Madhav Infra Projs Share Price

Madhav Infra Projects Limited has spent over thirty years contributing to India’s infrastructure, including highways, bridges, and roads, and more recently expanding into solar power projects. The company operates as an EPC (Engineering, Procurement, and Construction) contractor and developer, executing projects directly and through Special Purpose Vehicles under concessional agreements. Headquartered at Madhav House, Subhanpura, Vadodara, Gujarat, the company has established a pan-India presence in civil construction and renewable energy, maintaining its operations through FY 2024-25.

The Madhav Infra Projects share price reflects its activities in both infrastructure and clean energy sectors. Investors tracking Madhav Infra Projects share trends observe that the stock responds to new order wins from the National Highways Authority of India (NHAI) and awards of solar projects. Madhav Infra Projects stock price is influenced by updates on civil construction execution and additions to renewable energy capacity. Observers monitoring Madhav Infra Projects share price for 2025-2026 note its correlation with cycles typical of small-cap infrastructure companies. The Madhav Infra Projects stock price live shows liquidity patterns that are largely retail-driven, which is common for BSE-listed small-cap contractors. Madhav Infra Projects share price today continues to reflect the momentum from ongoing order inflows through FY 2024-25.

Madhav Infra Projects Limited Company Fundamentals

(a) Company Background

Madhav Infra Projects Limited company history traces to incorporation on 07 October 1992 at Vadodara, Gujarat, formerly known as Myraj Consultancy Limited. Madhav Infra Projects Limited headquarters is at Madhav House, Plot No. 04, Near Panchratna Building, Subhanpura, Vadodara – 390023. The IPO was completed on 24 May 2016. Madhav Infra Projects share price has tracked this corporate evolution through FY 2024-25.

(b) Company Product Lines

Madhav Infra Projects Limited product line spans three operating segments as of FY 2024-25:

• Civil and EPC Contracts – Madhav Infra Projects Limited business segments include highways, bridges, and urban infrastructure executed under Hybrid Annuity Mode for NHAI and state agencies. A Rs 323.82 crore four-lane national highway section in Madhya Pradesh was secured during FY 2024-25.
• Solar Power Generation and Trading – Madhav Infra Projects Limited key offerings in renewables cover end-to-end solar EPC from viability studies through commissioning and maintenance. Subsidiary MI Solar (I) Private Limited handles solar power generation, trading, and transmission. Nine new SPVs were incorporated in January 2026 for MPUVNL solar projects worth approximately Rs 342 crore.
• Hydro Power and Toll Road Operations – Madhav Infra Projects Limited value chain includes hydro power generation and toll-based annuity collections through subsidiaries including Madhav (Aaron Sindh Road) Private Limited and Badi Baktara Toll Private Limited. Madhav Infra Projects Limited customers span NHAI, state electricity boards, and government infrastructure agencies across India.

(c) Company Revenue Model

Madhav Infra Projects Limited business model combines EPC contract billings, solar power income, toll annuity receipts, and trading margins. Madhav Infra Projects Limited revenue streams span civil billings, solar energy sales, and toll collections across its three segments. Madhav Infra Projects share price responds to new order award filings. Madhav Infra Projects stock price tracks quarterly execution progress through FY 2024-25.

(d) Company Geographic Presence

Madhav Infra Projects Limited geographic presence as of FY 2024-25:

• Headquarters: Madhav House, Subhanpura, Vadodara, Gujarat – 390023
• India Footprint: Highway projects across Madhya Pradesh; Solar projects pan-India with MPUVNL pipeline
• International Presence: India-focused; no significant international operations

Madhav Infra Projects stock price reflects domestic infrastructure and renewable energy concentration through FY 2024-25.

(e) Company Leadership

Some of the key leaders as of March 2026 are

• Mr. Kiran Kelkar – Deputy General Manager (Tender Cell)
• Mr. Rajendrasinh Kishorsinh Rana – Chief Financial Officer
• Khushbu Prakash Prajapati – Company Secretary, Compliance Officer
• Mr. Manjeet Sodhi – Vice President (Technical)
• Mr. Mukesh Chaudhary – Senior Manager (Procurement)
• Mr. Tarun Vyas – Senior Manager
• Amit A Khurana – Executive Director / MD / Promoter
• Shanker R Bhagat – Independent Non-Executive Director
• Ashok Madhavdas Khurana – Chairman & Non-Executive Director
• Neelakshi A Khurana – Non-Executive & Non-Independent Director
• Hiral Vinodbhai Patel – Non-Executive & Non-Independent Director
• Nikhil Kaushik – Independent Non-Executive Director

