Report
KNR Constructions is a multidomain infrastructure project development company providing engineering procurement and construction services across various fast growing sectors namely roads and highways, irrigation, urban water infrastructure management. Company also builds river bridges. Till today KNR Constructions has completed constructions of highways and bridges orders of worth Rs 47817.99 crore. Companies major clients are NHAI, Andhra Pradesh Road Development corporation, ministry of road transport & highways, Hyderabad growth corridor Limited, Karnataka state highway improvement project, Karnataka road development corporation, Madhya Pradesh Road development corporation, Bruhan Bangalore Mahanagara Palike, Uttar Pradesh state highways Authority, Telangana Irrigation, A.P Irrigation, GMR projects, Engineers India Ltd, NMDC, Sadbhav Engineering, Public Work department, Government Of Tamil Nadu, Oreintal Structures Engineers.
Order-book Highlights (Figures in Millions):
| Key Projects | Rs Million |
| Ramanattukara to Valanchery bypass project (HAM) | 17,450 |
| Valanchery Bypass to Kappirikkad project (HAM) | 15,950 |
| Bangalore-Mangalore Project (Periya Shanthi to Bntwal) (EPC) | 9,829 |
| Elevated Highway along Avinashi Road in Coimbatore City (EPC) | 8,689 |
| Cheyyur-Panayur Road (EPC) | 5,189 |
| Top 5 roads Projects Total | 57,107 |
| Other Road Projects | 17,142 |
| Irrigation Projects | 25,841 |
| Total Order book as on 31st December 2021 | 1,00,009 |
Order book as on 31St December : 1,00,009
+ Recently Won Projects: 7,650
Total Oder Book : Rs 1,07,740 million (Rs 10,774 Cr)
Order Book Segment Wise Split (%):
| Segment | Split |
| Roads (HAM) | 47 |
| Other Roads | 29 |
| Irrigation | 24 |
In-house Construction Equipment:
| Sr No | Machinery | Quantity |
| 1 | Tippers & Tankers | 1,251 |
| 2 | Excavators | 373 |
| 3 | Generators | 251 |
| 4 | Concrete mixers & pumps | 172 |
| 5 | Compactors | 131 |
| 6 | Loaders | 96 |
| 7 | Drillers & Breakers | 98 |
| 8 | Graders | 67 |
| 9 | Cranes | 69 |
| 10 | Compressors | 56 |
| 11 | Batching Plants | 50 |
| 12 | Weight Bridges | 45 |
| 13 | Pavers | 43 |
| 14 | Tractors | 43 |
| 15 | Rollers | 43 |
| 16 | Crushers | 31 |
| 17 | Dozers | 28 |
| 18 | Light Sources | 26 |
| 19 | Trailers | 27 |
| 20 | Transformers | 25 |
| 21 | Wet mix plants | 12 |
| 22 | Hot Mix Plants | 12 |
| 23 | Kerb Laying machines | 9 |
| 24 | Sprayers | 8 |
| 25 | Sweeping Machines | 7 |
| 26 | Drum Mix plants | 7 |
| 27 | Diesel Bunks | 8 |
| 28 | Sub Stations | 3 |
Company has total Plant and equipment Of worth Rs 1,259.8 Crore.
