Investors Presentation
KRN · price
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KRN Heat Exchanger released its Q4 & FY26 investor presentation showing strong consolidated performance with revenue of ₹600.06 Cr (up 38% YoY) and EBITDA of ₹112.48 Cr (up 60% YoY) with margins expanding 234 bps to 18.74%. The company commissioned a new HVAC manufacturing facility in May 2025 that is 6x the existing capacity, with utilization expected to ramp from 20-25% in FY26 to 50% in FY27 and 80% by FY28. Through the acquisition of Sphere Refrigeration's Bus AC division, KRN entered the ₹1,000 Cr+ Bus AC market targeting ₹160 Cr revenue in FY27. Exports reached ~₹99 Cr (~16% of revenue) with presence across 14 countries. Management guided that PLI and Rajasthan RIPS incentives (combined ~6.5% profitability uplift) are expected to be approved in FY27, supporting margin expansion. The company added 70+ new customers in FY26 and targets exports to reach 30-50% of revenue mix over 3 years.
The presentation demonstrates strong execution with margin expansion and sets a clear multi-year growth trajectory backed by new capacity ramp, Bus AC market entry, and incentive tailwinds — positive for investors focused on manufacturing and industrial growth stories.