MADHAV - Madhav Marbles
📢 Recent Corporate Announcements
Madhav Marbles and Granites reported a consolidated net loss of ₹48.77 lakhs for the quarter ended December 31, 2025, widening from a loss of ₹32.47 lakhs in the previous year. Revenue from operations remained largely stagnant at ₹660.25 lakhs compared to ₹685.09 lakhs YoY. The core Granite & Stone division faced significant pressure, reporting a segment loss of ₹77.56 lakhs against a profit of ₹36.14 lakhs in the year-ago period. Despite a boost in the Power Generation unit, rising manufacturing and material costs have weighed heavily on the bottom line.
- Consolidated net loss widened to ₹48.77 lakhs from a loss of ₹32.47 lakhs in Q3 FY25.
- Revenue from operations dipped slightly to ₹660.25 lakhs from ₹685.09 lakhs in the same quarter last year.
- The Granite & Stone division swung to a segment loss of ₹77.56 lakhs from a profit of ₹36.14 lakhs YoY.
- Power Generation unit revenue increased significantly to ₹53.69 lakhs from ₹15.88 lakhs YoY.
- Consolidated EPS for the quarter deteriorated to -₹0.55 compared to -₹0.36 in the prior year period.
Madhav Marbles and Granites Limited has approved an unsecured loan of OMR 35,000 (approximately ₹83.30 Lakhs) to its associate company, Madhav Surfaces FZC LLC, based in Oman. The loan carries an interest rate of 9% per annum for a tenure of two years to support the associate's working capital needs. The company holds a 13.33% direct stake in the Omani entity, and the transaction is conducted at arm's length. While the amount is relatively small, it indicates ongoing financial support for its international associate.
- Approved loan of OMR 35,000 (approx. ₹83.30 Lakhs) to associate Madhav Surfaces FZC LLC.
- Loan terms include a 9% annual interest rate and a 2-year tenure.
- The loan is unsecured and intended for business operations and working capital.
- Madhav Marbles holds a 13.33% direct equity stake in the borrower entity.
- Transaction involves common directors and was approved as an arm's length transaction.
Madhav Marbles and Granites Limited reported its Q3 FY26 results and announced strategic moves including the sale of non-core assets. The board approved increasing the paid-up capital of its subsidiary, Madhav Ashok Ventures Private Limited, from INR 3.60 Crores to INR 5 Crores. Furthermore, the company will divest two wind electric generators located in Tamil Nadu to streamline operations. While subsidiaries reported a net loss of Rs. 30.94 lakhs for the quarter, management indicates these figures are not material to the overall group performance.
- Approved Un-audited Standalone and Consolidated Financial Results for the quarter ended December 31, 2025
- Increased paid-up capital of subsidiary Madhav Ashok Ventures Private Limited from INR 3.60 Crores to INR 5 Crores
- Authorized the sale of two Wind Electric Generators and associated assets in Tirunelveli District, Tamil Nadu
- Subsidiaries reported a combined net loss of Rs. 30.94 lakhs for the quarter and Rs. 152.20 lakhs for the nine-month period ended December 2025
Madhav Marbles and Granites Limited has approved its Q3 FY26 financial results and several strategic corporate actions. The board sanctioned increasing the paid-up capital of its subsidiary, Madhav Ashok Ventures Private Limited, from ₹3.60 crores to ₹5 crores. Furthermore, the company is divesting from its non-core wind energy business by selling two generators located in Tamil Nadu. Financial disclosures reveal that its subsidiaries reported a combined net loss of ₹30.94 lakhs for the quarter on minimal revenue.
- Approved increase of paid-up capital for subsidiary Madhav Ashok Ventures from ₹3.60 Crores to ₹5 Crores
- Authorized the sale of two Wind Electric Generators and associated assets in Tirunelveli, Tamil Nadu
- Subsidiaries reported a combined net loss of ₹30.94 lakhs for the quarter ended December 31, 2025
- Total revenue for subsidiaries stood at just ₹10.44 lakhs for the nine-month period ended December 2025
- Consolidated nine-month net loss for subsidiaries reached ₹152.20 lakhs
Madhav Marbles and Granites Limited held a board meeting on February 11, 2026, to approve Q3 FY26 financial results and key strategic moves. The company decided to exit its wind energy investment by selling two generators in Tamil Nadu. Furthermore, it will increase the capital of its subsidiary, Madhav Ashok Ventures, from INR 3.60 Crores to INR 5 Crores. Auditor reports highlight that its subsidiaries remain loss-making, with a cumulative loss of INR 1.52 Crores for the nine-month period ending December 2025.
- Approved un-audited standalone and consolidated financial results for the quarter ended December 31, 2025
- Authorized the sale of two Wind Electric Generators and associated assets located in Tirunelveli, Tamil Nadu
- Increased paid-up capital of subsidiary Madhav Ashok Ventures Private Limited by INR 1.4 Crores to reach INR 5 Crores
- Subsidiaries reported a combined net loss of INR 152.20 lakhs for the nine-month period ended December 31, 2025
- Subsidiary revenue remained low at only INR 10.44 lakhs for the nine-month period
Madhav Marbles and Granites Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Ankit Consultancy Pvt. Ltd., confirms that all share certificates received for dematerialization during the quarter ended December 31, 2025, were processed correctly. It verifies that securities were listed on the stock exchanges and physical certificates were mutilated and cancelled within the mandated 15-day period. This is a standard procedural disclosure to ensure transparency in shareholding records.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Confirmation that dematerialization requests were processed and confirmed to depositories within 15 days.
- Physical security certificates were mutilated and cancelled after due verification.
- Registrar and Transfer Agent (RTA) for the process is Ankit Consultancy Pvt. Ltd.
