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Last Updated: April 2, 2026, 3:16 am
Author: Getaka|Social: XLinkedIn

Madhav Marbles and Granites Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹10.13Overvalued by 68.64%vs CMP ₹32.30

P/E (15.0) × ROE (0.6%) × BV (₹138.00) × DY (2.00%)

Defaults: P/E=15

₹41.92Undervalued by 29.78%vs CMP ₹32.30
MoS: +22.9% (Adequate)Confidence: 40/100 (Low)Models: 1 Under, 1 Fair, 3 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹14.2534%Over (-55.9%)
Net Asset ValueAssets₹138.2520%Under (+328%)
EV/EBITDAEnterprise₹11.1117%Over (-65.6%)
ROCE CapitalReturns₹13.2314%Over (-59%)
Revenue MultipleRevenue₹34.7115%Fair (+7.5%)
Consensus (5 models)₹41.92100%Undervalued
Key Drivers: EPS CAGR 40.6% lifts DCF — verify sustainability. | ROE 0.6% is below cost of equity.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 40.6% · Defaults: P/E=15

*Investments are subject to market risks

Investment Snapshot

32
Madhav Marbles and Granites Ltd scores 32/100 (Weak)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health38/100 · Weak
ROCE 0.1% WeakROE 0.6% WeakD/E 0.07 Low debtInterest Coverage 0.0x RiskyProfitable 0/5 years Inconsistent
Smart Money75/100 · Strong
FII holding stable No changeDII holding up 0.59% MF buyingPromoter increased by 0.60% Positive
Earnings Quality30/100 · Weak
OPM contracting (3% → -1%) DecliningWorking capital: 454 days Capital intensive
Quarterly Momentum15/100 · Weak
Revenue (4Q): -17% YoY DecliningProfit (4Q): -243% YoY DecliningOPM: -2.7% (down 18.2% YoY) Margin pressure
Industry Rank20/100 · Weak
ROCE 0.1% vs industry 15.2% Below peersROE 0.6% vs industry 30.5% Below peers3Y sales CAGR: -17% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Madhav Marbles and Granites Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
40/100
Moderate
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 0.0 vs Ind 36.5 | ROCE 0.1% | ROE 0.6% | CFO/NP N/A
Balance Sheet Stress
0/100
Comfortable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 0.07x | IntCov 0.0x | Current 4.46x | Borrow/Reserve 0.09x
Cash Flow Reliability
71/100
Mixed
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹-1 Cr | CFO/NP N/A
Ownership Accumulation
+50
Accumulation
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII 0.00 pp | DII +0.59 pp | Prom +0.60 pp
Business Momentum
+31
Watch closely
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales -3.5% | Q NP -11.4% | Q OPM +8.7 pp
Derived FieldValueHow it is derived
Valuation Gap %+29.8%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves0.09xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change0.00 ppLatest FII% minus previous FII%
DII Change+0.59 ppLatest DII% minus previous DII%
Promoter Change+0.60 ppLatest promoter% minus previous promoter%
Shareholder Count Change-281Latest shareholder count minus previous count
Quarterly Sales Change-3.5%Latest quarter sales vs previous quarter sales
Quarterly Profit Change-11.4%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change+8.7 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:16 am

Market Cap 28.9 Cr.
Current Price 32.3
Intrinsic Value₹41.92
High / Low 54.0/29.0
Stock P/E
Book Value 138
Dividend Yield0.00 %
ROCE0.12 %
ROE0.60 %
Face Value 10.0
PEG Ratio0.00

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Madhav Marbles and Granites Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Inani Marbles & Industries Ltd 17.4 Cr. 9.35 23.9/8.40 28.90.43 %4.07 %1.27 % 2.00
Global Surfaces Ltd 197 Cr. 46.6 145/43.7 69.90.00 %1.97 %9.08 % 10.0
Glittek Granites Ltd 102 Cr. 39.1 80.2/4.404.00 4.360.00 %115 %280 % 5.00
Elegant Marbles and Grani Industries Ltd 45.8 Cr. 154 274/13312.0 4920.65 %3.62 %2.93 % 10.0
Divyashakti Ltd 49.1 Cr. 47.8 75.0/44.533.9 1944.18 %2.18 %1.58 % 10.0
Industry Average998.33 Cr123.3636.48180.540.48%15.18%30.50%8.09

