Radar · Mining in Maharashtra
Best Mining Companies in Maharashtra, India
The 41 best Mining companies in Maharashtra, India in 2026, ranked by funding and momentum. Funding, investors, founders, valuation, tech stack and live signals. Top: SBL Energy.
By Riya SenguptaFinancials
41companies tracked
$43.4Mdisclosed funding
0unicorns
2have raised
FLIAR INTELLIGENCE · MINING × MAHARASHTRA
Our analysis of 100 Mining companies
$17.0b in tracked funding; 82% of the stack-profiled cohort runs cloud-native; funding activity peaked in 2025.
100companies analysed
82%cloud-native stacks
2025funding peak (by rounds)
2006median founding year
48median Fliar Index™
121kcombined LinkedIn audience
79%of audience held by top 3
5companies hiring publicly (12 mo)
Ranked: Best Mining companies in Maharashtra
| # | Company | Disclosed funding | Revenue | Revenue YoY | Employees | Founded | Founder | Recent signals |
|---|---|---|---|---|---|---|---|---|
| 1 | LLOYDS METALS AND ENERGY LIMITED Lloyds Metals And Energy is a metal production company that produces quality iron. | — | $801M FY2025 | +3% | 1,750 | 1974 | Mukesh Gupta Founder | — |
| 2 | Shirpur Gold Refinery Provider of gold and silver exploration and manufacturing services | — | $335M FY2024 | -48% | 8 | 1984 | — | — |
| 3 | IREL Manufacturer of chemicals | — | $241M FY2025 | -10% | 103 | 1950 | — | — |
| 4 | MOIL Provider of government programs access & development services | — | $201M FY2025 | +10% | 410 | 1962 | — | — |
| 5 | Cmll Integrated coal mining and logistics services provider | — | $170M FY2025 | +50% | — | 2024 | Mohit Chadda Managing Director | — |
| 6 | SBL Energy Manufacturer of industrial and mining explosives, detonators, and explosive accessories 62Growth top 27%Fin. health top 28%Moat top 31%Funding top 40% All 9 signals ▾Growthtop 27% Fin. healthtop 28% Moattop 31% Fundingtop 40% Techtop 42% Marketbottom 47% Talentbottom 45% Globalbottom 37% Newsbottom 21% Growth: Headcount 112 → 164 (+46%) across vintages · Revenue +98% YoY Fin. health: Revenue ~$130M (FY2018) · Net margin 7.8% rank vs industry peers · Fliar Intelligence Index 62/100 | $41M | $130M FY2025 | +98% | 164 164 → 91 (-45%) | 2002 | Sanjay Choudhary Owner | — |
| 7 | J. B. And Brothers Manufacturer of diamonds & grading systems | — | $96M FY2025 | -70% | — | 1983 | Jitubhai Shah Founder | — |
| 8 | Shah Coal Coal mining and trading company with a focus on providing coal products to various industries | — | $62M FY2022 | — | 614 | 1997 | Vinay Shah Founder & Chairman | — |
| 9 | CDET Explosive Industries Manufacturers & exporters of explosives for mining | — | $53M FY2025 | +8% | 363 | 1998 | Ashok Rathi Managing Director | — |
| 10 | Axayya Alloys Manufacturer of primary and secondary aluminum casting alloys, offering a range of aluminum alloy products to… | — | $23M FY2025 | +9% | — | 1981 | N Kher Founder | — |
| 11 | Asigroup Provider of stone mining services | — | $21M FY2025 | +4% | 1,101 | 1945 | Deepak Jatai Chairman & Managing Director | — |
| 12 | Simplex Provider of coal mining services | — | $18M FY2025 | -22% | 1 | 2016 | — | — |
| 13 | Eshan Minerals Pvt Provider of mineral mining services | — | $13M FY2025 | +11% | 84 84 → 69 (-18%) | 1985 | — | — |
| 14 | Taurian MPS Provider of crushing, screening, and washing solutions | — | $9M FY2025 | +67% | — | 2005 | Sumit Bajla Co-Founder | — |
| 15 | Fuelco Coal trading and transporting company that provides packaged services to esteemed clients | — | $9M FY2022 | — | 2 | 2004 | — | — |
| 16 | Rawmin Miner and exporter of metallurgical, cement grade bauxite and iron ore | — | $8M FY2025 | +161% | — | 1981 | — | — |
| 17 | Tecknotrove Systems Provider of advanced training simulators and VR-based simulation solutions for critical industries | — | $8M FY2025 | +8% | 110 110 → 133 (+21%) | 2002 | Payal Gupta Co-Founder & Director -Business Development | 1 launch · 1 expansion |
