About Madhav Infra Projects Limited
Data last updated: 06 January 2026
Madhav Infra Projects Limited is a public limited company based in Vadodara, Gujarat, India. It specialises in general construction services, a part of the broader infrastructure and utilities sector. Incorporated on 07 October 1992, the company has been in operation for over 34 years.
Registered with ROC Ahmedabad under CIN U45200GJ1992PLC018392. Listed on BSE: 539894.
Capital: an authorised share capital of ₹91.15 Cr and a paid-up capital of ₹64.86 Cr. Formerly known as Myraj Consultancy Private Limited and Myraj Consultancy Limited. It is led by directors including Ashok Khurana Madhavdas and Rajendrasinh Kishorsinh Rana.
Last AGM: 26 September 2025. Financial statements filed for year ended 31 March 2025. Office: Madhav House Plot No. 04 Nr. Panchratna Building Subhanpura, Vadodara, Gujarat, India – 390023.
As per the financials filed for FY 2025, the company reported a revenue of ₹616.18 Cr, a growth of 32% compared to the previous year.
The company has a workforce of approximately 113 employees as per the latest available data.
As per MCA filings, the company has open charges of ₹923.51 Cr and satisfied charges of ₹792.62 Cr on record.
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.
-
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
- Historical Financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Litigation, compliance and MCA filings
- PDF report delivered after checkout
Name History of Madhav Infra Projects Limited
Madhav Infra Projects Limited has undergone 4 name changes throughout its history. The current legal name is Madhav Infra Projects Limited, reflecting the company's evolution and rebranding over time.
| 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 of Madhav Infra Projects Limited
Madhav Infra Projects Limited 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 |
Business Activity of Madhav Infra Projects Limited
Madhav Infra Projects Limited is engaged in the principal business activity of construction, with detailed activities including roads, railways, utility projects.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| F | Construction | F2 | Roads, railways, Utility projects | ********* |
Board of Directors of Madhav Infra Projects Limited
Madhav Infra Projects Limited is currently managed by 8 directors, with 17 former directors having served the organization. The current Directors play a crucial role in shaping the company's strategic direction and governance.
| 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 4 Months | Current |
|
Rajendrasinh Kishorsinh Rana
Also directs:
Mansha Textiles Pvt Ltd
|
Cfo | 13 Aug 2022 | 3 Years 10 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 4 Months | Current |
| Nikhil Kaushik | Director | 03 Feb 2025 | 1 Years 5 Months | Current |
|
Hiral Vinodbhai Patel
Also directs:
Hemo Organic Limited, Sakar Healthcare Limited, Starlineps Enterprises Limited and 2 more
|
Director | 05 Aug 2024 | 1 Years 11 Months | Current |
|
Shankar Prasad Bhagat
Also directs:
Waa Solar Limited
|
Director | 05 Aug 2024 | 1 Years 11 Months | Current |
Financials of Madhav Infra Projects Limited FY 2025 filings available
Madhav Infra Projects Limited reported revenue of ₹616.18 Cr (up 32% YoY) for FY 2025. Profit growth despite declining revenue indicates effective cost management and margin discipline.
