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KNRCON - KNR Construct.

📊 NSE: KNRCON 🏢 Construction 📅 Last Updated: 12/14/2025 8:58

📢 Recent Corporate Announcements

KNR Constructions Secures ₹50.47 Crore Flyover Project from GHMC in Telangana

🟢 POSITIVE ⭐ 5/10

EXPANSION 📅 12 Mar 2026, 11:49 AM

KNR Constructions Limited has received a Letter of Acceptance from the Greater Hyderabad Municipal Corporation (GHMC) for a new infrastructure project in Telangana. The contract involves the construction of a 4-lane unidirectional flyover at Rasoolpura on an EPC/Turnkey basis. The project is valued at approximately ₹50.47 Crores (excluding GST) and is expected to be completed within a 24-month timeframe. This order win reflects the company's continued focus on urban infrastructure projects in its core operating regions.

Awarded a contract worth ₹50.47 Crores (excluding GST) by Greater Hyderabad Municipal Corporation
Project involves construction of a 4-lane unidirectional flyover at Rasoolpura, Telangana
Execution to be carried out on an Engineering Procurement Construction (EPC) / Turnkey basis
The construction period for the project is stipulated at 24 months

💡 Investors should view this as a routine but positive addition to the order book. While the contract size is relatively small for KNR, it demonstrates steady project flow and execution visibility in the urban infrastructure segment.

KNR Constructions Signs Concession Agreement for ECR Elevated Corridor HAM Project

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 26 Feb 2026, 01:29 PM

KNR Constructions' wholly-owned subsidiary, KNR Mahabalipuram Infra Private Limited, has officially signed a Concession Agreement with the Tamil Nadu State Highways Authority (TANSHA). The project involves the construction of a four-lane elevated corridor along the East Coast Road (ECR) from Thiruvanmiyur to Uthandi in Tamil Nadu. This project will be executed under the Hybrid Annuity Mode (HAM), which typically provides better cash flow visibility for the developer. The signing of this agreement is a critical milestone that moves the project from the 'awarded' stage toward the 'execution' stage.

Concession Agreement signed on February 26, 2026, for the ECR elevated corridor project.
Project covers a four-lane elevated corridor from design Chainage Km 11+480 to Km 24+780.
Execution will be handled by a dedicated wholly-owned subsidiary under the Hybrid Annuity Mode (HAM).
Counterparty for the project is the Tamil Nadu State Highways Authority (TANSHA).

💡 Investors should monitor the project for the announcement of the 'Appointed Date,' which will mark the official start of construction and revenue recognition. This development reinforces KNR's strong execution capabilities in the infrastructure and HAM segments.

KNR Constructions Incorporates New SPV for ECR Elevated Corridor Project

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 24 Feb 2026, 01:58 PM

KNR Constructions has incorporated a new wholly-owned subsidiary, KNR Mahabalipuram Infra Private Limited, as a Special Purpose Vehicle (SPV). This SPV is dedicated to the construction of a four-lane elevated corridor on the East Coast Road (ECR) in Tamil Nadu, spanning approximately 13.3 km from Thiruvanmiyur to Uthandi. The project will be executed under the Hybrid Annuity Mode (HAM), which typically offers better risk-sharing and cash flow visibility. The subsidiary has been incorporated with an initial authorized capital of ₹10 lakh.

Incorporated 'KNR Mahabalipuram Infra Private Limited' as a 100% wholly-owned subsidiary on February 19, 2026.
The SPV is formed specifically for the construction of a Four Lane Elevated Corridor along the East Coast Road (SH-49).
Project scope covers design Chainage Km. 11+480 to Km. 24+780, to be executed under Hybrid Annuity Mode (HAM).
Initial cost of acquisition is ₹10,00,000, comprising 1,000 equity shares at ₹1,000 each.
The entity belongs to the Construction and Engineering industry and is yet to commence operations.

