---
title: "Madhav Marbles and Granites Ltd (MADHAV) — Share Price, Financials & Analysis"
symbol: "MADHAV"
company: "Madhav Marbles and Granites Ltd"
canonical: "https://tapetide.com/stocks/MADHAV"
isin: "INE925C01016"
nse_symbol: "MADHAV"
bse_code: "515093"
sector: "Consumer Goods"
industry: "Granites & Marbles"
market_cap_cr: 32.65
generated_at: "2026-09-13T18:26:31.333Z"
---

# Madhav Marbles and Granites Ltd (MADHAV)

Canonical page: https://tapetide.com/stocks/MADHAV

## Company

- **NSE Symbol:** MADHAV
- **BSE Code:** 515093
- **ISIN:** INE925C01016
- **Sector:** Consumer Goods
- **Industry:** Granites & Marbles
- **Macro Sector:** Consumer Discretionary
- **Stock Type:** EQUITY
- **Listed Since:** 2007-12-20
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** madhavmarbles.com

## About

Incorporated in 1989, Madhav Marbles and Granites Ltd does manufacturing, processing 
trading and export of granite, marble, windmill power generation, and realty business.{#https://www.bseindia.com/xml-data/corpfiling/AttachHis/cc4eec45-c8f6-467c-8c0b-7e498041f808.pdf#page=73/www.bseindia.com/xml-data/corpfiling/AttachHis/cc4eec45-c8f6-467c-8c0b-7e498041f808.pdf#page=73 #}

## Latest Price

- **Price:** ₹36.29
- **Change:** -0.6 (-1.63%)
- **Open:** ₹37.2
- **Day High:** ₹37.2
- **Day Low:** ₹36.1
- **Previous Close:** ₹36.89
- **Volume:** 328
- **As Of:** 2026-09-11T09:47:35+00:00

## Key Fundamentals

Observed at 2026-09-11T04:39:35.376645Z.

- **Market Cap:** ₹32.65 Cr
- **Classification:** Microcap
- **P/E (reported):** -142.3
- **EPS (TTM):** ₹-0.26
- **EPS (reported):** ₹0
- **Book Value:** ₹138.29
- **Price to Book:** 0.27
- **Dividend Yield:** 0.68%
- **ROE:** -1.25%
- **ROCE:** 0.25%
- **Debt to Equity:** 0.06
- **Revenue (yearly):** ₹30.71 Cr
- **Net Income:** ₹-0.27 Cr
- **EBITDA:** ₹-2.17 Cr
- **52-Week High:** ₹49.95
- **52-Week Low:** ₹29
- **RSI (14):** 57.85

## Tapetide Score

- **Score:** 59 / 100
- **Score date:** 2026-09-04
- **Archetype:** Average Quality, Undemanding Price
- **What it means:** The financials sit mid-range rather than strong, and the multiple is not demanding. Nothing here stands out in either direction, so the read comes down to which single pillar you weight most and whether the next results move it off the middle.
- **Pillar profile:** Quality: Average · Valuation: Cheap · Momentum: Flat
- **Percentile:** 84.7 (of 4473 scored stocks)
- **Confidence:** 93%
- **Data coverage:** 86%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 64.13 | 9% |
| growth | 52.66 | 9% |
| momentum | 57.71 | 12% |
| ownership | 51.26 | 24% |
| quality | 54.85 | 22% |
| valuation | 75.6 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company has reduced debt.
- Company is almost debt free.
- Stock is trading at 0.26 times its book value

### Weaknesses

- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -13.1% over past five years.
- Company has a low return on equity of -1.10% over last 3 years.
- Contingent liabilities of Rs.40.7 Cr.
- Earnings include an other income of Rs.7.03 Cr.
- Company has high debtors of 170 days.
- Company's cost of borrowing seems high

