Madhusudan Industries Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2015 • Horticulture: 100.0%
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.
PROS
- Company is almost debt free
- Latest quarter profit grew 42.4% YoY, showing strong momentum
- Company generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- Recent results are weak - TTM profit is down 56.1% versus prior year
- Company has a low return on capital employed of 2.5%
- Company has a low return on equity of 1.9% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.07x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIENT | 2886.00 | 52.48 | 390684.34 | 0.04 | -1461.54 | -249.67 | 32923.98 | 49.92 | 13.30 | 15.57 |
| PREMIERENE | 1002.00 | 27.32 | 45485.94 | 0.10 | 471.92 | 53.32 | 2462.59 | 35.25 | 33.72 | 29.03 |
| AEGISLOG | 1286.15 | 36.08 | 45143.87 | 0.68 | 544.84 | 210.70 | 2356.86 | 37.07 | 19.76 | 30.28 |
| CPPLUS | 3748.55 | 92.91 | 44345.51 | 0.04 | 142.20 | 332.51 | 1402.42 | 89.51 | 29.48 | 14.52 |
| REDINGTON | 372.40 | 17.12 | 29113.28 | 1.61 | 453.49 | 94.65 | 34922.47 | 34.57 | 18.96 | 2.03 |
| HONASA | 477.45 | 62.55 | 15566.03 | 0.63 | 90.45 | 118.87 | 755.95 | 27.00 | 8.99 | 14.58 |
| LLOYDSENT | 71.95 | 97.81 | 10983.54 | 0.21 | 109.98 | -55.77 | 563.03 | 70.15 | 12.84 | 18.07 |
| SGMART | 814.50 | 82.57 | 10265.57 | 0.00 | 455.80 | 1310.71 | 13085.70 | 1044.08 | 10.43 | 4.49 |
| MMTC | 62.28 | 20.88 | 9342.00 | 0.00 | 104.24 | 135.52 | 0.68 | -50.00 | 33.46 | -1423.53 |
| ENTERO | 1847.60 | 64.12 | 8041.32 | 0.00 | 52.05 | 72.17 | 1940.50 | 38.23 | 10.93 | 5.00 |
| CELLO | 343.50 | 24.77 | 7747.24 | 0.44 | 73.40 | -8.99 | 526.72 | -0.43 | 17.15 | 18.80 |
| MADSUDIND | 36.73 | 26.57 | 19.74 | 0.00 | 3.23 | 42.38 | 0.34 | 5.00 | -2.02 | 30.06 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 2 | 0 | |
| Operating Profit | 0 | 0 | -0 | 0 | 0 | 0 | 0 | -2 | 0 | 0 | 0 | -2 | 0 |
| OPM % | 30.00% | 41.94% | -29.03% | 3.23% | 29.03% | 31.25% | 25.00% | -637.50% | 31.25% | 38.24% | 2.94% | -523.53% | 24.11% |
| 3 | 2 | -1 | -1 | 4 | -0 | -1 | -1 | 3 | -1 | -1 | 0 | 4 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 3 | 2 | -1 | -2 | 4 | -0 | -1 | -3 | 3 | -1 | -1 | -2 | 4 |
| Tax % | 25.08% | 24.78% | 30.77% | 24.67% | 25.06% | 25.00% | 26.32% | 25.29% | 25.08% | 26.09% | 24.77% | 25.32% | 25.17% |
| Net Profit | 2 | 2 | -0 | -1 | 3 | -0 | -1 | -3 | 2 | -1 | -1 | -1 | 3 |
| 4.10 | 3.15 | -0.84 | -2.09 | 5.72 | -0.35 | -1.31 | -4.79 | 4.22 | -1.27 | -1.52 | -2.20 | 6.01 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |
| 1 | 1 | 2 | 3 | 1 | 1 | 1 | 1 | 3 | 3 | 3 | |
| Operating Profit | -0 | -0 | -0 | -2 | -0 | 0 | 0 | 0 | -2 | -2 | -2 |
| OPM % | -20.97% | -1.56% | -34.35% | -187.78% | -5.00% | 22.67% | 17.74% | 10.63% | -138.45% | -116.73% | -114.97% |
| 3 | 2 | 1 | 1 | 5 | 3 | 3 | 3 | 1 | 1 | 2 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 3 | 1 | 0 | -1 | 5 | 3 | 3 | 3 | -1 | -1 | 1 |
| Tax % | 24.11% | 23.65% | 30.88% | 28.28% | 25.12% | 23.98% | 28.84% | 24.15% | 25.38% | 25.30% | 24.31% |
| Net Profit | 2 | 1 | 0 | -1 | 4 | 2 | 2 | 2 | -0 | -0 | 1 |
