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KNRCON Consensus Forecast

No. of reports in last year
18
No. of analysts
9
Average Consensus Forecast
313.89
Consensus Potential
29.58%

KNRCON Price Target Potential

BrokerageTargetPotential
Kotak Securities24712.02%
Prabhudas Lilladher31330.58%
Motilal Oswal37441.90%
ICICIdirect.com32533.14%
Geojit Financial Services29526.34%

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KNRCON Ratings

Long term KNRCON rating by FrontPage users
4.9/5 (10 Ratings)

18 KNRCON share price target reports by brokerages below. See what is analyst's view on KNRCON share price forecast, rating, estimates, valuation and prediction behind the target. You may use these research report forecasts for long-term to medium term for your investment or trades in 2020.
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KNRCON Share Price Target

KNRCON Share Price Target - Broker Reports - 2020

15-Jun-20
Price @ Call: 213.21
Target: 247
BUY
18-May-20
Price @ Call: 198.67
Target: 226
BUY
KNR has a track record of generating operating cash flows which can help it in meeting capital for future growth. We believe that the strong order backlog and new order inflows would improve the company’s revenue growth visibility for FY22E. Presently, we have not factored in the new order inflows in our estimates and may review the same post Q4FY20 results after getting more clarity from the management on the details of these projects and status of various other projects. The EPC business (adjusted for BOT/HAM value of Rs 33) is available at a PE of 9.5x/10x/8.1x based on FY20E/FY21E/FY22 EPS of Rs 17.2/ Rs 16.3/ Rs 20.2, respectively. We maintain our BUY rating on the stock with SOTP based target price of Rs 226. We have valued the standalone construction business at 10x forward earnings. Key risk to our estimates and recommendation are any further negative impact of Covid-19 on the company’s projects, delay in tendering from central and state governments authorities, delay in approvals of projects, etc.
... Read more
17-Feb-20
Price @ Call: 282.05
Target: 333
BUY
KNR has track record of generating operating cash flows which can help in meeting its capital requirements for future growth. Further, the company has track record of beating its revenue and margin guidance, and we believe that the trend can continue in the coming years. We believe that the sale of BOT asset and expected debt reduction would strengthen company’s balance sheet.
We have revised our earnings estimates for FY20E/21E based on 9MFY20 results and order inflows and introduce estimates for FY22E. The EPC business (adjusted for revised BOT/HAM value of Rs 33 (vs Rs 47/share) is available at a PE of 12.9x/12.6/10.2x based on FY20E/FY21E/FY22 EPS of Rs 19.1 (vs 17.1 earlier)/ Rs 19.7 (Vs Rs 21.5 earlier)/ Rs 24.2, respectively. We maintain BUY rating on the stock with revised SOTP based target price of Rs 333 (Vs Rs 327 earlier), as we roll forward our valuations to Dec 21E.
... Read more
14-Feb-20
Price @ Call: 271.99
Target: 313
BUY
