Markolines Pavement Technologies Limited ($543364)

Good evening, ladies and gentlemen, and welcome to the analyst meet call for Markolines Pavement Technologies Limited. Today on the call from the management team, we have with us Mr. Vijay Oswal, Founder and Chief Financial Officer. He has been one of the guiding forces behind Markolines' growth through his sharp business acumen and strategic planning. As a disclaimer, I would like to inform all the participants that this call may contain forward-looking statements, which may involve risks and uncertainties. [Operator Instructions] Please note that this conference is being recorded. I would now like to request Mr. Vijay Oswal, Founder and Chief Financial Officer, to run us through the investor presentation and the growth plan and vision for the coming year. Thank you, and over to you, sir.

Yes. Thank you, Yashasri. Good evening, everybody. It is indeed a pleasure to see you and talk to you again after our Q3 results and recent announcement of a huge -- few orders that we have received. And we are really excited to share our presentation with you all. So now let me quickly take you through the presentation wherein -- I will quickly take you through. So basically, now it is almost 23 years of -- into the business right from a very humble start, we are here today with approximately whatever we are talking about, we have got listed in this thing -- from on an SME, now we are on BSE as well as NSE Mainboard. And the Q3 performance are really good, and we feel excited about it. So now looking about the -- if I could talk about Markolines, we were founded in 2002. With a single product we started, and now we are a complete -- we provide complete and comprehensive range of products and services under the -- which are required for highway maintenances. Now we are the largest and first O&M company to be listed and with a pan-India presence. Of course, the journey had been roller coaster, but all the way if I look at, I'm really proud to share that we have been growing year by year. And this company -- just for those who are listening to us for the first time, I will quickly recap. Otherwise, we've been talking to the people. This company is led by our Chairman, Managing Director, Mr. Sanjay Patil, and myself. And we also have other directors and our CEO, Mr. Anil Nikam. Mainly our product categories, our business verticals are divided into 3 categories: highway maintenance, specialized maintenance services and specialized construction services. Highway maintenances are basically the preventive type wherein we provide various types of services. Major maintenances is roads being the wear-and-tear type of service, it needs to be overhauled and maintained regularly wherein we have to do the major maintenance every almost 5 to 7 years. And rigid pavement maintenances, that is basically the concrete pavement surfaces. We do that maintenances also. Under the specialized maintenance services, we do 2 things. That is one is microsurfacing and second is Cold-in-Place recycling. Microsurfacing and Cold-in-Place recycling are the new technological advanced techniques that are used in the highway maintenances, which are environment-friendly as well as cost-effective, and modern and innovative in nature. And then specialized construction, there are 2 types of jobs we do. One is the soil stabilization or full depth reclamation, we call it. When the new roads alignments are coming, passing through the farmlands where we do not get these very solid sub base, so the -- by latest technologies, by chemical induction, we can do the soil stabilization and a good foundation can be formed for a new road, which even if it is passing through the farmlands. And of course, tunneling, which we've been now doing it for 3 years. As of now, we have 2 tunnels which are ongoing, one in Maharashtra and one in Jammu Kashmir, that is in the name of joint venture because it is 3 of the contractors we have taken that contract of about INR 450 crores in conjunction. Now if I have to just quickly tell you what Markolines has done is about 122 lakh square kilometers of microsurfacing, that's highest in the nation. Then we have done up till now more than 5,000 kilometers of MMR work. And as of now, we have -- though this presentation relates to the December 1, but today, as of today, we have about INR 695 crores of unexecuted order book, which also includes INR 439 crores of orders which we have recently received. Then just to give you an update, as I said, we have already migrated in this particular financial year, migration to the BSE as well as NSE. And now we have also announced the merger of Markolines Infra and Markolines Pavement. Now basically, what is Markolines basically is because we started with a single product, we share a very good relationship, and because of the disciplined work, we have really advantage and putting ourselves as #1 service provider in this space. It is all because of the various skill sets and the advantages that we have combined and gathered the credentials over the last few years. Now what are the drivers to the business -- businesses? Basically, we are market leaders, we have a proven track record and a very experienced and senior team. And the kind of model -- business model we use, it is robust in nature. Since we were one of the first and still surviving with a good number, we get a first-mover advantage because we are the ones who have basically introduced lot of new technologies in terms of road maintenance in India. And of course, strong order book that we are aware about, I have already spoken about. Now what is it basically makes us future vision is our client-centric approach, then the expanding service offerings, that is basically we