We recently met the management of KNR Constructions' (KNR) to understand its current business status and opportunities ahead. KNR is a focused road based EPC player that enjoys a strong execution track record and healthy balance sheet (0.19x currently). Revenues, PAT have grown at 20.7%, 34.0% CAGR to | 2,137.3 crore, | 263.3 crore, respectively, in FY1419. Currently, its orderbook is at | 5,900.6 crore (including three recently won HAM projects), 2.8x FY19 revenues. KNR is negotiating opportunities on irrigation projects worth ~| 1,500 crore. Overall, it expects order inflow...