Madhav Marbles & Granites Ltd. (MADHAV) AI Stock Analysis

• Market Cap: ₹339.00M
• Dividend Yield: N/A
• Average Volume (3M): 2.24K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.72
• Revenue Growth: -15.13%
• EPS Growth: 14.17%
• Country: US
• Employees: 173
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Construction
• EPS (TTM): -0.49
• Shares Outstanding: 8,947,000
• 10 Day Avg. Volume: 1,107
• 30 Day Avg. Volume: 2,237
• PEG Ratio: 1.02
• Price to Book (P/B): 0.30
• Price to Sales (P/S): 1.19
• P/FCF Ratio: 20.95
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: ₹35.00 ▼(-17.06% Downside)

The overall stock score is primarily impacted by weak financial performance and bearish technical indicators. The company's declining revenues and profitability, coupled with negative valuation metrics, highlight significant challenges. Technical analysis further supports a bearish outlook, with the stock trading below key moving averages and showing negative momentum.

Positive Factors

Cash Flow Management

Improved free cash flow indicates better financial flexibility, allowing the company to invest in growth opportunities and manage debt more effectively.

Balance Sheet Stability

A stable equity base and high equity ratio suggest financial stability, providing a strong foundation for future growth and resilience against economic fluctuations.

Export Activities

Engaging in export activities diversifies revenue streams and reduces reliance on domestic markets, potentially increasing long-term revenue stability and growth.

Negative Factors

Declining Revenue

Consistent revenue decline indicates challenges in market demand or competitive positioning, potentially impacting long-term growth and profitability.

Profitability Challenges

Negative EBIT highlights ongoing operational inefficiencies, which can hinder the company's ability to generate profits and invest in future growth.

Increasing Leverage

Rising leverage can strain financial resources and limit strategic flexibility, posing risks to long-term financial health if not managed properly.

Madhav Marbles & Granites Ltd. Business Overview & Revenue Model

Company Description

Madhav Marbles and Granites Limited manufactures, processes, and trades in granite and marble slabs, and tiles in India. It also provides sandstone, quartz, and tile products. The company exports its products to North America, Canada, Europe, Australia, South Africa, Russia, and the Far East. It is also involved in the windmill power generation and real estate businesses. The company was incorporated in 1989 and is based in Udaipur, India.

How the Company Makes Money

Madhav Marbles & Granites Ltd. generates revenue primarily through the sale of its marble and granite products. The company employs a multi-faceted revenue model that includes direct sales to contractors, architects, and retail customers, as well as wholesale distribution to building material suppliers. Key revenue streams include the sale of processed stone products, which are often priced based on size, quality, and finish. Additionally, MADHAV benefits from strategic partnerships with construction firms and architects, providing them with tailored stone solutions for various projects. The company also engages in export activities, tapping into international markets where demand for premium natural stone is high, thus contributing significantly to its overall earnings.

Madhav Marbles & Granites Ltd. Financial Statement Overview

Summary

Madhav Marbles & Granites Ltd. faces significant challenges with declining revenues and profitability, as evidenced by consistently negative net income and EBIT. The balance sheet remains strong with substantial equity, although leverage is increasing. Cash flow management shows improvement, but operational inefficiencies and profitability issues need addressing to ensure long-term financial health.

Income Statement

Madhav Marbles & Granites Ltd. has experienced declining revenue over the past few years, with a significant drop from 2021 to 2025. The gross profit margin has decreased, indicating reduced efficiency in managing production costs relative to revenue. The company has consistently reported negative EBIT, reflecting operational challenges. While EBITDA margins have been positive, net income has remained negative, highlighting ongoing profitability issues.

Balance Sheet

The company's balance sheet shows a stable equity base with a high equity ratio, indicating financial stability. However, the debt-to-equity ratio has increased, suggesting a growing reliance on debt financing. While stockholders' equity is strong, the negative ROE indicates that the company is not generating returns on its equity investments.

Cash Flow

Cash flow analysis reveals improvement in free cash flow from 2024 to 2025, a positive sign for financial flexibility. The operating cash flow to net income ratio has been inconsistent, reflecting fluctuations in cash generation relative to accounting profits. Despite these fluctuations, recent positive free cash flow suggests better cash management.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	284.79M	310.57M	399.01M	472.25M	531.28M	618.21M
Gross Profit	116.37M	126.68M	151.15M	197.48M	231.23M	246.06M
EBITDA	26.36M	28.71M	27.48M	46.90M	56.93M	58.41M
Net Income	-8.23M	-6.80M	-14.49M	-20.20M	-51.10M	-4.34M
Balance Sheet
Total Assets	0.00	1.39B	1.42B	1.41B	1.44B	1.53B
Cash, Cash Equivalents and Short-Term Investments	4.29M	7.21M	8.91M	44.51M	23.89M	100.88M
Total Debt	0.00	117.15M	150.72M	96.08M	82.88M	113.61M
Total Liabilities	-1.18B	208.27M	227.88M	194.13M	188.05M	225.05M
Stockholders Equity	1.18B	1.24B	1.25B	1.26B	1.29B	1.31B
Cash Flow
Free Cash Flow	0.00	17.57M	-59.07M	184.57M	197.06M	80.00M
Operating Cash Flow	0.00	20.20M	-55.53M	232.21M	210.73M	80.00M
Investing Cash Flow	0.00	30.57M	17.68M	-48.51M	-51.83M	78.68M
Financing Cash Flow	0.00	-48.11M	36.96M	-185.47M	-188.98M	-132.01M

Madhav Marbles & Granites Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 42.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MADHAV, the sentiment is Negative. The current price of 42.2 is above the 20-day moving average (MA) of 40.73, above the 50-day MA of 41.29, and below the 200-day MA of 43.92, indicating a bearish trend. The MACD of -1.35 indicates Positive momentum. The RSI at 26.48 is Positive, neither overbought nor oversold. The STOCH value of 28.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MADHAV.

Madhav Marbles & Granites Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OCCL	72 Outperform	₹1.21B	11.06	―	10.99%	-76.65%	-76.77%
NRAIL	67 Neutral	₹7.37B	35.68	―	0.41%	36.98%	-64.34%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
ORIENTALTL	48 Neutral	₹567.48M	4.86	―	―	293.84%	―
MADHAV	46 Neutral	₹339.00M	-34.49	―	―	-15.13%	14.17%
AROGRANITE	46 Neutral	₹432.68M	-18.31	―	―	-21.28%	59.71%