have been offering whatever the client has been asking for. Rather beyond asking, we have also introduced a lot of new technologies to this. Now driving the revenue growth and leveraging the core expertise, right? And that's what makes us leaders in this particular business. Now as I said, this is -- you can see our presence. As I have said, we are working pan-India, except the Northeast where the recent development is recently happening. As and when the roads will come for the maintenances, we shall surely be marketing there. As of today, if I talk about clients, all the major funds that have come to India, so particularly, the highway business, typically, there are 2 types of ownerships. The NHAI is the prime owner -- has the prime ownership of the entire Indian network -- road network. But now they are monetizing it by privatizing and giving it to the private funds or the asset owners on the base PPP model wherein the ownership is transferred to the asset owner for a limited period of time against the upfront payment of the toll collection fees that is done. Now we are really proud to say that every fund that is operating in India or owning an asset is our client. Majorly, we work in 2 types of this thing, one with the -- majorly with the private service providers as well as we have direct government orders also. If you see in our clients, every fund that is working in India or any major may be L&T or the Tatas or any other InvITs, they are on our client list. And in the course of our operations, we've been -- a number of times, we've been appreciated by our clients for our good services, the comprehensive solutions that we have provided and all this data is also available on our website. Now if you look at industry. Today, we -- after the Modi government regime, there is a special focus on infrastructure, and we are growing really very high pace. As such, we have the second largest road network in the world and also growing at, only if I'm talking about the national highway, we are growing the national highway by about 34 kilometers per year. And as I've already said that government is on the plan -- has a plan to monetize these assets. And they are now promoting the more and more PPP models wherein various models are being offered to the private funds or the asset owners on PPP model upfront which is called as TOT. So these are the various projects which are announced. Across India, there are a huge number of projects and expressways, national highways coming up and also in the various tenants, the tunneling work is also going on in a huge scale. So that gives us good opportunity because all the road network that is added to the national highway will ultimately and subsequently come to the -- for the maintenance in subsequent years. Now as far as Q3 is concerned, we have grown over last year, if I could just talk about then revenue has grown by 16%, EBITDA also has grown by 16%. The PAT has grown by -- gone up by 11%, and EPS has grown by 19% from INR 2.79 to INR 3.33. Now, if I have to just summarize on the 9 months, as compared to last year, we have grown by 30% on the 9 months revenue, which has definitely added a parallel profitability of about 29% in terms of EBITDA and 42% in terms of the PAT. Now with these recent orders, basically, what is it that I'm talking about is now, anyways, we have made, in my last earlier presentation, we had said that we were looking for few more orders. And now we are at the point where we have already got the INR 439 crores of orders. And still, we are working on INR 300 crores-plus more. Markolines is basically a management operated company, and we are working on looking at building INR 1,000 crore of order pipeline in very short time. We are also looking at a very high growth, as I had already said that we have been growing at a CAGR of about 25% in terms of overall growth. And we are planning -- with this, the recent orders, we are expecting about 40% to 50% growth in the upcoming financial year, which will really put us into a bigger transition. Apart from that, we are about to complete our 2 major tunnel projects. One out of that will be completed this year, which will also give us the credentials and credibility wherein we could also bid on our own directly to the NHAI for the larger projects and this will definitely give us more visibility and larger project size. And as I had said in my earlier communication that I'm -- we, as Markolines, are looking at the INR 1,000 crore of revenue in coming 3 years. That's what is our plan as of now. And God willing, with the kind of network, our credibility, my team's performance, we are definitely sure that we should be reaching there soon. Now on the financials, as I said that on revenue, we have been growing at 18% CAGR, and EBITDA we have been growing at 25% CAGR. And PAT, if I look at, 31%. Now technically, if I have to see that as I'm already earlier also saying that this is a volume game, though this is not a very rocket science, but definitely, there are entry barriers because of the credentials and credibility, which is needed by virtue of experience, and that is what is putting us as leadership. As of today, if you look at the shareholding pattern, we hold about 55% of the shareholding. Now this is all about in nutshell about the Markolines. Now I would request Yashasri to open up the things. If you have any specific -- all this data, whatever I have said, has already been uploaded on our network, on the BSE as well as our website. So in case you need any information, you can always extract it from there or you can always feel free to call us back and communicate to us. So Yashasri, you can open up the call for the question and answer. We can take up the question and answers one by one.

