KNR Constructions Limited (NSE: KNRCON) Q4 2025 Earnings Call dated May. 30, 2025
Corporate Participants:
Unidentified Speaker
Venkata Ram Rao — General Manager, Finance and Accounts
Analysts:
Unidentified Participant
Shravan Shah — Analyst
Vaibhav Shah — Analyst
Niteen Dharmawat — Analyst
Saket Kapoor — Analyst
Jainam Jain — Analyst
Bhavin Modi — Analyst
Vasudev Ganatra — Analyst
Presentation:
operator
Ladies and gentlemen, you are connected to the KNR Constructions Limited Q4FY25 earnings conference call. Please stay connected, the call will begin shortly. Ladies and gentlemen, you are connected to the Q4 and FY25 earnings conference call of KNR Constructions Limited. Please stay connected, the call will begin shortly.
operator
Ladies and gentlemen, good day and welcome to the Q4 and FY25 earnings conference call of KNR Constructions Limited. Please note that this conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone.
I now hand the conference over to Mr. K. Venkat Ram Rao, General Manager, Finance and Accounts, KNR Constructions Ltd. Thank you. And over to you sir.
Venkata Ram Rao — General Manager, Finance and Accounts
Good morning. Thank you for joining us today on the call to discuss the financial results for Q4FY25. Along with me I have Srikya Jalandha Reddy, Executive Director and Strategic Growth Advisor, our Investor Relations Advisor. We have uploaded results in the investor presentation on the stock exchanges as well as on our company website. I hope everyone got an opportunity to go through it. We would like to touch upon a few key company updates and industry events post which we will have a question and answer sessions. The road infrastructure sector witnessed a slowdown in the previous financial year but the last quarter shown promising sign of the recovery with improved project awarding and execution activity.
The positive momentum has been supported by key policy reforms from the Ministry of Road Transport and Highways, the enforcement of the fixed timeline for land acquisition and statutory clearance including forest and wildlife approval which is much needed step to expedite project execution and minimize delays. Additionally, the revised policy to impose additional performance security on aggressive projects encourage more responsible and financial sound building practices. These measures are designed to streamline execution, reduce cost overrun and ensure timely delivery which also addressing long standing bottlenecks in the project as well. One of the most ambitious initiatives by most is in plan to upgrade 25,000 to 30,000 km of the two lane highway into the four lane corridor with an investment outlay of Rs.
8 to 10 lakh crore. The largest transformation will significantly boost highway capacity, road safety and regional connectivity. These are expected to bring greater transparency, enhance quality assurance and reduce inflation delays. FY26 is poised to maintain robust momentum with most targeting the construction of over 10,000 km of the highways, prioritizing the modernization of existing infrastructure and improved connectivity across the Northeast region. Furthermore, the planned rollout of 5,800 km high speed corridor network is expected to significantly enhance national connectivity and drive economic growth. Finally, the convergence of the policy reforms and greater capital investment painted a highly promising picture for the sector.
Now coming to the key updates of the company, the percentage of fiscal Progress as of 3-31-2025 for the HAMP project is as follow Ramana Dupara to voluntary approximately 95% Valencia to Katrika approximately 93% Chittur to Khachur approx. 91% Mangalitu Somark approximately 89% and Mori Paru Cruise from our produce approximately 37%. As of March 31, 2025, the company has already invested Rupees six hundred and fifty one crores out of Rupees nine hundred ninety crores. Revised equities requirement for all the handholders, the additional equity requirement of 339crores to be in future 210crores in FY26 and around 130crores in FY251.27.
You can refer to the slide number 26 of the investor presentation for details on each hand project as per the share purchase agreement in October 24, KNR Sales holding and Investment Private Limited which is a wholly owned subsidiary of the company has successfully completed the transfer of entire shareholding to in Kneepakur holding for consideration of 1 lakh and further the company KN Consumer had transferred its entire shareholder of 0.65% in knee proposed for a consideration of 45.90 lakh. Moving ahead in April, company secured apart debt for both the project Masood to Kosan Nagar Package 4 and 5.
In the May company received a Trollinal Completion Certificate First Issue Practice 3, making its completion 40 days ahead of the schedule. The early delivery has made the company eligible for bonus of rupees 3.26 crore on May 21st, 2025, KNR Construction Limited along with its wholly owned subsidy Kena Ramana had received a so called notice from the NSCI for a partial damage of US under construction Kerala. This was caused due to some indeterminate subsoil condition and high water table. One of the approach ramped with RE1 up has yielded and caused excessive settlement. As a result the service route is slightly distorted and all efforts are exercised to instill the service road facility on either side of the main carriageway.
