Company Intelligence Profile
Ricron Panels Private Limited
Ricron Panels is a Gujarat-headquartered (Ankleshwar) manufacturer that converts low-value multi-layer plastic (MLP) waste into recyclable, eco-friendly construction materials using patented/proprietary technology.
Last updated 21 August 2026
Ricron Panels Private Limited, incorporated in June 2009 and headquartered in Ankleshwar, Gujarat, manufactures recyclable, eco-friendly construction materials by converting multi-layer plastic (MLP) waste using proprietary technology. Its products include plain panels and sheets, Eco-Roof sheets, brick and paver-block pallets, and shuttering panels that are waterproof, fire-resistant and termite-proof. The company holds Global Recycle Standard and ISO 14001:2015 certifications, and raised a Series A round in July 2024 led by Boon Sustainable Technologies.
AI-generated summary from public filings and may contain errors. Verify against the detailed sections below.
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Company Identity
| Registered name | Ricron Panels Private Limited |
|---|---|
| CIN | U20211MH2009PTC192982 |
| PAN | AAECD5525A |
| Status | Active |
| Listing | Unlisted private company |
| Incorporated | 03 June 2009 |
| ROC | RoC Mumbai |
| Sector (NIC) | NIC/industry classification: "Manufacture of Plywood and Veneer Sheets" per MCA classification; business-description sources describe it under manufacturing — plastic products / non-metallic mineral products / construction materials (regenerated plastic panel sheets). |
| Registered address |
|
| Authorized capital | Rs. 29,37,600 (~Rs 29.4 lakh) |
| Paid-up capital | Rs. 18,50,600 (~Rs 18.5 lakh) |
Business Overview
- Ricron Panels is a Gujarat-headquartered (Ankleshwar) manufacturer that converts low-value multi-layer plastic (MLP) waste into recyclable, eco-friendly construction materials using patented/proprietary technology
- Products include plain panels/sheets (plywood/MDF substitute), Eco-Roof sheets, brick pallets, paver-block pallets and framework/shuttering panels that are waterproof, fire-resistant, termite-proof and UV-protected
- Certifications: Global Recycle Standard (GRS), ISO 14001:2015, ISO 9001:2015, ISO 45001:2015
- Company was founded/operationally branded in 2013 though incorporated as a legal entity (as Deeya Panel Products Pvt Ltd) in 2009; renamed to Ricron Panels Private Limited subsequently
- Client/portfolio references cited by Inc42 include L&T, Tata Projects, DLF, Maruti Suzuki, RMZ, SLEEK by Asian Paints, Decathlon and Nestle
- Operates plants at Ankleshwar (Gujarat) and Bhopal (MP) with plans to scale production to ~2,000 tonnes/month
- Confidence: confirmed for core business model (2+ independent sources); client-list and expansion-plan figures are single-sourced
Directors & DINs
| Name | DIN | Role | Appointed |
|---|---|---|---|
| Sharda Subhash Chaudhari | 02618263 | Director | - |
| Rahul Chaudhary | 06571134 | Additional Director | 11 July 2019 |
| Radhika Subhash Chaudhary | 06633690 | Director | 17 May 2024 |
GST Registrations
| GSTIN | State | PAN | Status |
|---|---|---|---|
| 24AAECD5525A1Z9 | Gujarat | AAECD5525A (confirmed — Tofler; consistent with GSTIN prefix pattern AAECD5525A1Z9 seen on GST records, cross-checked) | Active |
Primary GSTIN: 24AAECD5525A1Z9 (Gujarat, state code 24) — registered 01 July 2017, status ACTIVE, Regular scheme (source: piceapp.com GST lookup, cross-referenced with dial4trade business listing showing same Bharuch/Ankleshwar GIDC address). PAN embedded in GSTIN (AAECD5525A) matches the PAN reported by Tofler for the company — confirms GSTIN belongs to this entity, not a group entity. Home state: Gujarat (place of business/factory), though registered office is in Maharashtra — company appears to hold GST registration keyed to its Gujarat operating unit. Number of registrations: only one GSTIN identified across sources (could not confirm total count across all states — "not obtained" for a definitive multi-state count; only the Gujarat registration was found in reliable sources). Confidence: partial (single clear source for the GSTIN number itself, though corroborated by address/PAN match).
Financials
- Total Revenue fell ~15.01% YoY
- EBITDA declined ~1554.7%
- Net Profit (PAT) declined ~1496.02%
- Net worth fell ~69.49%
- Borrowings rose ~28.69%
- Total Assets fell ~8.28%
- Debt-to-Equity ~2.91x
- Gross Margin -22.17%
- Operating Margin -57.89%
- Net Margin -70.23%
- ROE -232.76%
- ROCE -74.8%. These figures indicate the company swung to a loss in FY2023
- Revenue ₹7.02 Cr, up ~2.00% YoY over FY2024
- ₹1 crore – ₹10 crore band for FY2023, consistent with the ~₹7 Cr revenue figure reported for FY2025
Standalone vs consolidated: not specified by any source — assume standalone company filings (no group consolidation indicated). Absolute EBITDA/PAT/net-worth/borrowings rupee figures could not be obtained free of paywall from either source — reported as "not obtained" for exact absolute values; only YoY percentage changes and the FY2025 revenue figure are confirmed.
Funding History
- Ricron Panels raised a Series A round announced ~July 2024, led by Boon Sustainable Technologies (Boon Sustainability), with participation from existing investor Circulate Capital plus new/angel backers including Classic Display Systems MD Harsh Mohunta, former Infra.Market president Dinesh Babbar, and boutique investment bank Veromint Advisors
- Round amount: undisclosed in all sources reviewed
- Use of funds: marketing, distribution expansion, and scaling production capacity toward ~2,000 tonnes/month
- Tracxn also lists a funding/company profile page (used only to corroborate round existence per task rules, not for financial specifics)
Charges & Loans
| Tofler | one open charge — IndusInd Bank Limited, amount ₹3.4 crore, created 20 October 2022 |
|---|---|
| TheCompanyCheck | Open charges total ₹3.37 Cr; Satisfied charges total ₹3.85 Cr; 6 total charge records |
These are broadly consistent (₹3.4 Cr vs ₹3.37 Cr open-charge amount, likely rounding/timing differences)"an active charge of roughly ₹3.4 Cr held by IndusInd Bank, with a total of 6 charge filings (open + satisfied) on record." Exact charge-holder-by-charge breakdown for all 6 records not obtained.
Competitors
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