[Operator Instructions] We have a question from Rajendra Saboo from The Supreme Industries Limited.

Sir, can you hear me, sir?

Yes, sir.

Yes, Mr. Saboo, we can hear you.

Sir, actually last year, we did a sales of about INR 300 crores for the full year and in the last quarter, we did about INR 115 crores. So this year, for the 9 months, we did about INR 230 crores. What is the projected sales which you expect for the year ended 31/03/2026, sir, and the margin, sir?

Vijay, sir, I think you're on mute. Vijay, sir? Please stay connected. Ladies and gentlemen, I request you to stay connected, please, while we check with Mr. Vijay, sir. [Technical Difficulty]

Can you hear me now?

Yes, we can hear you now. Are you able to hear the question of Mr. Rajendra Saboo or should I ask him to repeat?

Sir, can I repeat my question, sir?

Yes, yes. I'm really sorry, sir, because you asked some questions, I don't know what happened. I was able to hear you but...

I will repeat the question, sir. I will repeat the question. Sir, my questions are, for the 9 months, 31/12/2025, we achieved a top line of INR 230 crores and for the last full year, we achieved a turnover of INR 300 crores and for the last 3 months, that is 1st January 2025 to 31/03/2025, that is for the 3 months, we achieved a sales of about INR 115 crores. So my question is, sir, against a INR 300 crores turnover for the last year, 31/03/2025, against which we already achieved INR 231 crores, what is the total sales which we expect for the full year? And what are the margins we expect? And basically on the margin side also, we already achieved a profit before tax of INR 19.85 crores and for the full year, it was INR 29.86 crores. It means for the last 3 months of the last year -- the last quarter, we achieved a sales of about -- we achieved a profit of about INR 9 crores. So for the full year, what profits we expect basically to get a feel actually how the company performance is happening?

Yes. Definitely, sir. So as I have been always saying since this infrastructure highway maintenance business is cyclic in nature, and generally, our monsoons are low, our sales really pick up in Q3 and Q4. By and large, we do about 30% to 40% of our entire business, probably at times more also in last only 1 quarter. And definitely, we are expecting the same this year, and we will be able to maintain a very good growth. We are looking at a target of about INR 375 crores to INR 400 crores this year.

And sir, on the margin side?

Margin side, sir, I have always been saying that our business being the competitive and since there is no rocket science, we are subject to that. So it is a volume game. So that is what we say our margins will remain always same. As I have been always saying, we were very transparent -- that is the -- with clients because since we majorly operate with the private players, wherein we work very transparently, practically like a cost-plus basis. Because of that, our margins are pretty steady. We have -- we can increase the -- our margins or profitability only by volume, then that is what we have been doing. And as I said, this year, we are looking at really good 30%-plus growth over last year. And with these orders, the upcoming year, as I said, we are looking at least 40% to 50% growth over this year next -- for the next year.

So it means that before the monsoon, that is this April, May, June, that will be the peakest quarter in this year?

