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MARBLES AND GRANITES LIMITEDMain BoardEquity2025-04-012026-03-312026-05-292026-05-22INRLakhsQuarterlyFourth quarterMulti segment2026-05-2918:30:002026-05-2922:15:00trueCash Flow IndirectStatement on impact of audit qualificationtruetrueNANAfalsetrue2025-09-04WWW.MADHAVMARBLES.COMfalsefalseNOTAPPLICABLE2026-01-012026-03-31AuditedStandalone90948000507520001417000002687200072510007978000200970002154000725400040729000112335000293650000293650009751000-3616000613500002323000000002323000002323000089470000102.62.6002.62.62025-04-012026-03-31AuditedStandalone3046240009026000039488400011529100038216000-1665000069808000951200028903000119571000364651000302330000302330009968000-36160006352000023881000000023881000023881000894700001013123560002.672.67002.672.67MANUFACTURING EXPENSES17683000OTHER EXPENSES23046000MANUFACTURING EXPENSES62507000OTHER 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COMPANYLoan1370000APPROVED1370000241807000238040000MADHAV MARBLES AND GRANITES LIMITED******MADHAV SURFACES LLC******ASSOCIATEAny other transactionCURRENT ACCOUNT EXPENSES2378000APPROVED237800000MADHAV MARBLES AND GRANITES LIMITED******SHUBH BUILDERS******Other related partyAny other transactionRENT PAID432000APPROVED43200000MADHAV MARBLES AND GRANITES LIMITED******DEVENDRA MANCHANDA******Other related partyAny other transactionSITTING FEES67000APPROVED6700000MADHAV MARBLES AND GRANITES LIMITED******SURBHI YADAV******Other related partyAny other transactionSITTING FEES67000APPROVED6700000MADHAV MARBLES AND GRANITES LIMITED******MADHAV DOSHI******Key management personnel of entity or parentRemuneration3202000APPROVED320200000MADHAV MARBLES AND GRANITES LIMITED******RIDDHIMA DOSHI******Key management personnel of entity or parentRemuneration1920000APPROVED192000000MADHAV MARBLES AND GRANITES LIMITED******PRIYANKA MANAWAT******Key management personnel of entity or parentRemuneration353000APPROVED35300000MADHAV MARBLES AND GRANITES LIMITED******S PANNEERSELVAM******Key management personnel of entity or parentRemuneration448000APPROVED44800000MADHAV MARBLES AND GRANITES LIMITED******MADHAV NATURAL STONE SURFACES PRIVATE LIMITED******SUBSIDIARY COMPANYInterest received1842000APPROVED184200000MADHAV MARBLES AND GRANITES LIMITED******MADHAV ASHOK VENTURES PRIVATE LIMITED******SUBSIDIARY COMPANYInterest received7662000APPROVED7662000241807000238040000MADHAV MARBLES AND GRANITES LIMITED******MADHAV ASHOK VENTURES PRIVATE LIMITED******SUBSIDIARY COMPANYAny other transactionRepayment of Loan12800000APPROVED12800000241807000238040000MADHAV MARBLES AND GRANITES LIMITED******MADHAV ASHOK VENTURES PRIVATE LIMITED******SUBSIDIARY COMPANYAny other transactionSETTLEMENT OF CURRENT ACCOUNT EXPENSES890000APPROVED89000000MADHAV MARBLES AND GRANITES LIMITED******MADHAV ASHOK VENTURES PRIVATE LIMITED******SUBSIDIARY COMPANYAny other transactionRENT RECEIVED48000APPROVED4800000MADHAV MARBLES AND GRANITES LIMITED******MADHAV ASHOK VENTURES PRIVATE LIMITED******SUBSIDIARY COMPANYInvestment8400000APPROVED840000000MADHAV MARBLES AND GRANITES LIMITED******MADHAV NATURAL STONE SURFACES PRIVATE LIMITED******SUBSIDIARY COMPANYAny other transactionRENT RECEIVED48000APPROVED4800000MADHAV MARBLES AND GRANITES LIMITED******MADHAV NATURAL STONE SURFACES PRIVATE LIMITED******SUBSIDIARY COMPANYInvestment1549000APPROVED154900000MADHAV MARBLES AND GRANITES LIMITED******MADHAV SURFACES LLC******ASSOCIATELoan8400000APPROVED840000000MADHAV MARBLES AND GRANITES LIMITED******MADHAV SURFACES LLC******ASSOCIATEPurchase of goods or services2471000APPROVED24710000054452000AuditedQualified opinionNyati and Associatestrue2026-07-3139488400039488400036465100036465100023882000238820002.672.671572072000157207200014363300014363300014284400001428440000The 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. Qualified opinionRepetitiveThe management has considered the observation of the Statutory Auditors in relation to the investments and loans extended to Madhav Ashok Ventures Private Limited. <br></br> 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. <br></br> 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. <br></br> 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. <br></br> 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. <br></br> 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. <br></br> 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. <br></br> NAManagement is confident that the Subsidiary and Associate will recover from its current financial situationNO COMMENTS 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.Qualified opinionRepetitiveThe 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. <br></br> <br></br> 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. <br></br> <br></br> 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. <br></br> <br></br> 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. <br></br> <br></br> 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. <br></br> <br></br> 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. <br></br> NAManagement will take initiatives for restructuring measuresNO COMMENTS 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 Qualified opinionWhether appeared first timeThe 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.NAManagement is confident that the Subsidiary and Associate will recover from its current financial situationNO COMMENTSMADHAV DOSHIS. PANEERSELVAMDEVENDRA MANCHANDASURESH NYATIUDAIPUR2026-05-29