Madhav Marbles and Granites Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting January 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's financial results for the quarter ended December 31, 2025. The trading window will remain closed until 48 hours after the financial results are officially declared. The specific date for the board meeting to approve these results will be communicated at a later time.
- Trading window closed effective from January 1, 2026, for the Q3 FY26 period.
- Closure applies to all Designated Persons and their immediate relatives as per SEBI norms.
- Window to remain shut until 48 hours after the declaration of financial results for the quarter ended December 31, 2025.
- The board meeting date for result approval is yet to be announced.
Financial Performance
Revenue Growth by Segment
The Granite & Stone Division revenue decreased by 14.91% YoY to INR 14.07 Cr from INR 16.54 Cr. The Power Generation Unit grew by 63.31% YoY to INR 1.15 Cr from INR 0.71 Cr. The Realty Division reported zero revenue for the period ended September 30, 2025.
Geographic Revenue Split
Not disclosed in available documents; however, the company reported a Net Gain on Foreign Currency of INR 0.87 Cr for the period ended September 30, 2025, up 112.5% from INR 0.41 Cr YoY, indicating significant export operations.
Profitability Margins
Standalone Net Profit Margin for the period ended September 30, 2025, was 1.29% (INR 0.19 Cr profit on INR 14.87 Cr revenue), a sharp decline from 2.95% YoY. Consolidated results showed a net loss of INR 1.08 Cr, worsening by 188.97% compared to a loss of INR 0.37 Cr in the previous year's period.
EBITDA Margin
Standalone EBITDA margin stood at approximately 14.26% for the period ended September 30, 2025 (calculated as PBT of INR 0.24 Cr + Interest of INR 0.54 Cr + Depreciation of INR 1.34 Cr on INR 14.87 Cr revenue). This reflects core operational profitability despite the decline in net profit.
Capital Expenditure
Consolidated Property, Plant and Equipment (PPE) stood at INR 24.02 Cr as of September 30, 2025, down 4.98% from INR 25.27 Cr as of March 31, 2025. Capital work-in-progress remained stable at INR 2.83 Cr.
Credit Rating & Borrowing
Not disclosed in available documents. However, the company incurred standalone interest expenses of INR 0.54 Cr for the half-year on total borrowings of INR 9.97 Cr, suggesting an approximate annualized borrowing cost of 10.8%.
Operational Drivers
Raw Materials
Granite blocks and stone raw materials represent the primary input, with 'Cost of materials consumed' totaling INR 5.13 Cr, which is 34.5% of standalone revenue for the period ended September 30, 2025.
Raw Material Costs
Cost of materials consumed decreased by 16.88% YoY to INR 5.13 Cr from INR 6.17 Cr, tracking the 10.07% decline in standalone revenue. This suggests a slight improvement in material efficiency or lower procurement costs per unit.
Manufacturing Efficiency
Depreciation and Amortization for the period was INR 1.34 Cr. The company reported a profit on the sale/write-off of fixed assets of INR 0.29 Cr, suggesting active management of the asset base.
Strategic Growth
Growth Strategy
The company is focusing on its Granite & Stone division while leveraging its Power Generation unit. Strategic focus appears to be on managing foreign currency gains (INR 0.87 Cr) and interest income (INR 1.57 Cr) to support the bottom line during periods of lower operational revenue.
Products & Services
Granite slabs, stone products, and electricity (via the Power Generation Unit).
Brand Portfolio
Madhav Marbles and Granites.
Strategic Alliances
The company has investments in Joint Ventures, contributing a share of profit of INR 0.46 Cr to the consolidated results for the period ended September 30, 2025.
External Factors
Industry Trends
The industry is shifting toward integrated stone processing and renewable energy adoption. Madhav's 63.31% growth in its power unit aligns with the trend of industrial firms diversifying into green energy.
Competitive Landscape
The company operates in a highly fragmented granite and marble industry with significant competition from both domestic and international stone processors.
Competitive Moat
The company's moat is based on its established presence in the Udaipur stone cluster and its diversified revenue from power generation. However, the 14.91% drop in its core segment suggests the moat is currently under pressure from competition or market slowdowns.
Macro Economic Sensitivity
The business is sensitive to the global construction and real estate cycles, which drive demand for granite and stone products.
Consumer Behavior
Shifts in architectural preferences toward engineered stone or large-format porcelain tiles could reduce demand for natural granite slabs.
Geopolitical Risks
As an exporter of granite, the company is subject to international trade barriers and shipping costs, which can impact the competitiveness of its stone products in global markets.
Regulatory & Governance
Industry Regulations
Operations are subject to mining regulations for stone sourcing and environmental norms for stone processing and power generation units.
Taxation Policy Impact
The company's standalone current tax expense for the period was INR 0.05 Cr on a PBT of INR 0.24 Cr, representing an effective tax rate of approximately 20.8%.
Risk Analysis
Key Uncertainties
The primary uncertainty is the recovery of the Granite & Stone division, which saw a 14.91% revenue decline. Continued losses at the consolidated level (INR 1.08 Cr) pose a risk to capital reserves.
Geographic Concentration Risk
The company is headquartered in Udaipur, Rajasthan, indicating a high concentration of manufacturing assets in that region.
Third Party Dependencies
The company relies on its Joint Ventures for a portion of its consolidated income (INR 0.46 Cr contribution this period).
Technology Obsolescence Risk
The company wrote off software and bad debts totaling INR 0.05 Cr during the period, indicating periodic updates to its digital and financial infrastructure.
Credit & Counterparty Risk
Consolidated non-current trade receivables increased to INR 2.07 Cr from INR 1.45 Cr (a 42.7% increase), suggesting a potential slowdown in collections from long-term clients.