Integrated Filing — IndAS



General information about company

Scrip Code 515093
NSE Symbol MADHAV
MSEI Symbol NOTLISTED
ISIN INE925C01016
Name of company MADHAV MARBLES AND GRANITES LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 29-05-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 22-05-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Standalone
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 29-05-2026   18:30:00
End date and time of board meeting 29-05-2026   22:15:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification
Whether the company has any related party? Yes
Whether the company has entered into any Related Party transaction during the selected half year for which it wants to submit disclosure? Yes
(I) We declare that the acceptance of fixed deposits by the bans/Non-Banking Finance Company are at the terms uniformly applicable/offered to all shareholders/public NA
(II) We declare that the scheduled commercial bank, as per RBI circular RBI/DBR/2015-16/19 dated March 03, 2016, has allowed additional interest of one per cent per annum, over and above the rate of interest mentioned in the schedule of interest rates on savings or a term deposits of banks staff and their exclusive associations as well as on deposits of Chairman, Chairman & Managing Director, Executive Director or such other Executives appointed for a fixed tenure. NA
Whether the company is a high value debt listed entity according to regulation 15 (1A)? No
(a) If answer to above question is Yes, whether complying with proviso to regulation 23 (9), i.e., submitting RPT disclosures on the day of results publication?
(b) If answer to above question is No, please explain the reason for not complying.
Whether the updated Related Party Transactions (RPT) Policy (in compliance with Reg. 23 of SEBI LODR) has been uploaded on the website of the Company? Yes
Latest Date on which RPT policy is updated 04-09-2025
Indicate Company website link for updated RPT policy of the Company WWW.MADHAVMARBLES.COM
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? No
No. of times funds raised during the quarter
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? No
NOTAPPLICABLE



