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 Consolidated
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



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 Consolidated Consolidated
1 Income
Revenue from operations 923.92 3,071.12
Other income 462.46 725.48
Total income 1,386.38 3,796.60
2 Expenses
(a) Cost of materials consumed 268.72 1,152.91
(b) Purchases of stock-in-trade 84.50 404.10
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 79.78 (169.22)
(d) Employee benefit expense 201.34 699.78
(e) Finance costs 21.54 146.30
(f) Depreciation, depletion and amortisation expense 72.54 289.03
(f) Other Expenses
1 MANUFACTURING EXPENSES 176.83 625.07
2 OTHER EXPENSES 233.51 575.48
Total other expenses 410.34 1,200.55
Total expenses 1,138.76 3,723.45
3 Total profit before exceptional items and tax 247.62 73.15
4 Exceptional items 0.00 0.00
5 Total profit before tax 247.62 73.15
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 186.27 9.63
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 (37.16) 29.29
16 Total profit (loss) for period 149.11 38.92
17 Other comprehensive income net of taxes 0.00 0.00
18 Total Comprehensive Income for the period 149.11 38.92
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 11,482.04
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 1.67 0.44
Diluted earnings (loss) per share from continuing operations 1.67 0.44
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 1.67 0.44
Diluted earnings (loss) per share from continuing and discontinued operations 1.67 0.44
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 Consolidated
Assets
1 Non-current assets
Property, plant and equipment 2,191.48
Capital work-in-progress 277.56
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 409.07
Trade receivables, non-current 147.82
Loans, non-current 1,814.06
Other non-current financial assets
1 Other non-current financial assets 1,902.97
Total of other non-current financial assets 1,902.97
Total non-current financial assets 4,273.92
Deferred tax assets (net) 0.00
Other non-current assets
1 Other non-current assets 913.98
Total of other non-current assets 913.98
Total non-current assets 7,656.94
2 Current assets
Inventories 3,141.70
Current financial asset
Current investments 0.00
Trade receivables, current 1,427.17
Cash and cash equivalents 142.79
Bank balance other than cash and cash equivalents 3.23
Loans, current 13.78
Other current financial assets
Total of other current financial assets 29.25
Total current financial assets 1,616.22
Current tax assets (net) 119.38
Other current assets
1 Other current assets 1,182.96
Total of other current assets 1,182.96
Total current assets 6,060.26
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 13,717.20
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 894.70
Other equity 11,482.04
Total equity attributable to owners of parent 12,376.74
Non controlling interest (568.88)
Total equity 11,807.86
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 5.26
Deferred tax liabilities (net) 171.66
Deferred government grants, Non-current 0.00
Other non-current liabilities
1 Other non-current liabilities 169.68
Total of other non-current liabilities 169.68
Total non-current liabilities 419.58
Current liabilities
Current financial liabilities
Borrowings, current 726.22
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 537.27
Total Trade payable 537.27
Other current financial liabilities
1 Other current financial liabilities 2.64
Total of other current financial liabilities 2.64
Total current financial liabilities 1,266.13
Other current liabilities 223.63
1 Other current liabilities 223.63
Total of other current liabilities 223.63
Provisions, current 0.00
Current tax liabilities (Net) 0.00
Deferred government grants, Current 0.00
Total current liabilities 1,489.76
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 1,909.34
Total equity and liabilites 13,717.20
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 Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 GRANITE AND STONE DIVISION 0.0092392 2,991.19
2 REALTY DIVISION 0.00 0.00
3 POWER GENERATION UNIT 0.0004594 0.0026809
4 UNALLOCATED 0.00 0.00
Total Segment Revenue 969.86 3,259.28
Less: Inter segment revenue 45.94 188.16
Revenue from operations 923.92 3,071.12
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 GRANITE AND STONE DIVISION (52.06) (219.72)
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 269.16 219.45
i. Finance cost 21.54 146.30
ii. Other Unallocable Expenditure net off Unallocable income 0.00 0.00
Profit before tax 247.62 73.15
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 GRANITE AND STONE DIVISION 9,181.87 9,181.87
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 13,717.21 13,717.21
Un-allocable Assets 0.00 0.00
Net Segment Asset 13,717.21 13,717.21
4 Segment Liabilities
Segment Liabilities
1 GRANITE AND STONE DIVISION 979.48 979.48
2 REALTY DIVISION 0.00 0.00
3 POWER GENERATION UNIT 510.27 510.27
4 UNALLOCATED 0.00 0.00
Total Segment Liabilities 1,489.75 1,489.75
Un-allocable Liabilities 0.00 0.00
Net Segment Liabilities 1,489.75 1,489.75
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 Consolidated Consolidated
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 Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 73.15
Adjustments for reconcile profit (loss)
Adjustments for finance costs 146.30
Adjustments for decrease (increase) in inventories (514.22)
Adjustments for decrease (increase) in trade receivables, current (335.63)
Adjustments for decrease (increase) in trade receivables, non-current (2.89)
Adjustments for decrease (increase) in other current assets 451.72
Adjustments for decrease (increase) in other non-current assets 824.17
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 176.86
Adjustments for increase (decrease) in trade payables, non-current (0.03)
Adjustments for increase (decrease) in other current liabilities 69.73
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 (146.26)
Adjustments for dividend income 0.00
Adjustments for interest income 159.40
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 79.41
Other adjustments to reconcile profit (loss) (338.78)
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) 487.09
Net cash flows from (used in) operations 560.24
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 519.15
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 0.00
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 159.40
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (414.31)
Net cash flows from (used in) investing activities 107.07
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 146.30
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities (522.29)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 103.93
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 103.93
Cash and cash equivalents cash flow statement at beginning of period 38.87
Cash and cash equivalents cash flow statement at end of period 142.80





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 3,796.60 3,796.60
2 Total Expenditure 3,723.45 3,723.45
3 Net Profit/(Loss) 9.63 9.63
4 Earnings Per Share 0.44 0.44
5 Total Assets 13,717.21 13,717.21
6 Total Liabilities 1,489.75 1,489.75
7 Net Worth 12,227.46 12,227.46


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 Whether appeared first time Textual Information(7) Textual Information(8) Textual Information(9) Textual Information(10)


Text Block

Textual Information(1) In one of the subsidiaries of the Holding Company, the other auditor who audited the financial statements / financial information of the subsidiary has reported that the subsidiary company viz: Madhav Ashok Ventures Private Limited has made investments amounting to Rs. 10,15,24,304 and has extended loans, including interest, amounting to Rs.8,15,97,131/- to its associate company, Madhav Surfaces FZC LLC as at 31st March 2026. The report of the other auditor states that the net worth of the associate company has been fully eroded, which constitutes an indicator of impairment as per the requirements of Indian Accounting Standard (Ind AS) 36 Impairment of Assets. However, the Company has not performed an impairment assessment in respect of the above investments and loans, nor has it recognised any impairment loss in the financial statements for the year ended 31st March 2026. In the absence of such an assessment, we are unable to determine whether any adjustments are required to the carrying values of the investments and loans. Had such impairment been assessed and recognised, 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 impacted
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. nThe 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. nThese 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. nThe 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. nFurther, 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. nBased 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. nThe 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. n
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) he Company has made investments in groups associate, Madhav Surface LLC, which carries a book value of Rs. 3,99,14,401 (net of the Company's share of losses),and has outstanding loans amounting to Rs 1,51,37,501. 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 31stMarch 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 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(8) NA
Textual Information(9) Management is confident that the Subsidiary and Associate will recover from its current financial situation
Textual Information(10) 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