Madhav Marbles And Granites Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Granite: 95.8% • Power Generation Unit: 4.2%
AI Sector View
AI GENERATEDConsumer Durables
Urban discretionary demand is mixed but investable. Credit card transactions rose 27.0% YoY (2026-06), urban CMIE sentiment was 109.5 (2026-07), and consumer spending remained large at INR 44743 billion (Jun/26), even though formal consumer confidence fell to 88.3 points (Jul/26) and debit card transactions were -9.0% YoY (2026-06). Heavy sector inflows of INR 13175 crore over 3 months to 2026-08-31 indicate strong investor positioning behind the theme.
PROS
- Company is almost debt free
- Promoters have been increasing their shareholding - up 2.3pp over 2 years
- Company generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- Company has a low return on capital employed of 0.1%
- Company has a low return on equity of -1.1% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -4.79x)
- Interest coverage is weak at 0.2x - earnings barely cover interest
- Company's sales have been declining over the last five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| KAJARIACER | 1225.80 | 35.29 | 19262.60 | 1.14 | 171.03 | 55.04 | 1328.08 | 20.43 | 23.07 | 19.69 |
| CERA | 5571.05 | 29.21 | 7185.28 | 1.35 | 47.05 | -0.86 | 422.19 | 5.36 | 19.41 | 13.05 |
| MIDWESTLTD | 1015.80 | 33.08 | 3673.22 | 0.00 | 310.39 | 1173.13 | 1918.39 | 1248.46 | 27.81 | 25.47 |
| POKARNA | 807.75 | 26.39 | 2504.35 | 0.07 | 42.60 | 50.56 | 189.42 | 10.79 | 11.85 | 35.89 |
| NITCO | 93.59 | 0.00 | 2363.86 | 0.00 | -10.33 | -121.77 | 116.02 | -22.48 | 6.58 | -7.07 |
| SOMANYCERA | 564.05 | 21.75 | 2313.33 | 1.06 | 34.23 | 365.71 | 749.56 | 24.62 | 14.43 | 11.50 |
| ASIANTILES | 50.40 | 118.57 | 1494.24 | 0.00 | 8.07 | 11.48 | 530.95 | 36.76 | 2.97 | 6.19 |
| ORIENTBELL | 401.90 | 28.00 | 591.41 | 0.25 | 8.32 | 2318.40 | 203.82 | 43.44 | 5.56 | 8.02 |
| EXXARO | 6.36 | 69.49 | 284.55 | 0.00 | 2.07 | 156.24 | 85.22 | 31.25 | 3.69 | 8.18 |
| MURUDCERA | 29.76 | 18.61 | 180.18 | 0.00 | 0.81 | -58.06 | 50.09 | 8.54 | 5.23 | 19.10 |
| GSLSU | 28.45 | 13.18 | 120.58 | 0.00 | 0.06 | 111.19 | 65.42 | -12.19 | -2.15 | 12.74 |
| MADHAV | 34.83 | 13.32 | 31.16 | 0.00 | -0.80 | 55.08 | 7.91 | -1.51 | 0.23 | -4.24 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 11 | 11 | 6 | 12 | 11 | 6 | 7 | 8 | 8 | 7 | 7 | 9 | 8 | |
| 10 | 11 | 8 | 11 | 10 | 7 | 6 | 9 | 8 | 8 | 7 | 10 | 9 | |
| Operating Profit | 1 | -1 | -2 | 1 | 1 | -1 | 1 | -1 | -0 | -1 | -0 | -1 | -1 |
| OPM % | 6.46% | -6.38% | -24.92% | 5.44% | 4.90% | -13.66% | 15.33% | -11.08% | -0.12% | -11.26% | -2.73% | -13.10% | -10.79% |
| 1 | 1 | 1 | 1 | 1 | 1 | -0 | 1 | 1 | 1 | 1 | 5 | 1 | |
| Interest | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 0 | -1 | -2 | 1 | 0 | -0 | -0 | -1 | -0 | -1 | -1 | 2 | -1 |
| Tax % | 61.54% | 10.71% | 2.17% | 11.24% | 137.50% | -3.03% | -88.24% | -9.72% | -12.50% | -1.43% | 4.23% | 24.60% | -5.01% |
| Net Profit | 0 | 0 | 0 | 0 | -0 | -0 | -0 | 0 | -2 | -0 | -0 | 1 | -1 |
| 0.03 | -1.72 | -2.41 | 1.62 | -0.04 | -0.38 | -0.36 | 0.02 | -0.20 | -0.49 | -0.55 | 1.67 | -0.89 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 77 | 60 | 62 | 53 | 47 | 40 | 31 | 31 | |
