543364
Markolines Pavem financials
- Market cap
- ₹379 Cr
- Sector
- Construction
- Calls analysed
- 4
Markolines Pavem Q3 FY26
What went well
- Q3 FY26 Revenue grew 16% YoY, demonstrating continued top-line expansion.
- Q3 FY26 PAT increased 11% YoY, with 9M FY26 PAT up 42% YoY, indicating strong profitability.
- Current unexecuted order book of Rs. 695 crores provides significant revenue visibility.
What to watch
- Monsoon season significantly impacts execution, leading to lower business in Q2.
- Raw material cost escalation, though mitigated by clauses, remains a potential risk.
What Markolines Pavem does
Markolines Pavement Technologies (formerly Markolines Traffic Controls), founded in 2002 as a road-marking company, now runs three business verticals — Highway Maintenance, Specialized Maintenance Services, and Specialized Construction Services. It executes preventive maintenance (micro-surfacing, crack/slurry/fog sealing), major maintenance & repairs (pavement milling, bituminous overlay, cold-in-place recycling), rigid/PQC pavement maintenance, soil stabilisation/full-depth reclamation, and tunneling, working on national and state highways, an airport runway, and urban roads under project-based contracts for highway developers, NHAI and municipal authorities across India.
Segments
- Highway Maintenance
- Specialized Maintenance Services
- Specialized Construction Services
- Employees
- 310+
- Business verticals
- 3 (Highway Maintenance, Specialized Maintenance, Specialized Construction)
- Micro-surfacing work executed (cumulative, India)
- 118.43 Lakh Sqm (as of Sep 2025)
- MMR (major maintenance & repairs) work executed (cumulative, India)
- 5,140 Lane Km (as of Sep 2025)
- Highest CIPR (cold-in-place recycling) single-project experience in India
- 197.52 Lane Kms
- FDR / soil-stabilization work done (cumulative, India)
- 1.37 Lakh Cum
Guidance record · Q3 FY26
what the last two calls moved 8 tracked 0 delivered 2 missed 6 open- Working Capital Cycle went quiet said Q2 FY26 Promised: generally, it lies about 90 to 120 days Q3 FY26: No update provided on the working capital cycle.
- Merger Completion delayed said Q4 FY25 Promised: approximately 6 to 9 months of time frame for completing the merger Q3 FY26: Timeline reset due to resubmission. New timeline is 'about 6 to 9 months maximum' from Q3, missing the original deadline.
- Long-term Revenue Target on track said Q4 FY25 Promised: INR 1,000 crore mark in another 3-4 years Q3 FY26: Reaffirmed with 'we are looking at the Rs. 1000 crores of revenue in coming three years'.
All 8 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 15.3%, net profit up 15.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 56 | 80 | 115 | 73 | 78 +40% | 80 +0% | 93 −19% | 62 −15% |
| EBITDA | 6 | 8 | 19 | 7 | 7 +20% | 10 +33% | 16 −15% | 7 −5% |
| Net profit | 2 | 6 | 12 | 4 | 4 +66% | 7 +13% | 11 −8% | 4 +15% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +0.8% 1Y
1Y: ₹170.05 on 10 Sept 2025 → ₹171.35. High ₹188.15 (2 Jul 2026), low ₹133.6 (27 Jan 2026).
