KRN Heat Exchanger and Refrigeration Limited has submitted to the Exchange, the financial results for the period ended September 30, 2025.
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KRN Heat Exchanger reported strong Q2 FY26 results with standalone revenue from operations nearly doubling to Rs. 22,342.50 lakhs (vs Rs. 9,894.09 lakhs in Q2 FY25, up ~126% YoY). Standalone profit after tax rose to Rs. 2,365.67 lakhs (vs Rs. 1,210.20 lakhs, up ~96% YoY). For H1 FY26, standalone revenue grew ~72% to Rs. 33,782.40 lakhs and PAT grew ~66% to Rs. 3,934.23 lakhs, translating to an EPS of Rs. 6.33 (vs Rs. 5.12). On a consolidated basis, Q2 PAT was Rs. 1,802.12 lakhs and H1 PAT was Rs. 3,044.20 lakhs. The subsidiary KRN HVAC Products is still loss-making, pulling consolidated numbers below standalone. Statutory auditor Keyur Shah & Co. issued an unqualified limited review report with no qualifications or emphasis of matter.
Strong top-line and earnings growth signals robust demand for the company's HVAC&R heat exchangers, though profit margins have compressed slightly YoY. The sharp jump in trade receivables and continued subsidiary losses are points to watch. Overall, the results are positive and likely to be well-received by the market.