No, sir, what happens is, I'll tell you, we don't get to work till June. Generally, it is only April and May. Because in various sectors, the monsoons start reaching early and with the current scenarios, global warming and unpredicted things, it is -- so that is how we complete our whatever best we can do in April and May. But then from June to September, our business halts because -- or reduces because of the monsoon. So that is how the Q4 becomes very large for us.

Okay. And sir, Q1 -- like you told that Q4 constitutes about 30% to 40% of the full year turnover. Then Q1, what do we expect? How much percentage of the total year turnover?

So Q1 would be approximately 20%.

20%, okay. And Q2 will be very less, right?

So Q1 and Q2, now what happens, sir, is that with the experience, we have also learned various things. The dynamics are really different. Let's say, if I get a good project in a rain shadow area, then I'm able to work in Q2 also. Then this year -- last year, we had a BMC work for the monsoon maintenance only, so we could do some more work also. So particularly Q2 dynamics, now we are trying to learn and try to achieve at least give minimum working there also. But generally, Q2 will be less.

Right, right. And secondly, sir, in fact, on that merger matter, which has been -- effective date has been made as 1st January 2026. Like -- considering like how you are advised like when the merger process can get complete, how you are advised?

So what happened is because of the -- actually, we had filed it before also, but because of some technical reasons, they had asked us to resubmit. And for the resubmission, then, obviously, we had to update everything with respect to the financial disclosure up to the December. So we have now resubmitted the things. In the next 10, 15 days, all the entire proposal, schemes, detailed documents will be also submitted to this thing. And we are expecting that now this time, it should be going -- it should go through in about 6 to 9 months max.

6 to 9 months?

Yes.

[Operator Instructions] We'll take one text question from [ Nikhil Mistry ]. Can you give me the marquee clients' name?

Sorry?

The question is, can you give me the marquee clients' name?

Yes, one second. Yes, sir. So just to tell you that, as I said, our business is divided into 2 parts. Generally, we majorly work with the private asset owners. Private assets are owned by various funds. So these are our clients like Cube Highways. Now when I say Cube Highways, Cube Highways is the financial -- the highway arm for the I Squared Capital, which is a pension fund, and owns highest number of projects in India. So now if I talk about Cube Highways, they own about 28 to 30 projects and we keep working with them for various projects. And similar is the case like we work with Interise, Nxt, Tatas, ROADIES, Vertis, Safeway, L&T and a major -- as far as government is concerned, we have worked with NHAI, then we also work with the -- some of the corporations like BMC or Pune Municipal Corporation, Mumbai Municipal Corporation. Mumbai, where we are headquartered, so we work a lot. We do a lot of work in Mumbai with respect to the Western and Eastern Express Highway we have worked on last year. We are also working on one more -- few more work with them and various PWDs. So these are the -- our client list and they are available for your reference on the presentation that we have already uploaded on the network.

[Operator Instructions] We have one question from [ Sandeep Bandari ] from [ Family Office ].

Sir, just one question from understanding a business point of view from 5-year, 3 to 5-year point of view, how should we look at our business because my understanding, maintenance is more of a annuity kind of business, some asset of -- will keep on coming, and we'll keep on getting that business. So -- and who do we compete with and stickiness of the business or -- it's because you said business is cyclical, it could be cyclical from short-term point of view, is it cyclical from...

Sorry?

Mr. Bandari, we are unable to hear you. Mr. Bandari, check if the microphone is on mute mode. Mr. Bandari? Since there is no response, we'll take a text -- yes, sir, you are answering? Okay.

