About
Madhav Infra Projects Limited engages in the development, construction, operation, and maintenance of infrastructure projects in India. The company is involved in development, construction, and maintenance of highways, bridges, and roads; and generating power and trading, purchasing, marketing, selling, importing, exporting, producing, manufacturing, transmitting, commissioning, distributing, supplying, exchanging or otherwise dealing in aspects of thermal, hydro, nuclear, solar, solar rooftop, and wind power. It also engages in installation, maintenance of solar power plant, roof tops and equipment system related to solar; provision of services for maintenance, renovation and modernization of equipment required for solar power and renewable energy; and oil and gas exploration, production and participation, seismic data service onshore/offshore, managerial and technical support services, technical surveys, data analysis, data processing services, and staffing and technical equipment renting or leasing for a seismic survey in oil and gas companies. The company was incorporated in 1992 and is based in Vadodara, India.
Key Metrics
as of Sep 2026Market Cap215 Cr
P/E8.22
Div Yield0.00 %
Book Value₹8.89
52w High₹12.30
52w Low₹6.65
Face Value₹1.00
Quarterly Results
Rs. Crores · hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 57.35 | 207.69 | 51.12 | 104.31 | 84.44 | 297.72 | 128.79 | 87.63 | 58.07 | 126.87 | 80.57 | 89.06 | 61.52 |
| Expenses | 46.35 | 191.81 | 40.95 | 89.88 | 69.81 | 277.71 | 115.54 | 74.84 | 44.17 | 117.83 | 69.54 | 79.99 | 43.92 |
| Operating Profit | 11.00 | 15.88 | 10.17 | 14.43 | 14.63 | 20.01 | 13.25 | 12.79 | 13.90 | 9.04 | 11.03 | 9.07 | 17.60 |
| OPM % | 19.18 | 7.65 | 19.89 | 13.83 | 17.33 | 6.72 | 10.29 | 14.60 | 23.94 | 7.13 | 13.69 | 10.18 | 28.61 |
| Other Income | 1.41 | 1.68 | 1.34 | 1.31 | 2.80 | 2.05 | 0.81 | 1.87 | 0.83 | 0.74 | 0.67 | 3.00 | 0.66 |
| Depreciation | 2.03 | 2.31 | 2.12 | 2.12 | 2.17 | 2.34 | 2.15 | 2.31 | 2.29 | 2.80 | 2.81 | 2.61 | 2.60 |
| Interest | 4.46 | -0.20 | 5.80 | 6.65 | 6.82 | 6.53 | 6.99 | 5.49 | 5.19 | 4.53 | 5.25 | 5.41 | 5.62 |
| Profit before tax | 5.92 | 15.45 | 3.59 | 6.97 | 8.44 | 13.19 | 4.92 | 6.86 | 7.25 | 2.45 | 3.64 | 4.05 | 10.04 |
| Tax % | 24.49 | 32.36 | 17.55 | 17.07 | 17.77 | 13.72 | 21.75 | 16.76 | 16.69 | -88.57 | 40.11 | 15.56 | 15.64 |
| Net Profit | 4.47 | 10.45 | 2.96 | 5.78 | 6.94 | 11.39 | 3.84 | 5.72 | 6.04 | 4.62 | 2.19 | 3.42 | 8.47 |
| EPS in Rs | 0.17 | 0.39 | 0.11 | 0.21 | 0.26 | 0.42 | 0.14 | 0.21 | 0.22 | 0.17 | 0.08 | 0.13 | 0.31 |
Profit & Loss
Annual · Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 448.00 | 572.00 | 358.00 | 322.00 | 387.00 | 270.00 | 200.00 | 299.00 | 307.00 | 335.00 | 206.00 | 261.00 |
| Expenses | 392.00 | 512.00 | 311.00 | 276.00 | 337.00 | 236.00 | 156.00 | 237.00 | 250.00 | 261.00 | 167.00 | 236.00 |
| Operating Profit | 55.00 | 60.00 | 47.00 | 46.00 | 50.00 | 34.00 | 45.00 | 62.00 | 57.00 | 74.00 | 39.00 | 26.00 |
| OPM % | 12.00 | 10.00 | 13.00 | 14.00 | 13.00 | 13.00 | 22.00 | 21.00 | 19.00 | 22.00 | 19.00 | 10.00 |
| Other Income | 7.00 | 6.00 | 5.00 | 29.00 | 2.00 | 3.00 | 29.00 | 3.00 | 12.00 | 3.00 | 2.00 | 1.00 |
| Interest | 19.00 | 24.00 | 21.00 | 22.00 | 27.00 | 32.00 | 34.00 | 35.00 | 36.00 | 33.00 | 18.00 | 7.00 |
| Depreciation | 9.00 | 9.00 | 11.00 | 11.00 | 15.00 | 20.00 | 23.00 | 26.00 | 27.00 | 34.00 | 9.00 | 9.00 |
| Profit before tax | 34.00 | 32.00 | 20.00 | 42.00 | 10.00 | -15.00 | 16.00 | 4.00 | 6.00 | 10.00 | 14.00 | 12.00 |
| Tax % | 24.00 | 16.00 | 7.00 | 23.00 | 28.00 | -21.00 | 72.00 | 19.00 | -8.00 | 23.00 | 34.00 | 32.00 |
| Net Profit | 26.00 | 27.00 | 19.00 | 32.00 | 7.00 | -12.00 | 5.00 | 3.00 | 7.00 | 8.00 | 9.00 | 8.00 |
