1. India Stocks

  2. •

    Utilities

  3. •

    Regulated Electric
Madhav Infra Projects Limited

Madhav Infra Projects Limited

MADHAVIPL.BO
Madhav Infra Projects LimitedIN flagBombay Stock Exchange
8.50
INR
-0.10
- -
2.29BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
4.25
5.12
10.75
10.44
15.58
15.06
12.71
7.94
14.63
17.96
19.14
17.19
22.78
20.82
Basic EPS, GAAP
0.11
0.2
0.34
0.38
0.42
0.3
0.2
0.15
-0.67
0.24
1.27
0.81
0.97
1.05
Free Cash Flow per Basic Share
- -
0.16
-1.26
-9.81
0.56
1.21
1.14
-0.39
3.95
-0.35
0.23
2.11
4.26
- -
Dividend per Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Book Value per Share
0.25
0.25
0.59
1.61
2.02
1.83
1.89
2.46
3.74
2.95
4.14
5.27
6.18
- -
Tangible Book Value per Share
1.71
1.83
2.1
-6.85
-5.31
-4.59
2.38
2.98
2.58
3.14
4.62
5.39
6.32
- -
Basic Weighted Avg Shares
256
256
253
256
256
256
256
256
187
256
268
268
268
267
Sales/Revenue/Turnover
1,090
1,311
2,717
2,676
3,991
3,858
3,257
2,035
2,739
4,601
5,127
4,604
6,102
5,564
Operating Margin (%)
6.11
11.1
7.14
19.36
16.26
13.88
13.01
10.48
5.11
7.68
8.67
9.39
8.74
9.99
Depreciation Expense
9
50
111
287
546
520
297
239
210
157
132
158
153
141
Net Income, GAAP
28
51
85
98
107
78
51
37
-125
62
339
217
259
280
Effective Tax Rate (%)
32.27
25.52
31.27
33.24
22.91
- -
20.17
73.63
- -
29.41
23.81
10.4
18.08
16.82
Profit Margin (%)
2.55
3.87
3.13
3.65
2.68
2.02
1.58
1.83
-4.58
1.36
6.62
4.71
4.24
5.03
Working Capital
405
313
524
105
413
501
875
980
1,088
1,829
1,314
1,515
1,310
- -
LT Debt
141
219
1,088
3,152
3,451
3,660
2,014
1,851
1,722
1,609
1,425
1,201
951
- -
Total Equity
438
468
781
1,047
1,370
1,411
1,289
1,432
1,312
1,368
1,704
1,914
2,140
- -
Return on Invested Capital (%)
5.97
10.65
8.13
9.86
9.47
- -
6.55
1.33
- -
6.78
9.26
10.65
12.09
- -
Return on Capital (%)
10.79
12.95
10.39
9.73
9.7
- -
6.3
2.87
- -
6.16
13.89
11.25
12.99
34.27
Return on Common Equity (%)
43.42
79.19
79.74
34.85
23.06
15.8
10.79
6.69
-18.86
8.56
36.38
17.21
16.86
- -

Capital Structure

FRC

•

in mil. unless spec.
Jun'26
Sep'26
Dec'26
ST Debt
- -
763
- -
LT Borrowings
- -
1,132
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
- -
270
- -
Market Capitalization
3,913
2,962
3,011

Working Capital

FRC

•

in mil. unless spec.
Jun'26
Sep'26
Dec'26
Total Current Assets
- -
4,097
- -
Cash, Cash Equivalents & STI
- -
1,800
- -
Accounts Receivable, Net
- -
662
- -
Inventories
- -
1,236
- -
Total Current Liabilities
- -
2,209
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
763
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
11.5%
8.92%
11.8%
Free Cash Flow
34.02%
-44.22%
101.44%
Net Income, GAAP
-22.37%
-31.9%
19.27%
Sales/Revenue/Turnover
12.75%
27.26%
32.55%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,243
976
878
1,508
4,604
2025
679
868
1,473
3,083
6,102
2026
875
1,068
537
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.31
0.26
0.13
- -
0.81
2025
0.25
0.16
0.1
- -
0.97
2026
0.28
0.46
-0.16
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -

Company Description

APIChat
CEO
Amit Ashok Khurana
Full Time Employees
698
Sector
Utilities
Industry
Regulated Electric
Address
Madhav House, Plot No. 04 Vadodara India
IPO Date
Dec 30, 2024
Website
madhavcorp.com
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Business
Madhav Infra Projects Limited Madhav Infra Projects Limited operates as an engineering, procurement, and construction contractor focused on infrastructure development, including highways, urban infrastructure, real estate, energy projects, transport infrastructure EPC services, sustainable energy infrastructure, and rail logistics infrastructure projects. The company provides detailed services such as road and highway construction, bridge building, tunnel construction, solar power plant installation and maintenance, rooftop solar systems, hybrid energy systems, solar photovoltaic grid-connected power plants, and operation and maintenance of infrastructure assets; it also engages in power generation through solar and hydro sources. Subsidiaries including MI Solar (I) Private Limited handle renewable energy generation, trading, and transmission, while others like Badi Baktara Toll Private Limited, Khalghat Manawar Toll Private Limited, and Madhav (Aaron Sindh Road) Private Limited manage specific toll road developments. Founded in 1992 and headquartered in Vadodara, Gujarat, India, Madhav Infra Projects Limited conducts operations across India, targeting government entities like the National Highways Authority of India and state authorities in regions such as Madhya Pradesh and Maharashtra. Recent developments include the April 2025 acquisition of a 100% equity stake in MSK Projects (I) Private Limited for Rs 20,000 to support execution of a Rs 323.82 crore four-lane highway project from Rahatgarh to Berkhedi in Madhya Pradesh under the Hybrid Annuity Mode; the company also secured letters of acceptance for solar power projects up to 100 MW across Maharashtra substations and continued implementation of railway overbridges, rooftop solar initiatives at MIDC sites, and various state highway bridges in 2024 and 2025.