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. Q4FY19 revenue grew by 15% YoY (above estimate) due pick up in road EPC & irrigation projects. EBITDA margin improved by 80bps YoY to 20.1% due to high margin from irrigation projects and reduction in sub-contracting expenses. Out of six HAM projects, KNR achieved Financial Closure for two HAM...