Madhav Infra Projects Limited

BSE: MADHAVIPL539894ISIN INE631R01026

Industrials
Civil Construction

Share price

₹6.89+0.19 (+2.84%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹12.30
52W low: ₹6.50
Off 52W high: -43.98%
1M return: -4.17%
3M return: -13.33%
6M return: -25.43%
1Y return: -35.91%
20D avg volume: 20,254
50 DMA: ₹7.46
200 DMA: ₹8.33

Key ratios Consolidated

Market cap: ₹185.74 Cr
Current price: ₹6.89
52W high / low: ₹12.30 / ₹6.50
Face value: ₹1.00
P/E: 7.16
P/B: 0.78
EPS (TTM): ₹0.96
Book value / share: ₹8.89
ROE: —
ROCE: 17.20%
Operating margin: —
Net margin: —
Debt / equity: 0.69
Net debt: ₹151.81 Cr
Interest cover: 2.41
Dividend yield: —
Dividend / share (TTM): —
Payout: —
Cash conversion cycle: 68.1 days

Financials

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24
Income statement
	88.37	254.06	53.70	106.82	87.54	308.31	147.26	86.77	67.89	—
	1.76	2.24	1.88	1.38	2.84	2.16	0.86	2.01	0.91	—
	90.13	256.30	55.58	108.20	90.38	310.48	148.12	88.79	68.79	—
	81.64	239.92	51.85	101.44	81.56	297.31	144.48	83.86	60.65	—
	24.48	80.69	47.11	56.40	65.95	201.50	127.68	51.06	37.37	—
	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—
	5.07	2.41	4.25	4.17	4.06	3.24	3.80	2.87	2.58	—
	5.66	3.15	6.90	7.57	7.72	7.36	7.82	6.45	5.99	—
	3.22	3.50	3.33	3.33	3.37	4.07	4.59	3.33	3.31	—
	56.45	98.04	10.89	23.31	27.83	38.45	2.71	1.68	2.17	—
	8.49	16.38	3.73	6.76	8.82	13.17	3.64	4.92	8.14	—
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—
	8.49	16.38	3.73	6.76	8.82	13.17	3.64	4.92	8.14	—
	2.07	5.02	0.60	1.34	1.50	1.97	1.07	0.91	1.45	—
	6.25	11.49	-4.25	12.46	7.48	11.43	2.51	4.17	6.84	—
	0.23	0.43	-0.16	0.46	0.28	0.45	0.10	0.15	0.25	—
Key metrics
	17.37	23.03	13.96	17.66	19.91	24.60	16.05	14.70	17.44	—
	19.70%	9.10%	26.00%	16.50%	22.70%	8.00%	10.90%	16.90%	25.70%	—
	7.10%	4.50%	-7.90%	11.70%	8.50%	3.70%	1.70%	4.80%	10.10%	—
	—	5.50%	—	4.00%	—	6.40%	—	—	—	—
	0.90%	-17.60%	-63.50%	23.10%	28.90%	—	—	—	—	—
	-16.40%	0.50%	-269.30%	198.80%	9.40%	—	—	—	—	—