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | 136.4% | -91.3% | -74.75% |
| ebitda margin growth | -82.35% | -167.77% | -190.79% | -152.72% |
| net income growth | -153.33% | -82% | 15% | -154% |
| revenue growth | -39.57% | -9.68% | -13% | -13% |
| roce | -101.48% | -933.33% | -933.33% | 0.46% |
| roe | -153.02% | -21.38% | -1.14% | -360.42% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 10.66 | 6.5 | 11.59 | 10.6 | 5.93 | 6.85 | 7.67 | 8.03 | 6.84 | 6.6 | 9.24 | 7.91 |
| Expenses | 11.33 | 8.12 | 10.96 | 10.08 | 6.74 | 5.79 | 8.53 | 8.05 | 7.62 | 6.78 | 10.44 | 7.8 |
| Operating Profit | -0.67 | -1.62 | 0.63 | 0.52 | -0.81 | 1.06 | -0.86 | -0.02 | -0.78 | -0.18 | -1.2 | 0.11 |
| OPM % | -6.29 | -24.92 | 5.44 | 4.91 | -13.66 | 15.47 | -11.21 | -0.25 | -11.4 | -2.73 | -12.99 | 1.39 |
| Other Income | 0.89 | 0.83 | 1.38 | 0.57 | 1.21 | -0.03 | 1.21 | 0.77 | 1.28 | 0.59 | 4.62 | 0.54 |
| Interest | 0.7 | 0.41 | 0.38 | 0.24 | 0.23 | 0.74 | 0.25 | 0.35 | 0.59 | 0.3 | 0.22 | 0.27 |
| Depreciation | 0.64 | 0.64 | 0.74 | 0.77 | 0.5 | 0.47 | 0.82 | 0.72 | 0.62 | 0.83 | 0.73 | 0.69 |
| Profit before tax | -1.12 | -1.84 | 0.89 | 0.08 | -0.33 | -0.18 | -0.72 | -0.32 | -0.71 | -0.72 | 2.47 | -0.31 |
| Tax % | -10.71 | -2.17 | 11.24 | 137.5 | 3.03 | 83.33 | 9.72 | 12.5 | 1.41 | -4.17 | 25.1 | 12.9 |
| Net Profit | -0.77 | -2.15 | 1.45 | -0.03 | -0.34 | -0.32 | 0.02 | -0.18 | -0.44 | -0.49 | 1.49 | -0.8 |
| EPS in Rs | -0.86 | -2.4 | 1.62 | -0.03 | -0.38 | -0.36 | 0.02 | -0.2 | -0.49 | -0.55 | 1.67 | -0.89 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 76.96 | 60.31 | 62.02 | 53.36 | 47.23 | 39.9 | 31.06 | 30.71 | 30.59 |
| Expenses | 69.78 | 57.93 | 59.05 | 51.27 | 46.66 | 40.83 | 31.09 | 32.88 | 32.64 |
| Operating Profit | 7.18 | 2.38 | 2.97 | 2.09 | 0.57 | -0.93 | -0.03 | -2.17 | -2.05 |
| OPM % | 9.33 | 3.95 | 4.79 | 3.92 | 1.21 | -2.33 | -0.1 | -7.07 | -6.7 |
| Other Income | 4.89 | 6.72 | 3.4 | 4.15 | 4.12 | 3.68 | 2.91 | 7.25 | 7.03 |
| Interest | 1.3 | 1.25 | 0.88 | 0.84 | 0.98 | 1.77 | 1.46 | 1.46 | 1.38 |
| Depreciation | 4.76 | 4.89 | 4.62 | 4.86 | 4.72 | 2.79 | 2.56 | 2.89 | 2.87 |
| Profit before tax | 6.01 | 2.96 | 0.87 | 0.54 | -1.01 | -1.81 | -1.14 | 0.73 | 0.73 |
| Tax % | 23.29 | 32.09 | 28.74 | 14.81 | -28.71 | 5.52 | 29.82 | 87.67 | — |
| Net Profit | 4.61 | 2 | -0.43 | -5.11 | -3.84 | -2.31 | -1.48 | 0.39 | -0.24 |
| EPS in Rs | 5.15 | 2.24 | -0.48 | -5.71 | -4.29 | -1.62 | -0.76 | 0.44 | -0.26 |
| Dividend Payout % | 4.85 | 0 | -104.07 | -4.38 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 8.95 | 8.95 | 8.95 | 8.95 | 8.95 | 8.95 | 8.95 | 8.95 |
| Reserves | 119.61 | 121.43 | 122.48 | 119.71 | 117.47 | 116.02 | 115.37 | 114.82 |
| Borrowings | 19.09 | 22.56 | 11.36 | 8.29 | 9.61 | 15.07 | 11.72 | 7.95 |
| Other Liabilities | 17.32 | 15.54 | 10.28 | 7.38 | 5.4 | 2.45 | 3.04 | 5.45 |
| Total Liabilities | 164.97 | 168.48 | 153.07 | 144.33 | 141.43 | 142.49 | 139.08 | 137.17 |
| Fixed Assets | 42.38 | 37.91 | 33.53 | 30.25 | 30.3 | 27.58 | 25.27 | 21.91 |
| CWIP | 0.87 | 5.94 | 3.16 | 2.93 | 2.82 | 2.82 | 2.82 | 2.78 |
| Investments | 2.24 | 10.82 | 9.1 | 3.52 | 0.52 | 0.2 | 0.13 | 4.09 |
| Other Assets | 119.48 | 113.81 | 107.28 | 107.63 | 107.79 | 111.89 | 110.86 | 108.39 |
| Total Assets | 164.97 | 168.48 | 153.07 | 144.33 | 141.43 | 142.49 | 139.08 | 137.17 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | -3.6 | -13.15 | 8 | 21.07 | 23.22 | -5.55 | 2.02 | 5.19 |
| Cash from Investing Activity | 2.34 | -3.2 | 7.87 | -5.18 | -4.85 | 1.77 | 3.06 | 1.07 |
| Cash from Financing Activity | 1.45 | 15.65 | -13.2 | -18.9 | -18.55 | 3.7 | -4.81 | -5.22 |
| Net Cash Flow | 0.2 | -0.71 | 2.67 | -3.01 | -0.18 | -0.09 | 0.27 | 1.04 |
| Free Cash Flow | -8.13 | -18.45 | 10.58 | 19.75 | 18.97 | -5.35 | 1.98 | 8.81 |
| CFO/OP | -38 | -487 | 300 | 1048 | 4121 | 574 | -7233 | -258 |

