Buy KNR Constructions; target of Rs 279: HDFC Securities

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26 Aug, 2025 12:21

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HDFC Securities' research report on KNR Constructions

We maintain BUY on KNR Constructions with revised TP of Rs 279/sh (12x Mar-22E EPS). KNR delivered another strong quarter beating our earnings estimate by 49% despite weak Mar-20 2nd half. Despite sectoral consensus on weak 1HFY21 execution, KNR is well placed to achieve 1HFY20 Rev run rate for 1HFY21 of Rs 10bn and better performance in 2HFY21. Labour availability is 30-40% but execution run rate has reached 50-65% across various sites.

Outlook

We revise our FY21E EPS by +47% as we believe strong orderbook of Rs 78.8bn (including Rs 23.1bn orders won in 1QFY21) could help recover execution in 2HFY21. We raise our TP to Rs 279/sh (vs 278/sh earlier).

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