On 6 Nov 2026, Madhav Infra Projects was priced at ₹6.80, or 10.6× trailing earnings, against an industry P/E of 16.4×, and the shares are 20% below their 52-week high. It earns ROCE of 14% and ROE of 7.1%, and sales and net profit fell 0.7% and 6.9% a year over 3 years. Debt is 0.77× equity. It is a small-cap company with a market cap of ₹183 Cr, ranked 102nd of 156 Engineering & Construction companies by market cap; the shares fell 6.1% over the past year.
- ₹7.00
- ₹7.00
- ₹6.80
- ₹6.85
- 54.3K
Health check
- ReturnsBehind
−6.1% over a year, better than 2 of 7 peers.
- Price tagCheaper
P/E 10.6 vs industry 16.4.
- GrowthShrinking
Sales −0.7%, profit −6.9% a year over 3 years.
- ProfitabilityWeak
ROCE 13.9% vs peer median 19.9%.
- Balance sheetFair
Debt 0.77× equity, interest covered 4.8×.
- Red flags2 to check
Return on equity is low at 7.1%.
Small cap
Defensive
Key metrics
- Market cap
- ₹183 Cr
- Small cap
- P/E
- 10.6
- Industry 16.4
- Price to book
- 0.78
- Peers 4.92
- Dividend yield
- 0.00%
- ROE
- 7.1%
- Peers 17.9%
- ROCE
- 13.9%
- Peers 19.9%
- Debt to equity
- 0.77
- Debt ₹192 Cr
- EPS (TTM)
- ₹0.64
- Face value ₹1
- OPM (TTM)
- 10.1%
- Net margin 3.3%
- Sales growth
- +24.8%
- Latest quarter vs a year ago
- Profit growth
- −67.8%
- Latest quarter vs a year ago
- Price to sales
- 0.35
- EV/EBITDA 5.1
Strengths and risks
Strengths
- Quarterly sales up 24.8% on a year ago.
- P/E of 10.6 against an industry P/E of 16.4.
- Positive operating cash flow in each of the last 4 years.
Risks to check
- Return on equity is low at 7.1%.
- Quarterly profit down 67.8% on a year ago.
About Madhav Infra Projects
Madhav Infra Projects Limited engages in the development, construction, operation, and maintenance of infrastructure projects in India. The company is involved in development, construction, and maintenance of highways, bridges, and roads; and generating power and trading, purchasing, marketing, selling, importing, exporting, producing, manufacturing, transmitting, commissioning, distributing, supplying, exchanging or otherwise dealing in aspects of…
- Headquarters
- Vadodara
- Employees
- 175
- Sector
- Industrials
- ISIN
- INE631R01026
- Website
- madhavcorp.com
Price range
- Avg volume (3M)
- 1.2 L
- 1-year return
- minus 6.1%
- From 52-week high
- minus 19.7%
Peers · Engineering & Construction
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LTLarsen & Toubro | 4,117.70 | plus 1.67% | 5,66,549 | 31.7 | 19.6 | 14.6% | 9.6% | 1.05 | 16.1% | plus 3.2% |
| RVNLRail Vikas Nigam | 193.34 | minus 0.18% | 40,312 | 44.9 | 56.9 | 11.0% | 4.3% | 0.49 | 0.2% | minus 40.5% |