💡 Investors should view this as a positive step toward the execution of the company's existing order book. Monitor for future updates regarding financial closure and the commencement of construction for this specific HAM project.

KNR Constructions: Madras High Court Orders Statutory Review of Tamil Nadu HAM Project Award

🔵 WATCH ⭐ 7/10

LEGAL 📅 19 Feb 2026, 04:34 PM

KNR Constructions' recent Letter of Award for the East Coast Road (ECR) elevated corridor project in Tamil Nadu is being contested by Dilip Buildcon Limited (DBL). The Madras High Court has directed DBL to seek recourse through the statutory Appellate Authority under the Tamil Nadu Transparency in Tenders Act rather than the writ court. The authority is required to make a decision within 15 days of the appeal filing. This legal hurdle introduces temporary uncertainty regarding the execution of this Hybrid Annuity Mode (HAM) project.

Project involves a Four Lane Elevated Corridor on East Coast Road from Thiruvanmiyur to Uthandi (Km 11+480 to 24+780).
Dilip Buildcon Limited challenged the rejection of its technical bid by the Tamil Nadu State Highways Authority (TANSHA).
High Court disposed of the writ appeal, granting DBL 5 days from February 16, 2026, to appeal to the competent authority.
The Appellate Authority is mandated to provide a final decision within 15 days of the appeal submission.

💡 Investors should monitor the outcome of the Appellate Authority's decision over the next two weeks to ensure the project award remains with KNR. Maintain a neutral stance until this administrative clearance is finalized.

KNR Constructions Receives Favorable Income Tax Refund Order of ₹18.43 Crore

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 17 Feb 2026, 05:39 PM

KNR Constructions Limited has received a favorable consequential order from the Income Tax Department for the Assessment Year 2020-21. The order follows a successful appeal by the company before the CIT(A) regarding disputes over 80-IA deductions and exceptional items. As a result, the Assessing Officer has revised the refund amount due to the company to ₹18.43 crore, up from the initial assessment of ₹3.72 crore. This resolution of a tax dispute represents a positive cash flow event for the company.

Received consequential order from Assistant Commissioner of Income Tax for AY 2020-21
CIT(A) ruled in favor of the company regarding 80-IA deduction and exceptional item additions
Total refund amount increased significantly to ₹18,42,57,207
Initial refund amount prior to the successful appeal was only ₹3,71,72,396
The order resolves a multi-year tax dispute, improving the company's liquidity position

💡 Investors should view this as a positive development that strengthens the company's cash position and resolves a regulatory uncertainty. No immediate action is required as this is a non-operational financial gain.

KNR Constructions Bags Rs 2,163.07 Crore Elevated Corridor Project in Tamil Nadu

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 17 Feb 2026, 02:07 PM

KNR Constructions Limited has received a Letter of Award (LOA) for a significant infrastructure project involving a four-lane elevated corridor along the East Coast Road (ECR) in Tamil Nadu. The project, valued at Rs 2,163.07 Crores, will be executed under the Hybrid Annuity Mode (HAM). While the construction period is set for 1,095 days, the final signing of the Concession Agreement is contingent upon the outcome of a pending case in the Madras High Court.

Total bid project cost is valued at Rs 2,163.07 Crores
Project involves a four-lane elevated corridor from Thiruvanmiyur to Uthandi on SH-49
Construction period is fixed at 1,095 days with a 5-year operation period post-COD
Finalization of the contract is subject to Madras High Court W.A. No. 284 of 2026 outcome

💡 Investors should view this as a significant order book addition that provides revenue visibility for the next three years, though they must monitor the legal outcome from the Madras High Court.

KNR Constructions to Meet Institutional Investors at Dolat Capital Conference on Feb 18

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 15 Feb 2026, 05:55 PM

KNR Constructions Limited has scheduled an interaction with institutional investors and analysts on February 18, 2026. The meetings will be organized by Dolat Capital as part of a corporate conference in Mumbai starting from 9:00 AM. The company will engage in both 1x1 and group meeting formats to discuss business updates. The management has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during these sessions.