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Standalone Standalone
1 Income
Revenue from operations 909.48 3,046.24
Other income 507.52 902.60
Total income 1,417.00 3,948.84
2 Expenses
(a) Cost of materials consumed 268.72 1,152.91
(b) Purchases of stock-in-trade 72.51 382.16
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 79.78 (166.50)
(d) Employee benefit expense 200.97 698.08
(e) Finance costs 21.54 95.12
(f) Depreciation, depletion and amortisation expense 72.54 289.03
(f) Other Expenses
1 MANUFACTURING EXPENSES 176.83 625.07
2 OTHER EXPENSES 230.46 570.64
Total other expenses 407.29 1,195.71
Total expenses 1,123.35 3,646.51
3 Total profit before exceptional items and tax 293.65 302.33
4 Exceptional items 0.00 0.00
5 Total profit before tax 293.65 302.33
6 Tax expense
7 Current tax 97.51 99.68
8 Deferred tax (36.16) (36.16)
9 Total tax expenses 61.35 63.52
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 232.30 238.81
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period 232.30 238.81
17 Other comprehensive income net of taxes 0.00 0.00
18 Total Comprehensive Income for the period 232.30 238.81
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent
Total comprehensive income for the period attributable to owners of parent non-controlling interests
21 Details of equity share capital
Paid-up equity share capital 894.70 894.70
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve 13,123.56
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 2.6 2.67
Diluted earnings (loss) per share from continuing operations 2.6 2.67
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 2.6 2.67
Diluted earnings (loss) per share from continuing and discontinued operations 2.6 2.67
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 31-03-2026
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Standalone
Assets
1 Non-current assets
Property, plant and equipment 2,086.11
Capital work-in-progress 34.02
Investment property 0.00
Goodwill 0.00
Other intangible assets 0.00
Intangible assets under development 0.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 840.61
Trade receivables, non-current 147.82
Loans, non-current 4,357.83
Other non-current financial assets
1 Other non-current financial assets 1,901.97
Total of other non-current financial assets 1,901.97
Total non-current financial assets 7,248.23
Deferred tax assets (net) 0.00
Other non-current assets
1 Other non-current assets 735.32
Total of other non-current assets 735.32
Total non-current assets 10,103.68
2 Current assets
Inventories 3,138.98
Current financial asset
Current investments 0.00
Trade receivables, current 1,513.09
Cash and cash equivalents 124.63
Bank balance other than cash and cash equivalents 2.64
Loans, current 13.78
Other current financial assets
Total of other current financial assets 29.25
Total current financial assets 1,683.39
Current tax assets (net) 119.10
Other current assets
1 Other current assets 675.57
Total of other current assets 675.57
Total current assets 5,617.04
3 Non-current assets classified as held for sale 0.00
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 15,720.72
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 894.70
Other equity 13,123.56
Total equity attributable to owners of parent 14,018.26
Non controlling interest
Total equity 14,018.26
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 69.33
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 3.65
Total Trade payable 3.65
Other non-current financial liabilities
1 Other non-current financial liabilities 0.00
Total of other non-current financial liabilities 0.00
Total non-current financial liabilities 72.98
Provisions, non-current 5.27
Deferred tax liabilities (net) 171.66
Deferred government grants, Non-current 0.00
Other non-current liabilities
1 Other non-current liabilities 16.22
Total of other non-current liabilities 16.22
Total non-current liabilities 266.13
Current liabilities
Current financial liabilities
Borrowings, current 693.42
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 537.19
Total Trade payable 537.19
Other current financial liabilities
1 Other current financial liabilities 2.64
Total of other current financial liabilities 2.64
Total current financial liabilities 1,233.25
Other current liabilities 203.08
1 Other current liabilities 203.08
Total of other current liabilities 203.08
Provisions, current 0.00
Current tax liabilities (Net) 0.00
Deferred government grants, Current 0.00
Total current liabilities 1,436.33
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 1,702.46
Total equity and liabilites 15,720.72
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-01-2026 01-04-2025
Date of end of reporting period 31-03-2026 31-03-2026
Whether results are audited or unaudited Audited Audited
Nature of report standalone or consolidated Standalone Standalone
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 GRANITE AND STONE DIVISION 0.0090948 2,966.31
2 REALTY DIVISION 0.00 0.00
3 POWER GENERATION UNIT 0.0004594 0.0026809
4 UNALLOCATED 0.00 0.00
Total Segment Revenue 955.42 3,234.40
Less: Inter segment revenue 45.94 188.16
Revenue from operations 909.48 3,046.24
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 GRANITE AND STONE DIVISION (6.03) (41.72)
2 REALTY DIVISION 0.00 0.00
3 POWER GENERATION UNIT 320.58 437.25
4 UNALLOCATED 0.64 1.92
Total Profit before tax 315.19 397.45
i. Finance cost 21.54 95.12
ii. Other Unallocable Expenditure net off Unallocable income 0.00 0.00
Profit before tax 293.65 302.33
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 GRANITE AND STONE DIVISION 11,185.38 11,185.38
2 REALTY DIVISION 295.99 295.99
3 POWER GENERATION UNIT 3,014.10 3,014.10
4 UNALLOCATED 1,225.25 1,225.25
Total Segment Asset 15,720.72 15,720.72
Un-allocable Assets 0.00 0.00
Net Segment Asset 15,720.72 15,720.72
4 Segment Liabilities
Segment Liabilities
1 GRANITE AND STONE DIVISION 926.05 926.05
2 REALTY DIVISION 0.00 0.00
3 POWER GENERATION UNIT 510.27 510.27
4 UNALLOCATED 0.00 0.00
Total Segment Liabilities 1,436.32 1,436.32
Un-allocable Liabilities 0.00 0.00
Net Segment Liabilities 1,436.32 1,436.32
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Standalone Standalone
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
Total Amount of items that will not be reclassified to profit and loss
2 Income tax relating to items that will not be reclassified to profit or loss 0.00 0.00
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 0.00 0.00



