Madhav Marbles & Granites Ltd. (MADHAV) AI Stock Analysis

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Madhav Marbles & Granites Ltd.

(NSE:MADHAV)

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Rating:45Neutral

Price Target:INR 31.00▼(-6.06% Downside)

Action:reiterated

Date:09/07/26

The score is held down primarily by weak and inconsistent profitability (negative earnings history and revenue contraction) and a bearish price trend (trading below key moving averages with slightly negative MACD). These negatives are partially offset by a conservative balance sheet with low leverage and improved (but still volatile) cash-flow performance in 2025–2026.

Positive Factors

Low LeverageLow leverage gives Madhav Marbles financial flexibility and reduces the burden of interest and refinancing obligations. The stable equity base relative to assets provides a stronger buffer during construction-market weakness and leaves greater capacity to support operations or pursue growth.

Negative Factors

Long-Term Revenue ContractionThe multi-year revenue decline indicates that Madhav Marbles has not yet demonstrated sustained demand expansion across its stone products. A small 2026 rebound does not offset the broader contraction, limiting operating scale, bargaining power, and the company’s ability to spread fixed costs.

Madhav Marbles & Granites Ltd. (MADHAV) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 308.85M
Dividend Yield: ―
Average Volume (3M): 770
Price to Earnings (P/E): -125.4
Beta (1Y): 1.31
Revenue Growth: 7.43%
EPS Growth: 72.12%
Country: India
Employees: 133
Sector: General
Sector Strength: 55
Industry: Construction Materials

Madhav Marbles & Granites Ltd. Business Overview & Revenue Model

Company Description

Madhav Marbles and Granites Limited specializes in the manufacturing, processing, and trading of granite and marble slabs and tiles within India. Its diverse product range additionally encompasses sandstone, quartz, and other tile varieties. The comp...

How the Company Makes Money

MADHAV makes money primarily by selling stone products—typically marble and granite (and related value-added stone products such as cut-to-size slabs/tiles)—to customers in construction, real estate, architects/interior designers, retailers, and othe...

Madhav Marbles & Granites Ltd. Financial Statement Overview

Summary

Financial performance is mixed: a relatively conservative, low-leverage balance sheet (strong) is offset by a weak and unstable income profile (multi-year revenue contraction and mostly negative net income through 2025, only slightly positive in 2026). Cash flow has recovered in 2025–2026 after a sharp 2024 drawdown, but remains volatile, indicating elevated execution and working-capital risk.

Income Statement

34Negative

Balance Sheet

72Positive

Cash Flow

55Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	305.94M	307.11M	310.57M	395.84M	472.25M	531.28M
Gross Profit	35.89M	6.95M	126.68M	12.46M	197.48M	231.23M
EBITDA	-7.68M	-21.70M	28.71M	27.48M	46.90M	56.93M
Net Income	-2.29M	3.89M	-6.80M	-14.49M	-20.20M	-51.10M
Balance Sheet
Total Assets	0	1.37B	1.39B	1.42B	1.41B	1.44B
Cash, Cash Equivalents and Short-Term Investments	14.60M	14.28M	7.21M	8.91M	44.51M	23.89M
Total Debt	0	79.55M	117.15M	150.72M	96.08M	82.88M
Total Liabilities	-1.18B	190.93M	208.27M	227.88M	194.13M	188.05M
Stockholders Equity	1.18B	1.24B	1.24B	1.25B	1.26B	1.29B
Cash Flow
Free Cash Flow	-7.01M	48.00M	17.57M	-59.07M	184.57M	197.06M
Operating Cash Flow	-5.71M	53.22M	20.20M	-55.53M	232.21M	210.73M
Investing Cash Flow	27.34M	-5.23M	30.57M	17.68M	-48.51M	-51.83M
Financing Cash Flow	-23.66M	-37.60M	-48.11M	36.96M	-185.47M	-188.98M

Madhav Marbles & Granites Ltd. Technical Analysis

Technical Analysis SentimentNegative

Last Price33.00

Price Trends

50DMA33.82Negative

100DMA34.72Negative

200DMA35.61Negative

Market Momentum

MACD-0.13Negative

RSI50.97Neutral

STOCH82.92Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MADHAV, the sentiment is Negative. The current price of 33.00 is above the 20-day moving average (MA) of 32.08, below the 50-day MA of 33.82, and below the 200-day MA of 35.61, indicating a neutral trend. The MACD of -0.13 indicates Negative momentum. The RSI at 50.97 is Neutral, neither overbought nor oversold. The STOCH value of 82.92 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MADHAV.

Madhav Marbles & Granites Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:MADHAV against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:KAJARIACER	70Outperform	INR 188.57B	31.29	―	1.52%	14.20%	66.86%
IN:POKARNA	56Neutral	INR 23.33B	19.15	―	0.08%	-35.05%	-48.06%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:ASIANTILES	48Neutral	INR 13.30B	179.88	―	―	24.29%	-89.91%
IN:MADHAV	45Neutral	INR 307.60M	-125.38	―	―	7.43%	72.12%
IN:LEXUS	40Underperform	INR 227.87M	-10.02	―	―	-32.58%	-233.34%
IN:AROGRANITE	30Underperform	INR 353.58M	-1.84	―	―	-40.39%	-171.42%

* General Sector Average

Performance Comparison

IN:MADHAV and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:MADHAV	Madhav Marbles & Granites Ltd.	33.00	-8.14	-19.79%
IN:AROGRANITE	ARO Granite Industries Limited	23.97	-9.28	-27.91%
IN:ASIANTILES	Asian Granito India Limited	44.93	-22.16	-33.03%
IN:KAJARIACER	Kajaria Ceramics Limited	1188.15	77.22	6.95%
IN:LEXUS	Lexus Granito (India) Ltd.	10.92	-17.88	-62.08%
IN:POKARNA	Pokarna Limited	759.20	-123.55	-14.00%

Madhav Marbles & Granites Ltd. Corporate Events

Madhav Marbles & Granites Schedules 37th AGM, Issues FY 2025-26 Annual Report

Sep 6, 2026

Madhav Marbles & Granites Ltd. has released its Annual Report for the financial year 2025-26 and issued notice for its 37th Annual General Meeting, which will be held on September 30, 2026, at 11:30 a.m. IST via video conferencing and other audio-vis...

Madhav Marbles Publishes Q1 FY26 Unaudited Results in Leading Dailies

Aug 16, 2026

Madhav Marbles & Granites Ltd. operates in the stone and ceramics industry, focusing on the production and export of marble, granite, and related surfacing materials. Listed on both BSE and the National Stock Exchange of India, the Udaipur-based comp...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 07, 2026

Madhav Marbles & Granites Ltd. AI Stock Analysis