Further, we are still evaluating the financial impact of the event. Now coming to the order book position. As of March 31, 2025, the company’s total order book stood at 5052 crores. This is divided at 51%. This is divided as and 37%, Irrigation 28%, Pipeline Project 21% and Other Road Projects of 13%. The current order book will execute over a period of around one and a half to two years with the government emphasis on the infrastructure development. We anticipate new order awards in the coming quarters and we aiming for order inflow of Approximately at least 8 to 10,000 crores by the end of 26.
Now let me move through the Q4 and FY25 standalone financial performance first followed by the consolidated financial highlight. I will start with quarterly highlight first. The revenue for the quarter stood at 851 crores. EBITDA for Q4FY25 stood at rupees 118 crores as compared to 240 crores in Q4FY24. EBITDA margin in Q4FY25 is at 13.8%. Net profit for the quarter was Rs. 25 crores as against 198 crores in Q4FY24. Now coming to FY25 highlights. Revenue for FY25 stood at 3359 crores. EBITDA for FY25 stood at 625 crores as compared to 701 crores in FY24. EBITDA margin in FY25 stood at 18.6.
Net profit for FY25 grown by 47% year on year to 726 crores as compared to 494 crores in FY24. Now coming to consolidated financial performance. I will start with the quarterly highlights sir. The company recorded a total revenue of 975 crores as compared to 1414 crores. EBITDA came in rupees 221 crores in Q4FY25 to rupees 375 crores in Q4FY24 EBITDA margin. The current quarter stood at 22.7%. The profit after tax stood at 8 crores in Q4FY 2025 due to consolidation adjustment on account of sale of state long subsidy. Moving on FY25 highlight. The revenue for FY25 grew by 7% year in F2 rupees 4753 crores.
EBITA for FY25 was rupees 1,625 crores as compared to 148 crores in FY24 price 65% growth EBITA margin for FY25 stood at 34.2%. Net profit grew by 33% year on year to rupees 1002 crores. Now we moving to standalone balance sheet. The company continue to maintain a strong balance sheet. The working capital Debt stood at 93 days compared to 89 days as of March on before. The consolidated Debt as of 03-31-2025 is Rupees 1865 Crores as compared to 1258Crores as of 03-31-2024. The net debt to the equity on consolidated basis as of 03-31-2024 stand at 0.441 times as compared to 0.34 times as of March.
With this we can open the floor for question and answer.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen will wait for a moment while the question queue assembles. The first question is from the line of Shravan Shah from Daulat Capital. Please go ahead.
Shravan Shah
Yeah. Thank you. Sir, my couple of questions but entirely the questions is pertaining to the order inflow and the revenue front. So I will try to break it as simple as possible faster. In terms of unbilled revenue as on March is how much sir.
Venkata Ram Rao
It is 968 crore.
Shravan Shah
Yeah. So now if we if we remove this 968 from our order book 5052 so roughly 4085 autorout order book comes so first out of this how much we can execute in FY26 then we will come back.
Venkata Ram Rao
That’s right out of our what you said is correct. Out of. Is there. Between 2,500 to 3,000. If we are receiving good projects in. The maybe by end of third quarter or fourth quarter. If you receive right now the education. May start end of the third and fourth quarter then we can look into otherwise definitely has already told our previous slide also this 26 also will be done will be the Based on the when we are receiving that Based on that only we can really predict but based on existing other book we can go up to 2,500 to 3,000 crore.
Shravan Shah
Okay so so now coming to in terms of the order inflow and the and the bid pipeline. So if help us that what we are looking at 8 to 10,000 odd corrode. So previously also we have mentioned in terms of MSRDC project where Patel intra we are looking contracting there. So if you can specify from NHI from state level from this MSRDC what kind of projects are we looking at and when can we we expect to to to receive this 8 to 10,000 odd crore and and likely in terms of the execution from this new order inflow how much one can look at in the FY26.
Venkata Ram Rao
Good morning. Actually so that MSRD1 we speak about is that actually that cabinet approval is due for that it has been recommended by some all the other parties and finally it is due to that I think within a month we could get a cabinet approval. After that I think within a month I think couple of months we shall get that loa for that. That’s what we are expecting sir so soon after we get that growth may come into revenue after two and half months from that loi because it’s an ETC bond project it can be started as soon as possible.
Shravan Shah
And here the value would be a. Here the value would be a 2500 MSRDC.
Venkata Ram Rao
Margins and all we should take out and consider it 2,200 levels. And apart from that sir we are also pursuing severely in many mining areas and all of that sir we have placed bid in NTPC we have placed now we are planning in Sindereni we are planning in western coal bids all we have placed certain bids also there the results are due and we shall get back with the details whenever we deploy it. And you know the state government tenders also we are focusing in couple of months certain tenders are likely to float down. I think in two three months down the line we shall have considerable bits we are having in the higher.
Shravan Shah
Okay so sir if you can specify the value in terms of this mining state level and NHAI the total value that we are looking to bid in next couple of months and maybe even previously we were looking at water also. So if you can MP Rajasthan we were looking at.
