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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. India (86%), Overseas (14%). Capital-intensive B2B heat exchanger and HVAC manufacturer in an aggressive scale-up phase, diversifying from fin-and-tube coils into data center, transport and refrigeration applications
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 430 | 600 |
| EBITDA (ex other income) | 71 | 113 |
| margin % | 16.4 | 18.8 |
| Owners' profit | 0 | 76 |
| EPS, as reported (₹) | 0.00 | 12.30 |
| ROE % · ROCE % | 10.6 · 15.5 | 13.3 · 18.0 |
| Debt / equity (x) | 0.07 | 0.33 |
| Cash from operations | 25 | (114) |
| Capex | (8) | (248) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 91 | 111 | 132 | 115 | 152 | 153 | 179 | 252 |
| Profit before tax | 17 | 19 | 21 | 18 | 27 | 26 | 27 | 42 |
| Net profit | 12 | 14 | 15 | 12 | 18 | 23 | 23 | 33 |
| EPS (₹) | 0.00 | 2.12 | 0.00 | 2.00 | 2.90 | 3.65 | 3.75 | 5.20 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| India | 373 | 62.1 |
| Overseas | 75 | 12.5 |
| INDIA | 128 | 21.3 |
| OVERSEAS | 24 | 4.0 |
| Total, before eliminations | 600 | 100.0 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 3 Sept 2026 · 9th AGM notice published in newspapers; AGM on Sept 25, 2026 | compliance | minimal | — | — |
| 2 Sept 2026 · KRN Heat Exchanger AGM on Sep 25, 2026; director pay hike on agenda | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Newspaper notice for 9th AGM on September 25, 2026 via video conferencing | compliance | minimal | — | — |
| 18 Aug 2026 · KRN Heat Exchanger schedules virtual investor meeting with Kirin Advisors on Aug 21 | board shareholder meetings | low | — | — |
| 13 Aug 2026 · KRN Heat Exchanger Q1 FY27 Investor Presentation: Revenue up 119% YoY | investor communications | medium | — | — |
| 13 Aug 2026 · June quarter results advertised in English and Hindi newspapers | compliance | minimal | — | — |
| 13 Aug 2026 · KRN Heat Q1 FY27: Consolidated revenue up 119%, PAT soars 165% | compliance | minimal | — | — |
| 12 Aug 2026 · QIP Monitoring Agency Report for quarter ended June 30, 2026 | fund raising | medium | — | — |
| 12 Aug 2026 · IPO proceeds fully utilised, final monitoring agency report submitted | capital market events | low | — | — |
| 12 Aug 2026 · KRN Heat Exchanger QIP Fund Usage: No Deviation for Q1 FY27 | compliance | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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