| 18 | Geoservices Maritime Provider of marine and land survey, geophysical, and geotechnical services | — | $7M FY2025 | +83% | — | 2013 | Rampal Sheoran Director & Founder | — |
| 19 | SGX Minerals Provider of metal mining services | — | $4M FY2025 | +7% | 48 | 2006 | — | — |
| 20 | Amko Mining & Drilling Eqpt Manufacturer of diamond core drilling accessories | — | $3M FY2022 | — | — | 1979 | — | — |
| 21 | Next Track Engineering Provider of rotary breakers and crushing equipment | — | $3M FY2025 | +53% | 30 | 2018 | — | — |
| 22 | Sunny Earth Provider of range of products, including bleaching earth, activated carbon, and other industrial minerals… | — | $1M FY2022 | — | 7 | 1999 | — | — |
| 23 | Maharashtra Minerals Provider of mineral exploration services | — | $1M FY2022 | — | — | 1961 | Anil Ganesh Newalkar Managing Director | — |
| 24 | Enrika Provider of high quality products in the mining sector, specializing in the field of bringing in high quality… | — | $351K FY2025 | -80% | — | 2010 | — | — |
| 25 | resurgere mines & minerals Resurgere Mines & Minerals deals with the extraction and processing of iron ore, bauxite, and soapstone… | — | $288K FY2018 | -17% | 14 | 1987 | Subhash Sharma CEO & MD | — |
Top 2 Mining companies in Maharashtra
#1
Series B · Nagpur, Maharashtra · founded 2002 · 164 employees$41.2Mraised▾
Series B · Nagpur, Maharashtra · founded 2002 · 164 employees
Manufacturer of industrial and mining explosives, detonators, and explosive accessories. The company provides a range of explosives including slurry, emulsion, and bulk emulsion explosives. It also offers detonating fuse, ordinary detonators, electric detonators, non-electric detonators, and cast boosters. The company serves public sector units, government organizations, and mining contractors. It provides technical services and consultations to clients.
Fliar Intelligence Index™ 62how this company ranks against its industry peers
Growth
top 27%Fin. health
top 28%Moat
top 31%Funding
top 40%Tech
top 42%Market
bottom 47%Growth: Headcount 112 → 164 (+46%) across vintages · Revenue +98% YoY
Fin. health: Revenue ~$130M (FY2018) · Net margin 7.8% · Revenue +98% YoY
Moat: Top 5% by revenue among 37 tracked Mining Equipment companies · Editorial + unicorn rating 1/10
Audience (LinkedIn): 2k LinkedIn followers
Activity (LinkedIn): 2 product launches announced in 12 mo
Funding rounds
- Feb 2024Series B$39.2M
- Dec 2017Series A$1.3M
- Mar 2014Seed$668.7K
Founders & team
Investors
Synergy Capital, India SME Investments, Mahanadi Metals and Chemicals, Special Blasts, Neweraltd, Nirvaan Dealcom
Tech stack
BootstrapGoogle AnalyticsGoogle CloudGoogle Cloud CdnGoogle Tag ManagerGsap
#2
Funding Raised · Chandrapur, Maharashtra · founded 1980 · 450 employees$2.2Mraised▾
Funding Raised · Chandrapur, Maharashtra · founded 1980 · 450 employees
Provider of mineral exploration services from surveys to advanced modeling. This includes turnkey projects, various survey types (DGPS, topographic, geological mapping), and drilling (diamond core and RC). The company offers end-to-end services, utilizing both in-house expertise and partnerships with international organizations for specialized technical input. A focus is placed on efficient and prompt service delivery.
LinkedIn Pulse recent public activity · Jul 2026
Audience: 3k LinkedIn followers — 2.9% of this cohort's audience
Hiring: 2 hiring posts in 12 mo (public) · momentum +0 · hiring: Field Geologist, Project Manager
Funding rounds
- Apr 2022Conventional Debt$2.2M
Investors
Finnfund
Tech stack
Apache Http ServerBootstrapFont AwesomeGodaddyGoogle WorkspaceJquery
Funding & investor landscape
$43.4Mtotal disclosed funding
2companies funded
4disclosed rounds
0rounds last 90 days
Most active investors
Chhattisgarh Steel and Power1 rounds
Crabel Distributors1 rounds
Flexible Tradelink1 rounds
Goldy Distributors1 rounds
Himgiri Commerce1 rounds
Jayton Trading1 rounds
Prism market signals · India · country-scoped Prism corpus, 5,971,885 docs
Market landscape — 10 sub-themes by coverage
Share of Mining coverage by sub-theme.
