Madhav Infra Projects standalone PAT falls 35% YoY in Q1FY26
Madhav Infra Projects Limited saw its standalone PAT fall by 35% to ₹447.37 lakh in Q1FY26 due to a significant decline in revenue from operations. Consolidated PAT also dropped by 16% to ₹624.91 lakh. The company appointed Ishwari Hanumantsinh Sindha as Company Secretary.
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Madhav Infra Projects Limited reported a 35% year-on-year decline in standalone profit after tax (PAT) to ₹447.37 lakh for the quarter ended June 30, 2026, driven by a sharp drop in revenue from operations. The infrastructure developer’s standalone revenue fell to ₹5,875.69 lakh from ₹8,724.08 lakh in the corresponding quarter of the previous year, reflecting softer project execution or billing cycles. Consolidated PAT also declined by 16% to ₹624.91 lakh, despite a marginal rise in consolidated revenue to ₹9,012.80 lakh from ₹9,037.99 lakh. The results highlight pressure on margins as construction expenses remained elevated relative to revenue inflows.
The Board of Directors approved the unaudited standalone and consolidated financial results at a meeting held on July 30, 2026, at the company’s registered office in Vadodara. Statutory auditors M/s Shah & Kadam, Chartered Accountants (FRN: 117413W), conducted a limited review of the results in accordance with Standard on Review Engagements (SRE) 2410. The auditors drew attention to Note No. 4 of the results, which discloses the non-ascertainment and non-provision of Deferred Tax Liability as per Ind AS 12 Income Taxes, noting that provisions will be made at the end of the financial year.
Standalone Financial Performance
Standalone profit before tax stood at ₹592.40 lakh, down from ₹843.86 lakh in Q1FY25. Total expenses were ₹5,283.29 lakh, comprising ₹2,447.85 lakh for cost of materials consumed and ₹2,816.56 lakh for construction expenses. Employee benefit expenses were ₹439.97 lakh, while finance costs amounted to ₹445.77 lakh. Depreciation and amortisation expense was ₹202.62 lakh. Basic earnings per share (EPS) declined to ₹0.17 from ₹0.26 in the year-ago period.
| Metric: | Q1FY26 | Q4FY25 | Q1FY25 | FY25 |
|---|---|---|---|---|
| Revenue from Operations (₹ lakh) | 5,875.69 | 20,937.03 | 8,724.08 | 45,469.70 |
| Profit After Tax (₹ lakh) | 447.37 | 1,045.15 | 694.00 | 2,613.18 |
| Basic EPS (₹) | 0.17 | 0.39 | 0.26 | 0.97 |
Consolidated Financial Performance
On a consolidated basis, revenue from operations increased slightly to ₹9,012.80 lakh from ₹9,037.99 lakh in Q1FY25. However, consolidated PAT fell to ₹624.91 lakh from ₹747.86 lakh. The group’s share of net loss from six joint ventures was ₹49.24 lakh for the quarter. Total comprehensive income attributable to owners of the group was ₹625.71 lakh. Paid-up equity share capital remained unchanged at ₹2,695.82 lakh.
| Metric: | Q1FY26 | Q4FY25 | Q1FY25 | FY25 |
|---|---|---|---|---|
| Revenue from Operations (₹ lakh) | 9,012.80 | 25,630.20 | 9,037.99 | 51,046.54 |
| Profit After Tax (₹ lakh) | 624.91 | 1,149.41 | 747.86 | 2,717.63 |
| Basic EPS (₹) | 0.23 | 0.43 | 0.28 | 1.02 |
Auditor's Observations and Scope Limitations
M/s Shah & Kadam did not review the interim financial statements of 15 subsidiaries, whose total assets stood at ₹12,895.03 lakh as at June 30, 2026. These subsidiaries reported total revenues of ₹313.71 lakh and net profit after tax of ₹64.32 lakh for the quarter. The auditors also did not review the statements of one associate and six joint ventures. The review conclusion is based solely on the unaudited financial statements furnished by management.
Board Decisions and Corporate Governance
The Board appointed Ms. Ishwari Hanumantsinh Sindha as Company Secretary and Compliance Officer with effect from July 30, 2026, under Section 203 of the Companies Act, 2013 and Regulation 6 of the SEBI (LODR) Regulations, 2015. Ms. Sindha holds a B.Com. degree and is pursuing an LL.B. from The Maharaja Sayajirao University of Baroda. She brings experience in managing secretarial and regulatory compliances for listed entities. The Board also approved the draft notice for the 33rd Annual General Meeting, authorising the Managing Director, CFO, or Company Secretary to fix the date, time, venue, and book closure dates.
Historical Stock Returns for Madhav Infra Projects
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +3.13% | +2.70% | -10.29% | -18.65% | -18.65% | -18.65% |
What specific operational strategies is Madhav Infra Projects implementing to reverse the 35% decline in standalone revenue and stabilize project billing cycles in the upcoming quarters?
How will the elevated construction expenses and margin pressure impact the company's ability to secure new infrastructure contracts amidst current market competition?
What are the implications of the auditors' limited review scope regarding 15 subsidiaries and joint ventures on the reliability of the consolidated financial statements for investors?
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