Share price
₹4.26 latest close · −30.3% over the last 90 sessions
₹4.26 month-end · −29.7% over 12 months
₹4.26 month-end · −48.0% over 3 years
₹4.26 month-end · −28.4% since Jan '19
52-week range ₹3.55 to ₹7.51 · 1-year volatility 47.7%
How rough has the ride been?
Drawdown from peak
Largest drawdowns
-85.1% (2019-05 peak to 2020-04 low, recovered 2021-12)
-81.0% (2024-07 peak to 2026-03 low, not yet recovered)
-72.5% (2022-01 peak to 2023-03 low, recovered 2024-07)
Where does it rank among Industrial Services peers?
Each cell is the company's percentile rank among its Industrial Services peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).
Where it ranks today
- ROCE1stflat vs a year ago
- Op. margin74th▲ 69 pts vs a year ago
- Revenue growth8th▲ 7 pts vs a year ago
- Cash cycle ↓90th▲ 7 pts vs a year ago
- 12M momentum41st▲ 21 pts vs a year ago
Rank history
Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.
The Industrial Services sector page Watch it move against Industrial Services in the Observatory
What is the price implying?
Trailing earnings per share are negative, so a P/E-based figure does not exist. See the loss-makers list on the Expectations Gap page for a revenue-based version.
“Implied growth” is what the current price would require under our stated assumptions, not what we expect.
What prices imply across Industrial Services The market-wide Expectations lists
Key figures
- Share Priceclose 9 Nov
- ₹4.26
- ROCE
- -34.0%
- Market Cap
- ₹31 cr
- Revenue (TTM)
- ₹444 cr
- P/S
- 0.1x
- Operating Margin
- 21.0%
- Promoter Holding
- 59.1%
- 12M Momentum
- -29.7%
52-week range
Price risk
Balance sheet & cash
Are profits backed by cash?
Other income reliance—Not enough data
Not enough reported data to compute this.
Tax rate—Not enough data
Not enough reported data to compute this.
Cash conversion—Not enough data
Not enough reported data to compute this.
Free cash flow1 of 5 yrsBeyond threshold
Fiscal years with positive free cash flow in the last 5: 1. Bands: at least 80% of years, 40% to 80%, below 40%.
Receivable days vs history+1 daysWithin range
Debtor days are above the median of the previous three fiscal years by 1 days (4 vs 3). Bands: under 15 days, 15 to 45, over 45.
Capital work in progress105% of fixed assetsBeyond threshold
Capital work-in-progress is 105% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.
Payable days+27 days / 2 yrsWithin range
Days payable changed by +27 over two years. Bands: rise of up to 30 days; more than 30 days.
Tap a check to see how it is measured
How to read this
Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.
Who has been buying and selling?
- Over 2 years, institutional and promoter holdings were broadly unchanged.
Holdings, Jun '26
How each group changed
Number of shareholders
Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.
What happened next to similar setups
- We found 50 past situations where a non-financial company looked like MADHUCON PROJECTS LIMITED today on valuation, return on capital, margins, growth, price momentum, size and volatility.
- Over the following 12 months the middle half of them returned −4% to +66% vs the market, against +2% for all non-financial companies in the same months.
- The analogs' median sat above that base rate (gap +28.6%, 80% range +12.3% to +29.2%), but the matches cluster in only 6 distinct 12-month windows.
Where the 50 outcomes landed
Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 8 beyond the range shown, drawn at the edge
50 past situations · 50 companies · 33 months · 2020–2025
The closest matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| SHAHALLOYS Non-Energy Minerals |
Jul 2020 | — | -51% | −25% | −44% | +31% |
| ATLASCYCLE Consumer Durables |
Feb 2020 | — | -33% | −34% | −52% | −44% |
| FLEXITUFF Process Industries |
Jul 2023 | — | -15% | +6% | −25% | +86% |
| SHYAMTEL Electronic Technology |
Dec 2022 | — | -23% | −34% | −41% | −30% |
| NAGREEKCAP Finance |
Jan 2021 | — | -35% | −15% | −18% | +60% |
Show the other 3 matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| TVVISION Consumer Services |
Mar 2020 | — | -54% | −67% | −77% | +32% |
| SHANTI Process Industries |
Sep 2023 | — | -31% | −19% | −26% | −32% |
| PRAKASHSTL Non-Energy Minerals |
Feb 2023 | — | -11% | −23% | −38% | +33% |
How reliable is this?
Matched on P/S, ROCE, operating margin, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, drawdown from 12-month high and volatility. Not used (unavailable for this company): P/E, debt/equity and interest cover. This company is loss-making, so it was only compared with loss-making companies. One match per company and at most 7 from any one month.
Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.
What changed?
12 events since Feb '19
- SepPeer rankMoved into the 2nd quartile of Industrial Services on operating margin (from the bottom quartile).
- MarPriceFell 81% from the Jul 2024 peak to the Mar 2026 low.
- JulPriceRegained the 2022-01 peak, 16 months after the low.
- JunResultsRevenue (TTM) reached a new high of ₹1,165 cr.
- JunResultsRevenue (TTM) reached a new high of ₹1,162 cr.
- MarPriceFell 72% from the Jan 2022 peak to the Mar 2023 low.
- DecPriceRegained the 2019-05 peak, 20 months after the low.
- AprPriceFell 85% from the May 2019 peak to the Apr 2020 low.
Show 4 earlier events
- MayPriceRegained the 2019-04 peak, 0 months after the low.
- MayPriceFell 31% from the Apr 2019 peak to the May 2019 low.
- MarPriceRegained the 2019-01 peak, 1 month after the low.
- FebPriceFell 35% from the Jan 2019 peak to the Feb 2019 low.
Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.
