About Madhav Infra Projects Limited
Data last updated:
Madhav Infra Projects Limited is a public limited company based in Vadodara, Gujarat, India. It operates in the general construction services segment of the infrastructure and utilities sector. It was incorporated on 07 October 1992 and has been in existence for over 34 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN L45200GJ1992PLC018392. Its GSTIN is 24AADCM1157C2Z0 (Gujarat). The company holds 4 GST registrations, of which 3 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 539894 and NSE: MADHAVIPL.
The company has an authorised share capital of ₹91.15 Cr and a paid-up capital of ₹64.86 Cr. It was formerly known as Myraj Consultancy Private Limited and Myraj Consultancy Limited. It is led by directors including Amit Khurana (Managing Director) and Ashok Khurana Madhavdas.
Its last annual general meeting (AGM) was held on 26 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Madhav House Plot No. 04 Nr. Panchratna Building Subhanpura, Vadodara, Gujarat, India – 390023.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹502.13 Cr, a decline of 17.7% compared to the previous year. For the same year it recorded a net profit of ₹24.27 Cr (net margin 4.8%) and EBITDA of ₹66.17 Cr (EBITDA margin 13.2%). The net worth stands at ₹250.42 Cr (up 12.6% YoY). Total assets are valued at ₹418.17 Cr (up 7.8% YoY).
The company has about 113 employees on its provident fund (EPFO) records. Its group structure includes 4 subsidiaries.
As per MCA filings, the company has open charges of ₹1,182.51 Cr and satisfied charges of ₹792.62 Cr on record. Court records list 54 cases involving the company, including 23 filed by the company and 31 filed against it; 5 cases are pending. The company has 16 deals on record (11 market trades, 4 funding rounds, 1 secondary share transfer), with disclosed funding of ₹52.59 Cr; the latest was in September 2023.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website madhavcorp.com.
Company details
Name history
Madhav Infra Projects has undergone 4 name changes throughout its history. The current legal name is Madhav Infra Projects Limited.
| Company Name | Status |
|---|---|
| Madhav Infra Projects Limited | Current |
| Myraj Consultancy Private Limited | Previous |
| Myraj Consultancy Limited | Previous |
| Myraj Consultancy Pvt Ltd | Previous |
| Myraj Consultancy Ltd | Previous |
CIN history
Madhav Infra Projects has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L45200GJ1992PLC018392, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L45200GJ1992PLC018392 | Current |
| U45200GJ1992PLC018392 | Previous |
| U74140GJ1992PLC018392 | Previous |
Contact details
Madhav Infra Projects Limited's registered office is in Vadodara, Gujarat. Its website is madhavcorp.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressMadhav House Plot No. 04 Nr. Panchratna Building Subhanpura, Vadodara, Gujarat, India – 390023
- IndustryInfrastructure and Utilities, General Construction Services, Power Infrastructure & Energy Projects
To see the full contact details of Madhav Infra Projects Limited, buy the company report.
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
Business activity
The main business activity of Madhav Infra Projects is construction. In detail, this covers roads, railways, utility projects.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| F | Construction | F2 | Roads, railways, Utility projects |
To see the full business activity and turnover split of Madhav Infra Projects Limited, buy the company report.
