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Dismal performance Earnings snapshot: 1QFY26

• During 1QFY26, KNR received certain one-time adjustments and arbitration claims. For a like-to-like comparison, we have adjusted these items in revenue, other income, other expenses and total taxes for 1QFY26 and have shown them as exceptional items. Details of adjustment are as follows:
• INR41.3m related to an arbitration claim included in revenue from operations; INR67.9m related to interest on such claim included in other income; INR2.6m in expenses related to such claims included in other expenses; and the resultant tax of INR2.7m included in current tax in the statement of standalone profit and loss.
• Revenue declined ~41% YoY to ~INR4.8b in 1QFY26 (34% below our estimate).
• EBITDA margin decreased 370bp YoY to 12.9% (vs. our estimate of 13.9%).
• EBITDA declined ~55% YoY to INR617m (vs. our estimate of INR1b).
• In line with weak operating performance, APAT decreased 46% YoY to INR433m (39% below our estimate of INR710m).
• The current order book stands at ~INR50b.

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