BOT Portfolio
BOT Portfolio – Annuity Projects
| Particulars | Patel KNR Infrastructure Ltd | Patel KNR Heavy Infrastructures Ltd |
| Stake | 40% | 40% |
| Project Type | Road Annuity | Road Annuity |
| State | Karnataka | Telangana |
| JV Partner | PEL | PEIL |
| Client | NHAI | NHAI |
| Length(Km) | 60 | 53 |
| Concession start date | 26th March 2007 | 2nd March 2008 |
| Concession Period | 20 years | 20 years |
| COD | 21st December 2009 | 11th June 2010 |
| Project Cost (Rs mn) | 4,420 | 5,920 |
| Equity (31-12-21) Rs Mn | 370 | 648.7 |
| Debt (31-12-21) Rs mn | 1,816.4 | 2,945.9 |
| Securitized | Yes | Yes |
| Semi Annuity – 36 installments (Rs mn) | 329.4 | 443.7 |
BOT Portfolio – Toll Project:
| Particulars | KNR Muzaffarpur Barauni Tollway Private Ltd |
| Stake | 51% |
| Project Type | JV |
| State | Bihar |
| JV Partner | JKM infra projects Ltd |
| Client | NHAI |
| No Of lanes | 2 |
| Length (Km) | 108 |
| Concession Start Date | 8th July 2012 |
| Concession Period | 21 Years |
| Schedule COD | 9th July 2014 |
| Actual Scheduled COD | 3rd June 2016 |
| Revenue Sharing | Premium |
| Project Cost (Mn) | 3,596 |
| Equity (31-12-21) Rs Mn | 1,771.5 |
| Debt (31-12-21) Rs mn | 2,780.5 |
| Status | 100% PCOD issued on 24th August 2017 |
| Toll Revenue (Rs mn) | Q3FY22: 87.6, 9M FY22: 281.6 |
HAM Portfolio:
| Particulars | Trichy to Kallagam | Chittor to Mallavaram | Ramsanpalle to Mangloor |
| SPV Name | KNR Srirangam Infra Pvt Ltd | KNR Tirumala Infra Pvt Ltd | KNR Shankarampet Projects Pvt Ltd |
| Stake | 100% | 51% | 51% |
| Project Type | Hybrid Annuity | Hybrid Annuity | Hybrid Annuity |
| State | Tamil Nadu | Andhra Pradesh | Telangana |
| Client | NHAI | NHAI | NHAI |
| No of Lanes | 4 | 6 | 4 |
| Length (km) | 38.7 | 61.1 | 46.8 |
| Concession period | 17 years | 17.5 years | 17 years |
| Bid Project Cost (Rs mn) | 10,206 | 17,300.7 | 12,340 |
| Total Project Cost (Rs mn) | 9,099.8 | 13,354.8 | 10,116.8 |
| Grant (Rs mn) | 4,317.5 | 6,871.6 | 4,936 |
| Estimated Equity (Rs mn) | 962.3 | 1,616.8 | 1,268.1 |
| Estimated Debt (Rs mn) | 3,820 | 4,866.4 | 3,912.7 |
| Appointed Date | 1st March 2019 | 4th January 2019 | 2nd May 2019 |
| PCOD/COD | 30th may 2021 | 10th may 2021 | 5th October 2021 |
| % physical progress | 86 | 99 | 100 |
| Equity invested (Rs mn) | 7,820 | 1,616.8 | 1,268.1 |
| Grant received | 3,461 | 6,871.6 | 4,936 |
| Debt Already drawn (mn) | 2,990 | 4,480 | 3,800 |
| Particulars | Magadi To Somwarpet | Oddanchatram to Madathukulam | Ramanattukara To Valanchery |
| SPV Name | KNR Somwarpet infra pvt ltd | KNR palani Infra Pvt ltd | KNR Ramanattukara pvt ltd |
| Stake | 100% | 100% | 100% |
| Project Type | Hybrid Annuity | Hybrid Annuity | Hybrid annuity |
| State | Karnataka | Tamil Nadu | Kerala |
| Client | KSHIP | NHAI | NHAI |
| NO of Lanes | 2 | 4 | 6 |
| Length (km) | 166 | 45.4 | 39.7 |
| Concession Period | 9 years | 17 years | 17.5 |
| Bid Project Cost (mn) | 11,445 | 9,200 | 23,675 |
| Total Project Cost (mn) | 11,276 | 7,920 | 21,500 |
| Grant (mn) | 7,485 | 3,945.4 | 10,250 |
| Estimated equity (mn) | 1,221 | 804.6 | 2,250 |
| Estimated Debt (mn) | 2,570 | 3,170 | 9,000 |
| Appointed Date | 12 Feb 2020 | 5 october 2020 | Date received on 21 Jan 2022 |
| PCOD/COD | – | – | – |
| % physical progress | 47.9 | 47.5 | 0.01 |
| Equity Invested(mn) | 661.7 | 517.7 | 0.1 |
| Grant received (mn) | 2,994 | 2,050.7 | 0 |
| Debt already Drawn (mn) | 0 | 0 | 0 |
| Particulars | Valanchery To Kappirikkad | Chittor To Thatchur |
| SPV Name | KNR Guruvayur Infra Pvt Ltd | KNR Ramagiri Infra Pvt Ltd |
| Stake | 100% | 100% |
| Project Type | Hybrid Annuity | Annuity |
| State | Kerala | Andhra Pradesh |
| Client | NHAI | NHAI |
| No Of Lanes | 6 | 6 |
| Length (km) | 37.4 | 34.7 |
| Concession Period | 17.5 years | 17 years |
| Bid Project cost (mn) | 21,400 | 10,415 |
| Total Project cost (mn) | 19,549 | 0 |
| Grant (mn) | 9,242.5 | 0 |
| Estimated equity (mn) | 2,091.5 | 0 |
| Estimated debt (mn) | 8,260 | 0 |
| Appointed date | Date received on Jan 2022 | CA Signed on 17 Nov 2021 |
| PCOD/COD | – | – |
| %physical progress | 0.0% | 0.0% |
| Equity Invested (mn) | 0.1 | 0.1 |
| Grant Received | 0 | 0 |
Disinvestments:
Company has transferred its 49% Stake in KNR Tirumala Infra Pvt Ltd and KNR shankarampet Projects Pvt Ltd on 30th December 2021 for value of Rs 136.8 cr and Rs 108.5 cr respectively, which includes repayment of 100% sub debt infused by KNRCL of Rs 88.60 cr and Rs 74.70 Cr respectively. These projects has been sold to Cube Highways and Infrastructure. Balance 51% stake sale for the above two projects will be completed on or before 30th June 2022.
