Madhav Services

Vadodara, India Listed
Infrastructure and energy solutions are provided by Madhav Services.

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 β‚Ή510 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
  • Sectors
    Transportation, Automotive & Logistics
    Energy & Utilities
  • Email
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  • Phone
    β€’β€’β€’β€’ β€’β€’β€’β€’
  • Website madhavcorp.com
  • Social LinkedIn X
  • Legal Name Madhav Infra Projects Ltd.
Key Metrics
  • 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

  • ROE
    12.0%

    ROCE 15.2%

  • Debt / Equity
    0.64

    Interest cover 48.1x

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.

Transport Infrastructure EPC Services
Infrastructure

Services for transport infrastructure are provided by Madhav.

Sustainable Energy Infrastructure
Energy

Sustainable energy infrastructure solutions are developed by Madhav.

Rail Logistics Infrastructure
Logistics

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.

DirectorDesignationAppointedTenureEntity
Ashok Khurana Madhavdas
DIN 00003617
Director14 Feb 20197 yrs 8 moMadhav Infra Projects Limited
Amit Khurana
DIN 00003626
Managing Director14 Feb 20197 yrs 8 moMadhav Infra Projects Limited
Neelakshi Amit Khurana
DIN 00027350
Director29 Jan 20242 yrs 9 moMadhav Infra Projects Limited
Hiral Vinodbhai Patel
DIN 09719512
Director05 Aug 20242 yrs 3 moMadhav Infra Projects Limited
Shankar Prasad Bhagat
DIN 01359807
Director05 Aug 20242 yrs 3 moMadhav Infra Projects Limited
Nikhil Kaushik
DIN 00040403
Director03 Feb 20251 yr 9 moMadhav Infra Projects Limited

People of Madhav Services

2 people are tracked at Madhav Services (1 in leadership, 1 in team).

NameRoleGroup
Ankur Ahir
CEOLeadership
Ankit Trivedi
HR ExecutiveTeam
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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

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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· Consolidated
Revenue
₹502 Cr
-17.7% YoY
EBITDA
₹66.17 Cr
-1.0% YoY
Profit After Tax
₹24.27 Cr
+1.3% YoY
Net Worth
₹250 Cr
+12.6% YoY
Total Assets
₹418 Cr
+7.8% YoY
Total Debt
₹154 Cr
+2.7% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue502610460513460274204
Revenue growth-17.7%+32.6%-10.2%+11.4%+68.0%+34.6%-
EBITDA66.1766.8458.3257.5651.1034.9245.01
EBITDA margin+13.2%+11.0%+12.7%+11.2%+11.1%+12.8%+22.1%
Profit before tax35.6430.3224.7747.999.50(14.99)15.66
Net profit24.2723.9621.5314.885.98(12.44)3.77
Net profit margin+4.8%+3.9%+4.7%+2.9%+1.3%-4.5%+1.9%
EPS (β‚Ή)1.010.920.801.260.24(0.49)5.81
Balance sheet
Total assets418388357396385429436
Net worth250222197174135130142
Total debt154150145200217252284
Cash & bank86.0796.9250.5456.0146.9142.6624.40
Net working capital215196185196239189197
Cash flow
Cash from operations32.2674.9064.6273.35(7.98)1001.95
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)
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue13388.3725453.7010787.54308147
Revenue growth (YoY)+24.8%+1.0%-17.6%-63.5%+23.1%+28.9%--
Other income2.021.762.371.888.422.992.400.86
EBITDA10.7315.4520.784.6916.2817.0822.4315.13
EBITDA margin+8.0%+17.5%+8.2%+8.7%+15.2%+19.5%+7.3%+10.3%
Depreciation3.393.223.503.333.333.374.074.59
Interest4.505.663.156.907.577.727.367.82
Profit before tax4.868.3316.50(3.66)13.808.9813.403.58
Tax1.172.075.020.601.341.501.971.07
Net profit3.696.2611.48(4.26)12.467.4811.432.51
EPS (β‚Ή)0.140.230.43(0.16)0.470.280.450.10
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue448572358322387270200
Revenue growth-21.8%+59.8%+11.2%-16.7%+43.4%+34.6%-
EBITDA55.1059.9146.7446.2249.8233.6544.47
EBITDA margin+12.3%+10.5%+13.1%+14.4%+12.9%+12.5%+22.2%
Profit before tax34.4432.2020.1741.6910.25(15.23)16.16
Net profit23.1826.0118.5312.977.14(11.95)4.59
Net profit margin+5.2%+4.6%+5.2%+4.0%+1.9%-4.4%+2.3%
EPS (β‚Ή)0.971.000.691.190.29(0.47)7.18
Balance sheet
Total assets381353328366365422430
Net worth250223194173136129141
Total debt119117121175195249281
Cash & bank76.4891.7540.4335.1844.6140.9923.51
Net working capital234187183202215196196
Cash flow
Cash from operations(6.88)54.0063.3426.5824.0089.37(13.01)
Cash from investing3.91(0.15)5.1915.0849.64(7.98)2.62
Cash from financing(15.76)(27.23)(73.72)(34.97)(80.44)(72.56)3.22
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue98.9457.3520851.1210484.44298129
Revenue growth (YoY)-5.2%-32.1%-30.2%-60.3%+19.0%+45.4%--
Other income1.501.411.681.341.312.802.050.81
Total expenses87.9646.3519240.9689.8969.81278116
EBITDA10.9811.0015.8810.1614.4214.6320.0013.25
EBITDA margin+11.1%+19.2%+7.6%+19.9%+13.8%+17.3%+6.7%+10.3%
Depreciation2.182.032.312.122.122.172.342.15
Interest3.594.46(0.20)5.806.656.826.536.99
Profit before tax6.715.9215.453.586.968.4413.184.92
Tax1.641.455.000.631.191.501.811.07

