Markolines Pavement Technologies Ltd
Incorporated in 2002, Markolines Pavement Technologies Ltd is in the business of providing highway operations & maintenance services[1]
- Market Cap ₹ 355 Cr.
- Current Price ₹ 161
- High / Low ₹ 210 / 107
- Stock P/E 14.4
- Book Value ₹ 80.3
- Dividend Yield 0.93 %
- ROCE 18.9 %
- ROE 16.2 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 25.3% CAGR over last 5 years
Cons
- Promoter holding has decreased over last quarter: -1.91%
- Company has high debtors of 215 days.
- Working capital days have increased from 102 days to 154 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 73 | 171 | 158 | 187 | 312 | 347 | 300 | |
| 64 | 153 | 144 | 163 | 284 | 316 | 262 | |
| Operating Profit | 9 | 18 | 14 | 23 | 28 | 32 | 39 |
| OPM % | 13% | 11% | 9% | 13% | 9% | 9% | 13% |
| 0 | 0 | -0 | 0 | 0 | 4 | 6 | |
| Interest | 3 | 5 | 5 | 6 | 3 | 5 | 8 |
| Depreciation | 2 | 3 | 2 | 3 | 2 | 5 | 7 |
| Profit before tax | 4 | 10 | 6 | 15 | 22 | 25 | 30 |
| Tax % | 31% | 31% | 38% | 31% | 30% | 32% | 24% |
| 3 | 7 | 4 | 10 | 16 | 17 | 23 | |
| EPS in Rs | 252.00 | 719.00 | 40.20 | 4.57 | 7.13 | 7.83 | 10.25 |
| Dividend Payout % | 0% | 0% | 0% | 9% | 8% | 11% | 15% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 12% |
| 3 Years: | 17% |
| TTM: | -14% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 25% |
| 3 Years: | 30% |
| TTM: | 29% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 0% |
| 1 Year: | -11% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 18% |
| 3 Years: | 18% |
| Last Year: | 16% |
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 | 0.87 | 0.87 | 0.87 | 19 | 19 | 19 | 22 |
| Reserves | 12 | 19 | 24 | 52 | 67 | 83 | 155 |
| 38 | 37 | 36 | 27 | 31 | 59 | 63 | |
| 23 | 33 | 48 | 38 | 72 | 80 | 71 | |
| Total Liabilities | 73 | 90 | 108 | 136 | 188 | 240 | 310 |
| 12 | 10 | 10 | 9 | 21 | 29 | 32 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Investments | 0 | 0 | 0 | 0 | 8 | 10 | 21 |
| 61 | 80 | 98 | 127 | 158 | 200 | 256 | |
| Total Assets | 73 | 90 | 108 | 136 | 188 | 240 | 310 |
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 | |
| -7 | -0 | -2 | -2 | -22 | -23 | -16 | |
| 13 | -7 | 0 | 22 | 1 | 21 | 50 | |
| Net Cash Flow | -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 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 191 | 81 | 103 | 114 | 89 | 127 | 215 |
| Inventory Days | 101 | 94 | 125 | 148 | 271 | 76 | 27 |
| Days Payable | 190 | 90 | 147 | 110 | 408 | 188 | 148 |
| Cash Conversion Cycle | 102 | 85 | 80 | 152 | -48 | 15 | 94 |
| Working Capital Days | 100 | 62 | 72 | 146 | 84 | 69 | 154 |
| ROCE % | 29% | 20% | 27% | 24% | 22% | 19% |
Documents
Announcements
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Board Meeting Outcome for Unaudited Standalone & Consolidated Financial Results For Quarter & Half Year Ended 30Th September, 2025, Along With The Limited Review Report Of The Auditor Thereon.
1d - Unaudited Q2/H1 results ended 30 Sep 2025; H1 consolidated PAT ₹787.07 lakh; limited review unmodified.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
2d - Post-earnings investor conference call on 18 Nov 2025 at 12:30 IST for Q2/H1 unaudited results ended 30 Sep 2025.
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Board Meeting Intimation for Board Meeting Of Company Is Scheduled On 14 November, 2025, Inter Alia, To Consider & Approve Unaudited Financial Results For Quarter & Half Year Ended 30 September, 2025 & Limited Review Report Of Auditor Thereon
10 Nov - Board meeting 14 Nov 2025 to approve unaudited results for half-year ended 30 Sep 2025.
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Announcement under Regulation 30 (LODR)-Credit Rating
6 Nov - India Ratings maintained bank facilities INR1,093.65m on Rating Watch with Developing Implications, dated 29-Oct-2025 (disclosed 6-Nov-2025).
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Announcement under Regulation 30 (LODR)-Press Release / Media Release (Revised)
14 Oct - Listed on NSE Mainboard effective 14-Oct-2025; merger approved; ₹400cr orderbook; Q1 FY26 revenue ₹72.72cr.
Annual reports
Concalls
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Aug 2025Transcript PPT
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May 2025Transcript PPT
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Nov 2024TranscriptNotesPPT
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Jun 2024Transcript PPT
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Nov 2023Transcript PPT
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Jul 2023TranscriptNotesPPT
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Dec 2022TranscriptNotesPPT
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Jun 2022TranscriptNotesPPT
Business Overview[1]
Markolines Pavement Technologies Limited is a leading highway maintenance company, specializing in infrastructure services. The company provides a full spectrum of services, including preventive and major maintenance, micro surfacing, cold in-place recycling (CIPR), soil stabilization, rigid pavement maintenance, and tunneling.