KNR Constructions (532942) Q4 24/25 earnings summary

Executive summary

• Q4 and FY25 saw a recovery in road infrastructure with improved project awarding and execution, supported by government reforms and capital investment.

• Major progress in HAM projects, with physical progress ranging from 37% to 95% as of March 31, 2025.

• Received appointed dates for two new HAM projects in Karnataka in April 2025, expanding the project pipeline.

• Completed Chittoor-Thatchur Highway project 40 days ahead of schedule, earning a bonus of Rs 3.26 crore plus GST.

• Audited standalone and consolidated financial statements for FY25 were approved with an unmodified audit opinion.

Financial highlights

• Q4 FY25 standalone revenue: INR 851 crores; EBITDA: INR 118 crores (margin 13.8%); Net profit: INR 25 crores.

• FY25 standalone revenue: INR 3,359 crores; EBITDA: INR 625 crores (margin 18.6%); Net profit: INR 726 crores, up 47% YoY.

• FY25 consolidated revenue: INR 4,753 crores, up 7% YoY; EBITDA: INR 1,625 crores (margin 34.2%); Net profit: INR 1,002 crores, up 33% YoY.

• Standalone revenue from operations for FY25 was Rs. 409,097.84 lakhs, up from Rs. 381,030.50 lakhs in FY24.

• Standalone net profit after tax for FY25 was Rs. 49,383.12 lakhs, compared to Rs. 46,695.46 lakhs in FY24.

Outlook and guidance

• FY26 revenue expected between INR 2,500–3,000 crores from existing order book, with potential upside if new orders are secured.

• Targeting order inflow of INR 8,000–10,000 crores by end of 2026, with a bid pipeline of INR 30,000–40,000 crores in NHAI and INR 10,000–15,000 crores in state projects.

• Management remains confident of recovering dues from stalled irrigation projects in Telangana, despite no collections since March 2024.