Madhav Marbles and Granites Ltd

MADHAV

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Market Cap

₹ 37 Cr

P/E

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Madhav Marbles and Granites Ltd is a leading processor and exporter of granite and marble tiles, which are used for flooring, wall cladding, and interior decoration in both residential and commercial complexes.

The company has diversified its operations into power generation through wind turbine generators, utilizing a 4 MW capacity in Tamil Nadu for captive consumption.

Despite substantial investments, the company faces operational challenges in developing mines due to infrastructure bottlenecks and high developmental expenses.

Madhav Marbles and Granites Ltd exports its products to over 20 countries, including the US, Germany, and Australia, and has received multiple Capexil awards for its granite exports.

The company underwent capacity expansions in its granite and marble processing facilities and power generation units during the mid-2000s, enhancing production capabilities.

Sector

Consumer Durables

Industry

Granite & Marble - Large

Market Cap

37 Cr

Volatility

High Risk

P/E Ratio

—

Industry P/E

29.7

PEG Ratio

—

P/B Ratio

0.3

52W High

68.45

52W Low

38.00

Sales CAGR

-22.16%

-16.51%

-12.48%

10Y

-9.90%

Profit CAGR

22.51%

-27.13%

-19.21%

10Y

-22.66%

ROE

TTM

-0.74%

0.42%

1.17%

10Y

2.24%

ROCE

TTM

0.01%

1.01%

1.67%

10Y

3.02%

Technicals

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
DIVSHKT	55.45	57 Cr	22.00	0.46	3.61	1.30	1.88	1.21
AROGRANITE	31.00	47 Cr	—	0.26	0.00	-1.32	3.66	-0.60
RALEGRA	41.45	44 Cr	11.12	2.44	0.00	21.95	12.29	5.07
MADHAV	40.84	37 Cr	—	0.30	0.00	-0.74	0.01	-1.57
INANI	18.85	35 Cr	—	0.65	0.21	-1.37	1.44	-0.83
GLITTEKG	12.90	33 Cr	1.51	3.03	0.00	195.88	198.09	183.02
VIKASPROP	0.30	15 Cr	—	0.08	0.00	-7.77	-6.81	-3.74

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	11	11	6.50	12	11	5.93	6.85	7.67	8.03	6.84
Expenses	10	11	8.12	11	10	6.74	5.79	8.53	8.05	7.61
Operating Profit	0.72	-0.68	-1.62	0.63	0.51	-0.81	1.06	-0.86	-0.02	-0.77
OPM %	6.46	-6.38	-24.92	5.44	4.81	-13.66	15.47	-11.21	-0.25	-11.26
Other Income	0.58	0.89	0.83	1.38	0.57	1.21	-0.03	1.21	0.77	1.28
Interest	0.29	0.70	0.41	0.38	0.24	0.23	0.74	0.25	0.35	0.59
Depreciation	0.76	0.64	0.64	0.74	0.77	0.50	0.47	0.82	0.72	0.62
Profit Before Tax	0.26	-1.12	-1.84	0.89	0.08	-0.33	-0.17	-0.72	-0.32	-0.70
Tax %	61.54	10.71	2.17	11.24	137.50	-3.03	-88.24	-9.72	-12.50	-1.43
Net Profit	0.10	-1.00	-1.80	0.79	-0.03	-0.34	-0.32	-0.79	-0.36	-0.71
EPS in Rs	0.03	-0.86	-2.41	1.62	-0.04	-0.38	-0.36	0.02	-0.20	-0.49

