Madhav Marbles Reports Quarterly Results; Board Approves Key Director Appointments and RPT Limit Modifications

Madhav Marbles Reports Quarterly Results; Board Approves Key Director Appointments and RPT Limit Modifications​

Madhav Marbles and Granites Limited announced the outcome of its Board of Directors meeting held on August 13, 2026. The board reviewed and approved the standalone and consolidated un-audited financial results for the quarter ending June 30, 2026. The company also finalized several key governance appointments, adjusted material Related Party Transaction (RPT) limits with its subsidiaries, and accepted an unsecured loan from executive directors.

Board Approvals and Corporate Governance

Key corporate decisions approved by the Board included:

• Director Reappointments: Mr. Madhav Doshi was re-appointed as CEO and Managing Director for a term of three years, effective May 01, 2027, until April 30, 2030. Mrs. Riddhima Doshi was also re-appointed as Whole Time Director for three years, starting February 01, 2027, and ending January 31, 2030. Two Independent Directors—Mr. Devendra Manchanda and Mr. Arumugam Sivadasan—were also re-appointed for subsequent terms.
• Auditor Appointment: M/s TM and Associates of Udaipur was approved as the Internal Auditor for FY 2026-27.
• Loan Acceptance: The company approved the acceptance of an unsecured loan, up to INR Six Crores Rupees in tranches, from Executive Directors Mr. Madhav Doshi and Mrs. Riddhima Doshi.

The reconstitution of the Nomination and Remuneration Committee (NRC) was also approved, with Ms. Surbhi Yadav appointed as Chairman, along with Mr. Devendra Manchanda and Mr. Arumugam Sivadasan as members, effective August 13, 2026.

Related Party Transaction Limits Adjusted

The Board approved modifications to the aggregate limits for material RPTs involving subsidiaries and joint ventures:


Financial Performance Overview

The company’s un-audited consolidated financial results showed Total Income of INR 844.80 in the quarter ended June 30, 2026. This compares against a consolidated Total Income of INR 1,386.38 for Q ending March 31, 2026 (Audited), and INR 879.49 for Q ending June 30, 2025.

Key financial metrics from the standalone results include:

• Revenue from Operations: INR 770.77 for Q ended June 30, 2026 (Un-audited).
• Total Income: INR 857.94 for Q ended June 30, 2026.
• Net Profit/(Loss) for the period from continuing operations: INR 11.27.

A summary of the segment performance for the quarter ended June 30, 2026, is as follows:


Auditor Review and Impairment Concerns

The company’s un-audited financial results were reviewed by NYATI & ASSOCIATES, Chartered Accountants. The independent auditor issued a qualified opinion on the quarterly results of Madhav Marbles and Granites Limited and its subsidiaries.

The qualification stems from the basis for a qualified opinion concerning impairment assessment in subsidiaries. Specifically, the auditor noted that:

• Madhav Ashok Ventures Private Limited had its net worth fully eroded, yet the company neither carried out an impairment assessment nor recognized any provision for loan against its investments and loans.
• Madhav Natural Stone Surfaces Private Limited's net worth was also fully eroded due to continued losses, and no corresponding impairment assessment or provision was recorded.
• The investment in Madhav Surfaces FZC LLC had a net worth that was fully eroded, but the necessary impairment assessment and provision were not made.

The auditor stated that, in the absence of such an assessment and provision, they are unable to determine whether any adjustments are necessary to the carrying value of these financial assets.

MADHAV Stock Price Movement​

Today, Madhav Marbles and Granites Limited rallied, closing at ₹35.76 after gaining 4.46% in the post-market session. The stock's trading range for the day was observed between a low of ₹35.0 and a high of ₹35.9, with a total traded volume of 2,538 shares.