Buy KNR Constructions; target of Rs 270: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on KNR Constructions

KNR Constructions reported a robust set of Q3FY21 numbers wherein standalone revenue improved 23% YoY to Rs 686.3 crore, reflecting the sharp pick-up in execution aided by healthy order book position and normalisation of labour availability/raw material supply chain post Covid-19 related disruptions. Furthermore, EBITDA margins, at 19.7%, were down 258 bps YoY, on account of project mix. At the PAT level, robust operating performance coupled with lower depreciation expense translated to 93% YoY growth to Rs 77.6 crore.

Outlook

We maintain BUY on the stock with a revised SoTP target price of Rs 270 (Rs 260, earlier).

For all recommendations report, click here

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