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Madhav Marbles&Gran. Overview

1. Business Overview

Madhav Marbles And Granites Ltd. is primarily engaged in the processing and export of a variety of natural stones, including marble, granite, and other ornamental stones. The company sources raw blocks of stone, processes them into slabs, tiles, cut-to-size pieces, and other finished products using modern machinery. Its core business model revolves around adding value to raw stone by cutting, polishing, and finishing it to meet specific customer requirements, primarily for architectural and construction applications. The company makes money through the sale of these processed natural stone products to both domestic and international markets.

2. Key Segments / Revenue Mix

While specific detailed revenue mix percentages are not readily available without recent financial reports, Madhav Marbles And Granites Ltd.'s primary business segments are generally:

Processing and Export of Natural Stones: This is likely the dominant segment, involving the transformation of raw blocks into finished products and their sale globally.

Domestic Sales: Catering to the Indian construction and interior design market.

Trading: Potentially includes the import and resale of specialized stones or raw blocks.

Given its name and historical operations, the company's revenue would largely be driven by the sale of marble and granite products, with a significant focus on exports.

3. Industry & Positioning

The Indian marble and granite industry is characterized by a mix of organized and unorganized players, with significant fragmentation. It is heavily dependent on the real estate, construction, and infrastructure sectors, both domestically and internationally. India is a major producer, processor, and exporter of natural stones. Madhav Marbles And Granites Ltd. operates as a mid-sized to large player within this fragmented industry, likely having established a niche in certain export markets or for specific types of stone products. Its positioning is likely built on sourcing capabilities, processing infrastructure, and established distribution channels, particularly for international sales.

4. Competitive Advantage (Moat)

The natural stone processing industry generally offers weaker moats compared to intellectual property-driven or branded consumer goods sectors. However, Madhav Marbles And Granites Ltd. may possess some competitive advantages:

Established Sourcing Networks: Long-standing relationships with quarry owners in India and abroad can ensure consistent raw material supply and potentially better pricing.

Processing Infrastructure & Expertise: Modern machinery and skilled labor for quality processing can lead to better product finishes and efficiency.

Export Relationships & Brand Reputation: A track record of quality and timely delivery in international markets can build customer loyalty and recurring business.

Scale in Procurement/Processing: Larger volumes might allow for some cost efficiencies.

These advantages are often execution-dependent and can be challenged by new entrants or technological shifts.

5. Growth Drivers

Global Real Estate & Construction Growth: Increased demand for building materials in emerging and developed markets.

Urbanization and Infrastructure Development in India: Government initiatives and private investments in housing, commercial spaces, and public infrastructure.

Shifting Consumer Preferences: Growing demand for natural, premium building materials in residential and commercial projects.

Diversification into New Markets/Products: Expanding geographic reach for exports and introducing new stone varieties or finishes.

Technological Advancements: Adoption of more efficient processing technologies to reduce costs and improve quality.

6. Risks

Raw Material Price Volatility and Availability: Fluctuations in the cost and supply of marble and granite blocks, which are essential inputs.

Real Estate Market Downturns: A slowdown in the construction and housing sectors globally or domestically can directly impact demand.

Exchange Rate Fluctuations: As an exporter, adverse movements in foreign currency exchange rates can impact profitability.

Intense Competition: From other natural stone processors, as well as substitute products like engineered stone, tiles, and ceramic products.

Environmental Regulations: Stricter rules regarding quarrying, processing, and waste disposal can increase operational costs.

Logistics and Shipping Costs: High and volatile freight charges can impact the cost-effectiveness of exports.

7. Management & Ownership

Madhav Marbles And Granites Ltd. is likely a promoter-driven company, common in India's traditional manufacturing sectors. Promoters (founding family or group) typically hold a significant stake, indicating long-term commitment. The management team likely comprises experienced individuals with deep industry knowledge, given the specialized nature of the business and its operational history. The quality of management would be reflected in their ability to navigate cyclical industry trends, manage raw material procurement, maintain export relationships, and ensure operational efficiency.