Metric	TTM	FY26	FY25	FY24
Income statement
	502.95	502.13	610.24	—
	7.26	8.34	5.94	—
	510.21	510.47	616.18	—
	474.85	474.76	586.31	—
	208.68	250.14	417.61	—
	0.00	0.00	0.00	—
	15.90	14.89	12.49	—
	23.28	25.34	27.62	—
	13.38	13.53	15.29	—
	188.69	160.07	113.91	—
	35.36	35.70	29.87	—
	0.00	0.00	0.00	—
	35.36	35.70	29.87	—
	9.03	8.45	5.40	—
	25.95	27.18	24.92	—
	0.96	1.02	0.96	—
Key metrics
	72.02	74.57	72.78	—
	14.32%	14.90%	11.90%	—
	5.16%	5.40%	4.10%	—
	—	17.20%	17.80%	—
	-20.15%	-17.70%	—	—
	1.41%	9.10%	—	—
	—	26.00	114.07	—
	—	1.19	4.98	—
	—	0.69	0.75	—
	—	151.81	127.80	—
	—	68.1	22.9	—
Balance sheet
	—	605.80	646.71	—
	—	402.44	454.61	—
	—	13.44	32.17	—
	—	108.99	88.69	—
	—	72.32	97.59	—
	—	33.85	35.45	—
	—	73.59	75.90	—
	—	87.70	147.98	—
	—	250.30	323.63	—
	—	165.25	159.97	—
	—	62.67	64.91	—
	—	102.58	95.06	—
	—	240.56	214.03	—
Cash flow
	—	32.26	124.10	—
	—	-30.93	-72.61	—
	—	-20.07	-28.38	—
	—	6.26	10.03	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24
Income statement
	98.94	57.35	207.69	51.12	104.31	84.44	297.72	128.79	87.63	58.07	—
	1.50	1.41	1.68	1.34	1.31	2.80	2.05	0.81	1.87	0.82	—
	100.43	58.76	209.37	52.46	105.62	87.24	299.77	129.59	89.50	58.90	—
	93.72	52.83	193.92	48.87	98.65	78.80	286.58	124.67	82.64	51.65	—
	48.87	24.48	77.24	47.11	56.39	65.95	201.51	127.66	51.05	37.37	—
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—
	3.17	4.40	2.32	3.65	3.82	3.68	2.87	2.65	2.04	1.82	—
	3.59	4.46	-0.20	5.80	6.65	6.82	6.53	6.99	5.49	5.19	—
	2.18	2.03	2.31	2.12	2.12	2.17	2.34	2.15	2.31	2.29	—
	25.96	30.70	60.14	10.87	23.01	27.56	32.58	2.41	1.46	1.80	—
	6.71	5.92	15.45	3.59	6.97	8.44	13.19	4.92	6.86	7.25	—
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—
	6.71	5.92	15.45	3.59	6.97	8.44	13.19	4.92	6.86	7.25	—
	1.64	1.45	5.00	0.63	1.19	1.50	1.80	1.07	1.15	1.21	—
	5.07	4.47	10.45	2.96	5.78	6.94	11.39	3.85	5.72	6.04	—
	0.19	0.17	0.39	0.11	0.21	0.26	0.42	0.14	0.21	0.22	—
Key metrics
	12.48	12.41	17.56	11.51	15.74	17.43	22.06	14.06	14.66	14.73	—
	12.60%	21.60%	8.50%	22.50%	15.10%	20.60%	7.40%	10.90%	16.70%	25.40%	—
	5.10%	7.80%	5.00%	5.80%	5.50%	8.20%	3.80%	3.00%	6.50%	10.40%	—
	3.00%	—	4.70%	—	4.10%	—	6.70%	—	—	—	—
	-5.10%	-32.10%	-30.20%	-60.30%	19.00%	45.40%	—	—	—	—	—
	-12.30%	-35.60%	-8.30%	-23.10%	1.00%	14.90%	—	—	—	—	—

Metric	TTM	FY26	FY25	FY24
Income statement
	415.10	447.57	572.21	—
	5.93	7.13	5.56	—
	421.02	454.70	577.77	—
	389.34	420.25	545.55	—
	197.70	246.69	417.58	—
	0.00	0.00	0.00	—
	13.54	13.47	9.38	—
	13.65	19.07	24.19	—
	8.64	8.72	9.08	—
	127.67	121.58	86.30	—
	31.67	34.45	32.22	—
	0.00	0.00	0.00	—
	31.67	34.45	32.22	—
	8.72	8.32	5.23	—
	22.95	26.13	26.99	—
	0.86	0.97	1.00	—
Key metrics
	53.96	62.24	65.49	—
	13.00%	13.90%	11.40%	—
	5.53%	5.80%	4.70%	—
	—	16.30%	19.20%	—
	-32.53%	-21.80%	—	—
	-17.92%	-3.20%	—	—
	—	-13.09	98.64	—
	—	-0.26	3.88	—
	—	0.54	0.59	—
	—	117.91	95.86	—
	—	91.1	24.6	—
Balance sheet
	—	511.91	591.66	—
	—	364.74	425.17	—
	—	11.86	30.59	—
	—	104.20	77.83	—
	—	72.32	97.52	—
	—	17.39	26.79	—
	—	71.62	73.61	—
	—	64.84	136.65	—
	—	183.96	297.42	—
	—	129.77	126.45	—
	—	53.24	59.11	—
	—	76.53	67.34	—
	—	239.06	212.93	—
Cash flow
	—	-6.88	104.62	—
	—	3.91	-50.77	—
	—	-15.76	-27.23	—
	—	6.21	5.98	—

