Markolines Pavement Technologies Limited has filed the transcript of its Q3 FY26 earnings conference call with BSE and NSE under Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The call was held on March 11, 2026, at 4:00 p.m. (IST) to discuss unaudited financial results for the quarter ended December 31, 2025.

Regulatory Filing Details

The company submitted the earnings call transcript to both stock exchanges on March 16, 2026, as part of its disclosure obligations:

Financial Performance Highlights

During the earnings call, the company reported strong Q3 FY26 performance across key metrics:

For the nine-month period ending December 31, 2025, the company achieved substantial growth:

Order Book and Business Pipeline

Markolines has significantly strengthened its order book position with current unexecuted orders totaling Rs. 695 crores:

Vijay Oswal, Founder and Chief Financial Officer, indicated that approximately Rs. 500 crores of work from the current order book is planned for execution in the next financial year.

Growth Projections and Strategic Outlook

Management expressed confidence in achieving substantial growth targets. For the current financial year ending March 31, 2026, the company expects revenue between Rs. 375 crores to Rs. 400 crores. Looking ahead, management projects 40% to 50% growth for the upcoming financial year based on the strong order book position.

Corporate Developments

The company has resubmitted its merger proposal with Markolines Infra, with the effective date set as January 01, 2026. Management expects the merger process to complete within 6 to 9 months, following the submission of detailed documents to regulatory authorities.

Business Operations Update

The company operates across three main business verticals: highway maintenance, specialized maintenance services, and specialized construction services. Key operational achievements include 122 lakh square kilometers of micro surfacing completed and more than 5000 kilometers of MMR work completed.

The earnings call transcript is also available on the company's website at www.markolines.com for stakeholder reference.

Markolines Pavement Technologies Limited announced that its board of directors has approved a comprehensive scheme of amalgamation with Markolines Infra Limited during a meeting held on March 6, 2026. The board meeting commenced at 12:00 p.m. and concluded at 2:15 p.m. at the company's registered office.

Amalgamation Details and Share Exchange Ratio

The scheme involves the amalgamation of Markolines Infra Limited (Transferor Company) into Markolines Pavement Technologies Limited (Transferee Company) under Sections 230 to 232 of the Companies Act, 2013. The merger will be executed at a share exchange ratio of 1:1.15, meaning shareholders of Markolines Infra Limited will receive 1.15 shares of Markolines Pavement Technologies Limited for every existing share held.

The share exchange ratio has been determined based on a valuation report dated March 5, 2026, issued by Ms. Neha Bhandari (IBBI Registration No.: IBBI/RV/16/2021/14449). Additionally, Aftertrade Broking Private Limited, an independent SEBI registered Category I Merchant Banker, has provided a fairness opinion confirming the ratio is fair from a financial perspective.

Financial Profile of Amalgamating Companies

Both companies demonstrate strong financial positions as of December 31, 2025. Markolines Infra Limited, the transferor company, operates with an authorized capital of Rs. 23,00,00,000 divided into 2,30,00,000 equity shares of Rs. 10 each, with a paid-up capital of Rs. 14,20,00,300.

Strategic Rationale and Business Synergies

The amalgamation aims to create India's largest comprehensive highway operations and maintenance service provider. Markolines Infra Limited, incorporated in 2005, brings expertise in highway operations and maintenance services, including toll operations, route patrolling, incident management, and routine maintenance. The company has successfully executed 31 projects, operating 25 toll plazas and managing over 42,900 lane-kilometers across 16 states.

Markolines Pavement Technologies Limited, incorporated in 2002, specializes in highway maintenance, specialized maintenance services including micro surfacing and cold recycling, and specialized construction services. The merger will combine these complementary capabilities to offer the complete spectrum of highway services from construction to operations.

Regulatory Approvals and Implementation Timeline

The scheme requires multiple regulatory approvals including:

• National Company Law Tribunal approval
• SEBI clearance
• Stock exchange permissions
• Other necessary regulatory sanctions

The board noted that an earlier scheme was returned due to technical errors, which have been addressed in the revised proposal. The company has designated the National Stock Exchange of India Limited as the designated stock exchange for coordinating with SEBI regarding scheme approval.

The effective date will be determined as the closing business hours of the day when all scheme conditions are fulfilled. Post-merger, Markolines Infra Limited will cease to exist, and all its shareholders will become shareholders of the merged entity, resulting in changes to the shareholding pattern of the transferee company.