Markolines Pavement Technologies Ltd.
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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 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 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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3915.00 | 32.47 | 538651.57 | 0.97 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 205.00 | 47.52 | 42742.91 | 0.35 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1435.05 | 21.56 | 24506.71 | 0.77 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.64 | 24.86 | 23721.19 | 1.32 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1244.10 | 35.53 | 21372.09 | 0.24 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 269.20 | 19.30 | 15130.18 | 1.86 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 972.50 | 26.24 | 11310.13 | 0.72 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| WELENT | 782.75 | 35.45 | 10834.34 | 0.38 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| KEC | 406.45 | 19.54 | 10819.70 | 1.35 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| IRCON | 113.20 | 20.33 | 10646.64 | 1.68 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| AFCONS | 253.95 | 64.55 | 9339.89 | 0.79 | 303.00 | 120.52 | 26710.00 | 692.49 | 12.88 | 9.42 |
| MARKOLINES | 171.35 | 14.20 | 380.46 | 0.00 | 4.36 | 15.07 | 75.86 | 4.32 | 18.67 | 9.79 |
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 | 3 |
| OPM % | — | 9.53% | 10.95% | 9.42% | 16.85% | 8.35% | 9.35% | 12.47% | 17.61% | 4.98% |
| 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 |
| Profit before Tax | 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 |
| 0.00 | 0.90 | 1.10 | 2.86 | 5.49 | 1.72 | 1.81 | 3.22 | 5.15 | 1.96 |
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 | 23 | 28 | 32 | 39 | 37 |
| OPM % | 12.28% | 10.50% | 8.57% | 12.52% | 8.85% | 9.15% | 12.85% | 11.74% |
| 0 | 0 | 0 | 0 | 0 | 4 | 6 | 9 | |
| Interest | 3 | 5 | 5 | 6 | 3 | 5 | 8 | 7 |
| Depreciation | 2 | 3 | 2 | 3 | 2 | 5 | 7 | 7 |
| Profit before Tax | 4 | 10 | 6 | 15 | 22 | 25 | 30 | 35 |
| Tax % | 30.71% | 30.98% | 37.82% | 31.12% | 29.64% | 31.89% | 24.33% | 23.91% |
| Net Profit | 3 | 7 | 4 | 10 | 16 | 17 | 23 | 27 |
| EPS | 0.00 | 0.00 | 2.87 | 6.08 | 8.24 | 9.06 | 10.25 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 9.45% | 8.49% | 11.04% | 14.63% | — |
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 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 1 | 1 | 1 | 19 | 19 | 19 | 22 |
| 12 | 19 | 24 | 52 | 67 | 83 | 148 | |
| 33 | 31 | 28 | 22 | 31 | 51 | 56 | |
| Trade Payables | 14 | 16 | 22 | 10 | 35 | 57 | 43 |
| 14 | 22 | 33 | 31 | 35 | 30 | 41 | |
| Total Liabilities | 73 | 90 | 108 | 135 | 187 | 240 | 309 |
| 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 |
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 | -19 | 20 | 3 | -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 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Markolines Pavement Technologies Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-07 - Markolines Pavement Technologies Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 29, 2026
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.
News
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