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Markolines Pavement Technologies Ltd

MARKOLINES

NSE

₹176.81-0.89%19 Oct 2026

Reports

Construction Civil and Turnkey

Markolines Pavement Technologies Ltd

MARKOLINES

NSE

₹176.81

-0.89%

19 Oct 2026

SOICxStockScans Reports

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Construction Civil and Turnkey

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Deep Dive Report: In-depth business analysis.

Markolines Pavement Technologies is India’s largest dedicated highway doctor - a specialist that diagnoses a road’s ailments, prescribes a tailor-made fix, and then stays to operate the asset, rather than simply building to a standard bill of quantities. It began in 2002 with a single product, thermoplastic road marking, and pioneered extrusion technology for that task by importing a fully automated machine; over 23 years it has evolved from that single-product origin into a full-service, multi-company group whose expertise now spans the entire life of a highway. The recurring approach is diagnostic: understand the customer’s problem, devise a future-proof solution, and deliver it - an approach that explains how the company moved from painting lines on roads to recycling entire pavements in place and managing toll plazas across 16 states.

Business segments

Three engines built on a single diagnostic approach - a highway-maintenance core that restores worn-out roads, a technology-led preservation franchise that extends road life with proprietary green techniques, and an operations arm that runs the road day-to-day - each feeding the next with work and on-the-ground intelligence.

1. Highway Maintenance: the core repair franchise

The company overhauls worn-out highways by stripping and replacing damaged layers, and it is increasingly doing this for concrete roads as India’s expressway network shifts to rigid pavement.

Roads are wear-and-tear items - every five to seven years a highway needs a major overhaul, and preventive treatments can push that interval to eight or even ten years depending on traffic load and construction quality.
Major maintenance means stripping and replacing layers - the company mills off one or more layers of distressed asphalt and replaces them with new ones, a job that requires meticulous planning, fast machinery mobilization, and a typical site cycle of 9 to 12 months.
Preventive treatments keep roads in their original condition - micro surfacing, crack sealing, slurry sealing, fog sealing, pothole filling, and surface dressing are applied proactively so that the road surface never degrades to the point of needing a full rebuild.
Concrete is the new battleground - greenfield expressways like the Delhi-Mumbai and Nagpur-Mumbai corridors are increasingly being built with concrete pavement, so the company formed a dedicated concrete-maintenance team and won its first concrete repair order in FY24, tackling structural cracks and joint failures with specialty chemicals and micro concrete.
Input costs are contractually buffered - the company incorporates escalation clauses into agreements wherever possible to adjust for bitumen, cement, and fuel price swings, so global commodity volatility does not sit on the company’s own books.

2. Specialized Maintenance Services: the green-preservation technology franchise

The company claims market leadership in two proprietary, cold-mix techniques - micro surfacing and Cold In-Place Recycling - that extend road life while cutting emissions, raw-material use, and traffic downtime.

Micro surfacing is a cold-applied lamination - a thin layer of polymer-modified asphalt emulsion, aggregate, cement, and additives is laid at 4-8 mm thickness, sealing the surface against water seepage and allowing traffic to resume within two hours.
Cold In-Place Recycling rebuilds a bad road in one pass - a train of machinery (water tanker, bitumen tanker, recycler, graders, rollers) excavates the deteriorated road, mixes it with foamed bitumen and additives on the spot, and relays it immediately; the resulting overlay lasts 10-15 years versus 5-8 years for a traditional overlay.
Experience volume is the moat - the company has executed 113.70 Lac square metres of micro surfacing and 197.5 lane kilometres of CIPR, including what it states is India’s largest single CIPR job of 152 lane kilometres.
International tie-ups provide technical backup - partnerships with Bergkamp Inc., Ingevity, and Owens Corning ensure access to the latest material science and equipment know-how for the specialized fleet.

3. Highway Operations: the day-to-day asset-management engine

Through its subsidiary Markolines Infra - now being merged into the parent - the company runs the road after it is built or repaired: collecting tolls, patrolling routes, managing incidents, and performing routine upkeep, which creates a 24/7 on-site presence that feeds intelligence back into the maintenance pipeline.

