Any current/future new fundraising through debt or equity?

The company’s stand-alone debt is around INR 27 crores and consolidated debt is INR 1,486 crores as of December 2024. Stand-alone cash is INR 19 crores and consolidated cash is INR 87 crores. The company is targeting to receive an order book of INR 8,000 to 10,000 crores in the next 3 to 4 months. Based on the receipt of LOA and mobilization, the company will rework on the capex requirements for the next year. Current 9 months capex is around INR 20 crores, and for the existing order book, the company may not look at additional capex. There is a mention of an equity investment requirement of a

Future growth expectations in sales/revenue/volumes?

For FY '25, KNR Constructions expects a 10% to 15% decline in revenue compared to previous years. FY '26 revenue is targeted at around INR 3,500 crores to INR 4,000 crores, showing modest growth over FY '25. FY '27 is expected to see better growth driven by new project executions from order inflows in FY '26. The company targets an order book inflow of INR 8,000 crores to INR 10,000 crores within 3 to 4 months (by Q1 FY '26). Increased order book from sectors like highways, irrigation projects (especially in Rajasthan, Madhya Pradesh, Telangana), mining operations, and urban infrastructure pro

Future growth expectations in earnings/operating earnings/profits/EPS?

FY '25 expected 10%-15% revenue decline due to lower order book and project slowdowns. FY '26 revenue targeted around INR 3,500 to INR 4,000 crores with similar or slightly improved bottom line margins (~15% EBITDA margin). FY '27 projected to see significant growth driven by new order inflows of INR 8,000 to 10,000 crores expected within early FY '26. EBITDA margins expected in the range of 15%-16% going forward. Net profit growth in 9 months FY '25 was 142% YoY, reflecting strong recovery from claims and operational efficiencies. Ongoing efforts to monetize HAM portfolio and recover INR 600

Current/ Expected Orderbook/ Pending Orders?

As of December 31, 2024, KNR Constructions Limited's total order book stands at INR 3,888 crores. This includes 46% EPC road and HAM projects, 26% irrigation projects, and 28% pipeline projects. Client-wise: 71% third-party clients (58% state government, 10% central government, 3% private), 29% captive HAM projects. The order book excludes two HAM projects totaling INR 1,200 crores (appointed date pending) and two irrigation projects awarded in January 2025 valued at INR 429 crores. Including these, the total order book would be INR 5,517 crores. The current order book is expected to execute o

KNR Constructions LtdQ4 FY25

KNR Constructions Ltd Q4 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹135P/E: 8.6Market Cap: ₹3.7K Cr

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→For FY '25, KNR Constructions expects a 10% to 15% decline in revenue compared to previous years.
→FY '26 revenue is targeted at around INR 3,500 crores to INR 4,000 crores, showing modest growth over FY '25.
→FY '27 is expected to see better growth driven by new project executions from order inflows in FY '26.
→The company targets an order book inflow of INR 8,000 crores to INR 10,000 crores within 3 to 4 months (by Q1 FY '26).
→Increased order book from sectors like highways, irrigation projects (especially in Rajasthan, Madhya Pradesh, Telangana), mining operations, and urban infrastructure projects.
→HAM projects and EPC model projects are expected to contribute significantly from FY '26 onwards.
→Overall, KNR is optimistic about higher revenues starting FY '27 due to the strong order pipeline and execution ramp-up.

Margin guidance

Category 3

→FY '25 expected 10%-15% revenue decline due to lower order book and project slowdowns.
→FY '26 revenue targeted around INR 3,500 to INR 4,000 crores with similar or slightly improved bottom line margins (~15% EBITDA margin).
→FY '27 projected to see significant growth driven by new order inflows of INR 8,000 to 10,000 crores expected within early FY '26.
→EBITDA margins expected in the range of 15%-16% going forward.
→Net profit growth in 9 months FY '25 was 142% YoY, reflecting strong recovery from claims and operational efficiencies.
→Ongoing efforts to monetize HAM portfolio and recover INR 600 crores irrigation dues may boost free cash flow and profits.
→Order book inflows and execution visibility improve, which should support higher operating earnings and EPS in FY '27 onward.

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Fundraise plans

Yes

→The company’s stand-alone debt is around INR 27 crores and consolidated debt is INR 1,486 crores as of December 2024.
→Stand-alone cash is INR 19 crores and consolidated cash is INR 87 crores.
→The company is targeting to receive an order book of INR 8,000 to 10,000 crores in the next 3 to 4 months.
→Based on the receipt of LOA and mobilization, the company will rework on the capex requirements for the next year.
→Current 9 months capex is around INR 20 crores, and for the existing order book, the company may not look at additional capex.
→There is a mention of an equity investment requirement of around INR 400 crores related to future projects, including irrigation and HAM projects.
→No explicit mention of new fundraising through debt or equity yet; focus appears on efficient cash management and project funding through mobilization and claims.

Order book

Yes

→As of December 31, 2024, KNR Constructions Limited's total order book stands at INR 3,888 crores.
→This includes 46% EPC road and HAM projects, 26% irrigation projects, and 28% pipeline projects.
→Client-wise: 71% third-party clients (58% state government, 10% central government, 3% private), 29% captive HAM projects.
→The order book excludes two HAM projects totaling INR 1,200 crores (appointed date pending) and two irrigation projects awarded in January 2025 valued at INR 429 crores.
→Including these, the total order book would be INR 5,517 crores.
→The current order book is expected to execute over 1.5 to 2 years.
→The company targets an order inflow of INR 8,000 crores to INR 10,000 crores in the next 3 to 4 months.
→Targeted sectors include Rajasthan and Madhya Pradesh irrigation, MSRDC projects, and projects in Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, and an Agra-Gwalior bid.

Capex plans

Yes

- Stand-alone capex for the existing order book is minimal, around INR20 crores for the first 9 months. - Future capex will depend on order inflows of INR8,000 crores to INR10,000 crores expected in the next 3-4 months. Capex plans will be reworked based on receipt of LOAs and mobilization. - For the mining operation project (MDO), major capex required is mainly for equipment like trucks (about 100 additional Volvos planned). - Strategic investments include MOUs and discussions with partners like Adani and Cube Highways for concession and EPC models, especially in BOT toll projects. - Monetization of four matured HAM assets is underway with expected SPA signing by end of Q1 2025 and asset monetization by June-December 2025. Overall, capital investment plans remain dynamic, driven by order inflows and strategic partnerships.

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