KRN HEAT EXCHANGE N REF L

Makes heat exchangers, HVAC coils and related cooling products for B2B customers across data centers, industrial cooling, transport applications and refrigeration, operating through a wholly-owned subsidiary (KRN HVAC Products) that runs a new Neemrana facility. India contributes 86.4% of segment revenue at Rs. 583.94 cr in FY26 and overseas 13.6% at Rs. 92.29 cr; India generated Rs. 95.89 cr of segment EBIT while overseas recorded zero EBIT. A new Neemrana HVAC plant was commissioned in March 2026 at roughly 6x existing capacity, sitting at 15% utilization in FY26 and targeted at 50% in FY27 and 80% in FY28. Data center cooling made up 16% of FY26 revenue with a target of around 19% in FY27, and vendor approval from Vertiv has been completed. Bus AC has been entered as a new line, scaling from Rs. 10 cr in FY26 to a target of Rs. 150 cr and 15% market share in FY27, alongside a railway bar-and-plate heat exchanger approval with three tenders already won. Exports carry an opening order book of Rs. 120 cr with management targeting near-doubling of FY26's Rs. 100 cr exports, led by North America, UAE and Europe. Materials are the largest operating cost at 40.5% of revenue and capex runs at 41.3%, reflecting the heavy expansion phase.