MADHAV

Madhav Marbles and Granites Limited

Marble and granite products and quartz surfaces for domestic and export markets

Consumer Discretionary›Consumer Durables›Consumer Durables›Granites & Marbles

madhavmarbles.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹32.22
Market cap
29 Cr
Stock P/E
Loss (TTM EPS ₹-0.26)
P/B
0.24
Dividend yield
0.8%
ROE (FY26)
0.3%
ROCE (FY26)
2.0%
Operating margin (FY26)
-16.5%
Debt / equity (FY26)
0.07

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Madhav Marbles and Granites makes and sells granite and stone products from Udaipur, Rajasthan, and also runs a small wind-power unit.

Company snapshot

6thBy market cap

Ranked among 6 companies in Granites & Marbles.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 100.0% of revenue

SegmentRevenue shareRevenuePBTAssets
GRANITE AND STONE DIVISION
100.0%
23 Cr0.09 Cr—
POWER GENERATION
4.1%
0.96 Cr0.67 Cr—
REALTY DIVISION—0 Cr0 Cr—
UNALLOCATED—0 Cr0.01 Cr—

Shares add up to 104% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Debt-to-equity of 0.07x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Net margin is very thin at 1.3% — little room for error if costs rise.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales11 Cr7 Cr12 Cr11 Cr6 Cr7 Cr8 Cr8 Cr7 Cr7 Cr9 Cr8 Cr
Operating expenses (approx.)11 Cr8 Cr11 Cr10 Cr7 Cr6 Cr9 Cr8 Cr8 Cr7 Cr10 Cr8 Cr
EBITDA-0.67 Cr-2 Cr0.63 Cr0.51 Cr-0.81 Cr1 Cr-0.85 Cr-0.02 Cr-0.77 Cr-0.17 Cr-1 Cr0.11 Cr
OPM %-6.3%-24.9%5.5%4.8%-13.7%15.4%-11.1%-0.2%-11.3%-2.6%-13.1%1.4%
Other income0.89 Cr0.83 Cr1 Cr0.57 Cr1 Cr-0.03 Cr1 Cr0.77 Cr1 Cr0.59 Cr5 Cr0.54 Cr
Interest0.70 Cr0.41 Cr0.38 Cr0.24 Cr0.23 Cr0.74 Cr0.25 Cr0.35 Cr0.59 Cr0.30 Cr0.22 Cr0.27 Cr
Depreciation0.64 Cr0.64 Cr0.74 Cr0.77 Cr0.50 Cr0.47 Cr0.82 Cr0.72 Cr0.62 Cr0.83 Cr0.73 Cr0.69 Cr
Profit before tax-0.89 Cr-2 Cr2 Cr0.08 Cr-0.33 Cr-0.17 Cr0.08 Cr-0.14 Cr-0.43 Cr-0.51 Cr2 Cr-0.76 Cr
Tax %13.0%2.0%6.5%143.4%-3.0%-86.0%78.5%-29.4%-1.8%5.1%29.2%-5.0%
Net profit-0.77 Cr-2 Cr1 Cr-0.03 Cr-0.34 Cr-0.32 Cr0.02 Cr-0.18 Cr-0.44 Cr-0.49 Cr1 Cr-0.80 Cr
EPS (₹)₹-0.86₹-2.41₹1.62₹-0.04₹-0.38₹-0.36₹0.02₹-0.20₹-0.49₹-0.55₹1.67₹-0.89

