Krn Heat Exchanger And Refrigeration Limited · NSE:KRN
Krn Heat Exchanger And Refrigeration — Q4 FY2026 Earnings Presentation
36 slides from Krn Heat Exchanger And Refrigeration's earnings presentation, May 15, 2026
Slide 1: Cover letter to stock exchanges: Investors' Presentation
KRN HEAT EXCHANGER AND REFRIGERATION LIMITED Registered & Work Office: Plot No.: F-46,47,48,49, EPIP, RIICO Industrial Area, Neemrana – 301705 (RJ) CIN No.: L29309RJ2017PLC058905 Contact No. 9116629184 Date: 15th May, 2026 To, To, BSE Ltd National Stock Exchange of India Limited Phiroze Jeejeebhoy T
Slide 2: Q4 & 12M FY2026 Investor Presentation
KRN Heat Exchanger and Refrigeration Limited Q4 & 12M FY2026 Investor Presentation
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), which have been prepared by KRN Heat Exchanger And Refrigeration Limited (“KRN” or “the Company”) solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for
Slide 4: Integrated Thermal & HVAC Solutions Provider with Expanding Global Presence
Integrated Thermal & HVAC Solutions Provider with Expanding Global Presence 8+ Years in Business Manufactures heat exchangers, cooling coils, and integrated HVAC&R solutions for domestic and global markets 1,500+ Team Strength Offers a diversified portfolio including Fin & Tube Coils, Bar & Plate 2
Slide 5: Journey: Building India's Emerging HVAC&R Engineering Champion
Journey: Building India’s Emerging HVAC&R Engineering Champion 2017 – 2019 | Foundation Phase 2023 – 2025 | Transformation Phase • Incorporated company and established Neemrana manufacturing facility • Inaugurated KRN HVAC Products facility on May 31, 2025 • Commenced commercial production with mach
Slide 6: Advanced Heat Exchange Technologies for Critical Cooling Applications
Advanced Heat Exchange Technologies for Critical Cooling Applications Fin & Tube Bar & Plate Micro Channel Complete HVAC System Product Variants Product Variants Product Variants Product Variants Condenser Coil | Chilled Water Coil | Charge Air Cooler | Combi Oil Cooler | Automobile Micro Channel |
Slide 7: Integrated HVAC&R Solutions Supporting End-to-End Cooling Requirements
Integrated HVAC&R Solutions Supporting End-to-End Cooling Requirements REFRIGERATOR COMPONENTS Bus AC Systems Refrigeration Product Variants Product Variants Product Variants Frost-Free Evaporators | Roll Bond Evaporators | Electric Bus Air Conditions | Ice Bus Air Conditions Air Cooling Units | Out
Slide 8: Broad-Based Product Ecosystem Serving Diverse End Markets
Broad-Based Product Ecosystem Serving Diverse End Markets Product Portfolio Product Category Key Offerings / Applications Product Category Key Offerings / Applications Fin & Tube 8 variants | Cu tubes, Al fins Refrigeration Air/Outdoor units, Ammonia, Blast Freezers Bar & Plate 8 variants | High-pre
Slide 9: Sphere Acquisition: Entering Bus AC & Railway HVAC
Sphere Acquisition: Entering Bus AC & Railway HVAC Asset-and-team acquisition (Q2 FY26) gives KRN entry to ₹1,000 Cr+ Bus AC market and a path to full railway HVAC systems MARKET SIZE FY27 REVENUE TARGET TARGET MARKET SHARE GROSS MARGIN ~₹1,000 Cr+ ~₹160 Cr ~15% Higher Pan-India Bus AC TAM From Bus