Venkata Ram Rao
Almost. 40,000 crore to. And state highways also moved over around 12,000 to 15,000 crore likely to come up income the coming two three months and apart from that mining you know 2000 crore 5000 crore in a tenure of say four years. Three years. Two years five years also there that tenors are different.
Shravan Shah
Okay. Okay, got it. And then lastly sir in terms of the margin, EBITDA margin so this quarter obviously it has. It has come down slightly so normally we used to target close to 15 to 16% kind of a number. So now how one can look at the EBITDA margin.
Venkata Ram Rao
I think actually around 13, 14, maybe a little bit of minus 1% we are expecting because that overheads will be higher and so that may sound a little bit problematic to us. That’s where we are a little bit downgrading the expectations also.
Shravan Shah
Is it fine sir Now? Yeah sir lastly the irrigation when can we have we receive any money? When can we expect the money? Because this 1200, 1300 odd cories is pending so how are we confident that we will be getting this money?
Venkata Ram Rao
Irrigation sir, irrigation. We have even spoken to minister last week sir they said couple of months we shall solve this. That’s what they are saying and both case also we would like to move but the department said wait for one more month and then move it like that as it is likely to get things set down in settle down in one and a half months time. So we just. We have given it to the lawyer and is there ready to file it for the edge the day we say yes it will go on.
Shravan Shah
Okay sir, got it. Thank you and all the best.
Venkata Ram Rao
Thank you.
operator
Thank you. The next question is from the line of Webhav Shah from JM financial Please go ahead.
Vaibhav Shah
Yeah sir, of our irrigation order backlog what will be the unbuilt portion?
Venkata Ram Rao
The unbilled will be around almost 500 crores actually.
Vaibhav Shah
Last amount 500 crores very similar number.
Venkata Ram Rao
A similar number because this quarter certification has happened in packet three and some certificate in packet four the number is the same.
Vaibhav Shah
Okay so basically out of 1400 crores of order book of irrigation we can expect an incremental revenue of 920 crores.
Venkata Ram Rao
Oh yeah, around 900 also around 900.
Vaibhav Shah
Yeah so secondly what would be our revenue guidance for FY26? So we mentioned that from current backlog we can do 2 and a half to 3000 so what more can we do from maybe if we get this MSRDC order started and some few more orders as well.
Venkata Ram Rao
MSRDC could start in. Coming. 3 to 4 months time actually 2 months will select for LOI only after that 2 months for our localized evidence then so it may take four months from now the revenues will start because most of it is on the sor side so expecting maybe structures also will be going on parallel so I think around 4 to 500300 to 400 that we can book on this year because it will come in the last quarter kind of time. So maybe Now I think 1/4 is almost over this year.
Vaibhav Shah
So entirely what would be our guidance on an overall basis for FY26 in terms of revenue can be flattish or some growth or we may see some decline.
Venkata Ram Rao
Guidance is definitely right now we cannot put it what we told that existing. Definitely we can do between 2, 5 to 3. And based on when we are expecting this project to come over new orders based on this amazing or other projects. So based on only that we can tell. So that’s why when we receive the alloy of that project after that we can really give the correct guidelines to you.
Vaibhav Shah
Okay. So secondly on the water pipeline order. So how do you see the execution moving in FY26 can we do somewhere around 3540 odd percent in that project?
Venkata Ram Rao
Around 300, 300 to 400 crores business.
Vaibhav Shah
Okay. And so lastly I wanted some order backlog numbers for a couple of projects. So what would be the backlog for voluntary to Capricard.
Venkata Ram Rao
Is 108 crores.
Vaibhav Shah
And for Raman.
Vaibhav Shah
And for.
Venkata Ram Rao
Is 122.
Vaibhav Shah
And lastly for we know we have not done nothing in the new irrigation, right? It is yet to start the two new ones.
Venkata Ram Rao
And this one is composite. There is 380 cycles.
Vaibhav Shah
That we have given in the presentation. Yeah yeah. So what would be the run rate for this two newly one projects Irrigation ones and every bit for any other projects you’re expecting in the irrigation side. In FY26 irrigation we are bidding actually.
Venkata Ram Rao
There are some bits from. Very few bits are there but there are few bids coming up. So maybe Genco projects are also coming up. And then Bihar there are projects in irrigation and Madhya Pradesh also there are projects. So we are pursuing all these very closely. Rice and hand irrigation is also there.
Vaibhav Shah
On the Amravati development. So over there in which are you seeing any opportunity? Have you bid for any projects?
Venkata Ram Rao
Actually sir that I think upcoming bids we are now facing. We are faced but we didn’t get it. But upcoming we announced. I think there is a likelihood big bunch is likely to come up now.
Vaibhav Shah
Okay. So lastly on the show cost notice you received. So are we all both subsidiary and the parent company both are banned from bidding, right? For a bunch?
Venkata Ram Rao
No sir, actually that order could have would be very clear that it is concessionary but competing.