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 10 Nov 2026
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue13388.3725453.7010787.54308147
Revenue growth (YoY)+24.8%+1.0%-17.6%-63.5%+23.1%+28.9%--
Other income2.021.762.371.888.422.992.400.86
EBITDA10.7315.4520.784.6916.2817.0822.4315.13
EBITDA margin+8.0%+17.5%+8.2%+8.7%+15.2%+19.5%+7.3%+10.3%
Depreciation3.393.223.503.333.333.374.074.59
Interest4.505.663.156.907.577.727.367.82
Profit before tax4.868.3316.50(3.66)13.808.9813.403.58
Tax1.172.075.020.601.341.501.971.07
Net profit3.696.2611.48(4.26)12.467.4811.432.51
EPS (β‚Ή)0.140.230.43(0.16)0.470.280.450.10
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue502610460513460274204
Revenue growth-17.7%+32.6%-10.2%+11.4%+68.0%+34.6%-
Other income8.346.396.1328.852.563.3428.68
Total expenses436543402455409239159
Employee cost14.8912.4912.5115.4317.4217.4218.88
EBITDA66.1766.8458.3257.5651.1034.9245.01
EBITDA margin+13.2%+11.0%+12.7%+11.2%+11.1%+12.8%+22.1%
Depreciation13.5315.2915.8413.1715.7421.0223.87
Interest25.3427.6223.8425.2528.4232.2334.16
Profit before tax35.6430.3224.7747.999.50(14.99)15.66
Tax8.455.402.5811.432.79(3.03)11.54
Net profit24.2723.9621.5314.885.98(12.44)3.77
Net profit margin+4.8%+3.9%+4.7%+2.9%+1.3%-4.5%+1.9%
EPS (β‚Ή)1.010.920.801.260.24(0.49)5.81
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital37.7836.5635.4834.5263.5276.8857.66
Reserves & surplus21318616214058.3352.8484.06
Shareholders' funds (net worth)250222197174135130142
Minority interest0.961.202.943.821.601.511.48
Secured loans12211694.85141143162195
Unsecured loans32.1334.2550.1158.8674.0590.2688.70
Total debt154150145200217252284
Total liabilities418388357396385429436
Assets
Gross block281250249239195322292
Net block14912112713295.56185175
Capital work in progress0.043.373.287.100.000.000.00
Investments21.2421.2421.2430.8530.4431.5338.27
Inventories72.3297.5995.8895.3510467.5883.62
Sundry debtors10988.6998.6516511384.5682.84
Cash & bank balances86.0796.9250.5456.0146.9142.6624.40
Loans & advances13517183.2858.2581.7471.0664.11
Total current assets402455328374345266255
Total current liabilities18825914317810677.1158.38
Net working capital215196185196239189197
Total assets418388357396385429436
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash32.179.0626.544.0410.0824.4041.99
Net cash from operating activities32.2674.9064.6273.35(7.98)1001.95
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 cash86.0796.9250.5456.0146.9142.6624.40
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 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 / equity0.640.700.931.351.771.972.14
Long-term debt / equity0.360.310.300.470.780.981.26
Interest cover48.1453.5856.1256.8880.37231.87161.59
Efficiency & per share
Fixed asset turnover2.102.772.102.581.960.940.66
Inventory turnover6.577.165.385.645.923.812.44
Debtors turnover5.657.393.914.045.133.442.22
EPS (β‚Ή)1.010.920.801.260.24(0.49)5.81
Dividend per share (β‚Ή)0.000.000.000.000.000.000.00
Book value per share (β‚Ή)8.897.896.996.183.283.06141.23
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue98.9457.3520851.1210484.44298129
