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Madhav Marbles & Granites Ltd.
(MADHAV)
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Rating:45Neutral
Price Target:
₹34.00
▼(-19.43% 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
Conservative Balance Sheet
Low leverage and a substantial, relatively stable equity base provide financial resilience for a cyclical natural-stone business. Limited debt reduces interest and refinancing pressure, preserving flexibility to sustain operations and pursue investment when demand conditions improve.
Negative Factors
Long-Term Revenue Contraction
A multi-year decline in revenue points to persistent pressure on demand, market position, or sales execution rather than a temporary fluctuation. Continued contraction would reduce scale benefits, constrain investment capacity, and make a durable recovery in earnings more difficult.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Low leverage and a substantial, relatively stable equity base provide financial resilience for a cyclical natural-stone business. Limited debt reduces interest and refinancing pressure, preserving flexibility to sustain operations and pursue investment when demand conditions improve.
Read all positive factors
Madhav Marbles & Granites Ltd. (MADHAV) vs. iShares MSCI India ETF (INDA)
Market Cap
₹311.62M
Dividend Yield0.51%
Average Volume (3M)735.00
Price to Earnings (P/E)―
Beta (1Y)1.28
Revenue Growth7.43%
EPS Growth72.12%
CountryIN
Employees173
SectorGeneral
Sector StrengthN/A
IndustryConstruction Materials
Share Statistics
EPS (TTM)0.43
Shares Outstanding8,947,000
10 Day Avg. Volume455
30 Day Avg. Volume735
Financial Highlights & Ratios
PEG Ratio-0.45
Price to Book (P/B)0.22
Price to Sales (P/S)0.89
P/FCF Ratio5.70
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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 c...
How the Company Makes Money
MADHAV makes money primarily by selling processed natural-stone products (marble and granite) to customers in the building-materials and interiors value chain. Revenue is generated when the company sources stone and adds value through processing (...
Madhav Marbles & Granites Ltd. Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
72
Positive
Cash Flow
55
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 307.11M | 310.57M | 399.01M | 472.25M | 531.28M |
| Gross Profit | 6.95M | 126.68M | 151.15M | 197.48M | 231.23M |
| EBITDA | -21.70M | 28.71M | 27.48M | 46.90M | 56.93M |
| Net Income | 3.89M | -6.80M | -14.49M | -20.20M | -51.10M |
Balance Sheet | |||||
| Total Assets | 1.37B | 1.39B | 1.42B | 1.41B | 1.44B |
| Cash, Cash Equivalents and Short-Term Investments | 14.60M | 7.21M | 8.91M | 44.51M | 23.89M |
| Total Debt | 79.55M | 117.15M | 150.72M | 96.08M | 82.88M |
| Total Liabilities | 190.93M | 208.27M | 227.88M | 194.13M | 188.05M |
| Stockholders Equity | 1.24B | 1.24B | 1.25B | 1.26B | 1.29B |
Cash Flow | |||||
| Free Cash Flow | 48.00M | 17.57M | -59.07M | 184.57M | 197.06M |
| Operating Cash Flow | 53.22M | 20.20M | -55.53M | 232.21M | 210.73M |
| Investing Cash Flow | -5.23M | 30.57M | 17.68M | -48.51M | -51.83M |
| Financing Cash Flow | -37.60M | -48.11M | 36.96M | -185.47M | -188.98M |
Madhav Marbles & Granites Ltd. Technical Analysis
Negative
42.20
Price Trends
35.25
Negative
36.43
Negative
37.24
Negative
Market Momentum
0.18
Negative
47.76
Neutral
49.59
Neutral
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 42.2 is above the 20-day moving average (MA) of 35.41, above the 50-day MA of 35.25, and above the 200-day MA of 37.24, indicating a bearish trend. The MACD of 0.18 indicates Negative momentum. The RSI at 47.76 is Neutral, neither overbought nor oversold. The STOCH value of 49.59 is Neutral, 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹192.63B | 35.40 | ― | 1.16% | 8.32% | 74.12% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹25.04B | 24.77 | ― | 0.08% | -35.05% | -48.06% | |
47 Neutral | ₹14.94B | 65.83 | ― | 2.50% | 18.50% | -67.27% | |
45 Neutral | ₹311.62M | -135.31 | ― | 0.51% | 7.43% | 72.12% | |
41 Neutral | ₹364.29M | -1.81 | ― | 2.99% | -40.39% | -171.42% | |
41 Neutral | ₹276.72M | -11.70 | ― | ― | -32.58% | -234.93% |
* General Sector Average
IN:MADHAV
Madhav Marbles & Granites Ltd.
36.00
-10.09
-21.89%
IN:AROGRANITE
ARO Granite Industries Limited
22.81
-15.02
-39.70%
IN:ASIANTILES
Asian Granito India Limited
50.02
-8.48
-14.50%
IN:KAJARIACER
Kajaria Ceramics Limited
1,212.35
-13.74
-1.12%
IN:LEXUS
Lexus Granito (India) Ltd.
12.75
-16.68
-56.68%
IN:POKARNA
Pokarna Limited
760.40
-85.82
-10.14%
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-v...
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 co...
Madhav Marbles & Granites Closes Trading Window Ahead of Q1 FY27 Results
Jul 2, 2026
Madhav Marbles Granites Ltd. has announced the closure of its trading window for designated persons and their immediate relatives from 1 July 2026 until 48 hours after the announcement of its financial results for the quarter ended 30 June 2026. ...
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.