Vaibhav Shah
So we as a parent company can bid for the projects. Sir, we as a parent company can bid for the for NHA position.
Venkata Ram Rao
Now that’s what our interpretation and we are even selling the department.
Vaibhav Shah
Okay. Okay. Okay. Thank you.
Venkata Ram Rao
They not mentioned about parent company at all. Then in the chocolate notice they were why we should not take action against you like that.
Vaibhav Shah
Okay. Okay. Thank you sir.
operator
Thank you. Participants who wish to ask questions may press star and one. I repeat to ask a question you may Press Star and 1. The next question is from the line of Nitin Dharmawat from Aurum Capital. Please go ahead.
Niteen Dharmawat
Yeah. Thank you for the opportunity. Am I audible? Yeah.
Venkata Ram Rao
Yeah.
Niteen Dharmawat
Sir, so last quarter our order book was 3800 odd crores. And this quarter the order book has gone to 5000 crore. So it’s an addition of around 1100 crores. Can you please elaborate what projects got added over here and what is the visibility for this projects?
Venkata Ram Rao
Actually because what has happened this two project actually we got the appointed date. Actually that package four and package five. That is almost 400 crores project. And we got around 400 crores of the irrigation project. So that has also added in order book. So with this and in some other projects we got HBCOs. So all put together around super has been added actually in this year. So that’s why it has come to last year 3800. Now it comes to 5200 crores.
Niteen Dharmawat
Got it. And any more appointment dates which are pending now?
Venkata Ram Rao
No, no, no. We have got all appended dates for our existing volumes.
Niteen Dharmawat
Got good. Sir, if I have any additional question, I’ll come back. Thank you.
Venkata Ram Rao
Yeah, thank you.
operator
Thank you. The next question is from the line of Saket Kapoor from Kapoor and company. Please go ahead.
Saket Kapoor
Namaskar, sir. And thank you for the opportunity. Sir, when you have mentioned about the top line in the vicinity of 2500-3000. We are talking on a standalone basis or on the consolidated part.
Venkata Ram Rao
That is on the standalone basis.
Saket Kapoor
Okay. So what would be the likely number on a control basis?
Venkata Ram Rao
Control basis maybe. Because now maybe you can say 400. 500 extra will come that.
Saket Kapoor
So at the best case scenario. Yes please. Hello.
Venkata Ram Rao
Yes, sir.
Saket Kapoor
So as best case scenario we are we will fall flat in the top line part as on last year’s numbers are when we compare it with the last year numbers. So it was 3359 last year. We are really closer to that at best depending upon how the intake pipeline looks like going there. That should be the understanding.
Venkata Ram Rao
That’s why we told that based on our existing to that extent between 2, 5 to 3,000. But based on when we are expecting these projects, these projects will Come actually and they will start contributing from end of Q3 or Q4. Then we can target little bit more. But that that visuality we can get when we receive Lo that’s why you not able to really predict. If there was some below and it’s still overlooked on next year then definitely this year we cannot we will end with.
Saket Kapoor
Okay. Secondly on the irrigation part I think so the king between project DPR is also there and something order order has pending has happened. So have we participated in this out of the order book do we have any portion for execution for the Ken betrayer project Also.
Venkata Ram Rao
We are not. But definitely we want to participate. So far we have not looked that interlinking of projects are coming that is coming in southern part also. So we are definitely really looking forward to participants in the project which is back going central government like that like internal project. So we are looking actually therefore.
operator
Sorry to interrupt you sir but we request you to rejoin the queue for follow up questions.
Saket Kapoor
In the pipeline project do we have exposure to the G1 scheme wherein our receivers or the execution pace has slowed down. If you could comment. And also last point was on the dividend payout ratio. Sir, being an investor would I would like to understand how do we conclude with a dividend payout of 0.25% per share on a consistent basis for the last four years. These are the two my concluding questions. I’ll join them.
Venkata Ram Rao
In respect of our pipeline project definitely this is backed by the Amrit scheme of the central government. And their central government will fund 25% and 75% of the state government. So we are not seeing there any delay. We have put the bill and we have received the money also. So there is no per se. As of now we are seeing any funding constant. So as far as dividend payout is there definitely because this is our quora and what is our practices that what are the accumulated results are there? Definitely we want to. Intact our cash. For our future expansion like that we are getting some mining project and we are also looking for some dot sole assets also if we can participate. So definitely what are the money we want to keep in the system to enhance our capability and go and do the diversification and other factors. So that’s why we maintain the same dividend as of now. But future definitely based on company performance and future cash flow. We definitely need to consider them. Your point sir.
Saket Kapoor
Thank you sir. I joined the queue for my follow up.
Venkata Ram Rao
Thank you.
operator
Thank you ladies and gentlemen. In order to ensure that the management is able to address questions from all the participants in the conference please limit your questions to two per participant. The next question is from the line of Jnam Jain from ICICI Securities. Please go ahead.