Compounded growth

Standalone

Sales CAGR 3Y: —
Sales CAGR 5Y: —
Profit CAGR 3Y: —
Profit CAGR 5Y: —
Sales YoY (TTM): -32.53%
Profit YoY (TTM): -17.92%

Consolidated

Sales CAGR 3Y: —
Sales CAGR 5Y: —
Profit CAGR 3Y: —
Profit CAGR 5Y: —
Sales YoY (TTM): -20.15%
Profit YoY (TTM): +1.41%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 68.82%

Quarter	September 2026	June 2026
Promoter %	68.82%	68.82%

Holder	Type	Holding	Previous	Change
ARMAAN AMIT TRUST [In the name of Trustee ASHOK MADHAVDAS KHURANA]	Promoter Group	30.18%	—	—
ASHOK MADHAVDAS KHURANA	Promoter	28.09%	58.27%	-30.18%
MANJU ASHOK KHURANA	Promoter Group	4.86%	4.86%	0.00%
NEELAKSHI AMIT KHURANA	Promoter Group	2.98%	2.98%	0.00%
AMIT ASHOK KHURANA	Promoter	1.78%	1.78%	0.00%
ASHOK KHURANA HUF	Promoter Group	0.87%	0.87%	0.00%
BINDYA ASHOK KHURANA	Promoter Group	0.03%	0.03%	0.00%
RASIKA VIKRAMSINH CHAUHAN	Promoter Group	0.03%	0.03%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Larsen & Toubro Limited	5,41,567	3,936.05	25.92	13.20%	+11.15% TTM	+9.38% TTM	+0.38%
Rail Vikas Nigam Limited	39,866	191.20	44.50	10.30%	+5.40% TTM	-24.84% TTM	-41.30%
Cemindia Projects Limited	24,136	1,308.75	40.12	40.00%	+10.02% TTM	+46.60% TTM	+51.63%
KALPATARU PROJECTS INTERNATIONAL LIMITED	23,312	1,365.10	20.66	20.50%	+14.56% TTM	+61.94% TTM	+3.93%
NBCC (India) Limited	21,006	77.80	27.44	29.70%	+3.51% TTM	+30.78% TTM	-31.72%
IRB Infrastructure Developers Limited	20,303	16.81	21.28	6.00%	-2.20% TTM	-85.42% TTM	-24.80%
Engineers India Ltd.	16,901	300.70	18.83	26.60%	+6.00% TTM	+66.97% TTM	+52.21%
Techno Electric & Engineering Company Limited	10,302	885.80	23.90	12.80%	+38.72% TTM	-6.49% TTM	-32.09%
IRCON International Ltd	9,717	103.32	20.09	7.30%	-2.58% TTM	-19.18% TTM	-38.54%
RITES Limited	9,470	197.05	20.53	18.30%	+10.59% TTM	-0.32% TTM	-20.93%
Welspun Enterprises Limited	9,395	678.75	27.00	14.60%	+0.63% TTM	+0.78% TTM	+20.42%
KEC International Ltd.	8,554	321.35	20.24	20.30%	-1.94% TTM	-38.14% TTM	-60.26%
Afcons Infrastructure Limited	7,768	211.20	54.08	11.60%	-11.87% TTM	-73.03% TTM	-52.52%
NCC Limited	7,616	121.30	10.18	17.50%	-1.81% TTM	-12.01% TTM	-41.04%
G R Infraprojects Limited	7,422	767.10	7.31	12.50%	+25.06% TTM	-7.95% TTM	-33.27%
Power Mech Projects Limited	7,111	2,249.10	16.91	21.20%	+15.79% TTM	+14.76% TTM	-8.84%
Ceigall India Limited	6,957	399.35	21.65	17.60%	+20.31% TTM	+23.56% TTM	+60.28%
ISGEC Heavy Engineering Limited	6,942	944.10	27.43	10.50%	+21.43% TTM	+17.19% TTM	+7.10%
Dilip Buildcon Limited	6,485	399.20	5.17	22.20%	-18.82% TTM	+29.15% TTM	-21.95%
Hindustan Construction Co. Ltd.	4,904	18.72	29.56	17.20%	-20.64% TTM	+0.03% TTM	—
LCC PROJECTS LIMITED	3,925	135.50	13.85 FY26	—	+23.37% FY26	+28.09% FY26	—
Ahluwalia Contracts (India) Ltd	3,555	530.75	15.80	15.80%	+12.00% TTM	+1.04% TTM	-42.18%
STERLING AND WILSON RENEWABLE ENERGY LIMITED	3,509	150.25	16.46	-9.60%	-9.04% TTM	+158.14% TTM	-36.00%
PNC Infratech Limited	3,293	128.35	5.22	13.50%	+1.82% TTM	-21.49% TTM	-54.49%
Vindhya Telelinks Ltd.	3,242	2,735.95	13.67	4.00%	-17.53% TTM	+2.25% TTM	+99.79%
Madhav Infra Projects Limited	186	6.89	7.16	17.20%	-20.15% TTM	+1.41% TTM	-35.91%

