Madhav Infra Projects MD, chairman and AGM

Madhav Infra Projects board of directors

At the end of the quarter to Jun 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

ChairpersonASHOK KHURANA MADHAVDAS
Managing directorAMIT KHURANA

6 directors3 independent1 executive2 non-executive

ASHOK KHURANA MADHAVDAS · ChairpersonNon-executive · joined Feb 2019 · 88 months as independent · 1 listed board · 2 committee seats
AMIT KHURANA · Managing directorExecutive · joined Mar 2013 · reappointed Feb 2024 · 159 months as independent · 2 listed boards
NEELAKSHI AMIT KHURANANon-executive · joined Jan 2024 · 29 months as independent · 2 listed boards
SHANKAR PRASAD BHAGATIndependent · joined Aug 2024 · reappointed Aug 2024 · 23 months as independent · 2 listed boards · 2 as independent · 3 committee seats, 1 as chair
NIKHIL KAUSHIKIndependent · joined Feb 2025 · reappointed Feb 2025 · 17 months as independent · 2 listed boards · 2 as independent · 2 committee seats, 1 as chair
HIRAL VINODBHAI PATELIndependent · joined Aug 2024 · reappointed Aug 2024 · 23 months as independent · 5 listed boards · 5 as independent · 4 committee seats, 1 as chair

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

1 director who left

KAMAL ASHWINBHAI LALANI, left 26 Sep 2025: Others

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

Board
- 17 Jun 20266 of 6 present3 independent · 18 days in between
- 29 May 20266 of 6 present3 independent · 76 days in between
- 13 Mar 20264 of 6 present1 independent · 27 days in between
- 13 Feb 20266 of 6 present3 independent
Audit Committee
Chair SHANKAR PRASAD BHAGAT
NIKHIL KAUSHIK, HIRAL VINODBHAI PATEL, ASHOK KHURANA MADHAVDAS
- 29 May 20264 of 4 present3 independent · 104 days in between
- 13 Feb 20264 of 4 present3 independent
Nomination and remuneration committee
Chair NIKHIL KAUSHIK
SHANKAR PRASAD BHAGAT, HIRAL VINODBHAI PATEL
- 29 May 20263 of 3 present3 independent · 104 days in between
- 13 Feb 20263 of 3 present3 independent
Stakeholders Relationship Committee
Chair HIRAL VINODBHAI PATEL
SHANKAR PRASAD BHAGAT, ASHOK KHURANA MADHAVDAS
- 13 Feb 20263 of 3 present2 independent
Corporate Social Responsibility Committee
Chair ASHOK KHURANA MADHAVDAS
SHANKAR PRASAD BHAGAT, NIKHIL KAUSHIK
- 13 Feb 20263 of 3 present2 independent

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Mar 2026.

SHAH AND KADAMPeer-review certificate valid to Sep 2026

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

Madhav Infra Projects AGM and shareholder votes

Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Madhav Infra Projects share news and announcements

Annual general meeting, 30 Sep 2026

66,522 shareholders on the register on 23 Sep 2026; present: 8 promoters and 29 others; votes counted by HARESH KAPURIYA / KH & ASSOCIATES.The company's voting result (opens in a new tab)