Jainam Jain
Thank you for the opportunity. So the first question is why did we have such lower margin in this quarter compared to previous quarter and what kind of margins are we looking going forward?
Venkata Ram Rao
The data is explained because we basically now what are the There is some disturbance.
Jainam Jain
Hello, am I audible right now?
operator
There is a disturbance background disturbance from your hello. Mute if possible after your question.
Jainam Jain
Hello, I’m audible right now sir, I hope you got my question.
Venkata Ram Rao
We understand there is some background disturbance out there that we are telling. If you kindly mute your line then we can in respect of this reduction in that that already we explained that the reason is being that now what are the existing order book is there so almost all project except of new and all project is almost straggling. Almost we have completed around 90 to 95% of that project. So if we are executing actually in that project because projects will be in a large phase and we could not able to generate that much of revenue accordingly expenditure will be little higher.
So that’s why because due to this fragment of the project we could not able to get the what are the. But definitely as always we are terminated between 13 to 14%. What is our guideline? Definitely we are there and we will achieve that future margin is concerned. So existing order book will be same between 13 to 14% and when we are adding the new projects actually like in MSRDC or mining or other sectors and if we are getting some good irrigation projects because irrigation projects have very better margin definitely in that case it will be improved in the future.
Jainam Jain
Okay, sure. Second question is what is the kind of big pipeline which we are seeing for offer One is switch and what are the total order inflow which we are looking to add in our order book.
Venkata Ram Rao
This year we are targeting somewhere between 8 to 10,000 crores. We are targeting to add in another location and as a pipeline we already explained for NHI project 30 to 40,000 crores NHA projects are there that we want to build actually and state government projects also there between 10 to 15,000 crores are there. So there is a plenty of hours are there definitely but we have to bid and we have to get it because due to this aggressiveness we are really see that how we can get these hours.
Jainam Jain
Okay sir. And so given the fact that we have.
operator
Hello, Sorry to interrupt you but we request you to rejoin the queue for follow up questions. Thank you. Thank you. The Next question is from the line of Bhavin Modi from Anand Garthi Financial Services. Please go ahead.
Bhavin Modi
Yeah, hi sir, thanks for giving the opportunity. So first thing I wanted to know the breakup of the revenue contribution. You know so how much is the road hybrid, you know irrigation epc you know so can you just help me with the percentage for the Q4.
Venkata Ram Rao
Ham is around 46%. Okay 19% road EDC 30% 330 and back to back is around 4%.
Bhavin Modi
Yeah so second thing I have sir, you know since you know there has been you know like negotiation and they are doing finalization going right for the monetization of you know the upcoming assets. So now I think you know the management must be clear with you know the tentative consideration that will be reserved in the timeline. So can you just help us with you know what is the consideration that we are looking for.
Venkata Ram Rao
That’S on the consideration aspect. We are just that this final discussion is going on so right now we cannot so but definitely it is under very advanced stages and almost all discussion has happened and final 12 sitting is only required actually to do the final negotiation. We expect that by maybe by mid of July we should able to conclude that transaction and sign the hp.
Bhavin Modi
And the third thing you know as you know mentioned, you know now we are even looking for the diversification of the order book. So are you looking for you know any like a partnership you know or something like that. You know for projects like examples anyways you know or airports or intern projects. So there are many opportunities coming there and even in case of suppose if our focus is on road projects. So are we like you know looking for some complex projects you know where there is a tunneling or elevated structures are involved. So can you just help you know how the management is now looking to you know ramp up or you know diversify the order book.
Venkata Ram Rao
Yes sir, we are pursuing all the opportunities sir. Actually we have started JV with NCC for some setup project and there are some mining projects we have started with Sushi and there’s Harsha wherever we are non qualifying sir we have tunneling engineering is ready with us to go with the for the gang ventures. So we had whatever the new sectors that we would like to. We have an opening floor for all that because you know now that road sector is bit heated up. So we would like to go other. Sectors and recruit our rather book and then once the road sector comes becomes okay then we would probably even go in the roads also end of that which we are planning so for which we are paneling, we are open. We are open in the metros, we are open in the flyovers projects in various cities. We are open in irrigation projects, we are open in pump out powerhouse projects. All that we are pursuing sir, then recently mining also we are severely pursuing the tenders. So hopefully I think down the line, two, three months down the line we shall have enough hours in the.
And that’s what we are expecting from my end.
Bhavin Modi
So it’s pleasing to hear, you know that.
operator
Sorry, sorry to interrupt you sir but we request you to rejoin the queue for follow up questions. Thank you. The next question is from the line of Modit Bandari from IIFL Capital. Please go ahead.
Unidentified Participant
Thank you. If you look at standalone balance sheets or receivables as well as other current assets or other financial assets have significantly expanded. So if there has been any reclassification or any reason why other current assets, other financial assets have expanded basically other.