KNRC has robust financials with (a) lean balance sheet (D:E of 0.2x), (b) strong execution capabilities (c) healthy operating margins (~17% average over FY15-19) and (d) industry best working capital cycle (~70 days). For 3Q, KNRC reported strong set of numbers with margins (~22.3%) surprising positively, led by healthy execution from the irrigation sector. We believe, KNRC fits perfectly in our thesis of comfortable order book (~Rs58.9bn as on 3QFY20) and a lean balance sheet (low risks of equity dilution). On the higher margins and change in revenue mix we have revised our earnings estimate by 3.4%/12.2% for FY21/FY22E. We expect KNRC to post a revenue/EBITDA CAGR of 19%/12% over FY19-FY22E supported by ramp ups from the existing order book. At CMP, the stock trades at a P/E of 17.0x/16.1x on FY20E/FY21E EPS and is trading at an EV of 9.2x/8.5x FY20E/FY21E EBITDA. We maintain BUY rating on the stock with a revised SOTP of Rs313 (earlier Rs304).
... Read more
14-Jan-20
Price @ Call: 281
Target: 327
BUY
The EPC business (adjusted for BOT/HAM value Rs 47/share) is available at a PE of 13.5x/10.7x based on FY20E/FY21E EPS of Rs 17.1/21.5, respectively. We maintain our BUY rating on the stock with revised SOTP based target price of Rs 327 (Vs Rs 305 earlier).
... Read more
13-Jan-20
Price @ Call: 278.45
Target: 374
BUY
We lower our interest expense estimate and raise our revenue estimate by 2/3% for FY21/22 to factor in the asset sale. As a result, we increase our FY21/22 EPS estimate by 12%/13%. Note that we have built cushion in our EBITDA margin assumption (200bp decline over FY20-22). Also, we estimate a strong CAGR (FY20- 22) of 18% in PBT but a lower 11% in PAT due to normalization of tax rates to 25.2% (KNR’s effective tax rate is lower as it has un-utilized MAT credit). At CMP, the stock trades at FY21/22E P/E of 11.7x/9.7x (adjusted for valuation of the road assets portfolio). We maintain Buy with a higher target price of INR374 based on SOTP – (a) EPC business at 15x Sep’21E EPS and (b) road assets at P/Inv of 1x.
... Read more
10-Jan-20
Price @ Call: 254.55
Target: 304
BUY
The company has entered into an agreement to sell its 100% stake in KNR Walayar Tollways BOT project for Rs5,292.7mn to Cube Highways. The company has invested equity of ~Rs3,974mn (includes additional quasi equity of Rs2,615mn towards repayment of loans) as on 2QFY20 and with enterprise value of the transaction at Rs5292.7mn, valuation of the asset stands at P/BV of ~1x (which is reasonable).
... Read more
10-Jan-20
Price @ Call: 254.55
Target: 325
BUY
The monetization of Walayar BOT project is in line with the company’s strategy of exiting BOT project and concentrating towards more asset-light EPC projects. The proceeds from this deal could make KNR net cash positive and freed up capital could also be utilized as growth capital. On execution front, with execution of large fast track irrigation orders & overall strong execution on HAM projects, we expect revenues to grow 19.1% CAGR to Rs 3,031.1 crore in FY19-21E. We fine tune our estimates to factor in this deal in FY21E and maintain our BUY recommendation on the stock with a SoTP target price of Rs 325/share.
... Read more
1-Jan-20
Price @ Call: 251.06
Target: 305
BUY
KNR has track record of generating operating cash flows which will help it in meeting capital for future growth. Further, the company has track record of beating its revenue guidance and margin guidance, and we believe that the trend to continue in FY20/FY21. We have maintained our estimates for FY20E/21E. The EPC business (adjusted for BOT/HAM value Rs 47/share) is available at a PE of 11.9x/9.4x based on FY20E/FY21E EPS of Rs 17.1/21.5, respectively. We maintain our BUY rating on the stock with sum of the parts based (SOTP) target price of Rs 305, which includes Rs 258/share for construction business and Rs 47/ share for BOT/HAM projects.
... Read more

