Madhav Marble & Granite
NSE: MADHAV · Granites & Marbles · sector
₹32.42NSE close 2026-10-26
Key numbers
Market cap₹29 cr
Price₹32.42
52w high / low₹46 / ₹29
P/E–Sector median 18.3x
P/B0.2xSector median 0.3x
Book value₹138.3
Dividend yield–Sector median 0.35%
ROE-0.2%Sector median 1.3%
ROCE1.6%Sector median 1.6%
OPM-6.7%Sector median 4.8%
Debt / equity0.06xSector median 0.15x
EV/EBITDA–Sector median 9.1x
Interest cover1.5x
Current ratio4.07x
Sales growth 3y-13.4%Sector median -3.2%
Profit growth 3y–Sector median +7.0%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 9 companies in Granites & Marbles (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹1 cr vs borrowings ₹8 cr (FY26): borrowings are higher by ₹6 cr.
- Operating profit covered interest 1.5x in the last 12 months.
- No promoter shares are pledged.
- Promoter holding rose by 1.19 percentage points in a year, to 45.78% (2026-09-30).
- Operating cash flow was below net profit in 1 of the last 5 years (FY24).
- Net loss in 6 of the last 8 quarters.
- Revenue was higher than a year earlier in 2 of the last 4 quarters.
- Debtor days went from 135 (FY24) to 170 (FY26).
- Dividend paid in 2 of the last 5 financial years.
- Price ₹32.42 on 2026-10-26: -29.5% from the 52-week high, +11.8% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹64.02 · low ₹32.22
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6 | 7 | 8 | 8 | 7 | 7 | 9 | 8 |
| EBITDA | -1 | 1 | -1 | -0 | -1 | -0 | -1 | 0 |
| OPM % | -13.7% | 15.5% | -11.1% | -0.2% | -11.3% | -2.6% | -13.1% | 1.4% |
| Other income | 1 | -0 | 1 | 1 | 1 | 1 | 5 | 1 |
| Net profit | -0 | -0 | 0 | -0 | -0 | -0 | 1 | -1 |
| EPS (₹) | -0.38 | -0.36 | 0.02 | -0.20 | -0.49 | -0.55 | 1.67 | -0.89 |
| Revenue YoY | +15.3% | -3.6% | +20.5% | -1.5% | ||||
| Profit YoY | – | – | +7,350.0% | – |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 53 | 47 | 40 | 31 | 31 | 31 |
| EBITDA | 2 | 0 | -1 | -0 | -2 | -2 |
| Net profit | -2 | -2 | -1 | -1 | 0 | -0 |
| EPS (₹) | -2.64 | -2.26 | -1.62 | -0.76 | 0.44 | -0.26 |
| Revenue growth | -11.5% | -15.5% | -22.2% | -1.1% | +7.4% | |
| Profit growth | – | – | – | – | – | |
| Dividend / share (₹) | 0.50 | 0.25 | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | -13.4% | -13.1% | +7.4% |
| Net profit | – | -8.9% | – |
| EPS | – | -8.6% | – |
| Share price | – | -17.7% (2y) | -27.2% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 126 | 125 | 124 | 124 |
| Borrowings | – | 10 | 15 | 12 | 8 |
| Cash & equivalents | – | 5 | 1 | 0 | 1 |
| Total assets | – | 141 | 142 | 139 | 137 |
| Fixed assets | – | 30 | 28 | 25 | 22 |
| Capital work in progress | – | 3 | 3 | 3 | 3 |
| Investments | – | 1 | 0 | 0 | 4 |
| Receivables | – | 13 | 15 | 11 | 14 |
| Inventory | – | 30 | 28 | 26 | 31 |
| Payables | – | 5 | 3 | 4 | 5 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 6 | 23 | -6 | 2 | 5 |
| Cash from investing | -5 | -5 | 2 | 3 | 1 |
| Cash from financing | -4 | -19 | 4 | -5 | -5 |
| Capex | 1 | 5 | 0 | 0 | 1 |
| Free cash flow | 5 | 19 | -6 | 2 | 5 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | -1.6% | -1.2% | -0.5% | 0.3% |
| ROCE % | – | 0.0% | 0.0% | 0.2% | 1.7% |
| Debtor days | – | 104 | 135 | 128 | 170 |
| Inventory days | – | 504 | 511 | 745 | 826 |
| Payable days | – | 84 | 60 | 102 | 141 |
| Cash conversion cycle (days) | – | 524 | 586 | 771 | 855 |
| Working capital days | – | 371 | 397 | 459 | 543 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 45.78% |
| DIIs | 0.59% |
| Public (non-institutions) | 53.63% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 43.50% | 43.89% | 44.19% | 44.59% | 45.20% | 45.54% | 45.77% | 45.78% |
| Promoter group | % |
|---|---|
| Madhav Doshi | 12.78% |
| Aruna Doshi | 9.24% |
| Mumal Marketing Private Limited | 8.75% |
| Rajdarshan Industries Limited | 4.73% |
| Adheeraj Trade Links Private Limited | 3.17% |
| Sumal Finance and Investment Private Limited | 2.63% |
| Akshat Investments and Consultants Private Limited | 1.97% |
| Riddhima Doshi | 0.95% |
| Prema Doshi | 0.66% |
| RAJ Kumar Bapna | 0.23% |
| RAJ Kumar Bapna HUF | 0.21% |
| Sudhir TEJ Singh Doshi | 0.13% |
| Ankita Bapna | 0.09% |
| Rekha Bapna | 0.06% |
| Mumal Kanthed | 0.05% |
| Public holders above 1% | % |
|---|---|
| Sangeetha S | 7.93% |
| Iepf | 3.45% |
| Sanjay Ramanlal Munot | 1.37% |
| Veena Parakh | 1.12% |
| Ravi Chawla | 1.07% |
| Khushi Parakh | 1.05% |
8,424 shareholders. Pledged: 0.00% of promoter shares.