Venkata Ram Rao
Finances as the unbilled revenue was there in last year it was around 400. Last year it was around 497 crore and this year it becomes to 6 968. Basically this is the reason that why this our this other financial assets has gone.
Unidentified Participant
And this is major of irrigation.
Venkata Ram Rao
Yeah, this is and actually gone down from 64 to now it is 1244 crore. Okay.
Unidentified Participant
Okay, got it. And secondly in terms of the projects which you are highlighting from NTPC either Sing or Western or either the mining area. So whether we are looking in a sort whether we will be doing only EPC work, right. Or any other arrangement basis.
Venkata Ram Rao
These are the EPC like mining development operations. Kind of the operation project and MBL both we are pursuing sir because wherever the margins are important so we will focus to have margins only.
Unidentified Participant
Okay? Okay, got it sir. Thank you.
operator
Thank you. Participants, it is requested to restrict your questions to two per participant. The next question is from the line of Vasudev from Nuama Wealth. Please go ahead.
Vasudev Ganatra
Yeah, thank you for the opportunity. Circling back again on the Kerala project issue. So how long do you think this ban can extend? Because you know there are a few media articles which says that you know the ban is for one year and even on our intimation to the stock exchanges we’ve mentioned that it is one month or the conclusion of investigation, whichever is later. So what is the exact extent we expect this band to be? And do you think this can extend to the parent company as well?
Venkata Ram Rao
Actually sir, that the notice theory says that 15 days notice is given for us to show cards telling which by we should not debar you for one year and then some of small penalty is there 0.5% value. Okay, then these. Actually we have given the confident. We are very confident that we have not any debt there. It’s a complete waterlogged area where the technically because of the waterlogged mess in somewhere in between beneath the foundations. That particular area has been so much. It has been settled so there because of that under contraction only it is not operated or we are not given that road for any operation.
Also because see this. Everybody says that in the. In that they are in the so called knowledge. They have used the word. You have compromised the safety of the public. We said it is not operated. It is not even open for the traffic. Actually that’s what we have said and we have confidently replied with our designs. Whatever the designs which we were initialized before DPR or before execution. I think all the approvals whatever we have taken from the concerned authorities and concerned ie independent all that we have kept further. So with all that I think this issue should be settled with the NH so that we will not have any.
Further course of this thing. But however we we can even have an option to go legally to protect ourselves from all this.
Vasudev Ganatra
Okay, sure. So that is helpful. And the second question, just a few bookkeeping questions are CAPEX numbers execution that was done in FY25 in the pipeline and the irrigation project and outstanding receivables from the Telangana government. So the CAPEX numbers execution that we did in FY25 and pipeline and the irrigation project and are outstanding from the Telangana government just book keeping them there.
Venkata Ram Rao
The CAPEX we have done for the year is 22 crores and the execution for the irrigation is for the quadratics 152 crores it is 19%.
Vasudev Ganatra
Okay, answer. In the pipeline projects and the Telangana outstanding.
Venkata Ram Rao
Pipeline projects. Pipeline projects we have done 30 crores of turnover. And one more what you asked outstanding.
Vasudev Ganatra
From the Telangana government.
Venkata Ram Rao
Including unbilled revenue it is 400 crores.
Vasudev Ganatra
Okay, sure. So that you can make. Thank you.
Venkata Ram Rao
Thank you.
operator
Thank you. The next question is from the line of DHI from ev Please go ahead.
Venkata Ram Rao
Yeah. Hi.
Unidentified Participant
Am I audible?
Venkata Ram Rao
Yes.Yes, you’re
Unidentified Participant
. Yeah, sure. It was just one question. Can I get the adjusted revenue for the full year impact Only by adjusting. The arbitration claim and the other things.
Venkata Ram Rao
For the full year? Yeah, for the full year. And the current quarter is possible. Current quarter there are no one of the items but for the full year it is 15.94%.
Unidentified Participant
And the revenue? Sir,
Venkata Ram Rao
revenue it is 3234.
Unidentified Participant
Okay. And okay sir. Thank you. Enter path.
Venkata Ram Rao
Sorry.
Unidentified Participant
Pat number for four years.
Venkata Ram Rao
Pat number adjusted number it is 339crores.
Unidentified Participant
300. You can say 15.94%. Okay. Thank you sir. Thank you.
operator
Thank you. The next question is from the line of Bala Subramanya from Anandrati Financial Services. Please go ahead. Mr. Bala Subramanian, your line is unmuted. You can go ahead with your question. So we cannot hear you.
Unidentified Participant
Hello, I’m audible.
operator
Yes sir.
Unidentified Participant
Actually I’m from Bala from Arian Capital. So my first question regarding what percentage of the current receivables is over 180 days. And how we are mitigating the counterparty.
Venkata Ram Rao
Risk especially from projects.