(f) Company Key Milestones

• 1992: Incorporated as Myraj Consultancy Limited, Vadodara, Gujarat
• 2010: Reconstituted as Madhav Infra Projects Limited with infrastructure and solar focus
• 2016: IPO completed; Madhav Infra Projects share price trading commenced on BSE (24 May 2016)
• 2019: Mr. Amit Khurana appointed Managing Director
• 2024-25: NHAI letter of acceptance for Rs 323.82 crore highway project in Madhya Pradesh
• 2025-26: Nine SPVs incorporated for MPUVNL solar projects; Madhav Infra Projects stock price has reflected order book expansion

(g) Company Industry Perspective

India’s infrastructure and renewable energy sectors evolved through distinct policy phases over the past decade. Between FY 2015-16 and FY 2019-20, Bharatmala Pariyojana created sustained demand for mid-tier EPC contractors. The FY 2020-21 and FY 2021-22 period brought execution slowdowns and working capital pressure across civil construction. From FY 2022-23 to FY 2024-25, renewed government capital expenditure and state-level solar frameworks opened parallel growth for companies combining civil EPC with renewable project development.

Madhav Infra Projects Limited operates within both structural growth drivers. Madhav Infra Projects share price has demonstrated investor recognition of this dual positioning. Madhav Infra Projects stock price reflects India’s infrastructure and solar buildout momentum through FY 2024-25.

Madhav Infra Projects Limited Stock Market Presence – Listing and Index Representation

Madhav Infra Projects Limited is a publicly traded company listed on the Bombay Stock Exchange (BSE) under the stock code 539894 with the ticker MADHAVIPL and ISIN INE631R01026. The company’s shares began trading on BSE following the completion of its initial public offering (IPO) on 24 May 2016. The company is not included in major benchmark equity indices such as the BSE Sensex, Nifty 50, BSE‑100, BSE‑200, S&P CNX 500, or CNX Midcap as of FY 2024‑25. The Madhav Infra Projects share price generally reflects trading activity typical of small‑cap listed infrastructure contractors with relatively modest volumes compared with larger index constituents. Investors and market participants observe both retail and selective institutional interest around announcements of new project awards and related disclosures. The share price movement and trading volumes over time are consistent with the company’s presence as a listed contractor on BSE.

Madhav Infra Projects Limited Stock Performance and Share Price History

Since its listing on BSE in May 2016, Madhav Infra Projects share price has traded through various market cycles that reflect broader infrastructure sector activity and periodical company developments. Over multi‑year periods, the stock has recorded phases of upward price movement followed by consolidation periods, as seen in annual high‑low ranges. Share price records show historical fluctuations, including notable highs above earlier levels and lows at lower price points over recent years. Information from stock price data shows variations in returns over different time windows, including yearly and multi‑year movements. The company’s share price history over recent financial years captures responses to order inflows, execution updates, and sectoral trends, while volatility levels remain characteristic of smaller listed infrastructure firms with concentrated project exposure.

Madhav Infra Projects Limited Investor Relevance and Role in Portfolio

Madhav Infra Projects Limited investment discussions often focus on the company’s dual involvement in civil engineering, procurement and construction (EPC) contracts and its renewable energy engagements. Investors monitoring the Madhav Infra Projects share price take into account the company’s civil EPC business and developments in its solar project pipeline. Revenue and earnings from civil EPC contracts, solar power generation and related trading activities are reported in company financials and observed through fiscal periods including FY 2024‑25. Public filings and disclosures indicate that the company has not declared equity dividends, and earnings per share (EPS) and net profit figures have been part of investor tracking. The share price movement over time reflects trading interest related to phased execution of contracts and reported results.

Madhav Infra Projects Limited Sectoral Relevance and Peer Positioning

In the context of sector and industry comparisons, Madhav Infra Projects Limited is positioned with other infrastructure and engineering firms that are engaged in government‑contracted civil work. Several companies operating in the civil EPC domain serve as reference peers for comparative discussions regarding projects and market participation. In addition to civil infrastructure work, the company’s involvement in solar power activities contributes to a broader set of revenue components compared with firms focused exclusively on traditional civil contracts. The company’s relatively smaller market capitalisation places it in the small‑cap segment of listed infrastructure companies, where daily trading volumes and investor participation are often dominated by retail trading. Sector discussions also note operational attributes such as working capital deployment, project execution timelines, and client concentration in state and national government agencies.

Summary

Madhav Infra Projects Limited is listed on the Bombay Stock Exchange under code 539894 (ticker MADHAVIPL, ISIN INE631R01026), with trading beginning after its IPO on 24 May 2016. The company is not part of major indices such as the BSE Sensex or Nifty 50 as of FY 2024‑25. Its share price history shows periods of upward movement and consolidation typical of small‑cap infrastructure firms. Madhav Infra Projects share price reflects civil construction and renewable energy business activities, and investors track Madhav Infra Projects earnings, contract awards and quarterly results. Sector relevance is assessed alongside other civil EPC firms, with emphasis on project execution and operational performance.