
About Madhav Services
Madhav Services is a publicly listed company based in Vadodara (India). Infrastructure and energy solutions are provided by Madhav Services. It operates on a Professional Services model in Transportation, Automotive & Logistics and Energy & Utilities sectors. Its Indian entity Madhav Infra Projects Limited reported revenue of βΉ510 Cr. Madhav Services offers products and services including Transport Infrastructure EPC Services, Sustainable Energy Infrastructure, and Rail Logistics Infrastructure. Its focus areas include Infrastructure, Transport Infrastructure, EPC Services and Energy. Similar companies include Fourth Partner Energy, Sterling And Wilson and GREW; 3 of its 3 listed similar companies have raised funding.
Company details
Transport infrastructure EPC services are offered by Madhav Services. Sustainable energy infrastructure projects are also undertaken. Rail logistics infrastructure solutions are managed in alignment with national energy transition goals. Sectors including transport, energy, and logistics are covered by the company.
- Headquarters Vadodara, India
- Stage Public
- SectorsTransportation, Automotive & LogisticsEnergy & Utilities
- Emailβ’β’β’β’β’β’β’β’
- Phoneβ’β’β’β’ β’β’β’β’
- Website madhavcorp.com
- Social LinkedIn X
- Legal Name Madhav Infra Projects Ltd.
- Market Cap₹185 Cr
MADHAVIPL · NSE
- Share Price₹6.87
-1.01% today
- Revenue₹502 Cr
FY 2025-26 · -17.7% YoY
- EBITDA₹66.17 Cr
Margin 13.2%
- Net Profit₹24.27 Cr
FY 2025-26 · +1.3% YoY
- P/E (TTM)10.4x
P/B 0.7x
- ROE12.0%
ROCE 15.2%
- Debt / Equity0.64
Interest cover 48.1x
Associated legal entities of Madhav Services
Madhav Services operates through Madhav Infra Projects Limited, a listed company (active). Its filings, financials, charges and directors are on the company page.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2026) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Madhav Infra Projects Limited Listed CIN L45200GJ1992PLC018392 | Active | 07 Oct 1992 | Vadodara, Gujarat | ₹510 Cr | 113 | 7 | View details |
Products & Services of Madhav Services
Madhav Services offers a comprehensive portfolio of products and services, including Transport Infrastructure EPC Services, Sustainable Energy Infrastructure, and Rail Logistics Infrastructure.
Services for transport infrastructure are provided by Madhav.
Sustainable energy infrastructure solutions are developed by Madhav.
Rail logistics infrastructure projects are managed by Madhav.
Board of directors of Madhav Infra Projects Limited (Madhav Services)
Madhav Infra Projects Limited is the primary company behind Madhav Services. The board of Madhav Infra Projects Limited currently have 6 directors; the longest-serving is Ashok Khurana Madhavdas, appointed in 2019. 20 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Ashok Khurana Madhavdas DIN 00003617 | Director | 14 Feb 2019 | 7 yrs 8 mo | Madhav Infra Projects Limited |
| Amit Khurana DIN 00003626 | Managing Director | 14 Feb 2019 | 7 yrs 8 mo | Madhav Infra Projects Limited |
| Neelakshi Amit Khurana DIN 00027350 | Director | 29 Jan 2024 | 2 yrs 9 mo | Madhav Infra Projects Limited |
| Hiral Vinodbhai Patel DIN 09719512 | Director | 05 Aug 2024 | 2 yrs 3 mo | Madhav Infra Projects Limited |
| Shankar Prasad Bhagat DIN 01359807 | Director | 05 Aug 2024 | 2 yrs 3 mo | Madhav Infra Projects Limited |
| Nikhil Kaushik DIN 00040403 | Director | 03 Feb 2025 | 1 yr 9 mo | Madhav Infra Projects Limited |
People of Madhav Services
2 people are tracked at Madhav Services (1 in leadership, 1 in team).
| Name | Role | Group |
|---|---|---|
Ankur Ahir | CEO | Leadership |
Ankit Trivedi | HR Executive | Team |
Complete people profiles for Madhav Services
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
- Full employee list
- Team structure
- Board tenure
- Professional contacts
Verified entity values are shown only after access is granted.
IPO & Listings of Madhav Services
Madhav Services is a publicly listed company on the BSE with ticker symbol MADHAVIPL in India, operating in the Utilities sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.
