BSE: 532344
MADALA HOLDINGS LIMITED
Operates as a real estate asset holder focused on managing commercial property following a September 2024 demerger that spun off its IT/ITES business into Covance Softsol Limited. The current business runs under a single 'INFRA Business' segment, with the company's main asset being a commercial office property in Madhapur, Hyderabad, in the city's IT corridor. The Board is currently in an advanced planning and evaluation phase for possibly redeveloping this Madhapur property, covering technical feasibility, financial viability, sustainability standards, and regulatory compliance, with no binding agreement or construction contract signed yet. Pre-demerger data from the June 2024 quarter showed the INFRA segment generated ₹3.2028 crore in revenue against the IT/ITES segment's ₹23.3159 crore. For FY26, total assets stood at ₹123.5768 crore and the cost structure is dominated by other operating expenses (33.4% of revenue), with no raw materials cost since this is a property-holding business. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. INFRA (commercial real estate), IT/ITES. Asset-heavy property holding with redevelopment under evaluation
Exhibit 1: Financial summary, FY20–FY24 (all audited; no estimate years)
| ₹ crore · consolidated | FY20 | FY21 | FY22 | FY23 | FY24 |
|---|---|---|---|---|---|
| Revenue | 45 | 40 | 74 | 83 | 75 |
| EBITDA (ex other income) | 7 | 9 | 15 | 8 | 10 |
| margin % | 14.7 | 22.6 | 20.8 | 10.1 | 12.8 |
| Owners' profit | 0 | 0 | 0 | 0 | 11 |
| EPS, as reported (₹) | 4.01 | 8.21 | 9.93 | 0.05 | 7.38 |
| ROE % · ROCE % | 4.8 · 6.4 | 8.9 · 10.3 | 9.3 · 10.9 | 0.1 · 2.7 | 6.2 · 8.5 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | — | 15 | 20 | 16 | 1 |
| Capex | — | 0 | (4) | (4) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 21 | 19 | 19 | 19 | 18 | 17 | 21 | 27 |
| Profit before tax | (2) | 8 | 14 | 3 | 4 | 4 | 4 | 13 |
| Net profit | (3) | 7 | 14 | 2 | 3 | 3 | 3 | 12 |
| EPS (₹) | (1.80) | 4.07 | 9.25 | 1.64 | 1.98 | 8.25 | 1.76 | 8.13 |
Exhibit 3: Segment revenue, FY24
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| IT/ITELS | 19 | 17.2 |
| INFRA | 19 | 16.7 |
| IT/ITES | 58 | 51.9 |
| IT/ ITES | 16 | 14.1 |
| Total, before eliminations | 111 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PROZONE REALTY LIMITED | 783 | 68.4 | 1.60 | 14.6 | 3.7 | 2.3 | 34.2 | (32.2) |
| MADALA HOLDINGS LIMITED ◆ | 205 | 6.7 | 1.17 | 10.9 | 6.2 | 7.6 | — | 50.1 |
| Justo Realfintech Limited | 141 | 17.4 | — | — | — | 20.4 | — | — |
| RUDRABHISHEK ENTERP LTD | 111 | — | 0.80 | — | (8.1) | (8.5) | 2.5 | 17.1 |
| LANDMARK PR.DEV.CO.LTD | 78 | 9.1 | 1.89 | — | 3.6 | 4.8 | — | 654.5 |
| RAP CORP LIMITED | 19 | 0.4 | 0.34 | 0.4 | 80.2 | 80.0 | — | — |
| SHRICON INDUSTRIES LTD. | 11 | 6.8 | 2.01 | — | 34.4 | 40.1 | — | 28.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.7 | 19.0 | 15 of 124 | 89% |
| P/B | 1.2 | 1.4 | 62 of 140 | 56% |
| ROCE | 7.6 | 4.2 | 52 of 161 | 68% |
| ROE | 6.2 | 4.5 | 59 of 143 | 59% |
| Debt / Equity | 0.0 | 0.3 | 1 of 143 | 83% |
| EBITDA margin | 50.1 | 22.0 | 26 of 130 | 81% |
| Revenue growth | 39.6 | 3.5 | 44 of 135 | 68% |
| Profit growth | 396.6 | (3.9) | 11 of 151 | 93% |
| Market cap | 205 | 124 | 70 of 162 | 57% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · Routine compliance certificate for dematerialization requests for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · AGM approves MD pay revision and director continuation | management changes | medium | — | — |
| 1 Oct 2026 · 36th AGM: All 4 resolutions passed with 99.99% majority | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Madala Holdings 36th AGM held on September 30, 2026 | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading Window closes Oct 1 ahead of Q2 FY26 results | compliance | minimal | — | — |
| 8 Sept 2026 · Madala Holdings files 36th AGM notice published in newspapers | compliance | minimal | — | — |
| 7 Sept 2026 · Madala Holdings files 36th Annual Report for FY 2025-26, AGM on Sep 30 | results | high | — | — |
| 7 Sept 2026 · 36th AGM on Sep 30 2026 via Video Conference - Madala Holdings | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Q1 FY27 results: profit up about 27%, clean auditor review | results | high | — | — |
| 14 Aug 2026 · Madala Holdings Q1 FY27 profit drops 23% YoY to Rs 343 lakh | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.