Madhucon Projects Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Construction: 85.9% • Toll Collection: 14.1%
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 is almost debt free
- Latest quarter profit grew 113.6% YoY, showing strong momentum
- Working capital cycle has improved - days down from -613 to -976
- Company generates healthy free cash flow
CONS
- Net worth is negative - accumulated losses have eroded equity
- Company is loss-making at the operating / net level
- Company has a low return on capital employed of -9.9%
- Interest coverage is weak at -12.3x - earnings barely cover interest
- Company has a low return on equity of 0.0% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.54x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 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 | 30.30 | -77.95 | 2671.00 | -20.75 | 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 |
| MADHUCON | 4.78 | 3.11 | 35.27 | 0.00 | 17.26 | 113.56 | 49.94 | -68.25 | -21.29 | 21.15 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 211 | 257 | 276 | 421 | 236 | 190 | 111 | 139 | 157 | 129 | 139 | 126 | 50 | |
| 238 | 309 | 273 | 642 | 255 | 392 | 137 | 175 | 194 | 180 | 169 | 156 | 40 | |
| Operating Profit | -28 | -52 | 3 | -221 | -18 | -202 | -26 | -36 | -36 | -51 | -30 | -30 | 11 |
| OPM % | -13.27% | -20.43% | 0.98% | -52.59% | -7.74% | -106.39% | -22.98% | -26.17% | -23.20% | -39.20% | -21.27% | -23.97% | 21.15% |
| Other Income | 20 | 44 | 1 | 237 | 26 | 205 | 67 | 37 | 47 | 54 | 51 | 48 | 6 |
| Interest | 3 | 3 | 8 | 27 | 4 | 3 | 5 | 27 | 6 | 6 | 6 | -18 | 1 |
| Depreciation | 10 | 9 | 12 | 2 | 10 | 12 | 484 | 26 | 131 | 131 | 131 | 131 | 1 |
| -21 | -20 | -17 | -13 | -7 | -12 | -447 | -52 | -127 | -133 | -116 | -95 | 16 | |
| Tax % | 4.48% | 4.86% | 13.35% | 46.21% | -57.12% | 55.30% | 0.24% | -17.81% | -0.23% | 1.92% | -0.31% | -1.06% | -11.09% |
| Net Profit | 0 | 0 | 0 | 0 | -10 | -5 | -446 | -61 | -127 | -131 | -116 | -96 | 17 |
| -3 | -2 | -2 | 1 | -1 | -1 | -57 | -5 | -16 | -16 | -14 | -13 | 0 | |
| Equity Capital | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 |
| 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
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,599 | 1,576 | 1,035 | 942 | 734 | 909 | 948 | 1,162 | 1,164 | 677 | 444 | |
| 1,654 | 1,212 | 1,010 | 885 | 687 | 945 | 1,012 | 1,415 | 1,463 | 959 | 545 | |
| Operating Profit | 1,047 | 390 | 74 | 98 | 93 | 89 | 54 | 649 | 2 | 52 | — |
| OPM % | 40 | 25 | 7 | 10 | 13 | 10 | 6 | 56 | 0 | 8 | — |
| Other Income | 101 | 25 | 48 | 41 | 46 | 125 | 117 | 902 | 301 | 335 | 159 |
| Interest | 748 | 751 | 835 | 279 | 150 | 246 | 31 | 47 | 41 | 39 | -5 |
| Depreciation | 222 | 269 | 249 | 224 | 72 | 129 | 141 | 799 | 32 | 531 | 393 |
| 76 | -630 | -1,010 | -405 | -1,099 | -276 | -108 | -197 | -71 | -518 | -328 | |
| Tax % | 68 | -2 | 4 | 6 | -1 | 5 | -17 | 10 | 14 | -1 | 1 |
| Net Profit | 25 | -644 | -966 | -381 | -1,115 | -262 | -127 | -177 | -61 | -523 | -325 |
| EPS | 2 | -98 | -117 | -47 | -144 | -32 | -14 | -19 | -6 | -64 | — |