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 31-03-2026
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Standalone
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 302.33
Adjustments for reconcile profit (loss)
Adjustments for finance costs 95.12
Adjustments for decrease (increase) in inventories (511.50)
Adjustments for decrease (increase) in trade receivables, current (349.67)
Adjustments for decrease (increase) in trade receivables, non-current (2.90)
Adjustments for decrease (increase) in other current assets 462.54
Adjustments for decrease (increase) in other non-current assets 712.12
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current 0.00
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 176.77
Adjustments for increase (decrease) in trade payables, non-current (0.03)
Adjustments for increase (decrease) in other current liabilities 60.73
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 289.03
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 0.00
Adjustments for provisions, non-current 0.87
Adjustments for other financial liabilities, current (0.79)
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains (145.73)
Adjustments for dividend income 0.00
Adjustments for interest income 335.14
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) 3.54
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow 79.80
Other adjustments to reconcile profit (loss) (338.79)
Other adjustments for non-cash items (56.54)
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) 139.43
Net cash flows from (used in) operations 441.76
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 41.09
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities 400.67
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 0.00
Purchase of property, plant and equipment 52.23
Proceeds from sales of investment property (544.17)
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 414.21
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 0.00
Interest received 335.14
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 30.38
Net cash flows from (used in) investing activities 183.33
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 0.00
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 0.00
Repayments of borrowings 375.99
Payments of lease liabilities 0.00
Dividends paid 0.00
Interest paid 95.12
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities (471.11)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 112.89
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents 112.89
Cash and cash equivalents cash flow statement at beginning of period 11.74
Cash and cash equivalents cash flow statement at end of period 124.63





Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification
Auditor's opinion Qualified opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 Nyati and Associates Yes 31-07-2026


Financial details

Amount in (Lakhs)

Sr. Particulars Audited Figures (as reported before adjusting for qualifications) Adjusted Figures (audited figures after adjusting for qualifications)
1 Turnover / Total income 3,948.84 3,948.84
2 Total Expenditure 3,646.51 3,646.51
3 Net Profit/(Loss) 238.82 238.82
4 Earnings Per Share 2.67 2.67
5 Total Assets 15,720.72 15,720.72
6 Total Liabilities 1,436.33 1,436.33
7 Net Worth 14,284.40 14,284.40


Audit qualification

Amount in (Lakhs)

Sr. Details of Audit Qualification Type of Audit Qualification Frequency of qualification For Audit Qualification(s) where the impact is quantified by the auditor For Audit Qualification(s) where the impact is not quantified by the auditor
Management's Views (i) Management's estimation on the impact of audit qualification (ii) If management is unable to estimate the impact, reasons for the same Auditors' Comments on (i) or (ii) above
1 Textual Information(1) Qualified opinion Repetitive Textual Information(2) Textual Information(3) Textual Information(4) Textual Information(5)
2 Textual Information(6) Qualified opinion Repetitive Textual Information(7) Textual Information(8) Textual Information(9) Textual Information(10)
3 Textual Information(11) Qualified opinion Whether appeared first time Textual Information(12) Textual Information(13) Textual Information(14) Textual Information(15)


Text Block

Textual Information(1) The Company has made investments in its subsidiary, Madhav Ashok Ventures Private Limited amounting to Rs. 3,00,00,000 and has extended loans amounting to Rs. 23,80,40,364 as at 31st March 2026.The principal amount and interest amount has become due as at 31.03.2026. The net worth of the subsidiary has been fully eroded, which indicates the existence of indicators of impairment in accordance with the requirements of Indian Accounting Standard (Ind AS) 36 Impairment of Assets. However, the Company has neither carried out an impairment assessment of the said investments and nor recognized any provision for loan in the financial statements for the year ended 31st March 2026. In the absence of such an assessment and provision, we are unable to determine whether any adjustments are necessary to the carrying value of these investments and loans. Had such an impairment assessment been performed and any provision recognized, the carrying value of these financial assets, the profit or loss for the year, and the related disclosures in the financial statements could have been materially affected.
Textual Information(2) The management has considered the observation of the Statutory Auditors in relation to the investments and loans extended to Madhav Ashok Ventures Private Limited.