| Metrics | ***** | ***** | ***** | ***** | ***** |
|---|---|---|---|---|---|
| Revenue | |||||
| Revenue from Operations | ***** | ***** | ***** | ***** | ***** |
| Revenue Growth % | ***** | ***** | ***** | ***** | ***** |
| Other Income | ***** | ***** | ***** | ***** | ***** |
| Total Revenue | ***** | ***** | ***** | ***** | ***** |
| Expenses | |||||
| Total Expenses | ***** | ***** | ***** | ***** | ***** |
| Raw Material Cost | ***** | ***** | ***** | ***** | ***** |
| Change in Inventory FG | ***** | ***** | ***** | ***** | ***** |
| Change in Inventory WIP | ***** | ***** | ***** | ***** | ***** |
| Purchase of Traded Goods | ***** | ***** | ***** | ***** | ***** |
| Employee Cost | ***** | ***** | ***** | ***** | ***** |
| Managerial Remuneration | ***** | ***** | ***** | ***** | ***** |
| Audit Fees | ***** | ***** | ***** | ***** | ***** |
| Insurance | ***** | ***** | ***** | ***** | ***** |
| Power & Fuel | ***** | ***** | ***** | ***** | ***** |
| Interest | ***** | ***** | ***** | ***** | ***** |
| Depreciation | ***** | ***** | ***** | ***** | ***** |
| Other Expenses | ***** | ***** | ***** | ***** | ***** |
| Profitability | |||||
| EBITDA (Operating Profit) | ***** | ***** | ***** | ***** | ***** |
| Operating Margin % | ***** | ***** | ***** | ***** | ***** |
| Exceptional Items | ***** | ***** | ***** | ***** | ***** |
| Extraordinary Items | ***** | ***** | ***** | ***** | ***** |
| Profit Before Exceptional & Extraordinary Items | ***** | ***** | ***** | ***** | ***** |
| Profit Before Tax | ***** | ***** | ***** | ***** | ***** |
| Tax & Net Profit | |||||
| Tax Expense | ***** | ***** | ***** | ***** | ***** |
| Current Tax | ***** | ***** | ***** | ***** | ***** |
| Deferred Tax | ***** | ***** | ***** | ***** | ***** |
| Profit from Discontinued Operations | ***** | ***** | ***** | ***** | ***** |
| Tax on Discontinued Operations | ***** | ***** | ***** | ***** | ***** |
| Profit | ***** | ***** | ***** | ***** | ***** |
| Net Margin % | ***** | ***** | ***** | ***** | ***** |
| Metrics | ***** | ***** | ***** | ***** | ***** |
|---|---|---|---|---|---|
| Shareholders' Funds | |||||
| Total Shareholders' Funds | ***** | ***** | ***** | ***** | ***** |
| Equity Capital | ***** | ***** | ***** | ***** | ***** |
| Reserves & Surplus | ***** | ***** | ***** | ***** | ***** |
| Money Against Warrants | ***** | ***** | ***** | ***** | ***** |
| Other Equity | ***** | ***** | ***** | ***** | ***** |
| Non-Current Liabilities | |||||
| Total Non-Current Liabilities | ***** | ***** | ***** | ***** | ***** |
| Long-Term Borrowings | ***** | ***** | ***** | ***** | ***** |
| Deferred Tax Liabilities | ***** | ***** | ***** | ***** | ***** |
| Other Non-Current Liabilities | ***** | ***** | ***** | ***** | ***** |
| Long-Term Provisions | ***** | ***** | ***** | ***** | ***** |
| Current Liabilities | |||||
| Total Current Liabilities | ***** | ***** | ***** | ***** | ***** |
| Short-Term Borrowings | ***** | ***** | ***** | ***** | ***** |
| Trade Payables | ***** | ***** | ***** | ***** | ***** |
| Other Current Liabilities | ***** | ***** | ***** | ***** | ***** |
| Short-Term Provisions | ***** | ***** | ***** | ***** | ***** |
| Total Equity & Liabilities | ***** | ***** | ***** | ***** | ***** |
| Non-Current Assets | |||||
| Non-Current Assets | ***** | ***** | ***** | ***** | ***** |
| Tangible Assets | ***** | ***** | ***** | ***** | ***** |
| Intangible Assets | ***** | ***** | ***** | ***** | ***** |
| Capital WIP | ***** | ***** | ***** | ***** | ***** |
| Intangibles Under Dev | ***** | ***** | ***** | ***** | ***** |
| Investments | ***** | ***** | ***** | ***** | ***** |
| Deferred Tax Assets | ***** | ***** | ***** | ***** | ***** |
| LT Loans & Advances | ***** | ***** | ***** | ***** | ***** |
| Other Non-Current Assets | ***** | ***** | ***** | ***** | ***** |
| Current Assets | |||||
| Current Assets | ***** | ***** | ***** | ***** | ***** |
| Current Investments | ***** | ***** | ***** | ***** | ***** |