- IPO date24 May 2016
- Listed onBSE: 539894
- Listed entityMadhav Infra Projects Ltd.
- Exchange sectorUtilities
- ISININE631R01026
- Share price₹9.16 (-1.19% on the day) · 2026-05-11
- Market capitalisation₹249 Cr
- Price to earnings8.9
- EPS (diluted, trailing year)₹1.03
- Volume (last session)67,598
- Analyst consensusNo rating
Financials of Madhav Services
Exchange-reported figures of Madhav Infra Projects Limited, the listed company behind Madhav Services (NSE: MADHAVIPL).
Financial Highlights
FY 2025-26 Β· ConsolidatedRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 502 | 610 | 460 | 513 | 460 | 274 | 204 |
| Revenue growth | -17.7% | +32.6% | -10.2% | +11.4% | +68.0% | +34.6% | - |
| EBITDA | 66.17 | 66.84 | 58.32 | 57.56 | 51.10 | 34.92 | 45.01 |
| EBITDA margin | +13.2% | +11.0% | +12.7% | +11.2% | +11.1% | +12.8% | +22.1% |
| Profit before tax | 35.64 | 30.32 | 24.77 | 47.99 | 9.50 | (14.99) | 15.66 |
| Net profit | 24.27 | 23.96 | 21.53 | 14.88 | 5.98 | (12.44) | 3.77 |
| Net profit margin | +4.8% | +3.9% | +4.7% | +2.9% | +1.3% | -4.5% | +1.9% |
| EPS (βΉ) | 1.01 | 0.92 | 0.80 | 1.26 | 0.24 | (0.49) | 5.81 |
| Balance sheet | |||||||
| Total assets | 418 | 388 | 357 | 396 | 385 | 429 | 436 |
| Net worth | 250 | 222 | 197 | 174 | 135 | 130 | 142 |
| Total debt | 154 | 150 | 145 | 200 | 217 | 252 | 284 |
| Cash & bank | 86.07 | 96.92 | 50.54 | 56.01 | 46.91 | 42.66 | 24.40 |
| Net working capital | 215 | 196 | 185 | 196 | 239 | 189 | 197 |
| Cash flow | |||||||
| Cash from operations | 32.26 | 74.90 | 64.62 | 73.35 | (7.98) | 100 | 1.95 |
| Cash from investing | (30.93) | (25.16) | (3.57) | (18.16) | 65.53 | (41.98) | 0.59 |
| Cash from financing | (20.07) | (26.63) | (78.53) | (32.68) | (63.58) | (72.63) | (20.13) |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 133 | 88.37 | 254 | 53.70 | 107 | 87.54 | 308 | 147 |
| Revenue growth (YoY) | +24.8% | +1.0% | -17.6% | -63.5% | +23.1% | +28.9% | - | - |
| Other income | 2.02 | 1.76 | 2.37 | 1.88 | 8.42 | 2.99 | 2.40 | 0.86 |
| EBITDA | 10.73 | 15.45 | 20.78 | 4.69 | 16.28 | 17.08 | 22.43 | 15.13 |
| EBITDA margin | +8.0% | +17.5% | +8.2% | +8.7% | +15.2% | +19.5% | +7.3% | +10.3% |
| Depreciation | 3.39 | 3.22 | 3.50 | 3.33 | 3.33 | 3.37 | 4.07 | 4.59 |
| Interest | 4.50 | 5.66 | 3.15 | 6.90 | 7.57 | 7.72 | 7.36 | 7.82 |
| Profit before tax | 4.86 | 8.33 | 16.50 | (3.66) | 13.80 | 8.98 | 13.40 | 3.58 |
| Tax | 1.17 | 2.07 | 5.02 | 0.60 | 1.34 | 1.50 | 1.97 | 1.07 |
| Net profit | 3.69 | 6.26 | 11.48 | (4.26) | 12.46 | 7.48 | 11.43 | 2.51 |
| EPS (βΉ) | 0.14 | 0.23 | 0.43 | (0.16) | 0.47 | 0.28 | 0.45 | 0.10 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 448 | 572 | 358 | 322 | 387 | 270 | 200 |
| Revenue growth | -21.8% | +59.8% | +11.2% | -16.7% | +43.4% | +34.6% | - |
| EBITDA | 55.10 | 59.91 | 46.74 | 46.22 | 49.82 | 33.65 | 44.47 |
| EBITDA margin | +12.3% | +10.5% | +13.1% | +14.4% | +12.9% | +12.5% | +22.2% |
