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-Apr-2024
Date of end of financial year 31-Mar-2025
Date of board meeting when results were approved 30-May-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 22-May-2025
Description of presentation currency INR (in Actuals)
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 30-May-2025   19:00:00
End date and time of board meeting 30-May-2025   23:00:00
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
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-Jan-2025 01-Apr-2024
B Date of end of reporting period 31-Mar-2025 31-Mar-2025
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
Part I Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column.
1 Income
Revenue from operations 76716000 310574000
Other income 12086000 29669000
Total income 88802000 340243000
2 Expenses
(a) Cost of materials consumed 27914000 106382000
(b) Purchases of stock-in-trade 5678000 26432000
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 3780000 -4057000
(d) Employee benefit expense 21029000 79557000
(e) Finance costs 2543000 14542000
(f) Depreciation, depletion and amortisation expense 8238000 25647000
(f) Other Expenses
1 MANUFACTURING EXPENSES 12363000 55133000
2 OTHER EXPENSES 14470000 48083000
Total other expenses 26833000 103216000
Total expenses 96015000 351719000
3 Total profit before exceptional items and tax -7213000 -11476000
4 Exceptional items 0 0
5 Total profit before tax -7213000 -11476000
6 Tax expense
7 Current tax 396000 3108000
8 Deferred tax 254000 254000
9 Total tax expenses 650000 3362000
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0 0
11 Net Profit Loss for the period from continuing operations -7863000 -14838000
12 Profit (loss) from discontinued operations before tax 0 0
13 Tax expense of discontinued operations 0 0
14 Net profit (loss) from discontinued operation after tax 0 0
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 8041000 8041000
16 Total profit (loss) for period 178000 -6797000
17 Other comprehensive income net of taxes 0 0
18 Total Comprehensive Income for the period 178000 -6797000
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 0 0
Total profit or loss, attributable to non-controlling interests 0 0
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 0 0
Total comprehensive income for the period attributable to owners of parent non-controlling interests 0 0
21 Details of equity share capital
Paid-up equity share capital 89470000 89470000
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve 1153706000
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 0.02 -0.76
Diluted earnings (loss) per share from continuing operations 0.02 -0.76
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 0.02 -0.76
Diluted earnings (loss) per share from continuing and discontinued operations 0.02 -0.76
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
Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-Apr-2024
Date of end of reporting period 31-Mar-2025
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 252740000
Capital work-in-progress 28145000
Investment property 0
Goodwill 0
Other intangible assets 33000
Intangible assets under development 0
Biological assets other than bearer plants 0
Investments accounted for using equity method 0
Non-current financial assets
Non-current investments 1347000
Trade receivables, non-current 14493000
Loans, non-current 206274000
Other non-current financial assets 192256000
Total non-current financial assets 414370000
Deferred tax assets (net) 0
Other non-current assets 148948000
Total non-current assets 844236000
2 Current assets
Inventories 262748000
Current financial asset
Current investments 0
Trade receivables, current 109154000
Cash and cash equivalents 3887000
Bank balance other than cash and cash equivalents 402000
Loans, current 1144000
Other current financial assets 2925000
Total current financial assets 117512000
Current tax assets (net) 18580000
Other current assets 147714000
Total current assets 546554000
3 Non-current assets classified as held for sale 0
4 Regulatory deferral account debit balances and related deferred tax Assets 0
Total assets 1390790000
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 89470000
Other equity 1153706000
Total equity attributable to owners of parent 1243176000
Non controlling interest -60656000
Total equity 1182520000
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 12725000
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 368000
Total Trade payable 368000
Other non-current financial liabilities 0
Total non-current financial liabilities 13093000
Provisions, non-current 440000
Deferred tax liabilities (net) 21566000
Deferred government grants, Non-current 0
Other non-current liabilities 16968000
Total non-current liabilities 52067000
Current liabilities
Current financial liabilities
Borrowings, current 104428000
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 0
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 36042000
Total Trade payable 36042000
Other current financial liabilities 343000
Total current financial liabilities 140813000
Other current liabilities 15390000
Provisions, current 0
Current tax liabilities (Net) 0
Deferred government grants, Current 0
Total current liabilities 156203000
3 Liabilities directly associated with assets in disposal group classified as held for sale
4 Regulatory deferral account credit balances and related deferred tax liability
Total liabilities 208270000
Total equity and liabilites 1390790000
Disclosure of notes on assets and liabilities



Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results
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-Jan-2025 01-Apr-2024
Date of end of reporting period 31-Mar-2025 31-Mar-2025
Whether accounts 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 76716000 310574000
2 REALTY DIVISION 0 0
3 POWER GENERATION UNIT 4001000 13559000
4 UNALLOCATED 0 0
Total Segment Revenue 80717000 324133000
Less: Inter segment revenue 4001000 4001000
Revenue from operations 76716000 310574000
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 GRANITE AND STONE DIVISION -1660000 -737000
2 REALTY DIVISION 0 0
3 POWER GENERATION UNIT -3058000 3609000
4 UNALLOCATED 48000 192000
Total Profit before tax -4670000 3064000
i. Finance cost 2543000 2543000
ii. Other Unallocable Expenditure net off Unallocable income 0 0
Profit before tax -7213000 -11478000
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 GRANITE AND STONE DIVISION 955695000 955695000
2 REALTY DIVISION 29599000 29599000
3 POWER GENERATION UNIT 242966000 242966000
4 UNALLOCATED 162530000 162530000
Total Segment Asset 1390790000 1390790000
Un-allocable Assets 0 0
Net Segment Asset 1390790000 1390790000
4 Segment Liabilities
Segment Liabilities
1 GRANITE AND STONE DIVISION 119896000 119896000
2 REALTY DIVISION 0 0
3 POWER GENERATION UNIT 36308000 36308000
4 UNALLOCATED 0 0
Total Segment Liabilities 156204000 156204000
Un-allocable Liabilities 0 0
Net Segment Liabilities 156204000 156204000
Disclosure of notes on segments



Other Comprehensive Income
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-Jan-2025 01-Apr-2024
B Date of end of reporting period 31-Mar-2025 31-Mar-2025
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 0
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 0
5 Total Other comprehensive income 0 0



Cash flow statement, indirect
Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-Apr-2024
B Date of end of reporting period 31-Mar-2025
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Consolidated
Part I Blue color marked fields are non-mandatory.
Statement of cash flows
Cash flows from used in operating activities
Profit before tax -11476000
Adjustments for reconcile profit (loss)
Adjustments for finance costs 14542000
Adjustments for decrease (increase) in inventories 14672000
Adjustments for decrease (increase) in trade receivables, current 38914000
Adjustments for decrease (increase) in trade receivables, non-current 2654000
Adjustments for decrease (increase) in other current assets 16674000
Adjustments for decrease (increase) in other non-current assets -72422000
Adjustments for other financial assets, non-current 3219000
Adjustments for other financial assets, current 0
Adjustments for other bank balances 0
Adjustments for increase (decrease) in trade payables, current 3500000
Adjustments for increase (decrease) in trade payables, non-current 21000
Adjustments for increase (decrease) in other current liabilities -2997000
Adjustments for increase (decrease) in other non-current liabilities 13515000
Adjustments for depreciation and amortisation expense 25647000
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0
Adjustments for provisions, current 0
Adjustments for provisions, non-current 47000
Adjustments for other financial liabilities, current -378000
Adjustments for other financial liabilities, non-current 0
Adjustments for unrealised foreign exchange losses gains -6266000
Adjustments for dividend income 0
Adjustments for interest income 15801000
Adjustments for share-based payments 0
Adjustments for fair value losses (gains) 0
Adjustments for undistributed profits of associates 0
Other adjustments for which cash effects are investing or financing cash flow -1176000
Other adjustments to reconcile profit (loss) -1163000
Other adjustments for non-cash items -3000
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0
Total adjustments for reconcile profit (loss) 33199000
Net cash flows from (used in) operations 21723000
Dividends received 0
Interest paid 0
Interest received 0
Income taxes paid (refund) 1518000
Other inflows (outflows) of cash 0
Net cash flows from (used in) operating activities 20205000
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0
Cash flows used in obtaining control of subsidiaries or other businesses 0
Other cash receipts from sales of equity or debt instruments of other entities 0
Other cash payments to acquire equity or debt instruments of other entities 0
Other cash receipts from sales of interests in joint ventures 0
Other cash payments to acquire interests in joint ventures 0
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0
Proceeds from sales of property, plant and equipment 0
Purchase of property, plant and equipment 2633000
Proceeds from sales of investment property 0
Purchase of investment property 0
Proceeds from sales of intangible assets 0
Purchase of intangible assets 0
Proceeds from sales of intangible assets under development 0
Purchase of intangible assets under development 0
Proceeds from sales of goodwill 0
Purchase of goodwill 0
Proceeds from biological assets other than bearer plants 0
Purchase of biological assets other than bearer plants 0
Proceeds from government grants 0
Proceeds from sales of other long-term assets 1239000
Purchase of other long-term assets 0
Cash advances and loans made to other parties 0
Cash receipts from repayment of advances and loans made to other parties 0
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0
Dividends received 0
Interest received 16256000
Income taxes paid (refund) 0
Other inflows (outflows) of cash 15714000
Net cash flows from (used in) investing activities 30576000
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0
Payments from changes in ownership interests in subsidiaries 0
Proceeds from issuing shares 0
Proceeds from issuing other equity instruments 0
Payments to acquire or redeem entity's shares 0
Payments of other equity instruments 0
Proceeds from exercise of stock options 0
Proceeds from issuing debentures notes bonds etc 0
Proceeds from borrowings 0
Repayments of borrowings 33569000
Payments of lease liabilities 0
Dividends paid 0
Interest paid 14542000
Income taxes paid (refund) 0
Other inflows (outflows) of cash 0
Net cash flows from (used in) financing activities -48111000
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 2670000
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0
Net increase (decrease) in cash and cash equivalents 2670000
Cash and cash equivalents cash flow statement at beginning of period 1217000
Cash and cash equivalents cash flow statement at end of period 3887000





