KNR Constructions Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript KNR Constructions Ltd filed with BSE on 06 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
KNR Constructions reported Q4 FY26 standalone revenue of Rs 535 crore with EBITDA margin of 5.3%, and full year FY26 standalone revenue of Rs 2,097 crore with EBITDA margin of 8.5%. The company won two new HAM projects worth a combined Rs 3,897 crore during the quarter, taking the total order book including HAM projects to Rs 11,903 crore. Management discussed pending receivables from the Telangana government, targeted order inflows of Rs 8,000-10,000 crore for FY27, and expected EBITDA margins to moderate to around 10-11% on newer orders due to competitive bidding.
Numbers mentioned
Standalone revenue: INR535 crores (Q4 FY26)
p. 6
“The revenue for the quarter stood at INR535 crores.”
K. Venkata Ram Rao, page 6 of the filed PDF · View the filing
Standalone EBITDA margin: 5.3% (Q4 FY26)
p. 6
“EBITDA for Q4 FY26 stood at INR28 crores and EBITDA margin at 5.3%.”
K. Venkata Ram Rao, page 6 of the filed PDF · View the filing
Standalone net profit: INR19 crore (Q4 FY26)
p. 6
“Net profit for the quarter was 19 crore.”
K. Venkata Ram Rao, page 6 of the filed PDF · View the filing
Standalone revenue: INR2097 crores (FY26)
p. 6
“The revenue for FY26 stands at INR2097 crores.”
K. Venkata Ram Rao, page 6 of the filed PDF · View the filing
Standalone EBITDA margin: 8.5% (FY26)
p. 6
“EBITDA for FY26 stood at INR178 crores and EBITDA margin stood at 8.5%.”
K. Venkata Ram Rao, page 6 of the filed PDF · View the filing
Standalone net profit: INR116 crores (FY26)
p. 6
“Net profit for FY26 stood at INR116 crores.”
K. Venkata Ram Rao, page 6 of the filed PDF · View the filing
Consolidated revenue: INR696 crores (Q4 FY26)
p. 6
“Now coming to Q4 FY26 consolidated financial performance the revenue for the quarter stood at INR696 crores, EBITDA for Q4 FY26 stood at INR169 crores and EBITDA margin is 24.3%.”
K. Venkata Ram Rao, page 6 of the filed PDF · View the filing
Consolidated net profit: INR106 crores (Q4 FY26)
p. 6
“Net profit for the quarter was INR106 crores.”
K. Venkata Ram Rao, page 6 of the filed PDF · View the filing
Consolidated revenue: INR2,698 crores (FY26)
p. 6
“Moving on the FY26 highlights the revenue for FY26 stood at INR2,698 crores.”
K. Venkata Ram Rao, page 6 of the filed PDF · View the filing
Consolidated EBITDA margin: 26.4% (FY26)
p. 6
“EBITDA for FY26 stood at INR711 crores and EBITDA margin FY26 stood at 26.4%.”
K. Venkata Ram Rao, page 6 of the filed PDF · View the filing
Consolidated net profit: INR437 crores (FY26)
p. 6
“Net profit for FY26 stood at INR437 crores.”
K. Venkata Ram Rao, page 6 of the filed PDF · View the filing
Working capital days: 78 days (As of March 2026)
p. 6
“The working capital days stood at 78 days compared to 93 days as of March '25.”
K. Venkata Ram Rao, page 6 of the filed PDF · View the filing
Consolidated debt: INR2,438 crores (As of 31st March 2026)
p. 6
“The consolidated debt as of 31st March 2026 stood at INR2,438 crores as compared to INR1,847 crores as of 31st March 2025.”
K. Venkata Ram Rao, page 6 of the filed PDF · View the filing
Net debt to equity: 0.49x (As of 31st March 2026)
p. 6
“The net debt to equity on a consolidated basis as of 31st March 26 stands at 0.49x as compared to 0.41 as of 31st March '25.”
