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Regulatory

MCA V3 XBRL Filings — What D2C Founders Need to Know (2025)

The Ministry of Corporate Affairs migrated to MCA V3 in July 2025, making company financial data machine-readable via XBRL. For D2C founders and their advisors, this means competitor financials are now structured data — revenue, PAT, debt — accessible programmatically for the first time.

What changed with MCA V3

Before (MCA V2): Financials were filed as PDFs. Extracting data required manual reading or OCR.

After (MCA V3): Financials are filed in XBRL (eXtensible Business Reporting Language) format. Every line item — revenue, PAT, COGS, debt — is tagged with a standard label, making it machine-readable.

This means:
1. Company revenues are now queryable as structured data
2. Year-on-year comparisons are automatable
3. Peer group financials are accessible in bulk
4. You can read a registered competitor's filings directly on the MCA portal

How to read a competitor's MCA filing

1. Go to mca.gov.in and search the company by CIN
2. Under 'Filings', look for 'Annual Return (MGT-7)' and 'Financial Statements (AOC-4)'
3. Download the XBRL filing (.xml file)
4. Key fields to extract: Revenue from Operations, Gross Profit, EBITDA, Total Borrowings, Inventory

For Indian D2C brands, the annual revenue figure in MCA filings often lags 8–12 months (FY24 data available mid-2025).

Frequently Asked Questions

When did MCA V3 XBRL become mandatory?
MCA V3 became mandatory for all listed companies and large private companies (above threshold turnover) from July 2025. Smaller companies have a phased compliance timeline.
Can I see my competitor's revenue on MCA V3?
Yes, if the competitor is a registered Indian company (Pvt Ltd or Public Ltd). Revenue from Operations is a required XBRL field. However, data lags 8–12 months as companies file annual returns post fiscal year-end.
Does Sylvr use MCA V3 data?
Not today. Sylvr does not ingest MCA filings yet; it is on the roadmap as being shaped. Until then, a registered competitor's filings can be read directly on the MCA portal.
MCA V3 XBRL Filings — What D2C Founders Need to Know (2025) — Sylvr