Madhucon Projects Limited (MADHUCON) AI Stock Analysis

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Madhucon Projects Limited

(NSE:MADHUCON)

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Rating:39Underperform

Price Target:INR 3.50▼(-19.91% Downside)

Action:downgraded

Date:09/11/26

Severely distressed financials with negative equity and persistent losses are the dominant factors, followed by weak technical momentum and poor valuation from negative earnings.

Positive Factors

Infrastructure EPC FocusMadhucon’s established focus on EPC execution and transportation infrastructure gives it a defined operating identity tied to essential public-sector and concession-based projects. This specialization can support continued relevance where road and highway development remains a recurring infrastructure need.

Negative Factors

Negative Equity and Heavy DebtPersistent negative equity and very large debt indicate a structurally over-levered balance sheet with limited financial flexibility. The absence of a clear deleveraging trend increases refinancing and liquidity pressure, while ongoing losses make it harder to restore capital strength through internal resources.

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

Market Cap: INR 316.58M
Dividend Yield: ―
Average Volume (3M): 4,306
Price to Earnings (P/E): -0.1
Beta (1Y): 0.87
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...

Madhucon Projects Limited Financial Statement Overview

Summary

Distressed position with chronic net losses, sharply declining revenue, negative equity, high debt, and inconsistent cash flows signaling high insolvency risk.

Income Statement

15Very Negative

Balance Sheet

10Very Negative

Cash Flow

20Very Negative

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 SentimentPositive

Last Price4.37

Price Trends

50DMA4.17Positive

100DMA4.83Negative

200DMA4.93Negative

Market Momentum

MACD0.01Negative

RSI57.21Neutral

STOCH46.49Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MADHUCON, the sentiment is Positive. The current price of 4.37 is above the 20-day moving average (MA) of 4.06, above the 50-day MA of 4.17, and below the 200-day MA of 4.93, indicating a neutral trend. The MACD of 0.01 indicates Negative momentum. The RSI at 57.21 is Neutral, neither overbought nor oversold. The STOCH value of 46.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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:ASHOKA	66Neutral	INR 31.40B	1.38	―	―	-23.07%	63.76%
IN:GAYAPROJ	61Neutral	INR 8.61B	0.17	―	―	175.79%	1261.83%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:KNRCON	46Neutral	INR 30.66B	7.78	―	0.23%	-37.51%	-58.59%
IN:MADHUCON	39Underperform	INR 322.48M	-0.10	―	―	-25.61%	46.82%
IN:SADBHAV	39Underperform	INR 1.24B	2.43	―	―	-7.00%	―
IN:RKEC	38Underperform	INR 504.28M	-0.97	―	―	-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	4.37	-2.56	-36.94%
IN:ASHOKA	Ashoka Buildcon Limited	111.86	-76.84	-40.72%
IN:GAYAPROJ	Gayatri Projects Limited	18.55	6.87	58.82%
IN:KNRCON	KNR Constructions Limited	109.01	-63.30	-36.73%
IN:RKEC	RKEC Projects Ltd.	21.02	-38.15	-64.48%
IN:SADBHAV	Sadbhav Engineering Limited	7.22	-4.18	-36.67%

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, effecti...

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