Toll collection is a revenue-maximization discipline - the team runs 25 toll plazas across 16 states, managing traffic flow, minimizing leakage from exemptions and violations, and conducting tolling strategy studies to ensure the asset owner captures the maximum legitimate revenue.
Route patrolling and incident management keep the corridor safe - round-the-clock highway patrols monitor for encroachment and blockages, while dedicated incident teams secure accident scenes, provide emergency medical aid, and supervise clearance to reduce congestion.
Routine maintenance preserves safety and appearance - corridor cleaning, horticulture of median and avenue plantations, highway structure cleaning, and electrical equipment maintenance are performed on a scheduled basis so that small degradations never become large liabilities.
The merger creates an integrated full-spectrum platform - combining the parent’s pavement-technology and construction expertise with the subsidiary’s operations muscle produces a single entity that can bid for the entire highway O&M value chain, from rehabilitation to toll operations, with better bargaining power through centralized procurement.

Group structure and partners

The company is consolidating its group into a single listed entity while holding a stake in a tunnel-construction associate and maintaining technical partnerships with international pavement-technology firms.

Markolines Pavement Technologies is listed on the NSE and BSE main boards, with promoters holding approximately 55%.
The subsidiary Markolines Infra Limited - which runs the highway operations business - is being amalgamated into the parent with an appointed date of 1 January 2026 and a share exchange ratio of 1.05 parent shares for each subsidiary share, subject to regulatory approvals.
The company holds a 26% stake in Unique UHPC Markolines LLP, an associate formed to participate in the Twin Tube Tunnel contract on the Ramban-Banihal section of NH-44 in Jammu & Kashmir, alongside partners Unique UHPC Infra LLP (48%) and Sarus Infrastructures Private Limited (26%).
International technical partnerships with Bergkamp Inc. USA, Ingevity, and Owens Corning provide equipment and material-science backing for the specialized micro-surfacing and recycling fleet.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹393Cr

Close Price

₹176.81

Industry

Construction Civil and Turnkey

Price To Earnings

14.56

Price To Sales

1.12

Revenue

₹352Cr

Rev Gr TTM

Revenue Growth TTM

6.62%

PAT Gr TTM

PAT Growth TTM

9.52%

Consolidated

Standalone

Numbers

Percentage

Quarter	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	50	56	80	122	73	78	93	105	76
Growth YoY Revenue Growth YoY%					44.4	40.0	16.1	-13.5	4.3
Expenses ExpensesCr	46	49	73	102	66	71	83	89	68
Operating Profit Operating ProfitCr	5	6	8	20	7	7	10	16	8
OPM OPM%	9.5	10.9	9.4	16.2	9.4	9.2	10.9	15.3	10.1
Other Income Other IncomeCr	1	1	2	2	1	2	2	3	2
Interest Expense Interest ExpenseCr	1	2	1	3	1	1	1	2	2
Depreciation DepreciationCr	2	2	2	2	2	2	2	2	2
PBT PBTCr	2	3	7	17	5	6	8	15	6
Tax TaxCr	1	1	1	5	2	2	2	4	1
PAT PATCr	2	2	6	12	4	4	7	11	5
Growth YoY PAT Growth YoY%					118.5	62.9	12.1	-7.2	25.9
NPM NPM%	3.3	4.3	7.6	9.9	5.0	5.0	7.3	10.6	6.1
EPS EPS₹	0.9	1.0	2.8	5.5	1.7	1.7	3.3	5.2	2.0