Slide 10: Strong Domestic Base with Expanding Global Reach
Strong Domestic Base with Expanding Global Reach Geography Wise Revenue Distribution Top Markets Driving Revenue (%) Domestic Sales Export Sales 120% UAE 37.90% 100% 14.68% 15.69% 16.57% USA 31.10% 80% Italy 13.30% 60% Canada 7.00% 40% 85.26% 84.31% 83.43% France 4.90% 20% Others 5.80% 0% FY24 FY25
Slide 11: Serving Global HVAC Leaders Across Key International Markets
Serving Global HVAC Leaders Across Key International Markets Blue-Chip Customers since 2019 since 2018 Since 2019 since 2021 since 2020 Since 2019 since 2021 Since 2020 Since 2020 Expanding Global Footprint UAE USA Italy Germany France Saudi Arabia Norway Czech Republic United Kingdom Croatia Poland
Slide 12: World-Class Manufacturing Infrastructure & Quality Standards
World-Class Manufacturing Infrastructure & Quality Standards Location: RIICO Industrial Area, Neemrana, Rajasthan | Area: 1,00,000 Sq.ft Certification Operational Efficiency AHRI Certified • Evaporator & Condenser Coils Installed Capacity: 5,66,551 Units | Utilization: 84.00% • Headers / Copper Part
Slide 13: Capacity & Utilization Roadmap
Capacity & Utilization Roadmap New Plant is 6× Existing Capacity; Utilization Roadmap Drives the FY27–FY28 Revenue Trajectory PEAK REVENUE CAPACITY (₹ Cr) PLANT II UTILISATION ROADMAP Plant I — KRN Heat Exchanger (existing) FY26 Ramp & Approvals ₹450 Cr 20– • 70+ new customers added in FY26 • Custom
Slide 14: Raw Material & Working Capital Model
Raw Material & Working Capital Model Copper-heavy BOM Offset By 2.5-month Inventory Buffer and Quarterly LME Pass-through To Customers BOM COMPOSITION INVENTORY & PRICING MODEL Inventory cover at any point in time Steel & Components · +20 days Copper · 40–50% Al ~2.5 months on hand ~40% transit Copp
Slide 15: Customer Wins & Order Cadence
Customer Wins & Order Cadence Order Book is Rolling-base, Not Project-fixed — Momentum Tracked Through Monthly New-customer Additions and Single-PO Size 70+ ~2 / Month 10–15 ₹20 Cr New Customers New-customer Run-rate Bus AC Customers Added Single PO Size 12M FY26 Across Both Plants in Q4 FY26 alone
Slide 16: End-Market Opportunity Map
End-Market Opportunity Map India HVAC Market ₹29.4 Bn By 2030 (16.3% CAGR) — KRN Is Positioned For Named, Multi-Billion-Rupee Opportunities INDIA HVAC TAM FY24 → FY30 Forecast ₹29.4 Bn by 2030 16.3% CAGR DATA CENTRE DISTRICT COOLING STRATEGIC ADJACENCY TRANSPORT HVAC Google Visakhapatnam Tata · Kepp
Slide 17: Building Long-Term Resilience Across Operations & Markets
Building Long-Term Resilience Across Operations & Markets Key Business Risks Mitigation Strategy Diversified applications across data centers, railways, Bus AC, Slowdown in HVAC, room AC, or industrial capex demand refrigeration & industrial cooling Backward-integrated manufacturing across copper pa
Slide 18: Q4 & 12M FY26 Financial Highlights – Consolidated
Q4 & 12M FY26 Financial Highlights – Consolidated Q4 FY26 ₹181.40 Cr 33.55% ₹33.55 Cr 77.56% ₹23.36 Cr 57.14% Total Income YoY Growth EBITDA YoY Growth Net Profit YoY Growth FY26 ₹609.81 Cr 38.06% ₹112.48 Cr 59.52% ₹76.47 Cr 44.62% Total Income YoY Growth EBITDA YoY Growth Net Profit YoY Growth Note