Investor conference scheduled for February 18, 2026, in Mumbai.
Organized by Dolat Capital featuring 1x1 and group meeting formats.
Meetings will commence from 09:00 AM onwards.
Discussions will be strictly limited to publicly available information.

💡 This is a routine investor relations event; investors should monitor for any post-conference analyst notes regarding the company's order book or execution outlook. No immediate action is required based on this schedule announcement.

KNR Constructions Q3 FY26: Revenue at ₹585 Cr; Signs ₹1,543 Cr Asset Sale Agreement

🔵 WATCH ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 11:27 AM

KNR Constructions reported a standalone revenue of ₹585 crore for Q3 FY26 with a standalone EBITDA margin of 5.2%. A major highlight is the execution of a Share Purchase Agreement with Indus Infra Trust to sell 100% stake in four SPVs for a total consideration of ₹1,543 crore, which will significantly strengthen the balance sheet. The company's order book stands at ₹8,849 crore as of December 2025, though execution in the mining segment faces an 8-10 month delay due to pending clearances. Management is targeting aggressive order inflows of ₹10,000-₹12,000 crore by September 2027 to drive future growth.

Standalone Q3 FY26 revenue of ₹585 crore with a PAT of ₹18 crore and EBITDA margin of 5.2%.
Executed SPA for sale of 4 SPVs to Indus Infra Trust for ₹1,543 crore, including cash surplus.
Order book as of Dec 31, 2025, stands at ₹8,849 crore, with 40% exposure to the mining sector.
Targeting new order inflows of ₹10,000-₹12,000 crore by September 2027 across Roads, Irrigation, and Railways.
Remaining equity infusion requirement for HAM projects is ₹235 crore through FY27.

💡 Investors should monitor the successful closure of the ₹1,543 crore asset sale and the company's ability to win new high-margin road projects to offset the current margin compression. The delay in the mining project execution is a near-term headwind that warrants caution on immediate revenue growth.

KNR Constructions Releases Audio Recording of Feb 6 Earnings Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Feb 2026, 05:41 PM

KNR Constructions Limited has officially released the audio recording of its earnings conference call conducted on February 6, 2026. This disclosure is part of the mandatory regulatory requirements under SEBI (LODR) Regulations, 2015. The recording provides detailed insights into the company's recent financial performance and management's future guidance. Shareholders and analysts can access the full audio via the link provided on the company's investor relations website.

Earnings call conducted on February 6, 2026, following quarterly results.
Audio recording link made available on the company's website for public access.
Compliance with SEBI (LODR) Regulation 30 regarding material disclosures.
The recording serves as a primary source for management's commentary on the order book and execution.

💡 Investors should review the audio recording or wait for the written transcript to understand management's outlook on project execution and margin guidance. This is a routine disclosure and does not impact the stock price directly.

KNR Constructions Q3FY26 PAT Plunges 90% YoY; Signs Rs 15,432 Mn Asset Sale Deal

🔴 NEGATIVE ⭐ 9/10

EARNINGS 📅 05 Feb 2026, 09:47 PM

KNR Constructions reported a significant decline in its Q3FY26 performance, with standalone revenue falling 21% YoY to Rs 5,851 million and PAT dropping 90% to Rs 176 million. EBITDA margins saw a sharp contraction to 5.2% from 20.4% in the year-ago period. On a positive note, the company signed Share Purchase Agreements for the sale of 4 SPVs to Indus Infra Trust for an expected receipt of Rs 15,432 million. The order book remains robust at Rs 88,488 million as of December 31, 2025, providing future revenue visibility.

