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KRN Diversified 15 May 2026

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 high
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Revenue ₹179 Cr +33.5%
EBITDA ₹34 Cr +77.56%
PAT ₹23 Cr +57.14%
EBITDA Margin 19%
Duration 57 min
Read Time 1 min read

✓ Verified against BSE filing

Risk Intelligence

Material risks this quarter

Concise cards keep the risk register scannable while preserving evidence-level context in the underlying quarter data.

Risks

R

Elevated inventory levels due to geopolitical and regulatory issues

Inventory rose ~3x YoY due to UAE shipment delays, BIS compliance stockpiling, and new product minimum stock requirements. Normalization may take 6 months.

medium · management_commentary
R

Potential equity dilution from fund raise

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.

medium · analyst_question
R

Slow ramp-up of new facility and product approvals

New facility only fully commissioned in March 2026; customer approvals for new products took longer than expected, delaying revenue contribution.

medium · analyst_question
R

Raw material price volatility and pass-through lag

Copper and aluminum prices have risen sharply; while 100% pass-through is contractual, there is a quarter lag, impacting margins temporarily.

low · data_observation