Otherwise, I can answer whatever he has asked that the -- I think we lost him halfway through. But going forward, what we look at is, though in infrastructure, the credentials and credibility definitely matters. So -- though the competition is one, but also with the private owners, what matters more is the quality, the kind of association that we have and the transparency we work with them. Secondly, what happens is Markolines is just not a contractor wherein we just bid and put in the bids for the inquiries. At times, we go and provide the -- suggest them the comprehensive tailor-made solutions, which could be cost economical, all the alternate type of maintenances wherein it would have a, what you say, better performance, longer life and lesser cost and as well as be environmental friendly. So this is what gives us an advantage over competition. As regards to competition, now we are the -- as I have already said, we are the only company providing the complete array of services, whatever the kind of -- in fact, as I said, we have also introduced a few technologies, which were new in India for the first time. Like we did microsurfacing with fibers for the first time. We introduced CIPR. FDR we are doing a lot of things. So this is what puts us different from the competition. Then as regards to competitors, I'm not saying that there are no competitors, but the competition comes product-wise. And generally, the packages or the maintenances are taken out in a bundled manner. So we have different, different competitors in various sectors such as microsurfacing, there are a few players, then the MMR there would be players. But what happens is these private international funds, they need basically a reliable person who can work for them as well as will also complete and follow statutory compliances, do the work in a standardized manner with the -- achieve the timelines as per their expectations, keeping up the performance. So that's what keeps us ahead, yes.

We'll take a text question from Nikhil Mistry, an individual investor. What is the current execution run rate of projects? How much order inflow do you expect in FY '27?

So I did not get your point, sir. The run rate...

Should I repeat?

Yes, yes.

The question is, what is the current execution run rate of projects? And how much order inflow do you expect in FY '27?

Now though we do not calculate the -- this type of ratio or run rate, but to just give you what happens is our projects are generally smaller in the time line because they are maintenance type of work, which come once in a 5 to 7 years for a particular stretch of road. So as of today, if I have to talk to you, we had an unexecuted -- today, we have an unexecuted order book of INR 695 crores, out of which INR 439 crores is the new order that is coming. Now out of this INR 695-odd crores of orders, approximately, we are planning to do about INR 500 crores of work will be done in the next financial year, let's say. But now what happens is, the roads will keep on coming for the maintenances and new orders keep coming and we keep consuming those orders. They are consumptive type of this thing because, as I said, we work on a particular stretch. Once the maintenance is done, it will come only after 5 years. But we have a huge road network and new work keep coming in. As far as your question is that what are the orders that we are expecting in FY '26, '27? I've always said that we have always been working on a very strong order book. That is how it gives a clear line of sight for the next year. And by and large, till now, we've been able to maintain at least 150% of our last year's turnover as an order book -- unexecuted order book, by and large. And we definitely intend to maintain so, so that if you can see, by and large, we would -- at any given point of time, we would have a INR 300 crores to INR 600 crores of unexecuted order book and another INR 300 crores to INR 500 crores as in pipeline. And with that only and the kind of growth that is happening all around in terms of infrastructure, we are also looking at allied infrastructure wherein we can leverage our skill set. We are looking at a very good growth in coming 3 years.

Next question is from Yash Nisar, an individual investor. What is the average project completion cycle for your road projects?

Okay. So typically, the project cycle would vary from -- for the smaller standalone orders like microsurfacing, it could be maybe 3 months to 6 months. But by and large, a major maintenance site work will be from 6 months to 15 months, averaging 9 months, but considering monsoon, it goes up to 9 to 12 months.

Next question is from Nilesh Deshpande, an individual investor. The question is, what is your strategy for geographical expansion across states? How do you see the Indian road infrastructure sector growing over the next 5 years? What are the key risks that could impact growth?

Okay. So basically, if we look at, we are practically working pan-India. The maintenance, as I said, since for a particular road maintenance keep coming only once in a 5-year. So we keep shifting our bases from once we complete the project from one place to another. Now as far as our footprint is concerned, if you see we are in the mainstream, we can see our presence in these North, South and Central India, including the West side, but Northeast, the developments are happening now. So we -- subsequently, we -- as the road network is established, they will come for maintenances, we will also grow in that area. What was the second part of the question?

How do you see the Indian road infrastructure sector growing over the next 5 years? What are the key risks that could impact growth?

