MADHUCON
Madhucon Projects financials
- Market cap
- ₹33 Cr
- Sector
- Construction
What Madhucon Projects Limited does
Madhucon Projects Limited is a civil-construction and infrastructure-engineering company that executes large civil works across India as a contractor. It operates through three business divisions: Transportation (highways, tunnels, railways, flyovers), Irrigation (canals, dams, tunnels, spillways, pump houses and lift-irrigation schemes), and Industrial Projects (coal handling plants and other industrial civil works). It earns by executing these construction contracts for government and infrastructure clients on a project-by-project basis.
Segments
- Transportation
- Irrigation Projects
- Industrial Projects
- Business divisions
- 3 (Transportation, Irrigation, Industrial Projects)
- Geographic footprint
- PAN-India project execution
- Quality certification
- ISO 9001:2008 certified
- Operating track record
- 35+ years (incorporated 1990)
Quarterly results
Q1 FY27: revenue down 79.4%, net profit up 157.1% 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 | 163 | 90 | 118 | 135 | 108 −34% | 117 +30% | 104 −12% | 28 −79% |
| EBITDA | -210 | -37 | -11 | -45 | -51 +76% | -44 −18% | -45 −308% | -7 +85% |
| Net profit | -2 | -3 | -11 | 0 | 5 +295% | 5 +282% | 1 +109% | 0 +157% |
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 −33.4% 1Y
1Y: ₹6.52 on 10 Sept 2025 → ₹4.34. High ₹8.26 (18 Sept 2025), low ₹3.74 (30 Mar 2026).
Financials, as filed
Revenue fell 30.3% a year over 2 years, FY24 to FY26. Operating margin narrowed to -39.8%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹954 Cr | ₹580 Cr | ₹464 Cr |
| Operating profit | ₹-258 Cr | ₹-283 Cr | ₹-185 Cr |
| Operating margin | -27.1% | -48.8% | -39.8% |
| Interest | ₹7 Cr | ₹2 Cr | ₹0 Cr |
| Depreciation | ₹6 Cr | ₹6 Cr | ₹2 Cr |
| Net profit | ₹-10 Cr | ₹-21 Cr | ₹11 Cr |
| Net margin | -1.1% | -3.6% | 2.4% |
| Cash from operations | ₹175 Cr | ₹267 Cr | ₹66 Cr |
| Free cash flow | ₹172 Cr | ₹269 Cr | ₹68 Cr |
| ROCE | -1.0% | -2.0% | 2.0% |
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 | ₹7 Cr | ₹7 Cr | ₹7 Cr | ₹7 Cr | ₹7 Cr | ₹7 Cr |
| Reserves | ₹556 Cr | ₹522 Cr | ₹527 Cr | ₹517 Cr | ₹-1.7k Cr | ₹507 Cr |
| Borrowings | ₹732 Cr | ₹716 Cr | ₹533 Cr | ₹367 Cr | ₹3.4k Cr | ₹190 Cr |
| Other liabilities | ₹1.3k Cr | ₹1.2k Cr | ₹1.1k Cr | ₹1.0k Cr | ₹1.7k Cr | ₹454 Cr |
| Total liabilities | ₹2.6k Cr | ₹2.5k Cr | ₹2.2k Cr | ₹1.9k Cr | ₹3.4k Cr | ₹1.2k Cr |
| Fixed assets | ₹43 Cr | ₹38 Cr | ₹32 Cr | ₹29 Cr | ₹106 Cr | ₹16 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹138 Cr | ₹0 Cr |
| Investments | ₹1.5k Cr | ₹1.5k Cr | ₹1.4k Cr | ₹1.1k Cr | ₹1 Cr | ₹431 Cr |
| Other assets | ₹1.1k Cr | ₹944 Cr | ₹723 Cr | ₹806 Cr | ₹3.1k Cr | ₹711 Cr |
| Total assets | ₹2.6k Cr | ₹2.5k Cr | ₹2.2k Cr | ₹1.9k Cr | ₹3.4k Cr | ₹1.2k 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 4% to 19,924.
- Promoters
- 59.1%
- Public
- 40.9%
Since Jun 2025
- Public −0.01 pp
- Promoters 0.00 pp
- FIIs 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 59.1%, FIIs 0.0%, Public 40.9%.Dec '23: Promoters 59.1%, FIIs 0.0%, Public 40.9%.Mar '24: Promoters 59.1%, FIIs 0.0%, Public 40.9%.Jun '24: Promoters 59.1%, Public 40.9%.Sep '24: Promoters 59.1%, Public 40.9%.Dec '24: Promoters 59.1%, Public 40.9%.Mar '25: Promoters 59.1%, Public 40.9%.Jun '25: Promoters 59.1%, Public 40.9%.Sep '25: Promoters 59.1%, Public 40.9%.Dec '25: Promoters 59.1%, Public 40.9%.Mar '26: Promoters 59.1%, Public 40.9%.Jun '26: Promoters 59.1%, Public 40.9%.
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.
- Dinesh Chand Agrawal newly disclosed 1.46% 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 Madhucon Projects Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Nama Nageswar Rao | 14.54% | unchanged |
| Madhucon Granites Limited | 10.90% | unchanged |
| Nama Chinnamma | 8.34% | unchanged |
| Nama Investments Limited | 4.94% | unchanged |
| Tarun Nama | 4.17% | unchanged |
| Nama Rushika | 4.05% | unchanged |
| Chandra Singh Lodha | 2.83% | unchanged |
| Tulasamma Mallampati | 1.75% | unchanged |
| Umadevi Nama | 1.50% | unchanged |
| Nama Heman | 1.50% | unchanged |
| Dinesh Chand Agrawal | 1.46% | newly disclosed |
| Prithviteja Nama | 1.42% | 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 Madhucon Projects Limited
Guides on how to read this kind of business and the numbers that matter.