| Dividend Payout % | 4 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Minority Interest | -4 | -81 | 100 | 37 | 49 | 28 | 21 | 33 | 16 | 48 | 1 |
| Share of Associates | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 3 | -98 | -117 | -47 | -144 | -32 | -14 | -19 | -6 | -64 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -10%
- 5 Years:
- -2%
- 3 Years:
- -11%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- -21%
- 5 Years:
- 0%
- 3 Years:
- -6%
- 1 Year:
- -25%
RETURN ON EQUITY
- 10 Years:
- 0%
- 5 Years:
- 0%
- 3 Years:
- 0%
- Last Year:
- 0%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 |
| -296 | -829 | -1,775 | -2,130 | -2,438 | -1,892 | -2,095 | -1,927 | -1,510 | -1,475 | |
| 1,837 | 1,395 | 1,534 | 2,634 | 2,214 | 1,339 | 1,327 | 1,555 | 2,238 | 2,099 | |
| Trade Payables | 865 | 573 | 569 | 657 | 476 | 634 | 597 | 457 | 369 | 114 |
| 6,025 | 7,083 | 7,534 | 6,489 | 4,676 | 5,202 | 5,642 | 3,971 | 3,053 | 2,818 | |
| Total Liabilities | 8,437 | 8,229 | 7,869 | 7,658 | 4,934 | 5,290 | 5,478 | 4,064 | 4,157 | 3,562 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 5,289 | 4,791 | 4,551 | 4,336 | 1,236 | 749 | 677 | 53 | 169 | 124 | |
| Capital Work in Progress | 151 | 150 | 150 | 151 | 151 | 150 | 150 | 87 | 87 | 87 |
| 1 | 1 | 1 | 3 | 971 | 754 | 754 | 1 | 1 | 1 | |
| 120 | 65 | 100 | 63 | 29 | 15 | 6 | 4 | 2 | 2 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36 | 5 | |
| Cash & Bank | 156 | 78 | 55 | 38 | 87 | 71 | 115 | 82 | 39 | 66 |
| 2,720 | 3,144 | 3,012 | 3,068 | 2,461 | 3,552 | 3,776 | 3,838 | 3,823 | 3,276 | |
| Total Assets | 8,437 | 8,229 | 7,869 | 7,658 | 4,934 | 5,290 | 5,478 | 4,064 | 4,157 | 3,562 |
| Total Debt | 6,729 | 6,748 | 6,994 | 7,069 | 4,446 | 4,241 | 4,178 | 4,011 | 3,913 | 3,554 |
| Net Working Capital | -2,262 | -3,059 | -4,193 | -4,498 | -3,697 | -2,272 | -2,715 | -2,039 | -1,955 | -1,808 |
| Contingent Liabilities | 838 | 355 | 745 | 542 | 165 | 524 | 622 | 0 | 1,338 | 1,383 |
| Book Value per Share | -39.15 | -111.38 | -239.53 | -287.62 | -329.43 | -255.36 | -282.95 | -260.12 | -203.64 | -198.92 |
| Face Value | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -301 | 683 | 571 | 190 | -587 | -405 | 244 | -241 | -256 | 85 | |
| Cash from Investing | 466 | 107 | -2 | 3 | 2,843 | 839 | -158 | 949 | 467 | 51 |
| Cash from Financing | -162 | -859 | -588 | -204 | -2,209 | -451 | -56 | -720 | -261 | -109 |
| 2 | -68 | -19 | -11 | 47 | -16 | 30 | -13 | -49 | 27 | |
| Free Cash Flow | -301 | 683 | 571 | 190 | -587 | -405 | 196 | -241 | -2,031 | -391 |
| OCF / Net Profit | -12.19 | -1.06 | -0.59 | -0.50 | 0.53 | 1.55 | -1.92 | 1.36 | 4.21 | -0.16 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 556 | 453 | -35 | -847 | -3,068 | -2,872 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 2.78 | -98.21 | -117.33 | -46.60 | -144.43 | -31.63 | -14.41 | -19.47 | -6.05 | -64.38 |
| Book Value (₹) | -39.15 | -111.38 | -239.53 | -287.62 | -329.43 | -255.36 | -282.95 | -260.12 | -203.64 | -198.92 |
