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10 Yrs X-Ray 
Valuation 
Analyst Note 
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Markolines Pavement Technologies Ltd (MARKOLINES)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543364 NSE: MARKOLINES Engineering - Construction | Small Cap | Markolines Pave Tech Share Price
₹167.60 -2.90 (-1.70%)
As on 07-Oct'26 14:17
Markolines Pavement Technologies Ltd (MARKOLINES)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543364 NSE: MARKOLINES Engineering - Construction | Small Cap | Markolines Pave Tech Share Price
₹167.60 -2.90 (-1.70%)
As on 07-Oct'26 14:17
Key Metrics
Valuation Multiples
Market Cap
₹379 Cr.
Current Price
₹167.6
52-Week Low / High
₹131 / 192
TTM EPS
₹12.1
TTM Sales
₹352 Cr.
Book Value per Share
₹93.3
P/E Ratio
14.13
Lower than its 5-year historical median
Industry PE
23.7
Price to Book (P/B)
1.83
Lower than its 5-year historical median
Price to Sales (P/S)
1.08
In line with its 5-year historical median
EV/EBITDA
9.46
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
13.66%
Outperforms industry median
Return on Capital Employed (ROCE)
15.35%
In line with industry median
Return on Assets (ROA)
7.81%
Operating Profit Margin
11.5%
Net Profit Margin
7.32%
Gross Profit Margin
11.9%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
7.68%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
1.49%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
15.17%
Asset Quality
Promoter Holding
54.60%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹185 Cr.
Equity
₹22.2 Cr.
Face Value
₹10
All Time Low / High
₹50.00 / 277.90
Check Before You Invest
Quality
Somewhat GoodValuation
Somewhat UndervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Markolines Pavement Technologies Ltd a good quality company?
Markolines Pavement Technologies Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Markolines Pavement Technologies Ltd performance compare with that of its Peers?
Revenue growth of Markolines Pavement Technologies Ltd vs industry peers?
Markolines Pavement Technologies Ltd revenue CAGR is 3.78%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Markolines Pavement Technologies Ltd?
Promoters hold 54.60% of the Markolines Pavement Technologies Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Markolines Pavement Technologies Ltd over the last decade?
Over the last 5 year(s), the stock has delivered a CAGR of 18.21% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Markolines Pavement Technologies Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 13.6% | 28.9% | 19% | 26.3% | 24% | 22% | 18.9% | 15.6% | - |
| Value Creation Index ⓘ | 0.0 | 1.1 | 0.4 | 0.9 | 0.7 | 0.6 | 0.4 | 0.1 | - |
Growth Parameters ⓘ |
|||||||||
| Sales ⓘ | 73.2 | 171 | 158 | 187 | 312 | 347 | 300 | 324 | 312 |
| Sales YoY Gr. | - | 133.8% | -7.8% | 18.3% | 67.1% | 11.4% | -13.5% | 7.7% | - |
| Adj EPS ⓘ | 2 | 5.6 | 3.2 | 5.3 | 8.2 | 9 | 10.3 | 11.9 | 12.1 |
| YoY Gr. | - | 174.8% | -43.2% | 68.9% | 54.9% | 9.7% | 14.2% | 14.9% | - |
| BVPS (₹) ⓘ | 9.8 | 15.2 | 18.8 | 37.2 | 44.9 | 53.3 | 77.6 | 91.3 | 93.2 |
| Adj Net Profit ⓘ | 2.7 | 7.3 | 4.2 | 10.1 | 15.7 | 17.3 | 22.7 | 26.3 | 27 |
| Cash Flow from Ops. ⓘ | -6.7 | 6.8 | 1.1 | -19.6 | 20.1 | 2.4 | -13.1 | 11.4 | - |
