Future growth expectations in sales/revenue/volumes?

FY26 revenue expected to close around INR 2,000 crores; Q4 FY26 estimated at INR 450 crores. FY27 revenue guidance also around INR 2,000 crores based on existing order book; potential upside if new orders are secured. Order inflow target of INR 10,000 - 12,000 crores by September 2026, with continued bidding activity including 63 projects from NHAI before March. Current order book around INR 8,850 crores, with expected execution of approx. INR 2,000 crores in FY27 from existing orders. Expected margin improvement and volume expansion from FY28 onwards, with sustainable EBITDA margin targeted a

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

FY '26 revenue is expected at around INR 2,000 crores; Q4 revenue forecasted at approx. INR 450 crores. FY '27 revenue guidance is similarly INR 2,000 crores based on existing orders, with potential upside from new order inflows. Order inflow targets: INR 10,000–12,000 crores by September 2026, primarily from NHAI HAM projects. Execution of existing order book (approx. INR 8,850 crores) is expected to contribute INR 2,000 crores revenue in FY '27. EBITDA margin expected to improve from current low levels but not to 13%-14% until FY '28. FY '27 EBITDA margin projected at 9%-10%, with FY '28 see

Current/ Expected Orderbook/ Pending Orders?

Current order book stands at approximately INR 8,850 crores, including INR 3,500 crores from mining and INR 1,700 crores from irrigation. Excluding mining and unbilled irrigation (INR 800 crores), the net order book is around INR 4,300 crores for civil work. Unbilled revenue at the company level is around INR 1,355 crores. Pending bids include roughly INR 7,000-8,000 crores quoted, awaiting results. Upcoming bidding planned for INR 10,000-12,000 crores by September 2026. Around 63 projects are due for bidding before March 2026, ranging from INR 500 crores to INR 4,000 crores. Selec

Any current/future new fundraising through debt or equity?

No specific mention of any new fundraising through debt or equity in the provided transcript. Current consolidated debt as of December 2025 stands at around INR 2,400 crores, expected to reduce to INR 500 crores after divestments by March 2026. Standalone debt is zero with a cash surplus of INR 80 crores as of December 2025. Future equity infusion planned is INR 235 crores for HAM projects—INR 87 crores in FY '26 and INR 148 crores in FY '27. Some CAPEX planned for mining project (~INR 350 crores), expected mostly in Q4 FY '27 and FY '28. No explicit mention of fresh debt or equity fundraising

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KNR Constructions LtdQ4 FY27Construction

KNR Constructions Ltd Q4 FY27 Earnings Call Analysis

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

Price: ₹137P/E: 6.7Market Cap: ₹3.6K CrSector: Construction

Management growth scorecard

Revenue

Category 4

Margin

Category 3

Fundraise

N/A

Order

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 4

→FY26 revenue expected to close around INR 2,000 crores; Q4 FY26 estimated at INR 450 crores.
→FY27 revenue guidance also around INR 2,000 crores based on existing order book; potential upside if new orders are secured.
→Order inflow target of INR 10,000 - 12,000 crores by September 2026, with continued bidding activity including 63 projects from NHAI before March.
→Current order book around INR 8,850 crores, with expected execution of approx. INR 2,000 crores in FY27 from existing orders.
→Expected margin improvement and volume expansion from FY28 onwards, with sustainable EBITDA margin targeted around 13%-14%.
→New project wins anticipated to start contributing in later quarters of FY27 and gain momentum in FY28.
→Active participation in HAM, irrigation, railway, metro, and solar bids to drive future growth.

Margin guidance

Category 3

→FY '26 revenue is expected at around INR 2,000 crores; Q4 revenue forecasted at approx. INR 450 crores.
→FY '27 revenue guidance is similarly INR 2,000 crores based on existing orders, with potential upside from new order inflows.
→Order inflow targets: INR 10,000–12,000 crores by September 2026, primarily from NHAI HAM projects.
→Execution of existing order book (approx. INR 8,850 crores) is expected to contribute INR 2,000 crores revenue in FY '27.
→EBITDA margin expected to improve from current low levels but not to 13%-14% until FY '28.
→FY '27 EBITDA margin projected at 9%-10%, with FY '28 seen as a “very bright year” for margin recovery and revenue growth (potential INR 4,500 crores revenue).
→Earnings growth aligns with improving order inflows, better project execution, and sector recovery from FY '28 onwards.
→FY '28 EPS expected to improve significantly with margin normalization and revenue scaling.

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Fundraise plans

→No specific mention of any new fundraising through debt or equity in the provided transcript.
→Current consolidated debt as of December 2025 stands at around INR 2,400 crores, expected to reduce to INR 500 crores after divestments by March 2026.
→Standalone debt is zero with a cash surplus of INR 80 crores as of December 2025.
→Future equity infusion planned is INR 235 crores for HAM projects—INR 87 crores in FY '26 and INR 148 crores in FY '27.
→Some CAPEX planned for mining project (~INR 350 crores), expected mostly in Q4 FY '27 and FY '28.
→No explicit mention of fresh debt or equity fundraising announced or planned beyond these equity infusions and capital expenditures.

Order book

→Current order book stands at approximately INR 8,850 crores, including INR 3,500 crores from mining and INR 1,700 crores from irrigation.
→Excluding mining and unbilled irrigation (INR 800 crores), the net order book is around INR 4,300 crores for civil work.
→Unbilled revenue at the company level is around INR 1,355 crores.
→Pending bids include roughly INR 7,000-8,000 crores quoted, awaiting results.
→Upcoming bidding planned for INR 10,000-12,000 crores by September 2026.
→Around 63 projects are due for bidding before March 2026, ranging from INR 500 crores to INR 4,000 crores.
→Selected 53 NHAI bids, sizes ranging from INR 400 crores up to INR 5,000-6,000 crores.
→Railway bids: 26 ongoing, plus metro and solar bids expected.
→Order inflow this year around INR 4,000 crores mainly from mining; other EPC projects total around INR 800 crores.

Capex plans

Yes

- Mining Project CAPEX: - Total CAPEX ~ INR 350 crores. - Expected CAPEX likely in Q4 FY27 and remaining in FY28. - Forest clearance pending, physical work readiness will trigger CAPEX disbursement. - HAM Projects Equity Infusion: - Revised equity infusion required: INR 962 crores total. - Already invested INR 727 crores. - Additional INR 235 crores to be infused, INR 87 crores in FY26 and INR 148 crores in FY27. - CAPEX in FY26: - INR 5 crores CAPEX added in the current year. - Closure of Projects (leading to cash inflow but indirect capex impact): - Targeting closure of Palani and Ramgiri projects by March 2026 with expected cash of ~INR 500 crores. No other major strategic investment or CAPEX explicitly mentioned for immediate future.

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