| Profit before tax | 34.44 | 32.20 | 20.17 | 41.69 | 10.25 | (15.23) | 16.16 |
| Net profit | 23.18 | 26.01 | 18.53 | 12.97 | 7.14 | (11.95) | 4.59 |
| Net profit margin | +5.2% | +4.6% | +5.2% | +4.0% | +1.9% | -4.4% | +2.3% |
| EPS (βΉ) | 0.97 | 1.00 | 0.69 | 1.19 | 0.29 | (0.47) | 7.18 |
| Balance sheet | |||||||
| Total assets | 381 | 353 | 328 | 366 | 365 | 422 | 430 |
| Net worth | 250 | 223 | 194 | 173 | 136 | 129 | 141 |
| Total debt | 119 | 117 | 121 | 175 | 195 | 249 | 281 |
| Cash & bank | 76.48 | 91.75 | 40.43 | 35.18 | 44.61 | 40.99 | 23.51 |
| Net working capital | 234 | 187 | 183 | 202 | 215 | 196 | 196 |
| Cash flow | |||||||
| Cash from operations | (6.88) | 54.00 | 63.34 | 26.58 | 24.00 | 89.37 | (13.01) |
| Cash from investing | 3.91 | (0.15) | 5.19 | 15.08 | 49.64 | (7.98) | 2.62 |
| Cash from financing | (15.76) | (27.23) | (73.72) | (34.97) | (80.44) | (72.56) | 3.22 |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 98.94 | 57.35 | 208 | 51.12 | 104 | 84.44 | 298 | 129 |
| Revenue growth (YoY) | -5.2% | -32.1% | -30.2% | -60.3% | +19.0% | +45.4% | - | - |
| Other income | 1.50 | 1.41 | 1.68 | 1.34 | 1.31 | 2.80 | 2.05 | 0.81 |
| Total expenses | 87.96 | 46.35 | 192 | 40.96 | 89.89 | 69.81 | 278 | 116 |
| EBITDA | 10.98 | 11.00 | 15.88 | 10.16 | 14.42 | 14.63 | 20.00 | 13.25 |
| EBITDA margin | +11.1% | +19.2% | +7.6% | +19.9% | +13.8% | +17.3% | +6.7% | +10.3% |
| Depreciation | 2.18 | 2.03 | 2.31 | 2.12 | 2.12 | 2.17 | 2.34 | 2.15 |
| Interest | 3.59 | 4.46 | (0.20) | 5.80 | 6.65 | 6.82 | 6.53 | 6.99 |
| Profit before tax | 6.71 | 5.92 | 15.45 | 3.58 | 6.96 | 8.44 | 13.18 | 4.92 |
| Tax | 1.64 | 1.45 | 5.00 | 0.63 | 1.19 | 1.50 | 1.81 | 1.07 |
Financial Statements
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 133 | 88.37 | 254 | 53.70 | 107 | 87.54 | 308 | 147 |
| Revenue growth (YoY) | +24.8% | +1.0% | -17.6% | -63.5% | +23.1% | +28.9% | - | - |
| Other income | 2.02 | 1.76 | 2.37 | 1.88 | 8.42 | 2.99 | 2.40 | 0.86 |
| EBITDA | 10.73 | 15.45 | 20.78 | 4.69 | 16.28 | 17.08 | 22.43 | 15.13 |
| EBITDA margin | +8.0% | +17.5% | +8.2% | +8.7% | +15.2% | +19.5% | +7.3% | +10.3% |
| Depreciation | 3.39 | 3.22 | 3.50 | 3.33 | 3.33 | 3.37 | 4.07 | 4.59 |
| Interest | 4.50 | 5.66 | 3.15 | 6.90 | 7.57 | 7.72 | 7.36 | 7.82 |
| Profit before tax | 4.86 | 8.33 | 16.50 | (3.66) | 13.80 | 8.98 | 13.40 | 3.58 |
| Tax | 1.17 | 2.07 | 5.02 | 0.60 | 1.34 | 1.50 | 1.97 | 1.07 |
| Net profit | 3.69 | 6.26 | 11.48 | (4.26) | 12.46 | 7.48 | 11.43 | 2.51 |
| EPS (βΉ) | 0.14 | 0.23 | 0.43 | (0.16) | 0.47 | 0.28 | 0.45 | 0.10 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 502 | 610 | 460 | 513 | 460 | 274 | 204 |
| Revenue growth | -17.7% | +32.6% | -10.2% | +11.4% | +68.0% | +34.6% | - |
| Other income | 8.34 | 6.39 | 6.13 | 28.85 | 2.56 | 3.34 | 28.68 |
| Total expenses | 436 | 543 | 402 | 455 | 409 | 239 | 159 |
| Employee cost | 14.89 | 12.49 | 12.51 | 15.43 | 17.42 | 17.42 | 18.88 |