### Ratios

| Item | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 126.77 | 128.3 | 113.35 | 95.35 | 104.18 | 135.48 | 128.33 | 169.6 |
| Inventory Days | 278.7 | 324.27 | 292.07 | 460.58 | 505.42 | 509.82 | 749.69 | 826.25 |
| Days Payable | 83.02 | 77.85 | 65.78 | 68.34 | 83.81 | 59.73 | 102.74 | 141.21 |
| Cash Conversion Cycle | 322.44 | 374.73 | 339.64 | 487.6 | 525.78 | 585.57 | 775.28 | 854.64 |
| Working Capital Days | 224.81 | 356.83 | 264.19 | 287.84 | 336.1 | 388.14 | 453.72 | 525.81 |
| ROCE % | — | 2.8 | 1.19 | 0.78 | 0.05 | -0.25 | 0.12 | -0.73 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 42.81% | 42.66% | 43.47% | 43.5% | 43.5% | 43.5% | 43.88% | 44.19% | 44.59% | 45.2% | 45.54% | 45.77% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.59% | 0.59% | 0.59% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 48.86% | 48.35% | 48.26% | 48.47% | 48.43% | 47.62% | 47.56% | 47.46% | 47.12% | 46.21% | 45.55% | 45.12% |
| Others | 8.33% | 8.99% | 8.26% | 8.03% | 8.07% | 8.88% | 8.56% | 8.35% | 8.29% | 8.01% | 8.33% | 8.53% |
| No. of Shareholders | 9292 | 9020 | 9195 | 8946 | 9084 | 9027 | 8966 | 9006 | 8879 | 8598 | 8639 | 8491 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Buy
- **Buy / Neutral / Sell:** 9 / 7 / 3

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 35.42 | Buy |
| EMA (10) | 35.63 | Buy |
| SMA (20) | 35.46 | Buy |
| EMA (20) | 35.42 | Buy |
| SMA (50) | 35.18 | Buy |
| EMA (50) | 35.48 | Buy |
| SMA (100) | 36.3 | Sell |
| EMA (100) | 35.99 | Buy |
| SMA (200) | 37.19 | Sell |
| EMA (200) | 37.41 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 54.59 | Neutral |
| MACD (12,26,9) | 0.18 | Buy |
| Stochastic (14,3,3) | 59.65 | Neutral |
| ADX (14) | 22.51 | Neutral |
| Williams %R (14) | -35.25 | Neutral |
| ATR (14) | 1.63 | High Volatility |
| ROC (12) | 4.16 | Buy |
| Stoch RSI (14) | 74.11 | Neutral |
| UO (7,14,28) | 43.05 | Neutral |

