Key Financial Highlights

Standalone Financial Results (Q2FY27 vs Q2FY26)

  • Total Revenue: ₹4,769.6 Mn vs ₹4,930.0 Mn (-3% YoY)
  • EBITDA: ₹439.3 Mn vs ₹535.8 Mn (-18% YoY)
  • EBITDA Margin: 9.2% vs 10.9%
  • Exceptional Item: Profit of ₹2,925.4 Mn from sale of HAM project to Indus Infra Trust
  • Profit Before Tax (PBT): ₹3,296.3 Mn vs ₹381.5 Mn (764% YoY)
  • Profit After Tax (PAT): ₹2,807.6 Mn vs ₹279.0 Mn (906% YoY)
  • PAT Margin: 58.9% vs 5.7%
  • Tax Expense: ₹488.7 Mn (Current Tax: ₹392.9 Mn, Deferred Tax: ₹95.8 Mn)

Half-Yearly Standalone Performance (H1FY27 vs H1FY26)

  • Total Revenue: ₹9,136.5 Mn vs ₹9,763.2 Mn (-6% YoY)
  • EBITDA: ₹1,094.1 Mn vs ₹1,192.2 Mn (-8% YoY)
  • EBITDA Margin: 12.0% vs 12.2%
  • PBT: ₹6,723.6 Mn vs ₹1,071.1 Mn (528% YoY)
  • PAT: ₹5,630.2 Mn vs ₹791.9 Mn (611% YoY)
  • PAT Margin: 61.6% vs 8.1%

Consolidated Financial Results (Q2FY27 vs Q2FY26)

  • Total Revenue: ₹6,002.0 Mn vs ₹6,465.0 Mn (-7% YoY)
  • EBITDA: ₹1,473.7 Mn vs ₹1,925.6 Mn (-23% YoY)
  • EBITDA Margin: 24.6% vs 29.8%
  • PBT: ₹1,582.1 Mn vs ₹1,340.1 Mn (18% YoY)
  • PAT: ₹1,021.1 Mn vs ₹1,046.3 Mn (-2% YoY)
  • PAT Margin: 17.0% vs 16.2%

Balance Sheet Position

Standalone (Sep-26 vs Mar-26)

  • Total Assets: ₹53,017.4 Mn vs ₹46,841.0 Mn
  • Non-Current Assets: ₹12,128.7 Mn vs ₹9,551.0 Mn
  • Current Assets: ₹38,631.5 Mn vs ₹31,735.8 Mn
  • Equity Share Capital: ₹562.5 Mn (unchanged)
  • Other Equity: ₹45,549.4 Mn vs ₹39,985.5 Mn
  • Total Equity: ₹46,111.9 Mn vs ₹40,548.0 Mn
  • Current Liabilities: ₹6,732.6 Mn vs ₹6,141.4 Mn

Consolidated (Sep-26 vs Mar-26)

  • Total Assets: ₹71,124.2 Mn vs ₹81,215.5 Mn
  • Non-Current Assets: ₹32,224.4 Mn vs ₹43,979.4 Mn
  • Current Assets: ₹38,899.8 Mn vs ₹37,236.1 Mn
  • Equity Share Capital: ₹562.5 Mn (unchanged)
  • Other Equity: ₹50,920.9 Mn vs ₹49,157.4 Mn
  • Total Equity: ₹51,479.7 Mn vs ₹49,717.8 Mn
  • Borrowings (Non-Current): ₹10,644.0 Mn vs ₹22,697.8 Mn
  • Borrowings (Current): ₹1,153.6 Mn vs ₹1,678.2 Mn

Cash Flow Statement (Half Year Ended Sep-26)

Standalone

  • Net Cash from Operating Activities: -₹4,638.3 Mn
  • Net Cash from Investing Activities: ₹4,459.0 Mn
  • Net Cash from Financing Activities: -₹124.9 Mn
  • Net Decrease in Cash: -₹304.3 Mn
  • Cash & Cash Equivalents at End: ₹402.7 Mn

