Unaudited Financial Results for the quarter and nine months ended on December 31, 2025.
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Madhav Infra Projects submitted its Q3 FY26 and nine-month FY26 unaudited results (standalone and consolidated), reviewed by statutory auditors Shah & Kadam. Standalone revenue from operations for Q3 FY26 fell sharply to Rs 5,112.21 lakhs versus Rs 12,878.85 lakhs in Q3 FY25, and for the nine months stood at Rs 23,987.95 lakhs versus Rs 27,449.11 lakhs last year — a decline of roughly 12.6%. Consolidated nine-month revenue also dropped about 17.8% to Rs 24,806.56 lakhs. Despite weaker top-line, standalone profit before tax for the nine months improved to Rs 697.10 lakhs from Rs 491.98 lakhs a year ago, and total comprehensive income rose modestly to Rs 1,568.03 lakhs. The auditor flagged an emphasis-of-matter regarding non-ascertainment and non-provision of deferred tax liability as per Ind AS 12, though the review conclusion itself is unmodified.
Sharply lower quarterly revenue is a red flag for the construction business, but the year-on-year improvement in profit before tax and stable comprehensive income suggest better margin execution. Investors should watch whether the topline slump is temporary or a structural slowdown, and note the deferred tax provisioning gap flagged by auditors.