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Markolines Pavement Technologies Limited
(MARKOLINES)
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Rating:58Neutral
Price Target:
₹179.00
▲(6.01% Upside)
Action:Reiterated
Date:08/28/26
The score is held back primarily by weak cash generation (operating cash flow far below earnings and negative free cash flow), despite solid revenue growth and improving gross margin. Technical signals are slightly bearish in the near term (negative MACD and below short-term averages), while valuation is supportive with a reasonable P/E and a modest dividend yield.
Positive Factors
Revenue growth and demand
Revenue growth indicates sustained demand for pavement engineering and road safety work. Continued expansion in project execution can support scale, customer penetration and utilization of the company’s installation capabilities over the next several quarters.
Negative Factors
Weak earnings-to-cash conversion
Operating cash flow is far below reported profit, indicating that earnings are not converting efficiently into cash. Persistent conversion weakness could constrain reinvestment, working-capital funding and the company’s ability to self-finance growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth and demand
Revenue growth indicates sustained demand for pavement engineering and road safety work. Continued expansion in project execution can support scale, customer penetration and utilization of the company’s installation capabilities over the next several quarters.
Read all positive factors
Markolines Pavement Technologies Limited (MARKOLINES) vs. iShares MSCI India ETF (INDA)
Market Cap
₹3.82B
Dividend Yield0.8%
Average Volume (3M)23.76K
Price to Earnings (P/E)14.4
Beta (1Y)0.86
Revenue GrowthN/A
EPS GrowthN/A
CountryIN
Employees292
SectorGeneral
Sector StrengthN/A
IndustryIndustrial - Infrastructure Operations
Share Statistics
EPS (TTM)1.96
Shares Outstanding22,203,720
10 Day Avg. Volume27,751
30 Day Avg. Volume23,757
Financial Highlights & Ratios
PEG Ratio0.66
Price to Book (P/B)1.54
Price to Sales (P/S)0.90
P/FCF Ratio-180.77
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Markolines Pavement Technologies Limited Business Overview & Revenue Model
Company Description
Established in 2002 and headquartered in Navi Mumbai, India, Markolines Pavement Technologies Ltd. is a leading provider of highway operations and maintenance solutions throughout India. Formerly operating as Markolines Traffic Controls Limited un...
How the Company Makes Money
MARKOLINES primarily makes money by executing road marking and road safety works and supplying/implementing associated products for customers involved in building, operating, and maintaining road infrastructure. Key revenue streams generally inclu...
Markolines Pavement Technologies Limited Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
66
Positive
Cash Flow
28
Negative
| Breakdown | Mar 2025 | Mar 2024 |
|---|---|---|
Income Statement | ||
| Total Revenue | 3.48B | 3.07B |
| Gross Profit | 2.44B | 1.95B |
| EBITDA | 401.78M | 381.21M |
| Net Income | 262.29M | 225.60M |
Balance Sheet | ||
| Total Assets | 3.39B | 3.16B |
| Cash, Cash Equivalents and Short-Term Investments | 18.28M | 147.65M |
| Total Debt | 862.14M | 630.24M |
| Total Liabilities | 1.37B | 1.39B |
| Stockholders Equity | 2.03B | 1.77B |
Cash Flow | ||
| Free Cash Flow | -17.29M | -456.31M |
| Operating Cash Flow | 36.20M | -356.28M |
| Investing Cash Flow | -245.95M | -137.81M |
| Financing Cash Flow | 222.88M | 495.74M |
Markolines Pavement Technologies Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
58 Neutral | ₹3.82B | 14.36 | ― | 0.80% | ― | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
48 Neutral | ₹3.18B | -63.37 | ― | ― | 41.89% | -133.59% | |
42 Neutral | ₹1.43B | -0.80 | ― | 0.82% | -28.52% | -208.05% | |
39 Underperform | ₹1.25B | -0.04 | ― | 0.27% | 45.58% | -2546.82% |
* General Sector Average
IN:MARKOLINES
Markolines Pavement Technologies Limited
171.95
4.09
2.44%
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Markolines Pavement Technologies Limited Corporate Events
Markolines Pavement Technologies Releases Q1 FY27 Investor Presentation
Aug 19, 2026
Markolines Pavement Technologies Limited, a specialist in road infrastructure and pavement maintenance, offers technology-driven, tailor-made solutions to enhance road safety and extend asset life cycles across India. Formerly known as Markolines ...
Markolines Pavement Technologies Delivers Q1FY27 Profit Growth and Expands into Marine Infrastructure
Aug 15, 2026
Markolines Pavement Technologies Limited reported a steady start to FY27, with consolidated revenue from operations in Q1FY27 rising 4.33% year-on-year to Rs. 75.86 crore. The company’s EBITDA increased 8.68% to Rs. 9.18 crore and profit aft...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.