TO CONSIDER AND ADOPT THE AUDITED FINANCIAL STATEMENTS (INCLUDING BOTH STANDALONE AND THE CONSOLIDATED FINANCIAL STATEMENTS) OF THE COMPANY FOR THE FINANCIAL YEAR ENDED ON MARCH 31, 2026, TOGETHER WITH THE REPORTS OF BOARD OF DIRECTORS ("THE BOARD") AND AUDITORS THEREON.MoreLess
Ordinary
100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 69.22% · promoters 100.00% · institutions 0.00% · other public 1.29%
TO APPOINT A DIRECTOR IN PLACE OF SHRI ASHOK KHURANA (DIN: 00003617) WHO RETIRES BY ROTATION AND, BEING ELIGIBLE, OFFERS HIMSELF FOR REAPPOINTMENT.
OrdinaryPromoters have an interest in it
100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.07%
Turnout: all 69.22% · promoters 100.00% · institutions 0.00% · other public 1.29%
REAFFIRMATION FOR CONTINUATION OF DIRECTORSHIP OF MR. SHANKAR PRASAD BHAGAT (DIN: 01359807), NON-EXECUTIVE INDEPENDENT DIRECTOR AFTER ATTAINING THE AGE OF 75 YEARS:
Special
100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.35%
Turnout: all 69.22% · promoters 100.00% · institutions 0.00% · other public 1.29%
TO AUTHORIZE BOARD OF DIRECTORS TO ADVANCE ANY LOAN OR GIVE GUARANTEE OR TO PROVIDE SECURITY UNDER SECTION 185 OF THE COMPANIES ACT, 2013 AND IN THIS REGARD
SpecialPromoters have an interest in it
99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 1.45%
Turnout: all 69.22% · promoters 100.00% · institutions 0.00% · other public 1.29%
TO APPROVE AN INCREASE IN LIMITS OF BORROWINGS UNDER SECTION 180(1)(C) OF THE COMPANIES ACT, 2013, AND IN THIS REGARD
SpecialPromoters have an interest in it
100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.31%
Turnout: all 69.22% · promoters 100.00% · institutions 0.00% · other public 1.29%
TO APPROVE ENCUMBRANCE ON PROPERTY OF THE COMPANY FOR BORROWING EXTERNAL FUNDS IN ACCORDANCE WITH SECTION 180(1)(A) OF THE COMPANIES ACT, 2013.
SpecialPromoters have an interest in it
99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 1.44%
Turnout: all 69.22% · promoters 100.00% · institutions 0.00% · other public 1.29%
RATIFICATION OF REMUNERATION TO COST AUDITORS
Ordinary
100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.12%
Turnout: all 69.22% · promoters 100.00% · institutions 0.00% · other public 1.29%
TO APPROVE RELATED PARTY TRANSACTIONS WITH WAA SOLAR LIMITED FOR THE FINANCIAL YEAR 2026-27
OrdinaryPromoters have an interest in it
100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 69.22% · promoters 100.00% · institutions 0.00% · other public 1.29%
TO APPROVE RELATED PARTY TRANSACTIONS WITH RAHATGARH BERKHEDI CORRIDOR PRIVATE LIMITED FOR THE FINANCIAL YEAR 2026-27
OrdinaryPromoters have an interest in it
100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.58%
Turnout: all 69.22% · promoters 100.00% · institutions 0.00% · other public 1.29%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Dealings with its subsidiaries, promoters, directors and their firms, reported every half-year.Promoters and their stake

Half-year to Mar 2026: ₹313 Cr41 dealings
Half-year to Sep 2025: ₹148 Cr19 dealings
Half-year to Mar 2025: ₹150 Cr30 dealings
Half-year to Sep 2024: ₹109 Cr31 dealings
Half-year to Mar 2024: ₹59 Cr20 dealings
Half-year to Sep 2023: ₹31 Cr26 dealings

