Financial Performance Summary

Consolidated Results Q1 FY27:

  • Revenue from Operations: ₹252.32 Cr (vs ₹115.28 Cr in Q1 FY26), growth of 118.87% YoY
  • EBITDA: ₹49.06 Cr (vs ₹17.59 Cr in Q1 FY26), growth of 178.85% YoY
  • EBITDA Margin: 19.44% (vs 15.26% in Q1 FY26), expansion of 418 bps
  • PAT: ₹32.90 Cr (vs ₹12.42 Cr in Q1 FY26), growth of 164.84% YoY
  • PAT Margin: 13.04% (vs 10.77% in Q1 FY26), expansion of 266 bps
  • EPS: ₹5.20 (vs ₹2.00 in Q1 FY26), growth of 160.00% YoY

Standalone Results Q1 FY27:

  • Revenue from Operations: ₹181.97 Cr (vs ₹114.40 Cr in Q1 FY26), growth of 59.07% YoY
  • EBITDA: ₹24.67 Cr (vs ₹19.79 Cr in Q1 FY26), growth of 24.67% YoY
  • EBITDA Margin: 13.56% (vs 17.30% in Q1 FY26), contraction of 374 bps
  • PAT: ₹18.67 Cr (vs ₹15.69 Cr in Q1 FY26), growth of 19.02% YoY
  • PAT Margin: 10.26% (vs 13.71% in Q1 FY26), contraction of 345 bps
  • EPS: ₹2.95 (vs ₹2.52 in Q1 FY26), growth of 17.06% YoY

Segment-wise Performance

Geographic Revenue Breakdown (Consolidated):

  • Overseas Revenue: ₹52.38 Cr (20.76% of total), growth of 177.31% YoY
  • Domestic Revenue: ₹199.94 Cr (79.24% of total), growth of 107.42% YoY

Export Market Distribution:

Exports spread across 14 countries with top markets:

  • USA: 32.59% of overseas revenue
  • France: 19.81% of overseas revenue
  • Vietnam: 12.20% of overseas revenue
  • United Arab Emirates: 11.34% of overseas revenue
  • Italy: 10.78% of overseas revenue
  • Other contributors: Canada, Sri Lanka, Brazil

Key Business Developments

Qualified Institutions Placement (QIP):

  • Issue opened: May 26, 2026
  • Issue closed: June 1, 2026
  • 33,01,886 equity shares allotted at ₹1,060 per share
  • Total proceeds: ₹350.00 Cr
  • Net proceeds: ₹341.79 Cr
  • Funds allocated towards stated objectives, unutilized portion parked in fixed deposits and bonds

State Incentive Approval:

  • ₹182.95 Cr incentive sanctioned by Government of Rajasthan for Neemrana facility
  • Supports expansion, localization and backward integration programme

IPO Proceeds Utilization:

  • IPO proceeds of ₹311.12 Cr fully utilized as of June 30, 2026
  • ₹235.76 Cr invested as equity in KRN HVAC Products Pvt. Ltd. for Neemrana manufacturing facility
  • ₹75.36 Cr utilized towards general corporate purposes

Management Appointment:

  • Mr. Pawan Nawal appointed as Chief Financial Officer and Key Managerial Personnel effective May 15, 2026

Order Win (Post-quarter):

  • KRN HVAC Products Pvt. Ltd. received domestic supply order of ₹50.87 Cr for heat exchanger coils on July 23, 2026

Management Commentary

Mr. Santosh Kumar, Chairman & Managing Director, commented on the strong Q1 FY27 performance, highlighting:

  • Continued strength of business model and growing demand for HVAC&R solutions
  • Encouraging export growth with 177% YoY increase and products reaching 14 countries
  • Strong domestic growth demonstrating depth of demand in core market
  • Focus on building scale, strengthening manufacturing capabilities, and deepening presence across high-potential markets
  • Investments in capacity, localization and backward integration to support next phase of growth
  • Strategy execution with discipline to build KRN into stronger global player in HVAC&R ecosystem

Company Background

KRN Heat Exchanger and Refrigeration Limited, founded in 2017 in Neemrana, India, specializes in manufacturing aluminium and copper fin and tube heat exchangers, including water coils, condenser coils, and evaporator coils. Products are used by OEMs in the HVAC&R industry for heating, ventilation, air conditioning, and refrigeration applications. The company has a skilled engineering team with over 20+ years of industry experience.

In FY26, the company reported Standalone total income of ₹689.95 Cr, EBITDA of ₹84.79 Cr, and Net Profit of ₹71.31 Cr.