Financial Results Overview

The Board approved the standalone and consolidated un-audited financial results for the quarter ended June 30, 2026:

Standalone Results (₹ in lakhs):

  • Revenue from operations: ₹770.77 (vs. ₹792.16 in Q1 June 2025)
  • Total income: ₹857.94 (vs. ₹911.72 in Q1 June 2025)
  • Net profit: ₹11.27 (vs. ₹16.13 in Q1 June 2025)
  • Basic EPS: ₹0.13 (vs. ₹0.18 in Q1 June 2025)

Consolidated Results (₹ in lakhs):

  • Revenue from operations: ₹790.90 (vs. ₹802.60 in Q1 June 2025)
  • Total income: ₹844.80 (vs. ₹879.49 in Q1 June 2025)
  • Net loss: ₹(79.52) (vs. net loss of ₹(17.66) in Q1 June 2025)
  • Basic EPS: ₹(0.89) (vs. ₹(0.20) in Q1 June 2025)

Segment Performance (Standalone)

  • Granite & Stone Division: Revenue ₹671.91 lakhs, segment loss ₹(9.71) lakhs
  • Power Generation Unit: Revenue ₹134.60 lakhs, segment profit ₹39.33 lakhs
  • Realty Division: No revenue or activity

Related Party Transaction Limit Modifications

Approved modification of aggregate limits for material RPTs, subject to shareholder approval at 37th AGM:

  • Madhav Ashok Ventures Private Limited (subsidiary): Reduced from ₹50 Crores to ₹45 Crores
  • Madhav Natural Stone Surfaces Private Limited (subsidiary): Reduced from ₹10 Crores to ₹8 Crores
  • Madhav Surfaces FZC LLC (joint venture): Increased from ₹40 Crores to ₹55 Crores

Director Reappointments

Approved reappointment of five directors, subject to shareholder approval:

  • Mr. Madhav Doshi as CEO and Managing Director for 3 years from May 1, 2027 to April 30, 2030
  • Mrs. Riddhima Doshi as Whole Time Director for 3 years from February 1, 2027 to January 31, 2030
  • Mr. P Y Venkataraman as Independent Director for 2 years from April 1, 2027 to March 31, 2029
  • Mr. Devendra Manchanda as Independent Director for 3 years from November 1, 2026 to October 31, 2029
  • Mr. Arumugam Sivadasan as Independent Director for 5 years from April 5, 2027 to April 4, 2032

Other Board Approvals

  • Appointment of M/s TM and Associates as Internal Auditors for FY 2026-27
  • Acceptance of unsecured loan of up to ₹6 Crores from Mr. Madhav Doshi and Mrs. Riddhima Doshi (promoters), subject to shareholder approval
  • Reconstitution of Nomination and Remuneration Committee with Ms. Surbhi Yadav as Chairman, effective August 13, 2026
  • Notice convening 37th Annual General Meeting on September 30, 2026

Overseas Investment Update

In continuation to intimation dated May 29, 2026 regarding investment in Madhav Surfaces FZC LLC, the ODI filing has been processed through HDFC Bank. Equity application of OMR 400,000 at face value of OMR 1 per share is under execution, with funds to be utilized for working capital requirements.

Trading Window Closure

The Trading Window for dealing in company securities, closed since July 1, 2026, shall remain closed until 48 hours after the financial results are made public.

Auditor's Qualified Opinion

The statutory auditors, Nyati & Associates, issued a qualified opinion on both standalone and consolidated financial results citing:

  • Indicators of impairment in investments and loans to subsidiaries (MAVPL and MNSSPL) and associate (Madhav Surfaces FZC LLC) due to eroded net worth
  • Company has not performed impairment assessment or recognized any provision
  • Possible material impact on carrying values and profit/loss if impairment assessed