NSE: MADHAVIPL · BSE: 539894
MADHAV INFRA PROJECTS L
Builds and operates infrastructure projects through civil construction and has recently moved into solar power development. Based in Vadodara, Gujarat, the company runs operations through 15 subsidiaries, 1 associate and 6 joint ventures. In December 2025, it received Letters of Award from M.P. Urja Vikas Nigam Limited, a Government of Madhya Pradesh enterprise, worth approximately ₹342 crore to set up grid-connected solar PV power plants under the PM KUSUM-C Scheme's Surya Mitra Krishi Feeders component, with power to be sold to MPPMCL. To execute these projects, the company incorporated nine wholly-owned Special Purpose Vehicles named with a 'MIPL Solar' or 'Madhav Solar' prefix, each with paid-up capital of ₹1 lakh, and has executed multiple Power Purchase Agreements. Solar contracts must be completed within 18 months of PPA signing. Materials account for 49.8% of revenue, employee costs 3.0%, other operating expenses 31.9%, depreciation 2.7% and capex 1.2%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Civil construction, Solar power development. Construction and infrastructure development with a newly added solar power push via SPVs
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 460 | 513 | 460 | 610 | 502 |
| EBITDA (ex other income) | 51 | 58 | 58 | 67 | 66 |
| margin % | 11.1 | 11.2 | 12.7 | 11.0 | 13.2 |
| Owners' profit | 6 | 0 | 0 | 26 | 27 |
| EPS, as reported (₹) | 0.24 | 1.65 | 0.93 | 0.96 | 1.02 |
| ROE % · ROCE % | 4.6 · 11.5 | 21.2 · 22.1 | 11.3 · 15.3 | 11.6 · 17.8 | 11.3 · 17.2 |
| Debt / equity (x) | 1.59 | 1.22 | 0.80 | 0.75 | 0.69 |
| Cash from operations | (9) | 73 | 65 | 124 | 32 |
| Capex | (1) | (67) | (8) | (10) | (6) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 68 | 87 | 147 | 308 | 88 | 107 | 54 | 254 |
| Profit before tax | 8 | 5 | 4 | 13 | 9 | 7 | 4 | 16 |
| Net profit | 7 | 4 | 3 | 11 | 7 | 12 | (4) | 11 |
| EPS (₹) | 0.25 | 0.15 | 0.10 | 0.45 | 0.28 | 0.46 | 0.16 | 0.43 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 4,98,723 | 30.1 | 3.88 | 18.2 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 39,032 | 43.4 | 3.98 | 28.1 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 23,895 | 21.0 | 3.09 | 10.8 | 13.3 | 15.0 | 16.0 | 10.0 |
| IRB INFRA DEV LTD. | 21,100 | 16.2 | 1.01 | 9.8 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,980 | 27.0 | 6.21 | 16.4 | 23.1 | 29.7 | 13.5 | 9.6 |
| CEMINDIA PROJECTS LIMITED | 19,499 | 32.4 | 8.13 | 16.6 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 16,254 | 20.7 | 5.17 | 18.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 10,966 | 25.4 | 2.64 | 18.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.5 | 14.6 | 15 of 101 | 86% |
| P/B | 0.8 | 1.4 | 24 of 85 | 73% |
| ROCE | 10.0 | 10.0 | 54 of 107 | 50% |
| ROE | 11.3 | 9.1 | 37 of 87 | 58% |
| Debt / Equity | 0.7 | 0.4 | 67 of 87 | 23% |
| EBITDA margin | 9.1 | 12.4 | 62 of 88 | 30% |
| Revenue growth | (17.6) | 6.2 | 71 of 86 | 18% |
| Profit growth | 0.5 | 2.7 | 45 of 84 | 47% |
| Market cap | 196 | 468 | 66 of 107 | 39% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Board to consider preference share conversion and promoter loan to equity | corporate actions | high | — | — |
| 8 Oct 2026 · Routine compliance certificate for Q2 FY27 under SEBI Reg 74(5) | compliance | minimal | — | — |
| 2 Oct 2026 · 33rd AGM voting results: All 9 resolutions passed with over 99.99% approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Madhav Infra Projects 33rd AGM concluded; 9 resolutions put to vote | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 33rd AGM: Financials adopted, borrowing limit hike and related party deals approved | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1, 2026 for Q2 and H1 FY27 results | compliance | minimal | — | — |
| 8 Sept 2026 · Newspaper publication of 33rd AGM notice and e-voting information | compliance | minimal | — | — |
| 8 Sept 2026 · Madhav Infra Projects submits FY25-26 Annual Report; AGM on Sep 30 | compliance | medium | — | — |
| 8 Sept 2026 · 33rd AGM on Sept 30, 2026: borrowings up to 1000 Cr, related party deals sought | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Madhav Infra Projects announces book closure for 33rd AGM on Sept 30, 2026 | board shareholder meetings | low | — | — |
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.