Markolines Pavement Technologies Limited has completed the conversion of 1,00,000 convertible warrants into equity shares, as announced following a Board meeting held on March 5, 2026. The conversion represents a significant capital structure development for the pavement technology company.

Board Meeting Outcome

The Board of Directors approved the conversion in accordance with Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and Sections 62 and 42 of the Companies Act, 2013. The meeting commenced at 6:30 PM and concluded at 7:10 PM, with Chairman & Managing Director Sanjay Patil overseeing the proceedings.

Allottee Information

RPV Holdings Private Limited, classified as a non-promoter entity, received the entire allotment of converted equity shares. The conversion was executed through preferential allotment, with the company receiving 75% of the issue price per warrant as prescribed under Regulation 169 of the SEBI ICDR Regulations.

Regulatory Compliance

The conversion process adhered to multiple regulatory frameworks and was communicated to both BSE Limited and National Stock Exchange of India Limited under Regulation 30 of SEBI (LODR) Regulations, 2015. The company trades under BSE Scrip Code MARKOLINES and NSE Symbol MARKOLINES.

The conversion effectively eliminates all outstanding convertible warrants from the company's capital structure, providing clarity on the equity base going forward. Each warrant was converted into one fully paid-up equity share, completing the preferential allotment process initiated earlier.

Markolines Pavement Technologies Limited has issued a revised press release correcting a typographical error in its earlier disclosure regarding work orders worth Rs.439.75 crore. The company clarified that the total unexecuted order book stands at Rs.695.48 crore, not Rs.956.48 crore as previously stated due to an inadvertent clerical error.

Correction and Regulatory Compliance

The company submitted the revised press release to BSE Limited and National Stock Exchange of India Limited, acknowledging the typographical error in the original disclosure filed earlier. The correction pertains solely to the total unexecuted order book figure, with all other information in the press release remaining unchanged.

Major Work Orders Overview

The company has secured five significant contracts from different clients, with the largest order coming from Indo British Group of Schools for turnkey development of school infrastructure.

Infrastructure Development Projects

The majority of the orders involve road infrastructure development and pavement works. Varanasi Aurangabad NH-2 Tollway Private Limited has awarded two separate contracts to the company. The first contract worth Rs.75.28 crore involves providing and laying of Dense Bituminous Macadam (DBM) and Bituminous Concrete (BC), scheduled for completion by May 2026.

Bharat Vanijya Eastern Private Limited has awarded a contract worth Rs.21.76 crore for providing and laying of DBM & BC including milling work under the four-laning of Arrah to Pararia Section of NH 319 in Bihar under Bharatmala Pariyojana Phase I on EPC Mode.

Educational Infrastructure Expansion

The largest single order comes from Indo British Group of Schools, worth Rs.294.39 crore for turnkey development of school infrastructure at Pune, Hyderabad, and Nashik. This project represents a significant diversification into educational infrastructure development with a completion timeline of 12 months from site handover or commencement letter.

Financial Performance and Market Position

For the quarter ended December 31, 2025, Markolines registered 12.72 per cent growth in net profit at Rs.7.09 crore, as compared with Rs.6.29 crore in the previous year on a standalone basis.

Commenting on the development, Mr. Sanjay Patil, Founder, Chairman & Managing Director of Markolines Pavement Technologies Limited, said, "Receiving a work order of Rs 294.39 crore from the prestigious Indo British Group of Schools for developing school infrastructure in the cities of Pune, Hyderabad and Nashik is a testament of the quality of our work and efficient execution."