Madhav Marbles and Granites Ltd

Madhav Marbles Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Madhav Marbles and Granites Ltd

₹ 32.2 -0.56%
02 Apr - close price
madhavmarbles.com BSE: 515093 NSE: MADHAV
About

Incorporated in 1989, Madhav Marbles and Granites Ltd does manufacturing, processing
trading and export of granite, marble, windmill power generation, and realty business.{#https://www.bseindia.com/xml-data/corpfiling/AttachHis/cc4eec45-c8f6-467c-8c0b-7e498041f808.pdf#page=73/www.bseindia.com/xml-data/corpfiling/AttachHis/cc4eec45-c8f6-467c-8c0b-7e498041f808.pdf#page=73 #}

Key Points

Business Overview:[1][2][3]
MMGL is a Udaipur-based company engaged in the processing of slabs and tiles from granite blocks.
a) Stones:
A leading processor and exporter of premium-quality natural stones.
b) Power Generation:
The company owns 3 Wind Turbine Generators (WTGs) with a combined capacity of 4 MW in Tamil Nadu, primarily used for captive consumption, with surplus units banked with TNEB.
c) Trading Operations:
The company trades in marble, granite, and sandstone from its office in Udaipur, Rajasthan.

Website BSE NSE
  • Market Cap ₹ 28.8 Cr.
  • Current Price ₹ 32.2
  • High / Low ₹ 54.0 / 29.0
  • Stock P/E
  • Book Value ₹ 154
  • Dividend Yield 0.00 %
  • ROCE 1.17 %
  • ROE 0.44 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is trading at 0.21 times its book value

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -12.5% over past five years.
  • Company has a low return on equity of 0.26% over last 3 years.
  • Contingent liabilities of Rs.40.7 Cr.
  • Earnings include an other income of Rs.5.58 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Consumer Discretionary Consumer Durables Consumer Durables Granites & Marbles

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
9.20 11.61 11.14 10.66 6.50 11.59 10.60 5.82 6.85 7.67 7.92 6.84 6.60
10.08 11.01 10.42 11.32 8.10 10.93 10.06 6.65 5.75 8.49 7.96 7.60 6.78
Operating Profit -0.88 0.60 0.72 -0.66 -1.60 0.66 0.54 -0.83 1.10 -0.82 -0.04 -0.76 -0.18
OPM % -9.57% 5.17% 6.46% -6.19% -24.62% 5.69% 5.09% -14.26% 16.06% -10.69% -0.51% -11.11% -2.73%
1.59 1.21 0.90 1.08 1.00 1.79 1.03 1.54 0.36 1.62 1.20 1.72 1.04
Interest 0.12 0.13 0.20 0.22 0.25 0.29 0.24 0.16 0.24 0.25 0.24 0.30 0.19
Depreciation 1.03 1.27 0.76 0.64 0.64 0.74 0.77 0.50 0.47 0.82 0.72 0.62 0.83
Profit before tax -0.44 0.41 0.66 -0.44 -1.49 1.42 0.56 0.05 0.75 -0.27 0.20 0.04 -0.16
Tax % 0.00% -175.61% 24.24% -27.27% -2.68% 7.04% 19.64% 20.00% 20.00% 25.93% 20.00% 25.00% -18.75%
-0.44 1.14 0.50 -0.33 -1.45 1.32 0.45 0.04 0.60 -0.34 0.16 0.03 -0.13
EPS in Rs -0.49 1.27 0.56 -0.37 -1.62 1.48 0.50 0.04 0.67 -0.38 0.18 0.03 -0.15
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
74.10 90.97 78.88 79.34 69.65 76.96 60.28 61.89 53.17 46.93 39.90 30.95 29.03
63.51 78.96 71.42 72.87 69.38 69.78 57.82 56.75 51.00 46.35 40.78 30.95 30.83
Operating Profit 10.59 12.01 7.46 6.47 0.27 7.18 2.46 5.14 2.17 0.58 -0.88 0.00 -1.80
OPM % 14.29% 13.20% 9.46% 8.15% 0.39% 9.33% 4.08% 8.31% 4.08% 1.24% -2.21% 0.00% -6.20%
3.33 2.41 3.76 2.17 5.40 4.89 6.72 4.51 5.14 5.35 4.77 4.54 5.58
Interest 0.24 0.22 0.66 0.22 1.08 1.30 1.10 0.52 0.43 0.55 0.97 0.89 0.98
Depreciation 5.46 3.23 2.50 2.33 2.42 4.76 4.89 4.62 4.85 4.72 2.79 2.56 2.99
Profit before tax 8.22 10.97 8.06 6.09 2.17 6.01 3.19 4.51 2.03 0.66 0.13 1.09 -0.19
Tax % 26.52% 28.44% 5.83% 14.61% 17.05% 23.29% 31.35% 4.43% 3.94% -43.94% 76.92% 31.19%
6.04 7.85 7.58 5.21 1.80 4.61 2.18 4.32 1.94 0.94 0.04 0.75 -0.28
EPS in Rs 6.75 8.77 8.47 5.82 2.01 5.15 2.44 4.83 2.17 1.05 0.04 0.84 -0.32
Dividend Payout % 22.23% 17.10% 11.81% 17.18% 12.43% 4.85% 0.00% 10.36% 11.53% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years: -10%
5 Years: -12%
3 Years: -17%
TTM: -17%
Compounded Profit Growth
10 Years: -23%
5 Years: -23%
3 Years: -32%
TTM: -112%
Stock Price CAGR
10 Years: -3%
5 Years: -8%
3 Years: -7%
1 Year: -21%
Return on Equity
10 Years: 2%
5 Years: 1%
3 Years: 0%
Last Year: 0%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Sep 2025
Equity Capital 8.95 8.95 8.95 8.95 8.95 8.95 8.95 8.95 8.95 8.95 8.95 8.95 8.95
Reserves 96.57 102.81 109.32 114.52 115.19 119.61 121.53 125.99 127.52 128.24 128.28 129.06 129.24
0.00 10.02 5.02 4.00 20.13 17.82 8.60 9.68 6.61 7.93 13.39 11.39 9.97
17.30 17.97 19.28 14.62 17.49 15.84 13.89 10.84 10.20 9.46 7.35 7.46 9.49
Total Liabilities 122.82 139.75 142.57 142.09 161.76 162.22 152.97 155.46 153.28 154.58 157.97 156.86 157.65
21.83 28.97 27.34 27.00 30.03 41.34 36.85 32.47 29.19 29.25 26.53 24.22 22.96
CWIP 0.01 0.31 0.64 1.06 13.45 0.33 0.37 0.51 0.29 0.39 0.38 0.38 0.40
Investments 0.00 0.00 0.00 0.63 1.95 2.55 1.98 1.31 2.03 2.98 3.06 3.00 3.00
100.98 110.47 114.59 113.40 116.33 118.00 113.77 121.17 121.77 121.96 128.00 129.26 131.29
Total Assets 122.82 139.75 142.57 142.09 161.76 162.22 152.97 155.46 153.28 154.58 157.97 156.86 157.65

