KNR Constructions: Motilal Oswal Maintains Neutral Rating, Sets Target at Rs 160

• Motilal Oswal reiterates 'Neutral' rating for KNR Constructions with a revised target price of INR 160.
• KNR Constructions' revenue declined by approximately 17% year-over-year to INR 5.8 billion in 3QFY26.
• EBITDA margin contracted significantly by 1,140 basis points to 5.2% due to increased subcontracting expenses.
• EBITDA plunged by about 74% year-over-year to INR 306 million, while APAT decreased by 81% to INR 176 million.
• Valuation based on 9x P/E on FY28E EPS for EPC business and 1x investment value for BOT assets.