KRN Heat Exchanger and Refrigeration (KRN) Q4 25/26 earnings summary

Executive summary

• FY26 consolidated revenue was ₹600.06 Cr, up 39.6%, and net profit was ₹76.47 Cr, up 44.62%; standalone revenue was ₹676.23 Cr and net profit ₹71.31 Cr.

• Growth was supported by stronger exports, Bus AC expansion and initial contributions from the new facility; FY27 focus includes ramp-up, customer approvals and incentive approvals.

• Auditors issued unmodified opinions on the audited standalone and consolidated results.

Financial highlights

• FY26 consolidated total income was ₹609.81 Cr, up 38.06%; EBITDA was ₹112.48 Cr, up 59.52%, and net profit was ₹76.47 Cr, up 44.62%.

• Q4 FY26 consolidated revenue was ₹179.48 Cr, up from ₹131.50 Cr; EBITDA rose 77.56% to ₹33.55 Cr and net profit rose 57.14% to ₹23.36 Cr.

• FY26 standalone revenue was ₹676.23 Cr, up 56.72%; EBITDA rose 19.41% to ₹84.79 Cr and net profit rose 42.11% to ₹71.31 Cr.

• Q4 FY26 standalone total income was ₹204.93 Cr, up 55.06%; revenue was ₹202.06 Cr and net profit was ₹16.87 Cr, up 22.69%.

Outlook and guidance

• Plant II utilization target is ~50% in FY27 and ~80% in FY28, from 20–25% in FY26; Plant I is expected to remain near full utilization.

• FY27 Bus AC revenue target is ~₹160 Cr; export mix target is 30% in FY27 and ~50% within three years.

• Exports are targeted to nearly double from FY26's ~₹100 Cr; current export order bookings exceed ₹120 Cr, including data-center orders.

• PLI support is expected to provide 5% on heat-exchanger production; anticipated RIPS approval could add 1.56% of new-facility top line for 10 years.

• Full-ramp peak revenue capacity is estimated at ₹1,800–2,400 Cr for Plant II and ~₹2,250–2,850 Cr combined, subject to product mix and utilization.