Okay. So Indian roads, as I already mentioned, India has the second largest road network comprising of about 6 million kilometers. Now out of that, the national highway since we majorly work on national highways. National highways comprise of about 130,000 to 140,000 kilometers and we are currently adding 34 kilometers per day in terms of these roads. So that is what is being added every year. Now as far as risks are concerned. So risk would be -- one second, I have some document, let me just answer that question in a proper way -- so risk would be -- generally, what are the risk if I calculate, the major would be one is the cost. Now raw material cost for which we generally have the escalation clauses inbuilt into the -- what do you say, the work order itself so that we do not bear the differential cost in case. Now currently, if you have seen, we are in the global war situation where the crude prices have gone up. Crude prices going up would always have an impact directly on to the fuel cost as well as the bitumen cost. But all our contracts, major contracts, we have the escalation clauses wherein our -- the rates are calculated on a base price and the variables are taken every 15 days where the refineries publish their revised rates and we get the incremental orders. Then secondly -- yes, please.

Go ahead, sir. Please go ahead.

So then the -- then also at the same time, we look at the selective bidding, we don't go into any competitive zone unless we are comfortable. We are sure of margins. We control our risk there in terms of going lower profitability. Secondly -- thirdly is the efficient procurement and the management, working the -- completing the project as per time line given in the same time line, that is -- gives us the optimal usage of machinery and manpower. So these are the risks but these are -- this is how we try to mitigate them. Yes.

The next question is from Yash Nisar, an individual investor. How do you see working capital requirements evolving in the road EPC business?

Okay. So technically, we have -- though we are -- we do every function that an EPC contractor would do, we are not an EPC, we restrict ourselves only to the specialized maintenances and specialized construction and the major maintenances, one. Working capital, definitely, it is in proportion with the work order or the unexecuted order book because being the -- project being the short cycle, let's say, 6 months to 9 months average, if I had to average it on everything and considering the project cycle or the payment cycle, we generally require -- working capital is always required in tune and proportion to the work orders in hand.

[Operator Instructions] As there are no further questions, I would now like to hand the conference over to Mr. Vijay Oswal, Founder and Chief Financial Officer, for closing comments. Over to you, sir.

Yes. So thank you, guys, for listening to me. In case, as I've already said, you have any query. But from -- as Markolines, let me tell you one thing that looking at the Indian infrastructure on a growth path, we are also very hopeful and bullish about this growth factor. And we'll be standing there in the market on the basis of credentials and the credibility of what we have heard over the last 23 years and particularly with the innovation and technological approach to the market, we feel very confident and -- for giving us -- giving the performance. We have always been working and given whatever performance we have always said or promised, okay? So now coming forward, as I already said, to sum up, with these new orders, we really see a good growth in upcoming year. And also now looking at the other infrastructures where we are looking at the -- what do you say, leveraging our this thing, that is also another set of business that we are looking at. Secondly, now we are at a point where we ourselves, as I said that we keep building our credentials so now we ourselves can bid for the larger orders directly with the government also. So this year, we are planning that we would also opt for the direct bidding with NHAI. And this will also give us better margins, longer visibility, stronger visibility and good performance on the road. So this is what has been our -- always -- we have always worked in the interest of the company because we always consider Markolines -- at Markolines, we always consider this is a management-run company and not -- though we are the founders and promoters of the company, but we have always operated as a management company. We aspire definitely to be a very large scale and we envisage that we would also grow multiple thousand crores company whenever it is possible, like a big company like L&T and so on. So we have always worked in the interest of company and when I say company, I consider every stakeholder right from the employees, my vendors and definitely all the investors. My commitment and promise to investors on behalf of company is that we will always work in the interest of company and keep putting our best so that we could have the best performance in terms of business. And this will definitely show up in the market, though we do not control the market, but for us, what is important is we really have our integrity to our business and I'm really thankful to all my investors who have invested in us, believed in us, and thank you very much for all of them. In case you have any query, question, concern, you can always contact us on the given -- on our website or through our IR agency, and we shall be happy to answer all your queries. As I said, we work in a transparent manner. And I hope to see you soon, probably after the year end call...