Regulatory-risk over time rising
Funding & growth over time
funding rising · growth rising
RESEARCH SIGNALS · India
How research on Mining Technology is moving in India
A read on the academic research around Mining Technology — which themes are gaining ground, the institutions and researchers driving them, and how the tone is shifting. Based on 87 India-affiliated papers.
top research entities
- Institute of Minerals and Materials Technology13
- Indian Institute of Technology Dhanbad11
- Tata Steel9
- Pakistan Council of Scientific & Industrial Research6
- National Metallurgical Laboratory5
leading researchers
N. R. Mandre · Sunil Kumar Tripathy · R. Venugopal · K. Chennakesavulu · Muhammad Arif Bhatti · Rashid Mehmood · M. S. Jena · Pradip Banerjee
▲
Breakthroughs9 · 10%
▲ 0%→24% share
0 median citations100% since 2021mostly methods-led
Breakthroughs are rising (0%→24% of field), led by Tailings.
rising sub-themes (early→recent)
- Tailings4
- Beneficiation3
- Agriculture2
- Beneficial organism2
- Microorganism2
◆
Advancements48 · 55%
▲ 0%→52% share
2 median citations46% since 2021mostly empirical
Advancements are rising (0%→52% of field), led by Mineral.
rising sub-themes (early→recent)
- Mineral3→6
- Froth flotation2→4
- Mineral processing6→7
Landmark CHARACTERIZATION AND PROCESSING OF LOW-GRADE IRON ORE SLIME FROM THE JILLING AREA OF INDIA · 56 cites
▼
Concerns8 · 9%
▲ 0%→10% share
8 median citations50% since 2021mostly empirical
Concerns are rising (0%→10% of field), led by Mineral processing.
rising sub-themes (early→recent)
- Mineral processing5
- Mineral3
- Magnetic separation2
- Beneficiation2
- Tailings2
Landmark Dry High-Intensity Magnetic Separation In Mineral Industry—A Review Of Present Status And Future Prospects · 86 cites
RESEARCH HOTSPOTS · India
Where mining tech is researched across India
Location clusters by institution affiliation — each city's volume, stance tone, and a quick read on its hot topic, what's advancing, the opening opportunity, and the main concern.
Mumbai8 · +0.19
Chennai7 · +0.23
PATENT SIGNAL · India
Who's filing mining tech patents in India
India mining tech patent filing is cooling — 9 filings from 7 assignees (2020–2024), led by Tata Consultancy Services, Lahiri Abhishek, JHA Animesh; annual filings 4→1.
9 filings7 assigneespeak 4/yr2020–2024
filing momentum (YoY 2020–2024)
top patent filers
- Tata Consultancy Services8
- Lahiri Abhishek1
- JHA Animesh1
- TATA Steel1
- Kumari Ephraim JEYA1
- Indian Institute Of TECH Indian 1
- Millennium Inorganic CHEM1
Common questions
How many Mining companies are there in Maharashtra, India?
Radar tracks 41 indexable Mining companies headquartered in Maharashtra, India that meet our profile-completeness bar.
What is the total funding raised by Mining companies in Maharashtra, India?
The Mining companies in Maharashtra, India on this list have raised a combined $43.4M in disclosed equity funding across 2 funded companies.
Which is the highest-funded Mining company in Maharashtra, India?
SBL Energy is the highest-funded Mining company in Maharashtra, India, with $41.2M in disclosed equity funding.
How many Mining companies in Maharashtra, India are funded?
2 of the 41 Mining companies in Maharashtra, India on this list have disclosed at least one equity funding round.
How many Mining unicorns are there in Maharashtra, India?
None of the Mining companies in Maharashtra, India on this list currently has a disclosed valuation of $1B or more.
Who are the top investors in Maharashtra, India Mining companies?
The most active investors in Maharashtra, India Mining companies on this list include Abakkus Asset Manager, Ashoka Refineries, Chhattisgarh Steel and Power, Crabel Distributors, Finnfund.
Riya SenguptaFinancials
Riya reads income statements for fun. She covers the real money in a sector — revenue, growth, who actually earns — and never met a vague claim she didn't want a number for.