Markolines Pavement Technologies Limited has successfully completed the conversion of 40,000 convertible warrants into equity shares following a board meeting held on February 27, 2026. The conversion was executed through a preferential allotment process in compliance with SEBI regulations and represents a significant capital raising exercise for the pavement technology company.

Board Meeting Outcome

The board of directors approved the conversion at their meeting held at the registered office, which commenced at 11:30 AM and concluded at 12:40 PM. The conversion was conducted in accordance with Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and Sections 62 and 42 of the Companies Act, 2013.

Warrant Conversion Specifications

The conversion follows a 1:1 ratio, with each warrant converting into one equity share of face value Rs.10.00 each. The conversion price was set at Rs.165.00 per equity share, representing a premium of Rs.155.00 over the face value.

Allottee Information

The entire warrant conversion was executed by non-promoter investor Anushree Gadodia, who held 40,000 warrants prior to conversion. The investor applied for conversion of all held warrants, with no pending warrants remaining after the exercise.

Regulatory Compliance Framework

The conversion process strictly adhered to SEBI regulations, with the company receiving 75% of the issue price per warrant as prescribed under Regulation 169 of the SEBI ICDR Regulations. The allotment was made through preferential issue to the non-promoter investor, ensuring full regulatory compliance.

The equity shares have been allotted at a significant premium over face value, reflecting the company's market positioning in the pavement technology sector. This conversion strengthens Markolines' equity capital base while providing the investor with complete ownership rights and eliminating any remaining warrant obligations.

Markolines Pavement Technologies Limited has delivered impressive financial results for the quarter ended December 31, 2025, showcasing strong operational performance across key metrics. The highway operations and maintenance specialist reported significant growth in revenue, profitability, and operational efficiency during Q3FY26.

Regulatory Compliance and Investor Presentation

On February 18, 2026, the company submitted its investor presentation on unaudited financial results for Q3FY26 under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The presentation was uploaded on the company's website at www.markolines.com in compliance with Regulation 46(2) of the SEBI (LODR) Regulations, 2015.

Financial Performance Highlights

The company's financial performance for Q3FY26 demonstrated robust growth across all major parameters:

Revenue from operations reached ₹92.95 crore in Q3FY26, representing a 20% quarter-on-quarter increase from ₹77.67 crore in Q2FY26. This growth reflects healthy project execution and improved billing traction across the company's operations.

Nine-Month Performance Analysis

The company's nine-month performance for FY26 showed consistent year-on-year growth momentum:

For the nine months ended December 31, 2025, revenue from operations stood at ₹243.34 crore, marking a robust 31% year-on-year growth compared to ₹185.92 crore in 9MFY25. The company's profit after tax for the nine-month period increased 43% year-on-year to ₹14.87 crore.

Management Commentary

Sanjay Patil, Founder, Chairman & Managing Director, highlighted the company's sustained execution momentum and improved operational efficiencies. He emphasized that the EBITDA improvement underscores the company's focus on cost discipline, operational efficiency, and better project mix. The management attributed the strong performance to disciplined execution, improved productivity, and operating leverage benefits as scale increases.

Market Positioning and Growth Outlook

The company believes the government's continued infrastructure push provides strong structural tailwinds for its business. With public capital expenditure projected at ₹12.2 lakh crore for FY27, the company expects a sustained pipeline of highway and road development projects. Given its expertise in highway operations, maintenance, and specialized pavement technologies, Markolines is strategically positioned to benefit from increased investments in road infrastructure and asset monetization programs.

Company Background

Established in 2002, Markolines Pavement Technologies Limited specializes in highway operations and maintenance services. The company has successfully executed over 5,140 lane kilometers of highway maintenance work across multiple states in India. Markolines migrated to the BSE Mainboard in June 2025 and achieved listing on the NSE Mainboard in October 2025, enhancing market visibility and improving liquidity for investors.

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