Standalone Revenue for Q3FY26 declined 21% YoY to Rs 5,851 Mn, while PAT fell 90% YoY to Rs 176 Mn.
EBITDA margins compressed significantly to 5.2% in Q3FY26 from 20.4% in Q3FY25.
Signed SPAs for 100% stake sale in 4 SPVs for Rs 15,432 Mn against an investment of Rs 5,668 Mn.
Total Order Book stands at Rs 88,488 Mn, with Mining (Rs 35,524 Mn) and Irrigation (Rs 27,428 Mn) as major segments.
Received a new Letter of Acceptance for an iconic bridge project in Hyderabad worth Rs 3,192 Mn.

💡 Investors should exercise caution due to the severe margin compression and earnings decline this quarter. While the asset monetization deal provides significant liquidity, the recovery of operational margins in the core EPC business is critical for long-term value.

KNR Constructions Board Approves Q3 FY26 Unaudited Financial Results

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 05 Feb 2026, 04:31 PM

KNR Constructions Limited's Board of Directors met on February 5, 2026, to approve the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The meeting, which lasted approximately one hour and forty-five minutes, concluded with the approval of the results and the accompanying Limited Review Report. While the specific financial figures were not detailed in this cover letter, the filing confirms compliance with SEBI Listing Regulations. Investors should now focus on the detailed financial statements to evaluate the company's revenue growth and margin stability.

Board approved unaudited standalone and consolidated financial results for the quarter ended December 31, 2025.
The approval also covers the cumulative nine-month period ending December 31, 2025.
Limited Review Report for the period was reviewed and taken on record by the Board.
The board meeting was conducted between 2:30 PM and 4:15 PM on February 5, 2026.
The filing was made in compliance with Regulation 30 and 33 of SEBI (LODR) Regulations, 2015.

💡 Investors should examine the detailed financial tables in the full report to assess the company's order book execution and EBITDA margins. Compare these results against analyst estimates to determine the stock's short-term trajectory.

KNR Constructions Approves Q3 FY26 Unaudited Financial Results

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 05 Feb 2026, 04:29 PM

KNR Constructions' Board of Directors met on February 5, 2026, to approve the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The meeting concluded at 4:15 PM, confirming the completion of the periodic financial review and the adoption of the Limited Review Report. While the specific financial figures were not detailed in the cover letter, this filing marks the official release of the company's Q3 performance data. Investors should review the full financial tables to assess the company's execution pace in the infrastructure sector.

Board approved unaudited standalone and consolidated financial results for the quarter ended December 31, 2025
Approval includes financial performance for the nine-month period of the current fiscal year
Limited Review Report for the period was reviewed and taken on record by the Board
Board meeting was conducted between 2:30 PM and 4:15 PM on February 5, 2026
Filing complies with Regulation 30 and 33 of SEBI (LODR) Regulations, 2015

💡 Investors should examine the detailed financial statements to evaluate revenue growth and margin stability in the road and irrigation segments. Monitor the order book pipeline and debt levels for long-term sustainability.

KNR Constructions to Discuss Q3 & 9M FY26 Results in Earnings Call on Feb 6, 2026

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 02 Feb 2026, 02:45 PM

KNR Constructions Limited has scheduled an investor conference call for Friday, February 6, 2026, at 3:00 PM IST. The call aims to discuss the company's financial performance for the third quarter and nine-month period ending December 31, 2025. Senior management, including Executive Director & CFO Mr. K. Jalandhar Reddy, will be present to address analyst queries. This is a routine regulatory disclosure following the conclusion of the December quarter.

Earnings conference call scheduled for February 6, 2026, at 15:00 IST.
Agenda focuses on financial performance for Q3 and 9M FY26 ending December 31, 2025.
Key participants include Executive Director & CFO Mr. K. Jalandhar Reddy and GM Finance Mr. K Venkatram Rao.
Universal access numbers and international toll-free lines for USA, UK, Singapore, and Hong Kong provided.

💡 Investors should monitor the call for management commentary on order book execution, margin sustainability, and new project bidding pipelines. No immediate action is required as this is a standard notification for an upcoming earnings discussion.