How the price took the results
close before → close after
- Q3 FY26
- −0.1%
- 11 Mar
- Q2 FY26
- +2.4%
- 20 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 7.7% a year over 1 year, FY25 to FY26. Operating margin held at 12.6%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹300 Cr | ₹324 Cr |
| Operating profit | ₹38 Cr | ₹41 Cr |
| Operating margin | 12.5% | 12.6% |
| Interest | ₹7 Cr | ₹6 Cr |
| Depreciation | ₹8 Cr | ₹7 Cr |
| Net profit | ₹23 Cr | ₹26 Cr |
| Net margin | 7.6% | 8.1% |
| Cash from operations | ₹-33 Cr | ₹11 Cr |
| Free cash flow | ₹-43 Cr | ₹6 Cr |
| ROCE | 19.0% | 16.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹1 Cr | ₹19 Cr | ₹19 Cr | ₹19 Cr | ₹22 Cr | ₹22 Cr |
| Reserves | ₹24 Cr | ₹52 Cr | ₹67 Cr | ₹83 Cr | ₹160 Cr | ₹180 Cr |
| Borrowings | ₹36 Cr | ₹27 Cr | ₹31 Cr | ₹59 Cr | ₹52 Cr | ₹86 Cr |
| Other liabilities | ₹48 Cr | ₹38 Cr | ₹72 Cr | ₹80 Cr | ₹57 Cr | ₹47 Cr |
| Total liabilities | ₹108 Cr | ₹136 Cr | ₹188 Cr | ₹240 Cr | ₹292 Cr | ₹336 Cr |
| Fixed assets | ₹10 Cr | ₹9 Cr | ₹21 Cr | ₹29 Cr | ₹65 Cr | ₹31 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹1 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹8 Cr | ₹10 Cr | ₹0 Cr | ₹40 Cr |
| Other assets | ₹98 Cr | ₹127 Cr | ₹158 Cr | ₹200 Cr | ₹225 Cr | ₹264 Cr |
| Total assets | ₹108 Cr | ₹136 Cr | ₹188 Cr | ₹240 Cr | ₹292 Cr | ₹336 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −1.91 pp while the public added +1.41 pp. The shareholder count grew 184% to 7,743.
- Promoters
- 55.0%
- FIIs
- 0.6%
- DIIs
- 0.1%
- Public
- 44.3%
Since Jun 2025
- Promoters −1.91 pp
- Public +1.41 pp
- FIIs +0.41 pp
How it drifted, 12 quarters
Over this window the public went from 26.0% to 44.3% — +18.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 72.2%, DIIs 1.8%, Public 26.0%.Dec '23: Promoters 72.2%, DIIs 1.8%, Public 26.0%.Mar '24: Promoters 71.3%, DIIs 1.8%, Public 26.9%.Jun '24: Promoters 71.3%, DIIs 1.8%, Public 26.9%.Sep '24: Promoters 71.3%, FIIs 0.2%, DIIs 0.7%, Public 27.8%.Dec '24: Promoters 61.2%, FIIs 0.2%, Public 38.6%.Mar '25: Promoters 58.1%, FIIs 0.2%, Public 41.7%.Jun '25: Promoters 56.9%, FIIs 0.2%, Public 42.9%.Sep '25: Promoters 55.0%, FIIs 0.2%, Public 44.8%.Dec '25: Promoters 55.0%, FIIs 0.2%, DIIs 0.1%, Public 44.7%.Mar '26: Promoters 55.0%, FIIs 0.2%, DIIs 0.1%, Public 44.7%.Jun '26: Promoters 55.0%, FIIs 0.6%, DIIs 0.1%, Public 44.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Brijesh Thakkar newly disclosed 1.36% held
- L7 Hitech Private Limited newly disclosed 1.31% held
- Malti Narendra Sampat newly disclosed 1.05% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Markolines Pavem above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Sanjay B Patil | 26.02% | unchanged |
| Jaya Vijay Oswal | 6.31% | unchanged |
| Kirti Ratanchand Oswal | 6.09% | unchanged |
| Karan Atul Bora | 4.60% | unchanged |
| Patil Kirtinandini Sanjay | 3.37% | unchanged |
| Saphala Vijay Oswal | 3.15% | unchanged |
| Hi Klass Trading & Investment Limited | 3.09% | −0.11 pp |
| Sanskruti Pawar | 2.46% | unchanged |
| Pallavi Dhananjay Pawar | 2.22% | unchanged |
| Karan Kapoor | 1.92% | unchanged |
| Rahul Jhunjhunwala | 1.40% | unchanged |
| Brijesh Thakkar | 1.36% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (4)
Read the Q3 FY26 call →Learn to analyse Markolines Pavem
Guides on how to read this kind of business and the numbers that matter.