| Debt/CF from Ops. ⓘ | -5.6 | 5.5 | 31.4 | -1.4 | 1.5 | 24.1 | -4.8 | 7.6 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | 15.5% | 1.2% | 7.7% | ||||
| Adj EPS ⓘ | NA | 30.4% | 12.9% | 14.9% | ||||
| BVPSⓘ | NA | 37.1% | 26.7% | 17.6% | ||||
| Share Price | - | 18% | 5% | -4.1% | ||||
Key Financial Parameters ⓘ
| Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 20.7 | 44.4 | 18.5 | 21.1 | 20.1 | 18.4 | 16.3 | 13.9 | 13.1 |
| Op. Profit Mgn % ⓘ | 12.6 | 10.5 | 8.7 | 12.5 | 8.9 | 9.2 | 13 | 12.4 | 12.9 |
| Net Profit Mgn % ⓘ | 3.6 | 4.3 | 2.6 | 5.4 | 5.1 | 5 | 7.6 | 8.1 | 8.6 |
| Debt to Equity ⓘ | 2.9 | 1.9 | 1.4 | 0.4 | 0.4 | 0.6 | 0.4 | 0.4 | - |
| Working Cap Days ⓘ | 0 | 150 | 205 | 217 | 165 | 179 | 266 | 292 | 96 |
| Cash Conv. Cycle ⓘ | 0 | 70 | 80 | 73 | 52 | 63 | 129 | 139 | 37 |
Valuation of Markolines Pave Tech - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|
| Sales | 312 | 347 | 307 | 348 |
| Operating Expenses ⓘ + | 284 | 316 | 268 | 308 |
| Operating Profit ⓘ | 28 | 32 | 40 | 40 |
| Operating Profit Margin (%) | 8.9% | 9.1% | 12.9% | 11.5% |
| Other Income ⓘ + | 1 | 4 | 5 | 8 |
| Interest ⓘ | 3 | 5 | 8 | 6 |
| Depreciation ⓘ | 2 | 5 | 8 | 7 |
| Profit Before Tax ⓘ | 22 | 25 | 29 | 34 |
| Tax ⓘ | 7 | 8 | 7 | 9 |
| Profit After Tax | 16 | 17 | 22 | 26 |
| PAT Margin (%) | 5.1% | 4.9% | 7.2% | 7.3% |
| Adjusted EPS (₹) | 8.2 | 9.1 | 10.3 | 11.8 |
| Dividend Payout Ratio (%) | 8.50% | 11% | 14.50% | 0% |
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 86 | 102 | 171 | 203 | |||||||
| Debt + | 24 | 51 | 56 | 79 | |||||||
| Minority Interest | 0 | 0 | 0 | 0 | |||||||
| Trade Payables | 35 | 57 | 48 | 28 | |||||||
| Others Liabilities ⓘ | 42 | 30 | 40 | 27 | |||||||
| Total Liabilities ⓘ | 187 | 240 | 315 | 338 | |||||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 21 | 29 | 32 | 29 | |||||||
| CWIP ⓘ | 0 | 1 | 1 | 3 | |||||||
| Investments ⓘ | 8 | 10 | 19 | 31 | |||||||
| Inventories | 24 | 23 | 8 | 8 | |||||||
| Trade Receivables | 76 | 121 | 184 | 144 | |||||||
| Cash Equivalents | 0 | 16 | 1 | 2 | |||||||
| Others Assets ⓘ | 58 | 40 | 71 | 122 | |||||||
| Total Assets ⓘ | 187 | 240 | 315 | 338 | |||||||
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 20 | 2 | -16 | 6 |
| Cash Flow From Investing Activity ⓘ + | -22 | -23 | -33 | -21 |
| Cash Flow From Financing Activity ⓘ + | 1 | 21 | 50 | 16 |
| Net Cash Flow ⓘ | -1 | 0 | 0 | 1 |
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 18.35 | 18.11 | 16.25 | 13.66 | ||||||
| ROCE (%) | 22.07 | 21.79 | 18.7 | 15.35 | ||||||
| Asset Turnover Ratio | 1.67 | 1.63 | 1.11 | 1.07 | ||||||
| PAT to CFO Conversion(x) | 1.25 | 0.12 | -0.73 | 0.23 | ||||||
| Working Capital Days | ||||||||||
| Receivable Days | 89.10 | 103.60 | 181 | 171.50 | ||||||
| Inventory Days | 27.60 | 24.30 | 18.30 | 8.40 | ||||||
| Payable Days | 408.30 | 153 | 170.10 | 177.20 | ||||||
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Markolines Pavement Technologies Ltd FAQs
The current trading price of Markolines Pave Tech on 07-Oct-2026 14:17 is ₹167.6.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 06-Oct-2026 the market cap of Markolines Pave Tech stood at ₹378.6 Cr
The latest P/E ratio of Markolines Pave Tech as of 06-Oct-2026 is 14.13.
