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 generates healthy free cash flow
- Company maintains a comfortable, low leverage position
CONS
- Company is loss-making at the operating / net level
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -23.09x)
- Company has a low return on capital employed of -1.1%
- Company has a low return on equity of -1.7% over last 3 years
- Interest coverage is weak at -1.5x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3990.00 | 33.09 | 548970.57 | 0.95 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 208.35 | 48.29 | 43441.39 | 0.34 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1410.05 | 21.19 | 24079.78 | 0.78 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.30 | 24.43 | 23310.54 | 1.35 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1245.95 | 35.58 | 21403.87 | 0.24 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 280.10 | 20.08 | 15742.81 | 1.79 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 975.70 | 26.32 | 11347.35 | 0.72 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| IRCON | 119.20 | 21.41 | 11210.95 | 1.59 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| KEC | 416.85 | 20.04 | 11096.55 | 1.32 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| AFCONS | 285.25 | 72.50 | 10491.06 | 0.70 | 30.30 | -77.95 | 2671.00 | -20.75 | 12.88 | 9.42 |
| WELENT | 706.30 | 31.99 | 9776.17 | 0.42 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| MADHUCON | 4.72 | 3.07 | 34.83 | 0.00 | 17.26 | 113.56 | 49.94 | -68.25 | -21.29 | 21.15 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 187 | 237 | 259 | 272 | 210 | 163 | 90 | 118 | 135 | 108 | 117 | 104 | 28 | |
| 207 | 238 | 258 | 510 | 235 | 373 | 127 | 129 | 180 | 158 | 161 | 149 | 35 | |
| Operating Profit | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Income | 17 | 1 | 0 | 233 | 25 | 204 | 35 | 11 | 46 | 53 | 50 | 47 | 6 |
| Interest | 1 | 1 | 4 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 2 | 2 | 2 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| -5 | -3 | -4 | -9 | -1 | -9 | -4 | -1 | 0 | 2 | 6 | 2 | -1 | |
| Tax % | 21.06% | 36.98% | 47.53% | 68.89% | -288.64% | 72.63% | 27.63% | -758.54% | 67.44% | -120.19% | 6.26% | 53.16% | 126.88% |
| Net Profit | -4 | -2 | -2 | -3 | -5 | -2 | -3 | -11 | 0 | 5 | 5 | 1 | 0 |
| -0 | -0 | -0 | -0 | -1 | -0 | -0 | -1 | 0 | 1 | 1 | 0 | 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
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 718 | 693 | 664 | 669 | 547 | 647 | 706 | 901 | 951 | 580 | 357 | |
| 570 | 557 | 565 | 661 | 558 | 755 | 688 | 1,039 | 1,210 | 860 | 503 | |
| Operating Profit | 169 | 155 | 121 | 24 | -3 | -36 | 35 | -4 | -5 | -4 | — |
| OPM % | 23 | 22 | 18 | 4 | -1 | -6 | 5 | -0 | -0 | -1 | — |
| Other Income | 21 | 19 | 22 | 15 | 8 | 72 | 17 | 134 | 254 | 276 | 157 |
| Interest | 105 | 98 | 93 | 23 | 13 | 8 | 45 | 6 | 10 | 6 | 0 |
| Depreciation | 32 | 25 | 17 | 8 | 8 | 6 | 5 | 6 | 6 | 6 | 2 |
| 31 | 32 | 11 | -6 | -252 | -51 | -15 | -16 | -20 | -15 | 8 | |
| Tax % | 27 | 44 | -21 | 409 | 15 | 28 | -124 | 129 | 49 | -37 | -35 |
| Net Profit | 22 | 18 | 13 | 19 | -216 | -36 | -34 | 4 | -10 | -21 | 11 |
| EPS | 3 | 2 | 2 | 3 | -29 | -5 | -5 | 1 | -1 | -3 | — |
| Dividend Payout % | 3 | 4 | 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 | 3 | 2 | 2 | 3 | -29 | -5 | -5 | 1 | -1 | -3 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -7%
- 5 Years:
- 1%
- 3 Years:
- -6%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- -20%
- 5 Years:
- 0%
- 3 Years:
- -6%
- 1 Year:
- -19%
RETURN ON EQUITY
- 10 Years:
- -4%
- 5 Years:
- -4%
- 3 Years:
- -2%
- Last Year:
- -4%
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 | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 |
| 758 | 776 | 788 | 807 | 592 | 556 | 522 | 527 | 517 | 496 | |
| 540 | 569 | 593 | 685 | 727 | 732 | 716 | 488 | 334 | 68 | |
| Trade Payables | 838 | 408 | 400 | 489 | 467 | 628 | 588 | 455 | 367 | 112 |
