KNR Constructions Limited (KNRCON)
Micro CapInfra stocks · Micro cap · NSE
KNR Constructions Limited is a leading Indian infrastructure company providing Engineering, Procurement, and Construction (EPC) services. It specializes in Roads & Highways, Irrigation, Urban Water Infrastructure, and Mining projects, with over 25 years of experience across 12 states.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100Rev -4% YoY · PAT -34% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹588 Cr | -4.1% | -15.5% |
| EBITDA | ₹96 Cr | -47.5% | -43.2% |
| Operating margin | 16.0% | -1400 bps | -800 bps |
| PAT | ₹81 Cr | -34.1% | -23.6% |
| PAT margin | 13.8% | -629 bps | -145 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Standalone Q4 FY26 Revenue declined 37% YoY to Rs 5,353 Mn, with PAT down 74% to Rs 192 Mn. Full-year FY26 Revenue fell 38% YoY to Rs 20,967 Mn, and PAT plunged 84% to Rs 1,161 Mn. Consolidated results also show significant declines, though PAT improved QoQ.
KNRCON's Q4 and FY26 results show substantial declines in standalone revenue and profitability, indicating operational challenges. While new HAM projects were awarded, the sharp drop in financial performance raises concerns about execution and project pipeline conversion. Consolidated PAT improved QoQ but full-year is down significantly.
Order Book Break-up (Post new wins)
Latest issuer-disclosed distribution across 5 reported categories.
New HAM Project Awards
Received LOA for NHAI HAM Project in Telangana (Rs 1,734 Cr) and TANSHA HAM Project in Tamil Nadu (Rs 2,163 Cr).
Mining Sector Entry
Bagged 1st ever Mining Project in JV from Patratu Vidyut Utpadan Nigam Ltd with contract value of Rs 48,006 Mn in FY25.
Asset Monetization
Proposed sale of 100% shareholding in 4 HAM SPVs to Indus Infra Trust for total consideration of Rs 15,432 Mn, expected by Sep 2026.
Focus on Higher Engineering Skills
Strategy to focus on projects involving higher degree of engineering skills.
New Subsidiaries for HAM Projects
Incorporated KNR Manyamkonda Infra Private Limited and KNR Mahabalipuram Infra Private Limited for new HAM projects.
Government Infrastructure Push
Management aims to capitalize on opportunity of huge infrastructure development in the country.
Revenue Contraction
Standalone revenue declined 38% YoY for FY26, and consolidated revenue declined 43% YoY for FY26.
Profitability Decline
Standalone PAT declined 84% YoY for FY26, and consolidated PAT declined 56% YoY for FY26.
Project Execution Risk
Significant decline in revenue and profit suggests potential delays or challenges in project execution or billing cycles.
Concentration Risk (Order Book)
70% of the updated order book is from South India, and Mining sector accounts for 30%.
Working Capital Management
Standalone Net Working Capital Days increased to 97 in Mar-26 from 89 in Mar-25.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company operates in project-based construction, where annual performance (YoY) reflects project cadence and completion cycles. Quarterly (QoQ) comparison is also relevant for assessing sequential momentum in project execution and new order inflows.
Order Book
Rs 86,725 Mn as on 31st March 2026. Recently won projects worth Rs 32,300 Mn not yet included, bringing total to Rs 119,025 Mn.
Net Debt (Standalone)
Rs 0 Mn as of Mar-26 (from Rs 0 Mn in Mar-25).
Net Debt (Consolidated)
Rs 24,376 Mn (Non-current borrowings of Rs 22,697.8 Mn + Current borrowings of Rs 1,678.2 Mn) as of Mar-26.
Operating Cash Flow (Standalone)
Net Cash from Operating Activities was Rs 427.1 Mn for FY26, up from -Rs 2,637.0 Mn in FY25.
Strategic Joint Ventures
Continuously explores growth opportunities by forming strategic Joint Ventures (JVs).
Timely Project Execution
Execute all projects on time or ahead of schedule.
Client Focus
Focus on securing EPC contracts from reputed Clients and Concessionaires.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Conversion | Rs 119,025 Mn (including new wins). | Conversion of new LOAs into executed projects and revenue recognition. |
| Asset Monetization Completion | Proposed sale of 4 HAM SPVs for Rs 15,432 Mn by Sep 2026. | Timely completion of divestment and cash realization. |
| Working Capital Days | 97 days (Standalone, Mar-26). | Improvement in working capital cycle, especially debtors and inventory. |
| Profitability Margins | Standalone EBITDA margin 8.5% (FY26), PAT margin 5.5% (FY26). | Stabilization and improvement in operating and net profit margins. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
50NeutralSMA20 +1.5% / mo · MACD − · sector +2.3pp vs Nifty (3M)
Technical chart
KNRCONdaily · 1Y · AUTO+0.6%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 48. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~1.5% over last month) — short-term momentum positive.
- RSI(14) at 48 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 43% off 52W high · 15% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 44 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 44 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 27.8%.
- Valuation contributes 25/30 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 7/25; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 13th percentile of the scored universe and 22nd percentile within Infra. Main check: results consistency is weak at 5/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-149 Cr.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Infra: 22nd pctile, median 64 · Micro: 9th pctile, median 73
153 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
Trust risks
- ▸Operating cash flow is negative at ₹-149 Cr.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -11.3%.
- ▸0/4 latest quarters had positive YoY revenue growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 10.30
- P/B
- 0.71
- EV/EBITDA
- 8.75
- Market Cap
- 3506.00Cr
Profitability
- ROE
- 9.19%
- ROCE
- 10.40%
- ROA
- 4.85%
- Dividend Y
- 0.20%
Growth (CAGR)
- Revenue 5Y
- -1.00%
- EPS 5Y
- 5.00%
- Revenue 3Y
- -13.00%
- EPS 3Y
- 2.00%
Balance Sheet
- Debt/Equity
- 0.49
- Interest Coverage
- 2.89×
- Altman Z
- 2.32
- Book Value
- 177.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- -149.00 Cr
- EPS TTM
- 14.03
Shareholding
- Promoter Hold
- 48.81%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 14%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Infra, ranked by similarity
Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.