Madhav Infra Projects financials and balance sheet

NSE: MADHAVIPLBSE: 539894ConstructionSmall Cap

₹7.00₹0.01 (0.14%)BSE ₹7.07

Share price at the NSE close on 23 Oct 2026. Previous close ₹7.01.

52-week range of BSE trades to 23 Oct 2026

₹6.58Low, 23 Oct 2026₹12.30High, 1 Jan 2026

Next results date: the board meets on 27 Oct 2026 to consider: quarterly results and rights issue.

Market cap: ₹189 Cr2,276th largest listed
P/E: 7.2
P/B: 0.8
Dividend yield: Nonein the last 12 months
ROE: 11.6%
ROCE: 12.7%
Debt to equity: 0.69
Volume, NSE: 1,34,81780.6% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Madhav Infra Projects annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 1 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

The years either side of a change of basis do not compare. From the year to Mar 2020, the company's revenue for that year, ₹204 Cr, differs from its quarters added, ₹201 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue502
Materials and goods−261
Employee costs−15
Other expenses−160
Operating profit66
Depreciation−14
Other income+8.3
One-off items0.0
Finance costs−25
Profit before tax36
Tax−8.5
Joint ventures−0.1
Net profit27

What the company owns

Plant, investments and other assets₹338 Cr
Receivables₹109 Cr
Cash and bank₹86 Cr
Inventory₹72 Cr

What pays for it: net worth and liabilities

Net worth₹241 Cr
Borrowings₹165 Cr
Other liabilities₹112 Cr
Owed to suppliers₹88 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Madhav Infra Projects quarterly results

₹ crore	Mar 2017	Mar 2018Filed 23 Aug	Mar 2019	Mar 2020Filed 26 Aug	Mar 2021Filed 7 Jul	Mar 2022Filed 23 May	Mar 2023Filed 13 Jun	Mar 2024Filed 13 May	Mar 2025Filed 10 Jun	Mar 2026Filed 29 May
Revenue from operations	508	386	326	204	274	460	513	460	610	502
	388	280	254	159	239	409	455	402	543	436
Materials and goods bought	103	149	154	90	90	170	209	214	417	261
Employee costs	–	25	–	19	17	17	15	13	12	15
Other expenses	–	106	–	50	131	221	231	175	114	160
Operating profit before depreciation	120	106	71	45	35	51	58	58	67	66
Operating margin	23.6%	27.3%	21.9%	22.1%	12.7%	11.1%	11.2%	12.7%	11.0%	13.2%
Materials, % of revenue	–	38.6%	–	44.2%	33.0%	37.1%	40.7%	46.6%	68.3%	52.0%
Employee costs, % of revenue	–	6.6%	–	9.3%	6.4%	3.8%	3.0%	2.7%	2.0%	3.0%
Other expenses, % of revenue	–	27.5%	–	24.4%	47.9%	48.1%	45.0%	38.0%	18.7%	31.9%
Depreciation and amortisation	55	52	30	24	21	16	13	16	15	14
Operating profit after depreciation	65	54	42	21	14	35	44	42	52	53
Other income	4	14	3	29	3	3	29	6	6	8
Finance costs	56	59	39	34	32	28	25	24	28	25
One-off items	0	0	0	0	0	0	0	0	0	0
Profit before tax	13	8	6	16	−15	9	48	25	30	36
	3	0	1	12	−3	3	11	3	5	8
Current tax	–	−1	1	7	0	3	9	3	6	8
Deferred tax	–	1	0	5	−3	0	2	−1	0	0
Share of profit of joint ventures and associates	–	0	–	0	−1	0	0	−1	0	0
	11	8	5	4	−13	6	36	22	25	27
Belonging to the company's shareholders	11	8	5	4	–	6	34	–	26	27
Belonging to outside owners of subsidiaries	–	0	–	–	–	0	2	–	−1	0
Other comprehensive income	–	0	–	0	0	0	8	3	0	0
Total comprehensive income	–	8	–	4	−13	6	45	25	25	27
Net margin	2.1%	2.1%	1.6%	1.8%	−4.6%	1.4%	7.0%	4.7%	4.1%	5.4%
Net margin without joint ventures and associates	–	2.1%	–	2.0%	−4.4%	1.5%	7.1%	4.8%	4.0%	5.4%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2019 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2021: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because a split, bonus or rights issue between the start of the period and the filing changed the share count the earnings per share is on. Belonging to the company's shareholders is left blank for the year to Mar 2024: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2018Filed 23 Aug	Mar 2019	Mar 2020Filed 26 Aug	Mar 2021Filed 7 Jul	Mar 2022Filed 23 May	Mar 2023Filed 13 Jun	Mar 2024Filed 13 May	Mar 2025Filed 10 Jun	Mar 2026Filed 29 May
	141	–	143	131	137	170	191	214	241
	126	–	142	130	135	167	188	213	240
Share capital	58	–	58	77	64	27	27	27	27
Reserves	68	–	84	53	72	140	162	186	213
Belonging to outside owners of subsidiaries	15	–	1	2	2	4	3	1	1
	410	–	265	224	217	207	153	160	165
Repayable after a year	366	–	185	172	161	142	115	95	103
Repayable within a year	44	–	80	52	56	65	39	65	63
	222	–	157	157	163	243	182	324	250
Trade payables	93	–	52	46	96	159	130	148	88
Other financial liabilities	60	–	19	28	0	0	0	74	40
Other liabilities	25	–	6	30	11	15	10	36	57
Provisions	0	–	0	0	0	2	4	1	3
Tax owed	–	–	0	0	0	1	0	–	0
	377	–	195	218	192	161	127	109	115
Other financial liabilities	–	–	0	0	18	11	10	13	12
Other liabilities	–	–	–	46	14	7	1	–	–
Provisions	5	–	0	0	0	1	1	1	0
Deferred tax	–	–	1	0	0	0	0	–	0
Total assets	740	–	495	506	492	574	501	647	606
	468	–	240	241	146	200	172	192	203
Plant in use, after depreciation	177	–	159	158	77	85	80	76	74
Plant being built	25	–	0	0	–	7	3	3	0
Intangible assets	207	–	16	27	18	47	47	45	75
Property held to earn rent	0	–	37	2	1	0	0	0	0
Investments	31	–	2	29	0	10	0	21	0
Stakes in joint ventures and associates	0	–	0	0	29	0	21	0	21
Other financial assets	17	–	22	17	18	30	20	46	33
Deferred tax	7	–	0	2	3	0	1	1	1
Other assets	3	–	5	5	0	21	0	0	–
	272	–	255	266	345	374	328	455	402
Inventories	82	–	84	68	104	95	96	98	72
Trade receivables	69	–	83	85	113	165	99	89	109
Cash and cash equivalents	19	–	1	10	4	27	9	32	13
Other bank balances	50	–	23	33	43	29	41	65	73
Loans given	0	–	3	4	1	0	0	0	0
Other financial assets	2	–	4	0	4	2	3	127	91
Tax paid in advance	13	–	12	5	11	0	4	9	10
Other assets	38	–	45	61	66	56	76	35	34
Net debt	341	–	241	182	170	151	103	63	79

