WEBSITE BSE:515093 NSE: MADHAV MARB. Inc. Year: 1989 Industry: Ceramics/Marble/Granite/Sanitaryware My Bucket: Add Stock
Last updated: 15:54
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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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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
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(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 |
| #(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 |
| # | 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% |
| #(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 |
| #(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 |
| # | 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 |
| # | 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 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.38 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.4 | 0.4 | 0.4 | 0.41 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.51 | 0.51 | 0.51 | 0.51 | 0.51 | 0.5 | 0.5 | 0.5 | 0.49 | 0.49 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.89 | 0.89 | 0.89 | 0.89 | 0.89 | 0.89 | 0.89 | 0.89 | 0.89 | 0.89 |
* The pros and cons are machine generated.
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