This research paper discusses a new algorithm for automatically generating a compound word lexicon for Marathi speech synthesis, addressing the challenges of compound word splitting due to the absence of spaces or hyphens between constituents. Preliminary tests indicate high accuracy, with an 89% correct split rate for compound words, leading to a 2% improvement in Marathi grapheme-to-phoneme conversion when incorporating the generated lexicon. The study highlights the significance of compound word lexicons in enhancing speech synthesis and proposes further refinements to improve the algorithm's performance.