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2019, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 7 Jul	Mar 2022Filed 23 May	Mar 2023Filed 13 Jun	Mar 2024Filed 13 May	Mar 2025Filed 10 Jun	Mar 2026Filed 29 May
	100	−9	73	65	124	32
	65	−27	71	59	139	42
	59	−52	10	15	66	−24
Receivables	6	−65	−52	66	10	−20
Inventories	0	0	8	−1	−2	25
Payables	53	14	63	−28	18	−60
Other working capital	0	0	−9	−23	40	31
Tax paid	6	−9	5	10	−10	−10
Interest paid	32	28	25	−24	0	0
Capital spending	26	1	67	8	10	6
Free cash flow	74	−10	6	57	114	26
	−42	66	−18	−4	−73	−31
Plant and property sold	12	0	29	0	2	6
Companies bought	0	0	0	−2	−20	0
Interest received	3	2	2	3	3	6
Dividends received	0	0	0	2	1	0
	−73	−62	−33	−79	−28	−20
Borrowings raised	−40	−34	−10	−26	26	8
Borrowings repaid	0	0	0	−24	−25	−2
Interest paid	−32	−28	−25	0	−28	−25
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	28	0	0
Net change in cash	−14	−6	22	−17	23	−19

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.

₹ per share	Mar 2017	Mar 2018Filed 23 Aug	Mar 2019	Mar 2020Filed 26 Aug	Mar 2021Filed 7 Jul	Mar 2022Filed 23 May	Mar 2023Filed 13 Jun	Mar 2024Filed 13 May	Mar 2025Filed 10 Jun	Mar 2026Filed 29 May
	₹0.42	₹0.30	₹0.20	₹0.15	−₹0.67	₹0.24	₹1.65	₹0.93	₹0.96	₹1.02
As stated that year	₹16.61	₹12.17	₹8.02	₹5.81	−₹0.67	₹0.24	₹1.65	₹0.93	₹0.96	₹1.02
	₹0.42	₹0.30	₹0.20	₹0.15	−₹0.67	₹0.24	₹1.65	₹0.93	₹0.96	₹1.02
As stated that year	₹16.61	₹12.17	₹8.02	₹5.81	−₹0.67	₹0.24	₹1.65	₹0.93	₹0.96	₹1.02
	–	₹4.91	–	₹5.53	₹5.06	₹5.28	₹6.18	₹6.99	₹7.89	₹8.89
On that year's share count	–	₹196.22	–	₹221.25	₹5.06	₹5.28	₹6.18	₹6.99	₹7.89	₹8.89
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	−9.6%	0.0%	0.0%
Market cap at the year end (₹ crore)	–	–	–	127	129	127	105	286	294	189

