Madhucon Projects Ltd.

•

madhucon.comBSE: 531497NSE: MADHUCON

Market Cap₹ 32 Cr.

Current Price

High / Low₹ 9 / 4

Stock P/E2.9

Book Value₹ 70

Price to Book0.09

Dividend Yield0.00 %

ROCE-1.3 %

ROE-4.1 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Construction: 85.9% • Toll Collection: 14.1%

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 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

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	30.30	-77.95	2671.00	-20.75	12.88	9.42
12.	MADHUCON	4.39	2.85	32.40	0.00	17.26	113.56	49.94	-68.25	-21.29	21.15

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
	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	-20	-1	1	-239	-25	-210	-37	-11	-45	-51	-44	-45	-7
OPM %	-10.61%	-0.51%	0.51%	-87.92%	-11.96%	-128.90%	-41.22%	-9.33%	-33.44%	-47.12%	-37.45%	-43.13%	-26.39%
	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
Profit before Tax	-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
	-0.48	-0.23	-0.32	-0.37	-0.69	-0.33	-0.40	-1.43	0.02	0.64	0.73	0.12	0.05

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	148	136	99	9	-11	-108	19	-138	-259	-279	-147
OPM %	20.57%	19.58%	14.95%	1.32%	-2.00%	-16.71%	2.63%	-15.34%	-27.22%	-48.11%	-41.16%
	21	19	22	15	-219	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
Profit before Tax	31	32	11	-6	-252	-51	-15	-16	-20	-15	8
Tax %	27.28%	44.07%	-21.37%	409.25%	14.50%	27.88%	-123.75%	128.57%	49.42%	-36.64%	-34.59%
Net Profit	22	18	13	19	-216	-36	-34	4	-10	-21	11
EPS	2.63	2.40	1.78	2.52	-29.21	-4.94	-4.58	0.60	-1.39	-2.85	—
Dividend Payout %	3.30%	4.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

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:: -21%
5 Years:: -2%
3 Years:: -7%
1 Year:: -37%

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
Equity Capital	7	7	7	7	7	7	7	7	7	7
	758	776	788	807	592	556	522	527	517	496
	1,035	909	1,021	957	973	890	803	571	554	441
Trade Payables	838	408	400	489	467	628	588	455	367	112
	641	661	670	659	718	495	525	553	426	267
Total Liabilities	3,280	2,762	2,887	2,919	2,757	2,576	2,445	2,113	1,872	1,323
	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

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
	336	122	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

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	59.08	59.08	59.08	59.08	59.08	59.08	59.08	59.08	59.08
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	40.92	40.92	40.92	40.92	40.92	40.92	40.92	40.92	40.92

Documents

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

2026-09-01

Press Release

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

Record Date

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

Shareholders meeting

2026-08-19 - Madhucon Projects Limited has informed the Exchange about Shareholders meeting

2026-08-14

Press Release

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

Change in Director(s)

2026-08-13 - Madhucon Projects Limited has informed the Exchange regarding Change in Director(s) of the company.

2026-08-13

Change in Auditors

2026-08-13 - Madhucon Projects Limited has informed the Exchange regarding Change in Auditors of the company.

2026-08-13

Outcome of Board Meeting

2026-08-13 - Madhucon Projects Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-27

Reply to Clarification- Financial results

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

Delay/default in the payment of fines/penalties/dues etc. to authority

2026-07-06 - Madhucon Projects Limited has informed the Exchange about Delay/default in the payment of fines/penalties/dues etc. to authority

News

Recent coverage and analyst commentary for MADHUCON

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Madhucon Projects Ltd.

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Free 5nance Account

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

30.30

-77.95

2671.00

-20.75

12.88

9.42

MADHUCON

4.39

2.85

32.40

0.00

17.26

113.56

49.94

-68.25

-21.29

21.15

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

118

135

108

117

104

207

238

258

510

235

373

127

129

180

158

161

149

Operating Profit

-20

-1

-239

-25

-210

-37

-11

-45

-51

-44

-45

-7

OPM %

-10.61%

-0.51%

0.51%

-87.92%

-11.96%

-128.90%

-41.22%

-9.33%

-33.44%

-47.12%

-37.45%

-43.13%

-26.39%

233

204

Interest

Depreciation

Profit before Tax

-5

-3

-4

-9

-1

-9

-4

-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

-3

-5

-2

-3

-11

-0.48

-0.23

-0.32

-0.37

-0.69

-0.33

-0.40

-1.43

0.02

0.64

0.73

0.12

0.05

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

148

136

-11

-108

-138

-259

-279

-147

OPM %

20.57%

19.58%

14.95%

1.32%

-2.00%

-16.71%

2.63%

-15.34%

-27.22%

-48.11%

-41.16%

-219

134

254

276

157

Interest

105

Depreciation

Profit before Tax

-6

-252

-51

-15

-16

-20

-15

Tax %

27.28%

44.07%

-21.37%

409.25%

14.50%

27.88%

-123.75%

128.57%

49.42%

-36.64%

-34.59%

Net Profit

-216

-36

-34

-10

-21

EPS

2.63

2.40

1.78

2.52

-29.21

-4.94

-4.58

0.60

-1.39

-2.85

—

Dividend Payout %

3.30%

4.17%

0.00%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

758

776

788

807

592

556

522

527

517

496

1,035

909

1,021

957

973

890

803

571

554

441

Trade Payables

838

408

400

489

467

628

588

455

367

112

641

661

670

659

718

495

525

553

426

267

Total Liabilities

3,280

2,762

2,887

2,919

2,757

2,576

2,445

2,113

1,872

1,323

Capital Work in Progress

1,724

1,772

1,716

1,488

1,398

1,093

742

Cash & Bank

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

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

336

122

-40

-11

178

175

267

Cash from Investing

-16

-61

-13

-5

-1

-7

-1

Cash from Financing

-282

-57

-31

-27

-20

-185

-173

-302

-4

-7

-4

-6

-0

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

59.08

FIIs

0.00

DIIs

0.00

Government

0.00

40.92

Madhucon 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

Madhucon 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