MARKOLINES
Markolines Pavement Technologies financials
- Market cap
- ₹379 Cr
- Sector
- Construction
- Calls analysed
- 5
MARKOLINES Q4 FY26
What went well
- FY26 Revenue of ₹348.49 crores, up 13.51% YoY from ₹307 crores.
- FY26 PAT of ₹26.23 crores, approximately 15% more over last year.
- FY26 EPS grew 17.12% to ₹11.90 from ₹10.16.
What to watch
- Performance was 'a little less' due to the West Asia crisis, though still managed growth.
- Monsoon season is expected to lead to lesser revenue in Q1 and Q2 FY27.
What Markolines Pavement Technologies Limited does
Markolines Pavement Technologies designs, executes and maintains highway pavement assets for national highway authorities, InvITs, sovereign funds and private concessionaires across India. It began in 2002 as a thermoplastic road-marking company and has since grown into a multi-service highway O&M provider offering preventive maintenance, Major Maintenance & Repairs (MMR), rigid-pavement (PQC) repair, micro-surfacing, and Cold In-Place Recycling (CIPR)/Full Depth Reclamation (FDR) soil stabilization. It has also diversified into specialised construction activity, including tunnelling for roads, railways and pipelines. The company runs a dedicated Technology Centre for Pavement Preservation and services clients such as NHAI, MMRDA, BMC and various InvITs/asset owners.
Segments
- Highway Maintenance
- Specialized Maintenance
- Specialized Construction Services
- National highway managed (O&M experience)
- 20,000+ lane kms
- Highest CIPR (Cold In-Place Recycling) experience in India
- 197.52 lane kms
- Micro-surfacing work executed
- 113.70 lakh sqm
- MMR (Major Maintenance & Repairs) work executed
- 4,870 lane kms
- FDR / Soil Stabilization work executed
- 1.37 lakh cum
- Tunnel work under progress
- 2.28 kms length
Guidance record · Q4 FY26
what the last two calls moved 8 tracked 1 delivered 2 missed 5 open- Business Mix (Specialized:Maintenance) delivered said Q4 FY25 Promised: 50% : 50%... in a year's time Q4 FY26: Management confirmed the target was met within the one-year timeframe: 'approximately we will have in about 50-50 or 45-45 breakup in terms of maintenance versus construction orders.'
- FY26 Revenue Growth missed said Q1 FY26 Promised: 25%-30% growth in terms of revenue. Q4 FY26: Actual FY26 revenue was ₹348.49 Cr, representing 13.5% growth, significantly below the guided range of 25-30%.
- FY27 Revenue Growth revised down said Q3 FY26 Promised: 40% to 50% growth in the upcoming financial year Q4 FY26: Guidance for FY27 was revised down from '40-50%' to 'at least 30%' before the fiscal year began.
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 −7.1% 1Y
1Y: ₹183.9 on 14 Oct 2025 → ₹170.86. High ₹188.47 (2 Jul 2026), low ₹133.68 (27 Jan 2026).
How the price took the results
close before → close after
- Q4 FY26
- −1.7%
- 29 May
- Q3 FY26
- +0.7%
- 11 Mar
- Q2 FY26
- −3.3%
- 18 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 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | ₹19 Cr | ₹19 Cr | ₹19 Cr | ₹22 Cr | ₹22 Cr |
| Reserves | ₹52 Cr | ₹67 Cr | ₹83 Cr | ₹160 Cr | ₹180 Cr |
| Borrowings | ₹27 Cr | ₹31 Cr | ₹59 Cr | ₹52 Cr | ₹86 Cr |
| Other liabilities | ₹38 Cr | ₹72 Cr | ₹80 Cr | ₹56 Cr | ₹47 Cr |
| Total liabilities | ₹136 Cr | ₹188 Cr | ₹240 Cr | ₹290 Cr | ₹336 Cr |
| Fixed assets | ₹9 Cr | ₹21 Cr | ₹29 Cr | ₹56 Cr | ₹31 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹1 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹8 Cr | ₹10 Cr | ₹0 Cr | ₹40 Cr |
| Other assets | ₹127 Cr | ₹158 Cr | ₹200 Cr | ₹233 Cr | ₹264 Cr |
| Total assets | ₹136 Cr | ₹188 Cr | ₹240 Cr | ₹290 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 Pavement Technologies Limited 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 (5)
Read the Q4 FY26 call →Learn to analyse Markolines Pavement Technologies Limited
Guides on how to read this kind of business and the numbers that matter.