Markolines Pavement Technologies Ltd.

•

markolines.comBSE: 543364NSE: MARKOLINES

Market Cap₹ 386 Cr.

Current Price

High / Low₹ 192 / 132

Stock P/E14.4

Book Value₹ 93

Price to Book1.77

Dividend Yield0.00 %

ROCE18.9 %

ROE16.6 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Major Maintenance & Toll Operation: 69.3% • Specialised Construction: 28.5% • Unallocated: 2.2%

AI Sector View

AI GENERATED

Construction

Buy

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.

Confidence

80%

View full sector analysis →

PROS

Company has delivered good profit growth of 25.7% CAGR over last 5 years
Company has a healthy return on capital (ROCE) of 21.6%
Attractively priced for its growth - PEG of 0.5
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
Recent results are weak - TTM profit is down 16.7% versus prior year
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.19x)
Working capital days have increased from 86 to 171 days
Equity base is being diluted - shares outstanding up 15.2%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	LT	3990.00	33.09	548970.57	0.95	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	208.35	48.29	43441.39	0.34	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1410.05	21.19	24079.78	0.78	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.30	24.43	23310.54	1.35	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1245.95	35.58	21403.87	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	280.10	20.08	15742.81	1.79	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	975.70	26.32	11347.35	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	IRCON	119.20	21.41	11210.95	1.59	92.03	-43.92	1955.83	9.49	10.15	9.81
9.	KEC	416.85	20.04	11096.55	1.32	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	AFCONS	285.25	72.50	10491.06	0.70	303.00	120.52	26710.00	692.49	12.88	9.42
11.	WELENT	706.30	31.99	9776.17	0.42	56.36	-44.29	773.72	-8.44	16.44	19.49
12.	MARKOLINES	173.95	14.41	386.23	0.00	4.36	15.07	75.86	4.32	18.67	9.79

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	0	50	56	80	115	73	78	80	93	62
	0	46	49	73	95	67	70	70	76	59
Operating Profit	0	5	6	8	19	6	7	10	16	7
OPM %	—	9.53%	10.94%	9.42%	16.85%	8.35%	9.36%	12.07%	17.61%	10.83%
Other Income	0	1	1	3	2	1	2	2	3	3
Interest	0	1	2	1	3	1	1	1	2	2
Depreciation	0	2	2	2	2	2	2	2	2	2
	0	2	3	7	17	5	6	9	15	6
Tax %	—	25.11%	24.45%	15.25%	27.48%	28.63%	32.54%	18.06%	24.67%	21.78%
Net Profit	0	2	2	6	12	4	4	7	11	4
	0	1	1	3	5	2	2	3	5	0
Equity Capital	0	19	22	22	22	22	22	22	22	22
Reserves	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	73	171	158	187	312	347	300	312
	64	153	144	163	284	316	262	276
Operating Profit	9	18	14	24	28	36	45	—
OPM %	13	11	9	13	9	10	15	—
Other Income	0	0	0	0	1	4	6	9
Interest	3	5	5	6	3	5	8	7
Depreciation	2	3	2	3	2	5	7	7
	4	10	6	15	22	25	30	35
Tax %	31	31	38	31	30	32	24	24
Net Profit	3	7	4	10	16	17	23	27
EPS	0	0	3	6	8	9	10	—
Dividend Payout %	0	0	0	9	8	11	15	—
Minority Interest	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0
Adjusted EPS	2	5	3	5	8	9	10	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 12%
3 Years:: 17%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 26%
3 Years:: 31%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: —
5 Years:: 19%
3 Years:: 18%
Last Year:: 17%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-	-	-
Equity Capital	1	1	1	19	19	19	22
	12	19	24	52	67	83	148
	13	12	11	9	16	31	37
Trade Payables	14	16	22	10	35	57	43
	33	42	49	44	50	51	60
Total Liabilities	73	90	108	135	187	240	309
ASSETS	-	-	-	-	-	-	-
	12	10	10	9	21	29	32
	0	0	0	0	8	10	21
	7	17	19	14	24	23	8
	0	0	0	0	0	121	177
Cash & Bank	0	0	0	2	0	16	15
	53	63	78	110	134	40	57
Total Assets	73	90	108	135	187	240	309
Total Debt	38	37	36	27	31	59	63
Net Working Capital	20	29	31	76	72	82	141
Contingent Liabilities	7	8	0	1,040	1,060	91	54
Book Value per Share	1475.35	2297.85	284.10	37.17	44.91	53.27	77.37
Face Value	100.00	100.00	10.00	10.00	10.00	10.00	10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-7	7	1	-20	20	2	-33
Cash from Investing	-7	-0	-2	-2	-22	-23	-16
Cash from Financing	13	-7	0	22	1	21	50
	-0	-0	0	1	-1	0	0
Free Cash Flow	-7	6	-0	-21	7	-11	-43
OCF / Net Profit	-2.66	0.94	0.28	-1.93	1.28	0.14	-1.47
Cumulative 5-Year FCF	0	0	0	0	0	-19	-68

