Unaudited Financial Results for the quarter and half year ended on September 30, 2025.
MADHAVIPL · price
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Madhav Infra Projects, an infrastructure construction company, reported H1 FY26 (standalone) revenue of Rs. 18,875.74 lakhs, up about 29.6% YoY from Rs. 14,570.26 lakhs. Profit after tax rose modestly by around 8% to Rs. 1,271.72 lakhs (vs Rs. 1,175.44 lakhs). On a consolidated basis, revenue grew about 25.7% to Rs. 19,436.41 lakhs while PAT jumped to Rs. 1,993.71 lakhs from Rs. 1,098.18 lakhs, largely driven by a share of profits from joint ventures. Operating cash flow was sharply negative (approximately Rs. 3,729 lakhs standalone and Rs. 7,253 lakhs consolidated), signalling working capital strain despite reported profitability. The statutory auditor (Shah & Kadam) flagged an emphasis-of-matter note regarding non-ascertainment and non-provision of Deferred Tax Liability under Ind AS 12.
Top-line growth is encouraging, but PAT growth and negative operating cash flows suggest margins are under pressure and the business is consuming working capital. The auditor's deferred tax observation is a minor governance flag for shareholders to track at year-end.