Krn Heat Exchanger And Refrigeration Limited · NSE:KRN
Krn Heat Exchanger And Refrigeration — Q3 FY26 Earnings Presentation
54 slides from Krn Heat Exchanger And Refrigeration's earnings presentation, Feb 7, 2026
Slide 1: Investors' Presentation cover letter to exchanges
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: 7th February, 2026 To, To, BSE Ltd National Stock Exchange of India Limited Phiroze Jeejeebh
Slide 2: Q3 & 9M FY26 Investor Presentation
Q3 & 9M FY26 Investor Presentation KRN Heat Exchanger And Refrigeration Limited
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), which have been prepared by KRN Heat Exchanger And Refrigeration Limited (KRN, The Company) solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any se
Slide 4: Q3 & 9M FY26 Financial & Operational Highlights
Q3 & 9M FY26 Financial & Operational Highlights
Slide 5: Q3 FY26 Key Financial Highlight- Standalone
Q3 FY26 Key Financial Highlight- Standalone Total Income 39.00 EBITDA EBITDA Margin% Net Profit Net Profit % 37.00 260.00 35.00 33.00 31.00 210.00 29.00 40 39 38 37 36 27.00 35 34 33 25.00 32 31 160.00 23.00 30 29 140.67 28 27 26 21.00 25 24 17.41 23 19.00 107.10 16.14 22 21 110.00 17.00 20 19 18 17
Slide 6: Q3 FY26 - Profit & Loss Statement - Standalone
Q3 FY26 - Profit & Loss Statement - Standalone In ₹ Cr Particulars Q3 FY26 Q3 FY25 YoY Revenues 136.34 103.95 Other Income 4.33 3.15 Total Income 140.67 107.10 31.35% Raw Material 109.75 77.89 Employee costs 3.47 5.22 Other expenses 5.72 4.71 Total Expenditure 118.94 87.81 EBITDA 17.41 16.14 7.84% E
Slide 7: Q3 FY26 - Profit & Loss Statement - Consolidated
Q3 FY26 - Profit & Loss Statement - Consolidated In ₹ Cr Particulars Q3 FY26 Q3 FY25 YoY Revenues 153.23 111.47 Other Income 1.86 4.89 Total Income 155.09 116.36 33.29% Raw Material 100.86 84.81 Employee costs 11.14 5.79 Other expenses 10.15 5.06 Total Expenditure 122.15 95.66 EBITDA 31.08 15.81 96.
Slide 8: 9M FY26 Key Financial Highlight- Standalone
9M FY26 Key Financial Highlight- Standalone 550.00 Total Income EBITDA EBITDA Margin% Net Profit Net Profit % 500.00 485.02 450.00 400.00 350.00 70.00 66.79 306.30 60.00 300.00 50.76 58 57 54.44 56 55 54 53 52 51 50 49 48 50.00 47 250.00 46 45 36.42 44 43 42 41 40 39 38 37 36 40.00 35 200.00 34 33 3
Slide 9: 9M FY26 - Profit & Loss Statement - Standalone
9M FY26 - Profit & Loss Statement - Standalone In ₹ Cr Particulars 9M FY26 9M FY25 %Chg Revenues 474.17 300.35 Other Income 10.86 5.96 Total Income 485.02 306.30 58.35% Raw Material 378.23 224.87 Employee costs 14.67 12.89 Other expenses 14.47 11.83 Total Expenditure 407.37 249.58 EBITDA 66.79 50.76
Slide 10: 9M FY26 - Profit & Loss Statement - Consolidated
9M FY26 - Profit & Loss Statement - Consolidated In ₹ Cr Particulars 9M FY26 9M FY25 %Chg Revenues 420.58 298.35 Other Income 7.83 7.53 Total Income 428.41 305.88 40.06% Raw Material 290.87 220.20 Employee costs 28.07 14.17 Other expenses 22.72 12.36 Total Expenditure 341.65 246.73 EBITDA 78.93 51.6
Slide 11: 9M FY26 Achievements: Trusted Global HVAC Partner
9M FY26 Achievements: Reinforcing KRN’s Position as a Trusted Global HVAC Partner (In Cr) 9M FY26 Export Revenue (In %) United Arab Emirates 38.10% 8.45% 7.60% USA 37.28% 8.57% 38.10% Canada 8.57% Italy 7.60% 37.28% Other 8.45% United Arab Emirates USA Canada Italy Other Investor Presentation 10
Slide 12: Management's Comment On Q3 & 9M FY26 Performance
Management's Comment On Q3 & 9M FY26 Performance “During the quarter and across the nine-month period, we have seen steady progress in our core business, driven by consistent execution and improving order visibility. Demand from both domestic and export customers has remained healthy, and our teams
Slide 13: Company Overview
Company Overview
Slide 14: Customized Heat Exchanger Production
KRN Heat Exchanger And Refrigeration Limited: Customized Heat Exchanger Production KRN Heat Exchanger and These products serve essential Refrigeration Limited (KRN, The roles in air conditioning, heating, Company) specializes in ventilation, refrigeration, and manufacturing fin and tube-type process
Slide 15: Mission, Vision, and Values
Core Principles For Success: Mission, Vision, and Values MISSION To maximize the value creation of all the clients of the company through supply of cost-effective products, services through integration of people, technology, process and business system. VALUES To provide excellent solution to VISION
