Markolines Pavement Technologies Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Markolines Pavement Technologies Ltd filed with BSE on 02 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Markolines Pavement Technologies reported FY26 revenue of Rs 348.49 crore, EBITDA of Rs 48.54 crore and PAT of Rs 26.23 crore, with Q4 revenue of about Rs 105 crore. Management discussed the proposed merger with Markolines Infra, an unexecuted order book of over Rs 600 crore, and an active project pipeline of about Rs 2000 crore. The company also described its highway maintenance business verticals, recent entry into school and sports infrastructure, and expectations around monsoon impact on FY27 operations.
Numbers mentioned
Revenue: Rs 348.49 crore (FY26)
p. 3
“we have grown from Rs. 307 crores to @ Rs. 350 crores i.e. Rs. 348.49 crore”
Vijay Oswal, page 3 of the filed PDF · View the filing
EBITDA: Rs 48.54 crore (FY26)
p. 3
“On a profitability, we have given EBITDA of Rs. 48.54 crore, which is more over last year”
Vijay Oswal, page 3 of the filed PDF · View the filing
PAT: Rs 26.23 crore (FY26)
p. 3
“as far as PAT is concerned, we have given a PAT of about Rs. 26.23 crores, which is approximately 15% more over the last year”
Vijay Oswal, page 3 of the filed PDF · View the filing
EPS: Rs 11.90 (FY26)
p. 3
“this has definitely given growth in the EPS from Rs. 10.16 to Rs. 11.90, which is a 17% growth over last year”
Vijay Oswal, page 3 of the filed PDF · View the filing
Q4 revenue: Rs 105 crore (Q4 FY26)
p. 3
“in Q4, we have done a turnover of about Rs. 105 crores of revenue and giving a PAT margin of about 10.81%, which is generally higher in Q4, and EBITDA of about 18%, which is definitely high”
Vijay Oswal, page 3 of the filed PDF · View the filing
Unexecuted order book: Rs 600 crore plus (as of 31 March 2026)
p. 3
“As of 31st March, we had an unexecuted order book of 600 crores plus and we operate PAN India”
Vijay Oswal, page 3 of the filed PDF · View the filing
Active pipeline: Rs 2000-plus crore
p. 6
“today we have an active pipeline of about Rs. 2000-plus crore of the”
Vijay Oswal, page 6 of the filed PDF · View the filing
Revenue CAGR: 17% (FY22-FY26)
p. 3
“As far as revenue is concerned, we are growing at 17% CAGR”
Vijay Oswal, page 3 of the filed PDF · View the filing
EBITDA CAGR: 21% (FY22-FY26)
p. 3
“And at EBITDA, we are growing at 21% CAGR”
Vijay Oswal, page 3 of the filed PDF · View the filing
PAT CAGR: 27% (FY22-FY26)
p. 3
“On a PAT level, if we look at, we have been growing at 27% CAGR over the last five years, right from FY22 to FY26”
Vijay Oswal, page 3 of the filed PDF · View the filing
Markolines Infra monthly billing: Rs 14 to 15 crore per month
p. 10
“we are doing a monthly billing of close to about between 14 to 15 crores per month in Markolines Infra”
Vijay Oswal, page 10 of the filed PDF · View the filing
Highway maintenance revenue contribution: 65% (as of March 2026)
p. 12
“current revenue contribution from highway maintenance, as of March 26, the maintenance contributed to the approximately 65% and the specialized construction contributed to the 35%”
Vijay Oswal, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Merger completion — merged entity · FY27
stated firmly by Vijay Oswal
p. 8
“we are definitely expecting that by FY27 completion, we should be a merged entity”
Vijay Oswal, page 8 of the filed PDF · View the filing
CAPEX — about 10 crore · FY27
stated as an aspiration by Vijay Oswal
p. 8
“we are definitely looking at introducing one more or few pavers and maybe one HMP close to about 10 crore of CAPEX this year”
Vijay Oswal, page 8 of the filed PDF · View the filing
Order book — at least 1000 crore order book · end of FY27
stated as an aspiration by Vijay Oswal
p. 9
“We are expecting that we should have an at least 1000 crore order book”
Vijay Oswal, page 9 of the filed PDF · View the filing
Revenue growth — at least 30% · FY27
stated as an aspiration by Vijay Oswal
p. 9
“we are expecting a very good growth this year to the tune of at least 30%”
Vijay Oswal, page 9 of the filed PDF · View the filing
PAT/PBT margin — between 7% and 8%
stated firmly by Vijay Oswal
p. 10
“Yes, between 7% and 8%.”
Vijay Oswal, page 10 of the filed PDF · View the filing
Revenue milestone — 1000 crore mark · three years
stated as an aspiration by Vijay Oswal
p. 11
“1000 crore mark, in my earlier communication also, I had said that we are looking at three years’ timeline to achieve that”
Vijay Oswal, page 11 of the filed PDF · View the filing
Pipeline conversion — 50% conversion · end of this year
stated as an aspiration by Vijay Oswal
p. 12
“generally, when I say active pipelines, we look at atleast 50% conversions. And we are expecting the same by end of this year”
Vijay Oswal, page 12 of the filed PDF · View the filing
Specialized construction margin uplift — 1% increase in bottom line
stated as an aspiration by Vijay Oswal
p. 13
“our aim when we started was also the same to increase our bottom line by 1% from where we were and we are inching towards it slowly”
Vijay Oswal, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said all queries have been resolved and the merger typically takes about six months, expecting completion within FY27.
Answered by Vijay Oswal
Asked by Nishita Jain: What is the update on the merger and when will it complete?
p. 8
“So, we are definitely expecting that by FY27 completion, we should be a merged entity. And we are expecting on an average about six months for merger.”
