AFR for the quarter and year ended 31st March, 2025
MADHUCON · price
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Awaiting price reaction for this filing.
Madhucon Projects' Board approved audited results for FY25 on May 17, 2025, with statutory auditors P. Murali & Co. issuing a qualified opinion on both standalone and consolidated numbers. Standalone revenue from operations dropped sharply to ₹58,032.49 lakhs in FY25 from ₹95,124.33 lakhs in FY24, a fall of nearly 39%. Net loss for the year widened to ₹2,104.41 lakhs from ₹1,026.94 lakhs in FY24, translating to a loss per share of ₹2.85. Total income got a boost from a one-time settlement (OTS) benefit of ₹22,176.41 lakhs from ICICI Bank and ING Vysya Bank, plus partial write-backs of trade and other payables. The auditors flagged a material going concern uncertainty as current liabilities exceeded current assets by ₹37,034.83 lakhs and the company has defaulted on bank dues of ₹6,785.99 lakhs (Canara Bank and PNB, classified as NPA). Major red flags include three subsidiaries (Ranchi, Trichy-Thanjavur, Barasat-Krishnagar Expressways) under NCLT insolvency proceedings, Enforcement Directorate attachment of properties worth ~₹177 crore, a CBI FIR against Ranchi Expressways, and no internal audit conducted during the year.
This is a high-risk filing for shareholders — a qualified audit opinion, explicit going concern doubt, a 39% revenue collapse, widening losses, and serious regulatory/legal issues against subsidiaries point to severe financial distress. The stock is likely to remain under selling pressure, and equity holders face real risk of value erosion given the unresolved NPA status, partial investment write-offs, and ongoing NCLT/ED cases.