SECTOR STUDY:
India has the second largest road network in the world, spanning a total of 6.4 million Kms. Highway construction in India increased at 17% CAGR between FY16-FY21. Despite pandemic and lockdown, India has constructed 13,298 km of Highways in 2021. The government through series of initiatives, is working on policies to attract significant investor interest. A total of 2,00,000 km of national highways are expected to be completed by end of 2024. At present India has total national highways of 1,41,000 km. NHAI will be able to generate Rs 1 lakh crore (U.S $14.30 billion) annually from toll and other sources. The market of roads and highways is expected to grow at a CAGR of 36% from 2020 to 2028.
Outlay For Roads Under the respective Union Budget (US$ billion):
| Year | Union Budget For Roads |
| FY18 | 12.9 |
| FY19 | 11.1 |
| FY29 | 11.9 |
| FY21 | 13.1 |
| FY22 | 14.9 |
Number of road Projects awarded and constructed in India (Figures in Km):
| Year | Awarded | Constructed | Constructed Per Day |
| 2014-15 | 7,972 | 4,410 | 12.1 |
| 2015-16 | 10,098 | 6,061 | 16.6 |
| 2016-17 | 15,948 | 8,231 | 22.6 |
| 2017-18 | 17,055 | 9,829 | 26.9 |
| 2018-19 | 5,493 | 10,855 | 29.7 |
| 2019-20 | 8,948 | 10,237 | 28.1 |
| 2020-21 | 10,964 | 13,327 | 36.5 |
Total PPP Projects In India (FY21):
| Projects | Percentage |
| Roads | 55 |
| Others | 45 |
Investments Opportunities in Indian Roads and Highways sector:
Total Projects: 4,854 in 657 districts. Opportunity: $437.33 billion
The central government develops and maintains National highways through the NHAI. In 2022-23, NHAI has been allocated Rs 1,34,015 crore, which is 106% more than revised estimate of 2020-21. Of the budget amount, 75% (Rs 1,00,100 crore) will be provided from the central road and infrastructure fund, 15% (Rs 20,000 crore) will come from the monetization of the national highways and remaining 10% (Rs 13,915 crore) will be provided from the Permanent Bridge fees Fund.
For 2022-23 the transfer from Central Road and Infrastructure fund towards the ministry is estimated at Rs 1,59,616 crore. This is 61% more than the revised transfer in 2021-22.
Summary of transfers from funds (in Rs crore):
| Funds | 2020-21 Actual | 2021-2022 RE | 2022-2023 BE | % Change |
| Central Road and Infrastructure road | 79,286 | 99,239 | 1,59,616 | 61 |
| Permanent Bridge fees fund | 11,519 | 12,670 | 13,921 | 10 |
| National Highway fund | 7,262 | 13,000 | 20,000 | 54 |
| National Investment fund | 2,963 | 8,430 | 10,565 | 25 |
Through national asset monetization pipeline government aims to monetize core brownfield infrastructure assets such as roads, ports, power transmission line to mobilise Rs 5.97 lakh crore from 2021-25. The central government targets monetizing 26,700 km of roads with potential revenue of Rs 1.60 lakh crore. Only national highways with four lanes or above have been considered for asset monetization.