KNRCON Share Price Target - Broker Reports - 2019

27-Nov-19
Price @ Call: 237
Target: 305
ADD
KNR has track record of generating operating cash flows which will help it in meeting capital for future growth. We believe that strong cash flows, deal with Cube Highways and monetization of BOT assets will help the company in meeting upfront equity commitment in the balance two HAM projects. Further, the company has track record of beating its revenue guidance and margin guidance, and we believe that the trend will continue in FY20/FY21. We have maintained our estimates for FY20E/21E. The EPC business (adjusted for BOT/HAM value Rs 47/share) is available at a PE of 11x/8.8x based on FY20E/FY21E EPS of Rs 17.1/21.5, respectively. We maintain our BUY rating on the stock with SOTP based target price of Rs 305.
... Read more
21-Nov-19
Price @ Call: 265
Target: 295
BUY
Going forward, execution to pick up as projects are getting financial closure and appointed date. While healthy balance sheet, strong execution capability with better operational margin to support valuation. We value standalone business at a P/E of 13x FY21E EPS and BOT/HAM projects at 1xP/B to arrive at SOTP target price Rs295 & revise our rating to Buy.
... Read more
26-Sep-19
Price @ Call: 233.5
Target: 300
BUY
20-Sep-19
Price @ Call: 224.85
Target: 369
BUY
Though stock has fallen ~5% post our Q1FY20 update note, considering pick up in execution from H2FY20E, healthy return ratios, a well-managed balance sheet, comfortable working capital, low D:E, and quality management, we maintain BUY with a SOTP-based TP to Rs 369.
... Read more
21-Aug-19
Price @ Call: 243.47
Target: 290
BUY
At CMP of Rs. 245, KNR Construction is trading at 12.7x to FY21E standalone EPS. Considering the order book and execution rates, we value the EPC businessat 12.5x to its FY21E EPS to arrive at the value of Rs. 240 per share. We also value the BOT assets at 1x BV & HAM opportunity at 1x BV of the equity investment andarriving at a value of Rs. 290.
... Read more
19-Aug-19
Price @ Call: 234.85
Target: 293
BUY
The Company is targeting order inflow to the tune of ~Rs.15 bn during the remaining period of FY20. With projects coming under-execution, we expect company to clock ~17% yoy topline CAGR during FY19-21E. Earnings growth is likely remain healthy backed by high margin order book in hand. Also, Share Purchase Agreement (SPA) with Cube Highways to sell its entire stake in 4 HAM projects in a phased manner will allow KNR to focus on its core expertise of EPC. The stock is currently trading at 13.9x FY21E P/E. With recent correction in stock price, we upgrade the stock to a BUY for target price of Rs.293 (based on SOTP valuation).
... Read more
19-Aug-19
Price @ Call: 234.85
Target: 369
BUY
EBITDA margins are on the higher side led by lower sub contraction cost and various irrigation projects are on the verge of completion. The reported PAT down 35.5% YoY to 477 mn (31.3% below estimates), due to a muted operating performance coupled with higher depreciation, higher finance cost, lower other income and higher tax rate of 19.0% vs. 12.3% (Q1FY19).
... Read more
19-Aug-19
Price @ Call: 234.85
Target: 300
BUY
The company expects higher growth in FY21E. H1FY20 is expected to be slower largely on account of delay in appointed date in NHAI HAM projects, which the company expects to receive in coming quarters. We have revised our EPS estimates based on Q1FY20 execution and tax rates. The EPC business (adjusted for BOT/HAM value Rs 48/share) is available at a PE of 11.4x/9.2x based on FY20E/FY21E revised EPS of Rs 16.2/19.4 (Vs 18.1/Rs 20.8 earlier), respectively. We upgrade our rating on the stock to BUY (from ADD earlier), post correction in the share price with revised SOTP based target price of Rs 300 (Vs Rs 312 earlier).
... Read more
19-Aug-19
Price @ Call: 234.85
Target: 375
BUY
We maintain BUY on KNR with an increased SOTP-based TP of Rs 375/sh (valuing core EPC business 18x FY21EPS at Rs 315/sh, Subsidiaries Rs 60/sh) vs. Rs 363/sh earlier. KNR delivered Revenue/EBIDTA/APAT beat of 11/(2)/5%.
... Read more
12-Jun-19
Price @ Call: 287.6
Target: 335
BUY
Our preference for KNRC stems from its robust execution track record, driven by backward integration, strong balance sheet with net debt-equity of -0.1x, and consistent operating margins. We value the company on an SOTP basis: INR290/share for the standalone EPC business (15x FY21E EPS of INR18.5) and INR45/share for investments in BOT projects and land parcels (1x FY21E BV). Maintain Buy with a target price of INR335.
... Read more
3-Jun-19
Price @ Call: 284.83
Target: 315
BUY
We maintain our positive view on KNRC mainly owing to strong balance sheet (0.2x of net D/E), the best working capital cycle and sound execution credentials. Going forward, we expect KNRC’s revenue to clock 18% CAGR through FY19-21, while PAT is expected to witness 1% negative CAGR mainly led by higher tax rate. Rolling over our valuations to FY21E, we maintain our BUY recommendation on the stock with a revised SOTP-based Target Price of Rs315.