The latest P/B ratio of Markolines Pave Tech as of 06-Oct-2026 is 1.83.
The 52-week high of Markolines Pave Tech is ₹191.8 and the 52-week low is ₹131.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Markolines Pave Tech is ₹312 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Markolines Pavement Technologies Ltd is a average quality company.
The key valuation ratios of Markolines Pavement Technologies Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Markolines Pavement Technologies Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Markolines Pavement Technologies Ltd
Markolines Traffic Controls is a Highway Operations & Maintenance (O&M) Service providing company. It thrives to make Highway Operations & Maintenance cost effective and easier with the help of Innovation, Technology & out-of-the-box solutions. Its vast experience of 19 years in offering superior services in the Highway Operations & Maintenance (O&M) have earned it name in the (O&M) domain.
The company who was in the business of road marking envisaged this opportunity & ventured in this business activity Operation and maintenance of these infrastructure projects in 2009. As the same time because of its wear & tear nature of the highways, maintenance of the infrastructure developed also become mandatory. The periodic maintenance of these projects itself became one of the major activities for the various contractors. As the time passing and maintenance of these projects becoming due and the company envisage another opportunity and decided to go in for offering complete array of maintenance services. Over the last few years, it has not only achieved huge credibility based on performance in the market but is also one of the well-known O & M operators in the country and today are one of the trusted service providers in the Highway O&M sector operating pan India basis under the Markolines Umbrella.
Business area of the company
The company’s principal business operations are broadly divided into three categories:
- Highway Operations under which the company provide services like Toll operations, Route Patrolling and Incident management.
- Highway Maintenance under which it provide services like Routine Maintenance, Preventive Maintenance and Major Maintenance & Repairs (MMR).
- Specialized Maintenance Services under which it provide services which enhance the life and quality of road, these are Microsurfacing (MS), Base / Sub base Stabilization (FDR) and Cold In Place Recycling (CIPR).
Major events and milestones
- 2002: Company was Incorporated as “Mark-o-line Traffic Controls Private Limited”.
- 2002: Started Thermoplastic Road Marking.
- 2002: Introduced the Extrusion Technology for Road Marking in India.
- 2009: Ventured into Highway Operation & Maintenance.
- 2012: 10 Toll Plazas Under Management Within A Short Span of Three Years.
- 2014: Ventured into Microsurfacing.
- 2016: Started Major Maintenance & Repairs (MMR) Services for Highways.
- 2016: Received A Single Work Order of 125 Kms for MMR - Worth 150% of Earlier Year’s Turnover.
- 2017: 300% Growth in Order Book Over Last Year in Highway.
- 2017: Introduced Microsurfacing with Fiber in India.
- 2018: Ventured into Cold-In-Place Recycling (CIPR).
- 2018: Executed First Airport Maintenance Project in India.
- 2020: Executed India's Largest BSM/CIPR of 142.918 Lane Kms /8.87 Lac Sqm.
- 2020: Completed 9 Lakh SQM Out of 13 Lakh SQM of Microsurfacing with Fiber.
- 2021: Conversion into Public Limited as “Markolines Traffic Controls Limited”.
- 2021: Applied for Change in Name of the Company from “Markolines Traffic Controls Limited” to “Markolines Pavement Technologies Limited” and we are yet to receive approval from the Registrar of Companies.
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