Any current/future new fundraising through debt or equity?

Mining project capex will be funded at the parent company level, using internal accruals or potentially higher purchase loans. A monetization proposal is underway to support funding requirements. No explicit mention of new equity fundraising. The company is leveraging internal accruals and considering new debt for capex and project funding. Existing capex for current projects is deemed sufficient, with no major additional capex anticipated in the near term. No specific plans disclosed regarding any fresh large-scale debt or equity raise beyond the mining project funding arrangements.

Any current/future capex/capital investment/strategic investment?

Capex in FY26 was around INR4 crores, with almost no significant capex in Q4 FY26. (Page 17) Targeted capex for FY27 is low since the existing capex is sufficient for ongoing projects. (Page 16) Planned capex of INR200-250 crores expected related to mining projects when they start. (Page 14) Mining project capex (~INR350 crores) to be funded at standalone level using internal accruals or debt; mining revenue expected from Q4 FY27 or FY28. (Page 11) Exploring land acquisition for solar projects, with ongoing efforts in Maharashtra and Karnataka for large-scale solar EPC projects (above 500 MW).

Future growth expectations in sales/revenue/volumes?

FY27 revenue target: Around INR 2,200 to 2,300 crores, slightly higher than INR 2,000 crores in FY26. FY28 revenue target: Above INR 3,000 crores, with significant execution from newly awarded HAM projects. Mining project expected to contribute INR 300-400 crores revenue in FY28, ramping up to INR 1,000 crores in fifth year. Execution from two new HAM projects targeted at INR 1,000-1,200 crores in FY28. Overall order book expected to grow to INR 18,000-19,000 crores by end of FY27. Strong order inflow pipeline of INR 8,000-10,000 crores for FY27, including mining, roads, and NHAI HAM projects.

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

KNR Constructions targets revenue growth from around INR2,000 crores in FY26 to INR2,200-2,300 crores in FY27, and aims for INR3,000+ crores in FY28. EBITDA margins are expected to be maintained around 10%-11% in FY27 and likely similar in FY28, despite more competitive bidding and tighter margins. The company anticipates steady execution from HAM projects, with INR1,000-1,200 crores revenue from two HAMs in FY28. Mining projects are expected to contribute INR300-400 crores in FY28, peaking later at INR1,000 crores annual turnover. Order inflow target for next year is INR8,000-10,000 crores, i

Current/ Expected Orderbook/ Pending Orders?

As of March 31, 2026, total order book stands at INR 8,672 crores (excluding recent HAM projects). Including newly won HAM projects, total order book rises to INR 11,903 crores. Order book composition: 49% roads, 14% irrigation, 7% pipeline, 30% mining projects. Client-wise: 61% third-party clients, 39% captive HAM projects. Among third-party, 59% state government, 1% central government, 1% private. Execution timeline: orders to be executed over 3 to 3.5 years excluding mining. Pipeline for FY27 includes bids worth INR 4,000 crores (GHMC, mining, Northeast NHAI HAM). Additional bid

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KNR Constructions LtdQ1 FY26Construction

KNR Constructions Ltd Q1 FY26 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 3

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→FY27 revenue target: Around INR 2,200 to 2,300 crores, slightly higher than INR 2,000 crores in FY26.
→FY28 revenue target: Above INR 3,000 crores, with significant execution from newly awarded HAM projects.
→Mining project expected to contribute INR 300-400 crores revenue in FY28, ramping up to INR 1,000 crores in fifth year.
→Execution from two new HAM projects targeted at INR 1,000-1,200 crores in FY28.
→Overall order book expected to grow to INR 18,000-19,000 crores by end of FY27.
→Strong order inflow pipeline of INR 8,000-10,000 crores for FY27, including mining, roads, and NHAI HAM projects.
→Margins anticipated around 10-11% EBITDA with competition leading to tighter pricing but focus on productivity improvements.

Margin guidance

Category 3

→KNR Constructions targets revenue growth from around INR2,000 crores in FY26 to INR2,200-2,300 crores in FY27, and aims for INR3,000+ crores in FY28.
→EBITDA margins are expected to be maintained around 10%-11% in FY27 and likely similar in FY28, despite more competitive bidding and tighter margins.
→The company anticipates steady execution from HAM projects, with INR1,000-1,200 crores revenue from two HAMs in FY28.
→Mining projects are expected to contribute INR300-400 crores in FY28, peaking later at INR1,000 crores annual turnover.
→Order inflow target for next year is INR8,000-10,000 crores, including mining, roads, irrigation, and NHAI projects.
→The broader opportunity in infrastructure sectors like mining, irrigation, and rail connectivity is expected to support sustained growth.
→New orders and improved execution efficiency are expected to underpin gradual earnings growth despite industry challenges.

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Fundraise plans

Yes

→Mining project capex will be funded at the parent company level, using internal accruals or potentially higher purchase loans.
→A monetization proposal is underway to support funding requirements.
→No explicit mention of new equity fundraising.
→The company is leveraging internal accruals and considering new debt for capex and project funding.
→Existing capex for current projects is deemed sufficient, with no major additional capex anticipated in the near term.
→No specific plans disclosed regarding any fresh large-scale debt or equity raise beyond the mining project funding arrangements.

Order book

Yes

→As of March 31, 2026, total order book stands at INR 8,672 crores (excluding recent HAM projects).
→Including newly won HAM projects, total order book rises to INR 11,903 crores.
→Order book composition: 49% roads, 14% irrigation, 7% pipeline, 30% mining projects.
→Client-wise: 61% third-party clients, 39% captive HAM projects. Among third-party, 59% state government, 1% central government, 1% private.
→Execution timeline: orders to be executed over 3 to 3.5 years excluding mining.
→Pipeline for FY27 includes bids worth INR 4,000 crores (GHMC, mining, Northeast NHAI HAM).
→Additional bids of INR 4,000-5,000 crores targeted for FY27.
→Overall, pipeline projects and bids could take order book to INR 18,000-19,000 crores by FY27 end.
→Target order inflows for FY27: INR 8,000 to INR 10,000 crores.
→Unbilled revenue: approximately INR 800 crores in irrigation and INR 500 crores in roads.

Capex plans

Yes

→Capex in FY26 was around INR4 crores, with almost no significant capex in Q4 FY26. (Page 17)
→Targeted capex for FY27 is low since the existing capex is sufficient for ongoing projects. (Page 16)
→Planned capex of INR200-250 crores expected related to mining projects when they start. (Page 14)
→Mining project capex (~INR350 crores) to be funded at standalone level using internal accruals or debt; mining revenue expected from Q4 FY27 or FY28. (Page 11)
→Exploring land acquisition for solar projects, with ongoing efforts in Maharashtra and Karnataka for large-scale solar EPC projects (above 500 MW). (Page 16-17)
→Discussions underway for data center projects near Hyderabad, with strategic partnerships and EPC by KNR planned. (Page 16-17)

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