KNR Constructions Limited has informed the Exchange about Investor Presentation
KNRCON · price
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Awaiting price reaction for this filing.
KNR Constructions submitted its investor presentation for Q1 FY26, headlined by a major new mining project win: a Letter of Acceptance from Patratu Vidyut Utpadan Nigam Ltd (NTPC's JV with JBVNL) for the Banhardih Coal Mining Block in Jharkhand, valued at Rs. 4,800.57 crore (excluding GST), with KNR holding 74% in a JV. Standalone Q1 FY26 results, however, were sharply weaker: revenue fell 45% YoY to Rs. 483 crore, EBITDA dropped 66% to Rs. 66 crore with margins contracting 820 basis points to 13.6%, and PAT declined 62% to Rs. 51 crore. Consolidated results were more resilient — revenue down 38% to Rs. 613 crore, but EBITDA margins actually expanded to 29.9% and PAT fell a milder 26% to Rs. 123 crore. The order book stood at Rs. 8,305 crore as of 30 June 2025, with mining now making up 43% (Rs. 3,552 crore), roads 27%, and irrigation/pipeline the rest. The company remains net debt-free on a standalone basis, though net working capital days have stretched sharply to around 169 days from historical lows of 30–40 days.
The new Rs. 4,800 crore mining order is a clear positive that diversifies the order book away from slowing roads, but the sharp YoY decline in Q1 standalone profits and the steep working capital stretch are red flags. Near-term stock reaction may be mixed — positives from the large order win offset by the weak execution quarter and rising working capital intensity.