| Inventories | ***** | ***** | ***** | ***** | ***** |
| Trade Receivables | ***** | ***** | ***** | ***** | ***** |
| Cash & Bank Balance | ***** | ***** | ***** | ***** | ***** |
| ST Loans & Advances | ***** | ***** | ***** | ***** | ***** |
| Other Current Assets | ***** | ***** | ***** | ***** | ***** |
| Total Assets | ***** | ***** | ***** | ***** | ***** |
| Metrics | ***** | ***** | ***** | ***** | ***** |
|---|---|---|---|---|---|
| Cash from Operating Activities (CFO) | |||||
| Profit Before Tax | ***** | ***** | ***** | ***** | ***** |
| Non-Cash Adjustments | ***** | ***** | ***** | ***** | ***** |
| + Interest Expense | ***** | ***** | ***** | ***** | ***** |
| + Depreciation | ***** | ***** | ***** | ***** | ***** |
| +/- Unrealized Forex | ***** | ***** | ***** | ***** | ***** |
| - Dividend Income | ***** | ***** | ***** | ***** | ***** |
| - Interest Income | ***** | ***** | ***** | ***** | ***** |
| +/- Other Non-Cash Items | ***** | ***** | ***** | ***** | ***** |
| Changes in Working Capital | ***** | ***** | ***** | ***** | ***** |
| +/- Inventory | ***** | ***** | ***** | ***** | ***** |
| +/- Debtors | ***** | ***** | ***** | ***** | ***** |
| +/- Creditors | ***** | ***** | ***** | ***** | ***** |
| Reconciliation Adjustments | ***** | ***** | ***** | ***** | ***** |
| Cash Generated from Operations | ***** | ***** | ***** | ***** | ***** |
| Income Taxes Paid | ***** | ***** | ***** | ***** | ***** |
| Net CFO (Cash from Operations) | ***** | ***** | ***** | ***** | ***** |
| Cash from Investing Activities (CFI) | |||||
| Acquisitions & Disposals | ***** | ***** | ***** | ***** | ***** |
| Disposal of Subsidiaries | ***** | ***** | ***** | ***** | ***** |
| Acquisition of Subsidiaries | ***** | ***** | ***** | ***** | ***** |
| Capex | ***** | ***** | ***** | ***** | ***** |
| Purchase of Fixed Assets | ***** | ***** | ***** | ***** | ***** |
| Sale of Fixed Assets | ***** | ***** | ***** | ***** | ***** |
| Other Investing Cash Flows | ***** | ***** | ***** | ***** | ***** |
| Net CFI (Cash from Investing) | ***** | ***** | ***** | ***** | ***** |
| Cash from Financing Activities (CFF) | |||||
| Equity Issuance | ***** | ***** | ***** | ***** | ***** |
| Debt Raised | ***** | ***** | ***** | ***** | ***** |
| Debt Repaid | ***** | ***** | ***** | ***** | ***** |
| Dividends Paid | ***** | ***** | ***** | ***** | ***** |
| Interest Paid | ***** | ***** | ***** | ***** | ***** |
| Net CFF (Cash from Financing) | ***** | ***** | ***** | ***** | ***** |
| Net Cash Position | |||||
| Net Change in Cash (Pre-Forex) | ***** | ***** | ***** | ***** | ***** |
| Closing Cash & Equivalents | ***** | ***** | ***** | ***** | ***** |
| Metrics | ***** | ***** | ***** | ***** | ***** |
|---|---|---|---|---|---|
| Liquidity | |||||
| Current Ratio | ***** | ***** | ***** | ***** | ***** |
| Quick Ratio | ***** | ***** | ***** | ***** | ***** |
| Cash Ratio | ***** | ***** | ***** | ***** | ***** |
| Efficiency | |||||
| Inventory Days | ***** | ***** | ***** | ***** | ***** |
| Debtor Days | ***** | ***** | ***** | ***** | ***** |
| Creditor Days | ***** | ***** | ***** | ***** | ***** |
| Cash Conversion Cycle | ***** | ***** | ***** | ***** | ***** |
| Asset Turnover | ***** | ***** | ***** | ***** | ***** |
| Profitability | |||||
| Net Profit Margin % | ***** | ***** | ***** | ***** | ***** |
| Operating Margin % | ***** | ***** | ***** | ***** | ***** |
| ROE % | ***** | ***** | ***** | ***** | ***** |
| ROCE % | ***** | ***** | ***** | ***** | ***** |
| Net Worth Margin % | ***** | ***** | ***** | ***** | ***** |
| Growth | |||||
| Revenue Growth % | ***** | ***** | ***** | ***** | ***** |
| Leverage | |||||
| Equity Multiplier | ***** | ***** | ***** | ***** | ***** |
| Debt / EBITDA | ***** | ***** | ***** | ***** | ***** |
| Solvency | |||||
| D/E Ratio | ***** | ***** | ***** | ***** | ***** |
| ICR | ***** | ***** | ***** | ***** | ***** |
Consolidated Statements
Income Statement, Balance Sheet, Cash Flow & Ratios available in the full report.
