MADHAV
Madhav Marbles and Granites financials
- Market cap
- ₹33 Cr
- Sector
- Consumer Durables
What Madhav Marbles and Granites Limited does
Madhav Marbles and Granites Limited processes and sells granite, marble and other natural stone, historically with a significant share going to export markets, alongside domestic sales. Through its subsidiary Madhav Ashok Ventures Private Limited (60% held), it trades granite and other natural stone within India. Madhav Ashok Ventures is also a key partner in Madhav Surfaces (FZC) LLC, a joint venture in Oman that operates a manufacturing facility for artificial/engineered stone slabs, in which the parent company additionally holds a direct 13.33% stake. A separate subsidiary, Madhav Natural Stone Surfaces Private Limited (81.99% held), had planned to acquire quartz mining leases and set up a quartz-powder processing unit, though these plans have been deferred.
Segments
- Granite & marble processing/export (parent)
- Granite trading (India)
- Engineered/artificial stone slabs (Oman)
- Natural stone surfaces / quartz
- Geographic footprint
- India (processing/trading) and Oman (JV manufacturing facility)
- Subsidiaries & associate entities
- 3 (Madhav Ashok Ventures Pvt Ltd - India; Madhav Natural Stone Surfaces Pvt Ltd - India; Madhav Surfaces (FZC) LLC - Oman, JV)
- Oman JV manufacturing facility
- Artificial/engineered stone slab manufacturing (Madhav Surfaces FZC LLC)
- Stake in Madhav Ashok Ventures Pvt Ltd (India, granite trading subsidiary)
- 60%
- Stake in Madhav Natural Stone Surfaces Pvt Ltd (India)
- 81.99%
- Direct stake acquired in Madhav Surfaces (FZC) LLC, Oman (FY25)
- 13.33%
Quarterly results
Q1 FY27: revenue down 2.7%, net profit down 31.3% 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 | 6 | 7 | 8 | 8 | 7 +18% | 7 −4% | 9 +19% | 8 −3% |
| EBITDA | -1 | 1 | -1 | -0 | -1 +8% | -0 −116% | -1 −46% | 0 +400% |
| Net profit | 0 | 1 | -0 | 0 | 0 −25% | -0 −122% | 2 +782% | 0 −31% |
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 −23.7% 1Y
1Y: ₹47.55 on 10 Sept 2025 → ₹36.29. High ₹47.55 (10 Sept 2025), low ₹29.7 (27 Mar 2026).
Financials, as filed
Revenue fell 12.6% a year over 2 years, FY24 to FY26. Operating margin narrowed to -7.2%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹40 Cr | ₹31 Cr | ₹30 Cr |
| Operating profit | ₹-1 Cr | ₹-0 Cr | ₹-2 Cr |
| Operating margin | -2.2% | 0.0% | -7.2% |
| Interest | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Depreciation | ₹3 Cr | ₹3 Cr | ₹3 Cr |
| Net profit | ₹0 Cr | ₹1 Cr | ₹2 Cr |
| Net margin | 0.1% | 2.4% | 7.8% |
| Cash from operations | ₹-6 Cr | ₹-2 Cr | ₹4 Cr |
| Free cash flow | ₹-6 Cr | ₹-2 Cr | ₹8 Cr |
| ROCE | 0.6% | 1.2% | 0.6% |
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 | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr |
| Reserves | ₹126 Cr | ₹128 Cr | ₹128 Cr | ₹128 Cr | ₹115 Cr | ₹131 Cr |
| Borrowings | ₹10 Cr | ₹7 Cr | ₹8 Cr | ₹13 Cr | ₹10 Cr | ₹8 Cr |
| Other liabilities | ₹11 Cr | ₹10 Cr | ₹9 Cr | ₹7 Cr | ₹5 Cr | ₹9 Cr |
| Total liabilities | ₹155 Cr | ₹153 Cr | ₹155 Cr | ₹158 Cr | ₹139 Cr | ₹157 Cr |
| Fixed assets | ₹32 Cr | ₹29 Cr | ₹29 Cr | ₹27 Cr | ₹24 Cr | ₹21 Cr |
| Capital work in progress | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹3 Cr | ₹0 Cr |
| Investments | ₹1 Cr | ₹2 Cr | ₹3 Cr | ₹3 Cr | ₹0 Cr | ₹8 Cr |
| Other assets | ₹121 Cr | ₹122 Cr | ₹122 Cr | ₹128 Cr | ₹112 Cr | ₹128 Cr |
| Total assets | ₹155 Cr | ₹153 Cr | ₹155 Cr | ₹158 Cr | ₹139 Cr | ₹157 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
Since Jun 2025, the public trimmed −2.17 pp while promoters added +1.58 pp. The shareholder count shrank 6% to 8,491.
- Promoters
- 45.8%
- DIIs
- 0.6%
- Public
- 53.6%
Since Jun 2025
- Public −2.17 pp
- Promoters +1.58 pp
- DIIs +0.59 pp
How it drifted, 12 quarters
Over this window the public fell from 57.2% to 53.6% — −3.5 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 42.8%, Public 57.2%.Dec '23: Promoters 42.7%, FIIs 0.0%, Public 57.3%.Mar '24: Promoters 43.5%, Public 56.5%.Jun '24: Promoters 43.5%, Public 56.5%.Sep '24: Promoters 43.5%, Public 56.5%.Dec '24: Promoters 43.5%, Public 56.5%.Mar '25: Promoters 43.9%, Public 56.1%.Jun '25: Promoters 44.2%, Public 55.8%.Sep '25: Promoters 44.6%, Public 55.4%.Dec '25: Promoters 45.2%, DIIs 0.6%, Public 54.2%.Mar '26: Promoters 45.5%, DIIs 0.6%, Public 53.9%.Jun '26: Promoters 45.8%, DIIs 0.6%, Public 53.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Ravi Chawla newly disclosed 1.03% held
- Madhav Doshi +0.22 pp 12.78% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Madhav Marbles and Granites Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Madhav Doshi | 12.78% | +0.22 pp |
| Aruna Doshi | 9.24% | unchanged |
| Mumal Marketing Private Limited | 8.75% | unchanged |
| Sangeetha S . | 7.93% | unchanged |
| Rajdarshan Industries Limited | 4.73% | unchanged |
| Iepf | 3.45% | unchanged |
| Adheeraj Trade Links Private Limited | 3.17% | unchanged |
| Sumal Finance And Investment Private Limited | 2.63% | unchanged |
| Akshat Investments And Consultants Private Limited | 1.97% | unchanged |
| Sanjay Ramanlal Munot | 1.37% | unchanged |
| Veena Parakh | 1.14% | unchanged |
| Khushi Parakh | 1.05% | 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 Marbles and Granites Limited
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