Madhav Infra Projects Ltd.

•

madhavcorp.comBSE: 539894NSE: MADHAVIPL

Market Cap₹ 215 Cr.

Current Price

High / Low₹ 10 / 7

Stock P/E9.1

Book Value₹ 9

Price to Book1.38

Dividend Yield0.00 %

ROCE17.2 %

ROE13.5 %

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 42.5% CAGR over last 5 years
Company has delivered good sales growth of 23.4% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.50x)
Working capital cycle has improved - days down from 130 to 71
Company generates healthy free cash flow
Attractively priced for its growth - PEG of 0.2

CONS

Recent results are weak - TTM profit is down 35.5% versus prior year
Contingent liabilities are large at 152.5% of net worth

* 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	3989.15	33.08	548853.62	0.95	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	205.95	47.74	42940.99	0.34	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1410.25	21.19	24083.20	0.78	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.18	24.28	23165.60	1.36	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1234.85	35.26	21213.19	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	276.40	19.81	15534.85	1.81	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	969.70	26.16	11277.57	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	IRCON	118.30	21.25	11126.30	1.61	92.03	-43.92	1955.83	9.49	10.15	9.81
9.	KEC	407.85	19.61	10856.97	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	AFCONS	284.95	72.43	10480.02	0.70	303.00	120.52	26710.00	692.49	12.88	9.42
11.	WELENT	741.55	33.58	10264.08	0.40	56.36	-44.29	773.72	-8.44	16.44	19.49
12.	MADHAVIPL	7.99	8.23	215.40	0.00	6.25	-16.45	88.37	0.94	15.96	17.48

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	62	89	81	127	58	88	129	298	84	104	51	208	57
	44	80	70	118	44	75	116	278	70	90	41	192	53
Operating Profit	18	9	11	9	14	13	13	20	15	14	10	16	11
OPM %	28.61%	10.18%	13.70%	7.13%	23.94%	14.60%	10.29%	6.72%	17.33%	13.83%	19.89%	7.65%	19.18%
Other Income	1	3	1	1	1	2	1	2	3	1	1	2	1
Interest	6	5	5	5	5	5	7	7	7	7	6	-0	4
Depreciation	3	3	3	3	2	2	2	2	2	2	2	2	2
	10	4	4	2	7	7	5	13	8	7	4	15	6
Tax %	15.64%	15.56%	40.00%	-88.57%	16.69%	16.76%	21.95%	13.65%	17.77%	17.07%	17.55%	32.36%	24.48%
Net Profit	8	3	2	5	6	6	4	11	7	6	3	10	4
	0	0	0	0	0	0	0	0	0	0	0	0	0
Equity Capital	27	27	27	27	27	27	27	27	27	27	27	27	27
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	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%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	306	335	307	299	200	270	387	322	358	572	420
	267	261	250	238	156	236	337	276	311	512	375
Operating Profit	41	77	69	65	73	37	52	75	52	65	—
OPM %	13	23	22	22	37	14	14	23	14	11	—
Other Income	2	3	12	3	29	3	2	29	5	6	6
Interest	18	33	36	35	34	32	27	22	21	24	17
Depreciation	9	34	27	26	23	20	15	11	11	9	9
	14	10	6	4	16	-15	10	42	20	32	32
Tax %	34	23	-8	19	72	21	28	23	7	16	26
Net Profit	9	8	7	3	5	-12	7	32	19	27	24
EPS	0	0	0	0	0	-1	0	2	1	1	—
Dividend Payout %	0	0	0	0	0	0	0	0	0	0	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	0	0	0	0	0	-0	0	1	1	1	—