8. Outlook

Madhav Marbles And Granites Ltd. operates in a fundamental sector tied to global and domestic economic growth. The company stands to benefit from ongoing urbanization, infrastructure development, and a continued preference for natural stone in premium construction and design. Its export focus provides diversification beyond the domestic market. However, the business faces inherent cyclicality due to its reliance on the real estate sector, commodity price volatility for raw materials, and intense competition. Success will depend on its ability to maintain strong sourcing and processing capabilities, adapt to changing market demands, manage foreign exchange risks, and effectively navigate the competitive landscape while ensuring cost efficiencies.

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Madhav Marbles&Gran. Key Financials

Market Cap ₹32 Cr.

Stock P/E -21.8

P/B 0.3

Current Price ₹36.2

Book Value ₹ 137.5

Face Value 10

52W High ₹54

Dividend Yield 0%

52W Low ₹ 29

Madhav Marbles&Gran. Share Price

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Volume
Price

Madhav Marbles&Gran. Quarterly Price

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Madhav Marbles&Gran. Peer Comparison

Madhav Marbles&Gran. Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 11 7 12 11 6 7 8 8 7 7
Other Income 1 1 1 1 1 -0 1 1 1 1
Total Income 12 7 13 11 7 7 9 9 8 7
Total Expenditure 11 8 11 10 7 6 9 8 8 7
Operating Profit 0 -1 2 1 0 1 0 1 1 0
Interest 1 0 0 0 0 1 0 0 1 0
Depreciation 1 1 1 1 1 0 1 1 1 1
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax -1 -2 1 0 -0 -0 -1 -0 -1 -1
Provision for Tax -0 -0 0 0 0 0 0 0 0 -0
Profit After Tax -1 -2 1 -0 -0 -0 -1 -0 -1 -1
Adjustments 0 -0 1 -0 -0 -0 1 0 0 0
Profit After Adjustments -1 -2 1 -0 -0 -0 0 -0 -0 -0
Adjusted Earnings Per Share -0.9 -2.4 1.6 -0 -0.4 -0.4 0 -0.2 -0.5 -0.5

Madhav Marbles&Gran. Profit & Loss

#(Fig in Cr.) Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 77 60 62 53 47 40 31 30
Other Income 5 7 3 4 4 4 3 4
Total Income 82 67 65 58 51 44 34 33
Total Expenditure 70 58 59 51 47 41 31 32
Operating Profit 12 9 6 6 5 3 3 2
Interest 1 1 1 1 1 2 1 1
Depreciation 5 5 5 5 5 3 3 4
Exceptional Income / Expenses 0 0 0 0 0 0 0 0
Profit Before Tax 6 3 1 1 -1 -2 -1 -3
Provision for Tax 1 1 0 0 -0 0 0 0
Profit After Tax 5 2 1 0 -1 -2 -1 -3
Adjustments 0 0 0 -3 -1 0 1 1
Profit After Adjustments 5 2 1 -2 -2 -1 -1 0
Adjusted Earnings Per Share 5.2 2.3 1 -2.6 -2.4 -1.6 -0.8 -1.2

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -23% -16% -12% 0%
Operating Profit CAGR 0% -21% -20% 0%
PAT CAGR 0% 0% NAN% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -20% -4% -7% -2%
ROE Average -1% -1% -0% 1%
ROCE Average 0% 0% 0% 2%

Madhav Marbles&Gran. Balance Sheet

#(Fig in Cr.) Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 129 130 131 129 126 125 124
Minority's Interest 0 0 -1 -3 -4 -5 -6
Borrowings 5 16 3 1 2 2 1
Other Non-Current Liabilities 6 4 3 3 2 3 4
Total Current Liabilities 31 23 22 23 24 28 26
Total Liabilities 170 174 159 152 150 152 149
Fixed Assets 42 38 34 30 30 28 25
Other Non-Current Assets 48 46 49 54 48 53 59
Total Current Assets 80 90 77 68 72 72 65
Total Assets 170 174 159 152 150 152 149

