Madhav Marbles sets Sept 30 for 37th AGM; e-voting opens Sept 27
- Madhav Marbles schedules 37th AGM for September 30, 2026, via video conferencing
- Standalone net profit for FY26 rose to ₹23.88 crore from ₹7.51 crore in FY25
- Remote e-voting window opens on September 27 and closes on September 29
- Related-party transaction limit for associate Madhav Surfaces (FZC) LLC raised to ₹55 crore
- Register of members closed from September 24 to September 30, 2026
*this image is generated using AI for illustrative purposes only.
Madhav Marbles & Granites has scheduled its 37th Annual General Meeting (AGM) for Wednesday, September 30, 2026, at 11:30 am. The meeting will be conducted via Video Conferencing or Other Audio-Visual Means from the company's registered office in Udaipur.
The AGM agenda includes the adoption of audited standalone and consolidated financial statements for FY26. The company reported a standalone net profit of ₹23.88 crore for the year ended March 31, 2026, compared to ₹7.51 crore in FY25.
Director Reappointments
Shareholders will vote on the reappointment of key board members:
- Mrs. Riddhima Doshi: Reappointment as Whole Time Director for three years effective February 1, 2027.
- Mr. Madhav Doshi: Reappointment as CEO and Managing Director for three years effective May 1, 2027.
- Independent Directors: Reappointment of Mr. Devendra Manchanda (three years), Mr. Pachampet Yegnaswamy Venkataraman (two years), and Mr. Arumugam Sivadasan (five years).
Related Party Transactions
The company seeks approval to revise limits for material related-party transactions with subsidiaries and associates, superseding previous approvals made in July 2026.
| Related Party | New Limit | Previous Limit | Relationship |
|---|---|---|---|
| Madhav Ashok Ventures Pvt Ltd | ₹45 crore | ₹55 crore | Subsidiary |
| Madhav Surfaces (FZC) LLC | ₹55 crore | ₹40 crore | Associate |
| Madhav Natural Stone Surfaces Pvt Ltd | ₹8 crore | ₹10 crore | Subsidiary |
Additionally, shareholders will approve loans of up to ₹3 crore each from promoters Mr. Madhav Doshi and Mrs. Riddhima Doshi for working capital requirements.
Corporate Governance and E-voting
The register of members and share transfer books will remain closed from Thursday, September 24, 2026, to Wednesday, September 30, 2026. The cut-off date for determining voting rights is September 23, 2026.
Remote e-voting is available from Sunday, September 27, 2026, at 9:00 am to Tuesday, September 29, 2026, at 5:00 pm. Members who have voted remotely can attend the AGM but cannot vote again at the meeting. Mr. Balwan Jain from Balwan Jain & Co., Chartered Accountants, has been appointed as the Scrutinizer.
What the Numbers Show
The revision in related-party transaction limits reflects a reassessment of business requirements for group entities. While the limit for subsidiary Madhav Ashok Ventures was reduced by ₹10 crore, the limit for associate Madhav Surfaces (FZC) LLC was increased by ₹15 crore, indicating a shift in funding priorities toward the Oman-based engineered stone operations.
Historical Stock Returns for Madhav Marble & Granites
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.56% | -6.41% | -9.93% | -7.00% | -23.27% | -47.98% |
How will the increased transaction limit for the Oman-based associate, Madhav Surfaces (FZC) LLC, impact the company's international revenue growth and exposure to geopolitical risks in the Middle East?
What specific strategic initiatives or capital expenditures is Madhav Marbles planning to fund with the ₹6 crore in working capital loans from promoters, and how will this affect future debt levels?
Given the 218% year-over-year surge in standalone net profit, what are the primary drivers of this margin expansion, and is this profitability sustainable amidst potential fluctuations in raw stone prices?
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