COMPOUNDED SALES GROWTH

10 Years:: 8%
5 Years:: 23%
3 Years:: 14%

COMPOUNDED PROFIT GROWTH

10 Years:: 13%
5 Years:: 42%
3 Years:: 54%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 9%
5 Years:: 9%
3 Years:: 17%
Last Year:: 14%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-	-	-	-	-	-
	6	6	6	6	6	26	26	27	27	27
	57	69	75	79	83	52	59	138	159	186
	50	66	68	87	98	79	55	64	13	36
Trade Payables	51	91	91	85	52	45	94	94	114	137
	209	249	279	285	250	292	234	152	138	215
Total Liabilities	373	481	520	543	489	493	469	476	451	600
ASSETS	-	-	-	-	-	-	-	-	-	-
	163	183	167	184	169	158	81	94	89	84
Capital Work in Progress	0	0	25	0	0	0	0	7	3	3
	87	72	82	44	40	45	48	42	32	32
	8	59	81	92	83	67	103	78	95	98
	0	0	0	0	0	0	0	0	97	78
Cash & Bank	44	46	41	38	24	41	45	35	40	92
	70	121	124	185	174	183	192	219	94	213
Total Assets	373	481	520	543	489	493	469	476	451	600
Total Debt	201	234	254	265	281	249	195	182	129	126
Net Working Capital	18	24	32	88	98	117	160	138	146	128
Contingent Liabilities	337	413	411	405	373	378	321	232	199	325
Book Value per Share	99.42	117.02	127.67	132.77	139.95	3.03	3.32	6.13	6.90	7.90
Face Value	10.00	10.00	10.00	10.00	10.00	1.00	1.00	1.00	1.00	1.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	21	59	48	2	-13	89	24	27	63	105
Cash from Investing	-162	-52	-37	30	3	-8	50	15	5	-51
Cash from Financing	147	-9	-10	-28	3	-73	-80	-35	-74	-27
	6	-3	1	4	-7	9	-7	7	-5	27
Free Cash Flow	-108	30	-13	-15	-13	81	24	1	63	105
OCF / Net Profit	2.33	7.56	6.80	0.52	-2.83	-7.42	3.24	0.83	3.39	3.88
Cumulative 5-Year FCF	0	0	0	0	-119	70	64	77	156	274

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	14.20	12.09	10.92	5.10	7.18	-0.47	0.29	1.19	0.69	1.00
Book Value (₹)	99.42	117.02	127.67	132.77	139.95	3.03	3.32	6.13	6.90	7.90
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	0.72	1.63	1.32	1.13	1.08	0.32	0.88	1.60	1.10	1.34
PROFITABILITY
Operating Margin %	13.48%	23.07%	21.17%	20.13%	34.66%	13.04%	12.06%	20.23%	11.38%	9.16%
Net Margin %	2.97%	2.31%	2.15%	1.02%	2.18%	-4.24%	1.71%	8.67%	4.55%	4.13%
ROE %	15.39%	11.17%	8.93%	3.92%	5.26%	-14.39%	9.12%	25.64%	10.65%	13.53%
ROCE %	15.00%	13.23%	11.34%	9.88%	12.14%	4.17%	10.51%	18.79%	12.36%	17.23%
	2.91%	1.81%	1.40%	0.61%	0.89%	-2.45%	1.54%	6.79%	4.04%	5.14%
EFFICIENCY
Debtor Days	36	62	72	101	165	112	79	120	109	49
Inventory Days	33	37	79	98	152	97	72	89	77	54
Payable Days	123	236	231	218	278	198	148	183	189	110
	-54	-137	-80	-20	39	12	2	26	-3	-7
FINANCIAL HEALTH
Debt to Equity (x)	2.04x	1.95x	1.91x	1.94x	1.99x	1.93x	1.59x	1.10x	0.70x	0.59x
Interest Coverage (x)	1.76x	1.30x	1.18x	1.12x	1.48x	0.52x	1.38x	2.88x	1.97x	2.33x
	1.15x	1.13x	1.17x	1.43x	1.63x	1.76x	1.99x	1.80x	1.91x	1.42x
GROWTH
Revenue Growth %	10.95%	9.31%	-8.38%	-2.51%	-33.04%	34.59%	43.41%	-16.74%	11.20%	59.82%
Operating Profit Growth %	52.55%	87.10%	-10.97%	-5.94%	13.00%	-49.42%	41.37%	43.30%	-30.85%	26.38%
Net Profit Growth %	17.14%	-14.90%	-9.65%	-53.27%	40.63%	-361.83%	161.61%	332.78%	-41.73%	44.30%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-41.73%	44.30%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	15.31x	10.90x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.54x	1.38x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	7.24x	5.02x