Quarter	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	50	56	80	122	73	78	93	105	76
Growth YoY Revenue Growth YoY%					44.4	40.0	16.1	-13.5	4.3
Expenses ExpensesCr	46	49	73	102	66	71	83	89	68
Operating Profit Operating ProfitCr	5	6	8	20	7	7	10	16	8
OPM OPM%	9.5	10.9	9.4	16.2	9.4	9.2	10.9	15.3	10.1
Other Income Other IncomeCr	1	1	2	2	1	2	2	3	2
Interest Expense Interest ExpenseCr	1	2	1	3	1	1	1	2	2
Depreciation DepreciationCr	2	2	2	2	2	2	2	2	2
PBT PBTCr	2	3	7	17	5	6	8	15	6
Tax TaxCr	1	1	1	5	2	2	2	4	1
PAT PATCr	2	2	6	12	4	4	7	11	5
Growth YoY PAT Growth YoY%					118.5	62.9	12.1	-7.2	25.9
NPM NPM%	3.3	4.3	7.6	9.9	5.0	5.0	7.3	10.6	6.1
EPS EPS₹	0.9	1.0	2.8	5.5	1.7	1.7	3.3	5.2	2.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	187	312	347	307	348	352
Growth Revenue Growth%		67.1	11.4	-11.5	13.3	6.6
Expenses ExpensesCr	164	284	316	269	308	311
Operating Profit Operating ProfitCr	23	28	32	38	40	41
OPM OPM%	12.2	8.8	9.2	12.4	11.5	11.7
Other Income Other IncomeCr	0	0	3	5	7	8
Interest Expense Interest ExpenseCr	6	3	5	7	6	7
Depreciation DepreciationCr	3	2	5	7	7	7
PBT PBTCr	15	22	25	29	34	35
Tax TaxCr	5	7	8	7	9	8
PAT PATCr	10	16	17	22	26	26
Growth PAT Growth%		55.7	7.9	29.5	15.9	9.5
NPM NPM%	5.4	5.0	4.9	7.2	7.3	7.5
EPS EPS₹	6.2	8.2	9.1	10.1	11.9	12.1

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	187	312	347	307	348	352
Growth Revenue Growth%		67.1	11.4	-11.5	13.3	6.6
Expenses ExpensesCr	164	284	316	269	308	311
Operating Profit Operating ProfitCr	23	28	32	38	40	41
OPM OPM%	12.2	8.8	9.2	12.4	11.5	11.7
Other Income Other IncomeCr	0	0	3	5	7	8
Interest Expense Interest ExpenseCr	6	3	5	7	6	7
Depreciation DepreciationCr	3	2	5	7	7	7
PBT PBTCr	15	22	25	29	34	35
Tax TaxCr	5	7	8	7	9	8
PAT PATCr	10	16	17	22	26	26
Growth PAT Growth%		55.7	7.9	29.5	15.9	9.5
NPM NPM%	5.4	5.0	4.9	7.2	7.3	7.5
EPS EPS₹	6.2	8.2	9.1	10.1	11.9	12.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	19	19	22	22
Reserves ReservesCr	67	83	148	180
Current Liabilities Current LiabilitiesCr	86	118	120	126
Non Current Liabilities Non Current LiabilitiesCr	17	21	20	11
Total Liabilities Total LiabilitiesCr	188	240	316	339
Current Assets Current AssetsCr	157	199	263	212
Non Current Assets Non Current AssetsCr	31	41	53	128
Total Assets Total AssetsCr	188	240	316	339

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	19	19	22	22
Reserves ReservesCr	67	83	148	180
Current Liabilities Current LiabilitiesCr	86	118	120	126
Non Current Liabilities Non Current LiabilitiesCr	17	21	20	11
Total Liabilities Total LiabilitiesCr	188	240	316	339
Current Assets Current AssetsCr	157	199	263	212
Non Current Assets Non Current AssetsCr	31	41	53	128
Total Assets Total AssetsCr	188	240	316	339

Consolidated

Standalone

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	20	2	-16	6
Investing Cash Flow Investing Cash FlowCr	-22	-23	-33	-21
Financing Cash Flow Financing Cash FlowCr	1	21	50	16
Net Cash Flow Net Cash FlowCr	-1	0	0	1
Free Cash Flow Free Cash FlowCr	21	3	-26	1
CFO To PAT CFO To PAT%	127.8	14.4	-74.0	24.5
CFO To EBITDA CFO To EBITDA%	72.9	7.7	-42.7	15.5

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	20	2	-16	6
Investing Cash Flow Investing Cash FlowCr	-22	-23	-33	-21
Financing Cash Flow Financing Cash FlowCr	1	21	50	16
Net Cash Flow Net Cash FlowCr	-1	0	0	1
Free Cash Flow Free Cash FlowCr	21	3	-26	1
CFO To PAT CFO To PAT%	127.8	14.4	-74.0	24.5
CFO To EBITDA CFO To EBITDA%	72.9	7.7	-42.7	15.5

Consolidated

Standalone

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	138	200	256	302	315	393
Price To Earnings Price To Earnings	13.6	12.7	14.8	13.3	12.0	14.6
Price To Sales Price To Sales	0.7	0.6	0.7	1.0	0.9	1.1
Price To Book Price To Book	1.9	2.3	2.5	1.8	1.6	1.9
EV To EBITDA EV To EBITDA		8.3	9.4	9.2	9.9	11.7
Profitability Ratios Profitability Ratios
GPM GPM%		59.9	37.2	39.0	21.1	21.1
OPM OPM%	12.2	8.8	9.2	12.4	11.5	11.7
NPM NPM%	5.4	5.0	4.9	7.2	7.3	7.5
ROCE ROCE%		22.1	18.8	15.6	14.1	14.1
ROE ROE%		18.4	16.7	12.9	12.6	12.6
ROA ROA%		8.4	7.1	7.0	7.5	7.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	138	200	256	302	315	393
Price To Earnings Price To Earnings	13.6	12.7	14.8	13.3	12.0	14.6
Price To Sales Price To Sales	0.7	0.6	0.7	1.0	0.9	1.1
Price To Book Price To Book	1.9	2.3	2.5	1.8	1.6	1.9
EV To EBITDA EV To EBITDA		8.3	9.4	9.2	9.9	11.7
Profitability Ratios Profitability Ratios
GPM GPM%		59.9	37.2	39.0	21.1	21.1
OPM OPM%	12.2	8.8	9.2	12.4	11.5	11.7
NPM NPM%	5.4	5.0	4.9	7.2	7.3	7.5
ROCE ROCE%		22.1	18.8	15.6	14.1	14.1
ROE ROE%		18.4	16.7	12.9	12.6	12.6
ROA ROA%		8.4	7.1	7.0	7.5	7.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	UNIVASTU	HRS	BRGIL	MARKOLINES	HILINFRA	GANESHIN	VVIPIL
Market CapitalizationMkt CapCr	496	492	461	393	382	368	363
Close PriceClose₹	137.77	255.00	193.30	176.81	53.25	84.00	145.50
IndustryIndustry	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey
Price To EarningsPE	18.20	76.58	8.10	14.56	14.35	3.93	12.07
Price To SalesPS	1.56	7.28	0.56	1.12	0.48	0.36	1.05
RevenueRevenueCr	318	68	820	352	799	1,034	346
Revenue Growth TTMRev Gr TTM%	106.7%	60.4%	60.9%	6.6%	59.7%	77.1%	-6.5%
PAT Growth TTMPAT Gr TTM%	81.2%	98.3%	77.7%	9.5%	1.1%	93.1%	-15.0%

	UNIVASTU	HRS	BRGIL	MARKOLINES	HILINFRA	GANESHIN	VVIPIL
Market CapitalizationMkt CapCr	496	492	461	393	382	368	363
Close PriceClose₹	137.77	255.00	193.30	176.81	53.25	84.00	145.50
IndustryIndustry	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey
Price To EarningsPE	18.20	76.58	8.10	14.56	14.35	3.93	12.07
Price To SalesPS	1.56	7.28	0.56	1.12	0.48	0.36	1.05
RevenueRevenueCr	318	68	820	352	799	1,034	346
Revenue Growth TTMRev Gr TTM%	106.7%	60.4%	60.9%	6.6%	59.7%	77.1%	-6.5%
PAT Growth TTMPAT Gr TTM%	81.2%	98.3%	77.7%	9.5%	1.1%	93.1%	-15.0%