Markolines Pavement Technologies Ltd
Incorporated in 2002, Markolines Pavement Technologies Ltd is in the business of providing highway operations & maintenance services[1]
- Market Cap ₹ 335 Cr.
- Current Price ₹ 151
- High / Low ₹ 188 / 120
- Stock P/E 12.3
- Book Value ₹ 82.7
- Dividend Yield 0.99 %
- ROCE 18.2 %
- ROE 16.2 %
- Face Value ₹ 10.0
Pros
Cons
- Company has high debtors of 219 days.
- Promoter holding has decreased over last 3 years: -17.6%
- 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|
| 187 | 312 | 347 | 306 | 365 | |
| 164 | 284 | 316 | 268 | 321 | |
| Operating Profit | 23 | 28 | 32 | 38 | 44 |
| OPM % | 12% | 9% | 9% | 12% | 12% |
| 0 | 0 | 3 | 5 | 7 | |
| Interest | 6 | 3 | 5 | 7 | 7 |
| Depreciation | 3 | 2 | 5 | 7 | 7 |
| Profit before tax | 15 | 22 | 25 | 29 | 36 |
| Tax % | 31% | 30% | 32% | 25% | |
| 10 | 16 | 17 | 23 | 27 | |
| EPS in Rs | 4.57 | 7.13 | 7.83 | 10.25 | 12.34 |
| Dividend Payout % | 0% | 8% | 11% | 15% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 18% |
| TTM: | -12% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 30% |
| TTM: | 29% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 6% |
| 1 Year: | -12% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 18% |
| Last Year: | 16% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 19 | 19 | 19 | 22 | 22 |
| Reserves | 52 | 67 | 83 | 155 | 160 |
| 27 | 31 | 59 | 63 | 52 | |
| 38 | 72 | 80 | 76 | 56 | |
| Total Liabilities | 136 | 188 | 240 | 316 | 290 |
| 9 | 21 | 29 | 32 | 56 | |
| CWIP | 0 | 0 | 1 | 1 | 1 |
| Investments | 0 | 8 | 10 | 19 | 0 |
| 127 | 158 | 200 | 264 | 233 | |
| Total Assets | 136 | 188 | 240 | 316 | 290 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| 20 | 2 | -36 | ||
| -22 | -23 | -14 | ||
| 1 | 21 | 50 | ||
| Net Cash Flow | -1 | 0 | 0 | |
| Free Cash Flow | 6 | -11 | -46 | |
| CFO/OP | 73% | 8% | -70% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Debtor Days | 114 | 89 | 127 | 219 |
| Inventory Days | 148 | 271 | 76 | 26 |
| Days Payable | 110 | 408 | 188 | 157 |
| Cash Conversion Cycle | 152 | -48 | 15 | 88 |
| Working Capital Days | 136 | 84 | 69 | 154 |
| ROCE % | 24% | 22% | 18% |
Insights
In beta| Mar 2023 | Mar 2024 | Sep 2025 | |
|---|---|---|---|
| Cold In-Place Recycling (CIPR) Experience (Cumulative) Lane KM |
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| FDR / Soil Stabilization Work (Cumulative) Lakh Cum |
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| Micro surfacing work (Cumulative) Lakh Sqm |
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| Unexecuted Order Book Rs. Crore |
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| Major Maintenance & Repairs (MMR) Work (Cumulative) Lane KM |
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| Order Pipeline Rs. Crore |
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Documents
Announcements
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
8h - Accepted two Andhra Pradesh sports infrastructure orders totaling Rs29.38 crore; 9-month execution period.
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General Updates As To Scheme Of Amalgamation Documents Filed By The Company.
27 Mar - Rectification: Sobhagya Capital issued fairness opinion for amalgamation; earlier merchant banker name was incorrect.
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Closure of Trading Window
27 Mar - Trading window closed from 1 April 2026 until 48 hours after audited results approval for quarter/year ended 31 Mar 2026.
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Clarification Regarding Share Exchange Ratio Mentioned In Outcome Of Board Meeting Dated 6Th March 2026
25 Mar - Board corrected amalgamation exchange ratio from 1:1.15 to 1:1.05 for Markolines Infra shareholders.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
16 Mar - Transcript of Post Earning Conference call with Analyst/ Investors held on 11th March, 2026
Annual reports
Concalls
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Mar 2026TranscriptPPT
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Mar 2026Transcript PPT
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Nov 2025Transcript PPT
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Aug 2025Transcript PPT
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May 2025Transcript PPT
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Nov 2024TranscriptAI SummaryPPT
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Jun 2024Transcript PPT
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Nov 2023Transcript PPT
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Jul 2023TranscriptAI SummaryPPT
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Dec 2022TranscriptAI SummaryPPT
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Jun 2022TranscriptAI SummaryPPT
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.