Company Overview

Madhav Marbles and Granites Limited (BSE: 515093, NSE: MADHAV) is a natural stone processing company with manufacturing facilities in Tamil Nadu and registered office in Udaipur, Rajasthan. The company operates as a 100% Export Oriented Unit and also has wind power generation assets, with additional interests in real estate development through subsidiaries.

Financial Performance Highlights

Standalone Results (₹ in millions)

  • Revenue from Operations: 304.62 (FY25: 309.49) - marginal decrease
  • Other Income: 90.26 (FY25: 45.39) - significant increase
  • Profit Before Tax: 30.23 (FY25: 10.87) - 178% surge
  • Profit After Tax: 23.88 (FY25: 7.51) - 218% increase
  • EPS: ₹2.67 (FY25: ₹0.84)

Consolidated Results

  • Revenue from operations: ₹307,112.35 thousand (FY25: ₹310,573.83 thousand)
  • Profit before tax: ₹7,316.26 thousand (FY25: Loss of ₹(11,476.42) thousand)
  • Net profit: ₹964.57 thousand (FY25: Loss of ₹(14,838.23) thousand) - significant turnaround
  • Basic and diluted EPS: ₹0.44 (FY25: ₹(0.76))

37th Annual General Meeting Details

  • Date: September 30, 2026 at 11:30 AM IST via Video Conferencing
  • Register closure: September 24-30, 2026 for AGM and dividend purposes
  • Key agenda items include re-appointment of directors (Madhav Doshi as CEO/MD, Riddhima Doshi as Whole-time Director, and independent directors), revision of related party transaction limits, and approval for loans/investments exceeding statutory limits

Subsidiary and Investment Updates

  • Madhav Natural Stone Surfaces Private Limited: Became 100% subsidiary, shifted focus to real estate development
  • Madhav Ashok Ventures Private Limited: 60% stake, engaged in granite trading and Oman quartz facility investment
  • Madhav Surfaces (FZC) LLC: Oman-based associate (36.67% held through MAVPL, 13.33% direct) with turnover of ₹6,737.18 lakhs but net loss of ₹685.26 lakhs
  • Strategic investment of ₹44,468.25 thousand made in Madhav Surface FZC LLC during FY26

Auditor Qualifications and Controls

Nyati & Associates issued qualified opinion on investments in subsidiaries/associates (total ₹830.68 lakhs) and loans (₹3,612.52 lakhs) where net worth was fully eroded but no impairment assessment was conducted. However, the auditors provided an unqualified opinion confirming adequate internal financial controls over financial reporting as of March 31, 2026.

Corporate Governance and Compliance

  • Board composition: 6 directors (2 executive, 4 independent)
  • 8 board meetings held during FY26 with good attendance
  • Company complied with SEBI Listing Regulations and Companies Act, 2013, paying fines of ₹70,000 for past non-compliances
  • No dividend recommended for FY 2025-26

Financial Position and Ratios

  • Total assets: ₹1,371,721.32 thousand (FY25: ₹1,390,789.55 thousand)
  • Current ratio: 4.07 (FY25: 3.50)
  • Debt-equity ratio: 0.01 (unchanged)
  • Inventory turnover: 1.06 times (FY25: 1.15 times)
  • Significant contingent liabilities include bank guarantees (₹146,500.00 thousand), income tax matters (₹40,023.52 thousand), and corporate guarantees for subsidiaries (₹180,567.00 thousand)