Unidentified Participant
I think 921crore will be on the receivable side.
Venkata Ram Rao
Basically most of the receivables are from the irrigation only the pending receivables which is almost 500 crores and rest of the money is from the our SPVS only. I am SPV that we can draw money at any time and on the irrigation receivables any we are following up with the authority and we may receive in near future answer.
Unidentified Participant
Like any specific reason for delayed progress in newer hand projects. Especially in.
Venkata Ram Rao
There are no delay in the execution. We have received the appointed date at later point of time because of the row issues. Because authority they won’t time to issue the take the row and issue the appointed date later. There are no delaying because it has been we have received in the previous month only we started our resolution.
Unidentified Participant
Okay, so like what kind of impact or like from FA25 union budget on EPC template volumes in education and highway sector.
Venkata Ram Rao
Margin.
Unidentified Participant
No sir, I’m asking this union budget on etc volumes in irrigation and highway sectors.
Venkata Ram Rao
So this is definitely infrastructure cycle has to be grow actually. So there is a lot of lot of opportunities are there. And government is definitely pushing that. But due to now NHI has made the policy that until they are not going to build the project. That’s why bid is getting postponed. But we expect that definitely there is a lot of opportunity there in this sector. And. But there are some delays actually due to this election and decision making. But now we expect that next this year onwards it will definitely pick up. Actually and as you told that government they are now planning from two lanes to four lane.
Actually it’s almost 30,000 kilometers. That outlay of around 8 to 10 lakhs crores. There is lot of opportunities are there. We have to just wait actually when it is coming and we have to Pay tickets.
operator
Thank you. Participants, it is requested to restrict your questions to two per participant. The next question is from the line of Parth Thakkar from JM Financial. Please go ahead.
Venkata Ram Rao
Hi.
Unidentified Participant
Thank you for the opportunity. Please continue to know what is the parent outstanding irrigation revenue?
Venkata Ram Rao
What isn’t outstanding in irrigation? It is around 490crores. And are we trying to monetize any.
Unidentified Participant
Of our ham assets? And if we do what would be.
Venkata Ram Rao
The multiple we would expect? Your voice is not clear, you know. So I want to know that are. We targeting to monetize any of us. And if we do what is the. Multiple we would expect on it? Yeah, definitely our our four assets. We are in the process of finalizing the share purchase agreement and as we told that by mid of June actually we will try to close it and that negotiation is going on actually at this close it. But definitely we want to monetize these are four assets.
Unidentified Participant
Okay.
Venkata Ram Rao
Okay. Thank you.
operator
Thank you. Before we take the next question participants it is it is requested to restrict your questions to two per participant. The next question is from the line of Jainam Jain from ICICI Securities. Please go ahead.
Jainam Jain
Thank you for the opportunity again. So what is your mobilization advances of now AMS as of March in fact 20 crores.
Venkata Ram Rao
Yeah.
Jainam Jain
Okay. And what about detention money.
Venkata Ram Rao
Retention money is.
Jainam Jain
846Cr 846.
Venkata Ram Rao
Okay.
Jainam Jain
Yeah. And my second question is what is the total executable order book book head of now in a book out of total order book of 4000cr and like is there any slow moving orders going on?
Venkata Ram Rao
4,000 is now net exist existual.
Jainam Jain
Okay and. And is there any slow moving orders as you know.
Venkata Ram Rao
No, it is.
Jainam Jain
Good for good good progression. And what sort of arbitration claim are we looking going forward in FY16 27.
Venkata Ram Rao
We have received award from some of the project but founder party has gone to the court so definitely this year actually we may not know actually how much this is going to come with. It will take at least actually to close that. So now basically this Orissa one of the he got the award actually from $319 of the project for that actually has gone to the.
Jainam Jain
Okay sir, that answers the question. Thank you so much.
operator
Thank you. The next question is from the line of from HDFC Securities. Please go ahead.
Unidentified Participant
The showcase notice has come so. So we have to correct the bridge whatever is a damage. So want to understand what could be the impact and whether it is covered with an insurance.
Venkata Ram Rao
Yes, actually it may not get covered in insurance. May not we have intimated and that they are examining the case and the main cause of failure is because of the subsidy food subsoils below the foundation. Actually, you know, we can’t say that because while working the foundation was very good. But somewhere between the layers of the earth below the foundation, much below the foundations, there could be some poor or some tapped, you know, what you call fluffy kind of soil in between layers. So that has caused this thing. It is nowhere intentional. Because of proper approval were taken and total examination of the foundations were done during the thing.
The subsoiled investigations are also done, but not in this location, but a little bit away from that. But in that I think particular areas we couldn’t tap anything of that kind of sound that it is having some weaker foundation kind of results we are going to get. So accordingly, the designs and all were made. You know, Strata Geosystems, one of the best agency who has done the work for this actually. And they have designed and the design was also verified, approved by the concerned authorities. And then after that only the exhibition was taken place. So as such we didn’t see anything.
