KNR Constructions Ltd(KNRCON)

NSE: KNRCONBSE: 532942

₹ 98.15-4.80%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,760 crWebsite: www.knrcl.comUpdated: 24 Oct 2026

About

KNR Constructions Ltd is an Indian civil construction company executing road (HAM and EPC), irrigation, pipeline and coal mining projects, primarily for NHAI and state governments in southern and central India. With a total order book of ₹15,234 cr as of Q1 FY27 - including a new ₹3,361 cr coal mining project - the company is diversifying beyond highways into mining, railways, metro and energy infrastructure.^[1][2]

Order book and mix

Total order book as of Q1 FY27 stands at ₹15,234 cr (including two new HAM projects and the Kusmunda mining project), up from ₹11,903 cr at Q4 FY26 and ₹8,849 cr at Dec-25.^[2][3][4]
Order book mix at Q1 FY27: roads 38%, mining 45%, irrigation 11%, pipeline 6%. Mining now the single largest segment by value.^[2]
Excluding the new wins, the order book at June 2026 was ₹8,667 cr; unbilled revenue within the order book stood at ₹1,220 cr in Q1 FY27.^[2]
Book-to-bill on the non-mining book is approximately 3 - 3.5 years at Q1 FY27.^[2]

Order inflow

KNR received an LOA from South Eastern Coalfields Ltd for coal mining at Kusmunda OCP, Chhattisgarh, in JV with Sushee Infra & Mining Ltd; project value ₹3,361 cr (ex-GST) over 8 years. KNR executes 100% EPC back-to-back from the JV.^[2]
Two HAM project LOAs received in Q4 FY26: ECR Chennai elevated corridor (₹2,163 cr, TANSHA) and NH-167 Gudebellur - Mahabubnagar (₹1,734 cr, NHAI); combined value ₹3,897 cr.^[3]
Two urban EPC LOAs received in Q2 FY26 from Greater Hyderabad Municipal Corporation: NH65 Kukatpally flyover ₹72 cr and Khajaguda - IIIT multilevel flyover ₹459 cr.^[5]
LOA received in Q3 FY26 from Musi Riverfront Development Corporation for an iconic bridge across Mir Alam Tank, Hyderabad: ₹319 cr, 24-month construction period.^[4]
Order inflow for 9M FY26 was ~₹4,300 cr; FY27 inflow target is ₹8,000 - 10,000 cr.^[4][2]

Key operating metrics

Standalone revenue was ₹2,097 cr in FY26, down 38% YoY, reflecting an order-execution gap from a multi-year NHAI awarding slowdown.^[3]
Standalone EBITDA margin was 8.5% in FY26 vs 18.6% in FY25; Q1 FY27 underlying margin (excluding ₹46 cr HAM SPV one-off) was approximately 5.5%.^[3][2]
Q1 FY27 revenue mix (standalone): HAM 70%, EPC 25%, irrigation 3%.^[2]
Standalone net working capital days rose to 133 days at June 2026 from 78 days at March 2026, driven by Telangana irrigation receivables of ₹1,450 cr overall (₹1,300 cr from Package 4 alone).^[2]

HAM portfolio and monetisation

KNR has executed 8 HAM projects; cumulative HAM equity invested as of June 2026 was ₹595 cr of the ₹805 cr total requirement.^[2]
KNR Ramagiri SPV: invested ₹83 cr, received ₹227 cr consideration from Indus Infra Trust. KNR Palani SPV: invested ₹64 cr, received ₹295 cr including ₹90 cr cash surplus as EPC claim.^[2]
Four SPV SPAs with Indus Infra Trust were executed on 24 December 2025 for total consideration of ₹1,543 cr against ₹566.8 cr invested; Guruvayur and Ramanattukara transfers were pending as of Q1 FY27, targeted by September 2026.^[4][2]
Two new HAM projects (ECR Chennai and Mahabubnagar) have an additional equity requirement of approximately ₹510 cr; appointed dates expected in Q3 FY27.^[2]

Project execution status

Mysore - Kushalnagara Package IV (20% physical progress) and Package V (18.28%) were stalled by land unavailability and local protests; full land was handed over approximately two months before the Q1 FY27 call. PCOD targeted December 2026 on available stretch; full completion by April - May 2027.^[2]
Telangana irrigation Package 4 receivables of ₹1,300 cr remain uncollected as of June 2026; ₹400 - 500 cr expected to be collected in FY27 via monthly instalments of ₹70 - 90 cr.^[2]
Water pipeline project remaining order book approximately ₹830 cr as of Q1 FY27; revenue of ₹300 - 400 cr targeted in FY27.^[2]
Kusmunda mine appointed date targeted for the first week of September 2026; mining equipment (100-tonne dumpers, surface miners, excavators) capex of ₹400 - 450 cr planned for FY27, with partial orders of ₹200 - 250 cr already placed.^[2]

Capex and balance sheet

Consolidated gross debt fell to ₹1,975 cr at June 2026 from ₹2,438 cr at March 2026 following SPV transfers; net debt-to-equity rose to 0.9x from 0.49x over the same period.^[2]
Standalone cash stood at ₹310 cr at June 2026. Standalone capex was ₹14 cr in Q1 FY27; full-year FY27 standalone capex planned at ₹350 - 400 cr, predominantly for Kusmunda mining.^[2]
Banhardih mine (Jharkhand) capex approximately ₹200 cr in FY27 is conditional on land acquisition completing within 5 - 6 months; uses existing road equipment.^[2]

Diversification into new segments

KNR formed a JV with NCC for metro civil projects and submitted a bid for Bhubaneswar elevated metro as of Q1 FY27; it is also pursuing railway civil works including AP allocation of ₹10,134 cr and the South Coast Railway zone.^[2]
Battery energy storage system (BESS) bids are being submitted cautiously given price-volatility risks; solar EPC pursuit (>500 MW scale in Maharashtra and Karnataka) is at an exploratory stage.^[2][3]
A data centre EPC project in Hyderabad (agentic AI + data centre model with partners) was at MoU stage as of Q4 FY26.^[3]

Market Cap

₹2,760 Cr

High / Low

₹192 / 109

Stock P/E

8.0

Price / Book

0.6

Book Value

₹177

EPS

₹15.5

No. of Shares

28.12 Cr

ROCE

10.6%

ROE

9.2%

OPM

25.9%

Debt / Equity

0.49

Sales

₹2,698 Cr

Net Profit

₹437 Cr

Promoter holding

48.8%

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