Madhav Infra Projects Limited (MADHAVIPL) share price

₹7.21 on NSE as of 2026-10-08. -2.44% on the day. market cap ₹192 Cr. P/E 5.6. 52-week range ₹7.02 to ₹9.60. Construction.

madhavcorp.com

Madhav Infra FY26: Revenue Fell 18%, Profit Rose 6%, and the Company Secretary Quit Over Her Salary

At a glance

Madhav Infra Projects builds roads, bridges and railway overbridges, and it also builds and runs solar plants. It is a Vadodara-based contractor working mainly in Madhya Pradesh and Gujarat.

Revenue for the year to March 2026 came to ₹502 crore. That is 17.7% below the ₹610 crore booked in the previous year. Profit after tax moved the other way, rising 6% to ₹27.4 crore. The operating margin firmed from 11% to 13% over the same twelve months. Reported earnings per share rose to ₹1.02 from ₹0.96 the year before. Earnings per share is the year's profit divided across every share in issue.

The market pays ₹8.50 for every ₹1 of yearly profit. The construction industry average is ₹17.50, and the peer median sits near ₹17.60.

Contingent liabilities stand at ₹306 crore against a net worth of ₹240 crore. Contingent liabilities are payments that fall due only if a claim or dispute goes against the company. Net worth is what the shareholders own once every debt has been settled. The order book is concentrated in two states rather than spread across the country.

The Company Secretary resigned in May 2026, citing salary that had been deducted. A secretarial report flags gaps in website disclosure and in insider-trading compliance. Working capital is the cash tied up in unpaid bills and in materials not yet used.

Introduction

Madhav Infra Projects is an engineering, procurement and construction contractor based in Vadodara. Such a contractor designs a project, buys the materials and then builds it for a client. The company was incorporated in 2010 and is the in-house contracting arm of the Madhav group. It builds roads, bridges, railway overbridges and elevated corridors, largely in Madhya Pradesh and Gujarat. It also develops and operates solar power projects.

The promoters are Ashok Khurana and his son Amit Khurana. Both were the earlier promoters of MSK Projects India, which the Welspun group later took over.

CARE, a credit-rating agency, reports that revenue rose about 60% in the year to March 2025. CARE attributes that to high-value solar contracting work executed during the year. The same report notes those solar projects carry thinner margins than the group's road work. Revenue then fell to ₹502 crore in the year to March 2026. Profit held over that year and the margin recovered.

The recent order flow clusters around two things, highways and solar. In April 2025 the National Highways Authority sent a letter of award for the NH-146 project. That award is worth ₹323.82 crore. The company separately announced the purchase of a 100% stake in MSK Projects.

Through late 2025 and early 2026 it collected solar mandates from Madhya Pradesh government entities. In January 2026 it incorporated nine wholly-owned special purpose vehicles. A special purpose vehicle is a separate company set up to hold a single project. In April 2026 it signed nine power purchase agreements covering 73.15 MW of solar capacity. A power purchase agreement is a contract to sell electricity at an agreed price for years.

Business model

The company reports two segments, and one of them is almost the whole business. Infrastructure accounted for 99% of revenue in the year to March 2024. The same segment accounted for 97% in the year to March 2022. Energy, meaning solar and hydro power, makes up the remainder. The company notes that power generation revenue runs under 10% of the main segment. On that basis it treats the whole operation as a single reporting segment.

The infrastructure work follows the standard government contracting arrangement. The company wins a tender, builds a road or a railway overbridge, then bids again. Some projects are built directly and others through a special purpose vehicle under a concession agreement. A concession agreement grants the right to build something and then run it for a set period. Payment arrives after the work, so the contractor funds the build until the bills are settled.

The energy side sells solar as a service. That covers viability studies, execution, supply, commissioning, and operations and maintenance. Operations and maintenance means keeping a plant running after it has been built. The solar contracting and maintenance portfolio runs to about 119 MW. It spans Karnataka, Punjab, Gujarat and Madhya Pradesh. Two hydropower projects add 6.8 MW between them.

CARE, a credit-rating agency, calls the construction industry intensely competitive and fragmented. CARE adds that projects there go to the most attractive bid price, and that the work is heavy on working capital. At the year end the company held receivables of ₹109 crore and inventory of ₹72 crore. Receivables are amounts billed to customers and not yet collected. Inventory is the material held for projects that are still being built.

The consolidated group spans fifteen subsidiaries, one associate and six joint ventures. That is a great many legal boxes for one contractor to keep in a row. The whole group still reports its results as a single segment.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Madhav Infra Projects Limited.

Companies in the same industry as Madhav Infra Projects Limited

Civil Construction

All listed companies