| EPS | 0.00 | 0.00 | 0.00 | -1.81 | 6.67 | 4.63 | 4.48 | 4.32 | -0.73 | -0.78 | — |
| 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:
- 4%
- 5 Years:
- 8%
- 3 Years:
- 5%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 6%
- 5 Years:
- 5%
- 3 Years:
- 2%
- Last Year:
- -2%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| 15 | 16 | 16 | 15 | 18 | 21 | 23 | 26 | 25 | 25 | |
| 2 | 2 | 2 | 2 | 3 | 3 | 3 | 4 | 3 | 3 | |
| Total Liabilities | 19 | 21 | 21 | 19 | 24 | 26 | 30 | 32 | 31 | 31 |
| 3 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | |
| 10 | 11 | 11 | 9 | 13 | 15 | 17 | 19 | 17 | 16 | |
| Cash & Bank | 3 | 4 | 4 | 5 | 5 | 6 | 7 | 9 | 11 | 8 |
| 4 | 3 | 4 | 4 | 4 | 4 | 4 | 3 | 2 | 5 | |
| Total Assets | 19 | 21 | 21 | 19 | 24 | 26 | 30 | 32 | 31 | 31 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1 | 0 | -0 | -1 | -0 | -1 | -1 | -0 | -1 | -1 | |
| Cash from Investing | -0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Cash from Financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| -1 | 1 | -0 | -0 | 0 | -0 | -0 | 1 | -0 | 0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 3.92 | 1.98 | 0.32 | -1.81 | 6.67 | 4.63 | 4.48 | 4.32 | -0.73 | -0.78 |
| Book Value (₹) | 32.18 | 34.14 | 34.42 | 32.58 | 39.26 | 43.87 | 48.34 | 52.60 | 51.83 | 50.99 |
| 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 (₹) | 4.27 | 2.25 | 0.56 | -1.61 | 6.85 | 4.84 | 4.72 | 4.51 | -0.55 | -0.62 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 279.07% | 140.44% | 33.01% | -121.75% | 535.01% | 314.52% | 303.75% | 10.63% | -138.45% | -116.73% |
| Net Margin % | 198.56% | 97.25% | 15.09% | -94.83% | 392.41% | 231.16% | 208.17% | 190.83% | -30.81% | -31.37% |
| ROE % | 13.77% | 5.98% | 0.94% | -5.42% | 18.56% | 11.14% | 9.71% | 8.55% | -1.39% | -1.51% |
| ROCE % | 18.14% | 7.83% | 1.36% | -7.55% | 24.78% | 14.65% | 13.65% | 11.27% | -1.87% | -2.02% |
| 12.52% | 5.37% | 0.84% | -4.86% | 16.49% | 9.86% | 8.60% | 7.51% | -1.23% | -1.34% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 268 | 77 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 268 | 77 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Interest Coverage (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| 13.41x | 13.33x | 12.32x | 10.16x | 11.22x | 34.21x | 25.18x | 35.73x | 32.18x | 24.53x | |
| GROWTH | ||||||||||
| Revenue Growth % | 14.29% | 3.19% | 4.63% | -10.25% | -11.23% | 17.90% | 7.40% | 5.11% | 4.55% | 4.60% |
| Operating Profit Growth % | 367.73% | -48.07% | -75.41% | -431.06% | 490.08% | -30.69% | 3.73% | -9.95% | -113.64% | -9.42% |
| Net Profit Growth % | 708.21% | -49.46% | -83.76% | -663.92% | 467.31% | -30.55% | -3.28% | -3.64% | -116.88% | -6.51% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -3.64% | -116.88% | -6.51% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 14.88x | 0.00x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.22x | 0.75x | 0.49x |
| 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 | 8.09x | -24.29x | -10.96x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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News
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