KNR Constructions Ltd (KNR) is a leading EPC player largely focusing on national and state highway projects. KNR has successfully executed ~6,000 lane km road projects across 12 states in India. Q2FY18 revenue grew only by 5% as GST related uncertainty and heavy monsoon impacted the execution. EBITDA margin improved significantly by 598bps YoY to 21% in Q2FY18 due to 61% YoY reduction in subcontracting expenses. Received an order of Rs451cr in irrigation while EPC inflow remains...