All Competitor Stocks of Madhav Marbles and Granites Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 9.2011.6111.1410.666.5011.5910.605.936.857.678.036.846.60
Expenses 10.1211.0210.4111.338.1210.9610.086.745.798.538.057.626.78
Operating Profit -0.920.590.73-0.67-1.620.630.52-0.811.06-0.86-0.02-0.78-0.18
OPM % -10.00%5.08%6.55%-6.29%-24.92%5.44%4.91%-13.66%15.47%-11.21%-0.25%-11.40%-2.73%
Other Income 1.660.580.580.890.831.380.571.21-0.031.210.771.280.59
Interest 0.55-0.230.290.700.410.380.240.230.740.250.350.590.30
Depreciation 1.031.270.760.640.640.740.770.500.470.820.720.620.83
Profit before tax -0.840.130.26-1.12-1.840.890.08-0.33-0.18-0.72-0.32-0.71-0.72
Tax % 0.00%-553.85%61.54%-10.71%-2.17%11.24%137.50%3.03%83.33%9.72%12.50%1.41%-4.17%
Net Profit -1.700.420.02-0.77-2.151.45-0.03-0.34-0.320.02-0.18-0.44-0.49
EPS in Rs -1.900.470.02-0.86-2.401.62-0.03-0.38-0.360.02-0.20-0.49-0.55

Last Updated: March 4, 2026, 12:46 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 10:16 pm

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 76.9660.3162.0253.3647.2339.9031.0629.14
Expenses 69.7857.9359.0551.2746.6640.8331.0930.98
Operating Profit 7.182.382.972.090.57-0.93-0.03-1.84
OPM % 9.33%3.95%4.79%3.92%1.21%-2.33%-0.10%-6.31%
Other Income 4.896.723.404.154.123.682.913.85
Interest 1.301.250.880.840.981.771.461.49
Depreciation 4.764.894.624.864.722.792.562.99
Profit before tax 6.012.960.870.54-1.01-1.81-1.14-2.47
Tax % 23.29%32.09%28.74%14.81%-28.71%5.52%29.82%
Net Profit 4.612.00-0.43-5.11-3.84-2.31-1.48-1.09
EPS in Rs 5.152.24-0.48-5.71-4.29-1.62-0.76-1.22
Dividend Payout % 4.85%0.00%-104.07%-4.38%0.00%0.00%0.00%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-56.62%-121.50%-1088.37%24.85%39.84%35.93%
Change in YoY Net Profit Growth (%)0.00%-64.88%-966.87%1113.23%14.99%-3.91%

Madhav Marbles and Granites Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 6 years from 2019-2020 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:%
5 Years:-12%
3 Years:-17%
TTM:-28%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:23%
TTM:45%
Stock Price CAGR
10 Years:1%
5 Years:12%
3 Years:-5%
1 Year:-20%
Return on Equity
10 Years:%
5 Years:-2%
3 Years:-2%
Last Year:-1%

Last Updated: September 5, 2025, 10:05 am

Balance Sheet

Last Updated: December 4, 2025, 1:35 am

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 8.958.958.958.958.958.958.958.95
Reserves 119.61121.43122.48119.71117.47116.02115.37114.75
Borrowings 19.0922.5611.368.299.6115.0711.7210.30
Other Liabilities 17.3215.5410.287.385.402.453.044.64
Total Liabilities 164.97168.48153.07144.33141.43142.49139.08138.64
Fixed Assets 42.3837.9133.5330.2530.3027.5825.2724.02
CWIP 0.875.943.162.932.822.822.822.83
Investments 2.2410.829.103.520.520.200.130.13
Other Assets 119.48113.81107.28107.63107.79111.89110.86111.66
Total Assets 164.97168.48153.07144.33141.43142.49139.08138.64

Reserves and Borrowings Chart

Cash Flow - No data available for this post.

Free Cash Flow

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-11.91-20.18-8.39-6.20-9.04-16.00-11.75

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 126.77128.30113.3595.35104.18135.48128.33
Inventory Days 278.70324.27292.07460.58505.42509.82749.69
Days Payable 83.0277.8565.7868.3483.8159.73102.74
Cash Conversion Cycle 322.44374.73339.64487.60525.78585.57775.28
Working Capital Days 224.81356.83264.19288.87336.10388.14453.72
ROCE %2.80%1.19%0.78%0.05%-0.25%0.12%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 42.60%42.77%42.81%42.66%43.48%43.50%43.50%43.50%43.89%44.19%44.60%45.20%
FIIs 0.00%0.00%0.00%0.01%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
DIIs 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.59%
Public 57.41%57.23%57.20%57.32%56.52%56.49%56.50%56.49%56.11%55.82%55.40%54.22%
No. of Shareholders 9,4069,3209,2929,0209,1958,9469,0849,0278,9669,0068,8798,598

