InCred Equities - KNR Constructions Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	42,943	37,015	38,710	44,028
Operating EBITDA (Rsm)	9,395	8,430	9,163	10,301
Net Profit (Rsm)	7,772	5,703	5,249	5,909
Core EPS (Rs)	22.3	20.3	18.7	21.0
Core EPS Growth	58.2%	(9.0%)	(8.0%)	12.6%
FD Core P/E (x)	9.47	10.41	11.31	10.05
DPS (Rs)	0.5	0.5	0.5	0.5
Dividend Yield	0.27%	0.30%	0.30%	0.30%
EV/EBITDA (x)	7.09	10.94	9.56	8.18
P/FCFE (x)	44.66	12.57	(18.80)	99.68
Net Gearing	23.5%	82.7%	63.7%	50.3%
P/BV (x)	1.67	1.45	1.29	1.14
ROE	19.8%	14.9%	12.0%	12.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	42,943	37,015	38,710	44,028
Gross Profit	12,043	12,955	13,548	15,410
Operating EBITDA	9,395	8,430	9,163	10,301
Depreciation And Amortisation	(1,568)	(1,247)	(1,294)	(1,394)
Operating EBIT	7,826	7,183	7,869	8,907
Financial Income/(Expense)	(1,015)	(1,540)	(1,623)	(1,768)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	352	1,400	500	500
Profit Before Tax (pre-EI)	7,163	7,043	6,746	7,639
Exceptional Items
Pre-tax Profit	7,163	7,043	6,746	7,639
Taxation	(1,330)	(1,299)	(1,421)	(1,617)
Exceptional Income - post-tax	1,503
Profit After Tax	7,336	5,744	5,325	6,022
Minority Interests	436	(41)	(76)	(114)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	7,772	5,703	5,249	5,909
Recurring Net Profit	6,269	5,703	5,249	5,909
Fully Diluted Recurring Net Profit	6,269	5,703	5,249	5,909

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	9,395	8,430	9,163	10,301
Cash Flow from Invt. & Assoc.
Change In Working Capital	(11,954)	(31,266)	(277)	(2,321)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(1,015)	(1,540)	(1,623)	(1,768)
Tax Paid	(1,330)	(1,299)	(1,421)	(1,617)
Cashflow From Operations	(4,905)	(25,676)	5,842	4,596
Capex	(1,139)	(1,000)	(1,500)	(1,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(429)
Other Investing Cashflow	1,855	1,400	500	500
Cash Flow From Investing	287	400	(1,000)	(1,000)
Debt Raised/(repaid)	5,948	30,000	(8,000)	(3,000)
Proceeds From Issue Of Shares	(112)	0	0	0
Shares Repurchased
Dividends Paid	(162)	(176)	(176)	(176)
Preferred Dividends
Other Financing Cashflow	851	(161)	(76)	(76)
Cash Flow From Financing	6,525	29,663	(8,252)	(3,252)
Total Cash Generated	1,907	4,388	(3,410)	344
Free Cashflow To Equity	1,329	4,724	(3,158)	596
Free Cashflow To Firm	(3,603)	(23,736)	6,465	5,364

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	4,109	8,496	5,086	5,392
Total Debtors	6,740	3,185	2,983	4,466
Inventories	2,209	2,019	2,120	2,438
Total Other Current Assets	35,743	73,472	78,905	79,406
Total Current Assets	48,801	87,172	89,094	91,701
Fixed Assets	5,473	5,523	6,025	6,428
Total Investments	1,152	1,152	1,152	1,152
Intangible Assets	2,613	2,437	2,140	1,843
Total Other Non-Current Assets
Total Non-current Assets	9,237	9,111	9,317	9,423
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors
Other Current Liabilities	10,021	12,739	17,794	17,774
Total Current Liabilities	10,021	12,739	17,794	17,774
Total Long-term Debt	12,475	42,475	34,475	31,475
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	12,475	42,475	34,475	31,475
Total Provisions
Total Liabilities	22,496	55,214	52,269	49,250
Shareholders Equity	35,541	41,069	46,142	51,875
Minority Interests
Total Equity	35,541	41,069	46,142	51,875

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	5.7%	(13.8%)	4.6%	13.7%
Operating EBITDA Growth	2.4%	(10.3%)	8.7%	12.4%
Operating EBITDA Margin	21.9%	22.8%	23.7%	23.4%
Net Cash Per Share (Rs)	(29.75)	(120.82)	(104.50)	(92.75)
BVPS (Rs)	126.38	146.03	164.07	184.45
Gross Interest Cover	7.71	4.66	4.85	5.04
Effective Tax Rate	18.6%	18.4%	21.1%	21.2%
Net Dividend Payout Ratio	2.1%	2.5%	2.6%	2.3%
Accounts Receivables Days	55.12	48.93	29.08	30.88
Inventory Days	26.88	32.07	30.02	29.06
Accounts Payables Days
ROIC (%)	24.7%	16.8%	10.6%	12.0%
ROCE (%)	19.0%	10.9%	9.6%	10.9%
Return On Average Assets	16.2%	11.1%	8.6%	9.4%

(91) 22 4161 1546 rajarshi.maitra@incredresearch.com

(91) 22 4161 1500 shivam.agarwal@incredresearch.com

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Market Data

Source: Bloomberg