Financials of Madhav Infra Projects Limited
FY 2025-26 filings availableMadhav Infra Projects Limited reported revenue of ₹502.13 Cr (down 17.7% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · 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 (₹) | 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 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 88.37 | 254 | 53.70 | 107 | 87.54 | 308 | 147 | 86.77 |
| Revenue growth (YoY) | +1.0% | -17.6% | -63.5% | +23.1% | +28.9% | - | - | - |
| Other income | 1.76 | 2.37 | 1.88 | 8.42 | 2.99 | 2.40 | 0.86 | 2.18 |
| EBITDA | 15.45 | 20.78 | 4.69 | 16.28 | 17.08 | 22.43 | 15.13 | 12.68 |
| EBITDA margin | +17.5% | +8.2% | +8.7% | +15.2% | +19.5% | +7.3% | +10.3% | +14.6% |
| Depreciation | 3.22 | 3.50 | 3.33 | 3.33 | 3.37 | 4.07 | 4.59 | 3.33 |
| Interest | 5.66 | 3.15 | 6.90 | 7.57 | 7.72 | 7.36 | 7.82 | 6.45 |
| Profit before tax | 8.33 | 16.50 | (3.66) | 13.80 | 8.98 | 13.40 | 3.58 | 5.08 |
| Tax | 2.07 | 5.02 | 0.60 | 1.34 | 1.50 | 1.97 | 1.07 | 0.91 |
| Net profit | 6.26 | 11.48 | (4.26) | 12.46 | 7.48 | 11.43 | 2.51 | 4.17 |
| EPS (₹) | 0.23 | 0.43 | (0.16) | 0.47 | 0.28 | 0.45 | 0.10 | 0.15 |
| 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 (₹) | 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 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 57.35 | 208 | 51.12 | 104 | 84.44 | 298 | 129 | 87.63 |
| Revenue growth (YoY) | -32.1% | -30.2% | -60.3% | +19.0% | +45.4% | - | - | - |
| Other income | 1.41 | 1.68 | 1.34 | 1.31 | 2.80 | 2.05 | 0.81 | 1.87 |
| Total expenses | 46.35 | 192 | 40.96 | 89.89 | 69.81 | 278 | 116 | 74.85 |
| EBITDA | 11.00 | 15.88 | 10.16 | 14.42 | 14.63 | 20.00 | 13.25 | 12.78 |
| EBITDA margin | +19.2% | +7.6% | +19.9% | +13.8% | +17.3% | +6.7% | +10.3% | +14.6% |
| Depreciation | 2.03 | 2.31 | 2.12 | 2.12 | 2.17 | 2.34 | 2.15 | 2.31 |
| Interest | 4.46 | (0.20) | 5.80 | 6.65 | 6.82 | 6.53 | 6.99 | 5.49 |
| Profit before tax | 5.92 | 15.45 | 3.58 | 6.96 | 8.44 | 13.18 | 4.92 | 6.85 |
| Tax | 1.45 | 5.00 | 0.63 | 1.19 | 1.50 | 1.81 | 1.07 | 1.15 |
Financial Statements
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 88.37 | 254 | 53.70 | 107 | 87.54 | 308 | 147 | 86.77 |
| Revenue growth (YoY) | +1.0% | -17.6% | -63.5% | +23.1% | +28.9% | - | - | - |
| Other income | 1.76 | 2.37 | 1.88 | 8.42 | 2.99 | 2.40 | 0.86 | 2.18 |
| EBITDA | 15.45 | 20.78 | 4.69 | 16.28 | 17.08 | 22.43 | 15.13 | 12.68 |
| EBITDA margin | +17.5% | +8.2% | +8.7% | +15.2% | +19.5% | +7.3% | +10.3% | +14.6% |
| Depreciation | 3.22 | 3.50 | 3.33 | 3.33 | 3.37 | 4.07 | 4.59 | 3.33 |
| Interest | 5.66 | 3.15 | 6.90 | 7.57 | 7.72 | 7.36 | 7.82 | 6.45 |
| Profit before tax | 8.33 | 16.50 | (3.66) | 13.80 | 8.98 | 13.40 | 3.58 | 5.08 |
| Tax | 2.07 | 5.02 | 0.60 | 1.34 | 1.50 | 1.97 | 1.07 | 0.91 |
| Net profit | 6.26 | 11.48 | (4.26) | 12.46 | 7.48 | 11.43 | 2.51 | 4.17 |
| EPS (₹) | 0.23 | 0.43 | (0.16) | 0.47 | 0.28 | 0.45 | 0.10 | 0.15 |
| 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 (₹) | 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 (₹) | 1.01 | 0.92 | 0.80 | 1.26 | 0.24 | (0.49) | 5.81 |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 8.89 | 7.89 | 6.99 | 6.18 | 3.28 | 3.06 | 141.23 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 57.35 | 208 | 51.12 | 104 | 84.44 | 298 | 129 | 87.63 |
| Revenue growth (YoY) | -32.1% | -30.2% | -60.3% | +19.0% | +45.4% | - | - | - |
| Other income | 1.41 | 1.68 | 1.34 | 1.31 | 2.80 | 2.05 | 0.81 | 1.87 |
| Total expenses | 46.35 | 192 | 40.96 | 89.89 | 69.81 | 278 | 116 | 74.85 |
| EBITDA | 11.00 | 15.88 | 10.16 | 14.42 | 14.63 | 20.00 | 13.25 | 12.78 |
| EBITDA margin | +19.2% | +7.6% | +19.9% | +13.8% | +17.3% | +6.7% | +10.3% | +14.6% |
| Depreciation | 2.03 | 2.31 | 2.12 | 2.12 | 2.17 | 2.34 | 2.15 | 2.31 |
| Interest | 4.46 | (0.20) | 5.80 | 6.65 | 6.82 | 6.53 | 6.99 | 5.49 |
| Profit before tax | 5.92 | 15.45 | 3.58 | 6.96 | 8.44 | 13.18 | 4.92 | 6.85 |
| Tax | 1.45 | 5.00 | 0.63 | 1.19 | 1.50 | 1.81 | 1.07 | 1.15 |
| 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 (₹) | 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 (₹) | 0.97 | 1.00 | 0.69 | 1.19 | 0.29 | (0.47) | 7.18 |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 8.87 | 7.90 | 6.90 | 6.13 | 3.32 | 3.03 | 139.95 |
To see the full year-wise statements and ratios of Madhav Infra Projects Limited, buy the company report.
