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Madhucon Projects Limited
(MADHUCON)
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Rating:41Neutral
Price Target:
₹4.50
▼(-26.23% Downside)
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 EPC Infrastructure Business
Madhucon’s established EPC model gives it a defined role in transportation infrastructure, where project awards and certified progress can generate contract revenue. Its historical work for government and public-sector clients provides an institutional market base that can remain relevant across multiple project cycles.
Negative Factors
Negative Equity and Heavy Debt
Persistently negative equity and very large debt leave Madhucon with limited balance-sheet flexibility and a weak capacity to absorb further operating setbacks. The absence of a clear deleveraging trend increases refinancing and liquidity pressure, while leverage can constrain future investment and capital allocation.
Read all positive and negative factors
Positive Factors
Negative Factors
Established EPC Infrastructure Business
Madhucon’s established EPC model gives it a defined role in transportation infrastructure, where project awards and certified progress can generate contract revenue. Its historical work for government and public-sector clients provides an institutional market base that can remain relevant across multiple project cycles.
Read all positive factors
Madhucon Projects Limited (MADHUCON) vs. iShares MSCI India ETF (INDA)
Market Cap
₹323.96M
Dividend Yield0.31%
Average Volume (3M)3.04K
Price to Earnings (P/E)―
Beta (1Y)0.88
Revenue Growth-25.61%
EPS Growth46.82%
CountryIN
Employees738
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)-42.04
Shares Outstanding73,794,945
10 Day Avg. Volume3,434
30 Day Avg. Volume3,040
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)-0.01
Price to Sales (P/S)0.05
P/FCF Ratio-0.25
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
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: Con...
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...
Madhucon Projects Limited Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
8
Very Negative
Cash Flow
22
Negative
| 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 | 0.00 | 31.35B | 36.12B | 42.13B | 41.10B | 55.03B |
| Cash, Cash Equivalents and Short-Term Investments | 847.26M | 847.26M | 15.57B | 329.11M | 823.81M | 954.24M |
| Total Debt | 0.00 | 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
Negative
6.10
Price Trends
5.22
Negative
5.43
Negative
5.35
Negative
Market Momentum
-0.20
Positive
28.83
Positive
15.16
Positive
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 6.1 is above the 20-day moving average (MA) of 4.90, above the 50-day MA of 5.22, and above the 200-day MA of 5.35, indicating a bearish trend. The MACD of -0.20 indicates Positive momentum. The RSI at 28.83 is Positive, neither overbought nor oversold. The STOCH value of 15.16 is Positive, 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | ₹31.97B | 1.29 | ― | 0.65% | -24.59% | 39.70% | |
61 Neutral | ₹12.04B | 0.24 | ― | 0.31% | 145.41% | 1411.16% | |
59 Neutral | ₹35.31B | 8.96 | ― | 0.20% | -37.51% | -58.59% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹1.36B | 4.52 | ― | 0.73% | -0.30% | ― | |
43 Neutral | ₹463.74M | -0.90 | ― | 1.46% | -70.62% | -385.50% | |
41 Neutral | ₹323.96M | -0.10 | ― | 0.31% | -25.61% | 46.82% |
* General Sector Average
IN:MADHUCON
Madhucon Projects Limited
4.39
-2.76
-38.60%
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113.90
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IN:GAYAPROJ
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25.93
15.33
144.62%
IN:KNRCON
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125.55
-69.25
-35.55%
IN:RKEC
RKEC Projects Ltd.
19.33
-51.56
-72.73%
IN:SADBHAV
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-6.12
-43.65%
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...
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...
Exchange Seeks Clarification on Madhucon Projects’ March 2026 Results
Jun 24, 2026
Madhucon Projects Limited has received a clarification request from the stock exchange regarding its financial disclosures for the quarter ended 31 March 2026 under Regulation 33 of SEBI’s listing requirements. The company is expected to res...
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.