Shareholders meeting

MADHAV MARBLES AND GRANITES LIMITED CIN: L14101RJ1989PLC004903 Regd. Office: Third Floor, “Mumal Towers”, 16, Saheli Marg, Udaipur (Raj.) 313 001 Phone: 91-0294-2981666, E-mail:investor.relations@madhavmarbles.com Website: www.madhavmarbles.com Date: 06-09-2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Bandra Kurla Complex, Dalal Street, Mumbai – 400 001 Bandra (East), Mumbai – 400 051 Scrip Code: 515093 Symbol: MADHAV Subject: Notice of the 37th Annual General Meeting and Annual Report- Compliance under Regulations 30 and 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir Reference the captioned subject, please find enclosed herewith the Annual Report of the Company for the Financial Year 2025-26 along with the Notice convening the 37th Annual General Meeting (“AGM”) scheduled to be held on Wednesday, September 30, 2026 at 11:30 a.m. (IST) through Video Conferencing/ Other Audio Visual Means in accordance with relevant circulars issued by the Ministry of Corporate Affairs and SEBI. In compliance with the aforesaid circulars, the Annual Report along with the Notice of the AGM is being sent by electronic mode to those shareholders whose e- mail addresses are registered with the Company/ Registrar and Transfer Agent of the Company/Depository Participants. The aforesaid Notice is also available on the website of the Company i.e www.madhavmarbles.com This is for your information and record. Thanking You, Yours Faithfully, For Madhav Marbles and Granites Limited Priyanka Manawat Company Secretary & Compliance Officer 37th ANNUAL REPORT 2025 -26 RESILIENCE TODAY OPPORTUNITIES TOMORROW CONTENTS Page No. Overview Corporate Information 2 Message from CEO 3 Financial Highlights 3 Shareholder Information Notice 4 Statutory Reports Board's Report 43 Management Discussion and Analysis 59 Report on Corporate Governance 63 Standalone Financial Statements Auditors' Report 79 Balance Sheet 90 Statement of Profit and Loss 92 Cash Flow Statement 95 Notes 97 Consolidated Financial Statements Auditors' Report 128 Balance Sheet 136 Statement of Profit and Loss 138 Cash Flow Statement 141 Notes 143 0011 Natural Stone Surfaces Corporate Information Board of Directors Key Executives Mr. S. Panneerselvam, CFO Independent Directors Ms. Priyanka Manawat, CS Mr. Devendra Manchanda, Board’s Chairman Bankers Ms. Surbhi Yadav HDFC Bank Mr. Pachampet Yegnaswamy Venkataraman State Bank of India Mr. Arumugam Sivadasan Executive Directors Registrar and Share Transfer Agents Ankit Consultancy Private Limited Mr. Madhav Doshi 60, Electronic Complex CEO and Managing Director Pardeshipura Mrs. Riddhima Doshi Indore-452010 Whole Time Director Auditors Statutory Auditors Internal Auditors Secretarial Auditor Nyati & Associates M/s T M & Associates Ronak Jhuthawat & Co. Chartered Accountants, Udaipur Chartered Accountants, Udaipur Company Secretaries, Udaipur Registered Office: Third Floor, “Mumal Towers” 16, Saheli Marg, Udaipur-313001 CIN: L14101RJ1989PLC004903 Tel: 0294-2981666 Website: www.madhavmarbles.com Email: investor.relations@madhavmarbles.com, madhavnorth@madhavmarbles.com Message from CEO Dear Stakeholders, The financial year 2025–26 was a year of significant transition for the global natural stone industry. Markets remained uncertain, customer buying patterns became more cautious and international trade continued to be influenced by geopolitical developments, changing tariff regimes and higher logistics costs. The year also brought a greater degree of complexity to international trade. Changes in tariff policies, particularly in the United States, together with disruptions in global shipping routes and fluctuations in freight costs, affected the competitiveness of Indian-origin products in certain markets. Customers increasingly focused on landed cost, delivery timelines and supply reliability while making purchasing decisions. At the same time, competition from other stone-producing countries and alternative surface materials continued to influence market dynamics. During FY 2025–26, our total sales stood at INR 304.62 million, compared with INR 309.48 million in the previous year. While revenue remained under pressure in a challenging market, the Company delivered a Profit Before Tax of INR 30.23 million, compared with INR 10.87 million in FY 2024–25. During the year, the Company also rationalised certain non-core assets, including the disposal of one of its windmills, which contributed to Other Income. While such gains are not representative of the Company's recurring operating performance, the decision reflects our continued focus on reviewing the utilisation of capital and assets and aligning them with the long-term requirements of the business. The year has reinforced our belief that resilience in a challenging market is not simply about pursuing higher volumes, but about maintaining financial discipline, improving operating efficiencies and making prudent decisions on the deployment of capital and resources. We believe that the long-term fundamentals of the natural stone industry remain attractive. Natural stone continues to occupy a distinctive position in residential, commercial and hospitality projects because of its durability, individuality, natural character and aesthetic appeal. The growing emphasis on premium interiors and differentiated architectural spaces also creates opportunities for products with distinctive colours, finishes and quality. Focus Going Forward Strengthening our market presence by developing opportunities in markets with sustainable demand and reducing excessive dependence on any single geography. Enhancing the product portfolio with greater emphasis on distinctive varieties, finishes and value-added products that can command better realisations. Improving operational efficiency through better planning, process discipline, technology adoption and effective utilisation of manufacturing and logistics resources. Maintaining tighter working-capital and inventory discipline, particularly in an environment where freight, lead times and market demand can change rapidly. Deepening relationships with customers, dealers and channel partners by consistently delivering quality, reliability and service. Continuously monitoring global trade and geopolitical developments so that our sourcing, pricing and export strategy can be adapted in a timely manner. While near-term market conditions may continue to remain uncertain, we remain confident in the inherent strengths of our business and the long-term relevance of natural stone. Our approach will be to remain agile, protect profitability, invest selectively in capabilities and pursue opportunities where we can create sustainable value. I would like to place on record my sincere appreciation to our employees, customers, suppliers, business associates, bankers and shareholders for their continued confidence and support. Their contribution and trust remain central to our ability to navigate challenging markets and build for the future. We look forward to the year ahead with cautious optimism, renewed focus and a clear commitment to creating sustainable long- term value for all our stakeholders. With Warm Regards, Madhav Doshi CEO & MD Financial Highlights (` in million) 2025-2026 2024-2025 2023-2024 Statement of Profit and Loss Revenue from Operations 304.62 309.49 399.01 Other Income 90.26 45.39 47.66 EBIDTA 68.65 45.44 38.94 Pre-Tax Profit 30.23 10.87 1.38 Post Tax Profit 23.88 7.51 0.37 Balance Sheet Property Plant and Equipment 208.61 242.22 265.32 Investments 84.06 30.00 30.61 Equity Share Capital 89.47 89.47 89.47 Net Worth 1401.83 1380.09 1372.26 Key Ratios Earning Per Share (EPS) 2.67 0.84 0.04 Book Value Per Share 156.68 154.25 153.38 Natural Stone Surfaces NOTICE of the Annual General Meeting Notice is hereby given that the 37th Annual General Meeting of the members of Madhav Marbles and Granites Limited [Showing first 8,000 characters — download PDF for full document]