| EBITDA | 66.17 | 66.84 | 58.32 | 57.56 | 51.10 | 34.92 | 45.01 |
| EBITDA margin | +13.2% | +11.0% | +12.7% | +11.2% | +11.1% | +12.8% | +22.1% |
| Depreciation | 13.53 | 15.29 | 15.84 | 13.17 | 15.74 | 21.02 | 23.87 |
| Interest | 25.34 | 27.62 | 23.84 | 25.25 | 28.42 | 32.23 | 34.16 |
| Profit before tax | 35.64 | 30.32 | 24.77 | 47.99 | 9.50 | (14.99) | 15.66 |
| Tax | 8.45 | 5.40 | 2.58 | 11.43 | 2.79 | (3.03) | 11.54 |
| Net profit | 24.27 | 23.96 | 21.53 | 14.88 | 5.98 | (12.44) | 3.77 |
| Net profit margin | +4.8% | +3.9% | +4.7% | +2.9% | +1.3% | -4.5% | +1.9% |
| EPS (βΉ) | 1.01 | 0.92 | 0.80 | 1.26 | 0.24 | (0.49) | 5.81 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 37.78 | 36.56 | 35.48 | 34.52 | 63.52 | 76.88 | 57.66 |
| Reserves & surplus | 213 | 186 | 162 | 140 | 58.33 | 52.84 | 84.06 |
| Shareholders' funds (net worth) | 250 | 222 | 197 | 174 | 135 | 130 | 142 |
| Minority interest | 0.96 | 1.20 | 2.94 | 3.82 | 1.60 | 1.51 | 1.48 |
| Secured loans | 122 | 116 | 94.85 | 141 | 143 | 162 | 195 |
| Unsecured loans | 32.13 | 34.25 | 50.11 | 58.86 | 74.05 | 90.26 | 88.70 |
| Total debt | 154 | 150 | 145 | 200 | 217 | 252 | 284 |
| Total liabilities | 418 | 388 | 357 | 396 | 385 | 429 | 436 |
| Assets | |||||||
| Gross block | 281 | 250 | 249 | 239 | 195 | 322 | 292 |
| Net block | 149 | 121 | 127 | 132 | 95.56 | 185 | 175 |
| Capital work in progress | 0.04 | 3.37 | 3.28 | 7.10 | 0.00 | 0.00 | 0.00 |
| Investments | 21.24 | 21.24 | 21.24 | 30.85 | 30.44 | 31.53 | 38.27 |
| Inventories | 72.32 | 97.59 | 95.88 | 95.35 | 104 | 67.58 | 83.62 |
| Sundry debtors | 109 | 88.69 | 98.65 | 165 | 113 | 84.56 | 82.84 |
| Cash & bank balances | 86.07 | 96.92 | 50.54 | 56.01 | 46.91 | 42.66 | 24.40 |
| Loans & advances | 135 | 171 | 83.28 | 58.25 | 81.74 | 71.06 | 64.11 |
| Total current assets | 402 | 455 | 328 | 374 | 345 | 266 | 255 |
| Total current liabilities | 188 | 259 | 143 | 178 | 106 | 77.11 | 58.38 |
| Net working capital | 215 | 196 | 185 | 196 | 239 | 189 | 197 |
| Total assets | 418 | 388 | 357 | 396 | 385 | 429 | 436 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 32.17 | 9.06 | 26.54 | 4.04 | 10.08 | 24.40 | 41.99 |
| Net cash from operating activities | 32.26 | 74.90 | 64.62 | 73.35 | (7.98) | 100 | 1.95 |
| Net cash from investing activities | (30.93) | (25.16) | (3.57) | (18.16) | 65.53 | (41.98) | 0.59 |
| Net cash from financing activities | (20.07) | (26.63) | (78.53) | (32.68) | (63.58) | (72.63) | (20.13) |
| Net change in cash | (18.74) | 23.11 | (17.48) | 22.50 | (6.04) | (14.32) | (17.59) |
| Closing cash | 86.07 | 96.92 | 50.54 | 56.01 | 46.91 | 42.66 | 24.40 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | -17.7% | +32.6% | -10.2% | +11.4% | +68.0% | +34.6% | - |
| EBITDA growth | -1.0% | +14.6% | +1.3% | +12.6% | +46.3% | -22.4% | - |
| PBT growth | +17.6% | +22.4% | -48.4% | +405.2% | +9998.0% | - | +146.2% |
