Overview

Detailed Summary

KNR Constructions Limited is an Indian engineering, procurement and construction (EPC) company focused on highways, bridges, irrigation, pipelines and recently mining, with over 25 years of execution experience, a pan‑India footprint, a large in‑house equipment fleet and a mix of HAM/BOT/SPV projects alongside third‑party EPC contracts across multiple states.
KNR reported a sharp YoY earnings contraction in Q3 FY26: standalone revenue fell to ₹5,851 million (‑21% YoY) with EBITDA collapsing to ₹306 million (5.2% margin) and PAT to ₹176 million, driven by completion‑phase projects, higher back‑to‑back subcontracting in pipelines and one‑off viaduct costs; consolidated results remain proportionally stronger due to SPV economics and asset accounting.
The company announced execution‑stage asset monetization via SPAs with Indus Infra Trust for four SPVs where KNR will invest ₹5,668 million and receive ₹15,432 million overall; management expects partial cash realization by March and full transaction closure by September 2026, which will materially alter consolidated debt and working capital dynamics.
KNR's order book of ₹88,488 million is highly concentrated: mining comprises ~40%, irrigation and pipelines ~31% combined, and HAM/roads ~29%; significant mining exposure introduces start‑up timing risk (forest clearances) that delays revenue recognition, creating a lumpy execution profile over the next two years.
Credit profile and balance sheet signals are mixed: CRISIL reaffirmed AA (Stable) and A1+ ratings, consolidated net debt stood at ~₹2,443 crore (net debt/equity ~0.5x) while standalone had near zero debt and ~₹80 crore cash; asset monetization proceeds are expected to reduce consolidated leverage meaningfully.

Sector: Construction
Industry: Civil Construction
Market Cap: 3,406 Cr
Volatility: Moderate Risk
P/E Ratio: 7.2
Industry P/E: 25.0
PEG Ratio: —
P/B Ratio: 0.7
52W High: 247.65
52W Low: 108.55

Sales CAGR

1Y: 7.31%
3Y: 0.87%
5Y: 8.40%
10Y: 15.72%

Profit CAGR

1Y: 33.17%
3Y: 23.87%
5Y: 26.36%
10Y: 18.20%

ROE

TTM: 14.48%
3Y: 20.74%
5Y: 19.75%
10Y: 19.25%

ROCE

TTM: 13.49%
3Y: 23.42%
5Y: 22.37%
10Y: 20.15%

Technicals

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Peers

Industrials Construction Construction Civil Construction

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MANINFRA		92.81	3,881 Cr	15.90	1.78	0.87	12.42	17.77	10.49
JKIL		456.80	3,870 Cr	8.84	1.22	0.78	12.87	17.60	6.25
ASHOKA		112.95	3,780 Cr	1.12	0.90	0.00	36.41	35.00	15.01
RAMKY		515.00	3,536 Cr	15.94	1.72	0.00	9.80	14.41	5.14
KNRCON		121.10	3,406 Cr	7.24	0.72	0.21	14.48	13.49	4.33
INTERARCH		1986.00	3,340 Cr	24.52	4.17	0.62	15.93	21.19	10.93
PSPPROJECT		635.90	2,826 Cr	61.26	2.31	0.00	2.29	5.36	1.54
Median: 7 Co.	—	456.80	3,536 Cr	15.90	1.72	0.21	12.87	17.60	6.25

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	1,038	996	1,414	985	1,945	848	975	613	647	743
Expenses	807	770	1,039	706	1,075	593	754	430	454	576
Operating Profit	232	226	375	279	870	256	222	183	193	167
OPM %	22.30	22.68	26.49	28.29	44.72	30.14	22.71	29.86	29.78	22.43
Other Income	5.34	6.52	125	21	132	122	-100	25	7.48	14
Interest	21	28	37	37	89	41	41	48	53	55
Depreciation	39	41	41	30	238	23	23	15	15	15
Profit Before Tax	177	164	422	232	675	313	58	144	132	110
Tax %	19.52	17.22	22.42	23.52	13.35	19.97	87.31	16.10	22.21	7.79
Net Profit	143	136	328	178	585	251	7.32	121	103	102
EPS in Rs	5.24	4.96	12.56	6.14	15.70	8.84	4.95	4.39	3.72	3.66

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,680	2,070	2,292	2,452	2,904	3,606	4,062	4,429	4,753	4,381
Expenses	1,416	1,623	1,755	1,829	2,207	2,807	3,145	3,382	3,128	2,851
Operating Profit	264	446	537	622	696	799	917	1,048	1,625	1,530
OPM %	15.72	21.56	23.42	25.39	23.98	22.15	22.58	23.65	34.20	34.92
Other Income	30	56	75	66	144	78	98	163	156	179
Interest	73	80	89	110	131	148	153	106	208	219
Depreciation	116	194	230	254	190	165	181	157	314	300
Profit Before Tax	106	228	292	324	520	563	681	948	1,260	1,190
Tax %	6.60	-0.32	9.39	21.12	26.35	34.97	35.50	20.68	20.46	19.01
Net Profit	99	229	265	256	383	366	439	752	1,002	964
EPS in Rs	—	—	—	9.44	14.48	13.58	16.29	27.64	35.63	16.72
Dividend Payout %	6.12	2.31	2.08	5.30	1.73	1.84	1.53	0.90	0.70	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	28	28	28	28	28	56	56	56	56	56
Reserves	669	786	1,020	1,283	1,533	1,912	2,271	2,723	3,498	4,485
Borrowings	737	698	742	707	826	764	1,464	652	1,262	1,849
Other Liabilities	618	730	818	711	1,116	1,275	1,479	911	987	741
Total Liabilities	2,051	2,242	2,608	2,729	3,503	4,007	5,270	4,342	5,804	7,131
Fixed Assets	833	1,164	1,276	1,255	1,202	704	800	758	669	341
CWIP	430	91	1.15	0.01	10	2.38	21	2.51	2.18	0.41
Investments	17	138	118	117	138	134	164	205	253	257
Other Assets	771	849	1,213	1,357	2,153	3,167	4,287	3,377	4,880	6,533
Total Assets	2,051	2,242	2,608	2,729	3,503	4,007	5,270	4,342	5,804	7,131

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	246	366	221	256	231	-76	-336	1,194	-316	-567
Cash from Investing Activity	-244	-250	-163	-183	-202	260	-408	67	-15	-167
Cash from Financing Activity	1.47	-124	-38	-108	2.22	-98	765	-1,217	496	480
Net Cash Flow	3.33	-7.57	20	-35	31	87	20	44	165	-253

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	51.09%	51.09%	51.09%	51.09%	48.81%	48.81%	48.81%	48.81%	48.81%	48.81%	48.81%	48.81%
FIIs	5.97%	6.61%	7.57%	7.13%	8.18%	6.66%	6.99%	6.91%	7.06%	7.51%	7.38%	6.29%
DIIs	33.66%	32.27%	29.33%	30.47%	30.76%	30.47%	29.70%	28.32%	25.11%	21.52%	20.02%	19.31%
Public	9.27%	10.03%	12.01%	11.31%	12.26%	14.06%	14.50%	15.97%	19.03%	22.17%	23.79%	25.59%
Total Shareholders	96,007	1,04,071	1,15,770	1,30,671	1,56,477	1,96,244	2,09,987	2,20,679	2,30,986	2,48,233	2,45,326	2,42,702

Market Transactions

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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