Board of directors of Madhav Infra Projects Limited
Madhav Infra Projects has 6 current directors and 18 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Ashok Khurana Madhavdas Also directs: Mansha Textiles Pvt Ltd, Sainergy Industrial Products Private Limited, Mipl Solar Bilehru Private Limited and 5 more | Director | 14 Feb 2019 | 7 Years 8 Months | Current |
| Amit Khurana Also directs: Mansha Textiles Pvt Ltd, Waa Solar (Kalibawadi) Private Limited, Waa Solar (Satipura) Private Limited and 5 more | Managing Director | 14 Feb 2019 | 7 Years 8 Months | Current |
| Nikhil Kaushik | Director | 03 Feb 2025 | 1 Years 8 Months | Current |
| Hiral Vinodbhai Patel Also directs: Hemo Organic Limited, Sakar Healthcare Limited, Starlineps Enterprises Limited and 2 more | Director | 05 Aug 2024 | 2 Years 2 Months | Current |
| Shankar Prasad Bhagat Also directs: Waa Solar Limited | Director | 05 Aug 2024 | 2 Years 2 Months | Current |
| Neelakshi Amit Khurana Also directs: Mansha Textiles Pvt Ltd, Waa Solar (Talanpur) Private Limited, Waa Solar (Satipura) Private Limited and 5 more | Director | 29 Jan 2024 | 2 Years 8 Months | Current |
Auditor
Madhav Infra Projects Limited is audited by BIPIN & CO for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| BIPIN & CO | FY 2023 | 101509W |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 68.80%, foreign institutional investors hold 0.00%, domestic institutional investors hold 0.00% and retail and other public shareholders hold 31.20%.
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 68.80% | 68.80% | 68.80% | 68.80% |
| Public | 31.20% | 31.20% | 31.20% | 31.20% |
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 02 Jun 2026 | 101301380 | Hdfc Bank Limited | ₹39.14 Lakh | Open | |
| 15 May 2026 | 101292682 | Idbi Trusteeship Services Limited | ₹155.43 Cr | Open | |
| 24 Apr 2026 | 101287437 | Axis Bank Limited | ₹36.18 Lakh | Open | |
| 17 Jan 2026 | 101220075 | Hdfc Bank Limited | ₹13.86 Lakh | Open | |
| 22 Dec 2025 | 101208049 | Axis Bank Limited | ₹58.17 Lakh | Open |
To see the full charge records of Madhav Infra Projects Limited, buy the company report.
Total charge records: 249 View all charges
Deals & funding
Madhav Infra Projects Limited has 16 deals on record (11 market trades, 4 funding rounds, 1 secondary share transfer), with disclosed funding of ₹52.59 Cr; the latest was in September 2023.