The subsidiary is engaged in the Trading of Stone and its Associate is engaged in quartz and engineered stone business, which witnessed challenging market conditions during the financial year 2025-26 on account of geopolitical developments, disruptions in global shipping and logistics networks, increase in freight costs, temporary slowdown in export demand in key overseas markets, and delays in dispatches arising from war-related uncertainties.

These factors adversely impacted the financial performance and net worth position of the subsidiary during the year under review. However, the management believes that the aforesaid conditions are temporary and cyclical in nature and do not indicate a permanent diminution in the value of the underlying business and assets of the subsidiary.

The Company has undertaken an internal assessment of the recoverability of the investments and loans considering, inter alia, the business plans of the subsidiary, projected future cash flows, expected improvement in market conditions, stabilisation of logistics operations, existing customer relationships, operational capabilities, and long-term industry outlook for the quartz and engineered stone sector.

Further, the investments and loans extended by the Company are strategic and long-term in nature, intended to support the business operations and growth initiatives of the subsidiary. The promoters have also reaffirmed their continued financial support to the subsidiary and their intention to infuse additional funds, as may be required, to support the business operations and future growth plans. The Company had also infused additional equity in earlier periods considering the long-term potential and strategic importance of the subsidiary.

Based on the aforesaid assessment and expected future business performance and cash flows, the management is of the view that the carrying value of the investments and loans is recoverable and accordingly no impairment provision / expected credit loss is considered necessary in the financial statements for the year ended March 31, 2026.

The Company shall continue to monitor the financial performance and position of the subsidiary and reassess the carrying value of the investments and loans, if required, in future reporting periods in accordance with the applicable provisions of Ind AS.

Textual Information(3) NA
Textual Information(4) Management is confident that the Subsidiary and Associate will recover from its current financial situation
Textual Information(5) NO COMMENTS
Textual Information(6) The Company has made investments in its subsidiary, Madhav Natural Stone and Surface Private Limited ts amounting to Rs. 86,00,000 and has extended loans amounting to Rs. 6,00,79,718 as at 31st March 2026. The principal amount and interest amount has become due as at 31.03.2026 The net worth of the subsidiary has been fully eroded due to continued losses, which indicates the existence of indicators of impairment in accordance with the requirements of Indian Accounting Standard (Ind AS) 36 Impairment of Assets. However, the Company has neither carried out an impairment assessment of the said investments and nor recognized any provision for loan in the financial statements for the year ended 31st March 2026. In the absence of such an assessment and provision, we are unable to determine whether any adjustments are necessary to the carrying value of these investments and loans. Had such an impairment assessment been performed and any provision recognized, the carrying value of these financial assets, the profit or loss for the year, and the related disclosures in the financial statements could have been materially affected.
Textual Information(7) The management has carefully considered the observation made by the Statutory Auditors in respect of investments and loans extended to Madhav Natural Stone and Surface Private Limited.



During the year, the Company acquired additional stake in Madhav Natural Stone and Surface Private Limited with the objective of converting the entity into a wholly owned subsidiary. The subsidiary is proposed to act as a dedicated vehicle for development and execution of a proposed real estate project on the land owned by the subsidiary.



The management is in the process of evaluating and executing the proposed real estate development project, which is expected to unlock substantial value from the underlying land asset. The structure is intended to facilitate focused execution, operational efficiency, improved asset utilisation, and long-term value creation for the Company.



The management believes that the realizable value of the land parcel and the expected future cash flows and sale proceeds from the proposed project would adequately support and recover the carrying value of the Companys investments and loans extended to the subsidiary.