K. Venkata Ram Rao, page 6 of the filed PDF · View the filing
Total order book: INR8,672 crores (As of 31st March 2026)
p. 5
“As of 31st March 2026, the company total order book stands at INR8,672 crores.”
K. Venkata Ram Rao, page 5 of the filed PDF · View the filing
Total order book including HAM: INR11,903 crores (As of 31st March 2026)
p. 5
“Including the HAM project, the company total order book stands at INR11,903 crores.”
K. Venkata Ram Rao, page 5 of the filed PDF · View the filing
Equity invested in HAM projects: INR734.24 crores (As of March 31, 2026)
p. 4
“As of March 31, 2026, the company has already invested INR734.24 crores out of INR952.17 crores revised equity requirement for all HAM projects.”
K. Venkata Ram Rao, page 4 of the filed PDF · View the filing
Telangana government outstanding: INR1,400 crores to INR1,450 crores
p. 13
“As far as Telangana government outstanding is almost INR1,400 crores INR1,450 crores is there, including”
K. Venkata Ram Rao, page 13 of the filed PDF · View the filing
HAM revenue share: 42% (Q4 FY26)
p. 18
“HAM is around 42% for this quarter.”
K. Venkat Ram Rao, page 18 of the filed PDF · View the filing
Road EPC revenue share: 33% (Q4 FY26)
p. 18
“And road EPC is 33% and back-to-back EPC is around 17%.”
K. Venkat Ram Rao, page 18 of the filed PDF · View the filing
Total FY26 capex: INR4 crores (FY26)
p. 18
“Total year, we did around INR4 crores of capex.”
K. Venkat Ram Rao, page 18 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Order inflow — INR8,000 crores to INR10,000 crores · FY27
stated as an aspiration by K. Venkata Ram Rao
p. 6
“the company is targeting order inflow in the range of approximately INR8,000 crores to INR10,000 crores during FY27, comprising a healthy mix of NHAI projects, irrigation projects, mining and other state government infrastructure work.”
K. Venkata Ram Rao, page 6 of the filed PDF · View the filing
Overall EBITDA margin — 10% to 11% · future
stated conditionally by K. Venkata Ram Rao
p. 11
“we are selling at around 10% to 11% like the EBITDA we could maintain in the future.”
K. Venkata Ram Rao, page 11 of the filed PDF · View the filing
Mining project turnover — INR300 crores to INR350 crores · FY28
stated conditionally by K. Venkata Ram Rao
p. 12
“So initially, we are expecting somewhere around INR300 crores to INR350 crores of the turnover. if it is going to be operational.”
K. Venkata Ram Rao, page 12 of the filed PDF · View the filing
Mining project turnover at peak — INR1,000 crores · fifth year of operation
stated as an aspiration by K. Venkata Ram Rao
p. 12
“If it is fully operational, then it will peak up to, you can say, INR1,000 crores turnover in the fifth year.”
K. Venkata Ram Rao, page 12 of the filed PDF · View the filing
Revenue from two new HAM projects — INR1,000 crores to INR1,200 crores · FY28
stated conditionally by K. Venkata Ram Rao
p. 14
“So, you can say around INR1,000 crores to INR1,200 crores we can execute from these in FY28.”
K. Venkata Ram Rao, page 14 of the filed PDF · View the filing
Pipeline work execution — INR350 crores to INR400 crores · FY27
stated as an aspiration by K. Venkata Ram Rao
p. 13
“And next year, definitely for we are trying to do around INR350 crores to INR400 crores works in FY27 for our pipeline work.”
K. Venkata Ram Rao, page 13 of the filed PDF · View the filing
Irrigation Package 3 execution — INR200 crores to INR250 crores · FY27
stated conditionally by K. Venkata Ram Rao
p. 13
“If government is paying that land, then definitely, we can execute around maybe around INR200 crores to INR250 crores work in the Package 3 in FY27.”