Peers in Granites & Marbles
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| MIDWESTLTD | ₹3,838 cr | 33.3x | 4.0x | 11.5% | 14.7% | 26.5% | – | – |
| POKARNA | ₹2,062 cr | 21.7x | 2.4x | 11.6% | 12.3% | 30.1% | -7.7% | 0.09% |
| GSLSU | ₹99 cr | – | 0.4x | -10.9% | -1.8% | -4.9% | +9.4% | – |
| PACIFICI | ₹90 cr | 32.8x | 0.2x | 0.6% | 1.2% | 4.8% | -5.2% | – |
| ELEMARB | ₹47 cr | 14.9x | 0.4x | 2.4% | 3.6% | 13.1% | -1.2% | 0.62% |
| ROYALCU | ₹46 cr | 3.6x | – | – | -10.3% | -19.0% | +2.4% | – |
| AROGRANITE | ₹34 cr | – | 0.2x | -10.7% | -1.4% | -10.1% | -23.4% | – |
| MADHAV | ₹29 cr | – | 0.2x | -0.2% | 1.6% | -6.7% | -13.4% | – |
| ORIENTALTL | ₹25 cr | 10.7x | 0.2x | 2.0% | 3.2% | 10.6% | +34.5% | – |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| GRANITE AND STONE DIVISION | ₹30 cr | 91.8% | ₹-2 cr | -7.3% |
| POWER GENERATION UNIT | ₹3 cr | 8.2% | ₹4 cr | 163.1% |
| REALTY DIVISION | ₹0 cr | – | ₹0 cr | – |
| UNALLOCATED | ₹0 cr | – | ₹0 cr | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2024-09-23 | Other | Annual General Meeting |
| 2023-09-22 | Other | Annual General Meeting |
| 2022-09-23 | Dividend | Annual General Meeting/Dividend - Rs 0.25 Per Share |
| 2021-09-22 | Dividend | Annual General Meeting/Dividend - Rs 0.50 Per Share |
| 2020-12-17 | Other | Annual General Meeting |
| 2019-09-20 | Dividend | Annual General Meeting/Dividend - Rs 0.25 Per Share |
| 2019-05-22 | Other | Extra Ordinary General Meeting |
| 2019-03-20 | Other | Extra Ordinary General Meeting |
| 2018-08-02 | Dividend | Annual General Meeting/Dividend- Re 0.25 Per Share |
| 2017-08-31 | Dividend | Annual General Meeting/Dividend - Re 1 Per Share |
| 2016-08-04 | Dividend | Annual General Meeting/ Dividend - Re 1/- Per Share |
| 2015-08-05 | Dividend | Annual General Meeting/Dividend - Rs 1.50/- Per Share |
| 2014-07-31 | Dividend | Annual General Meeting / Dividend - Rs 1.50/- Per Share |
| 2013-08-07 | Dividend | Annual General Meeting And Dividend Re.1/- Per Share |
| 2012-09-13 | Dividend | Annual General Meeting And Dividend Re.1/- Per Share |
| 2011-09-20 | Dividend | Annual General Meeting/Dividend Re 1 Per Share |
| 2010-09-16 | Dividend | Annual General Meeting And Dividend Re.1/- Per Share |
| 2009-09-17 | Other | Agm/Div-Rs.1/- Per Share |
| 2008-09-22 | Dividend | Agm/Dividend - 10% |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
| Sector | Consumer Discretionary |
| Industry | Granites & Marbles |
| Sub-industry | Granites & Marbles |
| Symbol | MADHAV |
| BSE code | 515093 |
| ISIN | INE925C01016 |
| Face value | ₹10.0 |
| Incorporated | – |
| Website | – |
| Plants (India / abroad) | – |
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.