Markolines Pavement Technologies Limited (MARKOLINES)
₹178.40 +0.28% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Markolines Pavement's revenue was ₹75.9 Cr (+4.3% year on year, -27.9% on the previous quarter), and net profit ₹4.4 Cr (+15.1% year on year); the operating margin was 10.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹75.9 | +4.3% | -27.9% |
| Operating profit | ₹7.7 | +30.2% | -52.3% |
| Net profit | ₹4.4 | +15.1% | -61.6% |
| EPS (₹) | 1.96 | +14.0% | -61.7% |
| Operating margin | 10.1% | — | — |
MARKOLINES delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 38.77% of the MARKOLINES shares traded on NSE were taken to delivery, against the stock's own 20-session average of 30.76%. That is close to its usual level. 16 bulk or block deals were reported in MARKOLINES in the last 60 days: ₹21 Cr bought and ₹21 Cr sold.
Delivery in the last 5 sessions: 32.3% · 35.6% · 33.9% · 26.1% · 38.8%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 15 Oct | Buy | Vistaar Trading Service Private Limited | ₹3.17 Cr | ₹177.47 | 178,562 | Bulk |
| 15 Oct | Sell | Vistaar Trading Service Private Limited | ₹3.16 Cr | ₹177.63 | 178,072 | Bulk |
| 15 Oct | Buy | Hi-Klass Trading And Investment Limited | ₹2.74 Cr | ₹178.46 | 153,327 | Bulk |
| 15 Oct | Sell | Hi-Klass Trading And Investment Limited | ₹2.53 Cr | ₹178.39 | 141,903 | Bulk |
| 15 Oct | Buy | Goldendunes Builders And Developers Private Limited | ₹1.99 Cr | ₹177.75 | 112,000 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Markolines Pavement Technologies Limited disclosed the voting results and Scrutinizer's Report for its 24th Annual General Meeting held on September 29, 2026. All five ordinary and special resolutions were approved with 100% votes cast in favour. Key items passed included adoption of FY26 financial statements, re-appointment of Managing Director Sanjay Bhanudas Patil, and appointment/re-appointment of directors. Promoter and promoter group abstained from voting on the MD re-appointment resolution as required.
- All 5 resolutions passed with 100% votes cast in favour (0 dissenting votes)
- Total of 1,26,58,774 votes polled on standard resolutions, representing 57.01% of total outstanding shares (2,22,03,720 shares)
- Re-appointment of Managing Director Sanjay Bhanudas Patil approved via special resolution with 56,35,414 non-promoter votes in favour
- Adoption of FY26 audited standalone and consolidated financial statements cleared smoothly
Markolines Pavement Technologies held its 24th Annual General Meeting on September 29, 2026, conducting standard statutory business. Key resolutions included adopting FY26 financial statements and approving the re-appointment of Managing Director Sanjay Bhanudas Patil for a 5-year term effective August 27, 2026. Independent directors Anjali Vikas Sapkal and Rahul Ramkrishna Modak were also appointed/re-appointed for 5-year terms. The Chairman highlighted the ongoing amalgamation process of Markolines Infra Limited and Main Board listing.
- 24th AGM concluded within 18 minutes, starting at 11:30 a.m. and ending at 11:48 a.m. on September 29, 2026
- Special resolution passed for re-appointment of MD Sanjay Bhanudas Patil for 5 years effective August 27, 2026
- Approved appointment/re-appointment of two Non-Executive Independent Directors for 5-year terms
- Chairman noted strategic progress on the proposed amalgamation with Markolines Infra Limited
Markolines Pavement Technologies Limited has issued the notice for its 24th Annual General Meeting (AGM) to be held virtually on September 29, 2026. Key special resolutions include the re-appointment of Mr. Sanjay Bhanudas Patil as Managing Director for a 5-year term starting August 27, 2026, alongside board re-appointments of Independent Directors. The remote e-voting window is scheduled from September 25 to September 28, 2026, with a cut-off date of September 22, 2026.
- 24th AGM scheduled for Tuesday, September 29, 2026, at 11:30 a.m. via VC/OAVM
- Special Resolution proposed for 5-year re-appointment of Managing Director Sanjay Bhanudas Patil effective August 27, 2026
- Resolutions for appointment/re-appointment of Independent Directors Mrs. Anjali Vikas Sapkal and Mr. Rahul Ramkrishna Modak for 5-year terms
- Remote e-voting window opens September 25, 2026 (9:00 a.m.) and closes September 28, 2026 (5:00 p.m.)
- Cut-off date for voting eligibility set as September 22, 2026
Markolines Pavement Technologies has approved the re-appointment of its promoter and founder, Mr. Sanjay Bhanudas Patil, as Managing Director for a 5-year term effective August 27, 2026, subject to shareholder approval. Mr. Patil holds 57,35,360 equity shares, representing a 26.02% stake in the company as of June 30, 2026. Additionally, the company announced its 24th Annual General Meeting to be held on September 29, 2026.
