Madhav Infra Projects Ltd.

•

madhavcorp.comBSE: 539894NSE: MADHAVIPL

Market Cap₹ 216 Cr.

Current Price

High / Low₹ 10 / 7

Stock P/E8.3

Book Value₹ 9

Price to Book1.38

Dividend Yield0.00 %

ROCE16.0 %

ROE12.2 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2016 • Civil Construction Contract: 99.2% • Shares Trading: 0.6% • Solar Power Generation Income: 0.1%

AI Sector View

AI GENERATED

Construction

Buy

Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.

Confidence

80%

View full sector analysis →

PROS

Company has delivered good profit growth of 42.7% CAGR over last 5 years
Company has delivered good sales growth of 24.6% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 3.15x)
Working capital cycle has improved - days down from 107 to 69
Company generates healthy free cash flow
Attractively priced for its growth - PEG of 0.2

CONS

Contingent liabilities are large at 143.9% of net worth
Though reporting repeated profits, the company pays out little dividend (0.0%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	LT	3915.00	32.47	538651.57	0.97	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	205.00	47.52	42742.91	0.35	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1435.05	21.56	24506.71	0.77	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.64	24.86	23721.19	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1244.10	35.53	21372.09	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	269.20	19.30	15130.18	1.86	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	972.50	26.24	11310.13	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	782.75	35.45	10834.34	0.38	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	KEC	406.45	19.54	10819.70	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	IRCON	113.20	20.33	10646.64	1.68	92.03	-43.92	1955.83	9.49	10.15	9.81
11.	AFCONS	253.95	64.55	9339.89	0.79	303.00	120.52	26710.00	692.49	12.88	9.42
12.	MADHAVIPL	8.03	8.27	216.47	0.00	6.25	-16.45	88.37	0.94	15.96	17.48

Detailed Comparison with:

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
	124	98	88	151	68	87	147	308	88	107	54	254	88
	105	83	72	142	51	74	132	286	70	91	42	233	82
Operating Profit	19	14	16	9	17	13	15	22	17	16	12	21	7
OPM %	15.12%	14.48%	18.47%	6.09%	24.35%	14.61%	10.32%	7.28%	19.51%	15.24%	22.50%	8.18%	7.61%
	1	3	1	2	1	2	1	2	3	1	2	2	2
Interest	6	6	6	5	6	6	8	7	8	8	7	3	6
Depreciation	4	4	4	4	3	3	5	4	3	3	3	4	3
Profit before Tax	9	7	7	1	8	5	4	13	9	7	4	16	8
Tax %	17.29%	11.32%	21.62%	-99.26%	17.81%	18.50%	29.40%	14.96%	17.01%	19.82%	16.09%	30.65%	24.92%
Net Profit	0	0	0	0	7	4	3	11	7	125	-43	11	6
	0.31	0.26	0.25	0.10	0.25	0.16	0.10	0.45	0.28	0.46	-0.16	0.43	0.23

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	359	399	386	326	204	274	460	513	460	610	503
	278	280	280	254	159	239	409	455	402	543	447
Operating Profit	80	120	106	71	45	35	51	58	58	67	56
OPM %	22.41%	29.95%	27.35%	21.94%	22.11%	12.75%	11.10%	11.23%	12.67%	10.95%	11.11%
	2	4	14	3	29	3	3	29	6	6	7
Interest	40	54	59	39	34	32	28	25	24	28	23
Depreciation	29	55	52	30	24	21	16	13	16	15	13
Profit before Tax	15	14	8	6	16	-15	9	48	25	30	35
Tax %	33.24%	22.91%	-0.63%	20.17%	73.63%	20.19%	29.41%	23.81%	10.40%	18.08%	25.67%
Net Profit	10	11	8	5	4	-12	7	37	22	24	26
EPS	0.00	0.00	0.00	0.00	0.00	-0.67	0.24	1.58	0.80	0.96	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 8%
5 Years:: 25%
3 Years:: 10%

COMPOUNDED PROFIT GROWTH

10 Years:: 12%
5 Years:: 47%
3 Years:: 61%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 10%
5 Years:: 10%
3 Years:: 18%
Last Year:: 12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	6	6	6	6	6	26	26	27	27	27
Minority Interest	1	13	15	2	1	2	2	4	3	1
	59	73	68	70	84	53	58	140	162	186
	353	440	458	322	292	298	247	225	144	143
Trade Payables	51	92	93	86	52	46	94	159	130	148
	87	61	97	81	60	80	65	31	45	149
Total Liabilities	557	685	738	567	496	504	492	586	511	655
	393	399	385	208	175	185	96	132	127	121
Capital Work in Progress	0	3	25	0	0	0	0	7	3	3
	24	30	31	31	38	32	30	31	21	21
	9	59	82	92	84	68	104	95	96	98
	0	0	0	0	0	0	0	0	99	89
Cash & Bank	58	56	69	42	24	43	47	56	51	97
	73	138	147	194	175	178	216	265	114	226
Total Assets	557	685	738	567	496	504	492	586	511	655

