| Market Cap | ₹398.18 CrSmall Cap |
|---|---|
| P/E Ratio | 14.86Sector 32.4x |
| 1-Year Return | 7.72%Price Performance |
| Order from | Brihanmumbai Municipal Corporation (BMC) |
| Execution period | Six months (each work order) |
| Deal value | ₹135.2 Cr |
| Share of market cap | 34.0% |
| Share of annual revenue | 38.4% |
Key highlights
- BMC awarded two distinct orders for the Eastern and Western Express Highways
- Aggregate contract value stands at ₹1,35,20,21,306 including GST and contingencies
- Execution timeframe is set for six months for each project, including the monsoon
- The contract value represents 34.0% of the company's current market capitalization
- Deal size is equivalent to 38.4% of the company's trailing twelve-month revenue
Mumbai Civic Body Awards ₹135 Crore Highway Contract
Markolines Pavement Technologies has been awarded two work orders by the Brihanmumbai Municipal Corporation (BMC) for specialized road maintenance. The projects focus on microsurfacing and resurfacing of the Eastern Express Highway (EEH) and the Western Express Highway (WEH). The EEH contract is valued at ₹63.23 crore, while the WEH portion is worth ₹71.97 crore.
These orders were secured through a competitive bidding process where the company's tender offers were accepted by the BMC to improve the main carriageways of Mumbai's most critical transit routes using advanced pavement techniques.
Evaluating The Contract Against Trailing Revenue
This aggregate contract value of ₹135.20 crore is highly significant for Markolines, representing 38.4% of its trailing twelve-month (TTM) revenue of ₹351.63 crore. In the quarter ended June 30, 2026, the company reported an operating revenue of ₹75.86 crore, making this single announcement larger than its most recent full-quarter turnover. While the company saw a sequential revenue decline of 27.85% in the last quarter, it maintained a year-on-year revenue growth of 4.33%.
This new influx of orders is expected to provide substantial revenue visibility over the next two quarters of the current fiscal year.
Project Execution and Order Specifics
- Eastern Express Highway: Resurfacing of critical portions using microsurfacing
- Western Express Highway: Improvement of main carriageway using microsurfacing technique
- Execution Period: Six months for both projects, inclusive of the monsoon season
- Contract Nature: Letters of Acceptance-cum-Work Order from a domestic government entity
- Value breakdown: Includes applicable GST and physical contingencies as per BMC terms
- Related Party Transaction: The company confirmed no interest from promoters or group companies in the awarding entity
Expanding Order Book and Forward Guidance
The company has been active in the infrastructure maintenance space, maintaining a bidding pipeline that exceeded ₹2,000 crore as of June 30, 2026. Prior to this BMC win, Markolines secured various contracts including a road upgradation project in Andhra Pradesh and multiple maintenance orders from NI Road Infra and Thrissur Expressway. Management has guided for a standalone revenue growth of at least 30% for FY27, with a target of achieving a ₹1,000 crore order book by March 2027.
The company is also in the final stages of a board-approved merger with Markolines Infra Limited, aimed for completion by the end of FY27.
| Date | Announcement | Amount |
|---|---|---|
| 15 Apr 2026 | Letter of Acceptance from Sports Authority of Andhra Pradesh for development and upgradation of IGMC Stadium in Vijayawada and construction of an indoor sports hall in SrikakulamSource: NSE filing | – |
| 05 Mar 2026 | Five work orders from Indo British Group of Schools, Varanasi Aurangabad NH-2 Tollway, Bharat Vanijya Eastern, and Delhi Hapur Meerut ExpresswaySource: NSE filing | – |
| 06 Jan 2026 | Multiple road maintenance and microsurfacing contracts from five clients including NI Road Infra, Thrissur Expressway, and JN Port AuthoritySource: scanx.trade | – |
| 17 Sep 2025 | Work order from NCC Limited for earth piling works on the 454 MLD Malad Wastewater Treatment Facility project in MumbaiSource: hdfcsky.com | – |
| 25 Aug 2025 | Letter of Acceptance from Trans Metalite India Ltd. for patch repair works in Andhra Pradesh over a five-year periodSource: BSE filing | – |
| 30 Jul 2025 | Multiple work orders from Athaang Dichpally Tollway, Pune Municipal Corporation, and NCC LimitedSource: ptinews.com | – |
What to watch next
- Execution of the highway works within the 180-day mandate through the monsoon period
- Final completion of the merger with Markolines Infra Limited by 31 March 2027
- Progress towards the management target of a 1,000 crore rupee order book by the end of FY27
| Share price | ₹179.33 |
|---|---|
| Market capitalisation | ₹398.18 Cr |
| Revenue (annual) | ₹348.49 Cr |
| Net profit (annual) | ₹26.23 Cr |
| Revenue (latest quarter) | ₹75.86 Cr-27.85% vs previous quarter |
| Net profit (latest quarter) | ₹4.36 Cr-61.62% vs previous quarter |
| P/E (TTM) | 14.86×Sector 32.4× |
| Promoter holding | 54.6%-0.40% QoQ |
| FII holding | 0%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Markolines Pavement Technologies Limited announcing the receipt of two work orders from BMC worth ₹135.20 crore. Market figures from a third-party data provider.
