Madhav Infra Projects Limited is a professionally managed **EPC (Engineering, Procurement, and Construction) Contractor and Developer** headquartered in Vadodara, Gujarat. With a legacy spanning decades, the company has established a Pan-India presence, specializing in the development of critical infrastructure across the **Power, Roads, and Industrial** sectors. --- ### Multi-Sector Operational Portfolio The company operates primarily through its **Infrastructure Development** segment, utilizing a mix of direct execution and **Special Purpose Vehicles (SPVs)** to manage large-scale projects. * **Roads, Highways & Bridges:** The core of the business involves the construction and **Operation & Maintenance (O&M)** of transport infrastructure. Projects are executed under various models, including **Hybrid Annuity Mode (HAM)**, **Build-Operate-Transfer (BOT)**, and traditional EPC contracts. * **Renewable Energy & Solar Solutions:** Madhav Infra acts as a full-lifecycle solar solutions provider. This includes feasibility studies, commissioning, and O&M for grid-connected rooftop and ground-mounted PV plants. While currently contributing less than **10%** of revenue, this is a primary growth vertical. * **Power Generation (Hydro):** The company holds a long-term lease for the **Chambal Hydel Project (3 x 600 kW)** in Madhya Pradesh. This asset is secured until **March 2045**, providing a steady stream of fixed monthly lease income. * **Oil & Gas Services:** Through its material subsidiary, **Seabird Exploration Private Limited**, the company provides specialized seismic data services, technical surveys, and equipment rentals for the energy exploration sector. --- ### Strategic Growth Pillars & Order Book The company is transitioning toward high-value, technically complex projects to improve margins and market positioning. #### 1. Solar Expansion (PM-KUSUM C Yojana) The company is aggressively scaling its renewable footprint under the **Surya Mitra Krishi Feeders Scheme**. * **PPA Portfolio:** Executed **09 Power Purchase Agreements (PPAs)** with Madhya Pradesh Power Management Company Limited for a total capacity of **73.15 MW**. * **Strategic Sourcing:** Established a related-party framework with **Waa Solar Limited** for goods and services up to **₹150 Crores** annually through FY 2025-26. #### 2. National Highway & Railway Engineering Madhav Infra is diversifying into complex civil engineering works, including earthworks and bridge construction for new Broad Gauge (BG) lines. | Project Type | Authority | Location | Value / Capacity | | :--- | :--- | :--- | :--- | | **National Highway (NH-146)** | **NHAI** | Madhya Pradesh | **₹323.82 Cr** | | **Railway BG Line (Earthwork)** | **Western Railway** | Alirajpur-Tanda | **₹91.07 Cr** | | **Railway Over Bridge (ROB)** | PWD Bridge Div. | Damoh, M.P. | **₹37.07 Cr** | | **Solar Power Projects** | **MPUVNL** | Madhya Pradesh | **73.15 MW** | | **Railway BG Line (18.46 KM)** | **Western Railway** | Dahod-Indore | Active Execution | --- ### Corporate Structure & Subsidiary Network The company has recently undergone a significant restructuring to streamline operations and enhance execution capabilities. * **Amalgamations:** Effective **April 1, 2021** (finalized via NCLT order in **August 2024**), the company merged **RB Real Estate**, **Madhav Urja**, and **Madhav Heights** into the parent entity. * **Key Subsidiaries:** * **MSK Projects (I) Pvt Ltd:** Acquired **100% equity** in April 2025 to bolster the subsidiary network. * **Rahatgarh Berkhedi Corridor Pvt Ltd:** Incorporated in April 2025 specifically for a **10.079 km** NH-146 project. * **Solar SPVs:** Nine new entities (e.g., MIPL Solar Hanumantiya) were incorporated in **January 2026** to execute MPUVNL awards. * **Material Subsidiary:** **Seabird Exploration Private Limited**, which accounts for over **20%** of the consolidated net worth. --- ### Financial Performance & Capital Management Management has prioritized debt reduction and capital preservation, opting to reinvest profits into reserves rather than issuing dividends for **FY 2024-25**. #### Consolidated Financial Summary | Metric (₹ in Crore) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Total Revenue** | **616.18** | **466.51** | **541.55** | | **EBIDTA** | **72.78** | **64.44** | **86.42** | | **Profit After Tax (PAT)** | **25.86** | **24.95** | **33.92** | | **Net Worth** | **214.03** | **188.49** | **166.62** | | **Net Debt** | **34.71** | **89.07** | - | #### Debt & Liquidity Profile * **Deleveraging:** Consolidated net debt was reduced by approximately **₹54 Crore** in a single fiscal year. * **Credit Ratings (CARE):** * **Long-Term Bank Facilities:** **CARE BBB; Stable** (Upgraded Sep 2024). * **Short-Term Bank Facilities:** **CARE A3**. * **Equity Conversion:** The company approved converting **3,79,00,000 RNCPS** into **Compulsorily Convertible Preference Shares (CCPS)**, eventually resulting in **2,25,32,699 Equity Shares** at **₹16.82 per share**. --- ### Governance & Leadership * **Promoter Expertise:** Led by **Mr. Ashok Khurana** (Chairman, **56+ years** experience) and **Mr. Amit Khurana** (Managing Director, **16+ years** experience). * **Board Oversight:** Includes independent directors with backgrounds in **Corporate Law, FEMA, and Audit**. **Mr. Nikhil Kaushik** joined as an Independent Director in **February 2025**. * **Compliance:** **M/s. KH & Associates** has been appointed as Secretarial Auditors for the **2025-2030** tenure. --- ### Risk Factors & Contingencies Investors should note the following operational and regulatory challenges: * **Legal & Arbitration:** The company is pursuing several claims against the **Government of Rajasthan** for toll collection losses (e.g., **₹10.55 Cr** for Bharatpur Bypass and **₹7.49 Cr** for Sikar Bypass). These remain in various stages of litigation, including the **Supreme Court**. * **Regulatory Scrutiny:** An **Income Tax search** under Section 132 was conducted in **June 2024**. While management expects no material impact, the final outcome is pending. * **Audit Observations:** Auditors highlighted that certain **interest-free loans** granted by the company lack specified repayment schedules, a technical non-compliance with **Section 186 of the Companies Act**. * **Market Volatility:** Profitability is sensitive to the fluctuating costs of **steel, cement, and labor**, as well as a lengthened **working capital cycle** due to overextended receivables. * **Execution Risks:** Historical revenue (notably in FY 2022-23) has been impacted by **land handover delays** by government clients, a recurring risk in the EPC sector.