Deals on record (5 of 16)
| When | Deal | Amount | Parties |
|---|---|---|---|
| May 2022 | Funding round | ₹1.34 Cr | Investors: Touchline Securities Private Limited , Dhwaja Commodity Services Private Limited , Afpl Tradelink LLP |
| Feb 2022 | Market trade | ₹3.05 Cr | Buyer: Alpha Leon Enterprises LLP Seller: Regis Industries Limited , Alpha Leon Enterprises LLP |
| Feb 2022 | Market trade | ₹2.14 Cr | Buyer: Regis Industries Limited |
| Jan 2022 | Market trade | ₹2.43 Cr | Buyer: Nilmesh Infrabuild LLP Seller: Nilmesh Infrabuild LLP |
| Jan 2022 | Market trade | ₹89.3 Lakh | Seller: Simplex Trading and Agencies Ltd |
To see the full deal history of Madhav Infra Projects Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Madhav Infra Projects Limited has 54 court cases on record: 23 filed by Madhav Infra Projects, 31 filed against it. 5 cases are pending and 49 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 33 | 29 | 2 |
| High courts | 16 | 2 | 2 |
| NCLT | 3 | 0 | 1 |
| Supreme Court | 2 | 0 | 0 |
Cases on record (5 of 54)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court of Gujarat | Arbitration matter | Filed by the company against Girivar Hotel and Resort Pvt. Ltd. | Pending |
| High Court, GUJARAT | Arbitration matter | Filed by the company against Theme Engineering Services Pvt. Ltd. and 2 others | Disposed |
| High Court, GUJARAT | Special civil application | Filed by the company against Theme Engineering Services Pvt Ltd. and 2 others | Disposed |
| High Court of Madhya Pradesh | Writ petition | Filed by the company against M.P. Madhya Kshetra Vidyut Vitran Co. Limited | Pending |
| NCLT, Ahmedabad | Court case (C.A.(CAA)) | Filed by the company against an individual | Pending |
To see the full case history of Madhav Infra Projects Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Madhav Infra Projects Limited was last rated by Care on 28 Sep 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Care | 28 Sep 2022 |
To see the full credit ratings and regulatory alerts of Madhav Infra Projects Limited, buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Madhav Infra Projects Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Group structure & subsidiaries
Madhav Infra Projects has 4 subsidiary companies and 1 associated company. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
| Company Name | CIN | Shares held |
|---|---|---|
| Seabird Exploration Private Limited | U11100GJ2022PTC131918 | |
| Badi Baktara Toll Private Limited | U45309GJ2016PTC092403 | |
| Madhav (Aaron Sindh Road) Private Limited | U45309GJ2020PTC113680 | |
| Mi Solar (India) Private Limited | U93000GJ2016PTC086089 |
To see the full group structure of Madhav Infra Projects Limited, buy the company report.
Employees & EPFO
Madhav Infra Projects Limited has a workforce of 113 employees on its EPFO records as of Mar 29, 2024, across 1 active EPFO establishment.
GST
Madhav Infra Projects has 4 GST registrations: 3 active and 1 cancelled or inactive.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AADCM1157C2Z0 | Gujarat | Active | 23 Aug 2023 |
| 07AADCM1157C1ZX | Delhi | Active | 01 Jul 2017 |
| 06AADCM1157C1ZZ | Haryana | Active | 07 Dec 2017 |
To see the full GST registrations and return filing status of Madhav Infra Projects Limited, buy the company report.
Recent activity
Madhav Infra Projects Limited has 39 board changes on record since 1992: 23 appointments and 16 cessations. The latest: Kamal Ashwinbhai Lalani ceased to be Director on 26 Sep 2025.
455 earlier events are in the company report.
News
Frequently asked questions
Madhav Infra Projects is an active public limited company based in Vadodara, Gujarat, India. The company works in general construction services, within the infrastructure and utilities industry. It was incorporated on 07 October 1992 (34+ years old) and is registered under CIN L45200GJ1992PLC018392. Listed on BSE: 539894 and NSE: MADHAVIPL.
Madhav Infra Projects reported revenue of ₹502.13 Cr for FY 2025-26 (down 17.7% YoY) based on consolidated financials.
Madhav Infra Projects has 6 current directors:
- Amit Khurana - Managing Director
- Ashok Khurana Madhavdas - Director
- Nikhil Kaushik - Director
- Hiral Vinodbhai Patel - Director
- Shankar Prasad Bhagat - Director
- Neelakshi Amit Khurana - Director
The latest financial statements of Madhav Infra Projects on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 26 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Madhav Infra Projects is 24AADCM1157C2Z0, registered in Gujarat. The company has 4 GST registrations in all, of which 3 are active and 1 is cancelled or inactive. Other active GSTINs include 07AADCM1157C1ZX (Delhi), 06AADCM1157C1ZZ (Haryana).
The CIN (Corporate Identification Number) of Madhav Infra Projects is L45200GJ1992PLC018392. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Madhav Infra Projects is a listed company as per MCA records. Its shares are listed on both BSE (code: 539894) and NSE (symbol: MADHAVIPL).
Madhav Infra Projects has 54 court cases on record: 23 filed by the company and 31 filed against it. 5 are pending. Most are in the district courts.
Madhav Infra Projects was incorporated on 07 October 1992, making it 34+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Madhav Infra Projects has 16 deals on record (11 market trades, 4 funding rounds, 1 secondary share transfer), with disclosed funding of ₹52.59 Cr; the latest was in September 2023.