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Madhucon Projects Ltd (MADHUCON) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating

BSE: 531497 NSE: MADHUCON | Engineering - Construction | Small Cap

Madhucon Projects Share Price

5.06 -0.05 (-0.98%)
As on 10-Apr'26 16:59

Madhucon Projects Ltd (MADHUCON)

BSE: 531497 NSE: MADHUCON
Key Metrics
Market Cap
₹37 Cr.
P/E Ratio
0.00
Price to Book (P/B)
0.07
Price to Sales (P/S)
0.08
EV/EBITDA
6.10
Return on Capital Employed (ROCE)
-1.27%
Current Price
₹5.1
Return on Equity (ROE)
-4.09%
Return on Assets (ROA)
-1.32%
Operating Profit Margin
9.6%
Net Profit Margin
-3.63%
Gross Profit Margin
-1.7%
Book Value per Share
₹69.6
Sales Growth (YoY)
-38.99%
Sales Growth (3 Years)
-6.33%
Operating Profit Growth (1 Year)
NA%
Operating Profit Growth (3 Years)
NAN%
Net Profit Growth (1 Year)
NA%
52-Week Low / High
₹4 / 10
Net Profit Growth (3 Years)
N/A%
Dividend Yield
0.00%
Promoter Holding
59.08%
Pledged shares (%)
of Promoter's holding (%)
0.00%

Check Before You Invest

Q.1
Madhucon Projects Ltd belongs to the Construction & Infrastructure sector, operating specifically within the Engineering - Construction segment.
Q.1 Gross Profit margin of Madhucon Projects Ltd?
Madhucon Projects Ltd Gross profit margin which is the profit after deduction of direct costs, is -1.7% for FY-2025 , which is below its 5 year median of 0% , indicating decreasing margins.
Q.1 Promoter shareholding and pledge status of Madhucon Projects Ltd?
Promoters hold 59.08% of the Madhucon Projects Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Revenue growth of Madhucon Projects Ltd vs industry peers?
Madhucon Projects Ltd revenue CAGR is 1.20% , compared to the industry median CAGR of 291.98% , indicating slower growth and losing its market share.
Q.1 Stock return of Madhucon Projects Ltd over the last decade?
Over the last 9 years, the stock has delivered a CAGR of -21% based on the current price.
Q.1 Is Madhucon Projects Ltd a good quality company?
Madhucon Projects Ltd is a quality company, based on a 10 year financial track record .

DeciZen - make an informed investing decision on Madhucon Projects

Based on:

M-Cap below 100cr DeciZen not available

Madhucon Projects stock performance

Key Ratios
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Is Madhucon Projects Ltd an attractive stock to invest in?

1. Is Madhucon Projects Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Madhucon Projects Ltd is a average quality company.

2. Is Madhucon Projects Ltd undervalued or overvalued?

The key valuation ratios of Madhucon Projects Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

3. Is Madhucon Projects Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Madhucon Projects Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray :

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Madhucon Projects Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 10%9.6%7.4%1.1%-16.6%-3.2%2.4%-0.9%-1.1%-1.3%-
Value Creation
Index
-0.3-0.3-0.5-0.9-2.2-1.2-0.8-1.1-1.1-1.1-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 718693664669547647706901951580478
Sales YoY Gr.--3.4%-4.2%0.8%-18.3%18.2%9.2%27.6%5.6%-39%-
Adj EPS 32.21.83.5-6.8-5.3-4.2127.328.6-0.1
YoY Gr.--27.4%-18.2%93.3%-294%NANANA2714.4%4.8%-
BVPS (₹) 103.8106.1107.8110.481.376.371.772.471.168.269.6
Adj Net
Profit
22.416.313.325.8-50.1-39-31.27.2203212-0
Cash Flow from Ops. 31111544.9-40.4-10.637.419.1178175267-
Debt/CF from Ops. 1.85.214.2-17.7-70.119.637.632.10.3-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales -2.3%1.2%-6.3%-39%
Adj EPS 28.3%NANA4.8%
BVPS-4.6%-3.4%-1.7%-4%
Share Price -21% 0.4% 0.9% -23.3%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
32.11.73.2-7.1-6.7-5.71.438.341.3-0.1
Op. Profit
Mgn %
20.619.6152.9-0.3-16.73.2-14.94.99.6-31.6
Net Profit
Mgn %
3.12.423.9-9.2-6-4.40.821.336.6-0.1
Debt to
Equity
0.70.80.80.91.21.31.410.70.1-
Working Cap
Days
81462953859671057150232127340970
Cash Conv.
Cycle
-149-293-162-112-204-284-402-232-168-161-136

Recent Performance Summary

Debt to equity has declined versus last 3 years average to 0.13

Return on Equity is Poor

Sales growth has been subdued in last 3 years -6.33%

Sales growth is not so good in last 4 quarters at -23.94%

Latest Financials

Standalone Consolidated
TTM EPS (₹) -0.1 -52.1
TTM Sales (₹ Cr.) 478 565
BVPS (₹) 69.6 -249.6
Reserves (₹ Cr.) 506 -1,849
P/BV 0.07 -0.02
PE 0.00 0.00
From the Market
52 Week Low / High (₹) 3.69 / 9.53
All Time Low / High (₹) 1.40 / 434.98
Market Cap (₹ Cr.) 37.3
Equity (₹ Cr.) 7.4
Face Value (₹) 1
Industry PE 29.4

