Company Overview

Madhav Marbles and Granites Ltd was originally incorporated on April 7, 1989, with the name of Maadhav Granites & Realty Private Limited at Jaipur, Rajasthan. The Company converted into a Public Limited Company in 1990 and its name was changed to Madhav Marbles & Granite Limited on March 13, 2007. The Company is a leading processor and exporter of premium quality granite and marble. Headquartered in Udaipur, Rajasthan, it has established itself as a prominent player in the natural stones industry with a global reach.

The Company operates through three segments: Granite and Stone Division, Realty Division, and Power Generation Unit. It is engaged in manufacturing, processing, and trading of granite slabs/tiles, marble slabs/tiles, windmill power generation, and realty business. Incorporated in 1989, Madhav Marbles and Granites Ltd is a 100% Export Oriented Unit.

Product Portfolio and Operations

The Company's products include marble, granite, quartz, sandstone, and calibrated tiles. These are used for flooring and wall cladding in residential and commercial complexes, and for interior decoration. The manufacturing process for granite and marble tiles comprises block cutting, cross cutting, grinding, calibrating, polishing, and chamfering.

The company has strategically positioned its manufacturing facilities across India to leverage regional advantages. Its Granite Division operates from Salem, Tamil Nadu, and its Marble Division is in Udaipur, Rajasthan. It also has another facility in North India (Udaipur) for marble, sandstone, and slates. The company has an annual installed capacity of approximately 6,00,000 square meters.

Global Market Presence

Madhav Marbles & Granites has established a strong international footprint through its export operations. The Company exports its products to North America, South America, Canada, Europe, Australia, South Africa, Russia, and the Far East. This diversified geographical presence helps mitigate regional market risks and capitalize on global demand for premium natural stones.

Power Generation and Renewable Energy

Beyond its core stone processing business, the company has ventured into renewable energy. Its power generation segment owns three Wind Turbine Generators (WTGs) with a combined capacity of 4 MW, located in Tamil Nadu. The electricity generated from these machines is utilized for captive consumption. This diversification into clean energy supports sustainability initiatives and helps reduce operational costs through captive power consumption.

Market Capitalization and Financial Performance

As of July 2025, Madhav Marbles and Granites Ltd has a market capitalization of ₹40 crore. The company's stock is traded on both NSE and BSE with the ticker symbol MADHAV.

Recent Financial Results

The company's financial performance has faced challenges in recent periods.

- Full Year (FY 2025): Reported a net loss of ₹0.68 crore, an improvement from the net loss of ₹1.45 crore in the previous year (FY 2024). Sales declined by 22.16% to ₹31.06 crore in FY 2025, down from ₹39.90 crore in FY 2024.

- Latest Quarter (Q4 FY 2025): Net profit declined by 98.62% to ₹0.02 crore in the quarter ended March 2025, compared to ₹1.45 crore in the same quarter of the previous year (Q4 FY 2024). Sales declined by 33.82% to ₹7.67 crore in Q4 FY 2025, down from ₹11.59 crore in Q4 FY 2024.

Key Financial Metrics

- Revenue (FY 2025): ₹31.06 crore

- Net Loss (FY 2025): ₹0.68 crore

- Market Cap: ₹40 crore (as of July 2025)

- Annual Installed Capacity: Approximately 6,00,000 square meters

- Promoter Holding: 44.19% (as of Jun 2025)

Leadership and Governance

- Chairman: Ravi Kumar Krishnamurthi

- Managing Director & Chief Executive Officer: Madhav Doshi

- Company Secretary & Compliance Officer: Priyanka Manawat

- Registered Office: First Floor Mumal Towers, 16 Saheli Marg, Udaipur, Rajasthan-313001.

Shareholding Pattern

Promoter holding in Madhav Marbles and Granites Ltd has increased to 44.19% as of June 2025, up from 43.50% as of September 2024. This increase in promoter holding indicates confidence from the management in the company's future prospects.

Strategic Position and Outlook

Despite recent financial challenges, Madhav Marbles & Granites maintains several competitive advantages, including its diversified product portfolio, established global export network, and integrated operations across granite and marble processing. The company is almost debt-free, which provides financial flexibility during challenging market conditions.

The natural stones industry continues to benefit from growing construction activities both domestically and internationally, positioning the company to capitalize on market recovery when demand conditions improve.