Accordingly, considering the strategic nature of the investment, intrinsic value of the underlying land asset, and the expected economic benefits from the proposed development project, the management is of the view that the carrying value of the investments and loans is recoverable and no impairment provision / expected credit loss is presently required in the financial statements for the year ended March 31, 2026.



The Company shall continue to review the progress and viability of the project and reassess the recoverability of the investments and loans in future reporting periods in accordance with the applicable provisions of Ind AS.

Textual Information(8) NA
Textual Information(9) Management will take initiatives for restructuring measures
Textual Information(10) NO COMMENTS
Textual Information(11) The Company has made investments in its associate, Madhav Surface LLC amounting to Rs. 4,44,68,248. The net worth of the associate has been fully eroded due to continued losses, which indicates the existence of indicators of impairment in accordance with the requirements of Indian Accounting Standard (Ind AS) 36 Impairment of Assets. However, the Company has neither carried out an impairment assessment of the said investments and nor recognized any provision for loan in the financial statements for the year ended 31st March 2026. In the absence of such an assessment and provision, we are unable to determine whether any adjustments are necessary to the carrying value of these investments and loans. Had such an impairment assessment been performed and any provision recognized, the carrying value of these financial assets, the profit or loss for the year, and the related disclosures in the financial statements could have been materially affected
Textual Information(12) The long-term outlook for the engineered Stone business remains positive, supported by infrastructure growth, GCC construction demand, export opportunities, and increasing preference for engineered stone products globally. Accordingly, the management expects gradual improvement in business operations and cash flows upon normalization of market and logistics conditions.
Textual Information(13) NA
Textual Information(14) Management is confident that the Subsidiary and Associate will recover from its current financial situation
Textual Information(15) NO COMMENTS


Signatories detail

Name of CEO / Managing director MADHAV DOSHI
Name of CFO S. PANEERSELVAM
Name of audit committee chairman DEVENDRA MANCHANDA
Name of statutory auditor SURESH NYATI
Name of other signatory, if any, with designation
Place UDAIPUR
Date 29-05-2026


Amount in (Lakhs)

