KRN Heat Exchanger and Refrigeration Limited has informed the Exchange regarding a press release dated May 15, 2025, titled "Press Release".
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KRN Heat Exchanger and Refrigeration Limited's wholly owned subsidiary, KRN HVAC Products Private Limited, has received approval under the Government of India's PLI (Production Linked Incentive) Scheme for white goods, covering air conditioners and LED products. The approval, granted by IFCI Limited, comes with financial incentives totalling ₹141.72 crore. The company plans to use these funds to expand manufacturing capacity, develop a localized component ecosystem, and strengthen backward integration. For context, KRN reported FY25 consolidated total revenue of ₹441.71 crore, EBITDA of ₹70.51 crore, and net profit of ₹52.88 crore, making this incentive worth roughly one-third of annual revenue. The company is a Neemrana-based manufacturer of aluminium and copper fin-and-tube heat exchangers serving the HVAC&R industry.
This is a significant positive development — the ₹141.72 crore incentive is a sizeable government-backed cash flow boost that should fund expansion without straining the balance sheet and could meaningfully enhance future margins and earnings. The PLI approval also validates KRN's manufacturing credentials and positions it for stronger growth in the AC and white goods components segment, likely to be viewed favorably by the market.