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Swing Capital

Markolines Pavement Technologies Ltd

NSE: MARKOLINES BSE: 543364

Incorporated in 2002, Markolines Pavement Technologies Ltd is in the business of providing highway operations & maintenance services[1]

₹162
52W: ₹120 — ₹188
PE 13.2 · Book ₹82.7 · +96% vs book
Market Cap₹360 Cr
Stock P/E13.2Price to Earnings
ROCE18.9%Return on Capital
ROE16.2%Return on Equity
Div. Yield0.93%Face Value ₹10

Strengths

  • +Company has delivered good profit growth of 25.3% CAGR over last 5 years

Weaknesses

  • −Company has high debtors of 215 days.
  • −Promoter holding has decreased over last 3 years: -17.2%
  • −Working capital days have increased from 102 days to 154 days

Shareholding Pattern

Promoters55%
FIIs0.18%
DIIs0.11%
Public44.7%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters71.32%71.32%61.21%▼10.158.14%▼3.156.91%▼1.255%▼1.955%55%
FIIs0%0.21%▲0.20.18%▼0.00.18%0.18%0.18%0.18%0.18%
DIIs1.82%0.67%▼1.10%▼0.70%0%0%0.11%▲0.10.11%
Public26.86%27.8%▲0.938.6%▲10.841.67%▲3.142.9%▲1.244.81%▲1.944.7%▼0.144.7%

Financial Statements

MetricJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales50.3655.580.06114.5772.7277.6780.46
Expenses45.5549.4372.5295.2865.7270.470.43
Operating Profit4.816.077.5419.2977.2710.03
OPM %9.55%10.94%9.42%16.84%9.63%9.36%12.47%
Net Profit1.732.416.2912.293.793.997.09
EPS ₹0.781.12.865.591.721.813.22

AI Insights

Revenue Trend

TTM revenue at ₹345Cr, up 15% YoY. OPM at 13%.

Debt Position

Borrowings at ₹52Cr. Debt-to-equity ratio: 0.33x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.11% (+0.11pp change). FIIs: 0.18% (+0.18pp change). Promoters hold 55%.

Margin & Efficiency

ROCE improving from 0% (Mar 2019) to 19% (Mar 2025). Working capital days: 154.

Valuation

PE 13.2x with 18.9% ROCE. Price is 96% above book value of ₹82.7. Dividend yield: 0.93%.

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