Shareholding Pattern Chart

No. of Shareholders

Madhav Marbles and Granites Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) -0.76-1.62-2.26-2.63-0.49
Diluted EPS (Rs.) -0.76-1.62-2.26-2.63-0.49
Cash EPS (Rs.) 1.210.984.485.955.86
Book Value[Excl.RevalReserv]/Share (Rs.) 138.95139.67136.37140.29145.92
Book Value[Incl.RevalReserv]/Share (Rs.) 138.95139.67136.37140.29145.92
Revenue From Operations / Share (Rs.) 34.7144.6052.7859.6469.32
PBDIT / Share (Rs.) 3.213.075.246.976.79
PBIT / Share (Rs.) 0.34-0.04-0.031.551.63
PBT / Share (Rs.) -1.28-2.02-1.130.610.97
Net Profit / Share (Rs.) -1.66-2.13-0.800.510.69
NP After MI And SOA / Share (Rs.) -1.66-2.58-4.30-2.64-0.48
PBDIT Margin (%) 9.246.889.9311.699.80
PBIT Margin (%) 0.98-0.09-0.072.592.35
PBT Margin (%) -3.69-4.53-2.141.021.40
Net Profit Margin (%) -4.77-4.78-1.520.861.00
NP After MI And SOA Margin (%) -4.77-5.78-8.13-4.42-0.70
Return on Networth / Equity (%) -1.19-1.84-3.04-1.83-0.33
Return on Capital Employeed (%) 0.24-0.03-0.021.071.06
Return On Assets (%) -1.06-1.61-2.71-1.63-0.28
Long Term Debt / Equity (X) 0.010.010.010.010.02
Total Debt / Equity (X) 0.090.120.070.050.07
Asset Turnover Ratio (%) 0.220.280.330.340.38
Current Ratio (X) 3.503.354.253.894.46
Quick Ratio (X) 1.821.852.232.002.94
Inventory Turnover Ratio (X) 1.150.570.670.820.91
Dividend Payout Ratio (NP) (%) 0.000.000.00-18.940.00
Dividend Payout Ratio (CP) (%) 0.000.000.0017.930.00
Earning Retention Ratio (%) 0.000.000.00118.940.00
Cash Earning Retention Ratio (%) 0.000.000.0082.070.00
Interest Coverage Ratio (X) 1.971.554.807.4710.30
Interest Coverage Ratio (Post Tax) (X) -0.02-0.070.261.552.05
Enterprise Value (Cr.) 40.4543.4036.3847.9340.79
EV / Net Operating Revenue (X) 1.301.090.770.890.65
EV / EBITDA (X) 14.0915.807.767.686.71
MarketCap / Net Operating Revenue (X) 1.130.860.750.880.68
Retention Ratios (%) 0.000.000.00118.940.00
Price / BV (X) 0.280.270.280.360.32
Price / Net Operating Revenue (X) 1.130.860.750.880.68
EarningsYield -0.04-0.06-0.10-0.05-0.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Madhav Marbles & Granites Ltd. is a Public Limited Listed company incorporated on 07/04/1989 and has its registered office in the State of Rajasthan, India. Company's Corporate Identification Number(CIN) is L14101RJ1989PLC004903 and registration number is 004903. Currently company belongs to the Industry of Granites/Marbles. Company's Total Operating Revenue is Rs. 30.95 Cr. and Equity Capital is Rs. 8.95 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Granites/MarblesFirst Floor, 'Mumal Towers' Udaipur Rajasthan 313001Contact not found
Management
NamePosition Held
Mr. Devendra ManchandaChairman
Mr. Madhav DoshiManaging Director & CEO
Mrs. Riddhima DoshiWhole Time Director
Mr. Pachampet Yegnaswamy VenkataramanIndependent Director
Mr. Arumugam SivadasanIndependent Director
Ms. Swati YadavIndependent Director
Ms. Surbhi YadavIndependent Director

FAQ

What is the intrinsic value of Madhav Marbles and Granites Ltd and is it undervalued?

As of 05 April 2026, Madhav Marbles and Granites Ltd's intrinsic value is ₹41.92, which is 29.78% higher than the current market price of ₹32.30, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (0.60 %), book value (₹138), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Madhav Marbles and Granites Ltd?

Madhav Marbles and Granites Ltd is trading at ₹32.30 as of 05 April 2026, with a FY2026-2027 high of ₹54.0 and low of ₹29.0. The stock is currently near its 52-week low. Market cap stands at ₹28.9 Cr..

How does Madhav Marbles and Granites Ltd's P/E ratio compare to its industry?

Madhav Marbles and Granites Ltd has a P/E ratio of , which is below the industry average of 36.48. This is broadly in line with or below the industry average.

Is Madhav Marbles and Granites Ltd financially healthy?

Key indicators for Madhav Marbles and Granites Ltd: ROCE of 0.12 % is on the lower side compared to the industry average of 15.18%; ROE of 0.60 % is below ideal levels (industry average: 30.50%). Dividend yield is 0.00 %.

Is Madhav Marbles and Granites Ltd profitable and how is the profit trend?

Madhav Marbles and Granites Ltd reported a net profit of ₹-1 Cr in Mar 2025 on revenue of ₹31 Cr. Compared to ₹-5 Cr in Mar 2022, the net profit shows a mixed trend.

Does Madhav Marbles and Granites Ltd pay dividends?

Madhav Marbles and Granites Ltd has a dividend yield of 0.00 % at the current price of ₹32.30. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Madhav Marbles and Granites Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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