KNR Constructions to Receive ₹4.95 Crore Income Tax Refund After Successful Appeal

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 07 Jan 2026, 12:54 PM

KNR Constructions Limited has received a favorable consequential order from the Income Tax Department for the Assessment Year 2016-17. The order follows a successful appeal before the CIT(A) against an initial tax demand of ₹54.98 crore related to 80-IA deductions and Section 14A interest. As a result of the appeal being allowed, the previous demand has been nullified, and the company is now entitled to a refund of ₹4.95 crore. This resolution eliminates a significant historical tax liability and provides a minor cash inflow.

Successful resolution of a ₹54.98 crore tax demand for Assessment Year 2016-17
CIT(A) ruled in favor of the company regarding 80-IA deductions and Section 14A interest
Assessing Officer issued a consequential order for a refund of ₹4,95,27,333
Order received from the Assistant Commissioner of Income Tax, Hyderabad on January 6, 2026

💡 Investors should view this as a positive development that clears a large contingent tax liability and improves the company's cash position. No further action is required as the matter has reached a favorable conclusion.

KNR Constructions Submits SEBI Reg 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 03:21 PM

KNR Constructions Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Registrar and Share Transfer Agent (RTA) MUFG Intime India Private Limited, covers the quarter ended December 31, 2025. The RTA confirmed that no requests for dematerialization were received from shareholders during this period. This is a standard regulatory filing ensuring the company's share registry is in order.

Compliance certificate submitted for the quarter ended December 31, 2025
Issued by RTA MUFG Intime India Private Limited (formerly Link Intime India)
Confirmed that zero (0) dematerialization requests were received during the quarter
Adherence to SEBI (Depositories and Participants) Regulations, 2018 confirmed

💡 No action is required as this is a routine administrative filing. Investors should monitor upcoming quarterly financial results for material performance indicators.

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💰 Financial Performance

Revenue Growth by Segment

Standalone revenue for FY25 was INR 3,358.7 Cr, representing a 17.9% decline from INR 4,091 Cr in FY24. The revenue mix is shifting as the Roads and Highways segment's share of the order book decreased from 82% in March 2023 to 29% by June 2025, while the Mining segment grew to approximately 43% of the order book following a major INR 3,552 Cr contract win.

Geographic Revenue Split

KNRCL has executed over 9,000 lane km of projects across 12 states in India. A significant recent geographic focus is Jharkhand, which accounts for INR 3,552 Cr (approximately 42.7%) of the June 2025 order book through a single mining project.

Profitability Margins

Net Profit After Tax (PAT) rose 46.9% to INR 725.7 Cr in FY25 from INR 493.8 Cr in FY24, primarily driven by arbitration claims. However, H1 FY26 margins showed significant weakening, with the operating margin declining to 12.2% compared to 20.2% in the corresponding period of the previous year due to lower execution and higher competition.

EBITDA Margin

EBITDA margin stood at 19.1% in FY25, a slight improvement from 18.7% in FY24. Despite this, absolute EBITDA fell 10.7% to INR 625.9 Cr. Management expects core operating margins to stabilize between 13-14% in the near to medium term as intense competition in the EPC segment constrains pricing power.

Capital Expenditure

Planned capital expenditure for FY26 is approximately INR 100 Cr. This is intended to support project execution and equipment requirements for the expanding mining and irrigation portfolios.

Credit Rating & Borrowing

The company maintains a 'Stable' outlook with a robust financial profile. Interest coverage was exceptionally high at 80.5 times in FY25, though it moderated to 18.0 times in H1 FY26. Borrowing costs are minimized as the company had zero external long-term debt as of March 2025.

⚙️ Operational Drivers

Raw Materials

Key construction materials include bitumen, steel, cement, and fuel. While specific percentage breakdowns per material are not disclosed, raw material and employee costs were noted as elevated in Q2 FY26, impacting short-term profitability.