- Re-appointment of Mr. Sanjay Bhanudas Patil as MD approved for a period of 5 years starting August 27, 2026
- Mr. Sanjay Patil holds 57,35,360 shares, representing 26.02% of the company's equity
- 24th Annual General Meeting scheduled for Tuesday, September 29, 2026
Markolines Pavement Technologies has approved the re-appointment of Founder and Chairman Mr. Sanjay Bhanudas Patil as Managing Director for a 5-year term effective August 27, 2026, subject to shareholder approval. Mr. Patil holds 57,35,360 shares, representing a 26.02% equity stake in the company as of June 30, 2026. Additionally, the Board approved the Directors' Report for FY26 and scheduled the 24th Annual General Meeting for September 29, 2026.
- Re-appointment of Mr. Sanjay Bhanudas Patil as Managing Director for a period of 5 years from August 27, 2026.
- Mr. Patil holds 57,35,360 equity shares, representing 26.02% of the company's total shareholding.
- The 24th Annual General Meeting (AGM) is scheduled to be held on September 29, 2026, via video conferencing.
- Approved and adopted the Directors' Report and Secretarial Audit Report for the financial year ended March 31, 2026.
Markolines Pavement Technologies released its Q1 FY27 investor presentation, reporting consolidated revenue of ₹75.86 Cr, up 4.33% YoY. Consolidated PAT grew 15.06% YoY to ₹4.36 Cr, supported by EBITDA margin expansion to 12.10% (vs 11.61% in Q1 FY26). The company holds an unexecuted order book of ₹550+ Cr as of June 30, 2026, offering strong revenue visibility at ~1.72x TTM revenue. For FY26, full-year consolidated revenue and PAT stood at ₹348.49 Cr and ₹26.23 Cr respectively.
- Q1 FY27 consolidated revenue up 4.33% YoY to ₹75.86 Cr compared to ₹72.72 Cr in Q1 FY26
- Q1 FY27 PAT grew 15.06% YoY to ₹4.36 Cr with a PAT margin of 5.75%
- EBITDA increased 8.68% YoY to ₹9.18 Cr, with EBITDA margins expanding to 12.10%
- Unexecuted order book stood at ₹550+ Cr as of June 30, 2026 (~172% of TTM revenue)
Markolines Pavement Technologies has received Observation Letters with 'No adverse observations' / 'No objection' from BSE and NSE regarding its proposed Scheme of Amalgamation with Markolines Infra Limited. SEBI issued its comments on August 14, 2026, enabling the company to proceed with filing the scheme before the National Company Law Tribunal (NCLT). The observation letter is valid for 6 months from August 17, 2026, for NCLT submission.
- Received 'No Objection' from BSE and NSE under Regulation 37 of SEBI LODR Regulations.
- SEBI issued its comments on the draft scheme vide letter dated August 14, 2026.
- The observation letter is valid for 6 months from August 17, 2026, to file the petition with NCLT.
- Post-NCLT approval, trading of new securities must commence within 60 days of the tribunal order.
Markolines Pavement Technologies reported a 4.33% YoY growth in consolidated revenue from operations to ₹75.86 crore for Q1FY27. EBITDA increased by 8.68% YoY to ₹9.18 crore with a 49 bps margin expansion, while PAT grew 15.06% YoY to ₹4.36 crore. The company maintained a robust unexecuted order book of over ₹550 crore (approx. 172% of TTM revenue), providing revenue visibility for the next 18 months. Markolines is also pursuing diversification into marine infrastructure and progressing on the amalgamation of Markolines Infra Limited.
- Revenue from operations grew 4.33% YoY to ₹75.86 crore in Q1FY27 vs ₹72.72 crore in Q1FY26
- Net profit (PAT) increased 15.06% YoY to ₹4.36 crore compared to ₹3.79 crore in Q1FY26
- EBITDA increased 8.68% YoY to ₹9.18 crore, expanding EBITDA margins by 49 bps
- Unexecuted order book stood at ₹550+ crore as of June 30, 2026, offering 18 months visibility
- Received listing and trading approval for 1,62,800 equity shares pursuant to warrant conversion
Markolines Pavement Technologies has announced the re-appointment of Mrs. Anjali Sapkal as a Non-Executive Independent Director for a second five-year term starting August 17, 2026. The board also appointed Mr. Rahul Ramkrishna Modak as an Additional Independent Director for a five-year term effective August 14, 2026. Both appointments are subject to shareholder approval. These changes occur alongside the approval of the company's unaudited financial results for the quarter ended June 30, 2026.
- Mrs. Anjali Sapkal re-appointed for a second term of 5 consecutive years effective August 17, 2026
- Mr. Rahul Ramkrishna Modak appointed as Independent Director for a 5-year term starting August 14, 2026
- Mrs. Sapkal brings over 26 years of management experience across logistics, construction, and aviation
- Mr. Modak brings over 30 years of experience including senior roles at Tata International and L&T Finance
- Board meeting concluded at 3:32 p.m. on August 14, 2026, also approving Q1 FY27 financial results
Markolines Pavement Technologies has announced the appointment of Mr. Rahul Ramkrishna Modak as a Non-Executive Independent Director for a five-year term effective August 14, 2026. The board also approved the re-appointment of Mrs. Anjali Vikas Sapkal for a second five-year term starting August 17, 2026. Both appointments are subject to shareholder approval. These changes coincide with the board's approval of the unaudited financial results for the quarter ended June 30, 2026.
