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Madhav Infra Projects

Listed IPP — per-stock model.

As of 21 Aug 2026
IPP—
CMP ₹7NSE: MADHAVIPL

Latest concall

Q4 FY26
  • Q4 FY26 consol revenue ₹254 cr, PAT ₹12 cr; FY26 revenue ₹502 cr, PAT ₹27 cr
  • Order book ~₹1,120 cr (CARE, Aug-2025): railway ROB 35%, roads 34%, solar 26%
  • Primarily infra/EPC; solar EPC plus a smaller owned solar-IPP generation segment
  • FY26 wins: ₹342 cr MPUVNL solar, ₹330 cr Surat 75 MW, 73.15 MW MP feeder PPAs
Order-book execution

~₹1,120 cr diversified order book executing over multi-year; 75 MW Surat solar EPC under construction.

Management guidance
  • Grow solar EPC share; execute MP feeder-solarisation and PM-KUSUM PPAs

BSE Q4 FY26 results; CARE Ratings PR (14 Aug 2025); Reg-30 disclosures — no concall held

Order book

₹1,120cr

Revenue FY26E

502₹ cr

EBITDA margin

13%

P/E

7.6×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

PeriodRevenueEBITDAEBITDA %PATGross %ROE %ROCE %CapexNet debtEPS ₹WC days
FY152723111.0%9———————
FY162588031.0%10—————0.4—
FY1739912030.0%11—————0.4—
FY1838510627.0%8—————0.3—
FY193267222.0%5—————0.2—
FY202044522.0%3—————0.1—
FY212743513.0%-13—————-0.5—
FY224605111.0%6—————0.2—
FY235135811.0%36—————1.3—
FY244605813.0%23—————0.8—
FY256106711.0%25—————1.0—
FY265026613.0%27—————1.0—
Source Market data (mid-2026)· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026)· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

QuarterRevenueEBITDAEBITDA %PATPAT %
Q1FY241241915.1%86.1%
Q2FY24981414.5%88.2%
Q3FY24881618.5%55.3%
Q4FY2415196.1%31.8%
Q1FY25681724.4%710.0%
Q2FY25871314.6%44.8%
Q3FY251471510.3%31.7%
Q4FY25308227.3%113.7%
Q1FY26881719.5%78.5%
Q2FY261071615.2%1211.7%
Q3FY265458.7%-4-7.9%
Q4FY26254218.2%124.5%
Q1FY27881517.5%67.1%
Source Market data (mid-2026)· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026)· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

7.6×

EV / EBITDA

6.4×

P/B

0.8×

Operating metrics

What the rest of the dashboard tracks for Madhav Infra Projects — capacity, auctions, offtake, manufacturing and returns.

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 30 Jun 2026

Shareholding pattern

%

Source Market data (mid-2026)· As of 21 Aug 2026