MADHUCON
Madhucon Projects Limited
Madhucon Projects Limited (MADHUCON) financial statements and selected valuation metrics through 30 June 2026.
Industrials›Construction›Construction›Civil Construction
madhucon.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹4.19
Market cap
31 Cr
Stock P/E
Loss (TTM EPS ₹-41.95)
ROCE (FY26)
-55.1%
Operating margin (FY26)
-121.4%
Debt / equity (FY26)
0.00
OCF / EBITDA (FY19)
331.3%
OCF / EBITDA (3Y)
322.8%
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
Madhucon Projects is a civil construction company that executes road and infrastructure projects, including through subsidiaries that hold road concessions, and is working through a heavy debt overhang with its lenders.
Company snapshot
88thBy market cap
Ranked among 90 companies in Civil Construction.
What we see
Positives
- ✓323% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
- ✗Net margin is negative — the company is spending more than it earns right now.
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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
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 257 Cr | 276 Cr | 421 Cr | 236 Cr | 190 Cr | 111 Cr | 139 Cr | 157 Cr | 129 Cr | 139 Cr | 126 Cr | 50 Cr |
| Operating expenses (approx.) | 309 Cr | 273 Cr | 642 Cr | 255 Cr | 392 Cr | 137 Cr | 175 Cr | 194 Cr | 180 Cr | 169 Cr | 156 Cr | 39 Cr |
| EBITDA | -52 Cr | 3 Cr | -221 Cr | -18 Cr | -202 Cr | -26 Cr | -36 Cr | -36 Cr | -51 Cr | -30 Cr | -30 Cr | 11 Cr |
| OPM % | -20.4% | 1.0% | -52.6% | -7.7% | -106.4% | -23.0% | -26.2% | -23.2% | -39.2% | -21.3% | -24.0% | 21.2% |
| Other income | 44 Cr | 0.76 Cr | 237 Cr | 26 Cr | 205 Cr | 67 Cr | 37 Cr | 47 Cr | 54 Cr | 51 Cr | 48 Cr | 6 Cr |
| Interest | 3 Cr | 8 Cr | 27 Cr | 4 Cr | 3 Cr | 5 Cr | 27 Cr | 6 Cr | 6 Cr | 6 Cr | -18 Cr | 0.50 Cr |
| Depreciation | 9 Cr | 12 Cr | 2 Cr | 10 Cr | 12 Cr | 484 Cr | 26 Cr | 131 Cr | 131 Cr | 131 Cr | 131 Cr | 0.51 Cr |
| Profit before tax | -20 Cr | -17 Cr | -13 Cr | -7 Cr | -12 Cr | -447 Cr | -52 Cr | -127 Cr | -133 Cr | -116 Cr | -95 Cr | 16 Cr |
| Tax % | 4.9% | 13.3% | 46.2% | -57.1% | 55.3% | 0.2% | -17.8% | -0.2% | 1.9% | -0.3% | -1.1% | -11.1% |
| Net profit | -19 Cr | -14 Cr | -7 Cr | -10 Cr | -5 Cr | -446 Cr | -61 Cr | -127 Cr | -131 Cr | -116 Cr | -96 Cr | 17 Cr |
| EPS (₹) | ₹-2.42 | ₹-1.69 | ₹0.64 | ₹-1.30 | ₹-0.61 | ₹-57.22 | ₹-5.27 | ₹-15.97 | ₹-16.36 | ₹-14.45 | ₹-13.46 | ₹2.22 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,576 Cr | 1,035 Cr | 942 Cr | 942 Cr | 909 Cr | 948 Cr | 1,162 Cr | 1,164 Cr | 677 Cr | 552 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 1,212 Cr | 1,010 Cr | 885 Cr | 885 Cr | 945 Cr | 1,012 Cr | 1,415 Cr | 1,463 Cr | 959 Cr | 699 Cr | Sign in free for the trailing twelve months |
| EBITDA | 365 Cr | 26 Cr | 57 Cr | 57 Cr | -36 Cr | -63 Cr | -253 Cr | -299 Cr | -282 Cr | -147 Cr | Sign in free for the trailing twelve months |
| OPM % | 23.1% | 2.5% | 6.1% | 6.1% | -4.0% | -6.7% | -21.7% | -25.7% | -41.7% | -26.6% | Sign in free for the trailing twelve months |
| Other income | 25 Cr | 48 Cr | 41 Cr | 41 Cr | 125 Cr | 117 Cr | 902 Cr | 301 Cr | 335 Cr | 200 Cr | Sign in free for the trailing twelve months |
| Interest | 751 Cr | 835 Cr | 279 Cr | 279 Cr | 246 Cr | 31 Cr | 47 Cr | 41 Cr | 39 Cr | 0.67 Cr | Sign in free for the trailing twelve months |
| Depreciation | 269 Cr | 249 Cr | 224 Cr | 224 Cr | 129 Cr | 141 Cr | 799 Cr | 32 Cr | 531 Cr | 523 Cr | Sign in free for the trailing twelve months |
| Profit before tax | -630 Cr | -910 Cr | -369 Cr | -405 Cr | -276 Cr | -108 Cr | -197 Cr | -71 Cr | -518 Cr | -471 Cr | Sign in free for the trailing twelve months |