Charges & Borrowings of Madhav Infra Projects Limited
| Date | Lender | Amount | Status |
|---|---|---|---|
| 22 Dec 2025 | Axis Bank Limited | ₹58.17 Lakh | Open |
| 07 Nov 2025 | Axis Bank Limited | ₹16.31 Lakh | Open |
| 31 Oct 2025 | Axis Bank Limited | ₹2.23 Cr | Open |
| 30 Oct 2025 | Axis Bank Limited | ₹1.89 Cr | Open |
| 01 Oct 2025 | Others | ₹80.76 Lakh | Open |
Total charge records: 245 View all charges
Employees and EPFO Compliance at Madhav Infra Projects Limited
View historical data on people associated with Madhav Infra Projects Limited, including employment history and EPFO contributions.
Employee Count & EPFO Data of Madhav Infra Projects Limited
Access employee headcount trends, monthly PF payment records, EPFO establishment details, and compliance data.
GST Compliance of Madhav Infra Projects Limited
GSTIN & GST Filing Data of Madhav Infra Projects Limited
Access GSTIN registrations, state-wise filing compliance, HSN/SAC codes, and detailed goods & services data.
Credit Ratings, Litigation & Regulatory Alerts for Madhav Infra Projects Limited
Credit Ratings, Legal Cases & Regulatory Alerts of Madhav Infra Projects Limited
Access complete credit rating history, litigation records, regulatory alerts, and compliance data.
MSME Payment Delays by Madhav Infra Projects Limited
MSME Payment Delays by Madhav Infra Projects Limited
Track payments outstanding to micro and small enterprise vendors, as disclosed in half-yearly MSME-1 returns filed with the MCA.
Subsidiaries & Group Companies of Madhav Infra Projects Limited
Subsidiaries & Group Companies of Madhav Infra Projects Limited
See the full corporate group - holding company, subsidiaries, associates and joint ventures of Madhav Infra Projects Limited with ownership details.
MCA Filings & Documents of Madhav Infra Projects Limited
MCA Filings & Documents of Madhav Infra Projects Limited
Download official documents filed with the Ministry of Corporate Affairs - from incorporation papers to the latest annual filings.
Recent Activity on Madhav Infra Projects Limited
Recent News on Madhav Infra Projects Limited
Frequently Asked Questions about Madhav Infra Projects Limited
Madhav Infra Projects Limited is an active public limited company in the infrastructure and utilities sector based in Vadodara, Gujarat, India. It was incorporated on 07 October 1992 (34+ years old) and is registered under CIN L45200GJ1992PLC018392. Listed on BSE: 539894. The company has 113 employees.
Madhav Infra Projects Limited reported revenue of ₹616.18 Cr for FY 2025 (up 32.00% YoY).
The current directors of Madhav Infra Projects Limited are:
The primary industry of Madhav Infra Projects Limited is infrastructure and utilities. The company specifically operates in general construction services. The company is currently active in this sector.
Yes. Madhav Infra Projects Limited is listed on BSE with code 539894.
Madhav Infra Projects Limited can be reached at the registered office: Madhav House Plot No. 04 Nr. Panchratna Building Subhanpura, Vadodara, Gujarat, India – 390023, or through the website madhavcorp.com.