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.

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.

Markolines Pavement Technologies Limited has successfully completed the conversion of 22,800 convertible warrants into equity shares, as announced following a board meeting held on January 30, 2026. The conversion represents a significant corporate action that strengthens the company's equity base through the participation of non-promoter investors.

Warrant Conversion Details

The board of directors approved the conversion of warrants in accordance with Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and relevant provisions of the Companies Act, 2013. The conversion was executed under a preferential allotment structure, ensuring compliance with regulatory requirements.

Allotment Structure

The entire warrant conversion was allocated to a single non-promoter investor, demonstrating focused participation in the company's equity expansion. The allotment details reflect a complete exercise of available warrants by the investor.

Regulatory Compliance

The conversion process adhered to multiple regulatory frameworks, ensuring transparency and compliance with market regulations. The company fulfilled disclosure requirements under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, providing comprehensive details of the transaction.

Key regulatory aspects include:

• Compliance with SEBI ICDR Regulations for warrant conversion
• Adherence to Companies Act, 2013 provisions
• Full disclosure under Schedule III Part A requirements
• Proper documentation and board approval processes

Financial Impact

The warrant conversion generated Rs.28,21,500 for the company, representing 75% of the issue price per warrant as prescribed under Regulation 169 of the SEBI ICDR Regulations. This capital infusion strengthens the company's financial position while expanding its equity base through non-promoter participation.

The board meeting commenced at 11:30 A.M. and concluded at 12:30 P.M., with Chairman & Managing Director Sanjay Patil overseeing the proceedings. The successful completion of this warrant conversion demonstrates the company's ability to execute corporate actions efficiently while maintaining regulatory compliance.