Sell

KNR Constructions (KNR) reported a revenue of INR 4.8bn in Q1FY26, down to a five-year trough. The lukewarm execution was primarily rooted in a smaller executable order book (OB).

IRCON reported a subdued performance for Q1FY26, marked by a 21.9% YoY decline in consolidated revenue to Rs17bn and a 26.8% fall in net profit to Rs1.6bn. On a sequential basis, the revenue also contracted sharply by 47.7%, reflecting execution delays linked to project mobilization challenges and seasonal impact. Despite the steep revenue drop, the company delivered a robust EBITDA margin of 17.1%, improving 214 bps YoY and 695 bps QoQ. EPS for the quarter came in at Rs1.75, down from Rs2.38 in Q1FY25. While the decline in execution volume was expected due to monsoons and tendering...

Quarterly Update Q4FY25

GMR Airports Infrastructure’s (GMRI) deal with strategic investor has reached its conclusion with strategic investor now holding shares of the listed entity.

Earnings visibility declined due to slow pace in awarding of order backlogs and poor execution due to shortage of workforces. Besides execution delays, the major challenge NBCC currently...

TVSL's reported mixed set of results where revenues came in marginally lower at Rs14.3bn (-68% YoY, PLe Rs15b). Gross margins too came in lower at 24% (-90bp YoY/QoQ), PLe 27%). However, led by tight cost control, EBITDA loss restricted at Rs488m (PLe loss of Rs649m) while net loss at...

We reduce our revenue estimates by 20.1%/ 8.5% for FY21E/ FY22E on account of lockdown due to covid-19. We factor EBITDA loss in H1FY21E leading to reduction in EBITDA margin estimates by 712/ 19 bps for FY21E/ FY22E to 4.9%/ 12.0%. Accordingly, we drastically reduce our PAT estimates by 95.1%/ 13.2% for FY21E/ FY22E. We...

However, EBITDA margin improved by 84bps YoY to 12.2% led by lower material cost and drop in sub-contracting expenses. Order book now stands at Rs33,495cr (2.8x TTM revenue), however, projects worth Rs12,500cr is still constituting from AP region where company is facing issues with the state government....

Q1FY20 revenue declined by 23% YoY due to significant slid in real estate revenue and 13% fall in the PMC segment. EBITDA margin fell near to zero level due to execution woes on redevelopment project and absence of high margin real estate revenue....

Q4FY19 top-line grew by 9% YoY supported by significant rise in real estate revenue to Rs224cr while PMC growth was subdued (3.6% YoY). EBITDA margin declined by 79bpsYoY to 7.5% due to rise in material cost and absence of high margin re-development revenue....

After the formation of new state government in Andhra Pradesh, the government has announced cancellation of some infra projects sanctioned by previous government prior to April 1, 2019. As per government, It is noted that a number of engineering works were...

Mahindra & Mahindra (MM) clocked a 6% YoY rise in Q4FY19 standalone revenue to Rs 140bn, with realisations up 6% despite stagnant volume growth. EBITDA declined 6% YoY to Rs 16.5bn but came in above our estimate, as did margins at 11.7%. Adj. PAT was broadly in line, dipping 9% YoY to Rs 9.3bn. We trim FY20/FY21 earnings estimates by ~2% each to build in softer volumes and also pare our target core P/E multiple from 14x to 12x. Upon rollover to Mar'20, our TP remains at Rs 760....

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. Q2FY19 revenue growth (6%) was tepid due to low carry forward orders & challenges in getting financial closure for HAM projects....

SIL posted 7.4% YoY rise in Q1FY18 standalone revenue (increased post 6 consecutive quarters of de-growth) to `15.1bn (in line with estimates) primarily due to better execution in Power and Urban segments. EBITDA margin down 25bps YoY to 11.4% (in line with estimates), due to rise in construction cost which was partly offset by reduction in employee cost. PAT grew 67.0% YoY to `287mn (62.5% above estimates) due to lower tax rate of 21.1% in Q1FY18 vs. 37.7% in Q4FY17. We maintain Sell on the stock...