Madhav Infra Projects Ltd.
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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 GENERATEDConstruction
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 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 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
No announcements filed.
News
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