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

3989.15

33.08

548853.62

0.95

4988.03

15.51

67941.74

6.69

15.98

12.00

RVNL

205.95

47.74

42940.99

0.34

159.52

18.73

4321.23

10.55

10.81

4.41

KPIL

1410.25

21.19

24083.20

0.78

311.53

45.85

6407.97

3.84

18.95

8.77

IRB

19.18

24.28

23165.60

1.36

3062.70

1412.58

21372.72

918.25

7.72

53.93

CEMPRO

1234.85

35.26

21213.19

0.24

140.83

2.64

2720.92

7.02

33.53

10.09

ENGINERSIN

276.40

19.81

15534.85

1.81

157.94

141.49

819.84

-5.80

30.94

20.61

TECHNOE

969.70

26.16

11277.57

0.72

93.33

-31.44

630.34

19.84

14.86

15.79

IRCON

118.30

21.25

11126.30

1.61

92.03

-43.92

1955.83

9.49

10.15

9.81

KEC

407.85

19.61

10856.97

1.35

72.62

-41.72

5023.54

0.01

16.35

5.79

AFCONS

284.95

72.43

10480.02

0.70

303.00

120.52

26710.00

692.49

12.88

9.42

WELENT

741.55

33.58

10264.08

0.40

56.36

-44.29

773.72

-8.44

16.44

19.49

MADHAVIPL

7.99

8.23

215.40

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

127

129

298

104

208

118

116

278

192

Operating Profit

OPM %

28.61%

10.18%

13.70%

7.13%

23.94%

14.60%

10.29%

6.72%

17.33%

13.83%

19.89%

7.65%

19.18%

Other Income

Interest

-0

Depreciation

Tax %

15.64%

15.56%

40.00%

-88.57%

16.69%

16.76%

21.95%

13.65%

17.77%

17.07%

17.55%

32.36%

24.48%

Net Profit

Equity Capital

Reserves

Promoter Pledge %

0.00%

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

306

335

307

299

200

270

387

322

358

572

420

267

261

250

238

156

236

337

276

311

512

375

Operating Profit

—

OPM %

—

Other Income

Interest

Depreciation

-15

Tax %

-8

Net Profit

-12

EPS

-1

—

Dividend Payout %

—

Minority Interest

Share of Associates

Adjusted EPS

-0

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

LIABILITIES

138

159

186

Trade Payables

114

137

209

249

279

285

250

292

234

152

138

215

Total Liabilities

373

481

520

543

489

493

469

476

451

600

ASSETS

163

183

167

184

169

158

Capital Work in Progress

103

Cash & Bank

121

124

185

174

183

192

219

213

Total Assets

373

481

520

543

489

493

469

476

451

600

Total Debt

201

234

254

265

281

249

195

182

129

126

Net Working Capital

117

160

138

146

128

Contingent Liabilities

337

413

411

405

373

378

321

232

199

325

Book Value per Share

99.42

117.02

127.67

132.77

139.95

3.03

3.32

6.13

6.90

7.90

Face Value

10.00

1.00

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-13

105

Cash from Investing

-162

-52

-37

-8

-51

Cash from Financing

147

-9

-10

-28

-73

-80

-35

-74

-27

-3

-7

-5

Free Cash Flow

-108

-13

-15

-13

105

OCF / Net Profit

2.33

7.56

6.80

0.52

-2.83

-7.42

3.24

0.83

3.39

3.88

Cumulative 5-Year FCF

-119

156

274

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

14.20

12.09

10.92

5.10

7.18

-0.47

0.29

1.19

0.69

1.00

Book Value (₹)

99.42

117.02

127.67

132.77

139.95

3.03

3.32

6.13

6.90

7.90

Dividend per Share (₹)

0.00

Cash EPS (₹)

0.72

1.63

1.32

1.13

1.08

0.32

0.88

1.60

1.10

1.34

PROFITABILITY

Operating Margin %

13.48%

23.07%

21.17%

20.13%

34.66%

13.04%

12.06%

20.23%

11.38%

9.16%

Net Margin %

2.97%

2.31%

2.15%

1.02%

2.18%

-4.24%

1.71%

8.67%

4.55%

4.13%

ROE %

15.39%

11.17%

8.93%

3.92%

5.26%

-14.39%

9.12%

25.64%

10.65%

13.53%

ROCE %

15.00%

13.23%

11.34%

9.88%

12.14%

4.17%

10.51%

18.79%

12.36%

17.23%

2.91%

1.81%

1.40%

0.61%

0.89%

-2.45%

1.54%

6.79%

4.04%

5.14%

EFFICIENCY

Debtor Days

101

165

112

120

109

Inventory Days

152

Payable Days

123

236

231

218

278

198

148

183

189

110

-54

-137

-80

-20

-3

-7

FINANCIAL HEALTH

Debt to Equity (x)

2.04x

1.95x

1.91x

1.94x

1.99x

1.93x

1.59x

1.10x

0.70x

0.59x

Interest Coverage (x)

1.76x

1.30x

1.18x

1.12x

1.48x

0.52x

1.38x

2.88x

1.97x

2.33x

1.15x

1.13x

1.17x

1.43x

1.63x

1.76x

1.99x

1.80x

1.91x

1.42x

GROWTH

Revenue Growth %

10.95%

9.31%

-8.38%

-2.51%

-33.04%

34.59%

43.41%

-16.74%

11.20%

59.82%

Operating Profit Growth %

52.55%

87.10%

-10.97%

-5.94%

13.00%

-49.42%

41.37%

43.30%

-30.85%

26.38%

Net Profit Growth %

17.14%

-14.90%

-9.65%

-53.27%

40.63%

-361.83%

161.61%

332.78%

-41.73%

44.30%

0.00%

-41.73%

44.30%

VALUATION

P/E (x)

0.00x

15.31x

10.90x

P/B (x)

0.00x

1.54x

1.38x

Dividend Yield %

0.00%

0.00x

7.24x

5.02x

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

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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

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