Markolines Pavement Technologies Ltd(MARKOLINES)

NSE: MARKOLINESBSE: 543364

₹ 175.3+3.09%refreshed 26 Oct, 01:56 pm ISTMarket cap: ₹ 389 crWebsite: www.markolines.comUpdated: 24 Oct 2026

About

Markolines Pavement Technologies provides highway operation and maintenance services and specialized construction such as tunnels, bridges and sports infrastructure in India. Management calls it the leader in highway operation and maintenance and says it is the only listed company working with all sovereign funds that run road assets in India. It reported revenue of Rs 348.49 Cr in FY26, and its order book stood at Rs 550+ Cr as of Q1 FY27.^[1][2][3]

Business segments

Major Maintenance (MMR): Rs 226.96 Cr revenue in FY26, 65.0% of revenue, with EBIT margin of 10.7%.^[4]
Specialised Construction: Rs 121.53 Cr revenue in FY26, 34.8% of revenue, with EBIT margin of 23.3%. Its share rose 14.6 percentage points over FY2023-FY2026.^[4]
In FY25, Major Maintenance & Toll Operation revenue was Rs 219.49 Cr and Specialised Construction revenue was Rs 87.95 Cr.^[5]
Management expects specialized construction work, such as tunnels, bridges and sports infrastructure, to provide a growing share of revenue (Q1 FY27).^[2]

Order book and inflow

Order book of Rs 550+ Cr as on 30 June 2026: specialized construction Rs 380.17 Cr, highway maintenance Rs 105.69 Cr and specialized maintenance Rs 64.31 Cr.^[2]
Bidding pipeline of ~Rs 2,000 Cr in Q1 FY27, compared with Rs 600+ Cr in Q3 FY26.^[2][6]
Unexecuted order book was Rs 347.36 Cr at December 2025 (specialized construction Rs 200.40 Cr, MMR Rs 146.96 Cr). It rose to about Rs 695 Cr by March 2026, including Rs 439 Cr of new orders.^[6]
Order book was Rs 396.31 Cr in Q2 FY26 (MMR Rs 160.90 Cr, Specialized Construction Rs 235.41 Cr). Rs 200 Cr of new orders were secured in FY26 up to that point.^[7]
Management describes the order book as at least 150% of revenue and project execution cycles as 9-12 months (Q3 FY26).^[6]

Operating model

Work is done on a near cost-plus basis, so margins are steady and profit grows mainly with volume (Q3 FY26). Q3 FY26 EBITDA margin was 12.72%, compared with 12.69% a year earlier.^[6]
Working capital cycle of 90-120 days in Q2 FY26.^[7]
Tunnelling work is less affected by the monsoon (Q2 FY26).^[7]
Escalation clauses in most contracts provide a cushion against bitumen and other input cost swings (FY25).^[5]

Customers

Management says the company is the only listed company working with all sovereign funds that run road assets in India (Q4 FY26).^[1]
InvITs are a key client segment. As highways are moved to private funds through TOT and InvITs, these owners outsource operation and maintenance work (FY25, Q2 FY26).^[5][7]

Expansion and growth plans

Standalone bidding eligibility is now Rs 500 Cr per tender, so the company can bid directly with NHAI. Management plans to do this from FY27 for larger projects, including tunnels (Q3 FY26).^[6]
Plans to expand into other infrastructure sectors such as marine and sports (Q1 FY27), and into the Northeast as roads there come up for maintenance (Q3 FY26).^[2][6]
Target of Rs 1,000 Cr revenue; no new timeline was given in Q1 FY27.^[2]

Recent developments

On 6 March 2026, the board approved the amalgamation of Markolines Infra at 1.05 MPTL shares per MIL share. SEBI clearance has been obtained (Q1 FY27).^[2]
Listed on the NSE Main Board on 14 October 2025, after moving from the BSE SME platform to the BSE Main Board in June 2025.^[7][5]
Managing Director Sanjay Bhanudas Patil was re-appointed for 5 years from 27 August 2026 at a salary of Rs 126 lakhs a year; his previous term expired on 19 August 2026.^[8]

Market Cap

₹389 Cr

High / Low

₹192 / 131

Stock P/E

14.2

Price / Book

1.9

Book Value

₹92

EPS

₹11.9

No. of Shares

2.2 Cr

ROCE

15.7%

ROE

13.8%

OPM

11.5%

Debt / Equity

0.43

Sales

₹348 Cr

Net Profit

₹26 Cr

Promoter holding

54.6%

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Markolines Pavement Technologies Ltd(MARKOLINES)

About

Business segments

Order book and inflow

Operating model

Customers

Expansion and growth plans

Recent developments

Signal history

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Company data

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