Markolines Pavement in focus after receiving orders for micro surfacing and other projects

Synopsis: Markolines Pavement Technologies Ltd gained 2% after securing multiple road maintenance orders worth Rs. 12.32 crore, lifting its total unexecuted order book above Rs. 365 crore.

This is a company with expertise in offering superior services primarily in Highway Maintenance, and also includes expert consulting for the latest technology-driven solutions to improve asset performance and client experience is now in focus after it received multiple orders.

With a market capitalisation of Rs. 348 cr, the shares of Markolines Pavement Technologies Ltd are currently trading at Rs. 156 per share, increasing 2% in today’s market session, making a high of Rs. 161.50, up from its previous close of Rs. 157.75 per share.

About the orders

Markolines Pavement Technologies Limited, a leading highway maintenance and infrastructure services company, has informed about the receipt of multiple new work orders. The cumulative value of these work orders stands at Rs. 12.32 crore (inclusive of GST), reflecting continued traction in the company’s core road maintenance and microsurfacing business.

Among the key orders, the company received a contract worth Rs. 3.92 crore (inclusive of GST) from Thrissur Expressway Ltd for providing and laying microsurfacing over a project stretch from Km 240 to Km 270, covering a net length of 28.355 km. The work is scheduled to be completed on or before February 2026. 

Another significant order came from NI Road Infra Pvt. Ltd (formerly Welspun Road Infra Pvt. Ltd.), valued at Rs. 5.56 crore (inclusive of GST), for microsurfacing works at the AM2 project site, also to be completed by February 2026.

In addition, Markolines secured an order from Unitics Infrastructure and Technology Pvt. Ltd amounting to Rs. 96.94 lakh (including GST) for carrying out micro seal surfacing works, with completion targeted by January 2026. 

The company also received a smaller contract worth Rs. 25.21 lakh (inclusive of GST) from Andhra Pradesh Expressway Pvt. Ltd. for works related to the NH-7 stretch under the North–South Corridor (NHDP Phase II) on a BOT (Annuity) basis, to be executed by March 2026.

Further strengthening its order inflow, Markolines was awarded a contract by the Jawaharlal Nehru Port Authority, valued at Rs. 1.62 crore (including GST), for the improvement of the north gate flyover wearing coat through microsurfacing treatment at JN Port. This project is expected to be completed by April 2026.

As of date, Markolines Pavement Technologies Limited has a total unexecuted order book exceeding Rs. 365 crore, providing strong revenue visibility and supporting its growth outlook over the coming years.

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About the company 

Markolines Pavement Technologies Limited is a prominent highway maintenance firm specialising in infrastructure solutions. The company offers comprehensive services such as preventive and major maintenance, micro surfacing, cold in-place recycling (CIPR), soil stabilisation, rigid pavement upkeep, and tunnelling.

The company demonstrates a ROCE of 18.9% and a ROE of 16.2%, with a debt-to-equity ratio of 0.29, indicating a strong capital structure. Its stock trades at a P/E of 13.4, below the industry P/E of 18.8, resulting in a PEG ratio of 0.45, suggesting potential undervaluation and growth prospects.

Sales of the company rose from Rs. 72.72 cr in Q1FY26 to Rs. 77.67 cr in Q2FY26. Operating profit increased to Rs. 7.27 cr from Rs. 7 cr. Net profit also rose to Rs. 3.99 cr from Rs. 3.79 cr over the same period.

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