## Filings & Documents

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-09-07 | [Reg. 34 (1) Annual Report.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=354def82-5316-4495-9972-4c4c8e4c0c9b.pdf) |
| 2026-09-07 | [Intimation Under Regulation 30 And 36 (1) (B) Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 (SEBI Listing Regulations)](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5ee1e9d7-ee05-47ba-a3ea-c1d1164279e6.pdf) |
| 2026-09-07 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ad2d5247-925f-40e0-9f50-e60d7f8f008e.pdf) |
| 2026-09-06 | [Annual General Meeting On Wednesday September 30 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=088a4d18-c7d3-4c84-8bcd-63597fc15d7c.pdf) |
| 2026-08-16 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1a1bfa3e-fef6-4dcf-a9ee-0bef6b0664dd.pdf) |
| 2026-08-13 | [Board Meeting Outcome for Outcome Of Board Meeting](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f37020a6-3825-4a22-807a-e4fe00961be2.pdf) |
| 2026-08-13 | [Announcement under Regulation 30 (LODR)-Change in Management](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=44632381-e067-4133-8129-382fe23f6e6c.pdf) |
| 2026-08-05 | [Board Meeting Intimation for Board Meeting On Thursday August 13 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=40b36950-8d6d-4b16-98d6-b8a5579b58b6.pdf) |
| 2026-07-17 | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=53d60ba8-6a57-4b1d-bda3-77d319b9b528.pdf) |
| 2026-07-06 | [Shareholder Meeting / Postal Ballot-Outcome of EGM](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e105fca2-e0bc-4b4a-b15b-b1cdf94b44ce.pdf) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-08-13 | [Un-Audited Financial Results - June 30 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=183b0623-6c5c-49b9-8b96-eab35b50867a.pdf) |
| 2026-05-29 | [FINANCIAL RESULTS - QUARTER AND YEAR ENDED MARCH 31 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=be38343c-5be9-4cf7-98c6-40f8aa4e534e.pdf) |
| 2026-02-11 | [Results - Quarter And Period Ended December 31 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1d3d774a-4106-439c-9ff8-cbba14b06cac.pdf) |
| 2025-11-11 | [Unaudited Financial Results For The Quarter And Period Ended 30 September 2025.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=fe38aafb-e661-4b4f-ba3c-cb10d52b3adf.pdf) |
| 2025-08-13 | [FINANCIAL RESULTS: JUNE 30 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b800cbec-5fab-48d7-aff9-33a5495ac810.pdf) |
| 2025-05-31 | [Revised Financial Result For The Quarter And Year Ended 31 March 2025.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0caff2b4-c94e-40a7-82ca-4a5c8982202b.pdf) |
| 2025-05-30 | [Audited Financial Results For The Quarter And Year Ended 31 March 2025.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0e70106a-29af-434f-ae27-733221e003a5.pdf) |
| 2025-02-10 | [Financial Results For Quarter And Period Ended December 31 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=284aa912-72f4-476c-bc5a-5b5857052853.pdf) |
| 2024-11-14 | [FINANCIAL RESULTS FOR QUARTER AND PERIOD ENDED SEPTEMBER 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=7453d0c2-0be4-4b63-9842-cce4a73fe601.pdf) |
| 2024-08-13 | [FINANCIAL RESULTS FOR QUARTER ENDED JUNE 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4b17cbf2-c39b-42ad-845d-b21eff100090.pdf) |