In last seven years the length of national highways has gone up more than 50% from 91,287 kms to around 1,41,000 km at present. In India amount allocated towards maintenance of roads is Rs 2,586 cr which is just 1.3% of the ministry’s budget. And on other side U.S government seeks to allocate Rs 1.7 lakh crore which is 51% of its total budget on highways towards its national highway performance program to improve the condition and performance of their national highway system.
The allocation for the ministry of road transport and highways has a 68% increase with Rs 1,99,107.71 crore set aside for it in Union budget 2023. This is in line with massive target finance minister Nirmala Sitharaman has set for expanding National Highways network by 25,000 km in 2022-23.
SUPPORTING GOVERNMENT POLICIES:
1)Government Plans to construct 50km of highways per day.
2) India’s road infrastructure will be like that of U.S by 2024.
3) Government plans to Builds highways which will allow for emergency air force landings on it. A total of 28 locations in various states have been identified for the development of emergency landing strips. Government is trying to develop highways at logistics park in such way that any type of plane can land on it.
4) PM Gati Shakti: PM Gati Shakti is national master plan for multimodal connectivity, essentially a digital platform to bring 16 ministry including railways and roadways together for integrated planning and coordinated implementation of infrastructure connectivity projects. The multimodal connectivity will provide integrated and seamless connectivity for movement of people, goods and services from one mode of transport to another. It will facilitate the last mile connectivity of infrastructure and also reduce travel time for people.
5) National Infrastructure Pipeline Project: Over Rs 100 Lakh crore are to be spent under National Infrastructure pipeline projects.
Allocation of funds under National Infrastructure Project by Sectors:
| Sectors | Percentage |
| Energy | 24 |
| Roads | 18 |
| Urban | 17 |
| Railways | 12 |
| Others | 29 |
Around Rs 18 lakh crore will be provided for Roads and highways under national Infrastructure Project.
6) Bharatmala Pariyojana: Bharatmala Pariyojana is an umbrella program for the highways sector of India that is mainly focused to optimize the efficiency of freight along with smooth passenger movement across the nation. Projects Under Bharatmala Pariyojana are as follows: Constructions of 9,000 km of economic corridors, 6,000 km of inter corridor or feeder route, to construct 2,000 km of roads at boarders and remote areas, 2,000 kms of costal roads and port connectivity, greenfield expressways, to construct 50 national corridors. As per the initial plan of NHAI, the first phase of the bharatmala project was to be completed by end of 2022. But due to pandemic and other issues the completion has been delay to 2026. If all contracts are awarded by end of the financial year 2023, the bharatmala project will be completed by 2026 at cost of Rs 8.5 lakh crore.
7) The union Ministry of Roads and Highways has planned to execute infrastructure projects worth Rs 7 lakh crore in the next 2-3 years. 34,800 km of highways with cost of Rs 10 lakh crores. (Rs 6 lakh Crore by FY2024).
8) National Smart Cities Misson: National Smart cities mission is an urban renewal and retrofitting program by the government of India with the mission to develop smart cities across the India, making them citizen friendly and sustainable. The total cost of Project is Rs 1,91,294 crore.
9) Infrastructure Investment Trusts (InvIT): Road developers, faced with shortage of finance options, are increasingly taking the InvIT route to de-leverage their balance sheet and fund projects. Suppose a road company has four operational projects which generate toll revenue or annuity income. The company transfers these fully operational projects to InvIT. After mutual consultation, the trust and the company arrive at a fair value for the projects of the InvIT. The trust gets listed and the road company gets the equity value of the project debt and the debt owed to the banks is repaid. The company can use the funds received from the trust to reduce debt or secure new projects. Also due to de-leveraging of balance sheet, the company can access additional debt from banks at a better interest rate. In return the trust which gets the fully operational road projects, gets revenue and pays fixed, compulsory and tax free dividends to investors. At present there are 15 registered InvIT’s in India, however infrastructure related companies can launch more InvIT’s and has aim to raise around Rs 8 lakh crore till FY2027.
10) India might attain constructions of 70 km of highway per day if highways are constructed everyday all throughout 2022-23 without a single litigation in land acquisition and all.
11) To generate more revenue NHAI has taken over all important highways from state PWDs so that the work can be taken up faster.