| Net income growth | +1.3% | +11.3% | +44.7% | +148.8% | +148.1% | -430.0% | - |
| Revenue CAGR (3Y) | -0.7% | +9.9% | +18.9% | +36.1% | +12.2% | -10.8% | -20.1% |
| EBITDA CAGR (3Y) | +4.8% | +9.4% | +18.6% | +8.5% | -10.6% | -30.8% | -27.8% |
| Profitability & leverage | |||||||
| Net income margin | +5.4% | +4.1% | +4.8% | +7.1% | +1.5% | -4.4% | +2.0% |
| Return on capital employed | +15.2% | +15.6% | +13.0% | +12.2% | +9.3% | +4.0% | +11.3% |
| Return on net worth | +12.0% | +12.4% | +12.5% | +13.3% | +7.6% | -14.2% | +5.0% |
| Debt / equity | 0.64 | 0.70 | 0.93 | 1.35 | 1.77 | 1.97 | 2.14 |
| Long-term debt / equity | 0.36 | 0.31 | 0.30 | 0.47 | 0.78 | 0.98 | 1.26 |
| Interest cover | 48.14 | 53.58 | 56.12 | 56.88 | 80.37 | 231.87 | 161.59 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 2.10 | 2.77 | 2.10 | 2.58 | 1.96 | 0.94 | 0.66 |
| Inventory turnover | 6.57 | 7.16 | 5.38 | 5.64 | 5.92 | 3.81 | 2.44 |
| Debtors turnover | 5.65 | 7.39 | 3.91 | 4.04 | 5.13 | 3.44 | 2.22 |
| EPS (βΉ) | 1.01 | 0.92 | 0.80 | 1.26 | 0.24 | (0.49) | 5.81 |
| Dividend per share (βΉ) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (βΉ) | 8.89 | 7.89 | 6.99 | 6.18 | 3.28 | 3.06 | 141.23 |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 98.94 | 57.35 | 208 | 51.12 | 104 | 84.44 | 298 | 129 |
| Revenue growth (YoY) | -5.2% | -32.1% | -30.2% | -60.3% | +19.0% | +45.4% | - | - |
| Other income | 1.50 | 1.41 | 1.68 | 1.34 | 1.31 | 2.80 | 2.05 | 0.81 |
| Total expenses | 87.96 | 46.35 | 192 | 40.96 | 89.89 | 69.81 | 278 | 116 |
| EBITDA | 10.98 | 11.00 | 15.88 | 10.16 | 14.42 | 14.63 | 20.00 | 13.25 |
| EBITDA margin | +11.1% | +19.2% | +7.6% | +19.9% | +13.8% | +17.3% | +6.7% | +10.3% |
| Depreciation | 2.18 | 2.03 | 2.31 | 2.12 | 2.12 | 2.17 | 2.34 | 2.15 |
| Interest | 3.59 | 4.46 | (0.20) | 5.80 | 6.65 | 6.82 | 6.53 | 6.99 |
| Profit before tax | 6.71 | 5.92 | 15.45 | 3.58 | 6.96 | 8.44 | 13.18 | 4.92 |
| Tax | 1.64 | 1.45 | 5.00 | 0.63 | 1.19 | 1.50 | 1.81 | 1.07 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 448 | 572 | 358 | 322 | 387 | 270 | 200 |
| Revenue growth | -21.8% | +59.8% | +11.2% | -16.7% | +43.4% | +34.6% | - |
| Other income | 7.13 | 5.56 | 5.07 | 28.71 | 2.47 | 3.33 | 28.66 |
| Total expenses | 392 | 512 | 311 | 276 | 337 | 236 | 156 |
| Employee cost | 13.47 | 9.38 | 8.49 | 11.49 | 16.95 | 16.92 | 18.15 |
| EBITDA | 55.10 | 59.91 | 46.74 | 46.22 | 49.82 | 33.65 | 44.47 |
| EBITDA margin | +12.3% | +10.5% | +13.1% | +14.4% | +12.9% | +12.5% | +22.2% |
| Depreciation | 8.72 | 9.08 | 10.83 | 11.11 | 15.04 | 20.32 | 23.17 |
| Interest | 19.07 | 24.19 | 20.81 | 22.13 | 27.00 | 31.89 | 33.80 |
| Profit before tax | 34.44 | 32.20 | 20.17 | 41.69 | 10.25 | (15.23) | 16.16 |
| Tax | 8.32 | 5.24 | 1.48 | 9.59 | 2.84 | (3.19) | 11.57 |
| Net profit | 23.18 | 26.01 | 18.53 | 12.97 | 7.14 | (11.95) | 4.59 |
| Net profit margin | +5.2% | +4.6% | +5.2% | +4.0% | +1.9% | -4.4% | +2.3% |
