Accumulate KNR Constructions; target of Rs 354: Geojit

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26 Aug, 2025 12:21

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Geojit's research report on KNR Constructions

KNR Constructions Ltd (KNR) is a leading EPC player largely focusing on national and state highway projects. KNR has successfully executed ~7,500 lane km road projects across 12 states in India. Q3FY22 revenue grew by 11.7% YoY which is below our estimate due to tepid execution of new projects. Despite higher commodity prices, EBITDA margin improved by 103bps YoY to 20.7% due to fall in employee & other expenses. Order book stood at Rs10,009cr (31% YoY) which is 3.2x TTM revenue and adds revenue visibility for two to three years. The company has already received an order inflow of Rs4,000cr in 9MFY22 expects to add ~Rs2,500cr in Q4FY22 with a revenue target of Rs 3,100cr. We expect execution to pick up pace as the company has received appointed date for two HAM projects on Jan,22. Robust order book and strong execution track record to support growth prospects in the long term.

Outlook

We therefore, maintain our Accumulate rating and value core business at a P/ E of 16x on FY24E EPS and BOT/HAM projects at 1xP/B to arrive at SOTP target price of Rs354.

More Info

At 15:30 hrs KNR Constructions was quoting at Rs 305.25, up Rs 4.45, or 1.48 percent.

It has touched an intraday high of Rs 313.55 and an intraday low of Rs 302.25.

It was trading with volumes of 32,121 shares, compared to its thirty day average of 54,348 shares, a decrease of -40.90 percent.

In the previous trading session, the share closed down 4.78 percent or Rs 15.10 at Rs 300.80.

The share touched its 52-week high Rs 343.55 and 52-week low Rs 189.30 on 01 September, 2021 and 27 April, 2021, respectively.

Currently, it is trading 11.15 percent below its 52-week high and 61.25 percent above its 52-week low.

Market capitalisation stands at Rs 8,584.69 crore.

For all recommendations report, click here

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