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. Financial Results Approval

The Board considered and approved:

  • Standalone Unaudited Financial Results for quarter and half year ended September 30, 2026
  • Consolidated Unaudited Financial Results for quarter and half year ended September 30, 2026
  • Limited Review Report issued by M/s Shah & Kadam, Chartered Accountants, Statutory Auditors

2. Rights Issue Approval

The Board approved raising funds by way of offer and issue of equity shares to existing members on rights basis for an amount aggregating up to ₹49.00 crores. The specific price and right entitlement ratio will be decided by the Board later, subject to necessary approvals and compliance with applicable laws including:

  • SEBI (ICDR) Regulations, 2018
  • SEBI (LODR) Regulations, 2015
  • Companies Act, 2013

3. Intermediary Appointment

The Board approved appointment of required intermediaries to carry out all obligations related to the rights issue and seek listing permission from BSE Limited.

4. Routine Business Approvals

Other approvals required in the normal course of business were taken on record by the Board.

Financial Results Summary

Standalone Financial Performance (₹ in Lakhs)

Quarter Ended September 30, 2026:

  • Revenue from Operations: ₹9,893.79
  • 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:

  • Revenue from Operations: ₹15,628.66
  • Total Income: ₹15,919.06
  • Profit Before Tax: ₹1,263.38
  • Profit After Tax: ₹954.09
  • Basic EPS: ₹0.35
  • Diluted EPS: ₹0.35

Consolidated Financial Performance (₹ in Lakhs)

Quarter Ended September 30, 2026:

  • Revenue from Operations: ₹13,335.04
  • 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:

  • Revenue from Operations: ₹22,171.64
  • 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 Financial Data

Year Ended March 31, 2026 (Audited)

  • Standalone Revenue: ₹44,756.81 Lakhs
  • Standalone PAT: ₹2,613.18 Lakhs
  • Consolidated Revenue: ₹50,213.04 Lakhs
  • Consolidated PAT: ₹2,717.63 Lakhs

Assets and Liabilities Position (as of September 30, 2026)

Standalone (₹ in Lakhs)

  • Total Assets: ₹52,405.10
  • Non-current Assets: ₹15,729.01
  • Current Assets: ₹36,676.09
  • Total Equity: ₹24,860.57
  • Non-current Liabilities: ₹9,343.92
  • Current Liabilities: ₹18,200.62

Consolidated (₹ in Lakhs)

  • Total Assets: ₹62,221.18
  • Non-current Assets: ₹20,963.81
  • Current Assets: ₹41,257.37
  • Total Equity: ₹25,055.38
  • Non-current Liabilities: ₹13,032.03
  • Current Liabilities: ₹24,133.78

Cash Flow Statements

Standalone Half Year Ended September 30, 2026 (₹ in Lakhs)

  • Net Cash from Operating Activities: ₹4,558.91
  • Net Cash Used in Investing Activities: (₹2,373.31)
  • Net Cash from Financing Activities: ₹306.73
  • Net Increase in Cash: ₹2,492.34

Consolidated Half Year Ended September 30, 2026 (₹ in Lakhs)

  • Net Cash from Operating Activities: ₹2,857.93
  • Net Cash Used in Investing Activities: (₹2,155.43)
  • Net Cash from Financing Activities: ₹1,656.95
  • Net Increase in Cash: ₹2,359.44

Auditor's Review and Qualifications

M/s Shah & Kadam, Chartered Accountants issued a limited review report. They drew attention to Note No. 4 regarding non-ascertainment and non-provision of Deferred Tax Liability as per Ind AS 12 Income Taxes. The auditors noted that provision of Deferred Tax Liabilities/Assets shall be made at the end of the year.

Subsidiaries and Associates Included in Consolidation

The consolidated results include 15 subsidiaries, 1 associate, and 6 joint ventures with total assets of ₹15,601.15 Lakhs as at September 30, 2026, and total revenues of ₹6,612.87 Lakhs for the half year.

Business Segment Information

The Company is engaged in development, construction, operation & maintenance of Infrastructure Projects through Special Purpose Vehicles (SPVs). The Company also engages in Power Generation Business (solar & hydro), which contributes less than 10% of main segment revenue.

Additional Information

  • Paid-up Equity Share Capital: ₹2,695.82 Lakhs (face value ₹1 per share)
  • The information is available on company website: https://madhavcorp.com
  • The financial results will be available on BSE website: www.bseindia.com