Investors'' Presentation on the Audited Financial Results for the half year and financial year ended 31st March, 2025.
MARKOLINES · price
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Markolines Pavement Technologies shared its FY25 and H2 FY25 investor presentation. FY25 total income fell to Rs 313.37 cr from Rs 351.43 cr in FY24, but profitability improved sharply — EBITDA rose 24% to Rs 44.05 cr (margin up 411 bps to 14.33%) and PAT grew 30% to Rs 22.56 cr (margin up 236 bps to 7.34%). H2 FY25 was particularly strong with EBITDA up 151% HoH and PAT up 309% HoH. Order book stood at Rs 357 cr as of 31 March 2025, with another Rs 500+ cr in the pipeline at various stages. The company has received shareholder approval for migration from BSE SME platform to the BSE Main Board. It also announced a proposed amalgamation of Markolines Infra Ltd into itself at a 1:1.15 share swap ratio, with an appointed date of 1 April 2025, expected to lift promoter holding from 58.14% to 61.43%. Trade receivables ballooned to Rs 184 cr from Rs 121 cr, signalling working capital pressure.
Margin expansion and strong H2 PAT growth are positives for shareholders, while the BSE Main Board migration should improve visibility and liquidity. However, the revenue decline and rising receivables are watchpoints. Post-merger consolidation with Markolines Infra could enhance scale and synergies, but execution and NCLT/regulatory approvals remain key risks.