Company Intelligence Profile
Goyal Associates Limited
Goyal Associates Limited is an RBI-registered NBFC, BSE-listed since incorporation in 1994, headquartered in Vadodara, Gujarat.
Last updated 6 September 2026
Goyal Associates Limited, headquartered in Vadodara, Gujarat, is an RBI-registered NBFC offering digital lending services under the "Salary Day" app, providing MSME and personal loans. Listed on the BSE since 1994, it reported revenue of ₹3.75 Cr and a net profit of ₹61.47 Lakh for FY 2024, with plans to expand its loan offerings.
AI-generated summary from public filings and may contain errors. Verify against the detailed sections below.
See what AICA knows about Goyal Associates
Deeper analysis, financial signals and peer comparisons.
Company Identity
| Registered name | Goyal Associates Limited |
|---|---|
| CIN | L74999GJ1994PLC023281 |
| PAN | Inferred as AAACG6994N from the company's GSTIN 36AAACG6994N1ZV (PAN 4th character "C" = company); not independently confirmed on a dedicated PAN-verification source — partial |
| Status | Active |
| Listing | Yes — listed on BSE (scrip code 530663, BSE: GOYALASSOC) |
| Incorporated | 14 October 1994 |
| ROC | RoC Ahmedabad (Gujarat) — Tofler says "Ahmedabad", TheCompanyCheck says "Gujarat" (same RoC jurisdiction, worded differently) |
| Sector (NIC) |
|
| Registered address | 401, Phoenix Complex, Waghodia Road, Vadodara, Gujarat – 390019 |
| Authorized capital | ₹6.4 Crore |
| Paid-up capital | ₹4.69–4.70 Crore per Tofler and TheCompanyCheck |
Business Overview
- Goyal Associates Limited is an RBI-registered NBFC, BSE-listed since incorporation in 1994, headquartered in Vadodara, Gujarat
- It operates a digital lending business under the "Salary Day" app brand offering: (1) MSME business loans (₹1 lakh–₹50 lakh, ~12% p.a., tenure up to 60 months) and (2) personal loans (₹10,000–₹5 lakh, ~15% p.a., tenure up to 36 months)
- The company states plans to add gold loans, education loans, vehicle loans, home loans and loans-against-property
Directors
Source conflict between two providers, likely reflecting a recent board change:
- TheCompanyCheck (more recent snapshot, dated to 2026): Vuppala Naga Malleswara Rao — Director (appointed 01 Sep 2020); Kranthi Kumar Reddy Gajjala — Additional Director (appointed 13 Feb 2026); Satya Narayana Gogula — Additional Director (appointed 20 Feb 2026). No DINs given.
- Tofler (appears to be an older cached snapshot, tenures of 4–6 years): Hasmukh Bhudarbhai Prajapati (DIN 08393981); Harish Sharma (DIN 08779366); Nagamlles Hwara Vuppala (DIN 08858080) — likely the same person as "Vuppala Naga Malleswara Rao" above, OCR/name-order garbling across sources; Thakur Vikram Singh (DIN 08961094); Raghuram Reddy Bheemidi (KMP, DIN hidden). Additional KMPs: Sanchita Dad, Radhika Bathula (details hidden).
Only "Vuppala Naga Malleswara Rao / Nagamlles Hwara Vuppala" is corroborated across both sources (same tenure ballpark, ~4-6yrs / appointed 2020) — confirmed as a current director. The other names could not be cross-verified between sources (each appears on only one provider) — report as partial/unconfirmed. DINs for the two newest additional directors (Gajjala, Gogula) not obtained.
GST Registration
| GSTIN | State | PAN | Status |
|---|---|---|---|
| 36AAACG6994N1ZV | Telangana | Inferred as AAACG6994N from the company's GSTIN 36AAACG6994N1ZV (PAN 4th character "C" = company); not independently confirmed on a dedicated PAN-verification source — partial | - |
Primary GSTIN found on the company's own official website (goyalnbfc.in, primary source): 36AAACG6994N1ZV. Note: GSTIN state code "36" corresponds to Telangana, which is inconsistent with the company's Gujarat registered office/RoC — this could not be cross-verified on a second GST-lookup source (knowyourgst.com and mastersindia.co lookups returned 404/no data), so flag as a possible entity-confusion or branch-registration case rather than treating it as fully confirmed. PAN (derived): AAACG6994N. Home state (per RoC/registered office): Gujarat. Number of GST registrations / status: not obtained (could not independently verify via a GST portal or aggregator).