Slide 16: KRN At A Glance: Scale, Strength, Success
KRN At A Glance: Scale, Strength, Success: Key Highlights 7+ 5 MM to 15.88 MM. 2 Years In Business heat exchanger tubes Manufacturing Facilities 6 19 1 Million Products End-Use Product Category units annually Total Production Capacity 1250+ 10+ Consolidated Team Certificates FY25 (₹ in Cr) Revenue:
Slide 17: Journey Of Growth
From Startup Spark to Market Star: Journey Of Growth • New lines added 25X21.65 mm in 9.52mm, 30.00 X26.0 mm in 12.7mm • New lines added featuring a 5/8” diameter • Company expanded its plant area to tube, specifically designed to cater Air 7,800 Sq. Mt. by acquiring plot no. 46 Handling Unit (AHU)
Slide 18: Expansion and Portfolio Strengthening
Expansion and Portfolio Strengthening KRN HVAC Acquires Bus AC Division of Sphere Refrigeration Systems • KRN HVAC Products Pvt. Ltd, a wholly owned subsidiary of KRN Heat Exchanger and Refrigeration, signed a BTA to acquire the Bus Air-Conditioning division of Sphere Refrigeration Systems. • The de
Slide 19: Operational Scale-Up and Credit Recognition
Operational Scale-Up and Credit Recognition KRN Secures CRISIL A– Rating (Stable Outlook) • CRISIL assigns A– rating with Stable Outlook to KRN’s bank facilities. • Reflects KRN’s strong credit profile and operational discipline. Subsidiary Commences Production At Neemrana Plant • Commercial Operati
Slide 20: Global Presence
Crossing Borders With Confidence: Global Presence 05 11 12 08 09 07 06 02 13 03 14 10 04 1. United Arab Emirates 2. USA 3. Italy 4. Saudi Arabia 5. Norway 6. Czech Republic 7. Germany 8. United Kingdom 9. Poland 10. China 11. Canada 12. Ireland 13. France 14. Croatia Investor Presentation 19
Slide 21: Certificates
Certifying Quality, Validating Trust: Certificates ISO 45001:2018 ISO 14001:2015 ISO 45001:2018 AHRI IS 11329 : 2018 BS EN ISO 13134 BS EN ISO 13535 UL-CA-2133826-0 Investor Presentation 20
Slide 22: Certificates
Certifying Quality, Validating Trust: Certificates UL-CA-2133828-0 UL-CA-2135187-0 UL-US-2135178-0 UL-US-2140353-0 UL-US-2141923-0 UL-US-2140355-0 UL-US-2141932-0 Investor Presentation 21
Slide 23: KRN's Management
KRN’s Management: Focused on Efficiency and Future Growth Mr. Santosh Kumar Yadav Chairman and Managing Director He is the Promoter, Chairman, and Managing Director of the Company, holding diplomas in Business Management and Mechanical Engineering. With over 19 years of experience in manufacturing h
Slide 24: KRN's Management
KRN’s Management: Focused on Efficiency and Future Growth Mr. Srinivasa Rao Anasingaraju Independent Director He holds bachelor’s and master’s degrees in commerce, a law degree, and is a qualified Cost Accountant (ICWAI) and Company Secretary (ICSI). A registered Insolvency Professional, he has 22 y
Slide 25: Business Overview
Business Overview
Slide 26: Leading The Way With Exceptional Products
Leading The Way With Exceptional Products Evaporator Coils • Fin spacing from 1.15 to 8.5 mm for various HVAC and refrigeration systems. • Hydrophilic coating prevents water droplets in refrigerated spaces. • Multiple refrigerant circuits ensure balanced distribution. • Dual evaporators for industri
Slide 27: Leading The Way With Exceptional Products
Leading The Way With Exceptional Products Condensing Units and Air-cooling Units • A refrigeration circuit includes a compressor, condenser, throttle device, and evaporator. • The compressor sends refrigerant to the condenser to release heat. • Refrigerant passes through the expansion valve into the
Slide 28: Product & Usage Scenarios
Product & Usage Scenarios Air Conditioning Use Case Products Use Case Products Residential AC Precision Air Conditioning Cassette type Railway/Metro HVAC HVAC Fan Coil Unit Automotive (FCU) HVAC Defence Air Commercial HVAC Conditioning Data Centre Cooling Investor Presentation 27
Slide 29: Product & Usage Scenarios
Product & Usage Scenarios Refrigeration Use Case Products Use Case Products Commercial Beverage Refrigeration Coolers Water Coolers Vending Machines Chest Freezers Investor Presentation 28
Slide 30: Product & Usage Scenarios