| 70 | 58 | 59 | 51 | 47 | 41 | 31 | 34 | |
| Operating Profit | 7 | 2 | 3 | 2 | 0 | -1 | -0 | -3 |
| OPM % | 9.34% | 3.93% | 4.80% | 3.91% | 1.02% | -2.33% | -0.29% | -9.85% |
| 5 | 7 | 3 | 4 | 4 | 4 | 3 | 7 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 |
| Depreciation | 5 | 5 | 5 | 5 | 5 | 3 | 3 | 3 |
| Profit before Tax | 6 | 3 | 1 | 1 | -1 | -2 | -1 | 0 |
| Tax % | 23.33% | 32.13% | 28.65% | 15.39% | 28.80% | -5.56% | -29.29% | 201.28% |
| Net Profit | 5 | 2 | 1 | 0 | -1 | -2 | -1 | -0 |
| EPS | 0.00 | 0.00 | -1.02 | -2.63 | -2.26 | -1.62 | -0.76 | — |
| Dividend Payout % | 4.85% | 0.00% | 48.71% | -9.47% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- -12%
- 3 Years:
- -17%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- -4%
- 5 Years:
- -9%
- 3 Years:
- -7%
- 1 Year:
- -22%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 0%
- 3 Years:
- -1%
- Last Year:
- -1%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| Minority Interest | 0 | 0 | -1 | -3 | -4 | -5 | -6 |
| 120 | 121 | 122 | 120 | 117 | 116 | 115 | |
| 22 | 23 | 12 | 8 | 10 | 15 | 13 | |
| Trade Payables | 8 | 6 | 5 | 4 | 5 | 3 | 4 |
| 11 | 14 | 12 | 14 | 14 | 14 | 14 | |
| Total Liabilities | 170 | 174 | 159 | 152 | 150 | 152 | 149 |
| 42 | 38 | 34 | 30 | 30 | 28 | 25 | |
| Capital Work in Progress | 1 | 6 | 3 | 3 | 3 | 3 | 3 |
| 2 | 11 | 9 | 4 | 1 | 0 | 0 | |
| 27 | 25 | 24 | 29 | 30 | 28 | 26 | |
| 0 | 0 | 0 | 0 | 0 | 15 | 11 | |
| Cash & Bank | 2 | 8 | 10 | 3 | 5 | 1 | 0 |
| 96 | 86 | 79 | 83 | 82 | 78 | 83 | |
| Total Assets | 170 | 174 | 159 | 152 | 150 | 152 | 149 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| -3 | -12 | 9 | 22 | 23 | -6 | 2 | |
| Cash from Investing | 2 | -3 | 8 | -5 | -5 | 2 | 3 |
| Cash from Financing | 1 | 16 | -13 | -19 | -19 | 4 | -5 |
| 0 | -1 | 3 | -3 | -0 | -0 | 0 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Madhav Marbles and Granites Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-07 - Madhav Marbles and Granites Limited has informed the Exchange regarding 'Intimation under Regulation 30 and 36 (1) (b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI Listing Regulations )'.
2026-09-06 - Madhav Marbles and Granites Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026
2026-08-16 - Madhav Marbles and Granites Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - Madhav Marbles and Granites Limited has informed the Exchange about change in Management
2026-08-13 - Madhav Marbles and Granites Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-17 - Madhav Marbles and Granites Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-07-14 - The Exchange had sought clarification from Madhav Marbles and Granites Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: The response of the Company is enclosed.
2026-07-06 - Madhav Marbles and Granites Limited has informed the Exchange regarding Proceedings of Extraordinary General Meeting held on July 06, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.
News
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