KRN Heat Exchanger and Refrigeration Limited has informed the Exchange regarding Board meeting held on July 31, 2025.
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Awaiting price reaction for this filing.
The Board of KRN Heat Exchanger approved unaudited standalone and consolidated financial results for Q1 FY26 on July 31, 2025. On a consolidated basis, revenue from operations rose to Rs 11,528.21 lakhs (up ~20% YoY from Rs 9,578.45 lakhs) and total income reached Rs 11,885.74 lakhs. Consolidated profit after tax stood at Rs 1,242.08 lakhs (up ~4% YoY from Rs 1,197.00 lakhs), while consolidated EPS came in at Rs 2.00 versus Rs 2.59 in Q1 FY25, diluted by an enlarged share base post-IPO. Standalone numbers were stronger — PAT of Rs 1,568.56 lakhs (up ~35% YoY) and EPS of Rs 2.52 (flat YoY) — because the newly commissioned subsidiary KRN HVAC Products, which started commercial production on May 31, 2025 at Neemrana, reported a loss of Rs 326.48 lakhs that dragged consolidated earnings. The company also confirmed full utilisation of Rs 31.11 crore IPO proceeds, with about Rs 57.69 crore still parked at the subsidiary level for the new manufacturing project.
Standalone, the business is delivering healthy ~35% PAT growth on ~17% revenue growth, reflecting strong core demand for HVAC&R heat exchangers. However, the drag from the newly started subsidiary means consolidated PAT growth is muted at ~4%, which may temper near-term excitement. The EPS dilution from the IPO and ramp-up costs at the subsidiary are the key points investors should weigh against the long-term growth potential from the new Neemrana facility.