Risks
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Elevated inventory levels due to geopolitical and regulatory issues
View Risks →KRN Heat Exchanger and Refrigeration Limited — Q4 FY26
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).
bullish
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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.
KRN ने वित्त वर्ष 2025-26 की चौथी तिमाही में शानदार प्रदर्शन किया। कंपनी की कुल कमाई ₹181.4 करोड़ रही, जो पिछले साल से 33.5% ज्यादा है। कंपनी ने ₹33.55 करोड़ का EBITDA (कमाई में से खर्चे घटाने के बाद का मुनाफा) कमाया, जो 77.6% बढ़ा। शुद्ध मुनाफा (PAT) ₹23.36 करोड़ रहा, जो 57.1% ज्यादा है। यह वृद्धि डेटा सेंटर, बस एसी और निर्यात की मजबूत मांग से हुई। कंपनी ने अगले साल 50% और उसके बाद 80% क्षमता उपयोग का लक्ष्य रखा है। सरकारी मदद (PLI) और सब्सिडी से इसे बल मिलेगा। निर्यात ऑर्डर ₹120 करोड़ के हैं, और कंपनी इस साल निर्यात दोगुना करना चाहती है। हालांकि, भू-राजनीतिक कारणों से स्टॉक ज्यादा है, लेकिन 6 महीने में सामान्य होने की उम्मीद है।
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Data center revenue share (Q4)
18.7%
+2.7pp QoQ
Data center contributed 18.7% of Q4 revenue, up from 16% in FY26 full year.
Export order book
₹120 crore
+20% YoY
Opening export order book of ₹120 crore, with plans to double exports in FY27.
New facility capacity utilization (FY27 target)
50%
+35pp YoY
Management targets 50% utilization of new facility in FY27, up from ~15% in FY26.
Bus AC revenue (FY26)
₹10 crore
New segment
Bus AC business generated ₹10 crore in FY26; targeting 15% market share in FY27.
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Guidance and risk preview
Management expects to achieve 50% utilization of the new facility in FY27, up from ~15% in FY26, and 80% in FY28.
Inventory rose ~3x YoY due to UAE shipment delays, BIS compliance stockpiling, and new product minimum stock requirements.
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