Madhav Marbles&Gran. Cash Flow

#(Fig in Cr.) Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 20 1 1 3 0 0 0
Cash Flow from Operating Activities -4 -13 8 21 23 -6 2
Cash Flow from Investing Activities 2 -3 8 -5 -5 2 3
Cash Flow from Financing Activities 1 16 -13 -19 -19 4 -5
Net Cash Inflow / Outflow 0 -1 3 -3 -0 -0 0
Closing Cash & Cash Equivalent 20 1 3 0 0 0 0

Madhav Marbles&Gran. Ratios

# Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 5.15 2.32 1.03 -2.64 -2.41 -1.62 -0.76
CEPS(Rs) 10.47 7.71 5.86 5.95 4.48 0.98 1.21
DPS(Rs) 0.25 0 0.5 0.25 0 0 0
Book NAV/Share(Rs) 143.41 145.72 146.9 143.8 141.29 139.67 138.95
Core EBITDA Margin(%) 8.91 3.75 4.55 3.71 0.96 -2.22 -0.28
EBIT Margin(%) 9.07 6.66 2.68 2.46 -0.07 -0.09 0.96
Pre Tax Margin(%) 7.46 4.68 1.33 0.97 -2.02 -4.32 -3.54
PAT Margin (%) 5.72 3.18 0.95 0.82 -1.44 -4.56 -4.58
Cash Profit Margin (%) 11.62 10.94 8.01 9.45 8.01 2.1 3.33
ROA(%) 3.78 1.17 0.37 0.3 -0.48 -1.26 -0.98
ROE(%) 5.04 1.55 0.47 0.36 -0.56 -1.52 -1.19
ROCE(%) 6.95 2.8 1.19 0.99 -0.02 -0.03 0.23
Receivable days 68.66 138.7 112.92 107.58 100.1 123.44 144.83
Inventory Days 94.31 151.51 137.53 172.9 215.96 251.57 304.14
Payable days 65.76 91.12 69 76.9 78.55 75.42 97.81
PER(x) 8.15 7.98 46.52 0 0 0 0
Price/Book(x) 0.29 0.13 0.33 0.37 0.28 0.28 0.28
Dividend Yield(%) 0.6 0 1.05 0.47 0 0 0
EV/Net Sales(x) 0.71 0.52 0.71 0.99 0.86 1.22 1.5
EV/Core EBITDA(x) 4.55 3.42 6.87 8.48 8.7 17.69 16.18
Net Sales Growth(%) 41.27 -21.64 2.84 -13.96 -11.5 -15.51 -22.16
EBIT Growth(%) -22.82 -42.61 -58.23 -21.07 -102.44 -7.02 958.77
PAT Growth(%) -41.15 -56.57 -68.97 -25.37 -255.14 -165.2 22.25
EPS Growth(%) -41.47 -55.02 -55.73 -357.11 8.6 32.85 53.09
Debt/Equity(x) 0.15 0.17 0.09 0.06 0.08 0.12 0.09
Current Ratio(x) 2.61 3.95 3.5 2.96 3.03 2.54 2.52
Quick Ratio(x) 1.72 2.84 2.41 1.68 1.77 1.56 1.5
Interest Cover(x) 5.63 3.37 1.99 1.66 -0.03 -0.02 0.21
Total Debt/Mcap(x) 0.51 1.36 0.27 0.18 0.27 0.44 0.33

Madhav Marbles&Gran. Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 42.66 43.47 43.5 43.5 43.5 43.89 44.19 44.59 45.2 45.54
FII 0.01 0 0 0 0 0 0 0 0 0
DII 0 0 0 0 0 0 0 0 0 0
Public 57.33 56.53 56.5 56.5 56.5 56.11 55.81 55.41 54.8 54.46
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Madhav Marbles&Gran. News

Madhav Marbles&Gran. Pros & Cons

Pros

  • Stock is trading at 0.3 times its book value
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 45.54%.
  • Company has a low return on equity of -1% over the last 3 years.
  • Debtor days have increased from 75.42 to 97.81days.
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