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	287.87	822.50	45.97	5.29	8.24	9.06	10.25
Book Value (₹)	1475.35	2297.85	284.10	37.17	44.91	53.27	77.37
Dividend per Share (₹)	0.00	0.00	0.00	0.50	0.70	1.00	1.50
Cash EPS (₹)	3.74	7.48	4.91	6.68	9.42	11.67	13.45
PROFITABILITY
Operating Margin %	12.67%	10.76%	8.73%	12.66%	9.05%	9.15%	12.85%
Net Margin %	3.44%	4.20%	2.55%	5.42%	5.05%	4.98%	7.51%
ROE %	19.51%	43.60%	17.89%	21.09%	20.08%	18.45%	16.59%
ROCE %	13.60%	28.94%	18.99%	26.25%	23.97%	22.02%	18.88%
	3.44%	8.82%	4.07%	8.34%	9.79%	8.11%	8.22%
EFFICIENCY
Debtor Days	190	81	96	101	79	104	181
Inventory Days	37	26	42	32	22	24	19
Payable Days	190	84	127	173	264	153	171
	37	24	10	-40	-164	-25	28
FINANCIAL HEALTH
Debt to Equity (x)	2.91x	1.85x	1.43x	0.38x	0.36x	0.58x	0.37x
Interest Coverage (x)	2.13x	3.01x	2.37x	3.41x	7.78x	6.00x	4.74x
	1.51x	1.58x	1.48x	2.53x	1.84x	1.70x	2.24x
GROWTH
Revenue Growth %	0.00%	133.74%	-7.83%	18.35%	67.06%	11.38%	-13.48%
Operating Profit Growth %	0.00%	98.40%	-25.16%	71.55%	19.50%	27.19%	24.84%
Net Profit Growth %	0.00%	185.72%	-44.11%	151.66%	55.77%	9.90%	30.37%
	0.00%	0.00%	0.00%	0.00%	0.00%	9.90%	13.21%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	14.77x	13.37x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	2.51x	1.77x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.75%	1.09%
	0.00x	0.00x	0.00x	0.00x	0.00x	8.30x	7.81x

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	71.32	61.21	58.14	56.91	55.00	55.00	55.00	55.00
	0.21	0.18	0.18	0.18	0.18	0.18	0.18	0.59
	0.67	0.00	0.00	0.00	0.00	0.11	0.11	0.10
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	27.80	38.60	41.68	42.91	44.82	44.70	44.70	44.30

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-27

Appointment

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

Outcome of Board Meeting

2026-08-27 - Markolines Pavement Technologies Limited has informed the Exchange regarding Outcome of Board Meeting held on August 27, 2026.

2026-08-19

Investor Presentation

2026-08-19 - Markolines Pavement Technologies Limited has informed the Exchange about Investor Presentation

2026-08-18

Amalgamation/Merger

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

Press Release

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

Appointment

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

Appointment

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

Outcome of Board Meeting

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

Resignation

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

Recent coverage and analyst commentary for MARKOLINES

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Markolines Pavement Technologies Ltd.