Vijay Oswal, page 8 of the filed PDF · View the filing
Infra draws higher profitability than pavement, with PAT margins of approximately 9-10%.
Answered by Vijay Oswal
Asked by Nishita Jain: What are the EBITDA/PAT margins in Markolines Infra?
p. 8
“Purely being into the services, we generally draw approximately 9 to 10 percent of PAT margins.”
Vijay Oswal, page 8 of the filed PDF · View the filing
Management said the company wins about half of targeted orders.
Answered by Vijay Oswal
Asked by Nishita Jain: What is the win ratio on the active pipeline?
p. 9
“approximately up till now, we have been winning at least 50% of the orders that we target for”
Vijay Oswal, page 9 of the filed PDF · View the filing
Management clarified Infra is excluded and is billed monthly around Rs 14-15 crore, and explained expense classification shifts due to outsourcing.
Answered by Vijay Oswal
Asked by Pranesh Shah: Does the FY27 order book target include Markolines Infra, and what caused the decline in other expenses in Q4?
p. 10
“Now, your second question is that, does this include Infra? No, I am not including the Markolines Infra, that will be add-on.”
Vijay Oswal, page 10 of the filed PDF · View the filing
Management attributed it to seasonal ramp-up in Q3/Q4 due to monsoon cyclicality and year-end billing closures.
Answered by Vijay Oswal
Asked by Yash Nassar: What drove the 62% QoQ PAT growth in Q4 FY26?
p. 11
“we generally have slower Q1s and Q2s and our business ramp up in Q3 and Q4”
Vijay Oswal, page 11 of the filed PDF · View the filing
Management reiterated a three-year target for the Rs 1000 crore mark and said about 50% of the order book will be executed this year.
Answered by Vijay Oswal
Asked by Shreesha Rudrani: By when will the company nearly triple revenue, and how much of the order book will be executed in FY27?
p. 11
“our revenue, definitely it will go with the order book. But out of this order book, the 50% order book is coming from the specialized construction, so which will be spread over a few years. And 50% will be executed in this year.”
Vijay Oswal, page 11 of the filed PDF · View the filing
Management said eligibility rose to Rs 500 crore per project and the pipeline reflects four to five such projects, with about 50% conversion expected.
Answered by Vijay Oswal
Asked by Rahul Singh: What is the detail behind the Rs 2000 crore pipeline and its conversion visibility?
p. 12
“our eligibility has increased to 500 crores on an individual basis. So, as of now, we are working on at least four to five projects ranging from 300 to 500 crore rupees.”
Vijay Oswal, page 12 of the filed PDF · View the filing
Management said client acquisition is more about winning projects from existing fund relationships than new client names.
Answered by Vijay Oswal
Asked by Himanshu Mali: Which clients were onboarded last quarter?
p. 12
“as far as acquisition of new clients is concerned, it is not a client per se, but it is generally a project.”
Vijay Oswal, page 12 of the filed PDF · View the filing
Management said specialized construction carries higher margins due to niche skills, aimed at lifting overall bottom line.
Answered by Vijay Oswal
Asked by Rahul Kumar: How do margins in specialized construction compare with highway maintenance?
p. 13
“The specialized construction and the niche skill set that is required and gives us definitely higher margin.”
Vijay Oswal, page 13 of the filed PDF · View the filing
Management described being at L1 on a Rs 120 crore contract and working on several Rs 300-500 crore specialized construction projects totaling the Rs 2000 crore pipeline.
Answered by Vijay Oswal
Asked by Sourav Choudhury: What is the current order pipeline being worked on?
p. 13
“in one of the corporations, we are already are at an L1 position on an Rs. 120 crore contracts”
Vijay Oswal, page 13 of the filed PDF · View the filing
Management said EBITDA can vary with client capex needs but PAT margins stay steady, and below-normal monsoon will affect early-quarter revenue but not severely given diversified execution.
Answered by Vijay Oswal
Asked by Pranesh Shah: What EBITDA margins are expected, and will below-normal monsoon impact business?
p. 14
“we are expecting about 90% of an average monsoon this year as per the IMD's announcement. and, do they affect our business? Yes, They do.”
Vijay Oswal, page 14 of the filed PDF · View the filing
Management said they secured a school infrastructure order and two smaller sports complex rehabilitation orders in Andhra Pradesh.
Answered by Vijay Oswal
Asked by Pranay Shah: What is the company doing in the school and sports segment?
p. 15
“we have got two orders. One is an open order from school, wherein development of their school infrastructure that will include the school, some buildings, then there sports facilities”
Vijay Oswal, page 15 of the filed PDF · View the filing
Risks flagged
West Asia crisis affected performance during the year
p. 3
“because of the West Asia crisis, our performance was a little less, but still, we could manage to give you a better result”
Vijay Oswal, page 3 of the filed PDF · View the filing
Business is cyclical due to monsoon and environmental conditions, leading to slower Q1 and Q2
p. 11
“generally infrastructure industry is subject to basically it is cyclic in nature because of the monsoon or environmental conditions. So, we generally have slower Q1s and Q2s and our business ramp up in Q3 and Q4”
Vijay Oswal, page 11 of the filed PDF · View the filing
Below-normal monsoon expected this year could affect business and order flow
p. 14
“we are expecting about 90% of an average monsoon this year as per the IMD's announcement. and, do they affect our business? Yes, They do.”
Vijay Oswal, page 14 of the filed PDF · View the filing
EBITDA margins are subjective and can vary based on client capex requirements
p. 10
“our EBITDAs are subjective, because of the client's need. If my clients ask me to invest in the CAPEX, and as all expenditures is transferred to the clients while when we are working the costing”
Vijay Oswal, page 10 of the filed PDF · View the filing
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