I'm sorry to interrupt, sir. Vijay, sir, we have 3 participants in the queue, should I go ahead and take their questions?

Yes. Why not?

Sure. We have a question from Rajendra Saboo from the Supreme Industries Limited.

One second.

We can hear you now.

Now you can hear?

Yes.

I just want to inform you, sir, because like we are having this conference and it is obviously limited to some persons only who are participating in the conference, what I request you for the overall dissemination of this information in a very objective and critical manner, it supports the synopsis, only synopsis, I'm talking, synopsis of the main points which have been stated in this conference, I am not asking for the transcript. I'm just asking for the synopsis of the main points. If suppose that can be jotted down, points, and it can be released to the stock exchanges, what will -- it will add substantial value. Because see, suppose someone is not heard, they can see. And like, obviously, since you are in the conference, the things are on a committed scale also, it will have a wider dissemination of the information. Only thing is one has to prepare our main synopsis points. That's all. If suppose that is possible, I would request you for that.

Definitely, sir, your suggestion is well taken, and we will try and do that. Ujjwal and Yashashri, keep this in mind, we will prepare the synopsis and we will also try and publish the synopsis along with the transcript.

On the release to the stock exchange as earliest as possible.

Yes, sir. Definitely.

Next question is from Arvind Deshpande from the NorthStar Advisory.

Yes, Mr. Vijay. Oswal Ji, a question that what do you see and where you are standing after 3 years, your order book? Hello. Can you hear me?

Yes, I can. Mr. Oswal? Mr. Deshpande, please stay connected. Mr. Oswal, we're unable to hear you. Mr. Deshpande, please stay connected. Mr. Oswal will be rejoining the call.

Hello. Can you hear? Is it audible now?

I can hear you, sir. Let Mr. Oswal rejoin, okay? Ladies and gentlemen, I request you to stay connected, please, while Mr. Oswal rejoins the call.

Hello. I'm sorry guys for all the inconvenience. I'm really sorry. There is some issue in this side. Mr. Deshpande?

Yes.

Sorry, Mr. Deshpande.

Can you just give me the guidance for next 3 years, how do you stand as a company for the total turnover for '26-'27, '27-'28, '28-'29?

So technically, though I should not be -- should be giving you the direct numbers. But sir, we have seen that we should be growing -- in this particular upcoming year, we are looking at 40% to 50% growth over this current year. And as I've already said that in 3 years' time, we would -- we are looking at how we can achieve the INR 1,000 crore revenue is the target that we have taken for ourselves. In next maximum 3 to 4 years, we should be there.

But INR 1,000 crores will be achievable in next year itself because you are already having a INR 650 crore to INR 660 crores market orders.

So out of these few orders, they will be split over probably 2 years. The longer orders, the particularly specialized maintenance contracts, they're also spread over the years. That is how -- and definitely, there are a few work orders we are working on. If they come in as our planning, we will definitely try and achieve the more and more revenues.

You are in a discussion with all that orders. What do you think that, whether it can touch INR 1,000 crores in next coming 2 years?

Yes, definitely, as I said, INR 1,000 crores seems to be possible in the next 3 years.

Yes. That is the thing which is what I'm asking. A question is that, you have filed an amalgamation with Markolines Infra at a higher valuation, can you just explain me what about that? What will be the projection for that Markolines Infra for this current year and next year?

So Markolines Infra, we have already submitted this thing. And in another 10 days, we will be filing the detail. See, what happens is the -- for Markolines Infra, valuation is based on the DCF by SEBI-approved valuers. And secondly, particularly for the listed entity, it is governed by the market pricing. And based on that, the ratio is calculated, it is not me or at the, what we say, the wish of the management, it doesn't happen. It is weighted and approved by a panel of consultants, the SEBI-approved valuers, and based on that, these ratios have been calculated. And in another 18 days, we shall reach filing all the details because we have just announced it on 4th, we have -- we get about 15 days for the detailed submission and it will be uploaded on the website, sir, as well as BSE website.

