Madhav Marbles and Granites Limited has published its unaudited standalone and consolidated financial results for the first quarter ended June 30, 2026. The disclosure was made via newspaper publication as per regulatory requirements.

The company published the extracts of its financial results in Financial Express (English) and Jai Rajasthan (Hindi) on Saturday, August 15, 2026. This filing serves as the official public record for the quarter's performance.

Regulatory Compliance

The publication was communicated to both BSE Limited and National Stock Exchange of India Limited on August 16, 2026. The notice was signed by Priyanka Manawat, Company Secretary & Compliance Officer.

As this is a notice of publication rather than a detailed earnings release, specific financial metrics such as revenue, net profit, or EBITDA are not disclosed in this document. Investors are advised to refer to the full newspaper publications or subsequent detailed filings for granular financial data.

Madhav Marble & Granites Limited reported a standalone net profit of ₹11.27 lakh for the first quarter of FY27 (ended June 30, 2026), down from ₹16.13 lakh in the same period last year. The consolidated group, however, recorded a net loss of ₹79.52 lakh, compared to a consolidated loss of ₹17.66 lakh in Q1FY26.

The board approved the unaudited financial results on August 13, 2026. While the standalone entity remained profitable, the consolidated bottom line was significantly impacted by a share of loss from associates and joint ventures amounting to ₹44.36 lakh, alongside higher consolidated finance costs of ₹27.22 lakh against ₹35.41 lakh in the prior year.

Financial Performance

Standalone revenue from operations stood at ₹770.77 lakh, slightly lower than the ₹792.16 lakh reported in Q1FY25. Other income contributed ₹87.17 lakh to the total income, comprising interest income of ₹62.67 lakh and net foreign currency gains of ₹22.70 lakh. This contrasts sharply with Q4FY26, where other income included a one-time profit of ₹313.49 lakh from the sale of a windmill.

Consolidated revenue from operations was ₹790.90 lakh, marginally below the ₹802.60 lakh recorded in the corresponding quarter of the previous fiscal year. Total expenses for the consolidated group rose to ₹876.20 lakh from ₹891.96 lakh in Q1FY25, but the impact of associate losses widened the deficit.

Auditor’s Qualified Opinion

Independent auditors Nyati & Associates issued a qualified opinion on both the standalone and consolidated financial statements. The qualification stems from the company’s failure to perform an impairment assessment under Ind AS 36 for investments and loans extended to subsidiaries and associates whose net worth has been fully eroded.

Specific concerns raised by the auditors include:

• Madhav Ashok Ventures Private Limited (MAVPL): The company holds an investment of ₹300 lakh and outstanding loans of ₹241.78 lakh. MAVPL’s net worth is fully eroded.
• Madhav Natural Stone Surfaces Private Limited (MNSSPL): Investments stand at ₹86 lakh with loans of ₹60.24 lakh outstanding. Its net worth is also fully eroded.
• Madhav Surface LLC (Associate): The company has an investment book value of ₹33.63 lakh and loans of ₹9.76 lakh. The associate’s net worth is fully eroded due to continued losses.

The auditors stated they could not determine if adjustments were necessary to the carrying value of these assets, noting that such provisions could materially affect the profit or loss.

Board Approvals and Governance

Alongside the financial results, the board approved several governance-related matters subject to shareholder approval at the upcoming Annual General Meeting (AGM) scheduled for September 30, 2026:

• Re-appointments: CEO and Managing Director Madhav Doshi and Whole Time Director Riddhima Doshi were re-appointed for three-year terms starting May 2027 and February 2027, respectively. Independent Directors Devendra Manchanda, P Y Venkataraman, and Arumugam Sivadasan were also re-appointed.
• Related Party Transactions: The aggregate limit for material related-party transactions with subsidiary Madhav Surfaces FZC LLC was increased from ₹40 crore to ₹55 crore. Limits for MAVPL and MNSSPL were reduced to ₹45 crore and ₹8 crore, respectively.
• Promoter Loans: The board sought approval to accept an unsecured loan of up to ₹6 crore from promoters Madhav Doshi and Riddhima Doshi.
• Internal Audit: M/s TM and Associates was appointed as internal auditors for FY27.

What the Numbers Show

The divergence between standalone profitability and consolidated losses highlights the drag from associated entities. While the core granite and stone division reported a segment loss of ₹9.71 lakh (standalone), the power generation unit contributed a profit of ₹39.33 lakh. However, the consolidated view reveals that the share of loss from associates (₹44.36 lakh) more than offset the operational profits, turning the group result negative. This structural dependency on external entities, combined with the auditor’s warning about unimpaired loans to fully eroded subsidiaries, signals potential future provisioning risks that are not yet reflected in the current P&L.