India · Delayed Price · Currency is INR KNR Constructions Earnings Call Transcripts
Fiscal Year 2026
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FY 2026 saw robust execution and strong order book growth, with consolidated revenue at INR 2,698 crore and net profit at INR 473 crore. Margin pressure is expected due to competitive bidding, but management targets INR 8,000–10,000 crore in new orders for FY 2027 and expects resolution of major receivables in the coming months.
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Q3 and nine months FY 2026 saw muted execution and margin pressure, but a robust order book, asset monetization, and strong policy support position the company for growth. FY 2026 revenue is expected at INR 2,000 crore, with margin recovery likely from FY 2028.
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H1 FY26 was marked by slow order inflow and muted execution, but a strong pipeline and government focus on infrastructure are expected to drive a recovery in H2. Financials showed stable margins, with order book diversification and asset monetization in progress.
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Revenue and profitability declined YoY due to project completion and muted new order inflow, with FY 2026 guidance revised to INR 2,000–2,500 crores and EBITDA margin at 13–13.5%. Mining and water projects are expected to drive growth from FY 2027, while working capital remains stretched due to delayed irrigation payments.
Fiscal Year 2025
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Q4 and FY25 saw strong revenue and profit growth, with robust order book and execution progress. FY26 revenue is guided at INR 2,500–3,000 crores, with significant new order inflow targeted and margin guidance at 13–14%.
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Revenue and profit grew strongly YoY, driven by arbitration gains and robust execution, though order inflow and receivables remain key concerns. FY26 guidance points to lower revenue and margins due to a thin order book, but management targets INR 8,000-10,000 crores in new orders within the next few months.
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Q2 and H1 FY25 saw robust revenue and profit growth, driven by settlement income and strong execution. The order book is diversified, with a focus on roads, irrigation, and pipeline projects, and the company targets INR 6,000–8,000 crore in new orders for FY25.
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Q1 FY25 saw stable revenues with EBITDA and net profit up 11% and 20% YoY, respectively. Order book stands at INR 4,922 crore, with a target of INR 6,000-7,000 crore in new orders by FY25 end. Margin guidance is 15-16%, and significant receivables from Telangana remain a risk.