| EPS (βΉ) | 0.97 | 1.00 | 0.69 | 1.19 | 0.29 | (0.47) | 7.18 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 37.78 | 36.56 | 35.48 | 34.52 | 63.52 | 76.88 | 57.66 |
| Reserves & surplus | 212 | 186 | 159 | 138 | 59.40 | 51.99 | 83.24 |
| Shareholders' funds (net worth) | 250 | 223 | 194 | 173 | 136 | 129 | 141 |
| Secured loans | 81.53 | 82.71 | 70.98 | 116 | 121 | 187 | 193 |
| Unsecured loans | 37.41 | 34.14 | 50.00 | 58.79 | 74.05 | 62.07 | 88.01 |
| Total debt | 119 | 117 | 121 | 175 | 195 | 249 | 281 |
| Total liabilities | 381 | 353 | 328 | 366 | 365 | 422 | 430 |
| Assets | |||||||
| Gross block | 186 | 190 | 193 | 190 | 171 | 285 | 277 |
| Net block | 81.62 | 84.16 | 88.57 | 93.69 | 81.24 | 158 | 169 |
| Capital work in progress | 0.00 | 3.37 | 3.28 | 7.10 | 0.00 | 0.00 | 0.00 |
| Investments | 32.48 | 32.38 | 32.38 | 41.99 | 48.29 | 44.74 | 39.79 |
| Inventories | 72.32 | 97.52 | 95.43 | 78.47 | 103 | 67.49 | 83.49 |
| Sundry debtors | 104 | 77.83 | 96.74 | 149 | 94.77 | 93.19 | 81.46 |
| Cash & bank balances | 76.48 | 91.75 | 40.43 | 35.18 | 44.61 | 40.99 | 23.51 |
| Loans & advances | 112 | 158 | 70.17 | 43.50 | 76.41 | 67.34 | 64.93 |
| Total current assets | 365 | 425 | 303 | 306 | 319 | 269 | 253 |
| Total current liabilities | 131 | 238 | 120 | 104 | 103 | 73.19 | 57.36 |
| Net working capital | 234 | 187 | 183 | 202 | 215 | 196 | 196 |
| Total assets | 381 | 353 | 328 | 366 | 365 | 422 | 430 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 30.59 | 3.96 | 9.16 | 2.47 | 9.27 | 0.44 | 7.61 |
| Net cash from operating activities | (6.88) | 54.00 | 63.34 | 26.58 | 24.00 | 89.37 | (13.01) |
| Net cash from investing activities | 3.91 | (0.15) | 5.19 | 15.08 | 49.64 | (7.98) | 2.62 |
| Net cash from financing activities | (15.76) | (27.23) | (73.72) | (34.97) | (80.44) | (72.56) | 3.22 |
| Net change in cash | (18.72) | 26.62 | (5.19) | 6.69 | (6.80) | 8.83 | (7.17) |
| Closing cash | 76.48 | 91.75 | 40.43 | 35.18 | 44.61 | 40.99 | 23.51 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | -21.8% | +59.8% | +11.2% | -16.7% | +43.4% | +34.6% | - |
| EBITDA growth | -8.0% | +28.2% | +1.1% | -7.2% | +48.1% | -24.3% | - |
| PBT growth | +7.0% | +59.6% | -51.6% | +306.7% | +9998.0% | - | +299.0% |
| Net income growth | -10.9% | +40.4% | +42.9% | +81.7% | +159.8% | -360.4% | - |
| Revenue CAGR (3Y) | +11.6% | +14.0% | +9.9% | +17.1% | +8.9% | -4.2% | -15.8% |
| EBITDA CAGR (3Y) | +6.0% | +6.3% | +11.6% | +1.3% | -6.8% | -16.0% | -15.6% |
| Profitability & leverage | |||||||
| Net income margin | +5.8% | +4.7% | +5.2% | +10.0% | +1.9% | -4.5% | +2.3% |
| Return on capital employed | +14.6% | +16.6% | +11.8% | +10.4% | +9.5% | +3.9% | +11.6% |
| Return on net worth | +11.6% | +13.5% | +10.7% | +9.8% | +8.4% | -14.4% | +5.3% |
| Debt / equity | 0.50 | 0.57 | 0.81 | 1.20 | 1.67 | 1.96 | 1.97 |
| Long-term debt / equity | 0.10 | 0.11 | 0.18 | 0.29 | 0.66 | 0.96 | 0.98 |