It’s a kind of accident only. We also treat this as an accident only. But however, getting through insurance and all, maybe that will be after their examination and their concerns only will be able to know. But you know, as far as NHI is concerned now because of that situation there is a local demand for making a barter. So viaduct is almost costing about 30 crore BSI. If the length is increasing little bit, it may go up. But otherwise 25 to 30 crore is a rough estimate. What we have made, I think ISI, I am saying around 30 crore.
So that 30 crore impact will be there and it is a change. Actually you know, the proposals, you know, when the DPR consultant who made the DPR he has proposed Re 1 on the service road side where we have observed some waterloggedness on the service road side. And we have done retaining wall instead of Re 1. Re 1 cannot be done also. But main carriageway side. We have seen every clarity was there during that time. So that time we have done the Rewal entry. So maybe start somewhere in the. There. Is a weakness what I told you earlier, but we do not know any sort of again pilot investigation and again designs are going on. So I think viaduct will be a proper solution so that, you know, future also we should not have any doubts because you know we have to maintain this road for another 15 years. And if we have any certain doubts and extend that things will not work. So what we are also proposing we can expect Us to go for and solve this problem once for all. So that in the future we shouldn’t see anything.
Anything kind of is around 25 to 30 crore estimate.
Unidentified Participant
Got it. The second question is of the ban period. So you. Sorry I missed it earlier. So you were saying it will be one month or the period of investigation and it will not be for one year which was reported by media, right?
Venkata Ram Rao
Immediately we close. Actually we have closed ourselves that yes, our designs are at work. At work now to prepare that provide us proposals and NHL. We are writing a letter for NHL with our proposal. Anywhere else that you come up with. Our proposal? Then we are bringing up all these matters and since it is a volitional contract says to go for Ariba like now we are going for a viaduct. It’s a complete contract and it is a complete change from the existing scope. Okay. I may not take money for whatever I have done. But the thing which I’m going to do it’s a new proposal. It could be but however we will be in touch with any sale. Rather if they don’t pay, we may have an option to go for arbitration also. Anyhow we are talking that the problem should be solved and probably should be off with the problem.
Unidentified Participant
Okay. And just on the revenue guidance. Last thing sir, you. So what kind of guidance for you? Ms. Died in FY26. What kind of revenue or growth you’re looking at or de growth you’re looking at?
Venkata Ram Rao
As I already explained right now based on our existing order book of 5000 course we can execute between 2500-3000 in our existing order book. And further based on when we are seeing the target RDC or other things based on that. So that’s why once we receive the loa or we receive some like definitive loa like that then only really we can comment. But based on our existing we can execute between 2500 to 3000.
Unidentified Participant
Got it.
Venkata Ram Rao
Okay.
Unidentified Participant
Thank you.
Venkata Ram Rao
Thank you.
operator
Thank you. We’ll take our last question from the line of Sharvan Shah from Dalat Capital. Please go ahead.
Shravan Shah
Yeah, just a two things. Capex for FY26 will be given that if we receive this 810000 car road and maybe in the new segment what kind of a capex? Maybe not this year, maybe in FR27 do we have to incur a decent capex?
Venkata Ram Rao
Definitely sir, definitely based on. Because our existing capex can take care. Of our existing and maybe some some we can use 50% of these capacity in our new projects. But when we receiving new project MSR DC or some mining or some other things Definitely Capex performance will be there maybe much.
Shravan Shah
Sorry sir, 20% I missed the last line.
Venkata Ram Rao
Maybe not in 26 might be in 27. New. Okay so 26 would be the similar kind of a 2030 odd K but FY27 can see maybe 100cr 200 crore kind of a cap.
Shravan Shah
Okay. And lastly sir in terms of the bonus I think you mentioned some 3, 34 crore kind of. So our total put together in FY26 can. How much bonus are we likely to.
Venkata Ram Rao
Book that 3 with our. Other than this Other than nothing is. There for bonus But I think it is true. I believe that. Project. It is true actually approvals have come in time and we have.
Shravan Shah
So this 3 crore will be.
Venkata Ram Rao
3 crores will be booked in. Sir, this 3 crore bonus will be book in the first quarter of FY26 this quarter or it will be in 2Q. It should receive from the first node that is due in first quarter only.
Shravan Shah
Okay. Okay. Okay. Got it. And all the best for order info. Thank you.
Venkata Ram Rao
Thank you. Thank you.
operator
Thank you ladies and gentlemen. In the interest of time we’ll take this as our last question. I now hand the conference over to the management for closing comments.
Venkata Ram Rao
Thank you all for joining us on this call. Please reach out to our investor or us directly if you have any further clarification. We can now close the call. Thank you.
operator
Thank you on behalf of KNR Constructions Ltd. That concludes this conference. Thank you for joining us. You may now disconnect your lines.