Where price and fundamentals disagree, market-wide Rewind the whole market to any month
Monthly history95 months · 2019-01 to 2026-11
| Month | Revenue (TTM) | ROCE |
|---|---|---|
| 2026-11 | ₹444 cr | -34.0% |
| 2026-10 | ₹444 cr | -34.0% |
| 2026-09 | ₹444 cr | -34.0% |
| 2026-08 | ₹551 cr | -34.0% |
| 2026-07 | ₹551 cr | -34.0% |
| 2026-06 | ₹551 cr | -34.0% |
| 2026-05 | ₹564 cr | -28.0% |
| 2026-04 | ₹564 cr | -28.0% |
| 2026-03 | ₹564 cr | -28.0% |
| 2026-02 | ₹536 cr | -28.0% |
| 2026-01 | ₹536 cr | -28.0% |
| 2025-12 | ₹536 cr | -28.0% |
| 2025-11 | ₹597 cr | -28.0% |
| 2025-10 | ₹597 cr | -28.0% |
| 2025-09 | ₹597 cr | -28.0% |
| 2025-08 | ₹676 cr | -28.0% |
| 2025-07 | ₹676 cr | -28.0% |
| 2025-06 | ₹676 cr | -28.0% |
| 2025-05 | ₹958 cr | -2.0% |
| 2025-04 | ₹958 cr | -2.0% |
| 2025-03 | ₹958 cr | -2.0% |
| 2025-02 | ₹1123 cr | -2.0% |
| 2025-01 | ₹1123 cr | -2.0% |
| 2024-12 | ₹1123 cr | -2.0% |
| 2024-11 | ₹1190 cr | -2.0% |
| 2024-10 | ₹1190 cr | -2.0% |
| 2024-09 | ₹1190 cr | -2.0% |
| 2024-08 | ₹1165 cr | -2.0% |
| 2024-07 | ₹1165 cr | -2.0% |
| 2024-06 | ₹1165 cr | -2.0% |
| 2024-05 | ₹1162 cr | -8.0% |
| 2024-04 | ₹1162 cr | -8.0% |
| 2024-03 | ₹1162 cr | -8.0% |
| 2024-02 | ₹1162 cr | -8.0% |
| 2024-01 | ₹1162 cr | -8.0% |
| 2023-12 | ₹1162 cr | -8.0% |
| 2023-11 | ₹1162 cr | -8.0% |
| 2023-10 | ₹1162 cr | -8.0% |
| 2023-09 | ₹1162 cr | -8.0% |
| 2023-08 | ₹1162 cr | -8.0% |
| 2023-07 | ₹1162 cr | -8.0% |
| 2023-06 | ₹1162 cr | -8.0% |
| 2023-05 | ₹948 cr | -4.0% |
| 2023-04 | ₹948 cr | -4.0% |
| 2023-03 | ₹948 cr | -4.0% |
| 2023-02 | ₹948 cr | -4.0% |
| 2023-01 | ₹948 cr | -4.0% |
| 2022-12 | ₹948 cr | -4.0% |
| 2022-11 | ₹948 cr | -4.0% |
| 2022-10 | ₹948 cr | -4.0% |
| 2022-09 | ₹948 cr | -4.0% |
| 2022-08 | ₹948 cr | -4.0% |
| 2022-07 | ₹948 cr | -4.0% |
| 2022-06 | ₹948 cr | -4.0% |
| 2022-05 | ₹909 cr | -1.0% |
| 2022-04 | ₹909 cr | -1.0% |
| 2022-03 | ₹909 cr | -1.0% |
| 2022-02 | ₹909 cr | -1.0% |
| 2022-01 | ₹909 cr | -1.0% |
| 2021-12 | ₹909 cr | -1.0% |
| 2021-11 | ₹909 cr | -1.0% |
| 2021-10 | ₹909 cr | -1.0% |
| 2021-09 | ₹909 cr | -1.0% |
| 2021-08 | ₹909 cr | -1.0% |
| 2021-07 | ₹909 cr | -1.0% |
| 2021-06 | ₹909 cr | -1.0% |
| 2021-05 | ₹734 cr | 1.0% |
| 2021-04 | ₹734 cr | 1.0% |
| 2021-03 | ₹734 cr | 1.0% |
| 2021-02 | ₹734 cr | 1.0% |
| 2021-01 | ₹734 cr | 1.0% |
| 2020-12 | ₹734 cr | 1.0% |
| 2020-11 | ₹734 cr | 1.0% |
| 2020-10 | ₹734 cr | 1.0% |
| 2020-09 | ₹734 cr | 1.0% |
| 2020-08 | ₹734 cr | 1.0% |
| 2020-07 | ₹734 cr | 1.0% |
| 2020-06 | ₹734 cr | 1.0% |
| 2020-05 | ₹942 cr | -2.0% |
| 2020-04 | ₹942 cr | -2.0% |
| 2020-03 | ₹942 cr | -2.0% |
| 2020-02 | ₹942 cr | -2.0% |
| 2020-01 | ₹942 cr | -2.0% |
| 2019-12 | ₹942 cr | -2.0% |
| 2019-11 | ₹942 cr | -2.0% |
| 2019-10 | ₹942 cr | -2.0% |
| 2019-09 | ₹942 cr | -2.0% |
| 2019-08 | ₹942 cr | -2.0% |
| 2019-07 | ₹942 cr | -2.0% |
| 2019-06 | ₹942 cr | -2.0% |
| 2019-05 | ₹1035 cr | -3.0% |
| 2019-04 | ₹1035 cr | -3.0% |
| 2019-03 | ₹1035 cr | -3.0% |
| 2019-02 | ₹1035 cr | -3.0% |
| 2019-01 | ₹1035 cr | -3.0% |