12) Mr Nitin Gadkari Union Minister for Road Transport and Highways has promised to spend a minium of Rs 3 lakh crore for the development of road Infrastructure in Andhra Pradesh.
13) Nine national highways are set to be allocated to Telangana state during 2022-23 at estimated cost of Rs 22,982 crore.
| Name Of Project | NH | Length (Km) | Cost (Cr) |
| 4 laning of Of Mancherial – Warangal | 163 G | 112 | 2,455 |
| 4/6 laning of Warangal – Khammam | 163 G | 108 | 2,044 |
| 4/6 laning of Khammam – TS/AP border | 163 G | 91 | 2,201 |
| 4 laning Marikal – Jadcherla I | 167 | 44 | 1,012 |
| 4 laning Marikal – Jadcherla II | 167 | 46 | 1,251 |
| 4 laning Jagtal – Karimnagar | 563 | 59 | 1,478 |
| 4/6 laning Karimnagar – TS/Maharashtra border | Green | 116 | 3,178 |
| 4 laning Armoor – Mancherial | 63 | 131 | 1,849 |
| RRR (Ring Road) to Hyderabad | 161 AA | 158 | 7,512 |
14) The union transport ministry has rolled out Rs 1 trillion plan to constructs highways of around 5,566 km to connect 117 districts of India.
India will need Rs 450 lakh crore of investment in infrastructure by 2040. And majority of these funds will go in Road and highway sector.
IRRIGATION SECTOR (CANAL IRRIGATION:
Irrigated areas accounts for nearly 48.8% of agriculture land in India. The remaining 51.2% is rainfed. Use of canal irrigation is less than 25% in India. Great scope for canal developers. KNR Constructions is one who builds canals.
KNR Constructions is set to be a key beneficiary of the government’s focus on Infrastructure. KNR received order inflows worth Rs 4,000 crore in the 9MFY22 period. KNR’s bidding pipeline remains strong and the company expects further order inflows worth about Rs 2,000 Crore. KNR has a robust order book Of Rs 10,774 crore which is about 3.1 times its FY22 project revenues, which provides a strong growth visibility.
Indian government has aim to make India $5 trillion economy. For this development Is happening at great speed. Developments in airways sector is brought by UDAN. Connecting all regional towns and cities by airways. For these every city or town will have airport. Same goes with port. All costal cities and towns will have ports. In fact government is planning to develop inland waterways by building small ports on rivers. Multimodal logistics parks in almost every state. Developing industrial estates or zones in every state. And so on. But all these is impossible without good roads. People requires good roads to reach airport without traffic, ports requires good connection of roads so that containers are easily transported from ports to nearby cities, same goes with inland water ports, inland water ports requires good road connections so that goods can be easily transported from ports, multimodal logistics parks also requires good connectivity of roads so that goods can be easily transported from warehouses. Even industrial estates requires good connectivity of roads to transport goods from factories. So in short roads plays an important role in developing any country. Because country grows on how fast it can transport goods. Faster the transportation of goods will improve the business of country. Once the businesses are improved the country automatically grows and achieve great heights. So basically to attain $5 trillion economy road sector will play a major role.
FINANCIALS:
Consolidate basis (Figures in Rs Crores)
| 2017 | 2018 | 2019 | 2020 | 2021 | |
| Revenue | 1,679.59 | 2,069.60 | 2,291.50 | 2,451.68 | 2,903.63 |
| EBITDA | 170 | 310 | 378 | 423 | 646 |
| Net Profit | 90.77 | 228.89 | 261.81 | 255.24 | 375.40 |
| EPS | 8.17 | 17.31 | 19.24 | 18.88 | 14.49 |
| Debt to equity | 0.86 | 0.71 | 0.54 | 0.53 | 0.29 |
DEBT PROFILE:
Standalone Basis (Figures in Rs
Million):
| Particulars | December 21 | September 21 | March 21 |
| Working Capital | 0 | 0 | 7 |
| Equipment loans/term loans | 0 | 1,000 | 0 |
| Gross Standalone Debt | 0 | 1,000 | 7 |
| Cash and cash equivalents | 4,074 | 520 | 1,173 |
| Net Debt | -4074 | 480 | -1,166 |
| Equity | 21,296 | 20,289 | 18,678 |
| Standalone net debt to equity | _ | 0.02 | _ |
Consolidated Basis (Figures in Rs Million):
| Particulars | December 21 | September 21 | March 21 |
| Standalone Gross Debt | 0 | 1,000 | 7 |
| Project Debt | 13,735 | 12,608 | 7,216 |
| Gross Consolidated Debt | 13,735 | 13,608 | 7,223 |
| Cash and cash equivalents | 4,724 | 702 | 1,478 |
| Net Debt | 9,011 | 12,906 | 5,745 |
| Equity | 21,889 | 21,535 | 19,678 |
| Consolidated Net Debt To Equity | 0.41 | 0.60 | 0.29 |
On standalone basis KNR CONSTRUCTIONS is debt free and on Consolidated basis KNR CONSTRUCTIONS has debt of only Rs 901 crore as on 31st December, 2021. I think KNR CONSTRUCTIONS is the only highway construction company in India which has such low debt as compared to other highway company. Other highway construction companies has debt starting from Rs 4,000 crore.
