KRN Heat Exchanger and Refrigeration (KRN) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 consolidated revenue was ₹11,146.65 lakh and PAT was ₹1,372.84 lakh, up from ₹6,564.34 lakh and ₹786.98 lakh YoY, respectively.

• Neemrana expansion investment exceeds ₹300 crore and targets 5–6x current capacity; sampling is targeted for April 2025, with ramp-up over the coming three years.

Financial highlights

• Q3 consolidated total income was ₹116.36 crore and EBITDA was ₹15.81 crore; Q3 PBT was ₹1,913.89 lakh vs ₹1,110.87 lakh YoY.

• Q3 consolidated PAT was ₹1,372.84 lakh vs ₹786.98 lakh; 9M revenue was ₹29,834.69 lakh and PAT ₹3,800.84 lakh, vs ₹22,628.58 lakh and ₹2,734.10 lakh.

• 9M total income was ₹305.88 crore and EBITDA ₹51.62 crore; 9M PBT was ₹53.20 crore vs ₹38.63 crore.

• Q3 standalone revenue was ₹10,395.21 lakh and PAT ₹1,269.03 lakh, vs ₹6,564.35 lakh and ₹788.48 lakh YoY.

Outlook and expansion

• Q4 revenue was expected to be broadly similar to Q3, with a possible 5–10% increase; existing capacity was nearly full.

• Neemrana construction comprises four sheds; two were nearly complete with machinery installed, and the remaining sheds were expected to finish by March-end.

• New-facility sampling is targeted for April-end 2025; mass production depends on customer approvals, setup and training, with ramp-up expected over the next three years.

• Management aims to increase export share from around 20% to above 50% and expects margins to improve by 1–2% through export mix, solar savings and efficiencies.

• Management is considering a South India facility, with planning expected to conclude within six months; a Rajasthan government MOU covers ₹1,000 crore investment over five years.