Financials
Two partially conflicting sets found, likely different fiscal years:
| TheCompanyCheck, labeled "FY 2024" | Revenue ₹3.75 Cr (+10.09% YoY), Net Profit ₹61.47 Lakh (+6.33% YoY), computed EBITDA ₹1.1 Cr (+13.8% YoY), Net Worth ₹3.25 Cr (+24.56% YoY), Total Assets ₹6.03 Cr (+20.66% YoY) |
|---|---|
| Tofler, labeled "March 2025" | only ratios/YoY% disclosed publicly: Net Profit Margin 7.03%, RoE 7.53%, Debt/Equity 0.18, Operating Margin -0.13%; YoY March 2025 — Revenue -6.49%, EBITDA -6.6%, Net Profit +190.59%, Borrowings +47.15%, Assets +3.46% |
Standalone vs consolidated: not specified by either source (company has no disclosed subsidiaries, so likely standalone). Absolute FY2025 revenue/PAT/net-worth figures not obtained (paywalled). Screener.in and Moneycontrol pages could not be fetched (404 / blocked) to cross-check.
In the News
Goyal Associates Ltd. Peer Comparison – Compare with Others
Value Research · a month ago
Goyal Associates standalone net profit rises 2200.00% in the June 2026 quarter
Business Standard · 2 months ago
Goyal Associates concludes 31st AGM, fixes clerical filing error
scanx.trade · 2 months ago
Goyal Associates appoints Abhik Jain as Company Secretary
scanx.trade · 2 months ago
Headlines about Goyal Associates Limited reported by third-party publications. Recur Club does not author or endorse this coverage. Last checked 9/6/2026.
Source: Google News aggregated headlines
Charges / Borrowings
- No registered charges/borrowings reported — stated on both the Tofler company-summary page and the Tofler directors/financials subpage ("no registered charges")
- Both mentions originate from the same provider, so this is effectively single-source corroboration, not two independent sources — treat as partial
Legal
- One case located on Indian Kanoon: "Goyal Associates Limited
- Petitioner(s) Versus
- Respondent(s)", Company Petition No. 164 of 2015, Gujarat High Court at Ahmedabad, dated 30 April 2015, Judge S.R. Brahmbhatt, petitioner represented by advocate Pavan S Godiawala
- Outcome/nature of petition not obtained from the snippet retrieved
- No other litigation found
Competitors
Small/micro-cap listed and digital-lending NBFC peers operating in MSME/personal-loan segments (rough scale tags, not verified against Goyal's exact AUM):
- Moneyboxx Finance Ltd — small listed NBFC, MSME/cattle lending, comparable micro-cap scale
- MAS Financial Services Ltd — much larger listed NBFC, MSME/SME lending (mid-cap)
- Ugro Capital Ltd — larger listed NBFC, MSME lending (mid-cap)
- Veritas Finance Ltd — larger unlisted NBFC, MSME lending
- Fusion Micro Finance Ltd — larger listed microfinance NBFC
- Kogta Financial (India) Ltd — mid-size NBFC, vehicle/MSME lending
These are approximate sector peers; direct AUM/revenue comparison not verified.
Frequently Asked Questions
What does Goyal Associates Limited do?
What is the CIN of Goyal Associates Limited?
Where is Goyal Associates Limited registered?
When was Goyal Associates Limited incorporated?
Recur Market
Which lenders fit a company like Goyal Associates Limited?
Answer a few questions about your business and see which banks and NBFCs match, with indicative rates.
Explore on Recur Club
More from Recur Club
Looking for business funding?
Recur Club is India's largest AI-native debt platform - working capital, term loans and structured debt from 150+ lending partners, without diluting equity.