Some figures use IPO-document inputs. Growth periods are shown per value; FY means annual.

Filings & corporate actions

Recent announcements

Intimation of Newspaper publication of Unaudited Financial Results for the Quarter & Half Year ended on September 30, 2026.29 Oct 2026 · Company Update / Newspaper Publication
The Board in its Meeting held today i.e., 27.10.2026, Considered & approved the Raising of Funds by way of Offer & Issue of Equity Shares to the Existing Shareholders of the company on ....27 Oct 2026 · Company Update / Raising of Funds
Intimation of Unaudited Standalone & Consolidated Financial Results along with Limited Review Report for the Quarter & Half Year ended on September 30, 2026.27 Oct 2026 · Result / Financial Results
The Board in its Meeting held today i.e. 27.10.2026, considered and approved the Standalone and Consolidated Unaudited Financial Results of the Company for the quarter and half year ended ....27 Oct 2026 · Board Meeting / Outcome of Board Meeting
Intimation for Newspaper Publication of Corrigendum to the Postal Ballot Notice dated 14.10.2026.23 Oct 2026 · Company Update / Newspaper Publication
Madhav Infra Projects Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 27/10/2026 ,inter alia, to consider and approve The Standalone And Consolidated ....22 Oct 2026 · Board Meeting / Board Meeting
Intimation of Corrigendum to notice of Postal Ballot Dated 14th October, 2026.22 Oct 2026 · AGM/EGM / Postal Ballot
Intimation of Newspaper Publication of Postal Ballot Notice Pursuant to Regulation 47 of The SEBI (LODR) Regulations, 2015.15 Oct 2026 · Company Update / Newspaper Publication
Intimation of Notice of Postal Ballot enclosed.14 Oct 2026 · AGM/EGM / Postal Ballot
Submission of Board Meeting Outcome for Board Meeting held today i.e., on Tuesday, October 13, 2026.13 Oct 2026 · Board Meeting / Outcome of Board Meeting
Madhav Infra Projects Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 13/10/2026 ,inter alia, to consider and approve 1. the variation in the ....8 Oct 2026 · Board Meeting / Board Meeting
Certificate for Quarter ended, 30th September, 2026 Pursuant to Regulation 74(5) of SEBI (DP) Regulation, 2018.8 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Intimation of Pursuant to Regulation 44 of SEBI (LODR), 2015, Voting Results and Scrutinizer''s Report of 33rd Annual General Meeting of Madhav Infra Projects Limited.2 Oct 2026 · AGM/EGM / AGM
Intimation of Proceedings of the Annual General Meeting (AGM) held today i.e. Wednesday, 30th September, 2026.30 Sep 2026 · AGM/EGM / AGM
Intimation of Outcome of Annual General Meeting (AGM) held today i.e. Wednesday 30th September, 2026.30 Sep 2026 · AGM/EGM / AGM
Intimation of Closure of Trading Window under SEBI (Prohibition of Insider Trading) Regulation, 2015, for the Quarter and half year ended on 30th September, 2026.25 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Announcement Under regulation 30 (LODR)-Newspaper Publication.8 Sep 2026 · Company Update / Newspaper Publication
Submission of Annual Report for the Financial Year 2025-268 Sep 2026 · Others / Reg. 34 (1) Annual Report
Intimation of Date of AGM Scheduled to be held on Wednesday, September 30, 2026 At 12: 30 PM (IST).8 Sep 2026 · AGM/EGM / AGM
Intimation of Dates of the Book Closure and Cut-off of Annual General Meeting of the Company, scheduled to be held on Wednesday, 30th September, 2026.8 Sep 2026 · Corp. Action / Book Closure
Corrigendum to outcome dated 30th July, 2026 under Regulation 30 of the SEBI (LODR) Regulations, 2015.8 Sep 2026 · Company Update / General
Disclosure of Inter-se transfer of shares amongst the Promoters and Promoters Group pursuant to Regulation 10(5) of the SEBI (SAST) Regulations, 2011.6 Aug 2026 · Company Update / General
