539894
Madhav Infra financials
- Market cap
- ₹215 Cr
- Sector
- Construction
What Madhav Infra does
Madhav Infra Projects is a professionally managed EPC (Engineering, Procurement and Construction) contractor and developer headquartered in Vadodara, Gujarat, operating across Power/Renewable Energy, Roads, Industrial Infrastructure and Real Estate. As a solar power solutions provider it handles feasibility and viability studies, supply, execution, commissioning, and operation & maintenance of solar projects with a Pan-India presence. It also executes road (including BOT), railway earthwork, and general infrastructure contracts nationwide for clients such as Gujarat Industries Power Company Limited, NTPC SAIL Power Co. Ltd and Western Railway.
Segments
- Power / Renewable Energy
- Roads
- Industrial Infrastructure
- Real Estate
- Solar EPC project awarded (FY25)
- 75 MW Solar Power Project, Gujarat (client: Gujarat Industries Power Company Ltd)
- Floating solar project awarded (FY25)
- 15 MW Floating Solar Power Project, Chhattisgarh (client: NTPC SAIL Power Co. Ltd)
- Railway earthwork project length
- 18.46 km (Amjhera–Sardarpur section, Dahod–Indore new BG line, for Western Railway)
- Geographic reach
- Pan-India presence in solar EPC and O&M
- Business segments
- Power (Renewable Energy), Roads, Industrial Infrastructure, Real Estate
- BOT road projects executed (legacy)
- Hoshangabad–Harda–Khandwa Road, Bhopal–Dewas 4-laning, Khandwa–Khargaon Road
Quarterly results
Q1 FY27: revenue down 32.1%, net profit down 35.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 88 | 129 | 298 | 84 | 104 +19% | 51 −60% | 208 −30% | 57 −32% |
| EBITDA | 13 | 13 | 20 | 15 | 14 +13% | 10 −23% | 16 −21% | 11 −25% |
| Net profit | 6 | 4 | 11 | 7 | 6 +1% | 3 −23% | 10 −8% | 4 −36% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −33.7% 1Y
1Y: ₹12.12 on 13 Aug 2025 → ₹8.03. High ₹12.12 (13 Aug 2025), low ₹7.86 (7 Sept 2026).
Financials, as filed
Revenue fell 4.4% a year over 3 years, FY23 to FY26. Operating margin widened to 12.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹513 Cr | ₹358 Cr | ₹572 Cr | ₹448 Cr |
| Operating profit | ₹58 Cr | ₹47 Cr | ₹60 Cr | ₹55 Cr |
| Operating margin | 11.3% | 13.1% | 10.5% | 12.3% |
| Interest | ₹26 Cr | ₹21 Cr | ₹24 Cr | ₹19 Cr |
| Depreciation | ₹13 Cr | ₹11 Cr | ₹9 Cr | ₹9 Cr |
| Net profit | ₹35 Cr | ₹19 Cr | ₹27 Cr | ₹26 Cr |
| Net margin | 6.9% | 5.2% | 4.7% | 5.8% |
| Cash from operations | ₹27 Cr | ₹63 Cr | ₹105 Cr | ₹-7 Cr |
| Free cash flow | ₹21 Cr | ₹62 Cr | ₹101 Cr | ₹-7 Cr |
| ROCE | 11.0% | 12.0% | 17.0% | 15.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹26 Cr | ₹26 Cr | ₹27 Cr | ₹27 Cr | ₹27 Cr | ₹27 Cr |
| Reserves | ₹52 Cr | ₹73 Cr | ₹138 Cr | ₹159 Cr | ₹206 Cr | ₹212 Cr |
| Borrowings | ₹300 Cr | ₹233 Cr | ₹182 Cr | ₹130 Cr | ₹189 Cr | ₹130 Cr |
| Other liabilities | ₹118 Cr | ₹137 Cr | ₹122 Cr | ₹132 Cr | ₹160 Cr | ₹143 Cr |
| Total liabilities | ₹496 Cr | ₹468 Cr | ₹470 Cr | ₹447 Cr | ₹582 Cr | ₹512 Cr |
| Fixed assets | ₹158 Cr | ₹81 Cr | ₹94 Cr | ₹89 Cr | ₹113 Cr | ₹82 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹7 Cr | ₹3 Cr | ₹4 Cr | ₹0 Cr |
| Investments | ₹45 Cr | ₹48 Cr | ₹42 Cr | ₹32 Cr | ₹21 Cr | ₹32 Cr |
| Other assets | ₹293 Cr | ₹339 Cr | ₹327 Cr | ₹323 Cr | ₹444 Cr | ₹398 Cr |
| Total assets | ₹496 Cr | ₹468 Cr | ₹470 Cr | ₹447 Cr | ₹582 Cr | ₹512 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
The ownership split has held steady since Jun 2025. The shareholder count shrank 9% to 67,063.
- Promoters
- 68.8%
- DIIs
- 0.0%
- Public
- 31.1%
Since Jun 2025
- DIIs +0.04 pp
- Public −0.03 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 69.0%, Public 31.0%.Dec '23: Promoters 69.0%, Public 31.0%.Mar '24: Promoters 68.8%, Public 31.2%.Jun '24: Promoters 68.8%, Public 31.2%.Sep '24: Promoters 68.8%, Public 31.2%.Dec '24: Promoters 68.8%, Public 31.2%.Mar '25: Promoters 68.8%, Public 31.2%.Jun '25: Promoters 68.8%, Public 31.2%.Sep '25: Promoters 68.8%, Public 31.2%.Dec '25: Promoters 68.8%, Public 31.2%.Mar '26: Promoters 68.8%, Public 31.2%.Jun '26: Promoters 68.8%, DIIs 0.0%, Public 31.1%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Madhav Infra above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Ashok Madhavdas Khurana | 30.18% | unchanged |
| Manju Ashok Khurana | 4.86% | unchanged |
| Neelakshi Amit Khurana | 2.98% | unchanged |
| Amit Ashok Khurana | 1.78% | unchanged |
| Ashok Khurana Huf | 0.87% | unchanged |
| Bindya Ashok Khurana | 0.03% | unchanged |
| Rasika Vikramsinh Chauhan | 0.03% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Madhav Infra
Guides on how to read this kind of business and the numbers that matter.