Board Meeting Details
The Board of Directors meeting was held on Tuesday, October 27, 2026, at the registered office of the Company. The meeting commenced at 5:30 PM and concluded at 8:00 PM.
Key Decisions Approved
1. Considered and approved the Standalone and Consolidated Unaudited Financial Results of the Company for the quarter and half year ended September 30, 2026
2. Accepted the Limited Review Report issued by M/s Shah & Kadam, Chartered Accountants, Statutory Auditors of the company
3. Other approvals related to and required in the normal course of business were taken on record by the Board
Financial Results Overview (Standalone - Rs. in Lakhs)
Quarter Ended September 30, 2026:
- Total Income: ₹10,043.36
- Profit Before Tax: ₹670.98
- Profit After Tax: ₹506.71
- Basic EPS: ₹0.19
- Diluted EPS: ₹0.19
Half Year Ended September 30, 2026:
- Total Income: ₹15,919.06
- Profit Before Tax: ₹1,263.38
- Profit After Tax: ₹954.09
- Basic EPS: ₹0.35
- Diluted EPS: ₹0.35
Financial Results Overview (Consolidated - Rs. in Lakhs)
Quarter Ended September 30, 2026:
- Total Income: ₹13,519.14
- Profit Before Tax: ₹486.79
- Profit After Tax: ₹369.59
- Basic EPS: ₹0.14
- Diluted EPS: ₹0.14
Half Year Ended September 30, 2026:
- Total Income: ₹22,531.94
- Profit Before Tax: ₹1,317.29
- Profit After Tax: ₹994.50
- Basic EPS: ₹0.31
- Diluted EPS: ₹0.31
Comparative Performance
Standalone Half-Year Comparison (2026 vs 2025):
- Revenue from Operations: ₹15,628.66 (2026) vs ₹18,875.74 (2025)
- Profit After Tax: ₹954.09 (2026) vs ₹1,271.72 (2025)
Consolidated Half-Year Comparison (2026 vs 2025):
- Revenue from Operations: ₹22,171.64 (2026) vs ₹19,436.41 (2025)
- Profit After Tax: ₹994.50 (2026) vs ₹1,993.71 (2025)
Assets and Liabilities Position (Standalone as of September 30, 2026)
- Total Assets: ₹52,405.10 Lakhs
- Non-current Assets: ₹15,729.01 Lakhs
- Current Assets: ₹36,676.09 Lakhs
- Total Equity: ₹24,860.57 Lakhs
- Non-current Liabilities: ₹9,343.92 Lakhs
- Current Liabilities: ₹18,200.62 Lakhs
Cash Flow Statement (Standalone Half-Year Ended September 30, 2026)
- Net Cash from Operating Activities: ₹4,558.91 Lakhs
- Net Cash Used in Investing Activities: ₹(2,373.31) Lakhs
- Net Cash from Financing Activities: ₹306.73 Lakhs
- Net Increase in Cash: ₹2,492.34 Lakhs
Auditor's Review Report
M/s Shah & Kadam, Chartered Accountants (FRN: 117413W) issued a limited review report with a qualification:
- Draw attention to Note No. 4 regarding non-ascertainment & non-provision of Deferred Tax Liability as per Ind AS 12 Income Taxes
- The review was conducted in accordance with Standard on Review Engagements (SRE) 2410
- The review provides moderate assurance but does not constitute an audit opinion
Segment Information
The Company is primarily engaged in development, construction, operation & maintenance of Infrastructure Projects through Special Purpose Vehicles (SPVs) under concessional agreements. The company also engages in Power Generation Business (solar & hydro) which contributes less than 10% of total revenue.
Subsidiaries and Associates Included in Consolidation
The consolidated results include:
Subsidiaries (15 entities):
- MI Solar (I) Private Limited
- Badi Baktara Toll Private Limited
- Madhav (Aaron Sindh Road) Private Limited
- Seabird Exploration Private Limited
- Rahatgarh Berkhedi Corridor Private Limited
- MSK Projects (I) Private Limited
- MIPL Solar Hanumantiya Private Limited
- MIPL Solar Bilehru Private Limited
- MIPL Solar Kakanwani Private Limited
- MIPL Solar Katthiwada Private Limited
- MIPL Solar Thandla Private Limited
- MIPL Solar Panchewa Private Limited
- MIPL Solar Dhamnod Private Limited
- MIPL Solar Semliya Private Limited
- Madhavsolar (Udaigarh) Private Limited
Associates (1 entity):
- Mansha Textiles Private Ltd
Joint Ventures (6 entities):
- M/S Eagle Infra India Limited M/S Madhav Infra Projects Ltd.
- Madhav Infra Projects Ltd. M/S M. S. Khurana Engineering Limited
- Madhav Infra Projects Ltd-Eagle Infra India Ltd
- Madhav Infra Project Ltd.- Chetak Enterprise Ltd
- MS Khurana Engineering Ltd Madhav Infra Project Ltd -JV
- SCIW-MIPL-MSKEL-JV
Auditor's Reliance on Subsidiary Financials
The auditors did not review the interim financial statements of fifteen subsidiaries (total assets: ₹15,601.15 Lakhs), one associate (Group's share of Net Profit/loss: Nil), and six joint ventures (Group's share of Net Profit: ₹4.43 Lakhs). Their opinion is based solely on management-furnished unaudited financial statements approved by the respective boards.
Additional Information
- Paid-up Equity Share Capital: ₹2,695.82 Lakhs (Face value ₹1 per share)
- The financial results have been prepared in accordance with SEBI guidelines and Indian Accounting Standards (Ind AS)
- Prior period figures have been regrouped and reclassified where necessary
- EPS figures are not annualized except for the year ended March 31, 2026
- Results available on BSE website (www.bseindia.com) and company website (www.madhavcorp.com)