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Madhav Infra Projects PE ratio and valuation

Ratio	Mar 2017	Mar 2018Filed 23 Aug	Mar 2019	Mar 2020Filed 26 Aug	Mar 2021Filed 7 Jul	Mar 2022Filed 23 May	Mar 2023Filed 13 Jun	Mar 2024Filed 13 May	Mar 2025Filed 10 Jun	Mar 2026Filed 29 May
Revenue growth	–	−24.1%	−15.6%	–	34.6%	68.0%	11.4%	−10.2%	32.6%	−17.7%
Operating profit growth	–	−12.1%	−32.3%	–	−22.4%	46.3%	12.7%	1.3%	14.6%	−0.9%
Net profit growth	–	−23.2%	−37.1%	−27.6%	–	–	471.0%	−40.0%	14.9%	9.0%
Earnings per share growth	–	−26.7%	−34.1%	−27.6%	–	–	587.5%	−43.6%	3.2%	6.3%
	–	6.2%	–	2.6%	–	4.7%	22.5%	–	12.9%	12.1%
	–	–	–	–	–	–	17.8 pts	–	–	−0.8 pts
From the net margin	–	–	–	–	–	–	18.3 pts	–	–	3.7 pts
From asset turnover	–	–	–	–	–	–	1.0 pts	–	–	−4.1 pts
From borrowing	–	–	–	–	–	–	−1.5 pts	–	–	−0.4 pts
Return on capital employed	–	9.7%	–	5.2%	3.9%	10.0%	11.8%	12.3%	13.8%	13.0%
Cash conversion	–	–	–	–	–	−146.9%	203.0%	297.9%	498.0%	118.7%
Interest cover	1.2	0.9	1.1	0.6	0.4	1.2	1.8	1.8	1.9	2.1
Debt to equity	–	2.90	–	1.85	1.71	1.59	1.22	0.80	0.75	0.69
Receivable days	–	65	–	149	113	90	117	78	53	79
Inventory days	–	200	–	339	273	222	167	163	85	101
Payable days	–	228	–	211	187	205	279	222	130	123
Cash conversion cycle, days	–	37	–	277	199	107	5	20	9	58
Working capital days	–	23	–	275	158	152	100	106	59	94
Asset turnover	–	0.52	–	0.41	0.55	0.92	0.96	0.86	1.06	0.80
Assets per rupee of net worth	–	5.88	–	3.50	3.69	3.77	3.53	3.03	2.86	2.77
Sales per rupee of plant	–	2.18	–	1.28	1.73	5.96	6.03	5.75	8.04	6.82
Capital spending to depreciation	–	–	–	–	1.25	0.07	5.10	0.50	0.66	0.46
Plant being built, % of plant in use	–	14.0%	–	0.0%	0.0%	–	8.4%	4.1%	4.4%	0.1%

Revenue growth and operating profit growth are left blank for the year to Mar 2020: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2019, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 4.4%
Cash from operations against operating profit: 48.7%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	12.9%	−0.7%
Profit growth, yearly rate	–	–	−6.9%
Return on equity, average	–	13.0%	12.5%
Return on capital employed, average	–	12.2%	13.0%
Operating margin, average	16.7%	11.8%	12.3%
Net margin, average	2.6%	4.5%	4.7%
Asset turnover, average	–	0.92	0.91
Cash conversion cycle, days, average	–	40	29
Interest cover, average	1.3	1.7	1.9
Debt to equity, average	–	1.01	0.75

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	285	221	32
Cash from investing	−60	−107	−31
Cash from financing	−222	−127	−20
Capital spending	92	24	6
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	28	28	0
Borrowings raised	–	–	8
Borrowings repaid	51	51	2

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	–	6	7	6	7	6
Altman Z-scorePublished threshold 1.81	–	–	–	1.43	1.26	2.06	2.09	2.60	2.29	2.27
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.71	−1.78	−2.20	−3.16	−2.88	−2.30
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−14.14	−10.00	−3.58	−7.33	−4.63	4.13
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	5.49	2.01	3.17	2.99
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	–	−32.50	−34.27	34.19	−29.87	−42.65	40.61
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	–	−19.61	−35.30	−30.57	−2.07	−92.73	11.54
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	–	2.00	3.06	−4.51	5.45	14.43	−7.23
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	0.00	–	0.34	0.30	0.30	0.00
Effective tax ratePublished threshold 17.16 per cent	19.03	−0.63	20.17	73.63	–	29.41	23.81	10.40	18.08	23.68
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−64.84	13.42	−28.29	−16.18	−3.81

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
8 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash CreditLong-term scale	CARE BBBReview, Re-affirm	Stable	50
8 Oct 2026	CARE Ratings Limited (opens in a new tab)	Term Loan-Long TermLong-term scale	CARE BBBReview, Re-affirm	Stable	31.99
8 Oct 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT/ ST-BG/LCLong and short-term scales	CARE BBB / CARE A3+Review, Upgrade	Stable	450

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.