Markolines Traffic Controls Ltd

About the Company:

Markolines Traffic Controls Ltd is a Highway Operations & Maintenance (O&M) Service providing company.

Company thrives to make Highway Operations & Maintenance cost effective and easier with the help of Innovation, Technology & out-of-the-box solutions.

Company has vast experience of 19 years in offering superior services in the Highway Operations & Maintenance (O&M) have earned company a name in the (O&M) domain.



Company’s Background:

Company had started the business operation with a single product that was thermoplastic road marking and over the years and have transformed into a well-known Highway Operations & Maintenance (O&M) service provider in India.

For example, one of the first road projects that company executed was for Larsen & Toubro Limited, in the year 2003 with a Project Cost of Rs.97.05 Lakh, whereas the project recently awarded to company by Mumbai Metropolitan Region Development Authority, for Execution of Rehabilitation, Overlay and Microsurfacing in the State of Maharashtra in 2021 involves a Project Cost of Rs.132 crores.

In over a decade and a half, company has transitioned from a single product company to a multi-product company and aspire to be an Indian Multinational Company (MNC) in Highway Operations & Maintenance (O&M).

Since 2002 company has executed over 90+ Highway Operations & Maintenance (O&M) projects.



Company’s principal business operations are broadly divided into three categories:

  1. Highway Operations under which company provides services like Toll operations, Route Patrolling and Incident management.
  2. Highway Maintenance under which company provides services like Routine Maintenance, Preventive Maintenance and Major Maintenance & Repairs (MMR).
  3. Specialized Maintenance Services under which company provides services which enhance the life and quality of road, these are Microsurfacing (MS), Base / Sub base Stabilization (FDR) and Cold In Place Recycling (CIPR).



Company’s Revenue from various Business Segments: 



Company’s Unique Business Model:

Highway Operations & Maintenance (O&M) being a new sector, there were not many players having requisite knowledge & expertise to run such outsource operation.

Earlier Markolines Traffic Controls Ltd who was in the business of road marking envisaged this opportunity & ventured in this business activity Operation and maintenance of these infrastructure projects in 2009.

At the same time because of its wear & tear nature of the highways, maintenance of the infrastructure developed also become mandatory. The periodic maintenance of these projects itself became one of the major activities for the various contractors.

Over the last few years, company has not only achieved huge credibility based on performance in the market but is also one of the well-known O & M operators in the country and today are one of the trusted service providers in the Highway O&M sector operating pan India basis under the Markolines Umbrella.


Company’s Revenue Model: 



Company’s Innovative and new technology:

To keep up with trend to work with innovative and new technology, Markoline decided to go for the specialized road surfacing treatment called as Micro surfacing. This being a relatively new and cost-effective technology there is a huge potential for this business too.

With the Markoline commitment, in a short span of few years of starting the has completed 6.6 Million SQM of Microsurfacing.

Keeping up to the track record Markoline ventured into Cold In Place Recycling (CIPR) and Base / Sub base Stabilization (FDR) and has achieved experience which is unique and unmatched in India.



Ongoing Projects being executed by the Company:

Company has projects for Major Maintenance & Repairs of around 285.71 km of National Highways in the state of West Bengal, Maharashtra and Rajasthan.

Company also has projects for Toll Operations, Routine Maintenance, Route Patrolling services, of managing around 943.31 km of National Highways and diversified in the state of Rajasthan, Uttar Pradesh, Maharashtra, Jharkhand, Bihar, Tamil Nadu, West Bengal and Andhra Pradesh.



Company’s Order book:

  • As of July 31, 2021 Company has an Order Book of Rs.276.07 crores.




Management Team:

  1. Mr. Sanjay Bhanudas Patil (Designation: Chairman and Managing Director)
  2. Mr. Karan Atul Bora (Designation: Executive Director)





Objectives of the Issue:

Fresh Issue: (Rs. 40 cr)

  • Prepayment/Repayment of certain debt facilities availed by the Company.
  • General Corporate Purposes.
  • To Meet Working Capital Requirements




Peer Group Comparison:

Company believes that there is no listed Company which is specifically comparable to Markolines Traffic Controls Ltd w.r.t company’s business model, size and financials.



Positives for the Company:

Pioneers in introducing latest technologies.

  • Way back in 2002 when Road marking in India was done with small hand-held machines, company then introduced extrusion technology for road marking by importing a fully automated machine which was used to mark the road in a hassle free and precise manner.
  • The first project of Road Marking executed for Ahmedabad Vadodara became a Landmark project in terms of quality and precision.
  • Company has done the same by introducing the Microsurfacing with Fiber in India. This use of technology and innovative approach towards the services has helped company in completing (O&M) contracts with superior quality standards within time.
  • This has gained company expertise and edge over competitors and also has built a trust over the years among the clientele.



Well-known Highway Operations & Maintenance (O&M) service enabling company with diversified Services portfolio.

  • Company is one of the few Indian Highway (O&M) service enabling company in India offering complete spectrum of Highway O&M Services.
  • Company presently derives revenues from each of the Highway Operations, Highway Maintenance and Specialized Maintenance Services roads segments.
  • Company provides Highway O &M Services Pan India basis and are currently have projects across 9 states in India.



Expanding geographical footprint.

  • Company started its operations in Gujarat and has gradually expanded in other states including West Bengal, Maharashtra, Rajasthan, Uttar Pradesh, Jharkhand, Bihar, Tamil Nadu and Andhra Pradesh, Haryana and plan to continue the strategy of diversifying and expanding company’s presence in different states.



Diversifying beyond projects in the roads and highways sector by leveraging existing capabilities.

  • While company’s primary focus is on Operation and Maintenance projects in highways sector, as part of business growth strategy, company also intends to diversify in other infra sectors and have secured a large contract for executing water supply projects on turnkey basis in Madhya Pradesh.
  • As part of business growth strategy, company intends to diversify into, and shall consider bidding for, projects related to maintenance of airport runways, projects related to railways and metros for Operations and maintenance (O&M).



Financials of the Company:

(in Crores) FY 19 FY 20 FY 21
Revenue 73.48 171.54 157.96
Net Profit 2.51 7.18 4.27



IPO Details:

Details Info
Issue Opens on 15th September 2021
Issue Closes on:. 20th September 2021
Issue Price Rs.78
Face Value Rs.10
Minimum Lot 1600
Minimum Investment Rs.1,24,000
Issue Constitutes 26.83%
Issue Size Rs.40 cr
Market Cap Rs.149 cr
Listing at BSE SME
Equity Shares Offered (Fresh) 51,28,205
Equity Shares Prior to the Issue 1,39,79,520
Equity Shares after the Issue 1,91,07,725

Also Read : List of Upcoming IPO’s in India.



IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
3.06 25.49 17.56% 17.42


Check IPO Allotment Status:


BSE IPO Website:


Company Contact Info:
Markolines Traffic Controls Ltd
502, A Wing, Shree Nand Dham, Sector 11,
CBD Belapur Navi Mumbai 400614,
Maharashtra India. Tel: +91 22 6266 1111


IPO Registrar Info:
1st Floor, Bharat Tin Works Building,
Opp. Vasant Oasis, Makwana Road, Marol,
Andheri East, Mumbai – 400 059,
Maharashtra, India
Tel No.: +91 – 22 – 6263 8200;


Lead Manager to the Issue:
Office No. 13, 1st Floor,
New Bansilal Building, Raja Bahadur Mansion, 9-15,
Homi Modi Street, Fort,
Mumbai – 400 001, Maharashtra, India
Tel No.: +91 – 22 – 4002 5273