- Appointment of Mr. Rahul Ramkrishna Modak as Independent Director for a 5-year term starting August 14, 2026
- Re-appointment of Mrs. Anjali Vikas Sapkal for a second 5-year term starting August 17, 2026
- Mr. Modak brings over 30 years of experience from institutions like Tata International and L&T Finance
- Mrs. Sapkal has 26+ years of experience in quality management and logistics across multiple sectors
- Board meeting concluded at 3:32 p.m. on August 14, 2026, after approving Q1 FY27 results
Markolines Pavement Technologies approved its unaudited financial results for Q1 FY27 (ended June 30, 2026). The company's wholly-owned Markolines Evrascon JV contributed ₹14.27 Cr in revenue with a profit of ₹1.02 Cr, while its 26% associate Uniqueuhpc Markolines LLP reported a loss of ₹1.01 Cr. Additionally, the board strengthened governance by appointing Mr. Rahul Modak and re-appointing Mrs. Anjali Sapkal as Independent Directors for 5-year terms, supporting its strategy to migrate from SME to the Mainboard.
- Markolines Evrascon JV (Wholly Owned) reported Q1 revenue of ₹14.27 Cr and PAT of ₹1.02 Cr
- Associate Uniqueuhpc Markolines LLP (26% stake) recorded a loss of ₹1.01 Cr on revenue of ₹3.23 Cr
- Re-appointed Mrs. Anjali Vikas Sapkal as Independent Director for a second 5-year term starting August 17, 2026
- Appointed Mr. Rahul Ramkrishna Modak as an Additional Independent Director for a 5-year term
- Trading window remains closed for 48 hours following the results announcement
Mr. Akash Manohar Phatak has resigned as an Independent Director of Markolines Pavement Technologies Limited, effective August 1, 2026. The resignation is attributed to other commitments, and the director has confirmed there are no other material reasons for his departure. The company, which reported a TTM revenue of Rs 445 Cr and a TTM PAT of Rs 33 Cr, is currently managing an unexecuted order book of Rs 396+ Cr. This board change appears routine and does not immediately impact the company's operational strategy or its goal of moving from the SME to the Mainboard.
- Resignation of Independent Director effective from the close of business hours on August 1, 2026
- Director confirmed no material reasons for resignation other than 'other commitments'
- Company holds a strong unexecuted order book of over Rs 396 Cr against TTM revenue of Rs 445 Cr
- TTM PAT stands at Rs 33 Cr with an operating profit margin of 11.4%
- Market capitalization of the company is approximately Rs 363 Cr
Markolines Pavement Technologies has received approval to list 1,62,800 new equity shares on the BSE and NSE Main Boards, effective July 20, 2026. These shares were issued to non-promoters at a price of Rs 165 per share (Rs 10 face value + Rs 155 premium) following the conversion of warrants. The total value of this specific issuance is approximately Rs 2.69 crore, representing a minor addition to the equity base. All newly listed shares are subject to a lock-in period until January 20, 2027.
- 1,62,800 total equity shares approved for listing and trading on BSE and NSE Main Boards
- Issue price of Rs 165 per share, including a premium of Rs 155 per share
- Trading of these shares will commence on Monday, July 20, 2026
- Lock-in period for the new shares is mandated until January 20, 2027
- Issuance consists of two tranches: 22,800 shares and 1,40,000 shares
The promoter group of Markolines Pavement Technologies Limited has filed a mandatory annual declaration under Regulation 31(4) of SEBI (SAST) Regulations. The filing confirms that no new encumbrances or pledges were created on promoter shares during the financial year ended March 31, 2025, beyond what was already disclosed. This declaration covers 21 entities within the promoter and promoter group, including the Managing Director Sanjay Bhanudas Patil. Such filings are routine governance procedures intended to provide transparency regarding promoter shareholding stability.
- Declaration covers the full Financial Year ended March 31, 2025
- Confirms zero new direct or indirect encumbrances were made during the period
- Includes a list of 21 promoter and promoter group entities/individuals
- Declaration signed by Managing Director Sanjay Bhanudas Patil on April 9, 2026
Markolines Pavement Technologies Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Transfer Agent (RTA), Bigshare Services Private Limited, confirmed that no requests for rematerialization were received during the quarter ended June 30, 2026. Additionally, the filing states that the entire shareholding of the company is already held in dematerialized form, ensuring compliance with SEBI mandates for listed entities.
- Compliance certificate issued for the quarter ended June 30, 2026
- 100% of the company's shares are currently held in dematerialized form
- Zero requests for rematerialization were received by the RTA during the three-month period
- Filing confirmed by RTA Bigshare Services Private Limited on July 9, 2026
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.