| CEMPROCemindia Projects | 1,323.30 | plus 2.79% | 24,405 | 36.4 | 24.2 | 37.1% | 10.4% | 0.35 | 25.5% | plus 49.2% |
| KPILKalpataru Projects International | 1,370.80 | minus 0.04% | 23,410 | 19.7 | 10.1 | 19.9% | 8.3% | 0.46 | 18.4% | plus 4.3% |
| NBCCNBCC (India) | 78.00 | minus 2.90% | 21,060 | 26.5 | 19.8 | 34.3% | 6.1% | 0.00 | 12.9% | minus 29.5% |
| ENGINERSINEngineers India | 292.70 | minus 1.94% | 16,451 | 18.3 | 21.5 | 28.1% | 21.2% | 0.00 | 5.7% | plus 51.1% |
| WABAGVA Tech Wabag | 1,988.20 | plus 6.57% | 12,434 | 29.4 | 20.8 | 16.3% | 10.9% | 0.09 | 9.9% | plus 33.2% |
| MADHAVIPLMadhav Infra Projects | 6.80 | minus 0.73% | 183 | 10.6 | – | – | 11.2% | 0.77 | – | minus 6.1% |
| Median of 7 peers | – | −0.04% | 23,410 | 29.4 | 20.8 | 19.9% | 9.6% | 0.35 | 12.9% | 4.3% |
Quarterly results
| ₹ Cr | Sep 25 | Dec 25 | Mar 26 | Jun 26 | Sep 26 |
|---|---|---|---|---|---|
| 107 | 53.7 | 254 | 88.4 | 133 | |
| 90.5 | 47.1 | 233 | 72.8 | 123 | |
| 16.3 | 6.6 | 20.8 | 15.6 | 10.7 | |
| 15.2% | 12.2% | 8.2% | 17.7% | 8.0% | |
| 8.4 | 0 | 2.4 | 1.6 | 2 | |
| 7.6 | 6.9 | 3.1 | 5.7 | 4.5 | |
| 3.3 | 3.3 | 3.5 | 3.2 | 3.4 | |
| 13.8 | −3.7 | 16.5 | 8.3 | 4.9 | |
| 9.7% | −16.3% | 30.4% | 24.9% | 24.1% | |
| 12.5 | −4.2 | 11.6 | 6.3 | 4 | |
| 0.46 | -0.16 | 0.43 | 0.23 | 0.14 |
Profit & loss
- Sales CAGR 3Y
- −0.7%
- Profit CAGR 3Y
- −6.9%
- EPS CAGR 3Y
- −7.3%
- ROE
- 7.1%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 513 | 460 | 610 | 502 | |
| – | minus 10.2% | +32.6% | minus 17.7% | |
| 455 | 401 | 542 | 436 | |
| 57.6 | 59.1 | 68.7 | 66.3 | |
| 11.2% | 12.8% | 11.2% | 13.2% | |
| −4.7 | −2.6 | −9.2 | −5.7 | |
| 18 | 16.4 | 13.6 | 13.8 | |
| 13.2 | 15.8 | 15.3 | 13.5 | |
| 26.2 | 0.5 | −0.2 | 2.4 | |
| 48 | 24.8 | 30.3 | 35.6 | |
| 23.8% | 10.4% | 17.8% | 23.7% | |
| 33.9 | 21.7 | 25.9 | 27.4 | |
| – | minus 36.1% | +19.3% | +6.0% | |
| 1.27 | 0.81 | 0.96 | 1.01 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 27 | 27 | 27 | 27 | |
| 140 | 162 | 186 | 213 | |
| 207 | 159 | 160 | 165 | |
| 200 | 159 | 274 | 201 | |
| 574 | 506 | 647 | 606 | |
| 92.1 | 83.4 | 79.3 | 73.6 | |
| 7.1 | 3.3 | 3.4 | 0 | |
| 21 | 10.6 | 17.6 | 7.2 | |
| 26.5 | 9.1 | 32.2 | 13.4 | |
| 427 | 400 | 514 | 511 | |
| 574 | 506 | 647 | 606 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 73.3 | 64.6 | 74.9 | 32.3 | |
| −18.2 | −3.6 | −25.2 | −30.9 | |
| −32.7 | −78.5 | −26.6 | −20.1 | |
| 22.5 | −17.5 | 23.1 | −18.7 | |
| −67.1 | −8 | −10 | −6.3 | |
| 6.3 | 56.6 | 64.9 | 26 |
Shareholding pattern
NSE hasn’t returned a shareholding pattern for this company.
Major shareholders
Filings & events
News
No recent news coverage found.