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Swing Capital

Madhav Infra Projects Ltd

NSE: MADHAVIPL BSE: 539894Energy

Incorporated in 2010, Madhav Infra Projects Ltd is in the business of Infrastructure Development and Solar Power generation[1]

₹8.41
52W: ₹6.65 — ₹16.2
PE 8.37 · Book ₹8.37 · +0% vs book
Market Cap₹227 Cr
Stock P/E8.37Price to Earnings
ROCE17%Return on Capital
ROE13.2%Return on Equity
Div. Yield0%Face Value ₹1

Strengths

  • +Stock is trading at 1.01 times its book value
  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 41.7% CAGR over last 5 years
  • +Debtor days have improved from 106 to 49.6 days.
  • +Company's working capital requirements have reduced from 82.5 days to 23.0 days

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has a low return on equity of 11.4% over last 3 years.
  • −Contingent liabilities of Rs.325 Cr.

Shareholding Pattern

Promoters68.81%
FIIs0%
DIIs0%
Public31.17%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters68.81%68.81%68.81%68.81%68.81%68.81%68.81%68.81%
FIIs0%0%0%0%0%0%0%0%
DIIs0%0%0%0%0%0%0%0%
Public31.18%31.18%31.18%31.18%31.18%31.19%▲0.031.18%▼0.031.17%▼0.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales89.0680.57126.8758.0787.63128.79297.7284.44104.3151.12
Expenses79.9969.54117.8344.1774.84115.54277.7169.8189.8840.95
Operating Profit9.0711.039.0413.912.7913.2520.0114.6314.4310.17
OPM %10.18%13.69%7.13%23.94%14.6%10.29%6.72%17.33%13.83%19.89%
Net Profit3.422.194.626.045.723.8411.396.945.782.96
EPS ₹0.130.080.170.220.210.140.420.260.210.11

AI Insights

Revenue Trend

TTM revenue at ₹538Cr, down 5.9% YoY. OPM at 11%.

Debt Position

Borrowings at ₹150Cr. Debt-to-equity ratio: 0.75x. Moderate leverage.

Capex Cycle

CWIP at ₹4Cr (5% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 0% (+0.00pp change). Promoters hold 68.81%.

Margin & Efficiency

ROCE improving from 14% (Mar 2014) to 17% (Mar 2025). Working capital days: 23.

Valuation

PE 8.37x with 17% ROCE. Price is 0% above book value of ₹8.37. Dividend yield: 0%.

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