Product & Usage Scenarios Process Cooling White Goods Use Case Products Use Case Products Cloth Dryer/ Civil and Washing Construction Machines Others Medical Dry Air Cooler Equipment Swimming Pool Heat Pump Investor Presentation 29
Slide 31: New Arrivals Preview
New Arrivals Preview Bar & Plate Exchanger Oil Cooling Unit with Blower & Motor Roll Bond Evaporator The Bar & Plate Heat Exchanger is a device An oil cooler is a smaller, separate radiator Roll-Bond evaporators provide designed to recover heat from one fluid and from the engine's main radiator, des
Slide 32: Product Quality & Innovation
Product Quality & Innovation Quality Control: Product Design: In-house quality checks like Helium Leak Test, Water Continuous investment in product design and Leak Test, Salt Spray Testing. development. Investor Presentation 31
Slide 33: Advanced Coatings For Heat Exchanger Durability
Advanced Coatings For Heat Exchanger Durability Nano Coating Powder Coated with Nano Coating Bly Gold Coating To enhance the longevity and corrosion Nano coating provides This coating helps Powder coating, on the It ensures uniform resistance of heat a thin, protective layer prevent corrosive other
Slide 34: Stringent Testing For KRN Products
Stringent Testing For KRN Products Helium leak Testing Machine Contamination Testing Salt Spray Test KRN maintains a dedicated in- house facility for rigorous These tests encompass the By employing these quality checks on its Helium Leak Test, Water comprehensive testing manufactured products. Their
Slide 35: Manufacturing Hub
Built for Scale, Driven By Precision: Manufacturing Hub Operational Efficiency Details Evaporator & Condenser Coils Installed Capacity: 5,66,551 Capacity Utilization: 84.09% Headers/ Copper Parts: Installed Capacity: 6,18,667 Capacity Utilization: 84.53% Sheet Metal Parts Installed Capacity: 5,56,80
Slide 36: Trusted By Industry Titans: Marquee Clients
Trusted By Industry Titans: Marquee Clients Daikin Airconditioning Schneider Electric IT Business India Kirloskar Chillers Private Limited India Private Limited (since 2018) Private Limited (since 2019) (since 2020) Climaventa Climate Technologies Knorr-Bremse India Private Limited Blue Star Limited
Slide 37: Geographical Wise Revenue Breakup
Geographical Wise Revenue Breakup FY25 In % FY24 In % FY23 In % 15.69 14.68 11.40 84.31 85.26 88.53 Domestic Sales Export Sales In ₹ Cr Particulars FY25 FY24 FY23 Domestic Sales 362.40 262.85 219.10 Export Sales 67.45 45.27 28.20 Total 429.85 308.28 247.48 The FY23 figures are standalone, while the
Slide 38: Continent Wise Revenue Breakup
Continent Wise Revenue Breakup In % In % In % FY25 FY24 FY23 12.84 17.48 22.03 13.79 51.25 51.75 23.55 58.97 26.73 21.62 Asia North America & South America Europe Oceania In ₹ Cr Particulars FY25 FY24 FY23 Asia 34.90 26.69 14.45 North America & South America 14.58 10.66 7.54 Europe 9.30 7.91 6.21 Oc
Slide 39: Industry Overview
Industry Overview
Slide 40: Driving Growth in the Evolving HVAC Industry
Driving Growth in the Evolving HVAC Industry The Indian Heating, Ventilation, and Air Conditioning (HVAC) sector is experiencing significant growth, driven by factors such as rapid urbanization, increasing disposable income, and changing climatic conditions. Government initiatives, including ‘Make i
Slide 41: Growth Forecast In Indian Finned Tube Heat Exchanger Market
Growth Forecast In Indian Finned Tube Heat Exchanger Market Market Growth Projection: Renewable Energy Technological Government Initiatives: The Indian heat exchanger tubes Investments: Advancements: Government programs like market is expected to grow from Rising investments in solar, Material and m
Slide 42: Financial Overview
Financial Overview
Slide 43: Key Financial Statement
Key Financial Statement Total Income EBITDA EBITDA Margin% Net Profit Net Profit % 441.71 70.51 58.45 52.88 313.74 49.09 39.39 250.02 33.55 19.83 18.96 16.40 13.42 12.55 11.97 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 All Amount In ₹ Cr & Margins In % Note: EBITDA and EBITDA margin computed on Re
Slide 44: Profit & Loss Statement
Profit & Loss Statement In ₹ Cr Particulars FY25 FY24 FY23 Revenues 429.85 308.28 247.48 Other Income 11.86 5.46 2.54 Total Income 441.71 313.74 250.02 Raw Material 318.94 222.26 176.29 Employee costs 21.09 13.10 9.28 Other expenses 19.31 14.47 12.83 Total Expenditure 359.34 249.83 198.39 EBITDA 70.
