KNR Constructions LimitedInfrastructure & ConstructionKNRCON
Q1 FY27 earnings callKNR Constructions Limited
Revenue growth is expected from the start of new HAM and mining projects in Q3, alongside potential recovery of significant irrigation receivables.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Revenue Q1 FY27 | INR587.9 crores | — | |
| Consolidated EBITDA Margin Q1 FY27 | 16.4% | — | |
| Consolidated Net Profit Q1 FY27 | INR80.7 crores | — | |
| Total Order Book (incl. recent wins) | INR15,234 crores | — | |
| Consolidated Net Debt to Equity (30 Jun 2026) | 0.9 | 0.41 |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹848.10 Cr-14.9% YoY-56.4% QoQ | ₹248.27 Cr+83% YoY-57.2% QoQ | ₹8.84+78.2% YoY-43.7% QoQ |
| Q2 FY25 | ₹1,944.86 Cr+87.3% YoY+97.4% QoQ | ₹580.03 Cr+306.3% YoY+249.5% QoQ | ₹15.70+199.6% YoY+155.7% QoQ |
| Q1 FY25 | ₹985.00 Cr+0.4% YoY-30.3% QoQ | ₹165.98 Cr+24.6% YoY-51.3% QoQ | ₹6.14+25.8% YoY-51.1% QoQ |
| Q4 FY24 | ₹1,414.00 Cr+13.5% YoY+42% QoQ | ₹340.61 Cr+140.3% YoY+151% QoQ | ₹12.56+139.7% YoY+153.2% QoQ |
| Q3 FY24 | ₹996.01 Cr+13.8% YoY-4.1% QoQ | ₹135.69 Cr+25.3% YoY-4.9% QoQ | ₹4.96+31.9% YoY-5.3% QoQ |
TL;DR
- Order book stands at INR15,234 crores, with mining now comprising 45%.
- Execution is expected to ramp up in H2 FY27 with new HAM and mining projects starting.
- Management is targeting FY27 revenue of INR2,200-2,300 crores and EBITDA margin of 8-9%.
- Positive discussions are ongoing for recovery of ~INR650 crores in Telangana irrigation receivables.
- Capital expenditure for FY27 is guided at INR350-400 crores, primarily for mining equipment.
- Order inflow target for FY27 is INR8,000-10,000 crores.
Said on the call
“FY28 should be the good year because whatever the projects are there, projects will completely start in FY28. So FY28 should be more than actually INR3,000 crores, we will try to achieve.”
From the Q&A
| Topic | What management said |
|---|---|
| Execution and Revenue Outlook | Management targets FY27 revenue of INR2,200-2,300 crores (~10-15% growth) and FY28 revenue exceeding INR3,000 crores. |
| Margins Guidance | EBITDA margin is guided at 8-9% for FY27, with Q3/Q4 expected to be 11-12%; Q1 margin of 15% included a ~INR46 crore one-off benefit. |
| Irrigation Receivables Recovery | Positive discussions with Telangana government for paying ~INR650 crores in 5-6 monthly installments; management expects INR400-500 crores recovery in FY27. |
| Mining Project Capex and Economics | Capex for the new Kusmunda mine is INR500-600 crores; the project is expected to yield PAT margins of 6%+, with revenue of INR150 crores in FY27 and INR400 crores in FY28. |
| Order Book and Segment Mix | Order book of INR15,234 crores is split: Roads 38%, Irrigation 11%, Pipeline 6%, Mining 45%; the mining order is large but generates lower annual turnover due to long duration. |
| Buyback Consideration | Management confirmed a buyback is under consideration, with a final decision pending a board meeting. |
Guidance
- FY27 revenue target: INR2,200-2,300 crores.
- FY27 EBITDA margin target: 8-9% (with Q3/Q4 at 11-12%).
- FY28 revenue target: >INR3,000 crores.
- FY27 order inflow target: INR8,000-10,000 crores.
- FY27 capex plan: INR350-400 crores.
Source
Summary written from the transcript filed by KNR Constructions Limited for the call held on 14 Aug 2026; published 20 Aug 2026, 17:26 IST.