| Dividend per Share (₹) | 0.10 | 0.10 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 33.45 | -50.81 | -97.21 | -21.18 | -141.40 | -18.02 | 1.87 | 84.27 | -3.92 | 1.07 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 40.26% | 24.74% | 7.12% | 10.41% | 12.66% | 9.77% | 5.70% | 55.83% | -25.70% | -41.73% |
| Net Margin % | 0.95% | -40.86% | -93.30% | -40.38% | -151.89% | -28.78% | -13.41% | -15.23% | -5.22% | -77.34% |
| ROE % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| ROCE % | 13.11% | 1.95% | -3.14% | -2.48% | -27.26% | -1.38% | -3.47% | -7.18% | -1.31% | -21.29% |
| 0.30% | -7.73% | -12.00% | -4.90% | -17.71% | -5.12% | -2.36% | -3.71% | -1.48% | -13.56% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 39 | 71 | 43 | 13 | 38 | 24 | 4 | 3 | 6 | 11 |
| Inventory Days | 17 | 21 | 29 | 32 | 23 | 9 | 4 | 1 | 1 | 1 |
| Payable Days | 225 | 692 | 6496 | 2740 | 3681 | 0 | 0 | 187 | 0 | 0 |
| -169 | -599 | -6425 | -2695 | -3619 | 33 | 8 | -182 | 7 | 12 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | -23.29x | -8.21x | -3.96x | -3.33x | -1.83x | -2.25x | -2.00x | -2.09x | -2.60x | -2.42x |
| Interest Coverage (x) | 1.10x | 0.16x | -0.21x | -0.45x | -6.31x | -0.12x | -2.46x | -3.18x | -0.71x | -12.33x |
| 0.39x | 0.22x | 0.14x | 0.30x | 0.30x | 0.49x | 0.44x | 0.55x | 0.54x | 0.49x | |
| GROWTH | ||||||||||
| Revenue Growth % | 27.54% | -39.36% | -34.32% | -8.98% | -22.10% | 23.84% | 4.29% | 22.59% | 0.12% | -41.86% |
| Operating Profit Growth % | 51.10% | -62.74% | -81.09% | 33.08% | -5.28% | -4.43% | -39.16% | 1101.13% | -99.63% | 2103.59% |
| Net Profit Growth % | 334.04% | -2710.28% | -49.98% | 60.61% | -193.03% | 76.53% | 51.40% | -39.23% | 65.69% | -761.32% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 68.93% | -964.27% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | -0.05x | -0.03x |
| 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 | 1658.99x | 67.44x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-01 - Madhucon Projects Limited has informed the Exchange regarding a press release dated September 01, 2026, titled "Publication of 36th AGM Notice".
2026-08-19 - Madhucon Projects Limited has informed the Exchange that Record date for the purpose of Meeting is 22-Sep-2026.
2026-08-19 - Madhucon Projects Limited has informed the Exchange about Shareholders meeting
2026-08-14 - Madhucon Projects Limited has informed the Exchange regarding a press release dated August 14, 2026, titled "Publication of Un-Audited Standalone and consolidated Financial Results for the Quarter ended 30th June 2026.".
2026-08-13 - Madhucon Projects Limited has informed the Exchange regarding Change in Director(s) of the company.
2026-08-13 - Madhucon Projects Limited has informed the Exchange regarding Change in Auditors of the company.
2026-08-13 - Madhucon Projects Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-27 - The Exchange had sought clarification from Madhucon Projects 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 - Madhucon Projects Limited has informed the Exchange about Delay/default in the payment of fines/penalties/dues etc. to authority
News
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