KRN Heat Exchanger and Refrigeration Limited has informed the Exchange regarding Board meeting held on November 04, 2025.
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KRN Heat Exchanger's Board approved unaudited financial results for Q2 and H1 FY26 (ended 30 Sep 2025), reporting a sharp jump in earnings. Standalone revenue from operations surged roughly 126% year-on-year to Rs. 223.43 crore in Q2, while profit after tax rose about 96% to Rs. 23.66 crore. For the half year, standalone revenue grew 72% YoY to Rs. 337.82 crore with PAT up 66% to Rs. 39.34 crore and EPS of Rs. 6.33. Consolidated results were weaker: Q2 revenue grew about 67% YoY to Rs. 152.07 crore and PAT rose 46% to Rs. 18.02 crore, dragged by losses at subsidiaries KRN HVAC Products and Thermotech Research Laboratory (combined loss of Rs. 8.90 crore in H1). Trade receivables more than doubled to Rs. 211.37 crore standalone, and capital work-in-progress stood at Rs. 250.67 crore for the new Neemrana facility. All Rs. 311.12 crore of IPO proceeds have been deployed as planned, though Rs. 26.77 crore earmarked for the subsidiary project is still pending utilisation. Auditor Keyur Shah & Co. issued an unqualified limited review report.
Strong top-line and profit growth on a standalone basis is positive for shareholders, but margin compression (PBT margin fell to ~14% from ~17% YoY in Q2), ballooning receivables, and subsidiary losses are watch items that could weigh on the stock if they persist.