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KNR Constructions (KNRC) is a specialised player in road construction with a portfolio of having completed around 5,400 lane km that comprises over 90 per cent of its order book. KNRC´s backward integration into quarries and RMC plants, own equipment and no subcontracting, have led to EBITDA margins of over 15 per cent in FY10-15 as compared to an industry average of 9-12 per cent from road projects. The company has a track record of timely project completion and has received bonuses for early completion in few projects. For instance, it set a record by completing the Bijapur-Hungund road project worth Rs 8.3 billion within just 18 months (11 months ahead of schedule), for which KNRC received around Rs 480 million as early completion bonus. Moreover, the company is expected to finish the captive Kerala BoT project ´Walayar-Vadakkancherry´, seven months ahead of schedule. It has been recording positive operating cash flow for the last eight years, aided by its efficient working capital management. KNRC's top-line grew by 4.1 per cent and bottom-line grew by 15.4 per cent in FY15.