Madhav Infra Projects
MADHAVIPL NSE
Madhav Infra Projects
ConstructionNSE: MADHAVIPL BSE: 539894 Civil Construction
Key Fundamentals
MicrocapCivil ConstructionConstructionMarket Cap
₹211 Cr
Volatility
Moderate
P/E Ratio
8.21
EBITDA
₹66.16 Cr
Return on Equity
11.43%
Debt to Equity
0.69
Book Value
₹8.89
52W High
₹9.9
52W Low
₹6.95
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Stock is trading at 0.90 times its book value
- Company has delivered good profit growth of 33.3% CAGR over last 5 years
Weaknesses
3- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 12.3% over last 3 years.
- Contingent liabilities of Rs.306 Cr.
Growth Rate
Revenue Growth
-18.51% lower than
3Y
Net Income Growth
12.45% lower than
3Y
Cash Flow Change
92.05% higher than
3Y
ROE
-1.38% lower than
3Y
ROCE
16.66% higher than
3Y
EBITDA Margin (Avg.)
9.74% higher than
3Y
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 124 | 97.57 | 87.78 | 151 | 67.89 | 86.77 | 147 | 308 | 87.54 | 107 | 53.7 | 254 | 88.37 |
| Expenses | 105 | 83.44 | 71.56 | 142 | 51.36 | 74.08 | 132 | 286 | 70.46 | 90.55 | 49.01 | 233 | 72.92 |
| Operating Profit | 18.79 | 14.13 | 16.22 | 9.18 | 16.53 | 12.69 | 15.13 | 22.43 | 17.08 | 16.27 | 4.69 | 20.79 | 15.45 |
| OPM % | 15.12% | 14.48% | 18.48% | 6.09% | 24.35% | 14.62% | 10.27% | 7.28% | 19.51% | 15.23% | 8.73% | 8.18% | 17.48% |
| Other Income | 0.66 | 3 | 0.79 | 1.68 | 0.91 | 2.18 | 0.86 | 2.4 | 2.99 | 8.42 | 1.88 | 2.37 | 1.76 |
| Interest | 6.36 | 6.28 | 6 | 5.2 | 5.99 | 6.45 | 7.82 | 7.36 | 7.72 | 7.57 | 6.9 | 3.15 | 5.66 |
| Depreciation | 3.78 | 3.78 | 3.98 | 4.3 | 3.31 | 3.33 | 4.59 | 4.07 | 3.37 | 3.33 | 3.33 | 3.5 | 3.22 |
| PBT | 9.31 | 7.07 | 7.03 | 1.36 | 8.14 | 5.09 | 3.58 | 13.4 | 8.98 | 13.79 | -3.66 | 16.51 | 8.33 |
| Tax % | 17.29% | 11.32% | 21.62% | -99.26% | 17.81% | 17.88% | 29.89% | 14.7% | 16.7% | 9.72% | 16.39% | 30.41% | 24.85% |
| Net Profit | 7.55 | 7.96 | 4.62 | 2.76 | 6.8 | 4.18 | 2.51 | 11.43 | 7.48 | 12.46 | -4.26 | 11.5 | 6.25 |
| EPS in Rs | 0.31 | 0.26 | 0.13 | 0.1 | 0.25 | 0.15 | 0.1 | 0.45 | 0.28 | 0.47 | -0.16 | 0.43 | 0.23 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 272 | 258 | 399 | 385 | 326 | 204 | 274 | 460 | 513 | 460 | 610 | 502 | 503 |
| Expenses | 241 | 178 | 279 | 280 | 254 | 158 | 239 | 409 | 455 | 402 | 543 | 436 | 446 |
| Operating Profit | 31 | 80 | 120 | 106 | 72 | 45 | 35 | 51 | 58 | 58 | 67 | 66 | 57 |
| OPM % | 11% | 31% | 30% | 27% | 22% | 22% | 13% | 11% | 11% | 13% | 11% | 13% | 11% |
| Other Income | 3 | 2 | 4 | 14 | 3 | 29 | 3 | 3 | 29 | 6 | 6 | 8 | 14 |
| Interest | 10 | 40 | 54 | 59 | 39 | 34 | 32 | 28 | 25 | 24 | 28 | 25 | 23 |
| Depreciation | 11 | 29 | 55 | 52 | 30 | 24 | 21 | 16 | 13 | 16 | 15 | 14 | 13 |
| PBT | 13 | 15 | 14 | 8 | 6 | 16 | -15 | 9 | 48 | 25 | 30 | 36 | 35 |
| Tax % | 31% | 33% | 23% | -1% | 20% | 74% | -20% | 29% | 24% | 10% | 18% | 24% | — |
| Net Profit | 9 | 10 | 11 | 8 | 5 | 3 | -13 | 6 | 36 | 23 | 25 | 27 | 26 |
| EPS in Rs | — | 0.38 | 0.42 | 0.3 | 0.2 | 0.15 | -0.49 | 0.24 | 1.26 | 0.8 | 0.96 | 1.02 | 0.97 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 6 | 6 | 6 | 26 | 26 | 27 | 27 | 27 | 27 |
| Reserves | 49 | 59 | 73 | 68 | 70 | 84 | 53 | 72 | 140 | 162 | 186 | 213 |
| Borrowings | 150 | 416 | 479 | 521 | 344 | 335 | 303 | 255 | 207 | 153 | 160 | 165 |
| Other Liabilities | 151 | 76 | 126 | 144 | 147 | 70 | 125 | 140 | 200 | 159 | 274 | 201 |
| Total Liabilities | 356 | 557 | 684 | 740 | 568 | 495 | 506 | 492 | 574 | 501 | 647 | 606 |
| Fixed Assets | 69 | 393 | 399 | 385 | 208 | 175 | 185 | 96 | 132 | 127 | 121 | 149 |
| CWIP | 0 | 0 | 3 | 25 | 0 | 0 | 0 | 0 | 7 | 3 | 3 | 0 |
| Investments | 98 | 24 | 30 | 31 | 31 | 38 | 32 | 30 | 31 | 21 | 21 | 21 |
| Other Assets | 189 | 140 | 252 | 300 | 329 | 282 | 290 | 366 | 404 | 349 | 501 | 436 |