Slide 45: Balance Sheet
Balance Sheet In ₹ Cr Equities & Liabilities FY25 FY24 FY23 Assets FY25 FY24 FY23 Equity 62.16 46.14 44.00 Non-Current Assets Reserves 436.48 84.15 13.89 Fixed assets 167.47 86.15 32.15 Non-Controlling Interests 0.00 0.00 0.00 Non Current Investments 0.00 0.00 0.00 Net Worth 498.63 130.28 57.89 Othe
Slide 46: Cashflow Highlights
Cashflow Highlights In ₹ Cr Particulars FY25 FY24 FY23 Cashflow from Operations 21.444 16.92 5.17 Cashflow from Investments -279.3 -64.17 -13.99 Cashflow from Financing 257.77 50.10 10.91 Net Cash Flow -0.04 2.85 2.10 The FY23 figures are standalone, while the FY24 and FY25 figures are consolidated.
Slide 47: Key Ratios
Key Ratios (In %) (In %) ROE ROCE 57.95 48.57 26.39 30.23 12.38 10.60 FY23 FY24 FY25 FY23 FY24 FY25 (In Times) (In Times) Debt to Equity Ratio Interest Coverage Ratio 0.63 19.31 0.46 14.47 13.66 0.07 FY23 FY24 FY25 FY23 FY24 FY25 The FY23 figures are standalone, while the FY24 and FY25 figures are c
Slide 48: Key Ratios
Key Ratios (In Times) (In Times) Current Ratio Receivable Turnover Ratio 4.52 6.40 5.88 4.62 1.58 1.66 FY23 FY24 FY25 FY23 FY24 FY25 (In ₹) (In ₹) Earnings Per Share Book Value Per Share 9.75 80.22 8.76 7.62 28.24 13.16 FY23 FY24 FY25 FY23 FY24 FY25 The FY23 figures are standalone, while the FY24 an
Slide 49: The Way Forward
The Way Forward
Slide 50: SWOT Analysis
SWOT Analysis Strengths Weakness Opportunities Threats • Promoters exhibit strong • Being Import dependent for raw • Indian HVAC Market expected to • May be due to risks or uncertainties or leadership and are supported by material, the company may face grow by a CAGR of 14.5% till 2029 as assumption
Slide 51: Core Competencies
Core Competencies Strong leaders with Effective quality control Consistent financial Established Long‐standing business experienced senior checks performance Manufacturing facility relationships with management leading clientele • Strong leadership from • In-house facility for stringent • Growth fro
Slide 52: Strategic Direction
Strategic Direction • Served 113 customers in FY 2024-25 Commitment to high-quality, safety- • Top 10 customers accounted for compliant products Close interaction • Diversifying customer base and with customers to understand market increasing market share 72.31% of revenue perception and demand Inco
Slide 53: Stock Data
Stock Data Stock Information Share Holding Pattern As on 06-02-2026 As on 31-12-2025 NSE Code KRN BSE 544263 ISIN INE0Q3J01015 29.21% Share Price ₹ 673.05 Promoter & Promoter Group Market Capitalization ₹ Cr 4,126 Face Value ₹ 10.00 Public 52 Week High ₹ 1,012.00 70.79% 52 Week Low ₹ 589.80 Share Pe
Slide 54: Thank You
Thank You KRN Heat Exchanger And Refrigeration Limited Plot No. F-46,47,48,49, EPIP, RIICO Industrial Area, Neemrana – 301705 (RJ) Phone: +91- 9257025440 Website: https://krnheatexchanger.com Email: cs@krnheatexchanger.com Kirin Advisors Private Limited 713-B, Lodha Supremus II, Wagle Estate, Thane
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