5150932026-01-012026-03-315150932026-03-315150932025-03-315150932025-04-012026-03-315150932026-01-012026-03-31in-capmkt:OtherExpenses1Member5150932026-01-012026-03-31in-capmkt:OtherExpenses2Member5150932025-04-012026-03-31in-capmkt:OtherExpenses1Member5150932025-04-012026-03-31in-capmkt:OtherExpenses2Member5150932026-03-31OtherNoncurrentFinancialAssetsDomain15150932026-03-31OtherNoncurrentAssetsDomain15150932026-03-31OtherCurrentFinancialAssetsDomain15150932026-03-31OtherCurrentAssetsDomain15150932026-03-31OtherNoncurrentFinancialLiabilitiesDomain15150932026-03-31OtherNoncurrentLiabilitiesDomain15150932026-03-31OtherCurrentFinancialLiabilitiesDomain15150932026-03-31OtherCurrentLiabilitiesDomain15150932026-01-012026-03-31in-capmkt:ReportableSegments1Member5150932026-01-012026-03-31in-capmkt:ReportableSegments2Member5150932026-01-012026-03-31in-capmkt:ReportableSegments3Member5150932026-01-012026-03-31in-capmkt:ReportableSegments4Member5150932025-04-012026-03-31in-capmkt:ReportableSegments1Member5150932025-04-012026-03-31in-capmkt:ReportableSegments2Member5150932025-04-012026-03-31in-capmkt:ReportableSegments3Member5150932025-04-012026-03-31in-capmkt:ReportableSegments4Member5150932026-01-012026-03-31in-capmkt:ReportableSegments1Member5150932026-01-012026-03-31in-capmkt:ReportableSegments2Member5150932026-01-012026-03-31in-capmkt:ReportableSegments3Member5150932026-01-012026-03-31in-capmkt:ReportableSegments4Member5150932025-04-012026-03-31in-capmkt:ReportableSegments1Member5150932025-04-012026-03-31in-capmkt:ReportableSegments2Member5150932025-04-012026-03-31in-capmkt:ReportableSegments3Member5150932025-04-012026-03-31in-capmkt:ReportableSegments4Member5150932026-01-012026-03-31in-capmkt:ReportableSegments1Member5150932026-03-31in-capmkt:ReportableSegments1Member5150932026-01-012026-03-31in-capmkt:ReportableSegments2Member5150932026-03-31in-capmkt:ReportableSegments2Member5150932026-01-012026-03-31in-capmkt:ReportableSegments3Member5150932026-03-31in-capmkt:ReportableSegments3Member5150932026-01-012026-03-31in-capmkt:ReportableSegments4Member5150932026-03-31in-capmkt:ReportableSegments4Member5150932026-01-012026-03-31in-capmkt:ReportableSegments1Member5150932026-03-31in-capmkt:ReportableSegments1Member5150932026-01-012026-03-31in-capmkt:ReportableSegments2Member5150932026-03-31in-capmkt:ReportableSegments2Member5150932026-01-012026-03-31in-capmkt:ReportableSegments3Member5150932026-03-31in-capmkt:ReportableSegments3Member5150932026-01-012026-03-31in-capmkt:ReportableSegments4Member5150932026-03-31in-capmkt:ReportableSegments4Member5150932026-01-012026-03-31AuditorDomain15150932026-01-012026-03-31in-capmkt:AuditedMember5150932026-03-31in-capmkt:AuditedMember5150932026-01-012026-03-31in-capmkt:AdjustedMember5150932026-03-31in-capmkt:AdjustedMember5150932026-01-012026-03-31AuditQualification15150932026-01-012026-03-31AuditQualification2iso4217:INRiso4217:INRxbrli:shares515093MADHAVNOTLISTEDINE925C01016MADHAV 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 qualification2026-01-012026-03-31AuditedConsolidated92392000462460001386380002687200084500007978000201340002154000725400041034000113876000247620000247620009751000-36160006135000018627000000-37160001491100001491100089470000101.671.67001.671.672025-04-012026-03-31AuditedConsolidated3071120007254800037966000011529100040410000-169220006997800014630000289030001200550003723450007315000073150009968000-3616000635200009630000002929000389200003892000894700001011482040000.440.44000.440.44MANUFACTURING EXPENSES17683000OTHER EXPENSES23351000MANUFACTURING EXPENSES62507000OTHER EXPENSES5754800021914800027756000000000409070001478200018140600019029700042739200009139800076569400031417000001427170001427900032300013780002925000161622000119380001182960006060260000013717200008947000011482040001237674000-56888000118078600069330000365000365000072980005260001716600001696800041958000726220000537270005372700026400012661300022363000000148976000001909340001371720000Other non-current financial assets190297000Other non-current assets91398000Other current financial assets2925000Other current assets118296000Other non-current financial liabilities0Other non-current liabilities16968000Other current financial liabilities264000Other current liabilities22363000GRANITE AND STONE DIVISION92392000REALTY DIVISION0POWER GENERATION UNIT4594000UNALLOCATED0GRANITE AND STONE DIVISION299119000REALTY DIVISION0POWER GENERATION UNIT26809000UNALLOCATED09698600032592800045940001881600092392000307112000GRANITE AND STONE DIVISION-5206000REALTY DIVISION0POWER GENERATION UNIT32058000UNALLOCATED64000GRANITE AND STONE DIVISION-21972000REALTY DIVISION0POWER GENERATION UNIT43725000UNALLOCATED192000269160002194500021540001463000000247620007315000GRANITE AND STONE DIVISION918187000REALTY DIVISION29599000POWER GENERATION UNIT301410000UNALLOCATED122525000137172100001371721000GRANITE AND STONE DIVISION97948000REALTY DIVISION0POWER GENERATION UNIT51027000UNALLOCATED0148975000014897500014630000-51422000-33563000-289000451720008241700000017686000-300069730000289030000087000-790000-14626000015940000035400007941000-33878000-565400004870900056024000000410900005191500000000000052230000000000000041421000000000159400000-414310001070700000000000037599000001463000000-5222900010393000010393000388700014280000000000AuditedQualified opinionNYATI AND ASSOCIATEStrue2026-07-313796600003796600003723450003723450009630009630000.440.441371721000137172100014897500014897500012227460001222746000In 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 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 COMMENTShe 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 affectedQualified 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 conditionsNAManagement is confident that the Subsidiary and Associate will recover from its current financial situationNO COMMENTSMADHAV DOSHIS PANEERSELVAMDEVENDRA MANCHANDASURESH NYATIUDAIPUR2026-05-29