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
10.29 7.71 11.52 5.75 -8.00 0.45 14.06 -1.55 1.39 2.89 -5.94 -1.71
0.89 -9.07 -0.14 -2.42 -17.98 3.62 -4.16 3.84 -0.80 -3.62 1.36 4.65
-1.05 8.44 -7.09 -2.32 13.98 -3.88 -10.69 0.45 -3.64 0.55 4.49 -2.90
Net Cash Flow 10.13 7.08 4.29 1.01 -12.00 0.19 -0.80 2.74 -3.04 -0.18 -0.08 0.04
Free Cash Flow 9.63 -2.95 10.30 5.80 -25.55 -2.50 15.19 -1.94 0.07 -1.57 -5.75 -1.75
CFO/OP 118% 82% 179% 107% -2,637% 19% 634% -12% 103% 545% 643%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 160.19 144.56 143.86 111.65 135.26 127.01 129.28 115.53 96.18 102.04 137.40 137.16
Inventory Days 320.65 210.94 231.03 252.70 277.43 278.70 324.50 293.05 463.18 508.48 509.82 753.82
Days Payable 71.55 51.76 78.64 76.53 96.55 82.92 74.93 66.36 68.72 84.32 59.73 103.30
Cash Conversion Cycle 409.28 303.75 296.25 287.83 316.14 322.78 378.84 342.21 490.63 526.20 587.49 787.67
Working Capital Days 267.12 188.50 242.01 205.41 228.38 231.30 386.25 269.81 294.22 329.92 355.49 416.06
ROCE % 8.19% 9.85% 7.12% 5.04% 2.11% 5.03% 3.01% 3.26% 1.69% 0.56% 0.55% 1.17%

Insights

In beta
Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Power Generation Capacity (Windmills)
MW

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Wind Energy Units Generated
Units
Production Volume - Granite Slabs
Sq. Meters
Production Volume - Granite Tiles
Sq. Meters
Annual Installed Capacity - Granite Operations
Sq. Meters

Shareholding Pattern

Numbers in percentages

19 Recently
Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
42.60% 42.77% 42.81% 42.66% 43.48% 43.50% 43.50% 43.50% 43.89% 44.19% 44.60% 45.20%
0.00% 0.00% 0.00% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.59%
57.41% 57.23% 57.20% 57.32% 56.52% 56.49% 56.50% 56.49% 56.11% 55.82% 55.40% 54.22%
No. of Shareholders 9,4069,3209,2929,0209,1958,9469,0849,0278,9669,0068,8798,598

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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