1. At a Glance – When Infrastructure Meets Roller Coaster 🎢
Small-cap alert. Market cap ₹241 Cr. Stock price ₹8.94. Trading at just 1.04× book value. P/E of 8.61. Sounds cheap? Hold that thought.
Latest quarter (Dec 2025) revenue: ₹53.70 Cr.
YoY sales growth: -63.5%.
Quarterly PAT: -₹4.26 Cr.
EPS: -₹0.16.
Yes, negative.
Yet trailing twelve-month PAT stands at ₹28 Cr with EPS ₹1.04. ROCE 15.6%, ROE 12.6%. Debt ₹189 Cr. Debt-to-equity 0.81.
Three-month return? -16.8%.
One-year return? -24.5%.
And here’s the masala: order book ₹982 Cr as of Q1 FY25, with 77% in solar projects. Multiple LOAs from MPUVNL worth ₹342 Cr. NHAI project worth ₹323.82 Cr. Railway projects worth ₹264.4 Cr.
So the business pipeline looks strong, but quarterly numbers look like someone pulled the plug.
Question is simple: Is this just project timing volatility… or is execution playing hide and seek?
Let’s dig.
2. Introduction – Infra Company with Solar Mood Swings
Incorporated in 2010, Madhav Infra Projects Ltd operates in two segments:
- Infrastructure (99% revenue in FY24)
- Energy (1% revenue in FY24)
So technically, they are an “infra + renewable energy” company.
Practically? It’s an EPC contractor whose quarterly results behave like crypto.
Sales TTM ₹556 Cr.
PAT TTM ₹28 Cr.
5-year profit CAGR: 46%.
3-year profit CAGR: 62%.
Impressive on paper.
But then Q3 FY26 drops a -₹4.26 Cr loss and revenue falls 63% YoY. That’s not a minor hiccup. That’s a “boss, site pe cement hi nahi aaya” situation.
They’ve:
- Amalgamated subsidiaries
- Sold land for ₹25 Cr capital gain
- Reduced debt from ₹255 Cr (FY22) to ₹153 Cr (FY24)
- Acquired MSK Projects (April 2025)
- Incorporated 9 SPVs in Jan 2026
Aggressive expansion mode? Yes.
Stable earnings visibility? Debatable.
So is this a turnaround-in-progress or a volatility machine?
3. Business Model – WTF Do They Even Do?
1️ Infrastructure (99% revenue)
They build:
- Roads
- Bridges
- Railway Over Bridges (ROBs)
- Elevated corridors
Projects executed directly or through SPVs under concession agreements.
Completed projects across Madhya Pradesh
