KRN Heat Exchanger and Refrigeration (KRN) Q4 24/25 earnings summary

Executive summary

• FY25 consolidated revenue from operations was Rs 429.85 crore and net profit Rs 52.88 crore, versus Rs 308.28 crore and Rs 39.39 crore in FY24.

• Auditors issued unmodified opinions on FY25 standalone and consolidated results.

Financial highlights

• FY25 consolidated EBITDA was Rs 70.51 crore; total income was Rs 441.71 crore.

• Q4 FY25 consolidated revenue was Rs 131.50 crore and net profit Rs 14.87 crore; total income was Rs 135.83 crore and EBITDA Rs 18.89 crore.

• FY25 standalone revenue was Rs 431.19 crore and net profit Rs 50.17 crore; Q4 standalone revenue was Rs 130.84 crore and net profit Rs 13.75 crore.

• FY25 consolidated EBITDA margin was 16.40% versus 18.96% in FY24; Q4 margin was 14.37% versus 21.43% a year earlier.

Outlook and guidance

• Neemrana commercial production was expected in Q2 FY26; the facility is planned to increase capacity sixfold to more than 6 million units annually, with 20%-25% utilization targeted in FY26.

• Export mix target is 30%-35% by FY26, versus 15.69% in FY25; management expects growth as capacity and customer additions ramp up.

• Management expects standalone margins near or above Q4 levels; consolidated margins may face pressure for 1-2 quarters before aligning with standalone from Q3.

• Target capacity utilization is 80%-85% over the next three years; growth opportunities include railways, heavy equipment, industrial cooling, cold storage and data centers.