Madhav Infra - Madhav Infra

📊 BSE: 539894 🏢 Civil Construction 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

Total operating income grew 59.8% YoY to INR 572.21 Cr in FY25 from INR 358.03 Cr in FY24. Segment-specific growth percentages were not disclosed, but growth was driven by increased execution pace in solar and road EPC projects.

Geographic Revenue Split

Not disclosed in available documents, though the company has a significant presence in Madhya Pradesh (Badi Baktara Toll) and Gujarat (Vadodara headquarters).

Profitability Margins

Gross and operating margins were impacted by aggressive bidding; PAT margin was 4.72% in FY25 (INR 26.99 Cr) compared to 5.22% in FY24 (INR 18.70 Cr).

EBITDA Margin

PBILDT margin was 10.47% in FY25 (INR 59.93 Cr), down from 13.06% in FY24 (INR 46.75 Cr) due to competitive pressures and scale effects.

Capital Expenditure

Not disclosed in available documents; however, the company reduced long-term debt through asset monetization of solar power and non-core assets.

Credit Rating & Borrowing

CARE BBB; Stable / CARE A3 (Reaffirmed August 2025). Bank facilities total INR 535.25 Cr, including INR 85.05 Cr long-term and INR 450.20 Cr long/short-term facilities.

⚙️ Operational Drivers

Raw Materials

Steel, cement, bitumen, and solar PV modules/panels are the primary raw materials, though specific cost percentages for each were not disclosed.

Capacity Expansion

The company operates as an in-house EPC arm for the Madhav Group; specific installed capacity in MW or MT was not disclosed.

Raw Material Costs

Raw material and labor costs are rising; the company noted that increases in these costs adversely affect profitability margins.

Manufacturing Efficiency

Operating cycle improved by 35.4% to 82 days in FY25 from 127 days in FY24, primarily due to the scale effect of higher revenue.

📈 Strategic Growth

Expected Growth Rate

5-10%

Growth Strategy

Growth will be achieved through the amalgamation of Madhav Heights, Madhav Urja, and RB Realestate (NCLT order Aug 2024), focusing on EPC execution for solar and road projects and expanding O&M services.

Products & Services

EPC services for road construction and solar power plants, solar power generation, toll operations (Badi Baktara Toll), and O&M services for hydro and road projects.

Brand Portfolio

Madhav Infra Projects Limited, Madhav Group.

New Products/Services

Expansion into solar energy solutions and wind-solar hybrid projects, with 15,000 MW of hybrid capacity expected to be added nationally by 2025.

Market Expansion

Focus on national development goals including urbanization and energy transition; specific target regions beyond Madhya Pradesh and Gujarat were not detailed.

Strategic Alliances

Amalgamation with group entities Madhav Heights Private Limited, Madhav Urja Private Limited, and RB Realestate Private Limited to consolidate the group's infrastructure and energy portfolio.

🌍 External Factors

Industry Trends

Solar energy costs are expected to cut by 66% due to battery storage efficiency; India expects to save INR 54,000 Cr annually by shifting from coal to renewables.

Competitive Landscape

Intensely competitive and fragmented construction industry with many regional players and aggressive bidding practices.

Competitive Moat

Moat is derived from the experienced promoter group (Ashok and Amit Khurana) and a demonstrated track record in both road and solar segments, though it is challenged by low entry barriers in civil construction.