K. Venkata Ram Rao, page 13 of the filed PDF · View the filing
Capex — INR200 crores to INR250 crores · FY27
stated conditionally by K. Venkata Ram Rao
p. 14
“So, this year, , we are targeting somewhere around INR200 crores to INR250 crores of the capex based on when this mining project is going to start.”
K. Venkata Ram Rao, page 14 of the filed PDF · View the filing
Revenue — around INR3,000 crores plus · FY28
stated as an aspiration by K. Venkata Ram Rao
p. 15
“So definitely around INR3,000 crores plus we are targeting actually in FY28.”
K. Venkata Ram Rao, page 15 of the filed PDF · View the filing
Mining project start timeline — 7 to 8 months
stated conditionally by KJalandhar Reddy
p. 10
“I think not less than it will take 7 to 8 months to start at least.”
KJalandhar Reddy, page 10 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management listed several projects awarded and in pipeline including the Chennai ECR flyover and NHAI Gudebellur-Mahabubnagar project, expressing confidence in achieving order book targets.
Answered by K Jalandhar Reddy
Asked by Ketan Jain: What was the order inflow in FY26 and outlook for order book target achievement?
p. 7
“So, with all that, I think we'll be able to achieve the targets set for order book concern in this year.”
K Jalandhar Reddy, page 7 of the filed PDF · View the filing
Management said the Kaleshwaram Package 4 project in Telangana had significant pending debtors, but other states and NHAI were not causing issues.
Answered by K. Venkata Ram Rao
Asked by Ketan Jain: Which customer segments are showing delayed payments?
p. 7
“So, other than this, every state, whether NHAI or other state, we are not facing any issue.”
K. Venkata Ram Rao, page 7 of the filed PDF · View the filing
Management said discussions with the Finance Minister suggested resolution within 1-2 months and expressed confidence of receiving the payment.
Answered by K Jalandhar Reddy
Asked by Sandeep Agarwal: What is the timeline for recovering Telangana dues?
p. 8
“But KNR and Mega Engineering had an extensive meeting with Finance Minister last week.”
K Jalandhar Reddy, page 8 of the filed PDF · View the filing
Management said margins on recent orders would be lower than historical levels due to competitive bidding conditions after a gap in NHAI awarding.
Answered by K Jalandhar Reddy
Asked by Shravan Shah: What EBITDA margin can be expected on new orders given tight competition?
p. 9
“So however, we will try to keep up the better way.”
K Jalandhar Reddy, page 9 of the filed PDF · View the filing
Management explained the F1 forest clearance had come through and a Gram Sabha needed to be conducted before timelines could be firmed up.
Answered by KJalandhar Reddy
Asked by Shravan Shah: What is the status and timeline of the Banhardih mining project?
p. 10
“So, I think they are getting prepared for that and then go for the Gram Sabha again.”
KJalandhar Reddy, page 10 of the filed PDF · View the filing
Management said the capex would sit on the parent company balance sheet, funded via internal accruals, monetization proceeds and possibly loans, with mining revenue expected from Q4.
Answered by K. Venkata Ram Rao
Asked by Balasubramanian: How will the mining capex be funded and when will revenue start?
p. 11
“we can definitely go for a higher purchase loan also.”
K. Venkata Ram Rao, page 11 of the filed PDF · View the filing
Management estimated initial annual turnover of around Rs 300-350 crore from the mining project once operational.
Answered by K. Venkata Ram Rao
Asked by Taha Ansari: What revenue can the mining project generate in FY28?
p. 12
“So initially, we are expecting somewhere around INR300 crores to INR350 crores of the turnover. if it is going to be operational.”
K. Venkata Ram Rao, page 12 of the filed PDF · View the filing
Management gave percentage and value figures for irrigation and pipeline execution in FY26 and plans for FY27.
Answered by K. Venkata Ram Rao
Asked by Vasudev: How much irrigation and pipeline work was executed in FY26 and planned for FY27?
p. 13
“In fact, this pipeline work we did around INR270 crores work in FY26.”