Format for Disclosure of Related Party Transactions (applicable only for half-yearly filings i.e., 2nd and 4th quarter)
Sr No. Additional disclosure of related party transactions - applicable only in case the related party transaction relates to loans, inter-corporate deposits, advances or investments made or given by the listed entity/subsidiary. These details need to be disclosed only once, during the reporting period when such transaction was undertaken.
Details of the party (listed entity/subsidiary) entering into the transaction Details of the counterparty Type of related party transaction Details of other related party transaction Value of the related party transaction as approved by the audit committee Remarks on approval by audit committee Value of the related party transaction ratified by the audit committee Date of Audit Committee Meeting where the ratification was approved Value of transaction during the reporting period In case monies are due to either party as a result of the transaction In case any financial indebtedness is incurred to make or give loans, inter-corporate deposits, advances or investments Details of the loans, inter-corporate deposits, advances or investments Notes
Name PAN Name PAN Relationship of the counterparty with the listed entity or its subsidiary Opening balance Closing balance Nature of indebtedness (loan/ issuance of debt/ any other etc.) Details of other indebtedness Cost Tenure Nature (loan/ advance/ intercorporate deposit/ investment ) Interest Rate (%) Tenure Secured/ unsecured Purpose for which the funds will be utilised by the ultimate recipient of funds (endusage)
1 MADHAV MARBLES AND GRANITES LIMITED MADHAV NATURAL STONE SURFACES PRIVATE LIMITED SUBSIDIARY COMPANY Loan 1.05 APPROVED 1.05 581.32 600.79
2 MADHAV MARBLES AND GRANITES LIMITED MADHAV ASHOK VENTURES PRIVATE LIMITED SUBSIDIARY COMPANY Loan 13.70 APPROVED 13.70 2,418.07 2,380.40
3 MADHAV MARBLES AND GRANITES LIMITED MADHAV SURFACES LLC ASSOCIATE Any other transaction CURRENT ACCOUNT EXPENSES 23.78 APPROVED 23.78 0.00 0.00
4 MADHAV MARBLES AND GRANITES LIMITED SHUBH BUILDERS Other related party Any other transaction RENT PAID 4.32 APPROVED 4.32 0.00 0.00
5 MADHAV MARBLES AND GRANITES LIMITED DEVENDRA MANCHANDA Other related party Any other transaction SITTING FEES 0.67 APPROVED 0.67 0.00 0.00
6 MADHAV MARBLES AND GRANITES LIMITED SURBHI YADAV Other related party Any other transaction SITTING FEES 0.67 APPROVED 0.67 0.00 0.00
7 MADHAV MARBLES AND GRANITES LIMITED MADHAV DOSHI Key management personnel of entity or parent Remuneration 32.02 APPROVED 32.02 0.00 0.00
8 MADHAV MARBLES AND GRANITES LIMITED RIDDHIMA DOSHI Key management personnel of entity or parent Remuneration 19.20 APPROVED 19.20 0.00 0.00
9 MADHAV MARBLES AND GRANITES LIMITED PRIYANKA MANAWAT Key management personnel of entity or parent Remuneration 3.53 APPROVED 3.53 0.00 0.00
10 MADHAV MARBLES AND GRANITES LIMITED S PANNEERSELVAM Key management personnel of entity or parent Remuneration 4.48 APPROVED 4.48 0.00 0.00
11 MADHAV MARBLES AND GRANITES LIMITED MADHAV NATURAL STONE SURFACES PRIVATE LIMITED SUBSIDIARY COMPANY Interest received 18.42 APPROVED 18.42 0.00 0.00
12 MADHAV MARBLES AND GRANITES LIMITED MADHAV ASHOK VENTURES PRIVATE LIMITED SUBSIDIARY COMPANY Interest received 76.62 APPROVED 76.62 2,418.07 2,380.40
13 MADHAV MARBLES AND GRANITES LIMITED MADHAV ASHOK VENTURES PRIVATE LIMITED SUBSIDIARY COMPANY Any other transaction Repayment of Loan 128.00 APPROVED 128.00 2,418.07 2,380.40
14 MADHAV MARBLES AND GRANITES LIMITED MADHAV ASHOK VENTURES PRIVATE LIMITED SUBSIDIARY COMPANY Any other transaction SETTLEMENT OF CURRENT ACCOUNT EXPENSES 8.90 APPROVED 8.90 0.00 0.00
15 MADHAV MARBLES AND GRANITES LIMITED MADHAV ASHOK VENTURES PRIVATE LIMITED SUBSIDIARY COMPANY Any other transaction RENT RECEIVED 0.48 APPROVED 0.48 0.00 0.00
16 MADHAV MARBLES AND GRANITES LIMITED MADHAV ASHOK VENTURES PRIVATE LIMITED SUBSIDIARY COMPANY Investment 84.00 APPROVED 84.00 0.00 0.00
17 MADHAV MARBLES AND GRANITES LIMITED MADHAV NATURAL STONE SURFACES PRIVATE LIMITED SUBSIDIARY COMPANY Any other transaction RENT RECEIVED 0.48 APPROVED 0.48 0.00 0.00
18 MADHAV MARBLES AND GRANITES LIMITED MADHAV NATURAL STONE SURFACES PRIVATE LIMITED SUBSIDIARY COMPANY Investment 15.49 APPROVED 15.49 0.00 0.00
19 MADHAV MARBLES AND GRANITES LIMITED MADHAV SURFACES LLC ASSOCIATE Loan 84.00 APPROVED 84.00 0.00 0.00
20 MADHAV MARBLES AND GRANITES LIMITED MADHAV SURFACES LLC ASSOCIATE Purchase of goods or services 24.71 APPROVED 24.71 0.00 0.00
Total value of transaction during the reporting period 544.52