Markolines Pavement Technologies Limited — Q2 FY26 earnings call

The thing is that, see, there is a good growth in terms of infrastructure, there's a government focus. And as I've already explained that Markolines is one of the player who is always ready for offering anything and everything that clients require, keeping their only focus on the client satisfaction, now with the growth in the industry and secondly, we have also been very -- always ahead because of our 2 important things that is the innovation and technology addition in the maintenance space and because of that.

Analyst sought management's long-term vision and competitive differentiation in a booming infrastructure sector.

Asked by Rahul Kamdar

EBITDA margin varies because of the clients' requirement in terms of deploying the machinery. At various times, if the client ask for the specific machinery or the new equipments or the plants to be installed because of that, the cost, which is generally loaded to the client only. So, the EBITDA margins would vary because of the cost incurred in terms of depreciation as well as the interest.

Addresses investor concern about margin fluctuations, explaining it as a function of project-specific machinery and cost-plus contracts, while emphasizing stable PBT.

Asked by Laxmikant Khanvilkar

as of today, 30th of the month, so our current unexecuted order book as of 30th September, we had an unexecuted order book, which is to be executed over from next 1, 1.5 years is about INR 396 crores, and we are working on INR 600 crores of pipeline. Probably as short as this week, we will likely to come up with one major order disclosure, which we have already finalized and about to disclose.

Provides concrete numbers for current order book and pipeline, along with a clear timeline for execution and an upcoming order announcement.

Asked by Yashwanti K.

working capital cycle keeps, by and large, though we say it is about 90 days, but on a few projects because of various things, generally, it lies about 90 to 120 days.

Clarifies the typical working capital cycle, acknowledging slight variations for specific projects.

Asked by Yashwanti K.

we had already planned and there are 2 reasons where we have given better performance over last year. One, is basically we planned few orders where the work would not be affected through the monsoon because India is a very large country and very territorial. And second is the specialized construction activities like tunneling, which generally are not affected during the monsoon much.

Highlights management's proactive planning and diversified project portfolio (e.g., tunneling) that mitigated monsoon impact, ensuring continued growth.

Asked by Pranay Shah

this year, we are looking at about 30% growth over last year, which we definitely see that it has underwent with the kind of work that we have and the opportunities we are working ahead. And definitely, as I have said that if I have to achieve a real good growth over next 3 years, we will be keeping the same pace of growth over at least next 3 years.

Reiterates the FY26 growth target and provides a directional outlook for sustained growth over the next three years.

Asked by Shaurya Punyani

I can in solo bid capacity, we can bid up to about INR 500 crores to INR 700 crores of work.

Quantifies the company's capacity to bid for large-scale projects independently, indicating operational scale and financial strength.

Asked by Yashwanti K.

in Markolines Pavement, we have about over 250 people working. And as far as the labor that is required, we hire them on a contract basis as we keep moving the basis from places to places.

Provides insight into the company's human capital structure, distinguishing between permanent staff and project-based contract labor.

Asked by Yashwanti K.