| 1,136 | 1,001 | 1,098 | 930 | 963 | 653 | 611 | 636 | 647 | 640 | |
| Total Liabilities | 3,280 | 2,762 | 2,887 | 2,919 | 2,757 | 2,576 | 2,445 | 2,113 | 1,872 | 1,323 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 55 | 53 | 51 | 48 | 42 | 43 | 38 | 32 | 29 | 21 | |
| Capital Work in Progress | 0 | 2 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| 1,724 | 1,772 | 1,772 | 1,716 | 1,716 | 1,488 | 1,488 | 1,398 | 1,093 | 742 | |
| 36 | 39 | 45 | 43 | 28 | 13 | 4 | 2 | 1 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 43 | 4 | |
| Cash & Bank | 26 | 23 | 21 | 13 | 12 | 10 | 11 | 5 | 6 | 5 |
| 1,439 | 873 | 998 | 1,098 | 960 | 1,021 | 904 | 676 | 701 | 552 | |
| Total Assets | 3,280 | 2,762 | 2,887 | 2,919 | 2,757 | 2,576 | 2,445 | 2,113 | 1,872 | 1,323 |
| Total Debt | 568 | 593 | 639 | 713 | 743 | 732 | 716 | 533 | 367 | 68 |
| Net Working Capital | -1,496 | -1,120 | -1,046 | -1,096 | -1,715 | -1,704 | -1,687 | -1,292 | -923 | -370 |
| Contingent Liabilities | 1,488 | 715 | 1,005 | 772 | 712 | 525 | 308 | 275 | 327 | 265 |
| Book Value per Share | 103.78 | 106.12 | 107.82 | 110.39 | 81.27 | 76.33 | 71.72 | 72.39 | 71.06 | 68.22 |
| Face Value | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 311 | 115 | 45 | -40 | -11 | 37 | 19 | 178 | 175 | 267 | |
| Cash from Investing | -16 | -61 | -13 | -5 | -1 | -7 | 1 | 1 | -1 | 35 |
| Cash from Financing | -282 | -57 | -31 | 38 | 7 | -27 | -20 | -185 | -173 | -302 |
| 13 | -4 | 1 | -7 | -4 | 4 | 0 | -6 | 1 | -0 | |
| Free Cash Flow | 311 | 101 | 45 | -40 | -11 | 32 | 19 | 178 | 175 | 267 |
| OCF / Net Profit | 13.89 | 6.49 | 3.42 | -2.17 | 0.05 | -1.02 | -0.56 | 39.88 | -17.05 | -12.69 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 406 | 127 | 45 | 178 | 393 | 671 |
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 (₹) | 3.03 | 2.40 | 1.78 | 2.52 | -29.21 | -4.94 | -4.58 | 0.60 | -1.39 | -2.85 |
| Book Value (₹) | 103.78 | 106.12 | 107.82 | 110.39 | 81.27 | 76.33 | 71.72 | 72.39 | 71.06 | 68.22 |
| 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 (₹) | 7.40 | 5.80 | 4.14 | 3.57 | -28.08 | -4.13 | -3.93 | 1.39 | -0.56 | -2.08 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 23.48% | 22.37% | 18.28% | 3.62% | -0.56% | -5.59% | 4.97% | -0.46% | -27.22% | -48.11% |
| Net Margin % | 3.12% | 2.55% | 1.98% | 2.78% | -39.42% | -5.64% | -4.79% | 0.50% | -1.08% | -3.63% |
| ROE % | 2.96% | 2.29% | 1.66% | 2.31% | -30.48% | -6.27% | -6.19% | 0.84% | -1.94% | -4.09% |
| ROCE % | 9.99% | 9.58% | 7.39% | 1.11% | -16.63% | -3.19% | 2.39% | -0.86% | -1.09% | -1.27% |
| 0.67% | 0.59% | 0.46% | 0.64% | -7.60% | -1.37% | -1.35% | 0.20% | -0.52% | -1.32% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 174 | 109 | 91 | 124 | 95 | 8 | 4 | 3 | 9 | 15 |
| Inventory Days | 11 | 20 | 23 | 24 | 24 | 12 | 4 | 1 | 1 | 0 |
| Payable Days | 1778 | 1136 | 1081 | 1846 | 1744 | 2102 | 2274 | 1297 | 854 | 1085 |
| -1593 | -1006 | -966 | -1698 | -1625 | -2082 | -2266 | -1292 | -844 | -1070 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.74x | 0.76x | 0.80x | 0.88x | 1.24x | 1.30x | 1.35x | 1.00x | 0.70x | 0.13x |
| Interest Coverage (x) | 1.29x | 1.32x | 1.12x | 0.73x | -17.77x | -4.97x | 0.67x | -1.75x | -1.10x | -1.52x |
| 0.26x | 0.32x | 0.38x | 0.42x | 0.14x | 0.10x | 0.09x | 0.16x | 0.22x | 0.25x | |
| GROWTH | ||||||||||
| Revenue Growth % | -36.89% | -3.44% | -4.20% | 0.83% | -18.32% | 18.24% | 9.22% | 27.57% | 5.60% | -38.99% |
| Operating Profit Growth % | -26.11% | -8.00% | -21.71% | -80.04% | -112.72% | -1073.11% | 197.16% | -111.74% | -10.19% | 20.93% |
| Net Profit Growth % | -54.67% | -20.87% | -25.91% | 41.89% | -1258.58% | 83.08% | 7.28% | 113.19% | -330.20% | -104.92% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -330.20% | -104.92% | |
| 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 | 0.13x | 0.09x |
| 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 | -94.64x | -29.47x |
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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