Consolidated

  • Net Cash from Operating Activities: ₹12,927.6 Mn
  • Net Cash from Investing Activities: -₹359.3 Mn
  • Net Cash from Financing Activities: -₹13,546.6 Mn
  • Net Decrease in Cash: -₹978.3 Mn
  • Cash & Cash Equivalents at End: ₹886.0 Mn

Operational and Corporate Developments

Credit Rating

  • CRISIL Ratings reaffirmed Long Term Bank Facilities at CRISIL AA with Stable Outlook
  • Short Term ratings reaffirmed at CRISIL A1+ with Stable Outlook

New Project Award

  • Received Letter of Acceptance from Hyderabad Metropolitan Development Authority (HMDA)
  • Project: Construction of elevated corridor from ICCC Banjara Hills to Shilpa Layout Flyover Road, Hyderabad
  • Project Cost: ₹1,396 Crores
  • Construction Period: 24 months
  • State: Telangana

Financial Closure

  • KNR Manyamkonda Infra Private Limited (wholly owned subsidiary) received letter from NHAI
  • Financial close noted on 1st October 2026 for HAM project in Telangana

Asset Monetization Completion

  • Transferred 2 projects to Indus Infra Trust, completing monetization of all four HAM assets
  • KNR Guruvayur Infra Private Limited: Received ₹486 Crore consideration against investment of ₹193 Crore (equity + subordinated debt)
  • KNR Ramanattukara Infra Private Limited: Received ₹549 Crore consideration against investment of ₹226 Crore (equity + subordinated debt)
  • Total consideration received: ₹1,035 Crore
  • Share Purchase Agreements executed on 24th December 2025
  • Divestment completed as of 5th October 2026

Order Book Position

  • Total Order Book as on 30th September 2026: ₹1,17,088 Mn
  • Breakdown:
  • Top 5 Road Projects: ₹18,586 Mn
  • Other Road Projects: ₹5,437 Mn
  • Irrigation Projects: ₹16,849 Mn
  • Pipeline Projects: ₹7,525 Mn
  • Mining Project: ₹68,691 Mn

Recently Won Projects (Not yet in Order Book)

  • Four Lane Elevated Corridor along East Coast Road (ECR) Thiruvanmiyur to Uthandi in SH-49 on Hybrid Annuity Mode in Tamil Nadu: ₹16,799 Mn
  • 4 laning of NH-167 from Gudebellur to Mahabubnagar Hyderabad–Panaji Section under Hybrid Annuity Mode in Telangana: ₹15,700 Mn
  • Construction of elevated corridor from ICCC Banjara Hills to Shilpa Layout Flyover Road, Hyderabad (EPC Project): ₹13,965 Mn
  • Total Recent Wins: ₹45,465 Mn

Business Overview

  • Leading Engineering, Procurement and Construction (EPC) services company
  • Major projects in Roads & Highways, Irrigation, and Urban Water Infrastructure Management
  • 30+ years of experience, executed over ~10,500 lane km Road Projects
  • Projects executed across 12 states in India
  • Portfolio includes 2 Annuity based Projects and 6 HAM based projects
  • 4 HAM projects with total Bid Project cost of ₹31,498 million

Management Team

  • Mr. K. Narasimha Reddy: Founder Promoter & Managing Director (60+ years experience)
  • Mr. K. Jalandhar Reddy: Promoter & Executive Director (30+ years experience)
  • Mr. T.L. Verma: Sr. Vice President - Projects (40+ years experience)
  • Mr. K Venkata Ram Rao: General Manager - Finance & Accounts (20+ years experience)
  • Ms. V. Harita: Company Secretary

Shareholding Pattern (as of 30th September 2026)

  • Promoters: Not specified percentage
  • Foreign Institutional Investors: Not specified percentage
  • Mutual Funds & AIFs, Insurance Co.: Not specified percentage
  • Public & Others: Not specified percentage

Major Shareholders (>1% of Equity, excluding Promoters)

  • ICICI Prudential Mutual Fund: 4.73%
  • Invesco Mutual Fund: 4.22%
  • Bajaj Finserv Mutual Fund: 1.47%
  • India First Life Insurance: 1.45%
  • HSBC Mutual Fund: 1.14%
  • Robeco Capital Growth Funds: 1.27%
  • Total: 14.28%