| EPS in Rs | 0.97 | 1.00 | 0.69 | 1.19 | 0.29 | -0.47 | 0.18 | 0.13 | 0.27 | 0.30 | 0.36 | — |
| Dividend Payout % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 27.00 | 27.00 | 27.00 | 27.00 | 26.00 | 26.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 |
| Reserves | 212.00 | 186.00 | 159.00 | 138.00 | 73.00 | 52.00 | 83.00 | 79.00 | 75.00 | 69.00 | 57.00 | 48.00 |
| Borrowings | 130.00 | 126.00 | 130.00 | 182.00 | 233.00 | 300.00 | 332.00 | 316.00 | 306.00 | 279.00 | 236.00 | 71.00 |
| Other Liabilities | 143.00 | 252.00 | 132.00 | 122.00 | 137.00 | 118.00 | 68.00 | 143.00 | 135.00 | 127.00 | 73.00 | 127.00 |
| Total Liabilities | 512.00 | 592.00 | 447.00 | 470.00 | 468.00 | 496.00 | 489.00 | 544.00 | 522.00 | 481.00 | 373.00 | 253.00 |
| Fixed Assets | 82.00 | 84.00 | 89.00 | 94.00 | 81.00 | 158.00 | 169.00 | 184.00 | 167.00 | 183.00 | 163.00 | 44.00 |
| CWIP | 0.00 | 3.00 | 3.00 | 7.00 | 0.00 | 0.00 | 0.00 | 0.00 | 25.00 | 0.00 | 0.00 | 0.00 |
| Investments | 32.00 | 32.00 | 32.00 | 42.00 | 48.00 | 45.00 | 40.00 | 44.00 | 82.00 | 72.00 | 87.00 | 53.00 |
| Other Assets | 398.00 | 472.00 | 323.00 | 327.00 | 339.00 | 293.00 | 281.00 | 316.00 | 248.00 | 226.00 | 123.00 | 157.00 |
| Total Assets | 512.00 | 592.00 | 447.00 | 470.00 | 468.00 | 496.00 | 489.00 | 544.00 | 522.00 | 481.00 | 373.00 | 253.00 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | -7.00 | 105.00 | 63.00 | 27.00 | 24.00 | 89.00 | -13.00 | 2.00 | 48.00 | 59.00 | 21.00 | 41.00 |
| Cash from Investing Activity | 4.00 | -51.00 | 5.00 | 15.00 | 50.00 | -8.00 | 3.00 | 30.00 | -37.00 | -52.00 | -162.00 | -39.00 |
| Cash from Financing Activity | -16.00 | -27.00 | -74.00 | -35.00 | -80.00 | -73.00 | 3.00 | -28.00 | -10.00 | -9.00 | 147.00 | -1.00 |
| Net Cash Flow | -19.00 | 27.00 | -5.00 | 7.00 | -7.00 | 9.00 | -7.00 | 4.00 | 1.00 | -3.00 | 6.00 | 1.00 |
| Free Cash Flow | -7.00 | 101.00 | 62.00 | 21.00 | 84.00 | 92.00 | -21.00 | -16.00 | 12.00 | 5.00 | -108.00 | 24.00 |
| CFO/OP % | 4.00 | 193.00 | 152.00 | 42.00 | 64.00 | 245.00 | -26.00 | 13.00 | 91.00 | 84.00 | 62.00 | 179.00 |
Ratios
Annual · Days / % — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 85.00 | 50.00 | 99.00 | 169.00 | 89.00 | 126.00 | 148.00 | 134.00 | 81.00 | 66.00 | 95.00 | 10.00 |
| Inventory Days | 72.00 | 85.00 | 173.00 | 152.00 | 220.00 | 277.00 | 339.00 | 229.00 | 205.00 | 197.00 | 15.00 | 102.00 |
| Days Payable | 64.00 | 120.00 | 207.00 | 183.00 | 201.00 | 183.00 | 210.00 | 212.00 | 230.00 | 303.00 | 93.00 | 178.00 |
| Cash Conversion Cycle | 92.00 | 15.00 | 65.00 | 138.00 | 108.00 | 220.00 | 277.00 | 150.00 | 56.00 | -41.00 | 17.00 | -66.00 |
| Working Capital Days | 85.00 | 23.00 | 108.00 | 117.00 | 109.00 | 102.00 | 136.00 | 60.00 | -12.00 | -24.00 | -69.00 | -56.00 |
| ROCE % | 15.00 | 17.00 | 12.00 | 11.00 | 10.00 | 4.00 | 12.00 | 10.00 | 11.00 | 13.00 | 15.00 | 15.00 |
Corporate Actions
3 records| Action | Ex Date | Record Date | Ratio | Amount (₹) | Notes |
|---|---|---|---|---|---|
| Bonus | 06 Aug 2020 | 07 Aug 2020 | 3:1 | — | |
| Split | 27 Apr 2020 | 28 Apr 2020 | 10:1 | — | |
| Other | 13 Dec 2016 | — | — | — | E.G.M. |
Announcements
5 filingsShareholding Pattern
Open on BSEFinancial Results — Filings
Open on BSEBoard Filings
Open on BSEAnnual Reports
Credit Ratings
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Rating update18 Aug 2025 from care
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Rating update10 Sep 2024 from care
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Rating update7 Aug 2023 from care
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Rating update28 Sep 2022 from care
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Rating update3 Sep 2021 from care
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Rating update16 Oct 2020 from care