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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹179 Cr
verified against source
Revenue YoY
33.5%
reported change
EBITDA
₹33.55 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
KRN delivered a strong Q4 FY26 with consolidated revenue of ₹181.4 crore (+33.5% YoY), EBITDA of ₹33.55 crore (+77.6% YoY), and PAT of ₹23.36 crore (+57.1% YoY). Growth was driven by robust demand across data centers, bus AC, and exports, with the new HVAC facility ramping up. Management guided for 50% capacity utilization in FY27 and 80% in FY28, supported by PLI benefits and state subsidies. Export order book stands at ₹120 crore, with plans to double exports this year. Risks include elevated inventory due to geopolitical disruptions and BIS compliance, though management expects normalization over 6 months.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to achieve 50% utilization of the new facility in FY27, up from ~15% in FY26, and 80% in FY28.
- Management plans to double export revenue compared to FY26, backed by an opening order book of ₹120 crore.
- Management targets ₹150 crore revenue from bus AC in FY27, aiming for 15% market share with 23 OEMs onboarded.
- Management expects to receive 5% PLI incentive on heat exchanger production in FY27, along with state RIPS approval providing 1.56% of top line for 10 years.
Risks flagged
- Inventory rose ~3x YoY due to UAE shipment delays, BIS compliance stockpiling, and new product minimum stock requirements. Normalization may take 6 months.
- Board approved raising up to ₹500 crore via QIP, primarily for working capital. Analysts questioned necessity given internal cash generation, but management cited growth needs.
- New facility only fully commissioned in March 2026; customer approvals for new products took longer than expected, delaying revenue contribution.
- Copper and aluminum prices have risen sharply; while 100% pass-through is contractual, there is a quarter lag, impacting margins temporarily.
Key quotes
- So this year we are able to achieve like our old facility is full utilized and new facility this year we are able to achieve 50% and next year 80%.
- So we are not competing with Chinese till now because our all products is customization and special industry because we are not in bulk and mass production.
- So this quarter you will see even I can say next 8th quarter all quarter will be the highest.
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