cr	23 Sep, 2025
IDBI Trusteeship Services Limited	210.5 cr	23 Sep, 2025
IDBI Trusteeship Services Limited	8,707.6 cr	13 Jun, 2025

Charges

IDBI Trusteeship Services Limited

Company Network

Companies connected through Directors

Name	Status	Paid up Capital	Common Directors	Address
ADANI POWER (JHARKHAND) LIMITED	Amalgamated	2,436.5 Cr	3	Gujarat
ADANI POWER LIMITED	Active	4,272.8 Cr	1	Gujarat
KUTCHH POWER GENERATION LIMITED	Active	5.0 L	2	Gujarat
ADANI POWER DAHEJ LIMITED	Active	5.0 L	2	Gujarat
MOXIE POWER GENERATION LIMITED	Active	1.0 L	1	Tamil Nadu
ADANI POWER RESOURCES LIMITED	Active	5.0 L	1	Gujarat
KORBA POWER LIMITED	Active	1.0 Cr	3	Gujarat
ADANI POWER MAHARASHTRA LIMITED	Amalgamated	2,854.7 Cr	2	Gujarat
ADANI RENEWABLE ENERGY (RJ) LIMITED	Active	97.7 Cr	1	Gujarat
KRISHNAPATNAM OILS & FATS PRIVATE LIMITED	Amalgamated	32.0 Cr	1	Gujarat
SATYA SAI AGROILS PRIVATE LIMITED	Amalgamated	149.7 Cr	1	Gujarat
ADIMAHESH SEVA FOUNDATION	Active	1.0 L	1	Gujarat
ADANI RENEWABLE ENERGY PARK RAJASTHAN LIMITED	Active	80.6 Cr	1	Rajasthan
WARDHA SOLAR (MAHARASHTRA) PRIVATE LIMITED	Active	277.0 Cr	1
PARAMPUJYA SOLAR ENERGY PRIVATE LIMITED	Active	395.8 Cr	1	Gujarat
ADANI DEFENCE SYSTEMS AND TECHNOLOGIES LIMITED	Active	500.9 Cr	1	Gujarat
MUNDRA SOLAR PV LIMITED	Active	918.4 Cr	1	Gujarat
ADANI POWER RAJASTHAN LIMITED	Amalgamated	1,200.0 Cr	1	Gujarat
SUPPORT PROPERTIES PRIVATE LIMITED	Active	67.9 Cr	1	Maharashtra
SUPPORT PROPERTIES PRIVATE LIMITED	Active	67.9 Cr	1	Gujarat
ADANI HYBRID ENERGY JAISALMER FOUR LIMITED	Active	1.0 L	1	Gujarat
GRE RENEW ENERTECH PRIVATE LIMITED	Active	10.5 Cr	1	Gujarat

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CIN

U40100GJ2005PLC147690

PAN

AABCE6086C

Incorporation

2005, 20.3 years

Company Email

Deepak.Pandya@adani.com

Paid up Capital

₹ 897.0 Cr

Authorised Capital

₹ 10,000.0 Cr

AGM

Jun 2025

Type

Public

Others

FAQ - MAHAN ENERGEN LIMITED

What is the incorporation date of MAHAN ENERGEN LIMITED?

The incorporation date of MAHAN ENERGEN LIMITED is 19 October, 2005

What is the authorized share capital of MAHAN ENERGEN LIMITED?

The authorized share capital of MAHAN ENERGEN LIMITED is INR ₹ 10,000.0 Cr.

What is the paid-up capital of MAHAN ENERGEN LIMITED?

The paid-up capital of MAHAN ENERGEN LIMITED is INR ₹ 897.0 Cr.

What is the registered address of MAHAN ENERGEN LIMITED?

The registered address of MAHAN ENERGEN LIMITED is Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Khodiyar, Gandhi Nagar, Gandhinagar, Gujarat, India, 382421 - 382421

What is the CIN number of MAHAN ENERGEN LIMITED?

The CIN number of MAHAN ENERGEN LIMITED is U40100GJ2005PLC147690.

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