Madhav Marbles and Granites Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
MADHAV · price
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Madhav Marbles and Granites Limited reported standalone PAT of Rs 238.81 lakh for FY2026, up 218% from Rs 75.11 lakh in FY2025. Standalone revenue from operations declined slightly to Rs 3046.24 lakh from Rs 3094.89 lakh. The auditors issued a qualified opinion citing failure to assess impairment on investments in subsidiaries Madhav Ashok Ventures (Rs 3 crore), Madhav Natural Stone (Rs 86 lakh + Rs 6 crore loans), and associate Madhav Surfaces LLC (Rs 1.14 crore + loans) despite eroded net worth. The Board approved acquiring the remaining 40% stake in Madhav Ashok Ventures to make it a wholly-owned subsidiary, investing up to Rs 10 crore in overseas associate Madhav Surfaces FZC LLC, and extending loan repayment timelines for two subsidiaries by 1-2 years due to working capital pressures from geopolitical disruptions affecting their overseas joint venture.
The qualified auditor opinion raises concerns about asset valuation and may create negative sentiment among investors. The core stone business showed consolidated losses while power generation drove profits. Related party transactions and subsidiary support commitments could pressure cash flows.