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	107	82	105	34	-1	94	1	68	65	124
Cash from Investing	-277	-79	-66	209	4	-42	66	-18	-4	-106
Cash from Financing	186	-2	-21	-265	-20	-73	-64	-33	-79	5
	11	-2	13	-27	-18	-14	-6	22	-17	23

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	68.81	68.81	68.81	68.81	68.81	68.81	68.81	68.81	68.81
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.04
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	31.19	31.19	31.19	31.19	31.19	31.19	31.18	31.19	31.14

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

No announcements filed.

News

Recent coverage and analyst commentary for MADHAVIPL

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Madhav Infra Projects Ltd.

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Name

3915.00

32.47

538651.57

0.97

4988.03

15.51

67941.74

6.69

15.98

12.00

RVNL

205.00

47.52

42742.91

0.35

159.52

18.73

4321.23

10.55

10.81

4.41

KPIL

1435.05

21.56

24506.71

0.77

311.53

45.85

6407.97

3.84

18.95

8.77

IRB

19.64

24.86

23721.19

1.32

3062.70

1412.58

21372.72

918.25

7.72

53.93

CEMPRO

1244.10

35.53

21372.09

0.24

140.83

2.64

2720.92

7.02

33.53

10.09

ENGINERSIN

269.20

19.30

15130.18

1.86

157.94

141.49

819.84

-5.80

30.94

20.61

TECHNOE

972.50

26.24

11310.13

0.72

93.33

-31.44

630.34

19.84

14.86

15.79

WELENT

782.75

35.45

10834.34

0.38

56.36

-44.29

773.72

-8.44

16.44

19.49

KEC

406.45

19.54

10819.70

1.35

72.62

-41.72

5023.54

0.01

16.35

5.79

IRCON

113.20

20.33

10646.64

1.68

92.03

-43.92

1955.83

9.49

10.15

9.81

AFCONS

253.95

64.55

9339.89

0.79

303.00

120.52

26710.00

692.49

12.88

9.42

MADHAVIPL

8.03

8.27

216.47

0.00

6.25

-16.45

88.37

0.94

15.96

17.48

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

124

151

147

308

107

254

105

142

132

286

233

Operating Profit

OPM %

15.12%

14.48%

18.47%

6.09%

24.35%

14.61%

10.32%

7.28%

19.51%

15.24%

22.50%

8.18%

7.61%

Interest

Depreciation

Profit before Tax

Tax %

17.29%

11.32%

21.62%

-99.26%

17.81%

18.50%

29.40%

14.96%

17.01%

19.82%

16.09%

30.65%

24.92%

Net Profit

125

-43

0.31

0.26

0.25

0.10

0.25

0.16

0.10

0.45

0.28

0.46

-0.16

0.43

0.23

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

359

399

386

326

204

274

460

513

460

610

503

278

280

254

159

239

409

455

402

543

447

Operating Profit

120

106

OPM %

22.41%

29.95%

27.35%

21.94%

22.11%

12.75%

11.10%

11.23%

12.67%

10.95%

11.11%

Interest

Depreciation

Profit before Tax

-15

Tax %

33.24%

22.91%

-0.63%

20.17%

73.63%

20.19%

29.41%

23.81%

10.40%

18.08%

25.67%

Net Profit

-12

EPS

0.00

-0.67

0.24

1.58

0.80

0.96

—

Dividend Payout %

0.00%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Minority Interest

140

162

186

353

440

458

322

292

298

247

225

144

143

Trade Payables

159

130

148

149

Total Liabilities

557

685

738

567

496

504

492

586

511

655

393

399

385

208

175

185

132

127

121

Capital Work in Progress

104

Cash & Bank

138

147

194

175

178

216

265

114

226

Total Assets

557

685

738

567

496

504

492

586

511

655

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

107

105

-1

124

Cash from Investing

-277

-79

-66

209

-42

-18

-4

-106

Cash from Financing

186

-2

-21

-265

-20

-73

-64

-33

-79

-2

-27

-18

-14

-6

-17

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

68.81

FIIs

0.00

0.04

Government

0.00

31.19

31.18

31.19

31.14

Madhav Infra Projects Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Madhav Infra Projects Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI