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MARKOLINES - Markolines Pavem

📊 NSE: MARKOLINES 🏢 Civil Construction 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

Markolines Reports 42% 9M PAT Growth; Targets ₹1,000 Cr Revenue in 3 Years

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 14 Mar 2026, 01:17 PM

Markolines Pavement Technologies demonstrated robust performance in Q3 FY2026, with nine-month PAT growing by 42% and revenue by 30% YoY. The company has a strong unexecuted order book of ₹695 crores, which includes ₹439 crores in recently secured orders. Management has provided aggressive guidance, targeting 40-50% growth in the upcoming financial year and a revenue milestone of ₹1,000 crores within three years. The company is also leveraging its experience in tunneling and specialized maintenance to bid for larger NHAI projects directly.

9M FY26 Revenue and PAT grew by 30% and 42% respectively compared to the previous year.
Unexecuted order book stands at ₹695 crores, supported by a pipeline of over ₹300 crores in additional bids.
Management expects 40-50% revenue growth in the next financial year driven by recent large order wins.
Ongoing ₹450 crore tunneling projects in Maharashtra and J&K to build credentials for future direct NHAI bidding.
Company successfully migrated to BSE and NSE main boards and announced a merger with Markolines Infra.

💡 Investors should focus on the company's ability to execute its significantly expanded order book and maintain margins during its high-growth phase. The transition from SME to the main board and entry into complex tunneling projects suggests a maturing business model with higher scalability.

Markolines Pavement Technologies to Host Virtual Investor Meeting on March 11, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 08 Mar 2026, 12:34 PM

Markolines Pavement Technologies Limited has scheduled a virtual meeting for analysts and institutional investors on March 11, 2026, at 4:00 p.m. The meeting is open to all investors and the general public through a video conferencing link. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during this interaction. This event serves as a platform for the management to engage with the investment community regarding the company's general business operations.

Virtual meeting scheduled for March 11, 2026, starting at 4:00 p.m. IST.
The session is open to all investors and the general public via a tinyurl video conference link.
The company explicitly stated that no Unpublished Price Sensitive Information (UPSI) will be disclosed.
The meeting is being conducted under Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 Interested investors should attend the virtual meeting to gain qualitative insights into the company's business model and management's outlook. No immediate trading action is required as no price-sensitive information is expected to be revealed.

Markolines Pavement to Merge with Markolines Infra; Share Exchange Ratio Set at 1:1.15

🟢 POSITIVE ⭐ 9/10

M&A 📅 06 Mar 2026, 02:45 PM

Markolines Pavement Technologies has approved a scheme of amalgamation to merge Markolines Infra Limited into itself. The merger aims to consolidate highway operations and maintenance services, creating a comprehensive infrastructure service provider. As of December 31, 2025, Markolines Infra reported a turnover of ₹104.11 crore, which will be integrated with the parent company's ₹243.34 crore turnover. The share exchange ratio is fixed at 1.15 shares of the listed entity for every 1 share of the transferor company.

Share exchange ratio of 1.15:1 (1.15 shares of Markolines Pavement for every 1 share of Markolines Infra)
Markolines Infra Limited brings total assets of ₹108.10 crore and a net worth of ₹80.25 crore
Combined entity will integrate Markolines Pavement's ₹243.34 crore turnover with Infra's ₹104.11 crore
The merger aims to create India's largest company offering the full spectrum of Highway O&M services
Appointed date for the scheme is January 1, 2026, pending NCLT and regulatory approvals

💡 Investors should monitor the merger process as it scales the company's operations and diversifies its service portfolio in the highway sector. The consolidation is expected to improve operational efficiencies and market positioning, though NCLT approval timelines should be watched.

Markolines Converts 1 Lakh Warrants into Equity Shares at Rs 165 Per Share

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 05 Mar 2026, 07:28 PM

Markolines Pavement Technologies has approved the conversion of 1,00,000 convertible warrants into an equal number of equity shares. The conversion was granted to RPV Holdings Private Limited, a non-promoter entity, at a price of Rs 165 per share. The company received the final 75% subscription amount of Rs 1.2375 crore to complete the transaction. This move concludes the conversion for this specific allotment, with no warrants remaining pending for this investor.

1,00,000 warrants converted into equity shares at a face value of Rs 10 each
Conversion price fixed at Rs 165 per share, including a premium of Rs 155
Total balance amount received for this conversion is Rs 1.2375 crore
Allotment made to non-promoter investor RPV Holdings Private Limited
Post-allotment, zero warrants remain pending for conversion for this specific investor

💡 This conversion indicates investor confidence as warrants are exercised at a premium. Shareholders should account for the minor equity dilution while noting the improved cash position of the company.

Markolines Pavement Converts 1 Lakh Warrants into Equity at Rs 165 Per Share

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 05 Mar 2026, 07:27 PM

Markolines Pavement Technologies has approved the conversion of 1,00,000 convertible warrants into an equal number of equity shares. The conversion was allotted to a non-promoter entity, RPV Holdings Private Limited, at a price of Rs 165 per share (including a Rs 155 premium). The company received the remaining 75% subscription amount, totaling approximately Rs 1.24 crore, to complete the transaction. This move strengthens the company's equity base and indicates continued investor interest from non-promoter groups.

Conversion of 1,00,000 warrants into 1,00,000 equity shares of Rs 10 face value each
Allotment price fixed at Rs 165 per share, including a premium of Rs 155
Received Rs 1,23,75,000 representing the final 75% payment for the warrants
Allotment made to non-promoter investor RPV Holdings Private Limited
Zero warrants remain pending for conversion for this specific allottee

💡 Investors should note the successful capital infusion and conversion, which reflects confidence from institutional/private investors. While the dilution is small, it strengthens the balance sheet for future operations.

Markolines Secures Rs 439.75 Cr in New Orders; Corrects Order Book to Rs 695.48 Cr

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 05 Mar 2026, 07:02 PM

Markolines Pavement Technologies has bagged five new work orders totaling Rs 439.75 crore, significantly strengthening its project pipeline. The largest contract, valued at Rs 294.39 crore, is for school infrastructure development across Pune, Hyderabad, and Nashik with a 12-month completion timeline. The company issued a correction regarding its total unexecuted order book, which now stands at Rs 695.48 crore, down from a previously misstated Rs 956.48 crore due to a clerical error. This order inflow follows a steady financial performance, with Q3 FY26 net profit rising 12.72% to Rs 7.09 crore.

Bagged five new work orders cumulatively worth Rs 439.75 crore.
Largest order of Rs 294.39 crore received from Indo British Group of Schools for turnkey infrastructure.
Total unexecuted order book corrected to Rs 695.48 crore as of March 5, 2026.
Secured multiple highway maintenance projects in Bihar and Delhi-NCR totaling over Rs 145 crore.
Reported a 12.72% YoY growth in standalone net profit to Rs 7.09 crore for the quarter ended December 2025.

💡 Investors should view the substantial new order wins as a strong indicator of revenue visibility for the coming fiscal year. While the downward correction of the total order book is a point of caution regarding administrative oversight, the scale of new contracts relative to current profits remains highly encouraging.

Markolines Secures Rs 439.75 Cr in New Orders; Order Book Hits Rs 956.48 Cr

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 05 Mar 2026, 01:08 PM

Markolines Pavement Technologies has secured five new work orders totaling Rs 439.75 crore, significantly boosting its total unexecuted order book to over Rs 956.48 crore. The largest contract, valued at Rs 294.39 crore, involves turnkey school infrastructure development for the Indo British Group of Schools across Pune, Hyderabad, and Nashik. Additional orders worth approximately Rs 145 crore are focused on highway maintenance and pavement works in Bihar and the Delhi-Hapur-Meerut Expressway. The company also reported a 12.72% year-on-year growth in net profit to Rs 7.09 crore for the quarter ended December 31, 2025.

Cumulative work orders received amount to Rs 439.75 crore, including GST
Total unexecuted order book stands at a robust Rs 956.48 crore as of March 5, 2026
Largest single order of Rs 294.39 crore from IBGS to be completed within 12 months
Highway maintenance projects in Bihar worth over Rs 140 crore to be completed within 3 months
Q3 FY26 net profit increased to Rs 7.09 crore from Rs 6.29 crore in the previous year

💡 Investors should view this as a strong growth signal given the substantial order book visibility and diversification into school infrastructure. Monitor the execution timelines of the short-term highway projects for immediate revenue impact.

Markolines Bags Multiple Work Orders Worth Rs. 439.75 Crores

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 05 Mar 2026, 10:46 AM

Markolines Pavement Technologies has secured five distinct work orders with a cumulative value of Rs. 439.75 crores. The most significant contract is a Rs. 294.39 crore turnkey project for school infrastructure development in Pune, Hyderabad, and Nashik, marking a major diversification. The remaining orders, totaling approximately Rs. 145.36 crores, involve pavement and maintenance works for major highway projects in Bihar and Uttar Pradesh. These contracts are slated for completion within 3 to 12 months, providing strong revenue visibility for the upcoming fiscal year.

Total cumulative order value of Rs. 439.75 crores including GST across five projects
Largest single order worth Rs. 294.39 crores for turnkey development of school infrastructure
Road maintenance and pavement orders from NH-2 and NH-319 projects totaling over Rs. 145 crores
Execution timelines are aggressive, ranging from 90 days to 12 months
Diversification into turnkey infrastructure beyond core pavement and highway maintenance

💡 Investors should view this as a significant growth catalyst that strengthens the order book; however, monitor the company's execution efficiency and margins in the new school infrastructure segment.

Markolines Pavement Converts 40,000 Warrants into Equity at Rs 165 Per Share

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 27 Feb 2026, 01:01 PM

Markolines Pavement Technologies has approved the conversion of 40,000 warrants into equity shares for a non-promoter investor, Anushree Gadodia. The conversion was executed at a price of Rs 165 per share, which includes a premium of Rs 155 per share. The company received the remaining 75% subscription amount, totaling approximately Rs 49.50 lakhs, to complete the transaction. This is a routine conversion of previously issued warrants and results in a minor increase in the company's paid-up equity capital.

Conversion of 40,000 warrants into 40,000 equity shares of face value Rs 10 each.
Allotment price fixed at Rs 165 per share, including a premium of Rs 155.
Total amount received for this conversion tranche is Rs 49,50,000 (75% balance).
The shares were allotted to a non-promoter individual, with zero warrants pending for this allottee.

💡 This is a routine capital adjustment with minimal dilution to existing shareholders. Investors should continue to focus on the company's execution of pavement maintenance contracts and overall revenue growth.

Markolines Allots 40,000 Equity Shares at Rs 165 via Warrant Conversion

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 27 Feb 2026, 12:59 PM

Markolines Pavement Technologies has approved the conversion of 40,000 convertible warrants into equity shares for a non-promoter investor. The conversion was executed at a price of Rs 165 per share, which includes a premium of Rs 155 per share. The company received the remaining 75% subscription amount, totaling Rs 49.50 lakhs, to finalize the allotment. This transaction completes the warrant conversion process for the specific allottee, Anushree Gadodia.

Conversion of 40,000 warrants into 40,000 equity shares of Rs 10 face value
Allotment price fixed at Rs 165 per share, including a premium of Rs 155
Receipt of Rs 49.50 lakhs representing the final 75% payment for the warrants
Allotment made to a non-promoter individual, Anushree Gadodia
Zero warrants remain pending for conversion for this specific allottee

💡 The equity dilution from this allotment is minimal and should not significantly impact the stock price. Investors should continue to focus on the company's order book and execution capabilities in the road maintenance sector.

Markolines Pavement Technologies Reports Newspaper Publication of Q3 FY26 Financial Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 16 Feb 2026, 02:27 PM

Markolines Pavement Technologies Limited has informed the stock exchanges that it has published its standalone and consolidated unaudited financial results for the quarter ended December 31, 2025, in newspapers. The results were approved by the Board of Directors on February 14, 2026, and subsequently published in Financial Express (English) and Mumbai Lakshadweep (Marathi) on February 15, 2026. This is a standard regulatory compliance filing under Regulation 47 of SEBI (LODR) Regulations, 2015.

Compliance with Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Board of Directors approved the Q3 FY26 financial results on February 14, 2026.
Results published in Financial Express and Mumbai Lakshadweep on February 15, 2026.
The filing includes extracts of both standalone and consolidated unaudited financial results.

💡 No action is required as this is a routine regulatory disclosure. Investors should refer to the detailed Q3 FY26 earnings release for fundamental performance analysis.

Markolines Q3FY26 Results: PAT Jumps 72% QoQ to ₹7.00 Cr, Revenue Up 20%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 16 Feb 2026, 02:24 PM

Markolines Pavement Technologies reported a strong performance for Q3FY26, with Profit After Tax (PAT) surging 72% quarter-on-quarter to ₹7.00 crore. Revenue from operations grew by 20% QoQ to ₹92.95 crore, driven by healthy project execution and improved billing traction. For the nine-month period (9MFY26), the company recorded a 31% YoY revenue growth and a 43% YoY PAT increase. The management highlighted improved operational efficiencies and a focus on high-value infrastructure segments as key growth drivers.

Revenue from operations increased 20% QoQ to ₹92.95 crore in Q3FY26.
EBITDA grew 31% QoQ to ₹11.62 crore, reflecting better cost discipline and project mix.
Net Profit (PAT) for the quarter rose sharply by 72% QoQ to ₹7.00 crore.
9MFY26 performance showed robust growth with PAT up 43% YoY to ₹14.87 crore.
Company successfully migrated to both BSE and NSE Mainboards during 2025, enhancing market visibility.

💡 Investors should monitor the company's ability to maintain these high margins as it scales and explores new infrastructure sectors. The recent migration to the mainboard and strong order book visibility make it a positive prospect in the highway O&M space.

Markolines Pavement Q3 Net Profit Jumps 12.7% YoY to ₹7.09 Cr; 9M Revenue Up 24%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 14 Feb 2026, 03:36 PM

Markolines Pavement Technologies reported a steady Q3 FY26 with revenue from operations at ₹80.46 crore, showing marginal YoY growth but a strong 46% sequential jump in Profit Before Tax to ₹8.64 crore. Net profit for the quarter rose to ₹7.09 crore from ₹6.29 crore in the same period last year. For the nine-month period, the company demonstrated robust growth with total income reaching ₹236.08 crore, a 24% increase over the previous year's ₹190.26 crore. The Specialised Construction segment remains a high-margin driver, contributing significantly to the overall bottom-line improvement.

Net Profit for Q3 FY26 increased to ₹7.09 crore compared to ₹6.29 crore in Q3 FY25.
Nine-month revenue from operations grew 24% YoY to ₹230.85 crore from ₹185.92 crore.
Earnings Per Share (EPS) for the quarter improved to ₹3.22 from ₹2.86 YoY and ₹1.81 QoQ.
Major Maintenance (MMR) segment revenue stood at ₹48.58 crore, while Specialised Construction contributed ₹31.88 crore.
Profit Before Tax (PBT) for 9M FY26 surged to ₹19.86 crore from ₹12.91 crore in 9M FY25.

💡 The company exhibits strong operational efficiency and margin expansion in its specialized segments. Investors should maintain a positive outlook given the 24% top-line growth and significant EPS improvement over the nine-month period.

Markolines Pavement Technologies: Resignation of Company Secretary Pranav S. Chaware

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 31 Jan 2026, 07:43 PM

Markolines Pavement Technologies Limited has announced the resignation of Mr. Pranav S. Chaware from his role as Company Secretary and Compliance Officer. The resignation is effective from the close of business hours on January 31, 2026. As a Key Managerial Personnel (KMP), his departure requires the company to appoint a successor to manage regulatory filings and compliance. The reason cited for the exit is to pursue professional opportunities outside the organization.

Mr. Pranav S. Chaware resigned as Company Secretary and Compliance Officer effective January 31, 2026.
The resignation was submitted and processed on January 31, 2026, to pursue external opportunities.
Disclosure was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
The company must now appoint a new KMP to ensure continuity in statutory compliance for BSE Scrip 543364.

💡 This is a routine administrative change; investors should monitor for the appointment of a qualified successor to ensure ongoing regulatory compliance.

Markolines Pavement Converts 22,800 Warrants into Equity at Rs 165 per Share

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 30 Jan 2026, 12:57 PM

Markolines Pavement Technologies Limited has approved the conversion of 22,800 convertible warrants into equity shares for a non-promoter investor. The conversion was executed at a price of Rs 165 per share, which includes a premium of Rs 155 over the face value. The company received the remaining 75% subscription amount, totaling approximately Rs 28.21 lakhs, to finalize the allotment. This move results in a marginal increase in the company's paid-up equity capital.

Conversion of 22,800 warrants into 22,800 equity shares of Rs 10 face value each.
Allotment price fixed at Rs 165 per share, including a premium of Rs 155.
Total balance subscription amount received for this tranche is Rs 28,21,500.
Shares allotted to a non-promoter individual investor, Shilpa Ojha.
The conversion follows the receipt of the full subscription amount as per SEBI ICDR Regulations.

💡 No immediate action is required as the equity dilution from this specific conversion is negligible. Investors should treat this as a routine capital structure update.

View All MARKOLINES Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company operates in two segments: Highway Maintenance Services and Specialized Construction Services. Total revenue from operations for H1 FY26 reached INR 150.39 Cr, representing a significant growth of 42.06% YoY compared to INR 105.86 Cr in H1 FY25. Historically, the company achieved an 18% CAGR in revenue from FY22 to FY25.

Geographic Revenue Split

Markolines maintains a PAN India presence across the highway sector. While specific regional percentage splits are not disclosed, the company manages over 20,000 lane kms of National Highways across the country.

Profitability Margins

Profitability showed strong improvement with PAT margins increasing to 5.24% in H1 FY26 from 3.91% in H1 FY25, a gain of 133 bps. PBT margins also improved by 227 bps to 7.47% in H1 FY26. This margin expansion is driven by a shift toward higher-margin specialized construction activities.

EBITDA Margin

EBITDA margin for H1 FY26 stood at 11.67%, a slight compression of 24 bps compared to 11.91% in H1 FY25. EBITDA grew 39.18% YoY in absolute terms to INR 17.55 Cr from INR 12.61 Cr. Management attributes margin fluctuations to specific client requirements for machinery deployment which impacts depreciation and interest costs.

Capital Expenditure

Historical investment in Property, Plant & Equipment stood at INR 31.46 Cr as of H1 FY26, up from INR 29.13 Cr in FY25. Intangible assets under development increased to INR 1.17 Cr from INR 0.61 Cr, reflecting ongoing R&D and technology center investments.

Credit Rating & Borrowing

Finance costs decreased by 14.78% YoY to INR 2.94 Cr in H1 FY26 from INR 3.45 Cr. Short-term borrowings stood at INR 51.98 Cr as of September 30, 2025, while long-term borrowings were reduced to INR 9.04 Cr from INR 12.79 Cr in FY25.

⚙️ Operational Drivers

Raw Materials

Cost of materials consumed represented 12.04% of total revenue in H1 FY26 (INR 18.11 Cr). Specific material names like bitumen or aggregates are not explicitly listed, but the company utilizes specialized equipment for Microsurfacing and Cold In-Place Recycling (CIPR).

Capacity Expansion

The company has managed over 20,000 lane kms of National Highways. Expansion is focused on technology adoption, such as being the first in India to adopt Cold In-Place Recycling (CIPR) and Microsurfacing at scale.

Raw Material Costs

Cost of materials consumed decreased by 43.49% YoY to INR 18.11 Cr in H1 FY26 from INR 32.05 Cr in H1 FY25. This reduction as a percentage of revenue suggests a shift in project mix or improved procurement efficiency.

Manufacturing Efficiency

Efficiency is driven by a dedicated Technology Centre and R&D facility, which is the only one of its kind for a highway O&M company in India, focusing on pavement preservation.

Logistics & Distribution

Other expenses, which include site-related and distribution costs, rose 106.51% YoY to INR 109.80 Cr in H1 FY26, reflecting increased project activity and mobilization.

📈 Strategic Growth

Expected Growth Rate

18%

Growth Strategy

Growth is targeted through a strong unexecuted order book of INR 396+ Cr and a pipeline of INR 600+ Cr. The strategy involves moving from SME to Mainboard (BSE/NSE) to access better capital, merging Markolines Infra with Markolines Pavement to consolidate operations, and expanding into high-margin specialized construction services and allied infrastructure industries.

Products & Services

Highway Operations & Maintenance (O&M) services, Microsurfacing, Cold In-Place Recycling (CIPR), Road Marking, Soil Stabilization, and Specialized Construction Services.

Brand Portfolio

Markolines, Markolines Pavement Technologies.

New Products/Services

Expansion into specialized construction activities and soil stabilization are expected to be key margin drivers. The company is also exploring allied infrastructure industries for additional growth.

Market Expansion

The company is targeting the increasing outsourcing of highway projects by the private sector through government schemes like HAM (Hybrid Annuity Model) and TOT (Toll-Operate-Transfer).

Market Share & Ranking

Self-identified as India's largest maintenance company in the highway sector and the only company providing a complete array of services in Highway O&M.

Strategic Alliances

Unique UHPC Markolines LLP (26% ownership associate) and Markolines EVRASCON JV.

🌍 External Factors

Industry Trends

The industry is seeing the entry of international funds and InvITs into the Indian highway O&M business. Markolines is positioning itself as a preferred vendor for these multinational and domestic funds.

Competitive Landscape

The company faces competition from general infra players, but maintains leadership through its 'one-stop solution' model for O&M, which is unique in the Indian market.

Competitive Moat

Moat consists of a 23-year track record, first-mover advantage in CIPR technology, and being the only O&M player with an integrated R&D Technology Centre. These are sustainable due to high technical barriers and established relationships with major InvITs.

Macro Economic Sensitivity

Highly sensitive to government infrastructure spending and the shift toward private sector outsourcing (HAM/TOT models). Growth is linked to the 5-7 year road renewal cycle.

Consumer Behavior

Not applicable as the company is B2B/B2G; however, the trend is toward higher quality, technology-led road maintenance to increase asset life.

⚖️ Regulatory & Governance

Industry Regulations

Operations must comply with the Companies Act 2013 and Indian GAAP. The company recently transitioned from SME to the Mainboard of BSE and NSE, requiring higher regulatory compliance.

Environmental Compliance

CSR expenditure for FY25 was INR 0.42 Cr, meeting the 2% average net profit requirement under Section 135(5).

Taxation Policy Impact

The effective tax rate for H1 FY26 was approximately 29.8% (Provision for Tax of INR 3.35 Cr on PBT of INR 11.23 Cr).

Legal Contingencies

The company has an associate, Unique UHPC Markolines LLP, with total assets of INR 50.68 Cr. Specific pending court case values are not disclosed in the provided documents.

⚠️ Risk Analysis

Key Uncertainties

Seasonality of the business (H2 is typically stronger than H1) and the variability of EBITDA margins based on specific project-based equipment requirements.

Geographic Concentration Risk

While PAN India, the business is concentrated in the Indian National Highway network.

Third Party Dependencies

Dependency on government agencies (NHAI) and private InvITs for contract renewals and new order flow.

Technology Obsolescence Risk

Mitigated by early adoption of emerging technologies like Microsurfacing and CIPR and maintaining an in-house R&D facility.

Credit & Counterparty Risk

Trade receivables stood at INR 183.93 Cr as of H1 FY26, up from INR 120.99 Cr in FY25, indicating a significant portion of capital is tied up in receivables from highway developers and funds.