Details of Impact of Audit Qualification
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-Jul-2026


Financial details
Sr. Particulars Audited Figures (as reported before adjusting for qualifications) Adjusted Figures (audited figures after adjusting for qualifications)
1 Turnover / Total income 340243000 340243000
2 Total Expenditure 351719000 351719000
3 Net Profit/(Loss) -14839000 -14839000
4 Earnings Per Share -0.76 -0.76
5 Total Assets 1390789000 1390789000
6 Total Liabilities 208269000 208269000
7 Net Worth 1182520000 1182520000


Audit qualification
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 Whether appeared first time Textual Information(2) Textual Information(3) Textual Information(4) Textual Information(5)


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.7,64,89,721/- to its associate company, Madhav Surfaces FZC LLC as at 31st March 2025. 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 2025. 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) In response to the audit qualification, the management is optimistic about the future performance of its subsidiary, Madhav Ashok Ventures Private Limited, and its associate, Madhav Surfaces FZC LLC, Oman, in the current financial year. nThis confidence is underpinned by the anticipated imposition of tariffs by the US on quartz products, which is expected to enhance the competitive advantage of the Oman-based operations over other countries, including India. This development is likely to improve the product demand in Middle East, India, US and European markets, thus improving profitability of the associate, thereby indirectly strengthening the financial position of the subsidiary. nAdditionally, the Company anticipates improved cash flows in the current year, supported by increased working capital availability and ongoing production and dispatches aligned with the projected targets. nThe promoters have also reiterated their commitment to the long-term stability of the subsidiary and are willing to infuse additional funds if necessary to support its increased operations. These developments, combined with focused efforts to enhance operational efficiency and market positioning, provide a strong basis for managements belief that the business outlook for both the subsidiary and its associate is expected to improve in the near term. n
Textual Information(3) NA
Textual Information(4) Management is confident that the Subsidiary will recover from its current financial situation and return to a path of stability and growth.
Textual Information(5) NA


Signatories detail
Name of CEO / Managing director NA
Name of CFO S PANNEERSELVAM
Name of audit committee chairman DEVENDRA MANCHANDA
Name of statutory auditor SURESH NYATI
Name of other signatory, if any, with designation RIDDHIMA DOSHI, WHOLE TIME DIRECTOR
Place UDAIPUR
Date 30-May-2025