| Total Assets | 356 | 557 | 684 | 740 | 568 | 495 | 506 | 492 | 574 | 501 | 647 | 606 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 4 | 102 | 79 | 101 | 29 | 2 | 100 | -8 | 73 | 65 | 124 | 32 |
| Investing | -31 | -277 | -79 | -66 | 155 | 1 | -42 | 66 | -18 | -4 | -73 | -31 |
| Financing | 35 | 186 | -2 | -21 | -212 | -20 | -73 | -64 | -33 | -79 | -28 | -20 |
| Net Cash Flow | 8 | 11 | -2 | 13 | -27 | -18 | -14 | -6 | 22 | -17 | 23 | -19 |
| Free Cash Flow | -32 | -251 | 14 | 31 | 236 | -6 | 74 | 52 | 35 | 57 | 116 | 32 |
| CFO/OP | 28 | 130 | 69 | 100 | 47 | -1 | 269 | 2 | 119 | 127 | 201 | 64 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 9 | 70 | 53 | 65 | 123 | 149 | 113 | 90 | 117 | 78 | 53 | 79 |
| Inventory Days | 102 | 17 | 190 | 200 | 218 | 339 | 273 | 222 | 167 | 163 | 85 | 101 |
| Days Payable | 183 | 94 | 295 | 228 | 204 | 211 | 187 | 202 | 279 | 222 | 130 | 123 |
| Cash Conversion Cycle | -71 | -6 | -51 | 37 | 138 | 277 | 199 | 109 | 5 | 20 | 9 | 58 |
| Working Capital Days | -29 | -74 | -13 | -18 | 51 | 132 | 88 | 108 | 54 | 76 | 20 | 48 |
| ROCE % | — | 15% | 13% | 11% | 9% | 12% | 4% | 10% | 13% | 13% | 16% | 16% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Madhav Infra Projects insights
29 extracted metrics + investor summaries across FY15–FY26.
Documents
1
Announcement Under Regulation 30 SEBI (LODR) Regulations - Intimation Of Execution Of Multiple Power Purchase Agreements
23 Apr - Executed 9 PPAs with MPPMCL for 73.15 MW solar projects under PM-KUSUM, 25-year tenure. 23 Apr - Executed 9 PPAs with MPPMCL for 73.15 MW solar projects under PM-KUSUM, 25-year tenure.
2
Announcement Under Regulation 30 SEBI (LODR) Regulations - Intimation Of Execution Of Multiple Power Purchase Agreements
16h - Executed 9 PPAs with MPPMCL for 73.15 MW solar projects under PM-KUSUM, 25-year tenure. 16h - Executed 9 PPAs with MPPMCL for 73.15 MW solar projects under PM-KUSUM, 25-year tenure.
3
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
14 Apr - Regulation 74(5) certificate filed for quarter ended March 31, 2026; no physical shares received for demat. 14 Apr - Regulation 74(5) certificate filed for quarter ended March 31, 2026; no physical shares received for demat.
5
Board Meeting Outcome for Outcome Of The Board Meeting Held On 06Th March 2026
10h - Appointed Mr. Ravi Prasad Muthyam as Independent Director from 06-Mar-2026 for five years; committees reconstituted. 10h - Appointed Mr. Ravi Prasad Muthyam as Independent Director from 06-Mar-2026 for five years; committees reconstituted.
Frequently Asked Questions about Madhav Infra Projects
What does Madhav Infra Projects Ltd do?
Incorporated in 2010, Madhav Infra
Projects Ltd is in the business of
Infrastructure Development and
Solar Power generation[1]
Where is Madhav Infra Projects Ltd (539894) listed?
Madhav Infra Projects Ltd trades as MADHAVIPL on the NSE and under code 539894 on the BSE.
Which sector does Madhav Infra Projects Ltd belong to?
Madhav Infra Projects Ltd is classified under the Construction sector, in the Civil Construction industry.
What is the market capitalisation of Madhav Infra Projects Ltd?
Madhav Infra Projects Ltd has a market capitalisation of ₹210.81 Cr, which places it in the Small Cap band.
What is the PE ratio of Madhav Infra Projects Ltd?
Madhav Infra Projects Ltd trades at a PE ratio of 8.21, against a book value of ₹8.89 per share.
What is the 52-week high and low of Madhav Infra Projects Ltd?
Over the last 52 weeks Madhav Infra Projects Ltd has traded between ₹6.95 and ₹9.9.
What is the Return on Equity (ROE) of Madhav Infra Projects Ltd?
Madhav Infra Projects Ltd reported a return on equity of 11.43%. Its debt-to-equity ratio is 0.69.
Company Information
Incorporated in 2010, Madhav Infra Projects Ltd is in the business of Infrastructure Development and Solar Power generation[1]
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