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	77	60	62	53	47	40	31	28
Expenses	70	58	59	51	47	41	31	29
Operating Profit	7.19	2.37	2.68	2.09	0.48	-0.93	-0.10	-0.63
OPM %	9.34	3.93	4.33	3.91	1.01	-2.34	-0.31	-2.21
Other Income	4.89	6.72	3.40	4.15	4.21	3.68	2.97	3.16
Interest	1.30	1.25	0.59	0.84	0.98	1.77	1.45	1.57
Depreciation	4.76	4.89	4.62	4.86	4.72	2.79	2.56	2.51
Profit Before Tax	6.01	2.95	0.87	0.55	-1.01	-1.81	-1.15	-1.54
Tax %	23.33	32.13	28.65	15.39	28.80	-5.56	-29.29	-17.53
Net Profit	4.61	2.00	0.62	0.46	-0.72	-1.91	-1.48	-1.81
EPS in Rs	—	2.24	0.69	-2.64	-2.26	-1.62	-0.76	-1.03
Dividend Payout %	4.85	0.00	-49.02	-9.51	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	8.95	8.95	8.95	8.95	8.95	8.95	8.95
Reserves	120	121	122	120	117	116	115
Borrowings	17	21	9.24	8.29	9.61	15	12
Other Liabilities	19	18	12	7.38	5.40	2.45	3.05
Total Liabilities	165	168	153	144	141	142	139
Fixed Assets	42	38	34	30	30	28	25
CWIP	0.87	5.94	3.16	2.93	2.82	2.82	2.82
Investments	2.24	11	9.10	3.52	0.52	0.20	0.13
Other Assets	119	114	107	108	108	112	111
Total Assets	165	168	153	144	141	142	139

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-3.60	-13	8.00	21	23	-5.55	2.02
Cash from Investing Activity	2.34	-3.20	7.87	-5.18	-4.85	1.77	3.06
Cash from Financing Activity	1.45	16	-13	-19	-19	3.70	-4.81
Net Cash Flow	0.20	-0.71	2.67	-3.01	-0.18	-0.09	0.27

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	42.43%	42.59%	42.77%	42.81%	42.66%	43.47%	43.50%	43.50%	43.50%	43.88%	44.19%	44.59%
FIIs	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	57.57%	57.41%	57.23%	57.19%	57.33%	56.53%	56.50%	56.50%	56.50%	56.12%	55.81%	55.41%
Total Shareholders	9,465	9,406	9,320	9,292	9,020	9,195	8,946	9,084	9,027	8,966	9,006	8,879

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Dec 11, 2025	Madhav doshi	Insider - Director	Acquisition	41.73	0.07 Cr	17,323	0.19
Dec 08, 2025	Irage broking services llp	Bulk	Buy	41.94	0.28 Cr	66,477	0.74
Dec 08, 2025	Orion stocks ltd	Bulk	Buy	42.04	0.14 Cr	32,698	0.36
Dec 08, 2025	Irage broking services llp	Bulk	Sell	41.93	0.12 Cr	29,084	0.32
Dec 08, 2025	Orion stocks ltd	Bulk	Sell	41.88	0.32 Cr	77,450	0.86
Dec 08, 2025	Orion stocks ltd	Bulk	Buy	41.31	0.29 Cr	69,573	0.77
Dec 08, 2025	Irage broking services llp	Bulk	Sell	41.30	0.25 Cr	61,257	0.68
Dec 08, 2025	Orion stocks ltd	Bulk	Sell	42.16	0.10 Cr	24,821	0.27
Dec 08, 2025	Irage broking services llp	Bulk	Buy	42.23	0.10 Cr	23,726	0.26
Nov 28, 2025	Madhav doshi	Insider - Director	Acquisition	43.26	0.02 Cr	5,565	0.06

Projection

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Overview

Detailed Summary

The company has diversified its operations into power generation through wind turbine generators, utilizing a 4 MW capacity in Tamil Nadu for captive consumption.

Despite substantial investments, the company faces operational challenges in developing mines due to infrastructure bottlenecks and high developmental expenses.

Madhav Marbles and Granites Ltd exports its products to over 20 countries, including the US, Germany, and Australia, and has received multiple Capexil awards for its granite exports.

The company underwent capacity expansions in its granite and marble processing facilities and power generation units during the mid-2000s, enhancing production capabilities.

Sector

Consumer Durables

Industry

Granite & Marble - Large

Market Cap

37 Cr

Volatility

High Risk

P/E Ratio

—

Industry P/E

29.7

PEG Ratio

—

P/B Ratio

0.3

52W High

68.45

52W Low

38.00

Sales CAGR

-22.16%

-16.51%

-12.48%

10Y

-9.90%

Profit CAGR

22.51%

-27.13%

-19.21%

10Y

-22.66%

ROE

TTM

-0.74%

0.42%

1.17%

10Y

2.24%

ROCE

TTM

0.01%

1.01%

1.67%

10Y

3.02%