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13 Jul 2025 |
KNR Constructions
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Consensus Share Price Target
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215.38 |
246.12 |
- |
14.27 |
hold
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06 Jun 2019
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KNR Constructions
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Geojit BNP Paribas
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215.38
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324.00
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277.65
(-22.43%)
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Pre-Bonus/ Split |
Accumulate
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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...
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03 Jun 2019
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KNR Constructions
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Edelweiss
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215.38
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332.00
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280.65
(-23.26%)
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Pre-Bonus/ Split |
Buy
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KNR constructions (KNR), one of best managed road constructor with light balance sheet, low working capital and one of the highest RoCE among peers, reported its Q4FY19 numbers.
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01 Jun 2019
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KNR Constructions
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HDFC Securities
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215.38
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363.00
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279.50
(-22.94%)
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Pre-Bonus/ Split |
Buy
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KNR delivered strong 4Q/FY19 financial performance beating its own guidance of FY19 muted Revenue growth. Owing to delay in ADs, we have cut our FY20E Revenue/EBIDTA/APAT estimates by 8/8/14%. For FY21E we have cut Revenue estimate by 3.5%, but due to an increase in EBIDTA margin estimate and lower depreciation, our EPS has gone up by 9.6%. Kerala/Muzaffarpur BOT collection per day stood at Rs 1.8/2.4mn vs. Rs 1.6/2mn QOQ. We maintain BUY. Key risks (1) Slowdown in government ordering (2) Higher crude and cement prices (3) Increase in interest rates and (4) Tightening liquidity in the financial sector. We maintain BUY on KNR with an increased SOTP-based TP of Rs 363 (valuing core EPC business 18x FY21EPS at Rs 303/sh, Subsidiaries Rs 60/sh). KNR delivered strong Revenue/EBIDTA/APAT beat of 30/36/55%.
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01 Jun 2019
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KNR Constructions
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BOB Capital Markets Ltd.
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215.38
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330.00
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279.50
(-22.94%)
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Pre-Bonus/ Split |
Buy
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Robust Q4 beat HAM projects to spur growth KNR Constructions' (KNRC) Q4FY19 revenue growth remained robust at 15% YoY led by faster execution of a HAM project. EBITDA margins held strong at 20.1% on the back of high-margin irrigation projects. Order backlog expanded 2.6x QoQ to Rs 40.2bn (1.9x FY19 revenue) led by the award of appointed dates (AD). Gross toll collection at Muzaffarpur/Walayar BOT projects rose to Rs 2.4mn/Rs 1.8mn per day. We raise earnings estimates and...
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01 Jun 2019
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KNR Constructions
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Motilal Oswal
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215.38
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322.00
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279.50
(-22.94%)
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Pre-Bonus/ Split |
Buy
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FY20 guidance 15% revenue growth and 15.5-16% margins: KNR expects revenue growth of 15% for FY20 taking into consideration current order backlog position. It expects operating margins from the road projects to range between 15.5-16%. FY19 operating margins of 20% were supported by high margin irrigation projects, which contributed 30% to revenues. There...
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31 May 2019
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KNR Constructions
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Dolat Capital
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215.38
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369.00
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290.90
(-25.96%)
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Pre-Bonus/ Split |
Buy
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View: Spike in execution in FY20E, maintain Buy KNR's revenue is up 14.6% YoY to `7.2 bn (the highest quarterly revenue in its history) in Q4FY19 (31.7% above estimates), due to robust execution. The EBITDA margin rose 80 bps YoY to 20.1% (211 bps above estimates), driven by higher contribution from the high margin irrigation segment, coupled with lower subcontracting cost. The reported PAT increased 15.6% YoY to `922 mn, due to a strong operating performance. The Adj. PAT (after...
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13 Feb 2019
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KNR Constructions
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HDFC Securities
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215.38
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337.00
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204.00
(5.58%)
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Pre-Bonus/ Split |
Buy
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We maintain BUY with SOTP based valuation of Rs 337/sh. KNR delivered Revenue/PAT beat of 7.6/3% led by execution of Rs 0.9bn in irrigation projects. EBIDTA margins came in at 20% aided by 20% revenue from high margin irrigation segment. Order book is now Rs 55.2bn with Rs 1.5bn new orders, largely from existing projects increase in scope of work. Bid pipeline remain strong and KNR expects to take Rs 20bn new orders in 4QFY19E, largely driven by 1 HAM (Rs 10bn) and balance from Irrigation, bridges and flyovers.
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13 Feb 2019
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KNR Constructions
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Motilal Oswal
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215.38
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260.00
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204.00
(5.58%)
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Target met |
Buy
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Revenues stood at INR4.5b (+3.6% YoY), in line with our estimate of INR4.4b, led by timely execution of the KP Sagar Irrigation project (INR960m revenue contribution; 20% of 3QFY19 sales), Hubli (INR600m), Madurai (INR400m), Trivandrum (INR520m) and Yedulla (INR410m). EBIDTA at INR901m (- 8% YoY) was ahead of our 13 February 2019 estimate of INR740m. Operating margins declined 260bp YoY to 20%, but was ahead of our estimate of 17.0%. Better-than-estimated margins were due to the better revenue mix (20% revenue contribution from KP Sagar Irrigation project, where margins are in excess of 20%+). PAT declined 21% YoY to INR521m, exceeding our estimate of INR339m. Dec18, order backlog stood at INR55.2b (including EPC value of HAM project), providing visibility of 2.9x its FY18 revenue. Of the total order book of INR55.2b, 94% comes in from Roads with the balance coming from the Irrigation segment.
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13 Feb 2019
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KNR Constructions
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Edelweiss
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215.38
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290.00
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203.05
(6.07%)
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Pre-Bonus/ Split |
Buy
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KNR constructions (KNR), one of best managed road constructor with light balance sheet, low working capital and one of the highest RoCE among peers, reported its Q3FY19 numbers.
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12 Feb 2019
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KNR Constructions
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Emkay
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215.38
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275.00
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200.05
(7.66%)
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Target met |
Buy
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KNR Construction's (KNRC) sales rose 3.6% yoy to Rs4.5bn in Q3FY19 (our est. Rs4.6bn), mainly due to execution of irrigation and key road projects. EBITDAM at 20% was better than executed mainly due to execution of high margin irrigation projects. KNRC has entered into a SPA with Cube Investments to sell three HAM projects. The deal optically values the investment at about P/B 1.8x; however, factoring in the opportunity...
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