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Free 5nance Account

Name

3990.00

33.09

548970.57

0.95

4988.03

15.51

67941.74

6.69

15.98

12.00

RVNL

208.35

48.29

43441.39

0.34

159.52

18.73

4321.23

10.55

10.81

4.41

KPIL

1410.05

21.19

24079.78

0.78

311.53

45.85

6407.97

3.84

18.95

8.77

IRB

19.30

24.43

23310.54

1.35

3062.70

1412.58

21372.72

918.25

7.72

53.93

CEMPRO

1245.95

35.58

21403.87

0.24

140.83

2.64

2720.92

7.02

33.53

10.09

ENGINERSIN

280.10

20.08

15742.81

1.79

157.94

141.49

819.84

-5.80

30.94

20.61

TECHNOE

975.70

26.32

11347.35

0.72

93.33

-31.44

630.34

19.84

14.86

15.79

IRCON

119.20

21.41

11210.95

1.59

92.03

-43.92

1955.83

9.49

10.15

9.81

KEC

416.85

20.04

11096.55

1.32

72.62

-41.72

5023.54

0.01

16.35

5.79

AFCONS

285.25

72.50

10491.06

0.70

303.00

120.52

26710.00

692.49

12.88

9.42

WELENT

706.30

31.99

9776.17

0.42

56.36

-44.29

773.72

-8.44

16.44

19.49

MARKOLINES

173.95

14.41

386.23

0.00

4.36

15.07

75.86

4.32

18.67

9.79

Mar 2022

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

115

Operating Profit

OPM %

—

9.53%

10.94%

9.42%

16.85%

8.35%

9.36%

12.07%

17.61%

10.83%

Other Income

Interest

Depreciation

Tax %

—

25.11%

24.45%

15.25%

27.48%

28.63%

32.54%

18.06%

24.67%

21.78%

Net Profit

Equity Capital

Reserves

Promoter Pledge %

0.00%

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

171

158

187

312

347

300

312

153

144

163

284

316

262

276

Operating Profit

—

OPM %

—

Other Income

Interest

Depreciation

Tax %

Net Profit

EPS

—

Dividend Payout %

—

Minority Interest

Share of Associates

Adjusted EPS

—

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

LIABILITIES

Equity Capital

148

Trade Payables

Total Liabilities

108

135

187

240

309

ASSETS

121

177

Cash & Bank

110

134

Total Assets

108

135

187

240

309

Total Debt

Net Working Capital

141

Contingent Liabilities

1,040

1,060

Book Value per Share

1475.35

2297.85

284.10

37.17

44.91

53.27

77.37

Face Value

100.00

10.00

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-7

-20

-33

Cash from Investing

-7

-0

-2

-22

-23

-16

Cash from Financing

-7

-0

-1

Free Cash Flow

-7

-0

-21

-11

-43

OCF / Net Profit

-2.66

0.94

0.28

-1.93

1.28

0.14

-1.47

Cumulative 5-Year FCF

-19

-68

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

287.87

822.50

45.97

5.29

8.24

9.06

10.25

Book Value (₹)

1475.35

2297.85

284.10

37.17

44.91

53.27

77.37

Dividend per Share (₹)

0.00

0.50

0.70

1.00

1.50

Cash EPS (₹)

3.74

7.48

4.91

6.68

9.42

11.67

13.45

PROFITABILITY

Operating Margin %

12.67%

10.76%

8.73%

12.66%

9.05%

9.15%

12.85%

Net Margin %

3.44%

4.20%

2.55%

5.42%

5.05%

4.98%

7.51%

ROE %

19.51%

43.60%

17.89%

21.09%

20.08%

18.45%

16.59%

ROCE %

13.60%

28.94%

18.99%

26.25%

23.97%

22.02%

18.88%

3.44%

8.82%

4.07%

8.34%

9.79%

8.11%

8.22%

EFFICIENCY

Debtor Days

190

101

104

181

Inventory Days

Payable Days

190

127

173

264

153

171

-40

-164

-25

FINANCIAL HEALTH

Debt to Equity (x)

2.91x

1.85x

1.43x

0.38x

0.36x

0.58x

0.37x

Interest Coverage (x)

2.13x

3.01x

2.37x

3.41x

7.78x

6.00x

4.74x

1.51x

1.58x

1.48x

2.53x

1.84x

1.70x

2.24x

GROWTH

Revenue Growth %

0.00%

133.74%

-7.83%

18.35%

67.06%

11.38%

-13.48%

Operating Profit Growth %

0.00%

98.40%

-25.16%

71.55%

19.50%

27.19%

24.84%

Net Profit Growth %

0.00%

185.72%

-44.11%

151.66%

55.77%

9.90%

30.37%

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

8.30x

7.81x

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

71.32

61.21

58.14

56.91

55.00

0.21

0.18

0.59

0.67

0.00

0.11

0.10

Government

0.00

27.80

38.60

41.68

42.91

44.82

44.70

44.30

Markolines Pavement Technologies Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Markolines Pavement Technologies Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI