Madhav Infra Projects Ltd. – Company Report
1. Company Overview
Madhav Infra Projects Ltd. (MIPL), incorporated in 1992 and headquartered in Vadodara, Gujarat, is a seasoned Engineering, Procurement, and Construction (EPC) contractor operating across India. The company specializes in the design, construction, and maintenance of critical infrastructure, including roads, highways, bridges, rail logistics, as well as renewable energy projects such as utility-scale solar PV plants and hydropower installations. It also operates in urban infrastructure and real estate segments, known for high-quality execution, adherence to timelines, and technology adoption. With a legacy spanning over three decades, MIPL is managed by an experienced professional team and is a listed entity on both NSE and BSE.
- Incorporated: 1992
- Headquarters: Vadodara, Gujarat, India
- Listing: NSE, BSE
- Employees: Not publicly disclosed (mid-sized EPC workforce)
- Certifications: ISO standards for quality and safety
- Executive Leadership: Chairman and Managing Director supported by senior engineering and finance professionals
2. Products and Services
Madhav Infra Projects Ltd. delivers a diverse portfolio of EPC services, including:
Roads & Highways: Construction and maintenance of national/state highways, rural roads, bridges, flyovers, and interchanges.
Rail Logistics Infrastructure: Development of rail lines, station infrastructure, and logistics corridors for freight and passenger services.
Sustainable Energy Projects: Design and commissioning of solar PV (ground-mounted and floating) and hydropower installations.
Urban Infrastructure & Real Estate: Projects in urban roadworks, stormwater drainage, landscaping, land development, and select real estate.
Operations & Maintenance (O&M): Full-service post-construction O&M for road and energy projects to ensure performance and longevity.
Key Clients include major government and PSU entities such as NHAI, Indian Railways, NTPC, GSECL, NSPCL, and GIPCL. MIPL has completed over 450 km of highways and delivered 150+ MW of solar EPC capacity to date.
3. Recent News and Financial Performance
Key Business Highlights (FY2025):
- April 11, 2025: Announced that its board of directors has approved the acquisition of a 100% equity stake in MSK Projects (I).As of 31 March 2025, MSK Projects (I) has not reported any turnover or profit. The company has acquired the entire 20,000 equity shares of MSK Projects (I) at ₹10 each.
- Successful commissioning of multiple EPC contracts in solar PV and transport infrastructure, with repeat orders from government bodies.
- Strengthening of project management systems to reduce working capital strain and improve execution.
- Board restructuring and continued compliance with SEBI norms, indicating robust governance.
Major Project Wins:
NHAI Road Project (April 2025): Secured a ₹323.82 crore contract for 4-laning of NH-146 in Madhya Pradesh under Hybrid Annuity Mode (HAM).
Railway Infrastructure (December 2024): Received a ₹264 crore contract from Western Railway for a broad-gauge line between Dahod and Indore.
Solar Power Projects:
- April 24, 2024: Secured a ₹329.73 crore for a 75 MW solar project from GIPCL in Surat district of Gujarat.
- May 29, 2024: Received a ₹90.35 crore for a 15 MW floating solar project from NTPC-SAIL (NSPCL) in Bhilai, Chhattisgarh
- February 25, 2025: Partial commissioning of a 12.5 MW segment of a 35 MWp solar project for GSECL in Gujarat.
4. Financial Performance (FY2025)
| Metric | FY2025 |
|---|---|
| Total Revenue | ₹610.2 crore |
| Net Profit | ₹25.86 crore |
| Operating Profit | ₹67 crore |
| EBITDA Margin | 11% |
| Earnings Per Share (EPS) | ₹0.96 |
| Debt | Moderate |
| Dividend | Not declared |