| Tax % | -2.2% | 4.8% | 6.7% | 6.1% | 5.1% | -17.2% | 10.1% | 14.3% | -1.1% | 0.2% | Sign in free for the trailing twelve months |
| Net profit | -644 Cr | -866 Cr | -344 Cr | -381 Cr | -262 Cr | -127 Cr | -177 Cr | -61 Cr | -523 Cr | -470 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹-98.21 | ₹-117.33 | ₹-46.60 | ₹-46.60 | ₹-31.63 | ₹-14.41 | ₹-19.47 | ₹-6.11 | ₹-64.40 | ₹-60.24 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | — | — | — | — | — | — | 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
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 7 Cr | 7 Cr | 7 Cr | 7 Cr | 7 Cr | 7 Cr | 7 Cr | 7 Cr | 7 Cr | 7 Cr |
| Reserves | -829 Cr | -1,775 Cr | -2,130 Cr | -2,438 Cr | -1,892 Cr | -2,095 Cr | -1,927 Cr | -1,510 Cr | -1,475 Cr | -1,886 Cr |
| Borrowings | 6,159 Cr | 6,050 Cr | 5,757 Cr | 3,969 Cr | 3,730 Cr | 3,669 Cr | 3,219 Cr | 3,813 Cr | 3,554 Cr | 3,657 Cr |
| Other liabilities | 2,780 Cr | 3,618 Cr | 4,117 Cr | 3,495 Cr | 3,586 Cr | 4,044 Cr | 3,248 Cr | 2,387 Cr | 2,063 Cr | 1,919 Cr |
| Total liabilities | 8,229 Cr | 7,892 Cr | 7,705 Cr | 4,966 Cr | 5,335 Cr | 5,503 Cr | 4,110 Cr | 4,213 Cr | 3,612 Cr | 3,135 Cr |
| Fixed assets (net) | 3,428 Cr | 3,280 Cr | 3,132 Cr | 124 Cr | 106 Cr | 103 Cr | 53 Cr | 49 Cr | 41 Cr | 36 Cr |
| CWIP | 1,363 Cr | 150 Cr | 151 Cr | 151 Cr | 150 Cr | 150 Cr | 87 Cr | 87 Cr | 87 Cr | 87 Cr |
| Investments | 1 Cr | 1 Cr | 3 Cr | 972 Cr | 754 Cr | 754 Cr | 0.55 Cr | 0.55 Cr | 0.55 Cr | 0.55 Cr |
| Loans & advances | — | — | 2 Cr | 1 Cr | 1 Cr | 2 Cr | 6 Cr | 0.10 Cr | 0 Cr | 6 Cr |
| Inventories | 65 Cr | 100 Cr | 63 Cr | 29 Cr | 15 Cr | 6 Cr | 4 Cr | 2 Cr | 2 Cr | 2 Cr |
| Trade receivables | 210 Cr | 31 Cr | 37 Cr | 117 Cr | 4 Cr | 16 Cr | 5 Cr | 36 Cr | 5 Cr | 6 Cr |
| Cash & bank | 63 Cr | 44 Cr | 33 Cr | 81 Cr | 65 Cr | 95 Cr | 82 Cr | 39 Cr | 60 Cr | 78 Cr |
| Other assets | 3,098 Cr | 4,285 Cr | 4,284 Cr | 3,491 Cr | 4,239 Cr | 4,378 Cr | 3,872 Cr | 3,999 Cr | 3,416 Cr | 2,919 Cr |
| Total assets | 8,229 Cr | 7,892 Cr | 7,705 Cr | 4,966 Cr | 5,335 Cr | 5,503 Cr | 4,110 Cr | 4,213 Cr | 3,612 Cr | 3,135 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 683 Cr | 571 Cr | 190 Cr | — | -405 Cr | 244 Cr | -241 Cr | -250 Cr | 85 Cr | 204 Cr |
| Cash from investing | 107 Cr | -2 Cr | 3 Cr | — | 839 Cr | -158 Cr | 949 Cr | 467 Cr | 45 Cr | -445 Cr |
| Cash from financing | -859 Cr | -588 Cr | -204 Cr | — | -451 Cr | -56 Cr | -720 Cr | -261 Cr | -109 Cr | -258 Cr |
| Net cash flow | -68 Cr | -19 Cr | -11 Cr | — | -16 Cr | 30 Cr | -13 Cr | -43 Cr | 21 Cr | -499 Cr |
| Free cash flow (OCF − Capex) | 593 Cr | 548 Cr | 182 Cr | — | -581 Cr | 100 Cr | -241 Cr | -253 Cr | 85 Cr | 204 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | — | — | -4.6% | -11.3% | -9.4% | -14.0% | -122.0% | -18.1% | -52.5% | -55.1% |
| ROE % | — | — | — | — | — | — | — | — | — | — |
| Debtor days | 49 | 11 | 14 | 45 | 2 | 6 | 2 | 11 | 3 | 4 |
| Inventory days | 22 | 51 | 32 | 15 | 6 | 3 | 1 | 1 | 1 | 2 |
| Days payable | 190 | 291 | 335 | 244 | 260 | 295 | 162 | 142 | 77 | 168 |
| Cash conversion cycle | -120 | -229 | -289 | -183 | -252 | -287 | -159 | -130 | -73 | -162 |
| OCF / EBITDA % | 187.5% | n.m. | 331.3% | — | — | — | — | — | — | — |
| OCF / EBITDA % (3 years) | — | — | 322.8% | — | — | — | — | — | — | — |
| Debt / equity | — | — | — | — | — | — | — | — | 0.00 | 0.00 |
| Current ratio | 0.22 | 0.15 | 0.30 | 0.30 | 0.49 | 0.44 | 0.46 | 0.54 | 0.49 | 0.39 |
| Net debt / EBITDA | 16.72 | — | 99.78 | 67.77 | — | — | — | — | — | — |