Madhucon Projects Limited (MADHUCON) AI Stock Analysis

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Madhucon Projects Limited

(NSE:MADHUCON)

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Rating:41Neutral

Price Target:INR 4.00▲(1.27% Upside)

Action:reiterated

Date:09/11/26

The score is weighed down primarily by very weak financial performance (persistent losses, negative equity, and heavy debt) and a bearish technical setup with the stock trading below key moving averages and negative MACD. Valuation does not provide support because the P/E is negative due to losses and no dividend yield is available.

Positive Factors

Established infrastructure EPC platformMadhucon operates in established infrastructure and construction markets, executing roads, highways and related civil works through EPC contracts. Its exposure to government and public-sector clients provides a defined demand channel and an operating platform that can support future project awards.

Negative Factors

Highly stressed balance sheetPersistent negative equity and very large debt indicate severe balance-sheet stress and limited financial flexibility. This structure raises refinancing and liquidity risk, while the absence of a clear deleveraging trend can restrict investment, project participation and the ability to withstand weaker contract performance.

Madhucon Projects Limited (MADHUCON) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 359.38M
Dividend Yield: ―
Average Volume (3M): 4,396
Price to Earnings (P/E): -0.1
Beta (1Y): 1.02
Revenue Growth: -25.61%
EPS Growth: 46.82%
Country: India
Employees: 738
Sector: General
Sector Strength: 55
Industry: Engineering & Construction

Madhucon Projects Limited Business Overview & Revenue Model

Company Description

Madhucon Projects Limited, along with its subsidiaries, operates as an Indian firm specializing in comprehensive construction, infrastructure development, and project management. The company's activities are segmented into three primary areas: Constr...

How the Company Makes Money

MADHUCON primarily makes money by executing infrastructure construction contracts and recognizing revenue based on the progress/milestones of those projects. Its key revenue stream is EPC/contracting income from building roads/highways and related ci...

Madhucon Projects Limited Financial Statement Overview

Summary

Overall financial quality is very weak: persistent net losses, sharply deteriorated margins (including deeply negative gross margin in 2026), and a highly stressed capital structure with negative equity and large debt. Operating cash flow has turned positive recently, but free cash flow remains mostly negative and worsened in 2026, limiting deleveraging capacity.

Income Statement

12Very Negative

Balance Sheet

8Very Negative

Cash Flow

22Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	4.44B	5.52B	6.77B	11.62B	11.24B	9.48B
Gross Profit	-913.44M	-3.20B	1.41B	2.13B	933.93M	2.03B
EBITDA	52.55M	527.07M	523.60M	23.76M	6.49B	638.49M
Net Income	-3.10B	-4.45B	-4.75B	-451.17M	-1.44B	-1.06B
Balance Sheet
Total Assets	0	31.35B	36.12B	42.13B	41.10B	55.03B
Cash, Cash Equivalents and Short-Term Investments	847.26M	777.69M	15.57B	329.11M	823.81M	954.24M
Total Debt	0	36.57B	35.54B	38.13B	32.19B	41.78B
Total Liabilities	24.41B	55.76B	56.17B	62.00B	64.67B	77.14B
Stockholders Equity	-24.41B	-18.79B	-14.68B	-15.03B	-19.20B	-20.88B
Cash Flow
Free Cash Flow	731.80M	-1.10B	-4.02B	-2.53B	-2.41B	2.26B
Operating Cash Flow	3.67B	3.72B	847.45M	-2.50B	-2.41B	2.32B
Investing Cash Flow	-2.92B	-4.48B	451.70M	4.67B	9.49B	-1.58B
Financing Cash Flow	-709.32M	940.58M	-1.09B	-2.61B	-7.20B	-559.49M

Madhucon Projects Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price3.95

Price Trends

50DMA4.34Negative

100DMA4.98Negative

200DMA5.01Negative

Market Momentum

MACD-0.08Negative

RSI44.27Neutral

STOCH54.02Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MADHUCON, the sentiment is Negative. The current price of 3.95 is below the 20-day moving average (MA) of 4.01, below the 50-day MA of 4.34, and below the 200-day MA of 5.01, indicating a bearish trend. The MACD of -0.08 indicates Negative momentum. The RSI at 44.27 is Neutral, neither overbought nor oversold. The STOCH value of 54.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MADHUCON.

Madhucon Projects Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:MADHUCON against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:GAYAPROJ	61Neutral	INR 8.79B	0.17	―	―	145.41%	1411.16%
IN:KNRCON	58Neutral	INR 27.73B	7.03	―	0.25%	-37.51%	-58.59%
IN:ASHOKA	56Neutral	INR 27.06B	1.09	―	―	-24.59%	39.70%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:SADBHAV	42Neutral	INR 1.11B	3.67	―	―	-0.30%	―
IN:MADHUCON	41Neutral	INR 291.49M	-0.09	―	―	-25.61%	46.82%
IN:RKEC	37Underperform	INR 466.62M	-0.90	―	―	-70.62%	-400.50%

* General Sector Average

Performance Comparison

IN:MADHUCON and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:MADHUCON	Madhucon Projects Limited	3.95	-3.11	-44.05%
IN:ASHOKA	Ashoka Buildcon Limited	96.40	-115.20	-54.44%
IN:GAYAPROJ	Gayatri Projects Limited	18.93	7.80	70.08%
IN:KNRCON	KNR Constructions Limited	98.60	-82.34	-45.51%
IN:RKEC	RKEC Projects Ltd.	19.45	-47.86	-71.10%
IN:SADBHAV	Sadbhav Engineering Limited	6.45	-5.11	-44.20%

Madhucon Projects Limited Corporate Events

Madhucon Projects Publishes Q1 FY27 Unaudited Results in Line with SEBI Norms

Aug 14, 2026

Madhucon Projects Limited has published its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, following approval by its board of directors. The company has complied with SEBI disclosure norms by releasing an...

Madhucon Projects Strengthens Board With New Independent and Additional Directors

Aug 13, 2026

Madhucon Projects Limited has reconstituted its board by appointing two additional directors, including a new independent director, in line with disclosure requirements under SEBI’s Listing Obligations and Disclosure Regulations. The changes, e...

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 11, 2026

Madhucon Projects Limited AI Stock Analysis

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