Between	Dealing
Madhav Infra Projects Limited and Waa Solar LimitedAssociate Concern	Sale of goods or services	105.00	104.66	0.00	0.00
Madhav Infra Projects Limited and Waa Solar LimitedAssociate Concern	Loan	45.00	62.77	0.00	43.33
Madhav Infra Projects Limited and Rahatgarh Berkhedi Corridor Private LimitedSubsidiary Company	Sale of goods or services	5.00	38.08	0.00	0.00
Madhav Infra Projects Limited and Madhav Infra Projects Ltd.-M S Khurana Engg.Ltd. JVJV	Sale of goods or services	40.00	35.41	0.00	0.00
Madhav Infra Projects Limited and Madhav Infra Projects Ltd.-M S Khurana Engg.Ltd. JVJV	Loan	40.00	33.91	0.00	0.00
Madhav Infra Projects Limited and Madhav (Phoolsagar Niwas Shahpura Corridor) Highways Private LimitedAssociate Concern	Loan	5.00	14.72	4.26	10.46
Madhav Infra Projects Limited and Madhav (Aaron Sindh Road) Private LimitedSubsidiary Company	Loan	25.00	7.64	7.64	0.00
Madhav Infra Projects Limited and MI Solar (India) Private LimitedSubsidiary Company	Loan	8.00	7.37	0.00	7.37
Madhav Infra Projects Limited and MI Solar (India) Private LimitedSubsidiary Company	Sale of goods or services	4.00	3.85	0.00	0.00
Madhav Infra Projects Limited and Badi Bakatara Toll Pvt. Ltd.Subsidiary Company	Loan	5.00	1.84	0.00	0.00
Madhav Infra Projects Limited and Madhav (Sehora Silodi Corridor) Highways Private LimitedAssociate Concern	Loan	2.00	1.59	17.99	19.58
Madhav Infra Projects Limited and Rahatgarh Berkhedi Corridor Private LimitedSubsidiary Company	Loan	7.50	0.69	0.00	0.69
Madhav Infra Projects Limited and Amit KhuranaDirector	Remuneration	0.25	0.24	0.00	0.00
Madhav Infra Projects Limited and Infinity Infrabuild LimitedAssociate Concern	Loan	5.00	0.23	0.00	0.00
Madhav Infra Projects Limited and Rajendrasinh RanaCFO	Remuneration	–	0.12	0.00	0.00
Madhav Infra Projects Limited and Khushbu PrajaptiCompany Secretary	Remuneration	–	0.07	0.00	0.00
Madhav Infra Projects Limited and Sol Kar Infrastructure Private LimitedAssociate Concern	Loan	0.10	0.06	0.00	0.00
Madhav Infra Projects Limited and MIPL Solar Panchewa Private LimitedSubsidiary Company	Investment	0.01	0.01	0.00	0.01
Madhav Infra Projects Limited and MIPL Solar Dhamnod Private LimitedSubsidiary Company	Investment	0.01	0.01	0.00	0.01
Madhav Infra Projects Limited and Madhav solar (Udaigarh) Private LimitedSubsidiary Company	Investment	0.01	0.01	0.00	0.01
Madhav Infra Projects Limited and MIPL Solar Semliya Private LimitedSubsidiary Company	Investment	0.01	0.01	0.00	0.01
Madhav Infra Projects Limited and MIPL Solar Hanumantiya Private LimitedSubsidiary Company	Investment	0.01	0.01	0.00	0.01
Madhav Infra Projects Limited and MIPL Solar Kakanwani Private LimitedSubsidiary Company	Investment	0.01	0.01	0.00	0.01
Madhav Infra Projects Limited and MIPL Solar Bilehru Private LimitedSubsidiary Company	Investment	0.01	0.01	0.00	0.01
Madhav Infra Projects Limited and MIPL Solar Katthiwada Private LimitedSubsidiary Company	Investment	0.01	0.01	0.00	0.01

The 25 largest of 41 dealings in the half-year to Mar 2026, ₹ crore.

Stakes in unlisted companies

Reported in the filing for the quarter to Jun 2026.

Unlisted stake heldRahatgarh Berkhedi Corridor Private LimitedSince 11 May 2026
0.00% bought in the quarter; holding 99.99%, from 99.99%
Unlisted stake heldRahatgarh Berkhedi Corridor Private LimitedSince 15 May 2026
0.00% bought in the quarter; holding 99.99%, from 99.99%
Unlisted stake heldRahatgarh Berkhedi Corridor Private LimitedSince 1 Jun 2026
0.00% bought in the quarter; holding 99.99%, from 99.99%

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

Received
Resolved

Open at the quarter's end

None open at any quarter's end.

The board is made up as the listing rules require: Yes
The board has a regular chairperson: Yes
The company has a risk management committee: No
The chair is related to the managing director: Yes
The filing has a part on fines and penalties: No
The filing has a part on tax disputes: No
There was a cyber security incident in the quarter: No

The company's own answers in its filing.

Madhav Infra Projects board of directors

Committees and meetings

Board

Audit Committee

Nomination and remuneration committee

Stakeholders Relationship Committee

Corporate Social Responsibility Committee