Slide 19: Q4 & 12M FY26 Financial Highlights – Standalone
Q4 & 12M FY26 Financial Highlights – Standalone Q4 FY26 ₹17.99 Cr ₹204.93 Cr 55.06% ₹16.87 Cr 22.69% EBITDA Total Income YoY Growth Net Profit YoY Growth FY26 ₹689.95 Cr 57.36% ₹84.79 Cr 19.41% ₹71.31 Cr 42.11% Total Income YoY Growth EBITDA YoY Growth Net Profit YoY Growth Note: EBITDA and EBITDA m
Slide 20: Q4 & 12M FY26 Profit & Loss Statement – Consolidated
Q4 & 12M FY26 Profit & Loss Statement – Consolidated In ₹ Cr Particulars Q4 FY26 Q4 FY25 YoY FY26 FY25 YoY Revenues 179.48 131.50 600.06 429.85 Other Income 1.92 4.33 9.75 11.86 Total Income 181.40 135.83 33.55% 609.81 441.71 38.06% Raw Material 120.92 98.74 411.79 318.94 Employee costs 13.50 6.92 4
Slide 21: Q4 & 12M FY26 Profit & Loss Statement – Standalone
Q4 & 12M FY26 Profit & Loss Statement – Standalone In ₹ Cr Particulars Q4 FY26 Q4 FY25 YoY FY26 FY25 YoY Revenues 202.06 130.84 676.23 431.19 Other Income 2.87 1.32 13.72 7.28 Total Income 204.93 132.16 55.06% 689.95 438.47 57.36% Raw Material 175.99 97.77 554.22 322.64 Employee costs 3.77 6.17 18.4
Slide 22: Quarterly Revenue & Margin Trajectory (12M FY26)
Quarterly Revenue & Margin Trajectory (12M FY26) EBITDA EBITDA Margin KEY TAKEAWAYS 50 22.00% 19.89% 20.28% • Step-up in Q2 FY26 as new HVAC plant began contributing post 31 45 18.69% May 2025 commissioning 17.00% 15.26% 40 14.37% • Q2 margin dip driven by initial ramp costs and lower-margin RM 35 3
Slide 23: Q4 & 12M FY26 Performance and Outlook by the Chairman & Managing Director
Q4 & 12M FY26 Performance and Outlook by the Chairman & Managing Director “FY26 marks a pivotal phase in KRN’s journey, reflecting a clear transition to a higher scale of operations. During the year, we delivered strong consolidated revenue growth of ~38% to ₹610 Crore, supported by consistent execu
Slide 24: Key Financial Highlights – Consolidated
Key Financial Highlights – Consolidated (All Amount In ₹ Crores & Margins In %) Total Income EBITDA EBITDA Margin PAT PAT Margin 22.00% 160 18.96% 18.74% 12.55% 12.54% 609.81 160.00 11.97% 140 16.40% 17.00% 12.00% 140.00 112.48 120 12.00% 120.00 441.71 7.00% 100 100.00 7.00% 313.74 80 76.47 70.51 80
Slide 25: Profit & Loss Statement – Consolidated
Profit & Loss Statement – Consolidated (In ₹ Crores & Margins In %) Particulars FY26 FY25 FY24 Revenues 600.06 429.85 308.28 Other Income 9.75 11.86 5.46 Total Income 609.81 441.71 313.74 Raw Material Expenses 411.79 318.94 222.26 Employee Costs 41.56 21.09 13.10 Other Expenses 34.23 19.31 14.47 Tot
Slide 26: Cash Flow Statement – Consolidated
Cash Flow Statement– Consolidated (In ₹ Crores & Margins In %) Cash Flow Statement FY26 FY25 FY24 Cash Flow from Operating Activities -113.80 21.44 16.92 Cash Flow from Investing Activities -34.16 -279.3 -64.17 Cash Flow from Financing Activities 147.69 257.77 50.10 Net Increase in Cash & Cash Equiv
Slide 27: Balance Sheet – Consolidated
Balance Sheet – Consolidated In ₹ Cr Equities & Liabilities FY26 FY25 FY24 Assets FY26 FY25 FY24 Equity 62.16 62.16 46.14 Non-Current Assets Reserves 511.84 436.48 84.15 Fixed assets 347.17 167.47 86.15 Non-Controlling Interests 0.00 0.00 Non Current Investments 0.00 0.00 0.00 Net Worth 573.99 498.6