### Other Documents

| Date | Document |
| --- | --- |
| 5 Mar - Board approved OMR35,000 (INR83.3 lakh) unsecured loan to Madhav Surfaces FZC LLC, 9% interest, two-year tenure. | [Board Meeting Outcome for Outcome Of Board Meeting 5 Mar - Board approved OMR35,000 (INR83.3 lakh) unsecured loan to Madhav Surfaces FZC LLC, 9% interest, two-year tenure.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/3a90ed81-3681-48e5-bc60-2f0c0ce969a9.pdf) |
| 5 Mar - Board approved OMR 35,000 (INR 83.30 lakh) unsecured loan to Madhav Surfaces FZC LLC; 9% interest, two-year term. | [Announcement under Regulation 30 (LODR)-Meeting Updates 5 Mar - Board approved OMR 35,000 (INR 83.30 lakh) unsecured loan to Madhav Surfaces FZC LLC; 9% interest, two-year term.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/903f648c-db79-4bdc-8952-433703f0146a.pdf) |
| 30 Apr - Company confirms it is not a Large Corporate; initial and annual debt disclosures not applicable. | [Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A 30 Apr - Company confirms it is not a Large Corporate; initial and annual debt disclosures not applicable.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/acab7d2e-1e46-4217-8e6c-7f79c2f0f8fa.pdf) |
| 30 Apr - Company confirms it is not a Large Corporate; initial and annual debt disclosures not applicable. | [Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A 30 Apr - Company confirms it is not a Large Corporate; initial and annual debt disclosures not applicable.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/acab7d2e-1e46-4217-8e6c-7f79c2f0f8fa.pdf) |
| 28 Feb - Board meeting on March 5, 2026 to consider related-party transaction with Madhav Surfaces FZC LLC. | [Board Meeting Intimation for Board Meeting On Thursday, March 05, 2026 28 Feb - Board meeting on March 5, 2026 to consider related-party transaction with Madhav Surfaces FZC LLC.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/3e101e4a-2915-4be8-85df-96157e87fa86.pdf) |
| 25 Mar - Approved acquisition of additional 18.01% in MNSSPL, raising stake to 100% for proposed real-estate project. | [Announcement under Regulation 30 (LODR)-Meeting Updates 25 Mar - Approved acquisition of additional 18.01% in MNSSPL, raising stake to 100% for proposed real-estate project.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f68100be-3f69-45c4-8bf0-03e59f736f58.pdf) |
| 25 Mar - 25-Mar-2026: Board approved acquiring 18.01% in MNSSPL; stake to become 100%; price pending valuation. | [Board Meeting Outcome for Outcome Of Board Meeting 25 Mar - 25-Mar-2026: Board approved acquiring 18.01% in MNSSPL; stake to become 100%; price pending valuation.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/d3eac3d4-6fdb-4b46-919f-cbe287d8bea2.pdf) |
| 19 Mar - Board meeting Mar 25, 2026 to consider related-party transactions and acquiring further stake in subsidiary. | [Board Meeting Intimation for Board Meeting On Wednesday March 25, 2026 19 Mar - Board meeting Mar 25, 2026 to consider related-party transactions and acquiring further stake in subsidiary.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/81ea10d7-61ea-4a6b-b332-2b5238320fef.pdf) |
| 17 Apr - Registered office shifted within Udaipur from First Floor to Third Floor, effective May 1, 2026. | [Announcement under Regulation 30 (LODR)-Change in Registered Office Address 17 Apr - Registered office shifted within Udaipur from First Floor to Third Floor, effective May 1, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b310b23e-8cc1-4683-b767-e9779f424b5d.pdf) |
| 17 Apr - Board approved shifting registered office within Mumal Towers; subsidiary loan decision deferred. | [Board Meeting Outcome for OUTCOME OF BOARD MEETING 17 Apr - Board approved shifting registered office within Mumal Towers; subsidiary loan decision deferred.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/6cc99216-d795-4477-acab-f936dbc9dce1.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2013 from nse](https://archives.nseindia.com/annual_reports/AR_670_MADHAV_2012_2013_19072013171508.zip) |
| from bse | [Annual Report 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/cc4eec45-c8f6-467c-8c0b-7e498041f808.pdf) |
| from bse | [Annual Report 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/fead9efe-8cc0-4a94-8648-1990fbaf7fe6.pdf) |
| from bse | [Annual Report 2023 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/9cae416f-656e-4c46-ac2c-4adc97a9f993.pdf) |
| from bse | [Annual Report 2022 from bse](https://www.bseindia.com/bseplus/AnnualReport/515093/76163515093.pdf) |
| from bse | [Annual Report 2021 from bse](https://www.bseindia.com/bseplus/AnnualReport/515093/71830515093.pdf) |
| from bse | [Annual Report 2020 from bse](https://www.bseindia.com/bseplus/AnnualReport/515093/67673515093.pdf) |
| from bse | [Annual Report 2019 from bse](https://www.bseindia.com/bseplus/AnnualReport/515093/5150930319.pdf) |
| from bse | [Annual Report 2018 from bse](https://www.bseindia.com/bseplus/AnnualReport/515093/5150930318.pdf) |
| from bse | [Annual Report 2017 from bse](https://www.bseindia.com/bseplus/AnnualReport/515093/5150930317.pdf) |

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Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:26:31.333Z.