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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

₹163 -8.35 (-4.87%)

As on 15-Sep'26 16:59

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

₹163 -8.35 (-4.87%)

As on 15-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹362 Cr.
Current Price
₹163
52-Week Low / High
₹131 / 192
TTM EPS
₹12.1
TTM Sales
₹352 Cr.
Book Value per Share
₹93.3
P/E Ratio
13.50
Lower than its 5-year historical median
Industry PE
24
Price to Book (P/B)
1.75
Lower than its 5-year historical median
Price to Sales (P/S)
1.03
Lower than its 5-year historical median
EV/EBITDA
9.12
Lower than its 5-year historical median
Dividend Yield
0.92%
Profitability Efficiency
Return on Equity (ROE)
16.17%
Outperforms industry median
Return on Capital Employed (ROCE)
18.67%
Outperforms industry median
Return on Assets (ROA)
7.93%
Operating Profit Margin
12.7%
Net Profit Margin
7.15%
Gross Profit Margin
11.9%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-13.48%
Operating Profit Growth (1 Year)
-
22.85%
Net Profit Growth (1 Year)
-
29.56%
Asset Quality
Promoter Holding
55.00%
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

Markolines Pavement Technologies stock performance

Key Ratios
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Check Before You Invest

Valuation

Somewhat Undervalued

Price Trend

Weak
Q.1 Is Markolines Pavement Technologies Ltd a good quality company?
Markolines Pavement Technologies Ltd is a weak quality company, based on a inconsistent 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?
Q.1 Revenue growth of Markolines Pavement Technologies Ltd vs industry peers?
Markolines Pavement Technologies Ltd revenue CAGR is 0.00%, compared to the industry median CAGR of 0.00%, indicating stable growth and maintaining its market share.
Q.1 Promoter shareholding and pledge status of Markolines Pavement Technologies Ltd?
Promoters hold 55.00% of the Markolines Pavement Technologies Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Markolines Pavement Technologies Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of 7.67% 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 end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

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 not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 13.6%28.9%19%26.3%24%22%18.9%-
Value Creation
Index
0.01.10.40.90.70.60.4-

Growth Parameters

Sales 73.2171158187312347300312
Sales YoY Gr.-133.8%-7.8%18.3%67.1%11.4%-13.5%-
Adj EPS 25.63.25.38.2910.312.1
YoY Gr.-174.8%-43.2%68.9%54.9%9.7%13.4%-
BVPS (₹) 9.815.218.837.244.953.377.493.2
Adj Net
Profit
2.77.34.210.115.717.322.627
Cash Flow from Ops. -6.76.81.1-19.620.12.4-33.3-
Debt/CF from Ops. -5.65.531.4-1.41.524.1-1.9-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales NA11.9%17.2%-13.5%
Adj EPS NA13.1%24.4%13.4%
BVPSNA38.4%27.7%45.2%
Share Price - - 6.4% -2.4%

Key Financial Parameters

Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
20.744.418.521.120.118.416.214.2
Op. Profit
Mgn %
12.610.58.712.58.99.212.912.9
Net Profit
Mgn %
3.64.32.65.45.157.58.6
Debt to
Equity
2.91.91.40.40.40.60.4-
Working Cap
Days
015020521716517925796
Cash Conv.
Cycle
0708073526311537

Valuation of Markolines Pave Tech - Consolidated

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

mw4me loader

Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'23Mar'24Mar'25
Sales312347307
Operating Expenses + 284316268
Manufacturing Costs9311881
Material Costs32110112
Employee Cost 422218
Other Costs 1186657
Operating Profit 283239
Operating Profit Margin (%) 8.9%9.1%12.7%
Other Income + 145
Exceptional Items -0-00
Interest 358
Depreciation 257
Profit Before Tax 222529
Tax 787
Profit After Tax 161722
PAT Margin (%) 5.1%4.9%7.2%
Adjusted EPS (₹)8.29.110.3
Dividend Payout Ratio (%)8.50%11%14.60%
PARTICULARSMar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 86102170
Share Capital 191922
Reserves 6783148
Debt +245156
Long Term Debt152019
Short Term Debt93137
Minority Interest000
Trade Payables355748
Others Liabilities 423041
Total Liabilities 187240315

Fixed Assets

Net Fixed Assets +212932
Gross Block344757
Accumulated Depreciation141825
CWIP 011
Investments 81019
Inventories24238
Trade Receivables76121184
Cash Equivalents 01615
Others Assets 584057
Total Assets 187240315
PARTICULARSMar'23Mar'24Mar'25
Cash Flow From Operating Activity + 202-36
PBT 222529
Adjustment 5812
Changes in Working Capital -7-30-68
Tax Paid 0-0-9
Cash Flow From Investing Activity + -22-23-14
Capex -1400
Net Investments -8-2-8
Others 1-22-6
Cash Flow From Financing Activity + 12150
Net Proceeds from Shares 0048
Net Proceeds from Borrowing 16-1
Interest Paid -3-5-7
Dividend Paid 0-1-2
Others 32112
Net Cash Flow -100
PARTICULARSMar'23Mar'24Mar'25
Ratios
ROE (%)18.3518.1116.17
ROCE (%)22.0721.7918.67
Asset Turnover Ratio1.671.631.11
PAT to CFO Conversion(x)1.250.12-1.64
Working Capital Days
Receivable Days89.10103.60181
Inventory Days27.6024.3018.30
Payable Days408.30153170.10

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Announcements

Markolines Pavement Technologies Ltd FAQs

The current trading price of Markolines Pave Tech on 15-Sep-2026 16:59 is ₹163.0.

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 14-Sep-2026 the market cap of Markolines Pave Tech stood at ₹361.9 Cr

The latest P/E ratio of Markolines Pave Tech as of 14-Sep-2026 is 13.50.

The latest P/B ratio of Markolines Pave Tech as of 14-Sep-2026 is 1.75.

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 below 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 Weak which suggest that the price of Markolines Pavement Technologies Ltd is likely to Fall 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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