KRN Heat Exchanger and Refrigeration (KRN) Q3 25/26 earnings summary

Executive summary

• Q3 consolidated total income rose 33% YoY to ~INR 155 crore; EBITDA nearly doubled to ~INR 31 crore and net profit increased 65% to ~INR 23 crore.

• Q3 consolidated revenue was ₹15,322.76 lakh and net profit ₹2,266.39 lakh; 9M revenue reached ₹42,057.79 lakh and net profit ₹5,310.59 lakh.

• Growth priorities include ramping the new facility, expanding bus air conditioning, and increasing data-center and export sales.

Financial highlights

• 9M FY26 consolidated total income was ~INR 428 crore, up 40% YoY; EBITDA was ~INR 79 crore, up 53%; net profit was ~INR 53 crore, up nearly 40%.

• 9M FY26 standalone total income was ~INR 485 crore, up 58% YoY; EBITDA was ~INR 67 crore, up 32%; net profit was ~INR 54 crore, up 49%.

• Standalone 9M revenue was ₹47,416.83 lakh versus ₹30,034.68 lakh; net profit was ₹5,443.54 lakh versus ₹3,642.46 lakh.

• Standalone Q3 revenue was ₹13,634.43 lakh versus ₹10,395.21 lakh, and net profit was ₹1,509.31 lakh versus ₹1,269.03 lakh.

• Consolidated Q3 profit before prior-period/exceptional item was ₹2,547.65 lakh; a ₹39.71 lakh prior-period/exceptional item was recorded in 9M.

Segment performance

• Data centers contributed ~15% of top line through Q3, predominantly from India; large orders and inquiries were reported, including inquiries from Europe and the U.S.

• Bus-AC billing began with one OEM in Q2 and continued in Q3; more than 40 customers were added through the new facility, with pan-India service-center expansion underway.

• UAE exports included a single ~INR 24 crore order; Europe and the U.S. are export priorities, with inquiries and pilot/sample orders reported.

• Consolidated Q3 India and overseas revenue was ₹12,464.88 lakh and ₹2,857.88 lakh; 9M totals were ₹34,895.63 lakh and ₹7,162.16 lakh, respectively.

• Bus-AC gross margins were described as higher than existing products, supported by complete assembly and backward integration in sheet metal, FRP, tubing, and heat exchangers.