... Read more
12-Jun-19
Price @ Call: 281
Target: 312
ADD
KNR has track record of generating positive operating cash flows which would help it in meeting capital for future growth. We have maintained our estimates for FY20E and FY21E. The EPC business (adjusted for BOT/HAM value Rs 42/share) is available at a PE of 13.2x/11.5x based on FY20E/FY21E EPS of Rs 18.1/Rs 20.8, respectively. We maintain ADD on the stock with SOTP based target price of Rs 312, valuing standalone business at 13xFY21E EPS.
... Read more
6-Jun-19
Price @ Call: 288.9
Target: 324
ACCUMULATE
Going forward, execution to pick up as projects are getting financial closure and appointed date. While healthy balance sheet, strong execution capability with better operational margin to support valuation. We value standalone business at a P/E of 15x FY21E EPS and BOT/HAM projects at 1xP/B to arrive at SOTP target price Rs324 & revise our rating to Accumulate.
... Read more
3-Jun-19
Price @ Call: 284.83
Target: 312
ADD
We have upgraded our EPS estimates for FY20E and FY21E by 7-10% based on strong pace of execution and robust order book and pipeline. The EPC business (adjusted for BOT/HAM value Rs 42/share) is available at a PE of 13.1x/11.5x based on FY20E/FY21E revised EPS of Rs 18.1/Rs 20.8, respectively. We maintain ADD on the stock with revised SOTP based target price of Rs 312 (Vs Rs 282 earlier), as we roll forward our valuations to FY21E.
... Read more
22-Mar-19
Price @ Call: 270
Target: 282
ADD
The company management had guided for over Rs18bn revenue in FY19E and Rs 23-24 bn revenue in FY20E with EBITDA margins of 14-15%. We have upgraded our EPS estimates for FY19E based on strong execution in old orders and company’s confidence of exceeding its guidance. The EPC business (adjusted for Rs 35 per share revised value of BOT) is available at a PE of 15.4x/14.2/12.1x based on FY19E/FY20E/FY21E revised EPS of Rs 15.2/16.5/19.4 per share, respectively. We downgrade our rating on the stock to Add (Vs Buy earlier) with revised SOTP based target price of Rs 282 (Vs Rs 239 earlier), as we see limited upside over our revised target price.
... Read more
15-Feb-19
Price @ Call: 205
Target: 250
BUY
We downgrade our revenue estimates by 5.6%/ 13.7% for FY19E/ FY20E due to delay in receiving appointed date for 5 HAM projects. We upgrade/ maintain our FY19E/ FY20E EBITDA margins by 115bps to 19.1%/ 16% on the back of 9MFY19 results. We factor 11.6% tax rate for FY19E vs. 15% earlier. Accordingly, we upgrade/ downgrade our PAT estimates for FY19E/ FY20E by 4.3%/ 18.0%. We estimate revenue growth of 4.5%/ 30.1%/ 19.8% in FY19E/ FY20E/ FY21E. Our revenue estimates of Rs 20.2 bn/ Rs 26.3 bn for FY19E/ FY20E are higher than management guidance of Rs 18-19bn/ Rs 23-24bn, respectively.
... Read more
14-Feb-19
Price @ Call: 204.1
Target: 337
BUY
KNR delivered Revenue/PAT beat of 7.6/3% led by execution of Rs 0.9bn in irrigation projects. EBIDTA margins came in at 20% aided by 20% revenue from high margin irrigation segment. Order book is now Rs 55.2bn with Rs 1.5bn new orders, largely from existing projects increase in scope of work. Bid pipeline remain strong and KNR expects to take Rs 20bn new orders in 4QFY19E, largely driven by 1 HAM (Rs 10bn) and balance from Irrigation, bridges and flyovers. KNR had already achieved FC for 4 HAM projects and received appointed date (AD) for 1 project (Rs 17bn), 2 more project AD is expected by Feb-19 and last one by Mar-19. NWC is under control at 26days and net d/e is insignificant at 0.1x. Further, KNR has announced Cube Highways investment in 3 HAM projects which shall provide comfort on limited equity investment outgo from KNR. KNR promoter share pledging is nil. We maintain BUY with SOTP based valuation of Rs 337/sh.
... Read more
13-Feb-19
Price @ Call: 204.11
Target: 239
BUY
The company management has maintained its revenue guidance for FY19E at over Rs18bn and guided for Rs 23-24 bn revenue in FY20E with EBITDA margins of 14-15%. We have upgraded our EPS estimates for FY19E based on good execution in Q3FY19 and strong margins. The EPC business (adjusted for Rs 33 per share value of BOT) is available at a PE of 11.6x and 12.2x based on FY19E and FY20E revised EPS of Rs 14.3 and Rs 13.7 per share, respectively. We maintain our Buy rating on the stock with revised SOTP based target price of Rs 239 (Vs Rs 235 earlier).
... Read more
13-Feb-19
Price @ Call: 201.25
Target: 260
BUY
We cut our FY20 earnings estimate by 15% to factor in lower-than-estimated execution of the recently won HAM projects, given that the company has received appointed date for only one HAM project, with appointed date pending for three projects. We maintain our Buy rating, with target price of INR260 and value KNRC on SOTP basis — INR216/share for standalone EPC business (15x FY20E EPS of INR16.9), and INR43/share for investments in the BOT projects, annuity projects and land parcels (1x book value).
... Read more

