Madhav Infra Projects Limited has announced the approval of its quarterly financial results for the third quarter of fiscal year 2026. The company's Board of Directors convened on February 13, 2026, to review and approve key financial documents in compliance with regulatory requirements.

Board Meeting Details

The Board meeting was conducted at the company's registered office located at Madhav House, Plot No. 4, Near Panchratna Building, Subhanpura, Vadodara. The meeting commenced at 01:00 P.M. and concluded at 03:45 P.M., spanning a duration of 2 hours and 45 minutes.

Financial Results Approval

The Board considered and approved the standalone and consolidated unaudited financial results for the quarter and nine months ended December 31, 2025. These results were prepared in accordance with applicable accounting standards and regulatory requirements.

The financial results were accompanied by a Limited Review Report issued by M/s Shah & Kadam, Chartered Accountants, who serve as the statutory auditors of the company. This review provides additional assurance regarding the accuracy and compliance of the financial statements.

Regulatory Compliance

The announcement was made pursuant to Regulations 30, 33 and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has informed BSE Limited about the Board meeting outcome, ensuring transparency with stakeholders and regulatory authorities.

Additional Approvals

Beyond the financial results, the Board also took on record other approvals related to the normal course of business operations. The company has made all relevant information available on its official website at madhavcorp.com for stakeholder access.

The announcement was signed by Khushbu Prajapati, Company Secretary and Compliance Officer (Membership No. A63791), who digitally authenticated the document on February 13, 2026, at 15:58:23 +05'30'.

Madhav Infra Projects has formally incorporated nine wholly owned subsidiaries dedicated to solar energy projects, following multiple letters of awards received from M.P. Urja Vikas Nigam Limited (MPUVNL), a Government of Madhya Pradesh enterprise. The company submitted regulatory intimation to BSE Limited on January 06, 2026, confirming the completion of incorporation formalities.

Complete List of Solar Subsidiaries

The infrastructure company has successfully incorporated nine subsidiaries, each designed to function as Special Purpose Vehicles (SPVs) for executing solar projects awarded by MPUVNL. The subsidiaries have received their Certificate of Incorporation from the Central Registration Centre, Registrar of Companies.

Subsidiary Details and Geographic Distribution

The nine incorporated subsidiaries demonstrate a strategic geographic distribution across Madhya Pradesh, reflecting the company's systematic approach to solar energy development:

Regulatory Compliance and Structure

The incorporation follows SEBI regulations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Each subsidiary has been established with identical capital structures, featuring authorized share capital of ₹1.00 lakh divided into 10,000 equity shares of ₹10 each.

The company confirmed that initial capital subscription was made in cash, with all subsidiaries incorporated as related party transactions due to Madhav Infra Projects' 100% shareholding. This structured approach enables focused project management and operational flexibility across different geographic locations in Madhya Pradesh.

Strategic Solar Energy Expansion

This subsidiary formation represents a significant milestone in Madhav Infra Projects' diversification into renewable energy infrastructure. The establishment of dedicated SPVs for each project location allows for efficient governance, regulatory compliance, and potential future scaling within the solar energy sector. The company had previously intimated the stock exchange about receiving project awards from MPUVNL on December 29, 2025.