KRN Heat Exchanger and Refrigeration Limited has informed the Exchange about Investor Presentation
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KRN Heat Exchanger reported strong FY26 consolidated results with revenue of ₹610 Cr (up 38% YoY), EBITDA of ₹112 Cr (up 60% YoY) at 18.74% margin, and net profit of ₹76 Cr (up 45% YoY). Q4 standalone revenue crossed ₹200 Cr for the first time. The new HVAC facility (Plant II) inaugurated in May 2025 has 6x the existing capacity and is ramping up from ~20-25% utilization in FY26 toward 50% in FY27 and 80% in FY28, supporting a peak revenue capacity of ₹2,250-2,850 Cr. The company acquired Sphere Refrigeration's Bus AC division targeting ₹160 Cr revenue from this vertical in FY27. Exports reached ~₹99 Cr (16% of revenue) with UAE (38%) and USA (31%) as key markets. PLI and Rajasthan RIPS incentives (combined ~6.5% uplift) are pending approval and expected in FY27. The company added 70+ new customers in FY26 with data centre single-PO sizes rising to ₹20 Cr.
The presentation signals strong execution with margin recovery in Q4 and clear multi-year growth visibility from Plant II ramp, Bus AC expansion, and incentive tailwinds. However, standalone EBITDA margin compressed significantly (from 16.47% to 12.54%) as the new plant scales, which management attributed to initial ramp costs and inter-company billing. Investors should monitor utilization ramp and margin recovery in FY27.