Slide 28: Key Ratios
Key Ratios ROE ROCE Current Ratio Receivable Turnover Ratio In % In % In Times In Days 30.23% 26.39% 4.52 5.88 4.62 13.32% 3.43 12.38% 12.31% 10.60% 1.66 1.64 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 Debt to Equity Ratio Interest Coverage Ratio Earnings Per Share Book Value Per Sh
Slide 29: FY27 Outlook & Catalysts
FY27 Outlook & Catalysts Four Levers Converge in FY27 — New Plant Scaling, Bus AC Ramping, Exports Compounding, Incentives Kicking in CAPACITY PRODUCTS Plant II to ~50% Utilization Bus AC Target ~₹160 Cr in FY27 • Step-up from ~20–25% in FY26 to ~50% in FY27 • Sphere assets fully integrated; convent
Slide 30: Incentive & Tax Tailwinds
Incentive & Tax Tailwinds PLI + RIPS + Concessional Tax Create ~6.5% Profitability Lever on New-plant Revenue Once Approvals Flow Through PLI Rajasthan RIPS Concessional Tax 5% ~1.5% 15% of Incremental Sales · 3 years of Turnover · 10 years on Subsidiary Income · Sec 115BAB • Eligible: KRN HVAC Prod
Slide 31: Top Investment Rationale
Top 10 Investment Rationale Integrated Thermal & HVAC&R Platform Structural Tailwinds in HVAC&R Broad-based portfolio across 10 product categories serving 19 end- Rising demand from data centers, cold chain, EVs, and India's air- use applications. conditioning penetration cycle. Diversified Marquee
Slide 32: Entrepreneurial Vision Backed by Manufacturing Expertise
Entrepreneurial Vision Backed by Manufacturing Expertise Mr. Santosh Kumar Yadav Chairman and Managing Director 19+ Years of Industry Experience First-Generation Entrepreneur | HVAC&R Industry Veteran| Business Strategist • Founder and Promoter of KRN Heat Exchanger & Refrigeration Limited • Deep ex
Slide 33: Board Leadership Driving Long-Term Value Creation
Board Leadership Driving Long-Term Value Creation Mr. Santosh Kumar Yadav Mrs. Anju Devi Mr. Manohar Lal Chairman and Managing Director Whole Time Director Non-Executive Director Mr. Srinivasa Rao Anasingaraju Mr. Ketan Sharma Mr. Deepak Batheja Mrs. Meenakshi Sharma Independent Director Independent
Slide 34: The People Powering KRN's Next Phase of Growth
The People Powering KRN’s Next Phase of Growth Mr. Pawan Navel Mr. Bastiram Yadav Mr. Sukdev Chief Financial Officer Sr. GM – PE Maintenance Operation Director Mr. Jitendra Kumar Sharma Mr. Devender Mr. Sandeep Company Secretary Sales - President (food & Non-food) Sales- Director Mr. Vivek Chauhan M
Slide 35: Shareholding Pattern & Share Price Performance
Shareholding Pattern & Share Price Performance As On 14-05-2026 As On 31-03-2026 NSE: KRN | INE0Q3J01015 Share Holding Pattern Top Public Shareholders • Whiteoak Capital Mutual Fund Share Price (₹) 1,151.00 • Mukul Mahavir Agrawal • Holani Venture Capital Fund- Holani 16.16% Venture Capital Fund-i M
Slide 36: Thank You
Thank You KRN Heat Exchanger And Refrigeration Limited Kirin Advisors Private Limited Plot No. F-46,47,48,49, EPIP, RIICO Industrial Area, 713-B, Lodha Supremus II, Wagle Estate, Neemrana – 301705 (RJ) Thane West – 400 604. Phone: +91- 9257025440 Phone: 022 4100 2455 Website: https://krnheatexchange
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