Revenue growth (YoY)-5.2%-32.1%-30.2%-60.3%+19.0%+45.4%--
Other income1.501.411.681.341.312.802.050.81
Total expenses87.9646.3519240.9689.8969.81278116
EBITDA10.9811.0015.8810.1614.4214.6320.0013.25
EBITDA margin+11.1%+19.2%+7.6%+19.9%+13.8%+17.3%+6.7%+10.3%
Depreciation2.182.032.312.122.122.172.342.15
Interest3.594.46(0.20)5.806.656.826.536.99
Profit before tax6.715.9215.453.586.968.4413.184.92
Tax1.641.455.000.631.191.501.811.07
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue448572358322387270200
Revenue growth-21.8%+59.8%+11.2%-16.7%+43.4%+34.6%-
Other income7.135.565.0728.712.473.3328.66
Total expenses392512311276337236156
Employee cost13.479.388.4911.4916.9516.9218.15
EBITDA55.1059.9146.7446.2249.8233.6544.47
EBITDA margin+12.3%+10.5%+13.1%+14.4%+12.9%+12.5%+22.2%
Depreciation8.729.0810.8311.1115.0420.3223.17
Interest19.0724.1920.8122.1327.0031.8933.80
Profit before tax34.4432.2020.1741.6910.25(15.23)16.16
Tax8.325.241.489.592.84(3.19)11.57
Net profit23.1826.0118.5312.977.14(11.95)4.59
Net profit margin+5.2%+4.6%+5.2%+4.0%+1.9%-4.4%+2.3%
EPS (β‚Ή)0.971.000.691.190.29(0.47)7.18
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital37.7836.5635.4834.5263.5276.8857.66
Reserves & surplus21218615913859.4051.9983.24
Shareholders' funds (net worth)250223194173136129141
Secured loans81.5382.7170.98116121187193
Unsecured loans37.4134.1450.0058.7974.0562.0788.01
Total debt119117121175195249281
Total liabilities381353328366365422430
Assets
Gross block186190193190171285277
Net block81.6284.1688.5793.6981.24158169
Capital work in progress0.003.373.287.100.000.000.00
Investments32.4832.3832.3841.9948.2944.7439.79
Inventories72.3297.5295.4378.4710367.4983.49
Sundry debtors10477.8396.7414994.7793.1981.46
Cash & bank balances76.4891.7540.4335.1844.6140.9923.51
Loans & advances11215870.1743.5076.4167.3464.93
Total current assets365425303306319269253
Total current liabilities13123812010410373.1957.36
Net working capital234187183202215196196
Total assets381353328366365422430
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash30.593.969.162.479.270.447.61
Net cash from operating activities(6.88)54.0063.3426.5824.0089.37(13.01)
Net cash from investing activities3.91(0.15)5.1915.0849.64(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 cash76.4891.7540.4335.1844.6140.9923.51
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 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 / equity0.500.570.811.201.671.961.97
Long-term debt / equity0.100.110.180.290.660.960.98
Interest cover41.1247.5957.9563.0377.63239.23158.69
Efficiency & per share
Fixed asset turnover2.683.422.152.051.901.010.74
Inventory turnover5.926.784.734.085.093.762.41
Debtors turnover5.527.493.353.044.623.252.21
EPS (β‚Ή)0.971.000.691.190.29(0.47)7.18
Dividend per share (β‚Ή)0.000.000.000.000.000.000.00
Book value per share (β‚Ή)8.877.906.906.133.323.03139.95

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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 β‚Ή510 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.

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