K. Venkata Ram Rao, page 13 of the filed PDF · View the filing
Management said overall EBITDA is expected to remain around 10-11% due to more aggressive bidding on recent large orders compared to historical HAM and irrigation margins.
Answered by K. Venkata Ram Rao
Asked by Vaibhav Shah: What margins are expected in FY28 given the current order book composition?
p. 15
“But right now, we are definitely going aggressively and that's why this in even this our Mahabubnagar project which there is we will get somewhere at all to 13%.”
K. Venkata Ram Rao, page 15 of the filed PDF · View the filing
Management said several railway tenders had been submitted with sensible pricing and the company was exploring high-speed rail joint ventures.
Answered by K. Jalandhar Reddy
Asked by Bhavin Modi: How is the company approaching the railway segment given industry margin concerns?
p. 15
“So recently, we have submitted in some contract between Lumpur and Shimoga.”
K. Jalandhar Reddy, page 15 of the filed PDF · View the filing
Management said discussions were underway for a data centre venture in Hyderabad involving a joint model with partners, and that solar EPC was only attractive at large scale.
Answered by K. Jalandhar Reddy
Asked by Faisal Hawa: What are the company's plans for data centre and solar EPC opportunities?
p. 17
“So, this is a little bit at this stage right now.”
K. Jalandhar Reddy, page 17 of the filed PDF · View the filing
Management confirmed the net claim amount was included within income from operations.
Answered by K. Jalandhar Reddy
Asked by Durgesh Shukla: Is the recognized claim amount already included in reported revenue?
p. 17
“It is included because what has happened, INR162 crores of the claims we have recognized and we have assessed some of the projects where our cost has changed.”
K. Jalandhar Reddy, page 17 of the filed PDF · View the filing
Management described land acquisition disputes on the Mysore-Kushalnagar project that had halted work, but said police protection had allowed work to resume.
Answered by K. Jalandhar Reddy
Asked by Akshat: Are there major delays or execution challenges in current projects?
p. 19
“But later recently within, I think, 2 weeks back, they have given the police protection to go ahead with the work.”
K. Jalandhar Reddy, page 19 of the filed PDF · View the filing
Risks flagged
Extended project appraisal, approval timelines and land acquisition challenges slowing NHAI awarding
p. 3
“The moderation was primarily driven by extended project appraisal and approval timelines, land acquisition-related challenges and increased emphasis on ensuring better project preparedness and structuring before tendering.”
K. Venkata Ram Rao, page 3 of the filed PDF · View the filing
Geopolitical tension impacting crude oil and bitumen prices
p. 4
“The ongoing geopolitical tension and conflict in the West Asia led to an increase in crude oil prices, which consequently impacted bitumen prices.”
K. Venkata Ram Rao, page 4 of the filed PDF · View the filing
Pending receivables from Telangana government irrigation project
p. 7
“Payment pass is there because you know that we have one project in Kaleshwaram Package 4, where almost INR670 crores of debtors is pending.”
K. Venkata Ram Rao, page 7 of the filed PDF · View the filing
NTPC unable to answer villager rehabilitation questions delaying Gram Sabha for mining project
p. 10
“but NTPC officials, they could not answer the questions raised by the public, any villagers about the rehabilitation issues.”
KJalandhar Reddy, page 10 of the filed PDF · View the filing
Land acquisition disputes causing delays on Mysore-Kushalnagar highway project
p. 18
“Mysore -Kushalnagar, there have been certain land problems were there because of that service road they wanted the public, it's a greenfield.”
K. Jalandhar Reddy, page 18 of the filed PDF · View the filing
Land issues delaying irrigation Package 3 execution pending government payment to villagers
p. 13
“So, because there is some land issue is there. So, the government has to pay this villagers for acquiring that land.”
K. Venkata Ram Rao, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.