Buy KNR Constructions; target of Rs 363: HDFC Securities

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26 Aug, 2025 12:21

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HDFC Securities' research report on KNR Constructions

KNR recorded Rs 1.5bn revenue from Tirumala HAM project; this resulted in strong beat vs. our estimates. KNR has guided for 10-15%growth for FY20E, which we believe is conservative. We have modeled for 26.7% FY20E YoY revenue growth. About 32% order book yet to move into execution: KNR has not included Rs 19bn of HAM orders in the backlog. Appointed Date (AD) is awaited for KNR Srirangam and Chidambaram projects. KSHIP HAM’s financial closure is in advance stages and work will start from Sep-19 onwards.

Outlook

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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