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of Madhucon Projects - Standalone Basis

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

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Key Ratios

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales717.78693.07663.93669.44546.82646.55706.15900.81951.24580.32
Operating Expenses + 570.13557.36564.67660.63557.77754.59687.611,038.981,210.21859.52
Manufacturing Costs387.49264.75334.09498.74410.36539.31421.39632.27642.56395.28
Material Costs106.08200.32136.5587.93100.0995.1197.60146.84175.7880.62
Employee Cost 37.9645.4344.5730.0121.9617.2816.7919.3918.7414.60
Other Costs 38.6146.8649.4643.9525.36102.89151.83240.47373.13369.01
Operating Profit 147.64135.7199.268.82-10.95-108.0418.54-138.17-258.97-279.19
Operating Profit Margin (%) 20.6%19.6%15.0%1.3%-2.0%-16.7%2.6%-15.3%-27.2%-48.1%
Other Income + 20.8819.3322.1115.417.8771.9116.57134.05254.42275.60
Exceptional Items 0000-227.2700000
Interest 105.4998.2693.1322.5313.438.4745.445.679.656.10
Depreciation 32.2825.1417.447.718.375.964.785.826.115.71
Profit Before Tax 30.7631.6510.80-6.02-252.15-50.56-15.11-15.62-20.30-15.40
Tax 8.3913.95-2.31-24.62-36.57-14.1018.70-20.08-10.045.64
Profit After Tax 22.3717.7013.1118.61-215.58-36.47-33.814.46-10.27-21.04
PAT Margin (%) 3.1%2.6%2.0%2.8%-39.4%-5.6%-4.8%0.5%-1.1%-3.6%
Adjusted EPS (₹)3.02.41.82.5-29.2-4.9-4.60.6-1.4-2.9
Dividend Payout Ratio (%)3%4%0%0%0%0%0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 765.85783.16795.67814.62599.76563.29529.31534.21524.41503.44
Share Capital 7.407.407.407.407.407.407.407.407.407.40
Reserves 758.45775.76788.27807.22592.35555.89521.91526.80517.01496.04
Debt +529.42562.55624.52684.64705.41686.76670.88488.39333.6967.86
Long Term Debt28.5124.6545.5927.9115.900.140000
Short Term Debt500.91537.89578.94656.73689.50686.63670.88488.39333.6967.86
Minority Interest0000000000
Trade Payables838.13408.47400.27488.96467.23627.97588.23455.14367.24112.09
Others Liabilities 1,146.421,007.651,066.77930.68984.85698.03656.39635.75646.72639.73
Total Liabilities 3,279.832,761.832,887.242,918.902,757.242,576.052,444.822,113.491,872.061,323.13

Fixed Assets

Net Fixed Assets +54.9353.1251.0848.3441.9043.2838.1631.9528.6720.51
Gross Block525.71537.80511.90504.74501.16506.55488.69478.13468.38384.39
Accumulated Depreciation470.78484.68460.82456.40459.26463.27450.52446.17439.71363.89
CWIP 0.101.670.400.76000000
Investments 1,724.301,771.811,771.811,715.651,715.651,488.381,488.381,398.371,092.87741.68
Inventories36.0839.3844.9342.8227.8513.173.822.100.550
Trade Receivables279.36135.92196.18257.8125.591.6612.394.1443.283.93
Cash Equivalents 25.7622.6520.5713.0612.2110.1110.584.745.545.29
Others Assets 1,159.30737.27802.26840.48934.041,019.46891.48672.18701.15551.73
Total Assets 3,279.832,761.832,887.242,918.902,757.242,576.052,444.822,113.491,872.061,323.13

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 310.72114.8844.90-40.37-10.6037.3519.05177.92175.09266.95
PBT 30.7631.6510.80-6.02-24.88-50.56-15.11-15.62-20.30-15.40
Adjustment 132.97111.53108.7829.47-205.6813.657.827.4811.50-24.17
Changes in Working Capital 172.75-21.43-74.68-63.82219.9674.2726.35186.05183.9306.52
Tax Paid -25.76-6.8800000000
Cash Flow From Investing Activity + -15.85-61.13-13.22-4.56-0.96-6.561.470.76-0.9734.54
Capex -3.72-17.68-14.13-5.33-1.17-7.340.330.39-2.832.46
Net Investments -16.93-47.5100000000
Others 4.804.060.910.770.210.791.140.371.8532.09
Cash Flow From Financing Activity + -281.75-57.44-31.1537.597.33-27.12-20.06-184.52-173.32-301.75
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -20.543.8420.93-17.67-12.01-15.77-0.14000
Interest Paid -105.49-98.26-93.13-22.53-13.43-8.47-4.18-2.03-7.24-2.21
Dividend Paid 0000000000
Others -155.7236.9841.0477.7932.78-2.88-15.75-182.49-166.08-299.54
Net Cash Flow 13.13-3.690.53-7.34-4.233.680.46-5.830.80-0.25

Finance Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)2.962.291.662.31-30.48-6.27-6.190.84-1.94-4.09
ROCE (%)9.999.587.391.11-16.63-3.192.39-0.86-1.09-1.27
Asset Turnover Ratio0.220.230.240.230.190.240.280.40.480.36
PAT to CFO Conversion(x)13.896.493.42-2.17N/AN/AN/A39.89N/AN/A
Working Capital Days
Receivable Days1741099112495843915
Inventory Days1120232424124110
Payable Days1,7781,1361,0811,8461,7442,1022,2741,2978541,085

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Madhucon Projects Ltd FAQs

The current trading price of Madhucon Projects on 10-Apr-2026 16:59 is ₹5.06.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 09-Apr-2026 the market cap of Madhucon Projects stood at ₹37.34 Cr

The latest P/E ratio of Madhucon Projects as of 09-Apr-2026 is 0.00.

The latest P/B ratio of Madhucon Projects as of 09-Apr-2026 is 0.07.

The 52-week high of Madhucon Projects is ₹9.53 and the 52-week low is ₹3.69.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Madhucon Projects is ₹478 ( Cr.) .

About Madhucon Projects Ltd

Madhucon Projects, founded by Sri N Nageswara Rao in 1983, is engaged in the execution of infrastructure projects. The Hyderabad based company was converted into a Private Limited company in 1990 and became a Public Limited listed company in 1995.

It is one of the India’s leading Engineering, Procurement and Construction (EPC) and Build, Operate and Transfer (BOT) contractors and has executed wide ranging projects in the areas of State & National Highways, Bridges, Flyovers, Irrigation Projects (Dams, Canals, Tunnels) Industrial Projects, Townships, Railway Projects etc.

Madhucon, the flagship company of the Madhucon Group, has an in house design engineering cell manned by qualified, experienced design engineers equipped with state of art software. Besides, it also has a large fleet of state-of-the-art machinery and equipment, majority of which were procured from overseas.

It has built nearly 500 kilo meter of highways in the Golden Quadrilateral Road Network in India connecting Mumbai, Delhi, Calcutta and Chennai.

Business Divisions:

The company has set up seven operating divisions to facilitate concentrated working and fast expansion. They are:

  • BOT Projects
  • Highways & Airports
  • Irrigation
  • Hydel Power
  • Property Development
  • Water Resources
  • Overseas Projects
  • Water Resources
  • Overseas Projects

Subsidiaries:

Madhucon Granites:

Madhucon Granites (MGL) has an experience of over 16 years in the business of quarrying dimensional granite blocks and production of polished slabs catering to the needs of international markets all over the world.

Madhucon Sugars

Madhcon acquired a loss-making and sick sugar factory in the co-operative sector at Khammam and turned it to a profit making company. Madhucon Sugars’s (MSL) present crushing capacity is 1,500 TPD, which is being augmented to 5,000 TPD in stages. The sugar factory is adding an Ethanol Distillery also, apart from setting up a 22MW Cogen Plant for producing power, using bagasse as the main fuel.

Simhapuri Energy

Madhucon is setting up a coal based thermal power plant of 50mega watt (MW) at Krishnapatnam in Andhra pradesh in two phases. In the first phase, generating capacity of 135MW will be commissioned in December 2009 and the second phase with 135MW will be commissioned in March 2010. It has tied up Power purchases Agreement (PPA) and coal linkage with power Trading Corporation of India. The fuel coal for the power plant is met from their own mines in Indonesia.

PT Madhucon Indonesia

Madhucon started open cast coal mining in Indonesia on a 100 acres site initially. The company expects to mine about 3 lakh tonnes production. The coal has higher calorific value and less ash content compared to domestic coal.

Achievements:

  • Created record by laying 1,470 running meters of 2-Lane Rigid Pavement of National Highway-76 Chittorgarh- Mangalwar Road in a single day.
  • Completed National Highway-76 from Chittorgarh to Mangalwar of 48kms length, 4/6 divided Carriageway, one year ahead of schedule.
  • Executed 360 km of 4/6 laning on National Highways in the last 5 years and 100 km rigid (concrete) pavement within the last 3 years.
  • Executed 1 lakh cum of earthwork in a single day in SRSP Flood Flow Canal, Karimnagar, AP.
  • Executed 170 mts of tunnel length in one month in one face of BG Single Line Tunnel, Ratnagiri (South), Konkan Railway Corporation.

Awards:

  • Bagged the Outstanding Performance and Super Quality Construction award from Konkan Railways in 1994,
  • Fastest Growing Construction Company – 2nd Rank Award in 2003 from     Construction World - NICMAR,
  • Fastest Growing Construction Company – 1st Rank Award in 2004 by Construction World – NICMAR,
  • Innovation in Road Construction Award in 2005 by Construction World- Ingersoll Rand,

Future Plan:

Madhucon Projects aims to be in the league of top construction companies of the nation within 5 years and the most respected global construction within a period of 10 years.

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