Divya Agarwal
Mumbai (Maharashtra) [India], February 17: Markolines Pavement Technologies Ltd. (BSE: 543364, NSE: MARKOLINES), a growing infrastructure services company specializing in Highway Operations & Maintenance (O&M), in its board meeting held on February 14, 2026 has approved the audited Financial Results of the Company for the quarter and nine months ended on 31 December 2025.
Financial Statement Highlights
| Particulars (Rs. Crores)* | Q3FY26 | Q2FY26 | QoQ% | 9MFY26 | 9MFY25 | YoY% |
| Revenue from Operations | 92.95 | 77.67 | 20% | 243.34 | 185.92 | 31% |
| EBITDA | 11.62 | 8.87 | 31% | 28.81 | 22.42 | 29% |
| PBT | 8.42 | 5.69 | 48% | 19.30 | 12.57 | 54% |
| PAT | 7.00 | 4.08 | 72% | 14.87 | 10.43 | 43% |
| * Consolidated financials. Financial Figures & percentages have been rounded and reorganized for efficient presentation and understanding |
Commenting on the performance, Mr. Sanjay Patil, Founder, Chairman & Managing Director of Markolines Pavement Technologies Limited, said, “We are pleased to report a strong performance for Q3FY26 and the nine months ended FY26, reflecting sustained execution momentum and improved operational efficiencies across our business segments.
During Q3FY26, our Revenue from Operations grew by 20% quarter-on-quarter to ₹92.95 crore, demonstrating healthy project execution and improved billing traction. On a nine-month basis, revenue stood at ₹243.34 crore, registering a robust 31% year-on-year growth compared to ₹185.92 crore in 9MFY25. This growth reflects the strength of our order book and our ability to consistently scale operations.
Our EBITDA for the quarter increased by 31% QoQ to ₹11.62 crore, while 9MFY26 EBITDA grew 29% YoY to ₹28.81 crore. The improvement underscores our focus on cost discipline, operational efficiency, and better project mix.
Profit Before Tax for Q3FY26 rose sharply by 48% QoQ to ₹8.42 crore. For the nine-month period, PBT grew by an impressive 54% YoY to ₹19.30 crore. This strong growth trajectory translated into a 72% QoQ rise in PAT to ₹7.00 crore for the quarter, while 9MFY26 PAT increased by 43% YoY to ₹14.87 crore.
Our performance reflects disciplined execution, improved productivity, and operating leverage benefits as scale increases. We continue to focus on efficient capital allocation, timely project execution, and strengthening our presence in high-value infrastructure segments.
With a strong order pipeline and healthy execution visibility, we remain confident of sustaining growth momentum in the coming quarters. Our strategic emphasis on operational excellence, technological capability, and prudent financial management positions us well to deliver consistent value to our stakeholders. We are also exploring the other Infra sectors to leverage our skillsets as an additional growth driver.”
The Company believes that the Government’s continued and record-level infrastructure push under the latest Union Budget provides strong structural tailwinds for its business. With public capital expenditure projected at ₹12.2 lakh crore for FY27 and infrastructure-led growth remaining a central policy priority, a sustained pipeline of highway and road development projects is expected across the country. Given its deep domain expertise in highway operations, maintenance, and specialized pavement technologies, the Company is strategically positioned to benefit from increased investments in road infrastructure, asset monetization programs, and expansion of national corridors. Its established execution capabilities, strong order book visibility, and technology-driven approach enable it to meaningfully participate in this infrastructure growth cycle while delivering long-term value to stakeholders.
Established in 2002, Markolines Pavement Technologies Limited is one of India’s leading highway operations and maintenance (O&M) and specialized infrastructure solution providers. With a strong focus on innovation and execution excellence, the company offers the most comprehensive suite of services in highway maintenance – spanning from Major Maintenance & Repairs (MMR), specialised maintenance services, and specialised construction activities. From reintroducing and reviving micro-surfacing in India to bringing Cold In-Place Recycling (CIPR), Full Depth Reclamation (FDR), and Rigid Pavement (concrete road) techniques into the mainstream, the company has consistently been at the forefront of technological innovation. Headquartered in Navi Mumbai, Markolines has successfully executed over 5,140 lane kilometers of highway maintenance work across multiple states in India. The company is recognized for several pioneering maintenance techniques in the Indian road maintenance sector.
Markolines migrated to the BSE Mainboard and began trading its securities on June 12, 2025. Building on this progress, the Company has achieved another significant milestone with its listing on the NSE Mainboard in October 2025, enhancing market visibility, improving liquidity, and broadening access for a wider base of investors.
The Company is in the process of resubmitting the merger application with BSE and NSE, after which the requisite regulatory and statutory approvals will be pursued as per the compliance timelines. With a pan-India presence and a dedicated team of professionals, Markolines remains committed to enhancing the quality, safety, and sustainability of India’s road infrastructure.
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