Markolines Pavement Technologies Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Major Maintenance & Toll Operation: 70.2% • Specialised Construction: 28.1% • Unallocated: 1.7%
AI Sector View
AI GENERATEDConstruction
Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.
PROS
- Company has a healthy return on capital (ROCE) of 20.8%
- Company maintains a comfortable, low leverage position
CONS
- Operating cash flow has been negative in recent years
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.24x)
- Working capital days have increased from 86 to 171 days
- Free cash flow has been persistently negative
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3966.00 | 32.89 | 545668.49 | 0.96 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 212.00 | 49.14 | 44202.43 | 0.33 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1406.55 | 21.14 | 24020.01 | 0.78 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.65 | 24.87 | 23733.27 | 1.32 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1296.70 | 37.03 | 22275.70 | 0.23 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 279.45 | 20.03 | 15706.27 | 1.79 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 979.25 | 26.42 | 11388.64 | 0.71 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| WELENT | 813.00 | 36.82 | 11253.04 | 0.37 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| IRCON | 119.20 | 21.41 | 11210.95 | 1.59 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| KEC | 408.35 | 19.63 | 10870.28 | 1.35 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| AFCONS | 292.55 | 74.36 | 10759.54 | 0.68 | 303.00 | 120.52 | 26710.00 | 692.49 | 12.88 | 9.42 |
| MARKOLINES | 171.95 | 14.25 | 381.79 | 0.00 | 4.36 | 15.07 | 75.86 | 4.32 | 18.67 | 9.79 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 50 | 56 | 80 | 122 | 73 | 78 | 93 | 105 | 76 | |
| 0 | 46 | 49 | 73 | 101 | 67 | 71 | 83 | 89 | 72 | |
| Operating Profit | 0 | 5 | 6 | 8 | 20 | 6 | 7 | 10 | 16 | 4 |
| OPM % | — | 9.53% | 10.95% | 9.42% | 16.67% | 8.13% | 9.18% | 10.86% | 15.32% | 5.38% |
| 0 | 1 | 1 | 2 | 1 | 1 | 2 | 2 | 3 | 2 | |
| Interest | 0 | 1 | 2 | 1 | 3 | 1 | 1 | 1 | 2 | 2 |
| Depreciation | 0 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Profit before Tax | 0 | 2 | 3 | 7 | 17 | 5 | 6 | 8 | 15 | 6 |
| Tax % | — | 25.66% | 24.76% | 15.76% | 28.47% | 29.29% | 32.16% | 19.48% | 24.95% | 21.78% |
| Net Profit | 0 | 0 | 0 | 0 | 0 | 4 | 4 | 7 | 11 | 4 |
| 0.00 | 0.90 | 0.98 | 2.79 | 5.49 | 1.72 | 1.70 | 3.33 | 5.15 | 1.96 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|
| 312 | 347 | 307 | 352 | |
| 284 | 316 | 268 | 314 | |
| Operating Profit | 28 | 32 | 39 | 37 |
| OPM % | 8.85% | 9.15% | 12.69% | 10.64% |
| 0 | 3 | 5 | 8 | |
| Interest | 3 | 5 | 8 | 7 |
| Depreciation | 2 | 5 | 7 | 7 |
| Profit before Tax | 22 | 25 | 29 | 35 |
| Tax % | 29.64% | 32.30% | 25.13% | 24.29% |
| Net Profit | 16 | 17 | 22 | 26 |
| EPS | 8.24 | 9.06 | 10.25 | — |
| Dividend Payout % | 8.49% | 11.04% | 14.63% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
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- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
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RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 18%
- Last Year:
- 16%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| Equity Capital | 19 | 19 | 22 |
| 67 | 83 | 148 | |
| 31 | 51 | 56 | |
| Trade Payables | 35 | 57 | 48 |
| 35 | 30 | 41 | |
| Total Liabilities | 187 | 240 | 315 |
| 21 | 29 | 32 | |
| 8 | 10 | 19 | |
| 24 | 23 | 8 | |
| 0 | 121 | 184 | |
| Cash & Bank | 0 | 16 | 15 |
| 134 | 40 | 58 | |
| Total Assets | 187 | 240 | 315 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| 20 | 3 | -35 | |
| Cash from Investing | -22 | -23 | -14 |
| Cash from Financing | 1 | 21 | 50 |
| -1 | 0 | 0 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| PER SHARE | |||
| EPS (₹) | 8.24 | 9.06 | 10.25 |
| Book Value (₹) | 44.91 | 53.27 | 77.37 |
| Dividend per Share (₹) | 0.70 | 1.00 | 1.50 |
| Cash EPS (₹) | 9.42 | 11.51 | 13.19 |
| PROFITABILITY | |||
| Operating Margin % | 9.05% | 9.15% | 12.69% |
| Net Margin % | 5.05% | 4.89% | 7.15% |
| ROE % | 18.35% | 18.11% | 16.17% |
| ROCE % | 22.07% | 21.79% | 18.67% |
| 8.42% | 7.96% | 7.93% | |
| EFFICIENCY | |||
| Debtor Days | 89 | 104 | 181 |
| Inventory Days | 28 | 24 | 18 |
| Payable Days | 408 | 153 | 170 |
| -292 | -25 | 29 | |
| FINANCIAL HEALTH | |||
| Debt to Equity (x) | 0.36x | 0.58x | 0.37x |
| Interest Coverage (x) | 7.78x | 5.94x | 4.68x |
| 1.84x | 1.69x | 2.20x | |
| GROWTH | |||
| Revenue Growth % | 0.00% | 11.38% | -11.48% |
| Operating Profit Growth % | 0.00% | 26.06% | 24.74% |
| Net Profit Growth % | 0.00% | 7.87% | 29.51% |
| 0.00% | 9.90% | 13.21% | |
| VALUATION | |||
| P/E (x) | 0.00x | 14.77x | 13.37x |
| P/B (x) | 0.00x | 2.51x | 1.77x |
| Dividend Yield % | 0.00% | 0.75% | 1.09% |
| 0.00x | 8.38x | 7.88x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-27 - Markolines Pavement Technologies Limited has informed the Exchange regarding Re-appointment of Mr. Sanjay Bhanudas Patil as Managing Director of the company w.e.f. August 27, 2026.
2026-08-27 - Markolines Pavement Technologies Limited has informed the Exchange regarding Outcome of Board Meeting held on August 27, 2026.
2026-08-19 - Markolines Pavement Technologies Limited has informed the Exchange about Investor Presentation
2026-08-18 - Markolines Pavement Technologies Limited has informed the Exchange about receipt of observation letter with no adverse objection from BSE Limited and NSE Limited
2026-08-15 - Markolines Pavement Technologies Limited has informed the Exchange regarding a press release dated August 15, 2026, titled "Press Release for unaudited financial results for the quarter ended 30th June 2026".
2026-08-14 - Markolines Pavement Technologies Limited has informed the Exchange regarding Reappointment of Mrs. Anjali Sapkal as Non- Executive Independent Director of the company w.e.f. August 17, 2026.
2026-08-14 - Markolines Pavement Technologies Limited has informed the Exchange regarding Appointment of Mr. Rahul Ramkrishna Modak as Non- Executive Independent Director of the company w.e.f. August 14, 2026.
2026-08-14 - Markolines Pavement Technologies Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-20 - Markolines Pavement Technologies Limited has informed the Exchange regarding Resignation of Mr Mr. Akash Manohar Phatak as Independent Director of the company w.e.f. August 01, 2026.
News
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