Intimation pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, for Disclosure of Inter-se transfer of Shares amongst the Promoters and Promoters group pursuant to Regulation ....6 Aug 2026 · Company Update / General
The Exchange has received the disclosure under Regulation 10(5) in respect of acquisition under Regulation 10(1)(a) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, ....5 Aug 2026 · Insider Trading / SAST / Disclosures under Reg. 10(5) in respect of acquisition under Reg. 10(1)(a) of SEBI (SAST) Reg. 2011
The Exchange has received the disclosure under Regulation 10(5) in respect of acquisition under Regulation 10(1)(a) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, ....5 Aug 2026 · Insider Trading / SAST / Disclosures under Reg. 10(5) in respect of acquisition under Reg. 10(1)(a) of SEBI (SAST) Reg. 2011
The Exchange has received the disclosure under Regulation 10(5) in respect of acquisition under Regulation 10(1)(a) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, ....5 Aug 2026 · Insider Trading / SAST / Disclosures under Reg. 10(5) in respect of acquisition under Reg. 10(1)(a) of SEBI (SAST) Reg. 2011
Intimation for Newspaper publication of unaudited Financial Results for the Quarter ended on JUNE 30, 2026.1 Aug 2026 · Company Update / Newspaper Publication
We hereby inform you that Ms. Ishwari Hanumantsinh Sindha has been appointed as Company Secretary & Compliance Officer of the Company w.e.f. July 30, 2026.30 Jul 2026 · Company Update / Appointment of Company Secretary / Compliance Officer
Submission of unaudited Standalone and consolidated financials results of the company for the quarter ended on 30th June 2026.30 Jul 2026 · Result / Financial Results
Submission of Unaudited Standalone And Consolidated Financial Results of the Company For The Quarter Ended On June 30, 2026.30 Jul 2026 · Board Meeting / Outcome of Board Meeting
Madhav Infra Projects Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 30/07/2026 ,inter alia, to consider and approve The Standalone And Consolidated ....22 Jul 2026 · Board Meeting / Board Meeting
Certificate pursuant to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the Quarter June 30, 2026.7 Jul 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Revised Annual Secretarial Compliance Report for the F.Y. 2025-26, Pursuant to Regulation 24A of the SEBI (LODR) Regulations, 2015, is attached herewith.1 Jul 2026 · Company Update / Reg.24(A)-Annual Secretarial Compliance
Intimation of Closure of Trading Window for the Quarter ended on June 30,2026.26 Jun 2026 · Insider Trading / SAST / Closure of Trading Window
Intimation of Newpaper Publication for Standalone & Consolidated Audited Financial Results for the Quarter & year ended on March 31, 2026.1 Jun 2026 · Company Update / Newspaper Publication
Pursuant to Reg 24A of the SEBI (LODR) Regulations, 2015, Annual Secretarial Compliance Report for F.Y. 2025-26, is attached herewith.30 May 2026 · Company Update / Reg.24(A)-Annual Secretarial Compliance
Re-appointment of Internal Auditor & Cost Auditor F.Y. 2026-27 and Management clarification letter for resignation of Company Secretary & Compliance Officer along with resignation letter, ....29 May 2026 · Company Update / Change in Management
Declaration of Audited Standalone & Consolidated Financial results alongwith Auditor''s Report with unmodified opinion, for the Quarter and year ended on March 31, 2026.29 May 2026 · Result / Financial Results
Outcome of Board Meeting, for Board Meeting held today i.e., May 29, 2026, is attached herewith.29 May 2026 · Board Meeting / Outcome of Board Meeting
Madhav Infra Projects Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 29/05/2026 ,inter alia, to consider and approve the Standalone and Consolidated ....26 May 2026 · Board Meeting / Board Meeting

Board meetings

27 Oct 2026 Board Meeting - Financial Results
30 Jul 2026 Board Meeting - Financial Results