| Interest cover | 41.12 | 47.59 | 57.95 | 63.03 | 77.63 | 239.23 | 158.69 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 2.68 | 3.42 | 2.15 | 2.05 | 1.90 | 1.01 | 0.74 |
| Inventory turnover | 5.92 | 6.78 | 4.73 | 4.08 | 5.09 | 3.76 | 2.41 |
| Debtors turnover | 5.52 | 7.49 | 3.35 | 3.04 | 4.62 | 3.25 | 2.21 |
| EPS (βΉ) | 0.97 | 1.00 | 0.69 | 1.19 | 0.29 | (0.47) | 7.18 |
| Dividend per share (βΉ) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (βΉ) | 8.87 | 7.90 | 6.90 | 6.13 | 3.32 | 3.03 | 139.95 |
Similar companies to Madhav Services
Madhav Services has 3 listed similar companies in our database, 3 of them funded. They include Fourth Partner Energy, Sterling And Wilson and GREW.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| fourthpartner.co | 2010 | Hyderabad, India | $564.02M | 425 | On-grid and off-grid solar solutions and products are provided. | |
| sterlingandwilson.com | 1927 | Mumbai, India | $50M | 6,013 | EPC and MEP services are provided across diverse sectors. | |
| grew.one | 2022 | Ahmedabad, India | $4.22M | 1,556 | Provider of a range of solar products and services |
Detailed similar companies of Madhav Services
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Top companies in Rail Engineering and Design Services
3 companies that operate in the same segment as Madhav Services (Rail Engineering and Design Services) in India, ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Operates an app-based information portal for Indian Railways to assist travelers. | 2018 | Patna, Bihar, India | ||||
Power transmission, distribution, railways, and civil infrastructure services in India. | 2004 | Delhi, Delhi, India | ||||
Provides intelligent transportation systems, smart city projects, and infrastructure services. | 2001 | Mumbai, Maharashtra, India | USD 40.01 M | 580 |
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Frequently Asked Questions about Madhav Services
Madhav Services is headquartered in Vadodara, India. It is registered at Vadodara, Gujarat, India.
The primary company behind Madhav Services, Madhav Infra Projects Limited, reported revenue of βΉ510 Cr for FY 2026, down 18% year on year.
Transport infrastructure EPC services are offered by Madhav Services. Sustainable energy infrastructure projects are also undertaken. Rail logistics infrastructure solutions are managed in alignment with national energy transition goals. Sectors including transport, energy, and logistics are covered by the company.
Madhav Services's top competitors include Fourth Partner Energy, GREW and Sterling And Wilson.
Madhav Services offers Transport Infrastructure EPC Services, Sustainable Energy Infrastructure, and Rail Logistics Infrastructure.
Yes, Madhav Services is publicly traded on BSE under the ticker symbol MADHAVIPL.
Madhav Services operates through Madhav Infra Projects Limited.
The legal entities of Madhav Services currently have 7 directors, including Ashok Khurana Madhavdas, Amit Khurana, Nikhil Kaushik and others.
