Company Update : KNR Construction Ltd by Motilal Oswal Financial Services Ltd
Dismal performance yet again
Earnings snapshot: 2QFY26
* Revenue declined 42.4% YoY to ~INR4.9b in 2QFY26 (16% below our estimate).
* EBITDA margin contracted 520bp YoY to 10.9% in 2QFY26 (vs our estimate of 13.4%).
* EBITDA declined 61% YoY to INR536 (against our estimate of INR785m).
* In line with weak operating performance, APAT decreased 81% YoY to INR279m (against our estimate of INR 550m).
* Current order book stands at ~INR78b.
* During 1HFY26, Revenue/EBITDA/APAT declined 42%/58%/69%, respectively.
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SEBI Registration number is INH000000412