COMPARING WITH PEERS:
Net sales (Revenue) Figures in Rs Crore:
| Companies | 2017 | 2018 | 2019 | 2020 | 2021 |
| J.Kumar | 1,604 | 2,050 | 2,787 | 2,970 | 2,570 |
| Ashoka Builcon | 2,972 | 3,601 | 4,930 | 5,070 | 4,991 |
| Dilip Builcon | 5,319 | 7,937 | 9,415 | 9,724 | 10,168 |
| Simplex Infra | 5,612 | 5,766 | 6,117 | 4,026 | 2,200 |
| KNR Contstruction | 1,679 | 2,069 | 2,291 | 2,451 | 2,903 |
| IRB Infra | 5,845 | 5,694 | 6,707 | 6,852 | 5,298 |
Net Profit (Figures in Rs crore):
| Companies | 2017 | 2018 | 2019 | 2020 | 2021 |
| J.Kumar | 107 | 136 | 177 | 183 | 63 |
| Ashoka Buildcon | -209 | -177 | -39 | 148 | 256 |
| Dilip Buildcon | 357 | 570 | 543 | 404 | 418 |
| Simplex Infra | 135 | 115 | 121 | -320 | -460 |
| KNR Construction | 90 | 228 | 261 | 244 | 375 |
| IRB Infra | 715 | 919 | 849 | 736 | 282 |
EPS:
| Companies | 2017 | 2018 | 2019 | 2020 | 2021 |
| J.Kumar | 14.18 | 18.05 | 23.40 | 24.26 | 8.45 |
| Ashoka Builcon | -10.97 | -5.94 | -1.19 | 5.89 | 9.84 |
| Dilip Buildcon | 27.56 | 42.23 | 40.03 | 29.64 | 31.92 |
| Simplex Infra | 27.65 | 22.81 | 21.97 | -56.14 | -82.13 |
| KNR Construction | 8.17 | 17.31 | 19.24 | 18.88 | 14.49 |
| IRB Infra | 20.36 | 26.17 | 24.18 | 20.51 | 3.33 |
Debt To Equity:
| Companies | 2017 | 2018 | 2019 | 2020 | 2021 |
| J.Kumar | 0.30 | 0.32 | 0.36 | 0.31 | 0.25 |
| Ashoka Builcon | 9.98 | 15.62 | 19.99 | 14.04 | 9.95 |
| Dilip Builcon | 2.20 | 2.08 | 2.48 | 2.62 | 2.82 |
| Simplex Infra | 2.14 | 2.14 | 1.64 | 2.02 | 3.23 |
| KNR Construction | 0.86 | 0.71 | 0.54 | 0.53 | 0.29 |
| IRB Infra | 2.47 | 2.28 | 2.49 | 1.28 | 2.62 |
DEBT OF PEERS:
Ashoka Buildcon : Rs 6,130 crore, Dilip Buildcon : Rs 8,380 crore, Sadhbhav Engineering : Rs 4,070 crore.
J.kumar Infra is also net debt free but J.kumar Infra is not aggressive into highway constructions. And KNR constructions is aggressive into highway constructions. In fact in highway segment KNR CONSTRUCTIONS is the only company which has debt of only Rs 901 crore other all companies has debt more than Rs 4,000 crore. So by all these I prefer Buy Call on KNR CONSTRUCTIONS at CMP of Rs 288.95 on 11th April, 2022.