Markolines Pavement Technologies Ltd — Updates, 29-05-2025: Company Update

Markolines Pavement Technologies operates mainly in highway maintenance, specialty maintenance services, and specialized construction, including tunnelling projects. Its order book stands around INR357 crore with recent additions of nearly INR50 crore and a pipeline exceeding INR500 crore. The company experienced a drop in revenue to INR307 crore due to a delayed start from the wettest monsoon impact, but improved profitability with PAT rising to INR22.56 crore and EPS up 11% to INR10. Margins are stronger in specialized construction (around 18-20%) compared to major maintenance (about 12%). The firm is pursuing a merger with its subsidiary Markolines Infra (FY25 revenue ~INR133 crore, PAT ~INR12.3 crore) to consolidate operations, expecting completion within 6-9 months, which should enhance market presence and bidding capability. Expansion in Northeast India and tunnelling projects (INR200-400 crore range) are key growth drivers, with ambitions to surpass INR1,000 crore revenue in 3-4 years. Cash conversion cycle averages 90-100 days, and receivables have started recovering after year-end. No immediate plans for specialized equipment expansion.