NSE: MARKOLINES · BSE: 543364
MARKOLINES PAVEMENT TEC L
Operates in India's highway infrastructure sector through two segments — Major Maintenance (MMR) and Specialised Construction — with 23 years in business. In FY26, MMR contributed ₹226.96 crore (63.6% of segment revenue) with EBIT of ₹24.21 crore, while Specialised Construction contributed ₹121.53 crore (34.1%) with EBIT of ₹28.37 crore. Specialised Construction grew 39% YoY and now accounts for ~35% of total revenue, with capabilities in micro-surfacing, cold in-place recycling (CIPR), and tunnelling for highway projects. The company is evaluating entry into marine infrastructure — jetties, jetty revamping, and marine fire protection systems — while the Markolines Infra merger remains pending. Other operating expenses are the largest cost line at 60.6% of revenue, followed by materials at 22.7%; clients include NHAI and road concessionaires. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Major Maintenance (MMR) (64%), Specialised Construction (34%), Unallocated (2%), Share of Profit of Associates (0%). Asset-light highway O&M and specialised construction services, with recurring maintenance cycles
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 312 | 347 | 307 | 348 |
| EBITDA (ex other income) | — | — | — | 40 |
| margin % | — | — | — | 11.5 |
| Owners' profit | — | — | — | 0 |
| EPS, as reported (₹) | 8.24 | 9.06 | 10.09 | 11.90 |
| ROE % · ROCE % | — · 25.1 | — · 24.6 | — · 18.6 | 12.9 · 19.1 |
| Debt / equity (x) | — | — | — | 0.43 |
| Cash from operations | 20 | (9) | (36) | 6 |
| Capex | — | — | (10) | (5) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 216 | 106 | 202 | 73 | 78 | 93 | 105 | 76 |
| Profit before tax | 16 | 6 | 24 | 5 | 6 | 8 | 15 | 6 |
| Net profit | — | — | — | 4 | 4 | 7 | 11 | 4 |
| EPS (₹) | 5.87 | 2.27 | 7.82 | 1.72 | 1.70 | 3.33 | 5.15 | 1.96 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Major Maintenance(MMR) | 68 | 19.0 |
| Specialised Construction | 90 | 25.1 |
| Unallocated | 8 | 2.1 |
| Share of Profit of Associates | 1 | 0.2 |
| Major Maintainance | 61 | 17.1 |
| Specialized Construction | 32 | 8.9 |
| Major Maintenance (MMR) | 98 | 27.5 |
| Total, before eliminations | 357 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,35,882 | 32.3 | 4.17 | 19.4 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 44,011 | 49.0 | 4.48 | 31.3 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 24,009 | 21.1 | 3.10 | 10.8 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 22,327 | 37.1 | 9.30 | 19.0 | 24.9 | 31.7 | 29.8 | 10.5 |
| NBCC (INDIA) LIMITED | 22,170 | 30.0 | 6.89 | 18.6 | 23.1 | 29.7 | 13.5 | 9.6 |
| IRB INFRA DEV LTD. | 21,728 | 16.7 | 1.04 | 10.0 | 4.1 | 2.5 | 7.6 | 55.6 |
| ENGINEERS INDIA LTD | 16,308 | 20.8 | 5.18 | 18.2 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 11,736 | 27.2 | 2.82 | 19.2 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.9 | 15.1 | 48 of 106 | 55% |
| P/B | 1.9 | 1.4 | 51 of 85 | 41% |
| ROCE | 16.1 | 10.0 | 32 of 109 | 71% |
| ROE | 12.9 | 9.2 | 31 of 91 | 67% |
| Debt / Equity | 0.4 | 0.3 | 51 of 91 | 44% |
| EBITDA margin | 12.4 | 12.4 | 44 of 88 | 51% |
| Revenue growth | 4.3 | 6.2 | 45 of 86 | 48% |
| Profit growth | 15.1 | 2.7 | 32 of 84 | 63% |
| Market cap | 376 | 539 | 58 of 107 | 46% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Sept 2026 · Notice of 24th AGM Published in Newspapers | compliance | minimal | — | — |
| 7 Sept 2026 · 24th AGM notice on Sept 29; reappointment of MD and two independent directors | board shareholder meetings | low | — | — |
| 7 Sept 2026 · FY2025-26 annual report sets 24th AGM for 29 September 2026 | board shareholder meetings | medium | — | — |
| 27 Aug 2026 · Sanjay Patil reappointed as Managing Director for 5 years, AGM on Sept 29 | management changes | high | — | — |
| 27 Aug 2026 · Board approves MD re-appointment, fixes AGM date | board shareholder meetings | medium | — | — |
| 19 Aug 2026 · Markolines Q1 FY27 investor presentation: revenue Rs 75.86 Cr, order book Rs 550+ Cr | investor communications | medium | — | — |
| 18 Aug 2026 · NSE and BSE clear Markolines amalgamation with Markolines Infra for NCLT filing | capital market events | high | — | — |
| 14 Aug 2026 · Board approves Q1 results, re-appoints and appoints Independent Directors | management changes | medium | — | — |
| 14 Aug 2026 · Markolines Q1 FY27 results approved with two director changes | results | medium | — | — |
| 14 Aug 2026 · Q1 FY27 results approved; 2 independent director changes | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.