Import Sources

Sourced primarily from domestic suppliers within India to support projects across 12 states, including Telangana, Jharkhand, and others.

Key Suppliers

Not specifically named in the documents, but procurement is tender-based for large-scale infrastructure projects.

Capacity Expansion

Current operational capacity is reflected in the execution of 9,000+ lane km. The company is expanding its service capacity into the mining sector with a new INR 3,552 Cr project in Jharkhand, expected to ramp up over 9-12 months.

Raw Material Costs

Raw material costs are a significant component of the EPC business; however, the company uses prudent cost management and arbitration claims to offset margin pressure. Margins from core operations have moderated due to increased competition in the roads sector.

Manufacturing Efficiency

Efficiency is demonstrated by a track record of early project completion, which has historically resulted in early completion bonuses from authorities.

Logistics & Distribution

Distribution costs are inherent in the mobilization of heavy equipment to project sites across 12 states; the company utilizes its own fleet and motivated human resources (2,750 permanent staff) to manage these costs.

📈 Strategic Growth

Expected Growth Rate

20%

Growth Strategy

The company aims to achieve growth by adding INR 10,000-12,000 Cr in new orders over the next few quarters. Strategy involves diversifying into non-road sectors like mining and irrigation to counter the slowdown in highway awarding and leveraging its L1 status in INR 3,000 Cr of pending projects.

Products & Services

EPC (Engineering, Procurement, and Construction) services for Roads, Highways, Irrigation projects, Water Pipelines, and Mining services.

Brand Portfolio

KNRCL (KNR Constructions Limited).

New Products/Services

Expansion into large-scale mining services in Jharkhand, which is expected to contribute significantly to revenue from FY27 onwards.

Market Expansion

Targeting state-level road and irrigation projects to diversify away from central NHAI dependency; currently expanding presence in Jharkhand and maintaining a footprint in 12 states.

Market Share & Ranking

Established player in the Indian construction industry with a reputation for timely execution; specific market share % not disclosed.

Strategic Alliances

Utilizes Special Purpose Vehicles (SPVs) for Hybrid Annuity Model (HAM) and Build-Operate-Transfer (BOT) projects. Currently monetizing four existing HAM projects to enhance financial flexibility.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward sustainable construction and tighter bidding norms by MoRTH in 2025, which may rationalize aggressive bidding and benefit established players like KNRCL.

Competitive Landscape

Intense competition from both domestic and international players in the EPC segment has led to margin compression from 18% to 13-14%.

Competitive Moat

Moat is built on a strong execution track record (9,000+ lane km) and a robust, debt-free balance sheet, which allows the company to bid for large-scale projects that require significant equity commitments (INR 339 Cr planned for FY26-27).

Macro Economic Sensitivity

Highly sensitive to government infrastructure spending and fiscal deficits, which directly dictate the volume of new project awards.

Consumer Behavior

Not applicable as the company is a B2B/B2G infrastructure provider.

Geopolitical Risks

Minimal direct impact as operations are domestic, but global commodity price shifts (steel/oil) affect input costs.

⚖️ Regulatory & Governance

Industry Regulations

Subject to MoRTH and NHAI bidding norms. A significant regulatory event was the May 2025 debarment by MoRTH following an RE wall failure, which was later resolved without incremental penalties.

Environmental Compliance

Committed to eco-friendly solutions and sustainable construction practices, which introduces greater design complexity and regulatory compliance costs.

Taxation Policy Impact

Effective tax impact is reflected in the PAT of INR 725.7 Cr on a total income of INR 3,358.7 Cr for FY25.

Legal Contingencies

The company was involved in an investigation regarding the failure of an RE wall for a project under KRIPL. While the debarment was lifted, the company remains subject to standard regulatory oversight and arbitration processes for claims, which contributed to FY25 profits.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the timely receipt and ramp-up of new orders (INR 10,000-12,000 Cr target). Failure to secure these would result in an order book-to-revenue ratio below 1.5x, further declining revenue.