KNRCON Share Price Target - Broker Reports - 2018

21-Nov-18
Price @ Call: 191
Target: 180
REDUCE
16-Nov-18
Price @ Call: 188.97
Target: 369
BUY
16-Nov-18
Price @ Call: 188.97
Target: 269
BUY
11-Sep-18
Price @ Call: 206.54
Target: 418
BUY
16-Aug-18
Price @ Call: 228.15
Target: 298
BUY
14-Aug-18
Price @ Call: 228.44
Target: 283
BUY
14-Aug-18
Price @ Call: 229.7
Target: 315
BUY
13-Aug-18
Price @ Call: 231
Target: 392
BUY
3-Aug-18
Price @ Call: 226
Target: 320
BUY
31-May-18
Price @ Call: 297.28
Target: 364
BUY
1-Jun-18
Price @ Call: 285.8
Target: 346
BUY
1-Jun-18
Price @ Call: 297.95
Target: 375
BUY
26-Apr-18
Price @ Call: 314.7
Target: 403
BUY
25-Apr-18
Price @ Call: 323.3
Target: 348
ACCUMULATE
8-Mar-18
Price @ Call: 292
Target: 348
BUY
27-Feb-18
Price @ Call: 303.95
Target: 375
BUY
26-Feb-18
Price @ Call: 294.9
Target: 329
ACCUMULATE
20-Feb-18
Price @ Call: 320
Target: 360
BUY
16-Feb-18
Price @ Call: 319.82
Target: 348
ACCUMULATE
16-Feb-18
Price @ Call: 325
Target: 385
BUY

KNRCON Share Price Target - Broker Reports - 2017

15-Dec-17
Price @ Call: 269.01
Target: 320
BUY
29-Nov-17
Price @ Call: 279.85
Target: 322
BUY
24-Nov-17
Price @ Call: 275.75
Target: 302
ACCUMULATE
24-Nov-17
Price @ Call: 275.75
Target: 306
BUY
17-Oct-17
Price @ Call: 212.5
Target: 242
BUY
19-Sep-17
Price @ Call: 204.4
Target: 236
BUY
18-Aug-17
Price @ Call: 220.6
Target: 242
ACCUMULATE
18-Aug-17
Price @ Call: 220.6
Target: 236
ACCUMULATE
2-Jun-17
Price @ Call: 208
Target: 243
BUY
2-Jun-17
Price @ Call: 210.85
Target: 243
BUY
16-Feb-17
Price @ Call: 177
Target: 194
ACCUMULATE
14-Feb-17
Price @ Call: 173
Target: 201
BUY

KNRCON Share Price Target - Broker Reports - 2016

31-May-16
Price @ Call: 108
Target: 140
BUY
17-Nov-16
Price @ Call: 147.4
Target: 164.4
ACCUMULATE
20-Sep-16
Price @ Call: 140
Target: 151
HOLD
23-Aug-16
Price @ Call: 139.4
Target: 151
HOLD
18-Aug-16
Price @ Call: 139.8
Target: 160.4
BUY
8-Aug-16
Price @ Call: 119.4
Target: 150
BUY
18-Jul-16
Price @ Call: 114.21
Target: 128.4
ACCUMULATE
6-Jun-16
Price @ Call: 114.21
Target: 134.4
ACCUMULATE
1-Jun-16
Price @ Call: 111
Target: 148
BUY
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  • KNRCON Share Price Target Today- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 3230.63
    Upside Target 2225.17
    Upside Target 1221.23
    Pivot215.77
    Downside Target 1211.83
    Downside Target 2206.37
    Downside Target 3202.43
  • KNRCON Share Price Target weekly- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 3236.7
    Upside Target 2228.15
    Upside Target 1219.65
    Pivot211.1
    Downside Target 1202.6
    Downside Target 2194.05
    Downside Target 3185.55
  • KNRCON Share Price Target monthly- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 3267.95
    Upside Target 2248.9
    Upside Target 1229.1
    Pivot210.05
    Downside Target 1190.25
    Downside Target 2171.2
    Downside Target 3151.4
  • KNRCON Share Price Target today- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 3225.17
    Upside Target 2221.58
    Upside Target 1219.36
    Pivot215.77
    Downside Target 1212.18
    Downside Target 2209.96
    Downside Target 3206.37
  • KNRCON Share Price Target weekly- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 3228.15
    Upside Target 2221.64
    Upside Target 1217.61
    Pivot211.1
    Downside Target 1204.59
    Downside Target 2200.56
    Downside Target 3194.05
  • KNRCON Share Price Target monthly- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 3248.9
    Upside Target 2234.06
    Upside Target 1224.89
    Pivot210.05
    Downside Target 1195.21
    Downside Target 2186.04
    Downside Target 3171.2
SOURCE: Data from D'Market via Quandl. Intraday data delayed 15 minutes.
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