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales77 Cr60 Cr62 Cr53 Cr47 Cr40 Cr31 Cr31 CrSign in free for the trailing twelve months
Operating expenses (approx.)70 Cr58 Cr59 Cr51 Cr47 Cr41 Cr31 Cr33 CrSign in free for the trailing twelve months
EBITDA7 Cr2 Cr3 Cr2 Cr0.48 Cr-0.93 Cr-0.10 Cr-2 CrSign in free for the trailing twelve months
OPM %9.3%3.9%4.3%3.9%1.0%-2.3%-0.3%-7.1%Sign in free for the trailing twelve months
Other income5 Cr7 Cr3 Cr4 Cr4 Cr4 Cr3 Cr7 CrSign in free for the trailing twelve months
Interest1 Cr1 Cr0.59 Cr0.84 Cr0.98 Cr2 Cr1 Cr1 CrSign in free for the trailing twelve months
Depreciation5 Cr5 Cr5 Cr5 Cr5 Cr3 Cr3 Cr3 CrSign in free for the trailing twelve months
Profit before tax6 Cr3 Cr0.87 Cr-2 Cr-2 Cr-1 Cr-0.34 Cr1 CrSign in free for the trailing twelve months
Tax %23.3%32.1%28.6%-3.7%12.6%-7.5%-97.9%62.0%Sign in free for the trailing twelve months
Net profit5 Cr2 Cr0.62 Cr-2 Cr-2 Cr-1 Cr-0.68 Cr0.39 CrSign in free for the trailing twelve months
EPS (₹)₹5.15₹2.24₹0.69₹-2.64₹-2.26₹-1.62₹-0.76₹0.44Sign in free for the trailing twelve months
Dividend payout %——0.0%————0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital9 Cr9 Cr9 Cr9 Cr9 Cr9 Cr9 Cr9 Cr
Reserves120 Cr121 Cr122 Cr120 Cr117 Cr116 Cr115 Cr115 Cr
Borrowings19 Cr21 Cr9 Cr6 Cr10 Cr15 Cr12 Cr8 Cr
Other liabilities17 Cr17 Cr13 Cr12 Cr10 Cr8 Cr9 Cr11 Cr
Total liabilities165 Cr168 Cr153 Cr144 Cr141 Cr142 Cr139 Cr137 Cr
Fixed assets (net)42 Cr38 Cr34 Cr30 Cr30 Cr28 Cr25 Cr22 Cr
CWIP0.84 Cr6 Cr3 Cr3 Cr3 Cr3 Cr3 Cr3 Cr
Investments2 Cr11 Cr9 Cr4 Cr0.52 Cr0.20 Cr0.13 Cr4 Cr
Loans & advances0.18 Cr0.17 Cr0.17 Cr0.03 Cr0.07 Cr2 Cr0.11 Cr0.14 Cr
Inventories27 Cr25 Cr24 Cr29 Cr30 Cr28 Cr26 Cr31 Cr
Trade receivables27 Cr21 Cr19 Cr14 Cr13 Cr15 Cr11 Cr14 Cr
Cash & bank1 Cr0.73 Cr3 Cr0.39 Cr0.21 Cr0.12 Cr0.39 Cr1 Cr
Other assets64 Cr67 Cr60 Cr64 Cr64 Cr67 Cr73 Cr61 Cr
Total assets165 Cr168 Cr153 Cr144 Cr141 Cr142 Cr139 Cr137 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-4 Cr-13 Cr17 Cr6 Cr23 Cr-6 Cr2 Cr5 Cr
Cash from investing2 Cr-11 Cr8 Cr-5 Cr-5 Cr2 Cr3 Cr1 Cr
Cash from financing1 Cr15 Cr-13 Cr-4 Cr-19 Cr4 Cr-5 Cr-5 Cr
Net cash flow0.20 Cr-10 Cr11 Cr-3 Cr-0.18 Cr-0.09 Cr0.27 Cr1 Cr
Free cash flow (OCF − Capex)-8 Cr-18 Cr17 Cr5 Cr19 Cr-6 Cr2 Cr5 Cr

Ratios

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %4.9%2.8%1.0%-1.1%-1.0%0.3%0.9%2.0%
ROE %3.6%1.5%0.5%-1.9%-1.7%-1.2%-0.6%0.3%
Debtor days12612811395104135128169
Inventory days341393389486547613899992
Days payable1019488729172123170
Cash conversion cycle366427415509560676904991
OCF / EBITDA %-50.1%-555.5%618.9%291.2%n.m.———
OCF / EBITDA % (3 years)——-1.2%133.6%877.2%n.m.——
Debt / equity0.150.160.070.050.080.130.100.07
Current ratio2.924.884.503.894.253.353.504.07
Net debt / EBITDA2.468.372.182.9119.61———