So can you just give me a certain 40% to 50% growth in your revenue. So the same will be in the bottom line also. So the projection which you can give me is 40% to 50% for coming next 3 years?

Okay.

Sir, just now you told me that we are looking out for a 40% to 50% growth every year in the top line.

No, in the upcoming year, I said.

So it is upcoming means that is 3 years, sir.

No, no, no. The next year because today, I have the orders in my hand.

Correct. So whatever the orders you are having, if you just add on, already you have announced it for the financial year '26-'27 also, which a certain INR 200 crores, INR 250 crores order to be completed in the financial year '26-'27. And one of the order of that school will be completed in coming 2 years, correct?

Yes.

Whatever you have given the announcement on that exchange, that only I'm reading it out, sir.

[Foreign Language] So going on the [Foreign Language]

If I just calculate that itself, which is giving a 50% growth in the financial year '26-'27.

So -- okay. So what is your question?

So in general, last year that revenue total for the financial year, '24-'25 was INR 300-plus crores and already, this financial year, '25-'26, will be around about INR 400 crores. So '26-'27, if you touch on for 50%, so it will reach about to INR 650 crores or INR 670 crores which already you have by option.

INR 500 crores to INR 600 crores, we said, okay, go ahead, then?

Correct. So INR 600 crores, so next year also, I think so you must be in talks with some good orders and all, so whole year is there with you, sir, '26-'27. Tender pipeline, it might be, approximately whatever the amount may be.

Okay. [Foreign Language] This is what I have already said that we'll keep working on the work order.

Sir, it's simply some deductive logic. You have a tender pipeline of at least INR 10,000 crores to INR 15,000 crores. And you have a winning ratio of, let's say, 10% or 20%. And you are a unique company in the country, pan-India presence in repairs and maintenance. So it is important that we assume every year, you will have a INR 650 crores to INR 1,000 crores of order winning. And on the -- based on that 40%, 50% growth is not a difficulty at all for Markolines, as a lay investor, I'm asking you?

Yes, yes. So that I have always said that we keep working totally in terms of orders, this is -- I think you were not there earlier. This is what I had explained how we win the orders, what kind of order book we have and how we are intending to progress. This is what -- as of today, sir, just to refresh you, as of today, we have about INR 695 crores of unexecuted order book out of which something will be consumed by March, then balance will be consumed in upcoming years. As I said, we are also working on about at least INR 300 crores of pipeline. We are hoping for some more good orders to come in. That is how we are saying that in the upcoming year, we will have about 40% to 50% upside. And in the subsequent year, we will also try to maintain the same CAGR what we have been maintaining up till now.

Sir, I perfectly agree you're going to maintain the CAGR. But given the position of your company, the uniqueness, you have to double the CAGR, sir. That is our discussion...

Definitely, sir. Sir, [Foreign Language] so there is some category of specialized construction that we are working on, which will also give us the large size of volumes. Now I have already said that now with my 2 tunnels experience, we are also looking at a few tunnel inquiries more. This will give me -- of course, it will be long term, but I will be able to now bid directly on my own because my eligibility is now INR 500 crores on my own for a single tender.

Yes, yes, yes. So the whole [Technical Difficulty] confident of crossing INR 1,000 crore turnover, there should be no issue?

Yes, sir. As I have already said, we are very confident, and we will do our best in that to achieve that, sir. Rest assured.

Ladies and gentlemen, we'll take that as the last question for today. Thank you, Vijay, sir. On behalf of Markolines Pavement Technologies Limited, that concludes today's session. Thank you for your participation. You may now click on the exit meeting to disconnect. Thank you.

Thank you very much, guys. Thanks a lot. See you again.