KRN Heat Exchanger Q4 FY26 earnings call transcript filed
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FY26 consolidated revenue up 38% YoY to Rs. 609.81 cr; net profit up 44.6% to Rs. 76.47 cr. Q4 consol net profit up 57% to Rs. 23.36 cr. Data center now ~19% of revenue. New HVAC plant targets 50% utilization in FY27 and 80% in FY28. Bus AC launched, eyeing 15% market share. Board approved QIP up to Rs. 500 cr; use of proceeds not finalised. Export order book Rs. 120 cr+; targets doubling FY25's Rs. 100 cr exports. PLI 5% incentive on heat exchangers; RIFS 1.56% of topline likely. Vertiv approval done, supplies starting.
Strong growth visibility from new plant ramp, data center share gains, and PLI/RIFS margin tailwinds. Rs. 500 cr QIP overhang and 3x inventory build are near-term watchpoints.